# How Tactfolio works > What a strategy and a backtest are, how people use Tactfolio, what you can do today, and what Tactfolio is not. Most people who invest on their own already follow a rule, even if it only lives in their head: "buy the index and never sell", "move to bonds when things look bad", "hold whatever has been doing best". Tactfolio lets you write that rule down exactly, replay it on decades of real prices, and see what it would have asked of you along the way. ## What a strategy looks like Here is a complete strategy. It is Mebane Faber's timing rule from 2007, one of the [classic strategies](https://tactfolio.com/strategies/classics.md) you can open and copy: Strategy "Faber S&P 500 Timing", which runs monthly and rebalances every run: - Weight: Equal - If: current price of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** Read it from the top. Money enters at the strategy and flows down. At the end of every month, the **If** block asks one question: is SPY, a fund that tracks the S&P 500, trading above its average price over the last ten months? If it is, the money goes to the first branch and holds SPY. If not, it goes to the **Else** branch and holds BIL, a fund of short-term Treasury bills that behaves like cash earning interest. That's the whole idea of Tactfolio: a strategy is a small tree of blocks that decides what you hold. Four blocks cover most ideas: - **Tickers** are what you can hold: US-listed funds and stocks, such as SPY or IEF, a fund of US Treasury bonds. - **Weight** blocks split money between the blocks inside them, equally, by percentages you choose, or by risk. - **If / Else** blocks check a condition and send the money one way or the other. - **Rank** blocks score a list of candidates, such as by their return over the last three months, and keep the best few. The [builder guide](https://tactfolio.com/docs/builder.md) covers every block, and [common patterns](https://tactfolio.com/docs/patterns.md) shows how the classic ideas are built from them. ## What a backtest tells you A backtest replays your rules over past prices as if you had followed them. Each time a strategy runs, Tactfolio reads the rules at the day's closing price, trades at that close, and charges a small cost on every trade. You see how $1 would have grown, the deepest fall along the way, what the strategy held and when, and what it would hold today, all next to a benchmark you choose. It also shows you where to be suspicious. A second line trades the same rules at the next morning's open, and a **Reality checks** table repeats the trades at higher costs and compares you with the benchmark at your level of risk. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. A backtest can't tell you what happens next. Rules that look good on the past usually do worse afterwards, and it's easy to fool yourself. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains how, and what to do about it. ## How people use it 1. **Start from something that exists.** Open one of the four starter patterns in the [builder](https://tactfolio.com/builder), a classic from the [library](https://tactfolio.com/strategies/classics.md), or someone else's published strategy from [Discover](https://tactfolio.com/strategies). 2. **Change one thing and watch.** The backtest reruns as you edit, so you learn what each rule does by moving it. 3. **Try to break it.** Test a different decade, raise the costs, switch on simulated history to reach back before a fund existed, and see whether the idea survives. 4. **Save as you go.** Every save is kept as a revision you can go back to, so nothing you tried is lost. 5. **Share it, if you like.** Publishing gives your strategy a public page with its rules and results, and a place in Discover. It's optional; private strategies stay private. You can also hand the building to an AI assistant: describe a rule in a sentence, and it builds the tree, runs the backtests, and saves a draft for you to check. See [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). ## What you can do today Without an account: - Explore the four starter patterns and their last ten years in the [builder](https://tactfolio.com/builder). - Read the classic strategies, each with its sources, rules, and daily-updated results. - Browse everyone's published strategies in [Discover](https://tactfolio.com/strategies), and open any strategy's page to see its rules and backtest. With a free account: - Build, backtest, and save your own strategies, and find them in your [workspace](https://tactfolio.com/workspace). - Copy any public strategy and change it, or use it as a building block in your own. - Publish, star strategies you like, and follow authors. - Connect an AI assistant to your account. - Trade a strategy in [Trade](https://tactfolio.com/trade), on paper or in your own Alpaca account. Everything is free while we build. ## What Tactfolio is not - **Not advice.** Tactfolio doesn't tell you what to buy. Everything it shows comes from rules that you, your assistant, or another author wrote. - **Not a broker.** Trade runs your strategy on paper, with pretend money at real market prices, or in your own Alpaca account with your own API keys. Your money stays with Alpaca. - **Long only.** A strategy holds funds, stocks, or cash. It can't sell short or borrow. Leveraged and inverse funds can be held like any other fund. ## Where to start - [Your first strategy](https://tactfolio.com/docs/getting-started.md): open a pattern, change one thing, and save your own copy, in about ten minutes. - [Rules-based allocation](https://tactfolio.com/docs/concepts/rules-based-allocation.md): why people write their rules down, if the idea is new to you. - [Glossary](https://tactfolio.com/docs/glossary.md): every term these docs use, in plain words. ## Learn the ideas behind it - [Learn](https://tactfolio.com/learn.md): Plain-English guides to investing and trading: S&P 500 funds, ETFs, IRAs and 401(k)s, momentum, options basics and more, with examples and sources. - [Trading tools](https://tactfolio.com/trading-tools.md): Free trading calculators for pips, margin, leverage, position size, dividends, CAGR, options and Monte Carlo, plus portfolio research on real prices. --- # Build and backtest your first strategy > A ten-minute walkthrough: open a starter pattern, read its backtest, change one rule, check the honest numbers, and save your own copy. This walkthrough takes about ten minutes. You'll open a starter pattern, read its backtest, change one rule, and save your own copy. By the end you'll know your way around the builder and have seen, first-hand, the most important lesson in backtesting. ## 1. Open the builder Go to [the builder](https://tactfolio.com/builder). You don't need an account to look around. Under **Start from a pattern** are four starter patterns, each with its last ten years next to simply holding QQQ, a fund that tracks the Nasdaq-100: | Pattern | What it does | Rules | | --- | --- | --- | | **Trend following** | Ride a risk-balanced growth basket while the trend holds, and step aside when it breaks. | QQQ over its 200-day average → SPY and QQQ by inverse volatility; otherwise an RSI(10) dip buy, else GLD and IEF. | | **Buy the dip** | Hold a risk-balanced core and concentrate into a short-term pullback. | QQQ RSI(10) below 30 → QQQ; otherwise SPY, QQQ and GLD by inverse volatility, daily with a 5% drift threshold. | | **Momentum rotation** | Rank whole baskets against each other and hold whichever is strongest. | Top 1 of QQQ, a SPY and QQQ basket, GLD, and BIL by 3-month return, monthly. | | **Static allocation** | Spread across index, growth and gold so each contributes similar risk. | SPY, QQQ and GLD, inverse-volatility weighted, monthly with a 10% drift threshold. | | **Crypto trend or cash** | Hold Bitcoin and Ether while Bitcoin trends up, and step out to cash when it breaks. | BTC over its 200-day average → BTC and ETH by inverse volatility; otherwise cash, an empty Weight. | | **Bitcoin and gold** | Balance Bitcoin with the gold perp so each contributes similar risk. | BTC and XYZ:GOLD, inverse-volatility weighted, weekly with a 10% drift threshold. | They are deliberately simple, and each was checked on two separate decades before we put it here. They're starting points to learn from, not recommendations. ## 2. Read a pattern's card Each card shows three numbers: - **Max DD** (maximum drawdown): the biggest drop from a peak. −20% means that, at its worst, the strategy was 20% below its previous high. - **Sharpe**: return per unit of ups and downs. Higher means a smoother ride for the return you got. - **CAGR** (compound annual growth rate): the average yearly growth. The chart shows how $1 would have grown, and the grey line is QQQ. Look at the drawdown first: a strategy you abandon in its worst year earns you nothing. [Reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains each number in more detail. ## 3. Use a template Choose **Use this template** on Trend following. This step needs an account, and creating one is free: you'll pick a public handle, the name that appears on anything you publish later (a pseudonym is fine). Tactfolio then makes a private copy that only you can see and opens it in the editor. ## 4. Find your way around the editor The editor has two halves. **The tree**, on the left, holds the rules. This is the Trend following tree: Strategy "Trend following", which runs daily and rebalances every run: - Weight: Equal - If: current price of QQQ is above 200d moving average of QQQ - Then: - Weight: Inverse vol 63d - **SPY** - **QQQ** - Otherwise: - Weight: Equal - If: 10d RSI of QQQ is below 30 - Then: - Weight: Equal - **QQQ** - Otherwise: - Weight: Inverse vol 63d - **GLD** - **IEF** In words: if QQQ is above its 200-day moving average, hold SPY and QQQ, sized so each carries a similar amount of risk. Otherwise, if QQQ has just fallen hard (its 10-day RSI is below 30), buy the dip in QQQ. Otherwise, wait it out in gold (GLD) and Treasury bonds (IEF). The rules run every trading day. Select any block to change it. **The backtest**, on the right, reruns whenever the rules change. It shows how the strategy grew, its drawdowns, what it held over time, and what it would hold today. It starts with all the history available; to compare it with the card you just saw, open the **Window** menu and choose **10Y**. ## 5. Change one thing Find the condition that compares QQQ with its 200-day moving average. Change 200 to 150 and watch the backtest update. Did the drawdown get better or worse? Try 100 and 250. You'll probably find a number that looks better than 200. Before you keep it, switch the window between **5Y**, **10Y**, and **Max**, and notice that the best number moves. That's the lesson: on any one stretch of history, some setting always looks best, and much of its lead is luck. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains why, and what to do about it. ## 6. Look at the honest numbers Under the chart, the **Reality checks** table asks three uncomfortable questions: - **Next-day open**: what if you couldn't trade at the close, and traded the next morning instead? If this line is far from the main one, the strategy depends on precise timing. - **Costs at 20 and 40 bps**: what if trading cost more than the default 0.05%? If the result falls apart, it depends on cheap trading. - **QQQ at same risk** (named after your benchmark): what if you had simply held the benchmark, scaled to the strategy's level of ups and downs? If this beats the strategy, the rules aren't adding much. A strategy worth keeping survives all three. ## 7. Save Choose **Save**. Each save is kept as a revision, so you can keep experimenting without losing what worked, and go back to any earlier one. Your strategies are listed in your [workspace](https://tactfolio.com/workspace). ## 8. Share it, if you want to Your strategy stays private unless you publish it. If you do, it gets a public page with its rules and backtest, and a place in the [Discover](https://tactfolio.com/strategies), the list of everyone's published strategies. [Publishing and sharing](https://tactfolio.com/docs/sharing.md) covers what that means and what can't be undone. ## Next steps - [Builder guide](https://tactfolio.com/docs/builder.md): every block and setting. - [Common patterns](https://tactfolio.com/docs/patterns.md): how trend filters, momentum, canaries, and risk balancing are built. - [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md): describe a rule in a sentence and let an assistant build and test it. ## Learn the ideas behind it - [What is an ETF](https://tactfolio.com/learn/what-is-an-etf.md): 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. - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. --- # Strategy builder guide > Every block, condition, indicator, and setting in the Tactfolio strategy builder. A strategy is a tree of blocks. Money flows from the top of the tree down to the tickers at its tips, and each block on the way decides how its share is divided. This page covers every block and setting; to see them combined into well-known strategies, read [common patterns](https://tactfolio.com/docs/patterns.md). ## Blocks | Block | What it does | Use it when | | --- | --- | --- | | **Ticker** | Something to hold, such as SPY. | You know what you want to own. | | **Weight** | Splits money between the blocks inside it. | You want a mix. | | **If / Else** | Checks conditions and sends money to one of two branches. | The answer depends on today's market. | | **Enter / Exit** | Holds one branch from the day an entry rule fires until an exit rule fires. | Getting in and getting out need different rules. | | **Rank** | Scores its candidates and keeps the top or bottom few. | You want the strongest (or weakest) of a list. | | **Group** | Wraps part of the tree under a name. | A large strategy needs structure. | | **Strategy** | Uses a saved strategy, yours or a published one, as a building block. | You want to combine strategies. | Add a block with the **+** on the block you want to put it in. Blocks can nest inside each other as deep as you need. Each block's **⋯** menu (or a right-click) copies, duplicates, moves it up or down among its neighbours, wraps it in a new If, Weight, Rank, or Group in its place, or deletes it: wrapping SPY in an If is the quickest way to put a trend filter in front of it. A Weight's or Rank's menu can also copy its children, so the tickers in one Weight become a Rank's members with one paste. ### Ticker A ticker is a US-listed fund or stock that trades today; search by symbol or by name. To add several at once, paste a list such as `XLB XLE XLF` into a ticker row: the row takes the first and the rest follow it, and any symbol that isn't listed is named and left out. A backtest can only start once every ticker in it has prices, so one young fund can shorten the whole test. The **Window** menu shows the span you've got, and [simulated history](https://tactfolio.com/docs/simulated-history.md) can extend it. Leveraged funds (such as TQQQ) and inverse funds (such as SH, which rises when the S&P 500 falls) are held like any other fund, using their real price history. To earn interest on money you're not investing, hold a Treasury bill fund such as BIL: money left as plain cash earns nothing in a backtest. A ticker that is hard to trade shows a warning mark beside its name: it may be delisted, sold only in whole shares, or so thinly traded that its price goes stale. Hover over or focus the mark to see why. To swap it, use **Find similar tickers**, the two-arrow button just left of the ticker's **⋯** menu. It opens a table of up to ten tickers that would track it most closely at the same weight, judged by daily returns over the history both have, with the current ticker on top for comparison: | Column | Meaning | | --- | --- | | Corr | Correlation of daily returns, from −1 to 1. | | Vol | How much it swings compared with the current ticker: 2.0× swings twice as much. | | Since | The first year Tactfolio has its prices. | | $/day | Average value traded each day over the last month. | Pick a row and that ticker takes the current one's place, with the same weight and spot in the tree. The table draws on the tickers Tactfolio already keeps prices for, so an untested fund can be missing from it. AI assistants can do the same through MCP with `find_similar_tickers`. ### Weight A Weight block divides its money between the blocks inside it in one of three ways, switched in its head: - **Equal**: every block inside gets the same share. - **Specified**: you type the percentages, which add up to 100%: raising one takes the difference from the others in proportion. To hold cash, give an empty Weight its share. - **Inverse vol**: calmer holdings get more. Each share is proportional to one over the holding's recent volatility, so a bond fund that swings a third as much as a stock fund gets three times the money. The **Window** chip beneath the Weight sets how many days of returns measure it. A Weight, Group, or Strategy inside is measured by its own simulated value. An empty Weight means cash, which earns nothing. When an Equal or Inverse vol Weight has a block inside that can hold nothing on some days, such as an If with an empty branch, **Share empty** in its head gives that block's share to the others on those days instead of holding it as cash. An Equal Weight of exactly two blocks can **Blend** them by a reading instead of splitting evenly. Set the reading (any indicator a condition can read) and two values: at the **First at** value or beyond it the first block holds everything, at the **Second at** value or beyond it the second block does, and in between the money moves in proportion. An RSI of 10 days on TQQQ blended from 90 to 70 holds the first block above 90, the second below 70, and half of each at 80. On a day the reading can't be read, the Weight holds cash. How closely a Weight keeps its split between trades is a strategy setting: see **Rebalance** under [Strategy settings](#strategy-settings). A Weight that only carries one block, with no name and Equal weighting, is shown as that block: the tree gives an If's branches such a Weight, and it decides nothing. Its add button stays beneath the block, so adding a second block brings the Weight back, and the block's **⋯** menu has **Show its Weight**, for example to name it. ### If / Else An If / Else block checks one or more conditions. When they hold, money goes to the first branch; otherwise it goes to the second. With several conditions you choose whether **all**, **any**, or **at least** a number of them must hold. This one holds the S&P 500 while it trades above its 200-day average, and Treasury bills otherwise: Strategy "S&P 500 200-Day Timing", which runs daily and rebalances every run: - Weight: Equal - If: current price of SPY is above 200d moving average of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** Each condition compares a reading with a number or with another reading: - **The left side** reads one ticker (for example, QQQ's 200-day moving average), a **ratio** of two tickers' prices, the rolling correlation of a **pair** of tickers, **breadth**, or US **economy** data. - **Baskets**: either side of a ratio can be an equal-weight basket of 2 to 20 tickers, such as cyclicals (XLE+XLI+XLF+XLB) over defensives (XLU+XLV+XLP). Press + beside a ticker to add one. A basket starts at 1 on the first day all its tickers have prices, then moves each day by the average of their daily returns, as if rebalanced to equal weights every day. - **Breadth** is the share of a list of 2 to 50 tickers whose price is above their own moving average, from 0 to 1: 0.5 means half of them. "Breadth of the 11 sector funds above their 200-day averages is above 0.5" is a common market-health check. A ticker too new to have its average yet is left out of that day's count, and press + to add a ticker or × to remove one. - **Days or months**: many readings can count **months** instead of trading days. They then use each month's last close, with today's close standing in for the current month, as papers that work from month-end data do: a 10-month average is the average of the last ten month-end closes, and 12-month volatility uses monthly returns. - **The comparison** is is above, is below, is at least, or is at most. - **The right side** is a number or another reading. A reading can be scaled with a multiplier, for example price is above 1.05 × moving average, and shifted with **Plus**, for example price is above the price 15 days ago plus 0.50. - **Left from** and **Right from** read a side that many days back, so the 200-day average above itself 20 days ago is a rising average. - **Percentile over** reads the left side as its percentile among its own last days, from 0 to 100: a 10-day average of TLT/BIL above 50 over 100 days is above the middle of its last 100 readings. - **Confirm for** a number of days makes the condition hold only after it has been true that many days in a row. It's a simple way to ignore a single day's noise. Numbers follow the reading's own scale, and the editor shows a hint under each value. Returns and volatility are decimals (−0.05 means −5%, 0.20 means 20%); a maximum drawdown is a zero or negative decimal, like the backtest's (−0.10 means 10% below the high); a VIX level is in index points (20 means 20%) and compares only with numbers and other VIX readings. A condition that could never change, such as RSI above 100 or a reading compared with itself, is flagged as an error: its number is almost always in the wrong scale. #### Economic data An **Economy** reading uses a US series from the Federal Reserve Bank of St. Louis (FRED): the unemployment rate, nonfarm payrolls, the civilian labor force, industrial production, real retail sales, housing starts, real personal income, consumer prices (CPI), the 10-year, 2-year, and 3-month Treasury yields, the 10-year minus 3-month and 10-year minus 2-year spreads, 5-year breakeven inflation, the Baa corporate minus 10-year Treasury spread, the Fed's balance sheet, the Treasury General Account, overnight reverse repos, the M2 money stock, economic policy uncertainty, and the VIX and VIX3M volatility indexes. FRED publishes each VIX close the next day, so these read one session behind the VIX and VIX3M tickers; the two compare with each other. **Net liquidity** is Tactfolio's own series, not FRED's: each Wednesday, the Fed's balance sheet less the Treasury General Account and overnight reverse repos, in billions of dollars. Where the Treasury account or the reverse repo has no figure for that Wednesday, its latest earlier figure stands in. A week counts only once all three figures are out, and reads each of them as it was published by the decision day. A monthly count or level can be divided **per** another, month by month, such as payrolls per member of the labor force; the ratio counts once both figures are out. A reading takes the **latest** value, the **average** of the last few values, the **change** from a few values earlier, or the **growth** in percent over them. Monthly series count months and daily series count days, so "unemployment is above its 12-month average" reads the unemployment rate twice. Economic data is where backtests most easily cheat, so Tactfolio is strict about dates: - Each value counts only from the day it was published. The August unemployment rate, released in early September, is unknown to your strategy throughout August. - A backtest reads every month as it stood on the decision day, taking a revision only once FRED released it, so a reading never mixes figures from different releases or base years. - Before FRED's release archive begins (the 1920s to 1970s depending on the series, 2011 for real personal income), the earliest archived figures stand in, dated by the usual release lag. - A backtest starts once every economic reading has a value. Rates, spreads, and growth are in percent (4.5 means 4.5%) and can be compared with each other. Counts and index levels compare only with the same series. Economic readings work in If / Else conditions and in Enter / Exit rules. ### Enter / Exit An If / Else block asks "is this true today?" An Enter / Exit block asks "has the entry rule fired, and has the exit rule fired since?" Its **Enter when** and **Exit when** rules sit in the block, and its two branches follow: it holds **In** from the day its entry rule fires until its exit rule fires, then holds **Out** again. It starts Out, and if both rules fire on the same day, entry wins. This suits rules such as "buy when RSI drops below 30 and hold until it rises above 70", which an If / Else can't express, because RSI spends most of its time between the two: Strategy "RSI swing", which runs daily and rebalances every run: - Weight: Equal - Enter / Exit: Enter: 10d RSI of QQQ is below 30 · Exit: 10d RSI of QQQ is above 70 - Active: - Weight: Equal - **QQQ** - Inactive: - Weight: Equal - **BIL** Its rules are checked each time the strategy runs, so a monthly strategy checks them at each month end and remembers last month's choice in between. A rule can read anything an If / Else condition can, economic data included, and can require several days in a row before it fires. A rule can also hold several conditions. Open it, choose **Add condition**, and pick how they combine, as in an If / Else: **All of**, **Any of**, or **At least** a number of them. That expresses breadth: enter when at least 8 of the 9 sector funds rose 3% over ten days. With several exit conditions, **Go out** under *If any condition cannot be read* exits when any one of them has no reading. ### Rank A Rank block scores every candidate and keeps the top or bottom few. This one, every quarter, holds whichever of stocks (SPY) or long-term Treasuries (TLT) had the better three months: Strategy "Maewal-Bock Paired Switching", which runs quarterly and rebalances every run: - Weight: Equal - Rank: Top 1 · 3-month return (month-end) - **SPY** - **TLT** - **Score**: one reading over a lookback, such as three-month return. To blend return windows, pick 1/3/6/12-month unweighted momentum, the average of the four. Scores equal to within a billionth count as tied and the candidate listed first wins, so rounding noise never flips a pick. - **Candidates** can be single tickers or whole Weight blocks, which are scored by their own simulated value over time. A candidate can also be scored on one ticker and hold something else, such as Treasury bills when that ticker fails a trend filter. The backtest starts once every candidate has the history its score needs. - **Keep**, in the Rank's header, sets how many win, top or bottom. - **Weighting**: the winners split equally, by inverse volatility, or by place: **Specified** sets a percentage for 1st, 2nd, and so on, such as 40/30/20/10. A candidate is always sized by the ticker it was scored on, so one parked in bills keeps its share rather than looking riskless. If fewer candidates have a score than you asked for, an equal or inverse-volatility split shares the money among those that do, while a specified place no candidate fills stays in cash. ### Group A Group wraps part of the tree under a name, such as "Defensive sleeve", and passes its money straight through. It changes nothing about the result; it keeps a large strategy readable. ### Strategy A Strategy block reuses a saved strategy inside another. It can be one of your own, or any published strategy in [Discover](https://tactfolio.com/strategies), so you can combine ideas instead of rebuilding them. The arrow at the front of the block unfolds the rules it runs, read-only, right beneath it; the open button beside its **⋯** menu opens that strategy in a new tab. - **Your own strategies** follow **Latest** anywhere in the tree, so your edits to the inner strategy flow through. Publishing freezes them at the version it publishes; once you save the inner strategy again, the block offers **Follow latest**. - **Other authors' strategies** are always pinned to one exact published version, so nobody else's edits can change your results. When the author publishes a newer version, the block offers **Update to vN** for their newest version, with their note on what changed, and the choice is yours. - **Schedules**: the saved strategy can run as often as this one or less often. A monthly strategy inside a daily one keeps trading monthly, holding its month-end choice as prices move, exactly as it does on its own. ## Indicators Every reading uses only prices up to the day it is read. Readings marked in the Months column can also read month-end closes: switch a window from **days** to **months**. The month in progress uses the latest close. The two session-of-month readings count the calendar instead of prices, for turn-of-month rules: to hold over the last 4 and first 3 sessions of each month, use an If that matches **Any of** *session of the month from the end is below 5* and *session of the month is below 4*. A traditional strategy counts exchange sessions, which are scheduled in advance (a holiday is not one); a Hyperliquid strategy counts UTC days. The reading from the end needs the rest of the month's sessions, so it counts as not met until the calendar holds them. **Month of the year** reads the session's month, 1 for January to 12 for December, for seasonal rules such as *sell in May*. **Drawdown from the all-time high** compares the latest close with the highest close of the ticker's whole history, so it reads all of it. | Indicator | What it measures | Values | Months | | --- | --- | --- | --- | | Current price | The latest adjusted closing price. | price | — | | Moving average | Arithmetic mean of closing prices over the selected window. | price | Yes | | Exponential moving average | Exponentially weighted closing-price average, seeded with an initial simple average. | price | Yes | | Ultimate Smoother | Ehlers two-pole price smoother using full causal history, seeded at the current close after missing observations. | price | — | | Cumulative return | Compounded close-to-close return over the selected horizon. | decimal · −0.05 = −5% | Yes | | RSI | Wilder relative strength index over the selected period, on a 0–100 scale. | 0–100 | — | | Trend Clarity | Rolling linear-trend R-squared of closing prices, on a 0–100 scale. Both rising and falling linear trends score highly; a constant window scores 100. | 0–100 | — | | Volatility | Annualized sample volatility of daily returns over the selected window. | decimal · 0.20 = 20% | Yes | | Price standard deviation | Population standard deviation of closing prices over the selected window, in price units. | price | — | | 1/3/6/12-month weighted momentum | Weighted average of 1-, 3-, 6-, and 12-month returns using 12/4/2/1 weights. | decimal · −0.05 = −5% | 12 months | | 1/3/6/12-month unweighted momentum | Equal-weighted average of 1-, 3-, 6-, and 12-month returns. | decimal · −0.05 = −5% | 12 months | | 13-point relative SMA momentum | Current close divided by the average of 13 monthly-spaced closes, minus one. | decimal · −0.05 = −5% | 12 months | | 30-month optimal trend score | Trend score from thirty monthly returns with two-exponential weighting. | decimal · −0.05 = −5% | — | | Rolling-high ratio | Current close divided by the highest close in the selected window. | ratio | Yes | | Rolling-low ratio | Current close divided by the lowest close in the selected window: 1 at the low, 1.10 for 10% above it. | ratio | Yes | | Maximum drawdown | Largest peak-to-later-trough decline inside the selected window, as a zero or negative decimal like the backtest maximum drawdown (−0.10 = 10% below the high). | decimal, zero or negative · −0.10 = 10% below the high | Yes | | Mean daily return | Arithmetic mean of daily returns over the selected window. | decimal · −0.05 = −5% | Yes | | Absolute change | Current close minus the close at the selected horizon. | price | — | | 21-session change z-score | Current 21-session price change divided by the trailing sample deviation of 21-session changes. | standard deviations | — | | Shock cooling (63-session baseline, 21-session cooling) | Binary cooling flag after a two-standard-deviation loss versus its preceding 63 sessions. | 0 or 1 | — | | Internal bar strength | Close position within the completed daily high–low range: (close − low) / (high − low). | ratio | — | | Aroon-Up | Recency of the latest highest high within the selected period, on a 0–100 scale. | 0–100 | — | | Aroon-Down | Recency of the latest lowest low within the selected period, on a 0–100 scale. | 0–100 | — | | Aroon oscillator | Aroon-Up minus Aroon-Down over the selected period, from −100 to 100. | 0–100 | — | | Drawdown from the all-time high | Latest close against the highest close of its whole history, as a zero or negative decimal (−0.10 = 10% below the all-time high). | decimal, zero or negative · −0.10 = 10% below the high | — | | Session of the month | The session's place in its month on the strategy's calendar (NYSE sessions, or UTC days on Hyperliquid): 1 on the month's first session. It reads no prices, but the condition still needs its ticker priced. | whole sessions · 1 = the first | — | | Session of the month from the end | The session's place from the end of its month on the strategy's calendar (NYSE sessions, or UTC days on Hyperliquid): 1 on the month's last session, 2 on the one before. Unreadable until the calendar holds the rest of the month. | whole sessions · 1 = the first | — | | Month of the year | The session's calendar month, 1 for January to 12 for December (UTC on Hyperliquid). It reads no prices, but the condition still needs its ticker priced. | month number · 1 = January, 12 = December | — | ## Strategy settings The control at the right of the strategy's top row (**Runs daily**, **Rebalances every run** on a new strategy) holds two settings. **Runs**: how often the strategy checks its signals and trades. Hourly, Every 4 hours, Daily, Weekly, Monthly, Quarterly, Yearly. Daily rules react fastest but trade more; monthly rules trade less and react more slowly. Many published strategies are monthly because their authors worked from month-end data. A weekly, monthly, quarterly, or yearly strategy runs on the last trading day of each period, or on its first trading day if you choose **First trading day** under the runs. Composer and QuantMage run on the first, so their imports start there. **Rebalance**: when the holdings go back to their target weights. Between trades, prices move the mix: a 60/40 split drifts toward 65/35 when stocks rise. - **Every run** restores the target weights each time the strategy runs. It keeps the mix exact, at the price of small trades on every run. - **When the allocation changes** trades only when the rules want different weights than last time, and lets the holdings drift with prices in between. - **When a holding drifts** trades only when a holding has moved more than a set number of percentage points, such as 5, away from its target. It's a middle ground: fewer trades, but the mix never wanders far. - **On a schedule** restores each Weight's split weekly, monthly, quarterly, or yearly, less often than the strategy runs. Signals still switch on every run: a strategy that runs daily and rebalances monthly leaves stocks the day its trend rule turns, but lets a 60/40 Weight drift with prices until the month ends. If you make the strategy run as seldom as its schedule, it rebalances every run instead. Every trade pays 5 basis points (0.05%) of the amount traded, the same for every strategy. New strategies run daily, rebalance every run, and compare against SPY. The starter patterns come with the settings each tested best with. **Benchmark** is set in the backtest panel rather than the tree: a ticker, SPY by default, or a strategy, yours or a published one. The backtest compares against it over the same dates. Pick what you would otherwise hold: a strategy built on tech stocks deserves QQQ, not SPY. ## Saving and revisions **Save** keeps a new revision of your strategy. Earlier revisions never change, so a result can always be traced to the exact rules behind it. To go back, open **Revision history** and choose **Restore as new draft** on the one you want. The [workspace](https://tactfolio.com/workspace) lists your strategies with their latest results. Publishing is separate: it turns one saved revision into a numbered public version. See [Publishing and sharing](https://tactfolio.com/docs/sharing.md). ## Limits - Lookback windows up to 2,520 trading days, or 120 months of month-end closes. - A condition can require up to 252 days in a row. - A Rank can choose from up to 200 candidates. - Up to 300 tickers can be held, and up to 400 referenced, across one strategy. - Up to 10,000 blocks, nested up to 256 levels deep. Some things a strategy can't express today: - Selling short or borrowing. Leveraged funds are fine as ordinary holdings, and inverse funds such as SH express a bearish view. - Part of a strategy running more often than the whole, such as daily rules inside a monthly strategy. - Assets other than US-listed stocks and funds, such as futures. - Portfolio optimization beyond equal, specified, and inverse-volatility weights. ## Learn the ideas behind it - [Moving averages](https://tactfolio.com/learn/moving-average.md): What a moving average is, SMA vs EMA with a 5-day example, the 200-day average, golden and death crosses, and dated backtests of classic rules. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy.md): A momentum strategy buys recent winners by a written rule. - [Trading indicators](https://tactfolio.com/learn/best-indicators-for-trading.md): Moving averages, RSI, MACD, Bollinger Bands, volume and momentum explained in plain words, with what the research says and classic rules that use them. --- # Common tactical allocation patterns > How fixed mixes, trend filters, momentum, canaries, risk balancing, and economic timing are built in Tactfolio, with the real trees. Most tactical strategies, however clever they sound, are built from a handful of moves. This page shows each move as a real tree you can open, says how to build it, and says what tends to go wrong with it. Every tree here comes from a starter pattern or from the [classic strategies](https://tactfolio.com/strategies/classics.md), so you can open the original, read where it comes from, and copy it to your account. ## A fixed mix Hold set proportions and rebalance back to them. The 60/40 portfolio is the best-known: Strategy "Classic 60/40 Portfolio", which runs monthly and rebalances every run: - Weight: Specified - **SPY** - **IEF** **Build it** with one Weight set to **Specified**, and a ticker for each holding. Set it to rebalance monthly or yearly. **Watch for** nothing clever, which is the point. A fixed mix makes no prediction; rebalancing simply sells some of what rose and buys some of what fell. It's the baseline every tactical idea on this page should beat after costs, so it makes a good benchmark. Other mixes worth a look: the [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md) and the [All Weather portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md). ## A trend filter Hold a risky asset while its price is above a long average, and step aside when it falls below. Faber's version checks once a month: Strategy "Faber S&P 500 Timing", which runs monthly and rebalances every run: - Weight: Equal - If: current price of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** **Build it** with an If / Else. On the left, the current price of SPY; on the right, SPY's moving average, switched to **months** so it reads month-end closes. Hold the risky asset in the first branch and a safe one, such as BIL, in the second. Variations compare a short average with a long one (the [golden cross](https://tactfolio.com/strategies/golden-cross.md)), or check daily ([200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md)). **Watch for** whipsaw. In a choppy market the price crosses its average again and again, and the filter sells after a dip and buys back higher. Checking monthly instead of daily, or requiring the signal to **confirm for** a few days, trades less but reacts later. A trend filter also misses the first days of every rebound, since it waits for the price to recover above its average. It earns its keep in long declines like 2000–2002 and 2008. ## Hold the strongest Rank a list of assets by recent return and hold the leaders. Papa Bear holds the three strongest of thirteen asset classes, scored by their 3-, 6-, and 12-month returns added together: Strategy "Livingston Papa Bear", which runs monthly and rebalances every run: - Weight: Equal - Rank: Top 3 · 1/3/6/12-month unweighted momentum - **VTV** - **VUG** - **IJS** - **IJT** - **EFA** - **VWO** - **VNQ** - **DBC** - **IAU** - **TLT** - **IEF** - **LQD** - **AGG** **Build it** with a Rank block: choose the reading and lookback, **Add score term** for each extra lookback, set **Keep** to the number of winners, and add the candidates. **Watch for** two things. A Rank always holds something, so in a broad crash the "strongest" asset can still fall. And the choice of lookback matters more than it looks: blending several lookbacks, as this one does, makes the result less dependent on any single number. ## Strongest, but only if it beats cash Dual momentum adds a filter to the Rank: hold the stronger of US and foreign stocks, but only while stocks have beaten Treasury bills over the past year. Otherwise hold bonds. This is Antonacci's Global Equities Momentum: Strategy "Antonacci Global Equities Momentum", which runs monthly and rebalances every run: - Weight: Equal - If: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 12-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** **Build it** as a trend filter whose first branch is a Rank. The condition compares the 12-month return of SPY with the 12-month return of BIL, rather than with zero, so stocks must beat cash, not just rise. **Watch for** slow signals. Checked once a month on a 12-month return, GEM was still fully in stocks when the market fell in February and March 2020, and lost about a third. A slow filter sidesteps long bear markets, not sudden crashes. The [full article](https://tactfolio.com/strategies/dual-momentum.md) shows how it has done since its book came out. ## A canary Watch a few sensitive assets and turn defensive the moment any of them weakens, even if what you hold looks fine. Keller and Keuning's Vigilant Asset Allocation holds the strongest of four assets only while all four have positive momentum; otherwise it moves to the best of three bond funds: Strategy "Keller VAA-G4", which runs monthly and rebalances every run: - Weight: Equal - If: All of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of EFA is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of AGG is above 0 - Then: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **EFA** - **EEM** - **AGG** - Otherwise: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **LQD** - **IEF** - **SHY** **Build it** with an If / Else whose conditions are set to **all** (or **at least** some number of them), one condition per canary, and a Rank in each branch. The canary doesn't have to be something you hold: [Hybrid Asset Allocation](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md) watches TIP, an inflation-protected bond fund, as an early warning. **Watch for** false alarms. The more canaries, the more often one of them wobbles, so a canary strategy can spend long stretches on the defensive side while stocks keep rising. Check the allocation chart to see how much of the time it actually held its growth assets. ## Balance the risk Instead of splitting money equally, give calmer assets more of it so each contributes a similar amount of risk. The Static allocation starter pattern does this with stocks, tech, and gold: Strategy "Static allocation", which runs monthly and rebalances at 10% drift: - Weight: Inverse vol 63d - **SPY** - **QQQ** - **GLD** **Build it** with a Weight set to **Inverse vol**, as [Adaptive Asset Allocation](https://tactfolio.com/strategies/adaptive-asset-allocation.md) does after ranking ten asset classes by momentum. **Watch for** the bond problem. Risk balancing hands most of the money to whatever has been calmest, usually bonds, and that hurts when calm assets suddenly aren't, as bonds weren't in 2022. Look at the allocation chart before you trust it. ## Buy the dip Add to an asset after a short, sharp fall, betting on a bounce. The Buy the dip starter pattern holds a risk-balanced core and switches entirely into QQQ when its 10-day RSI drops below 30: Strategy "Buy the dip", which runs daily and rebalances at 5% drift: - Weight: Equal - If: 10d RSI of QQQ is below 30 - Then: - Weight: Equal - **QQQ** - Otherwise: - Weight: Inverse vol 63d - **SPY** - **QQQ** - **GLD** **Build it** with an If / Else on a short-term reading such as RSI. To hold the position until the bounce has actually happened, rather than only while the dip lasts, use an **Enter / Exit** block instead: enter when RSI drops below 30, exit when it climbs above 70. The [builder guide](https://tactfolio.com/docs/builder.md#enter-exit) shows that tree. **Watch for** falls that keep falling. Dip buying works in markets that recover quickly and hurts in a long decline, which is why it's often paired with a trend filter, as in the Trend following starter pattern. ## Ask the economy Use economic data as a second opinion. Jesse Livermore's growth-trend timing obeys a broken trend only when a recession looks likely. This version sells stocks only when the S&P 500 is below its 10-month average **and** the unemployment rate has risen above its own 12-month average: Strategy "Growth-Trend Timing (unemployment)", which runs monthly and rebalances every run: - Weight: Equal - If: All of: US unemployment rate is above 12-month average of US unemployment rate; current price of SPY is below 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **BIL** - Otherwise: - Weight: Equal - **SPY** **Build it** with an If / Else set to **all**: one condition on price, one **Economy** condition. Tactfolio uses each figure only from the day it was published, as it stood then, so the backtest can't peek at revisions. **Watch for** small samples and sudden crashes. There have been only a dozen or so US recessions since the data begins, so a rule that dodged most of them has been tested on very few events. And unemployment rises only after a recession starts, so a crash as fast as 2020's is over before the signal turns. Read the [growth-trend timing article](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md) for the sources and caveats. ## Combine strategies Once you have strategies you trust, hold several side by side instead of betting on one. Add a **Strategy** block for each inside a Weight: your own strategies, or published ones from [Discover](https://tactfolio.com/strategies). - A monthly strategy inside a daily one keeps trading monthly; a faster one inside a slower one isn't allowed. - Set the strategy to **rebalance** yearly to let each strategy's share drift with its results and reset once a year, while each keeps trading on its own schedule. - Other authors' strategies are pinned to one published version, so your combined results can't change unless you choose an update. **Watch for** strategies that are secretly the same. Two trend filters on different stock funds will usually sell on the same days; combining them adds little. Combine ideas that fail at different times. ## Learn the ideas behind it - [Trend following](https://tactfolio.com/learn/trend-following.md): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy.md): A momentum strategy buys recent winners by a written rule. - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. --- # What a backtest simulates > Trade timing, the backtest window, prices, simulated history, real returns, costs, benchmarks, and how each metric is calculated. A backtest replays a strategy's rules over past prices as if you had followed them. Every simulation makes assumptions, and the ones that flatter a result are rarely printed next to it. This page lists all of Tactfolio's, so you can judge how much to trust what you see. For a shorter overview, see [backtesting on Tactfolio](https://tactfolio.com/backtesting.md). ## Timing Each time a strategy runs, Tactfolio reads the rules using that day's closing prices and trades at the same close. No rule can see a price from a later day. Real trading can't quite do this: you can't know the exact closing price until the market has closed. So the equity chart adds a thinner orange **Next-day open** line: the same rules, trading at the next day's opening price instead. Its CAGR and max drawdown lead the **Reality checks** table under the chart. If the two lines drift far apart, the strategy depends on trading right at the close. Every other number uses the same-day close. When a fund lacks opening prices, the line starts later or is left out. ## Choosing the window The **Window** menu sets the dates: YTD, 1Y, 3Y, 5Y, 10Y, 20Y, **Max** (the default, all the history your strategy can use), or **Custom** dates. Your choice is remembered across strategies on this device. If a strategy's history is shorter than the window you picked, the backtest uses what's available without forgetting your choice. Long windows are worth the wait. A strategy that looks great over five years may never have met a bear market; ten or twenty years usually include at least one. ## Prices and data - Prices are daily and adjusted for splits and dividends, so returns include dividends as if they were reinvested. - A backtest can only start once every ticker it uses has price history. The results show the dates actually covered, which can be shorter than the window you asked for. - Missing data stops the backtest with an error instead of being filled in with a made-up return. - The ticker list contains funds and stocks that trade today. Companies that failed or were delisted aren't in it, which flatters any backtest that picks stocks (see [survivorship](https://tactfolio.com/docs/concepts/why-past-results-mislead.md#survivorship)). ## Hyperliquid perps A strategy on Hyperliquid trades perpetual futures, and its backtest uses Hyperliquid's own prices, never a US-listed fund with the same name. Perps trade around the clock, so: - **The runs choose hours or days.** Hourly and every-4-hours runs read hourly prices, so indicator lookbacks count hours; daily and slower runs read daily prices, so lookbacks count days. - **Every UTC day or hour counts**, weekends included. Days close at midnight UTC; hours close on the hour. The window menu still picks whole days, and an hourly backtest covers every hour of them. - **Funding is in the prices.** Each day's or hour's price includes the funding a long position paid or received, so returns are what holding the perp earned. - **Same close and next open sit one hour apart.** On an hourly strategy the next hour opens at the close the rule read, so the **Next-hour open** line shows how much an hour's delay matters. - **Annual figures use the market's year**: 365 days or 8,760 hours for volatility and Sharpe, and calendar time for CAGR. - A four-hour run trades on the last hour of each four-hour block (03:00, 07:00, … UTC). - Hyperliquid strategies have no Tactfolio Score and don't appear in Discover's rankings yet; those compare strategies on the US market. ## Simulated history Some funds are young. The **Simulated history** option in the Window menu extends a young fund backwards with modelled values from before its first real price, so a strategy can be tested over a longer period. For example, GLD's real prices begin in 2004 and its simulated history reaches back to 1968. Public strategy pages and classic strategy articles offer the same switch. Simulated values are estimates, not prices anyone could have traded. The backtest switches to real prices from the fund's first trading day and lists which tickers used simulated history. Treat results that depend on it with extra care. [Simulated history](https://tactfolio.com/docs/simulated-history.md) explains how each fund is extended, the stand-ins used for asset classes older than any fund, and every ticker it covers. ## Nominal and real returns A dollar in 1980 bought far more than a dollar today, so a strategy can look like it tripled your money while only keeping up with prices. The **Nominal** / **Real** switch under the headline numbers restates the backtest after inflation: each curve is divided by US consumer prices (CPI-U from the Bureau of Labor Statistics, and Robert Shiller's monthly index before 1913), so $1 on the chart is $1 of purchasing power on the backtest's first day. The metrics are recalculated; the strategy isn't rerun, and turnover and allocations stay nominal. The note beside the switch names the latest CPI month used. Real returns matter most over long windows and for comparing strategies across decades of different inflation. The workspace, Discover, and AI assistants' results stay nominal. ## Costs - Every trade pays **slippage**, 5 basis points (0.05%) of the amount traded. It is the same for every strategy, so results compare fairly; the Reality checks restate each run at 10, 20, and 40 basis points. - Commissions, taxes, and fund fees beyond those already in the fund's price aren't modelled. - Uninvested cash earns nothing. To earn a short-term Treasury return, hold a cash-like fund such as BIL. - The **Reality checks** table repeats the same trades at 20 and 40 basis points (only levels above your own setting), so you can see how much a result depends on cheap trading. ## Benchmarks The strategy is compared with a benchmark over exactly the same dates. The benchmark is a ticker, SPY by default, or another saved strategy. The starter patterns use QQQ, because it's what their growth side could have held instead. A strategy that takes less risk than its benchmark usually earns less and falls less. To compare at equal risk, the **Reality checks** table also shows the **benchmark at the same risk**: the benchmark scaled to the strategy's volatility, with the rest in Treasury bills. It appears as a row named after the benchmark, such as **SPY at same risk**. Hover the row to see the size: at 0.72×, that's 72% benchmark and 28% bills; above 1×, the extra is borrowed at the bill rate. If the strategy can't beat it, holding the benchmark at that size would have done as well. These figures are nominal, so they show only in the Nominal view. ## Metrics | Metric | Meaning | | --- | --- | | **Total return** | Growth over the whole backtest. | | **CAGR** | Average yearly growth, compounded. Shown only for backtests of a year or more. | | **Volatility** | How much daily returns swing, scaled to a year. | | **Max drawdown** | The biggest drop from a peak, shown as a negative number. Closer to zero is better. | | **Sharpe** | Average yearly return divided by volatility, measured from zero. | | **Sharpe over T-bills** | The same after subtracting the 13-week Treasury bill return, as the standard Sharpe ratio does. Shown when bill rates cover the backtest; they start in 1960. | | **Calmar** | CAGR divided by the size of the max drawdown. | | **Turnover** | How much of the portfolio is traded per year, one way. 5.1 means 510% a year. | [Reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains how to use these numbers together. ## Learn the ideas behind it - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. --- # Simulated history > How Tactfolio extends young funds back in time, the stand-ins it uses, their limits, and every ticker it covers. Many funds are young. VEA, BIL, and DBC all started trading in 2006 or 2007, so a strategy that holds them can only be backtested from then on real prices. That leaves out the inflation of the 1970s, the 1987 crash, and the 2000–2002 bear market. **Simulated history** extends each young fund backwards with modelled values from before its first real price, so the same rules can be tested over decades instead of years. Simulated values are estimates, not prices anyone could have traded. Use them to see how a strategy behaves in conditions its real history doesn't cover, and lean on the real-price results when you decide. ## Where to turn it on - **Builder and saved strategies:** check **Simulated history** in the Window menu. The choice is remembered on your device, and a research link carries it as `simulated=1`. - **Public strategy pages:** switch between **Real prices** and **Simulated history** above the backtest. - **Classic strategy articles:** switch between the ETF-price results and the simulated results above the chart. Real prices are always the default. Every simulated result lists the tickers it simulated and how. ## How a young fund is extended Tactfolio keeps the ticker's name and its real prices. Only the days before its first real price are modelled, and the modelled values are scaled to meet the first real price, so there is no jump and every real price and return stays as it was. Each fund uses the first of these that applies: 1. **A published simulation of the fund.** For about a hundred funds, Tactfolio uses a frozen copy of [testfol.io's simulated tickers](https://testfol.io/simulated-tickers), which rebuild a fund from the index or asset class it tracks. SPY, for example, reaches back to 1885 this way. 2. **An older fund or index with the same exposure.** VOO follows SPY, EEM follows Vanguard's emerging-markets index fund, and SH follows the inverse of SPY with daily resets, the fund's fee, and borrowing costs. Each of these was checked against the real fund where both exist: returns must move closely together and grow at nearly the same rate. 3. **A stand-in, for asset classes older than any fund.** Some asset classes had no fund at all for part of the period, so a related asset stands in for them. Stand-ins follow the real fund less closely than the first two kinds, so the backtest names each one it used. | Ticker | Stand-in | Before | How closely it followed the real fund | | --- | --- | --- | --- | | TIP | 90% IEF + 10% GSG (commodities) | Jun 2000 | Correct direction of momentum in 87% of months. TIPS were first issued in 1997. | | TIP | 90% IEF + 10% GLD (gold) | Dec 1979 | 81% of months | | VWO | VXUS (all non-US stocks) | May 1994 | 89% of months | | EEM | VXUS (all non-US stocks) | May 1994 | 90% of months | | IWM | VB (US small caps) | Dec 1978 | 96% of months | | DBC | GLD (gold) | Dec 1979 | 62% of months. The weakest stand-in: gold and commodities have moved quite differently since 2008, and no older commodity index exists. | | VGK | EFA (developed non-US stocks) | Jun 1990 | 98% of months | | EWJ | EFA (developed non-US stocks) | Jun 1990 | 86% of months. Japan was up to half of that index in the 1980s. | | RWX | 30% VNQ (US real estate) + 70% EFA | Sep 2004 | 86% of months, but it grew about 5% a year faster than RWX since 2006. | | LQD | 90% IEF + 10% SPY (Treasuries with a slice of stocks for credit risk) | Oct 1993 | 87% of months | "Correct direction of momentum" means the stand-in's average 1-, 3-, 6-, and 12-month return had the same sign as the real fund's at a month end, measured over the real fund's whole history. Strategies such as Hybrid Asset Allocation decide on exactly that sign. Cash and borrowing earn or pay the 13-week Treasury bill rate. Before the rate history Tactfolio stores begins, a frozen copy of the same daily series reaches back to 1960. Where a day's rate is missing, the last one carries over for up to a month. The late-March 2020 days when bill yields fell to zero or below are missing this way, and they would have counted as zero anyway. ## Limits - **Results tend to look better in simulated decades.** Hybrid Asset Allocation's simulated history since 1970 shows a higher return and Sharpe ratio than its ETF years since 2008. Part of that is the market, and part is that models and stand-ins are smoother than real funds. Compare the two views before trusting the longer one. - **Old dates are a daily timeline, not exchange records.** Before real prices, sessions come from the published simulations' dates. - **Some simulated days have a close only.** Published simulations give one value a day, with no high or low, so indicators that need a daily range start at the fund's first real range instead, and the backtest window shrinks to match. Each of those days opens where the day before closed, so the next-day open line covers the whole simulation and matches the same-day close there. - **Fees and leverage are modelled.** Leveraged and inverse funds pay borrowing costs and fees at rates checked against the real funds, but a model can't capture every way a real fund drifts. - **Hyperliquid perps that track a US security** (such as `XYZ:GOLD`) extend back along that security's daily prices, including the security's own simulated years (gold futures before GLD listed in 2004), with the perp's average funding charged on top, which the backtest names as a yearly charge. - **Hyperliquid crypto perps** (such as `BTC`, `ETH`, and `SOL`) extend back along the index prices Hyperliquid published before each one listed, up to about 2.7 years before its first trade (BTC and ETH from August 2020), with the perp's average funding charged on top. These are reference prices, not trades: there was no Hyperliquid market to trade on yet. The backtest names them as "BTC reference". - **Hourly strategies always use real candles**: the option is off for them. - **Only research uses it.** AI assistants can ask for it in their backtests, and say which tickers were simulated. The rankings in Discover, live records, and Trade always use real prices. ## Every simulated ticker As served on 2026-09-29. Your backtest names the exact dates for the tickers it uses. "Not stored yet" means Tactfolio has not loaded that ticker's prices; it is fetched the first time a strategy uses it. | Ticker | Real prices from | Simulated from | Before its real prices | | --- | --- | --- | --- | | AGG | Sep 2003 | Dec 1986 | VBMFX | | BIL | May 2007 | Jan 1960 | Treasury bill rate less 0.14% a year | | BITU | Apr 2024 | Jul 2010 | 2× IBIT, reset daily less 10.6% a year | | BND | Apr 2007 | Dec 1986 | published fund simulation (BNDSIM) | | BTAL | Sep 2011 | Dec 2001 | published fund simulation (BTALSIM) | | CAOS | Mar 2023 | Aug 2013 | published fund simulation (CAOSSIM) | | DBC | Feb 2006 | Apr 1968 | GSG plus 4% a year; then GLD before Dec 1979 | | DBMF | May 2019 | Jan 2000 | published fund simulation (DBMFSIM) | | DDM | not stored yet | — | 2× DIA, reset daily less 0.95% a year | | DIA | Jan 1998 | — | DJI plus 2% a year | | EEM | Apr 2003 | Dec 1969 | VEIEX; then VXUS before May 1994 | | EFA | Aug 2001 | Dec 1969 | published fund simulation (EFASIM) | | EFV | Aug 2005 | Feb 1994 | published fund simulation (EFVSIM) | | ETHA | not stored yet | — | ETH-USD | | EWJ | Mar 1996 | Dec 1969 | VPACX less 1.45% a year; then EFA before Jun 1990 | | FNGU | not stored yet | — | published fund simulation | | GDE | not stored yet | — | 0.9× SPY + 0.9× GLD less 0.2% a year | | GLD | Nov 2004 | Apr 1968 | published fund simulation (GLDSIM) | | GLDM | Jun 2018 | Apr 1968 | GLD | | GSG | Jul 2006 | Dec 1979 | published fund simulation (GSGSIM) | | HYG | Apr 2007 | Sep 1986 | VWEHX less 0.5% a year | | IAU | Jan 2005 | Apr 1968 | GLD | | IBIT | Jan 2024 | Jul 2010 | published fund simulation (BTCSIM) | | IEF | Jul 2002 | Jan 1962 | published fund simulation (IEFSIM) | | IEFA | not stored yet | — | EFA | | IEI | Jan 2007 | Jan 1962 | published fund simulation (IEISIM) | | IEMG | not stored yet | — | EEM | | IJR | May 2000 | Dec 1994 | published fund simulation (IJRSIM) | | ITOT | not stored yet | — | VTI | | IVV | not stored yet | — | SPY | | IWC | not stored yet | — | DFSCX less 0.6% a year | | IWM | May 2000 | Jul 1926 | published fund simulation (IWMSIM); then VB before Dec 1978 | | JNK | Dec 2007 | Sep 1986 | VWEHX less 0.7% a year | | KMLM | Dec 2020 | Dec 1987 | published fund simulation (KMLMSIM) | | KORU | Apr 2013 | May 2000 | published fund simulation (KORUSIM) | | LQD | Jul 2002 | Jan 1962 | VFICX; then 0.9× IEF + 0.1× SPY before Oct 1993 | | LTPZ | not stored yet | — | published fund simulation | | MDY | May 1995 | Jul 1991 | published fund simulation (MDYSIM) | | MIDU | Jan 2009 | Jul 1991 | published fund simulation (MIDUSIM) | | MTUM | Apr 2013 | Jun 1994 | published fund simulation (MTUMSIM) | | MUB | not stored yet | — | VWITX | | MVV | not stored yet | — | 2× MDY, reset daily less 0.95% a year | | NOBL | Oct 2013 | Aug 1991 | published fund simulation (NOBLSIM) | | NTSD | not stored yet | — | published fund simulation | | NTSI | not stored yet | — | 0.9× EFA + 0.6× IEF less 0.26% a year | | NTSX | Aug 2018 | Jan 1962 | published fund simulation (NTSXSIM) | | OEF | not stored yet | — | OEX plus 1.5% a year | | PDBC | Nov 2014 | Dec 1979 | DBC | | PSQ | Jun 2006 | Jan 1986 | -1× QQQ, reset daily less 0.95% a year | | QLD | Jun 2006 | Jan 1986 | published fund simulation (QLDSIM) | | QQQ | Mar 1999 | Jan 1986 | published fund simulation (QQQSIM) | | QQQM | not stored yet | — | QQQ | | RSBT | not stored yet | — | published fund simulation | | RSIT | not stored yet | — | published fund simulation | | RSSB | Dec 2023 | Dec 1969 | published fund simulation (RSSBSIM) | | RSST | Sep 2023 | Dec 1999 | published fund simulation (RSSTSIM) | | RWX | Dec 2006 | Dec 1969 | FIREX less 1.1% a year; then 0.3× VNQ + 0.7× EFA before Sep 2004 | | RYOCX | not stored yet | — | NDX | | SCHB | not stored yet | — | VTI | | SCHD | Oct 2011 | Dec 1998 | published fund simulation (SCHDSIM) | | SCHY | not stored yet | — | published fund simulation | | SDS | Jul 2006 | Mar 1885 | published fund simulation (SDSSIM) | | SDY | not stored yet | — | DVY | | SGOV | Jun 2020 | Jan 1960 | Treasury bill rate less 0.09% a year | | SH | Jun 2006 | Jan 1960 | -1× SPY, reset daily less 0.95% a year | | SHV | Jan 2007 | Jan 1960 | Treasury bill rate less 0.15% a year | | SHY | Jul 2002 | Jan 1962 | published fund simulation (SHYSIM) | | SLV | Apr 2006 | Jan 1968 | published fund simulation (SLVSIM) | | SOXL | Mar 2010 | Jul 2001 | published fund simulation (SOXLSIM) | | SPMO | Oct 2015 | Mar 1972 | published fund simulation (SPMOSIM) | | SPTL | not stored yet | — | TLT | | SPXL | Nov 2008 | Mar 1885 | published fund simulation (SPXLSIM) | | SPXS | Nov 2008 | Jan 1960 | -3× SPY, reset daily less 0.95% a year | | SPXU | Jun 2009 | Mar 1885 | published fund simulation (SPXUSIM) | | SPY | Jan 1993 | Mar 1885 | published fund simulation (SPYSIM) | | SPYU | not stored yet | — | published fund simulation | | SQQQ | Feb 2010 | Jan 1986 | published fund simulation (SQQQSIM) | | SSO | Jun 2006 | Mar 1885 | published fund simulation (SSOSIM) | | STIP | not stored yet | — | published fund simulation | | SVIX | Mar 2022 | Dec 2005 | published fund simulation (SVIXSIM) | | TBT | May 2008 | Jan 1962 | -2× TLT, reset daily less 0.95% a year | | TECL | Dec 2008 | Jun 1926 | published fund simulation (TECLSIM) | | TIP | Dec 2003 | Apr 1968 | published fund simulation (TIPSIM); then 0.9× IEF + 0.1× GSG before Jun 2000; then 0.9× IEF + 0.1× GLD before Dec 1979 | | TLT | Jul 2002 | Jan 1962 | published fund simulation (TLTSIM) | | TMF | Apr 2009 | Jan 1962 | published fund simulation (TMFSIM) | | TMV | Apr 2009 | Jan 1962 | -3× TLT, reset daily less 0.95% a year | | TNA | Nov 2008 | Dec 1978 | published fund simulation (TNASIM) | | TQQQ | Feb 2010 | Jan 1986 | published fund simulation (TQQQSIM) | | TYD | not stored yet | — | 3× IEF, reset daily less 0.95% a year | | TZA | not stored yet | — | -3× IWM, reset daily less 0.95% a year | | UBT | not stored yet | — | 2× TLT, reset daily less 0.95% a year | | UDOW | Feb 2010 | Jan 1998 | published fund simulation (UDOWSIM) | | UGL | Dec 2008 | Apr 1968 | published fund simulation (UGLSIM) | | UMDD | not stored yet | — | 3× MDY, reset daily less 0.95% a year | | UPRO | Jun 2009 | Mar 1885 | published fund simulation (UPROSIM) | | URTH | Jan 2012 | Dec 1969 | published fund simulation (URTHSIM) | | URTY | Feb 2010 | Dec 1978 | published fund simulation (URTYSIM) | | USMV | Oct 2011 | May 1988 | published fund simulation (USMVSIM) | | UUP | Mar 2007 | Jan 1971 | published fund simulation (UUPSIM) | | UVIX | not stored yet | — | 2× VXX, reset daily less 1.35% a year | | UWM | not stored yet | — | 2× IWM, reset daily less 0.95% a year | | VB | Jan 2004 | Jul 1926 | published fund simulation (VBSIM) | | VBK | not stored yet | — | VISGX | | VBR | Jan 2004 | Jul 1926 | published fund simulation (VBRSIM) | | VCIT | Nov 2009 | Oct 1993 | VFICX | | VEA | Jul 2007 | Dec 1969 | published fund simulation (VEASIM) | | VEU | Mar 2007 | Jun 1990 | VGTSX | | VGIT | not stored yet | — | IEF | | VGK | Mar 2005 | Dec 1969 | VEURX; then EFA before Jun 1990 | | VGLT | not stored yet | — | TLT | | VGSH | Nov 2009 | Jan 1962 | SHY | | VGTSX | Apr 1996 | Jun 1990 | 0.6× VEURX + 0.4× VPACX | | VIGI | Mar 2016 | Mar 2006 | published fund simulation (VIGISIM) | | VIMSX | not stored yet | — | MDY | | VISVX | not stored yet | — | DFSVX | | VIXM | Jan 2011 | Dec 2005 | published fund simulation (VIXMSIM) | | VNQ | Sep 2004 | Jun 1926 | published fund simulation (REITSIM) | | VO | not stored yet | — | VIMSX | | VOE | not stored yet | — | published fund simulation | | VOO | Sep 2010 | Mar 1885 | SPY | | VOT | not stored yet | — | published fund simulation | | VSS | not stored yet | — | published fund simulation | | VT | Jun 2008 | Dec 1969 | published fund simulation (VTSIM) | | VTI | Jun 2001 | Jun 1926 | published fund simulation (VTISIM) | | VTSMX | not stored yet | — | VFINX | | VTV | Jan 2004 | Jul 1926 | published fund simulation (VTVSIM) | | VUG | Jan 2004 | Jul 1926 | published fund simulation (VUGSIM) | | VV | Jan 2004 | Jul 1926 | published fund simulation (VVSIM) | | VWO | Mar 2005 | Dec 1969 | published fund simulation (VWOSIM); then VXUS before May 1994 | | VXUS | Jan 2011 | Dec 1969 | published fund simulation (VXUSSIM) | | VXX | Jan 2018 | Jan 2011 | VIXY | | XLB | Dec 1998 | Jun 1926 | published fund simulation (XLBSIM) | | XLC | Jun 2018 | Jun 1926 | published fund simulation (XLCSIM) | | XLE | Dec 1998 | Jun 1926 | published fund simulation (XLESIM) | | XLF | Dec 1998 | Jun 1926 | published fund simulation (XLFSIM) | | XLI | Dec 1998 | Jun 1926 | published fund simulation (XLISIM) | | XLK | Dec 1998 | Jun 1926 | published fund simulation (XLKSIM) | | XLP | Dec 1998 | Jun 1926 | published fund simulation (XLPSIM) | | XLU | Dec 1998 | Jun 1926 | published fund simulation (XLUSIM) | | XLV | Dec 1998 | Jun 1926 | published fund simulation (XLVSIM) | | XLY | Dec 1998 | Jun 1926 | published fund simulation (XLYSIM) | | XMMO | not stored yet | — | published fund simulation | | YINN | Dec 2009 | Oct 2004 | published fund simulation (YINNSIM) | | ZROZ | not stored yet | — | published fund simulation | | ZVOL | Apr 2023 | Mar 2004 | published fund simulation (ZVOLSIM) | ## Learn the ideas behind it - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn. - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. --- # Publishing and sharing > Public handles, publishing and versions, retiring, public pages, Discover, stars and follows, and building on other people’s strategies. Everything you build is private until you publish it. Publishing gives a strategy a public page with its rules and backtest, and a place in the [Discover](https://tactfolio.com/strategies), the list of everyone's published strategies. People publish to show their work, to get credit when others build on it, and to let time test it: from the day you publish, every public strategy runs on prices that didn't exist when its rules were written. Publishing is optional, and two parts of it can't be undone, so they come first. ## What you can't take back - **Published versions are permanent.** Anyone can view, copy, and build on them, and you can't delete a published strategy or make it private again. You can retire it, which takes it out of Discover (see [below](#retire-a-strategy)). - **Your handle becomes permanent** once you've published anything. Everything else, including the description, can change later. ## Your public handle Your handle is the name your published strategies appear under, and their links use it: `tactfolio.com/s/yourname/your-strategy`. You choose it when you create your account, or later in [Settings](https://tactfolio.com/account). A pseudonym is fine. A handle is 3 to 30 lowercase letters, numbers, or hyphens, starting and ending with a letter or number. A few names, such as `admin` and `support`, are reserved. Until you publish, you can change it in Settings as often as you like. ## Publish a strategy 1. **Save** your changes. Publishing works from a saved revision, never from unsaved edits. 2. Choose **Publish** in the editor's toolbar. If you have no handle yet, you'll be asked to choose one first. 3. Write a **Description**: what the strategy holds, when it changes, and the idea behind it. It's the first thing a visitor reads. 4. Check the plan. If the strategy uses other strategies of yours, they're listed under **Also publishes**, because a public strategy must show every part of itself. Any component set to **Latest** is pinned to the exact version being published, so this version never changes. Your draft keeps those pins until a block offers **Follow latest** after you edit that strategy again. 5. Choose **Publish v1**. The popover then shows the public link, with **Copy public link**. The link's last part comes from the strategy's name at first publication and stays the same even if you rename the strategy later. A good description says what problem the strategy solves, where the idea came from (credit your sources), and when it does badly. Readers trust an author who names the weak spots first. ## Publish a new version Keep saving as you work; saves stay private, and the toolbar shows **Unpublished changes**. When you're ready to share them, choose **Publish update**. The new version gets the next number and an optional **What changed** note, such as "Switched the bond sleeve from TLT to IEF", which visitors see in the version list. Each version keeps its own address. `tactfolio.com/s/yourname/your-strategy` always shows the current version, and `.../v1` always shows version 1. When you discuss specific rules somewhere else, link the numbered version, so the link keeps matching what you wrote. The description belongs to the strategy, not to a version: editing it and choosing **Update description** changes it on every version's page. ## Retire a strategy To take a strategy out of Discover, open the Publish dialog and choose **Retire…**, then **Retire from Discover**. The option appears once every saved change is published. A retired strategy keeps working for everyone who already relies on it: its link, its versions, copies people made, and strategies that use it. Its page is marked **Retired**. To bring it back, choose **Return to Discover**, or publish a new version. Strategies you've never published can be deleted from your [workspace](https://tactfolio.com/workspace). ## What visitors see A strategy's public page works without an account. It shows: - Your handle, linking to your profile, the version number and date, the name, and the description. - A facts line: the [Tactfolio Score](https://tactfolio.com/docs/concepts/tactfolio-score.md), the how often it runs, the tickers, and, once they're above zero, how many copies people made and how many strategies use it. - The backtest over all history, 10 years, or 5 years, on real prices or with [simulated history](https://tactfolio.com/docs/simulated-history.md). Signed-in visitors can test any other window. - An **Out of sample** line on the growth chart at this version's first close after publication. Everything to its right happened after the rules were fixed, so it can't have been tuned. It's the part of the chart that tells you the most. - The rules, as the exact tree, and the list of versions with their notes. Shared links unfurl with a preview of the growth chart, so a link posted in a forum or chat shows what it's about. ## Share a link to a result Publishing is not the only way to show a backtest. A share link shows one saved revision of a strategy to anyone who has the link, with or without an account, and nothing else about you or your workspace. 1. **Save** your changes. A link shows a saved revision, never unsaved edits. 2. Choose **Share** in the editor's toolbar. 3. **Keep it current** is on, so the link runs to the latest close each time it opens. Turn it off to keep the dates the builder is showing. The link always keeps the builder's price history. 4. Choose **Copy link**. It makes the link and copies it; post it to Reddit, X or email from the same dialog. A share link is not published. It is not listed in Discover, search engines do not index it, and later saves never change what it shows. The page shows the strategy's name, rules and results, and your handle if you have one. Anyone who opens it can copy the strategy into their own account. Share in the builder lists the links that are on, with how many times each was opened. **Sharing** in [Settings](https://tactfolio.com/account) lists every link you have on, for all your strategies, with its views and copies. **Turn off** stops a link for good. A member can have 200 links on at once. Each link shows its chart and its headline figures when you post it to Reddit, X or a chat app. The free [portfolio backtest](https://tactfolio.com/trading-tools/backtest-portfolio.md) makes a link for every mix, with no account needed. Those links show the mix and its results, never who made them. ### Let a friend edit To work on a strategy together, set **Anyone with the link** to **Editor** before **Copy link**, and send the link to the people you trust with it. Anyone with the link still sees the result. A signed-in member who chooses **Open in the builder** on the page becomes an editor of your strategy. - Editors change the rules and save new revisions of your strategy, not a copy. Revision history shows who saved each one. - Only you can publish, retire, share or delete it. Editors never see your other strategies, your trade accounts or your email address. - Editors cannot add other saved strategies to it, so edit links work for strategies that use tickers only, not other saved strategies. - Share lists everyone who can edit. **Remove** takes one person off, and turning off the edit link removes everyone who joined through it. - A strategy can have 10 editors. - Strategies you edit for someone else are listed under **Sharing** in Settings. **Leave** takes you off one. ## Discover [Discover](https://tactfolio.com/strategies) lists every published strategy that hasn't been retired, with its score, growth, volatility, drawdown, Sharpe, and Calmar over up to ten years. It's ordered by the [Tactfolio Score](https://tactfolio.com/docs/concepts/tactfolio-score.md) by default: from 1 to 100, how a strategy is expected to compare with the others from here on, once what its backtest owes to hindsight is taken out. A new strategy shows no score until its backtest evidence is ready. You can search by strategy, author, or ticker, filter by how often a strategy runs, and sort by any metric. Signed in, you can show only strategies you've starred or authors you follow. The [classic strategies](https://tactfolio.com/strategies/classics.md), published by the Tactfolio team with articles on each, are in Discover alongside everyone else's. ## Stars, follows, and profiles - **Star** a strategy to keep it on your list, under Starred on your own profile. The count is public; the list of what you starred is yours alone. - **Follow** an author from their profile, at `tactfolio.com/u/handle`, to find their strategies in Discover. The profile shows when they joined, their published strategies, and how many stars, followers, and copies their work has earned. There are no comments and no feed. Discussion belongs where you already talk about investing; bring a link. ## Build on someone else's work Two ways, and both keep credit with the original author: - **Copy to my strategies** makes a private draft from the exact version you were looking at. Change anything you like. If you publish your copy, its page says who it was copied from, and the original counts the copy. [Copy trading on Tactfolio](https://tactfolio.com/copy-trading.md) explains the whole path, from copy to trading account. - **Use it as a building block.** Add a **Strategy** block in the builder and pick a published strategy. It's pinned to one exact version, so the author's later changes never alter your results without you knowing. When they publish a new version, the block offers **Update to vN** with their note, and your workspace marks the strategy **Update available**. AI assistants can build, test, and save in your account, but they can't publish, retire, star, or follow. Those stay with you, in the app. ## Learn the ideas behind it - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. --- # Import and export strategies > Export a strategy as JSON and import it again, or bring in a Composer symphony or QuantMage spell: how each block carries over and what reads differently. Every strategy can leave Tactfolio as a JSON file and come back from one, and you can bring a strategy you already have from Composer or QuantMage. An import opens as a private draft in the [builder](https://tactfolio.com/builder), with its backtest ready, and from there it's an ordinary Tactfolio strategy: edit it, save revisions, trade it, or publish it. An import either reads the same as the original or says where it doesn't. When a strategy uses something the builder can't express yet, nothing is saved and every such part is listed, so you know exactly what is missing. ## Export and import a Tactfolio strategy In the builder, **Export** downloads the strategy on screen as a `.json` file, unsaved edits included, or copies the same JSON to paste elsewhere, such as into a message or an AI assistant. There are two ways back in: - On the [start page](https://tactfolio.com/builder), paste the JSON or upload the file under **Import a strategy**. It opens as a new private draft. - In the builder, **Import** replaces the rules, settings, and name of the strategy you are editing. It is one edit: **Undo** brings back what was there, and nothing is kept until you save. Composer and QuantMage JSON work here too. A strategy that uses other saved strategies, as blocks or as its benchmark, carries them in the file, along with the ones they use, so the file works in any account. When you import it, the ones your account can already open, your own and published versions, are used as they are; each other one is added to your workspace as a private draft, and the import tells you which. ## From Composer 1. Open the symphony in Composer and use **Copy Symphony JSON**. 2. In Tactfolio, open the [builder](https://tactfolio.com/builder), paste it into **Import a strategy**, and choose **Import**. If you saved the JSON as a file, choose **Upload a file** instead. Tactfolio reads only the JSON you give it. It never fetches a strategy from Composer, so a share link can't be imported on its own. ## From QuantMage 1. Open the spell in QuantMage's Grimoire and choose **Export**. It saves a `.json` file. 2. In Tactfolio, choose **Upload a file** under **Import a strategy**, or paste the file's contents. A QuantMage link can't be imported on its own either; the export carries the spell. ## How the blocks carry over | Composer | QuantMage | Tactfolio | | --- | --- | --- | | Weight: equal, specified, inverse volatility | Weighted: Equal, Custom, Inverse Volatility | Weight with the same weighting | | If / Else, including Else If | IfElse | If; combined *all* and *any* conditions become nested Ifs | | Filter | Filtered | Rank | | Group | (a named block) | Group | | | Switch | Ifs that count how many conditions hold (*at least*); a case left empty falls back to the one below | | | Enter/Exit | Enter / Exit; an *all* or *any* trigger becomes a rule with several conditions | | | Mixed | An Equal Weight that **Blends** its two blocks by the same reading and values | | Threshold rebalancing | Threshold trading | Runs daily and rebalances when a holding drifts by the same width | | Weekly, monthly, quarterly, yearly | Weekly, monthly, quarterly, yearly | Runs on the same schedule, on the first trading day of each period, as the source does | An empty branch in QuantMage holds cash here too. Composer's percentages are converted: a cumulative return above `5` becomes `0.05`, and a daily standard deviation of return becomes the builder's annualized volatility, so each condition keeps its meaning, a return held against a standard deviation of return included. The builder's [indicators](https://tactfolio.com/docs/builder.md) cover price, moving averages, EMA, RSI, cumulative and mean returns, volatility, price standard deviation, maximum drawdown, the momentum scores, Ultimate Smoother, Trend Clarity, Aroon-Up, Aroon-Down, the Aroon oscillator, the drawdown from the all-time high, and the month of the year. QuantMage's Drawdown always reads from the all-time high, whatever window the spell shows, and so does the import. ## Where an import reads differently The import lists these as notes before the strategy opens. - **Enter/Exit.** When both triggers fire on the same day, Tactfolio stays in; QuantMage exits. Tactfolio also keeps tracking the triggers while a branch above skips the block, where QuantMage starts over. - **Empty branches in an equal split.** When one branch of a QuantMage equal split holds nothing on a given day, QuantMage hands its share to the others, and the imported Weight does the same with **Share empty** turned on. Costs don't follow the source: every backtest here charges 5 basis points a trade, where Composer charges 1 and QuantMage spells set their own. Conditions that can never change, such as a price above 0, are folded into the branch they always take. Prices come from a different data source than Composer's or QuantMage's, so a backtest of the same rules can differ slightly, most often around splits and dividends. ## What can't be imported yet - Composer's percentage price oscillator, and conditions that compare readings in different units, such as a price with a return. Composer compares the raw numbers there (dollars with percent), so the import names each one to change. - QuantMage's conditions on a branch's own performance (`Subspell "Then"`), Aroon readings of economic series, and the MACD and percentage price oscillator indicators. - Economic series the builder doesn't carry, and anything that isn't a US-listed stock or fund. Your AI assistant can import too: see `import_strategy` in [AI assistants](https://tactfolio.com/docs/mcp.md). ## Learn the ideas behind it - [Composer alternatives](https://tactfolio.com/comparisons/composer-alternatives.md): Looking for a Composer alternative? Compare Tactfolio, QuantMage, Portfolio123, QuantConnect, and Option Alpha on brokers, building, and price. - [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md): Tactfolio and Composer both automate rules-based portfolios. - [Automate an ETF rotation](https://tactfolio.com/learn/automate-etf-rotation-strategy.md): How to automate an ETF rotation strategy: pick a classic rotation, read its rules and backtest, paper trade it, then run it in your own Alpaca account. --- # Use Tactfolio from your AI assistant > Connect Claude, ChatGPT, Cursor, Claude Code, or another MCP assistant to build, backtest, and save strategies in your account. If you use an AI assistant that supports MCP (Model Context Protocol), you can connect it to your Tactfolio account. Describe an idea in a sentence and the assistant builds the strategy, runs the backtest, and saves a draft you can check in the builder. The assistant uses the same builder and the same backtests as you do. There is nothing to install and no API key to copy: you approve access in your browser. [AI trading on Tactfolio](https://tactfolio.com/ai-trading.md) explains what an assistant can and can't do for you. ## Connect your assistant Tactfolio's address is `https://tactfolio.com/mcp`. Claude, Cursor, and VS Code have one-click links that fill it in for you. Pick your assistant: ### Claude 1. Open Claude with Tactfolio filled in, on the web, desktop, or phone. On a Team or Enterprise plan, an owner adds it for everyone. [Add to Claude](https://claude.ai/customize/connectors?modal=add-custom-connector&connectorName=Tactfolio&connectorUrl=https%3A%2F%2Ftactfolio.com%2Fmcp) 2. Or open Customize, then Connectors, choose Add custom connector, and paste this address: ``` https://tactfolio.com/mcp ``` 3. Choose Add, then Connect. Your browser opens Tactfolio so you can approve access. ### ChatGPT 1. Open chatgpt.com/plugins, choose the plus button, then Add custom MCP server. Your workspace settings decide whether you can add one. 2. Name it Tactfolio and enter this server URL: ``` https://tactfolio.com/mcp ``` 3. Choose OAuth for authentication, accept the warning, and choose Create as a plugin. Your browser opens Tactfolio so you can approve access. ### Claude Code 1. Add Tactfolio for all your projects: ``` claude mcp add --transport http --scope user tactfolio https://tactfolio.com/mcp ``` 2. Sign in. Your browser opens Tactfolio so you can approve access. ``` claude mcp login tactfolio ``` ### Codex 1. Add Tactfolio. The Codex app, CLI, and IDE extension share this setting. ``` codex mcp add tactfolio --url https://tactfolio.com/mcp ``` 2. Backtests can take up to three minutes, longer than Codex may wait by default. In ~/.codex/config.toml, add the timeout line to the Tactfolio section: ``` [mcp_servers.tactfolio] url = "https://tactfolio.com/mcp" tool_timeout_sec = 300 ``` 3. Sign in. Your browser opens Tactfolio so you can approve access. ``` codex mcp login tactfolio ``` ### Cursor 1. Open this link to add Tactfolio to Cursor, or add it to ~/.cursor/mcp.json yourself: [Add to Cursor](cursor://anysphere.cursor-deeplink/mcp/install?name=tactfolio&config=eyJ1cmwiOiJodHRwczovL3RhY3Rmb2xpby5jb20vbWNwIn0=) ``` { "mcpServers": { "tactfolio": { "url": "https://tactfolio.com/mcp" } } } ``` 2. In Cursor's settings, find Tactfolio under MCP, choose Login, and approve access in your browser. ### VS Code 1. Open this link to add Tactfolio to VS Code, or add it to your mcp.json yourself: [Add to VS Code](https://vscode.dev/redirect/mcp/install?name=tactfolio&config=%7B%22type%22%3A%22http%22%2C%22url%22%3A%22https%3A%2F%2Ftactfolio.com%2Fmcp%22%7D) ``` { "servers": { "tactfolio": { "type": "http", "url": "https://tactfolio.com/mcp" } } } ``` 2. Start Tactfolio and choose Allow when VS Code asks to sign in. Your browser opens Tactfolio so you can approve access. ### Gemini CLI 1. Add Tactfolio for all your projects: ``` gemini mcp add --scope user --transport http tactfolio https://tactfolio.com/mcp ``` 2. In Gemini CLI, sign in. Your browser opens Tactfolio so you can approve access. ``` /mcp auth tactfolio ``` ### OpenCode 1. Add Tactfolio to opencode.json: ``` { "$schema": "https://opencode.ai/config.json", "mcp": { "tactfolio": { "type": "remote", "url": "https://tactfolio.com/mcp", "enabled": true } } } ``` 2. Sign in. Your browser opens Tactfolio so you can approve access. ``` opencode mcp auth tactfolio ``` ### Other 1. Add a remote MCP server that uses Streamable HTTP at this address: ``` https://tactfolio.com/mcp ``` 2. Choose OAuth or automatic sign-in. No API key or custom header is needed. The same steps are on the [MCP page](https://tactfolio.com/connect), with copy buttons. ## Approve access When you sign in, your browser opens Tactfolio. If you don't have an account yet, choose **Create account** first, then open the link we email you: it signs you in and brings you back here. You'll then see a page such as **Connect Claude Code to Tactfolio**, listing the access it asks for: - **Build and manage strategies**: create, inspect, edit, and save strategy drafts. - **Run strategy research**: validate strategies, calculate allocations, and run backtests. Choose the **Connect** button. Your account settings aren't shared. ## Check it works Start a new conversation, so the assistant loads Tactfolio's tools, and ask: ```text Use the Tactfolio connection_status tool and tell me which account you are signed in as. ``` It should answer with the email address you signed in with. ## Things to try Build and backtest a rule, then save it: ```text Hold QQQ while it is above its 50-day average and the VIX is under 25. Otherwise split between IEF and BIL. Backtest it from 2010 and save it as a draft. ``` Compare variations and keep the most robust one: ```text Using my strategy "Trend following", compare 100-, 150-, and 200-day moving averages over 2010 to 2020, then check the best one on 2021 to today. Rank them by max drawdown first and Sharpe second. ``` Rebuild an idea you found somewhere else: ```text I read about a rule that holds SPY when it is above its 10-month moving average and otherwise holds IEF, checked monthly. Build it in Tactfolio, backtest it from 2005, and tell me where it did worst. ``` Open anything the assistant saved in the [builder](https://tactfolio.com/builder) to see the tree and check the backtest yourself. ## Get better results An assistant can try fifty variations in the time it takes you to try one, which makes it very good at finding a rule that fits the past by luck. A few habits keep it honest: - **Say what the idea is and why it should work**, not just the rule. "Bonds should do better when stocks trend down" gives the assistant something to test; "find the best moving average" invites it to fit noise. - **Name your tickers and your dates.** Ask it to tune on older years and check the winner once on recent years it hasn't seen, as in the second example above. `backtest_variants` does exactly that. - **Decide how you'll pick the winner before it runs**, such as "lowest max drawdown, then highest Sharpe", so the choice isn't made after seeing the results. - **Ask for the uncomfortable numbers**: the result at higher trading costs, and the benchmark held at the same risk. Every backtest returns both; the next-day-open line is in the builder. - **Ask it to list its caveats** when it saves: where it had to approximate an idea, and what it couldn't express. They're stored with the strategy. - **Check its work in the builder.** The tree it built is the same tree you edit; read it before you trust the result. ## What the assistant can and can't do - It builds strategies with the same blocks as the builder, and validates them before running a backtest. - Saving creates a new revision; earlier ones never change. Deleting a strategy happens only when you ask, and only if nobody changed it since the assistant last read it. - It can't publish strategies, trade, or change your account settings. ## Tools Your assistant sees these tools. Some clients show them with a prefix, such as `tactfolio_backtest_strategy`. | Tool | What it does | | --- | --- | | `connection_status` | Checks the connection and which account is signed in. | | `get_builder_contract` | Explains the blocks, settings, and exact edit formats. | | `create_strategy` | Starts a new draft, blank or from a starter pattern. | | `mutate_strategy` | Applies a batch of edits to a draft. | | `inspect_strategy` | Shows the outline of a draft. | | `validate_strategy` | Checks a draft against the full rules. | | `search_tickers` | Finds tickers and confirms their price history. | | `find_similar_tickers` | Lists close substitutes for a ticker that is hard to trade or has little history. | | `import_strategy` | Brings in a Composer symphony or a QuantMage spell as a private draft. **Changes your data.** | | `backtest_strategy` | Runs a backtest. | | `backtest_variants` | Backtests up to 12 variations, picks one by your rules, and confirms it on separate dates. | | `get_latest_book` | Shows the target a strategy computes at the latest close, and whether it is due to rebalance then. | | `list_strategies` | Lists your saved strategies. | | `get_strategy` | Reads a saved strategy or one of its versions. | | `save_strategy` | Saves a draft as a new strategy or a new revision. **Changes your data.** | | `delete_strategy` | Deletes a strategy permanently. **Changes your data.** | | `send_feedback` | Sends the Tactfolio team a bug report, missing feature, or idea the assistant ran into. | Assistants use `send_feedback` when something breaks or the engine can't express an idea. Reports include what the assistant writes, the tool involved, and your assistant's name, and are stored with your account so the team can fix problems and plan features. Most assistants ask before sending. Tactfolio's administrators also see `list_feedback` and `triage_feedback`, which their own assistants use to read these reports and record what was fixed. Other accounts never see them. While your assistant works on a strategy, Tactfolio keeps its draft for it, private to your account, so the whole strategy doesn't travel through every message. A draft unused for 7 days is deleted, and your account keeps the 200 most recently used. Drafts aren't saved strategies and don't appear in your workspace: ask the assistant to save the ones you want to keep. ## Security and revoking access - The assistant holds a short-lived access token, valid for one hour, that works only for Tactfolio's MCP address. Most assistants renew it in the background; if one goes 30 days without using Tactfolio, you approve it again. - You can revoke an assistant at any time on the [MCP page](https://tactfolio.com/connect). It loses access within the hour. - Tactfolio never asks you to paste a password or key into your assistant. - The approval page says where access goes: a website's name, "an app on this computer", or an app such as `cursor://`. Any assistant can call itself "Claude Code", so approve only if that destination is the assistant you are connecting. ## Troubleshooting - **"401" or "needs authentication" before you sign in.** That is expected: it is how your assistant discovers that it needs to sign in. Run the sign-in step. - **The browser doesn't open.** Copy the sign-in link your assistant prints into your browser. - **The tools don't appear.** Start a new conversation or restart the assistant, so it reloads its tool list. - **A backtest times out.** Large comparisons can take up to about three minutes. Allow at least 180 seconds for tool calls if your assistant has a setting for it (in Codex, `tool_timeout_sec = 300`), or ask for a shorter date range. - **Cline can't connect or sign in.** Use Cline 4.0 or later, and set `"type": "streamableHttp"` for Tactfolio in Cline's MCP settings. With only a URL, Cline uses the older SSE transport, and Cline 3 signs in through a `vscode://` link that Tactfolio doesn't accept. - **It stopped working after you revoked it.** Run the sign-in step again. - **OpenCode says "Database is not empty and has no session table".** That comes from OpenCode's own local database, before it contacts Tactfolio. Check whether the `OPENCODE_DB` environment variable points somewhere unexpected, or move OpenCode's database aside and try again. - **Still stuck?** Tell us what you tried at [Support](https://tactfolio.com/support), including your assistant's name and the error it showed, and we'll reply by email. ## For developers The server speaks Streamable HTTP at `https://tactfolio.com/mcp` and uses OAuth with PKCE. Clients can register dynamically or with a client metadata document; discovery starts from the `WWW-Authenticate` header on the first response. Request the scopes it names, `mcp offline_access`, to get a refresh token. Browser-based clients can call the server and the OAuth endpoints from any origin. Agents and directories can find the server before they connect. Its MCP Server Card is at `https://tactfolio.com/mcp/server-card`, listed in the AI Catalog at `/.well-known/ai-catalog.json`. Skill installers that read `/.well-known/agent-skills/index.json` can add a Tactfolio skill, which teaches an agent how to connect and the workflow below. Once connected, an agent should read two resources before building: `tactfolio://builder/guide`, the authoring guide with the workflow, a complete worked example, and the engine's rules; and `tactfolio://builder/contract`, a compact index of the exact edit formats, which `get_builder_contract` expands one section at a time. These docs are also published as plain markdown for assistants and other text readers: every page at its address plus `.md` (such as [/docs/builder.md](https://tactfolio.com/docs/builder.md)), all of them together in [/llms-full.txt](https://tactfolio.com/llms-full.txt), and an index in [/llms.txt](https://tactfolio.com/llms.txt). ## Learn the ideas behind it - [AI trading bot](https://tactfolio.com/bots/ai-trading-bot.md): Describe a rule to an AI assistant and it builds and backtests the bot in Tactfolio. - [Algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md): What algorithmic trading is, the main types of trading algorithms, who uses them, the 2010 flash crash, and how US regulators oversee algo trading. --- # What is rules-based asset allocation? > Why investors write allocation rules down, the four common kinds of rule, and what rules can’t do. Many people who invest on their own pick a mix, such as 60% stocks and 40% bonds, and hold it. A rules-based strategy changes the mix when conditions change, following rules written down in advance. ## Why write the rules down - **You decide once, calmly.** The rule is set before a crash, not in the middle of one. - **You can test it.** A written rule can be replayed on history before you trust it with money. - **You can see why.** At any moment you can tell exactly why the strategy holds what it holds. ## Four common kinds of rule The four starter patterns in the builder are simple examples of each. - **Trend following** holds growth assets while their price is above a long average and steps aside when it falls below. It aims to miss the worst of long declines. The price is whipsaw: selling after a dip and buying back higher when the trend resumes. A classic example is [Faber's 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md). - **Buying dips** adds to an asset after a short, sharp fall, betting on a bounce. It works in steady markets and hurts when a fall keeps going. - **Momentum rotation** regularly switches into whatever did best recently. It rides long runs and loses when leadership flips quickly. A classic example is Antonacci's [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md). - **A fixed mix** keeps set proportions and rebalances back to them. It makes no prediction at all; rebalancing simply sells some of what rose and buys some of what fell. Classic examples are the [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) and the [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md). ## How often to check How often a strategy runs decides how often its rules are checked. Daily rules react fastest but trade more, and every trade costs something. Monthly or quarterly rules trade less and react more slowly. Neither is right in general; test both. ## One rule in plain words The Trend following pattern reads like this: 1. If QQQ is above its 200-day moving average, hold SPY and QQQ, sized so each carries a similar amount of risk. 2. Otherwise, if QQQ's 10-day RSI is below 30, which signals a sharp short-term fall, hold QQQ. 3. Otherwise, hold gold (GLD) and US Treasury bonds (IEF). It checks these rules every trading day. In the [builder](https://tactfolio.com/builder), the same rules are this tree: Strategy "Trend following", which runs daily and rebalances every run: - Weight: Equal - If: current price of QQQ is above 200d moving average of QQQ - Then: - Weight: Inverse vol 63d - **SPY** - **QQQ** - Otherwise: - Weight: Equal - If: 10d RSI of QQQ is below 30 - Then: - Weight: Equal - **QQQ** - Otherwise: - Weight: Inverse vol 63d - **GLD** - **IEF** ## What rules can't do A rule only knows what it was told to look at. It can't foresee news, it will act on false alarms, and it will sometimes trail simply holding. The question is whether you can live with its bad stretches, which is what a [backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) helps you judge. ## Learn the ideas behind it - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity.md): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. --- # How to read a backtest: drawdown, CAGR, and Sharpe > Drawdown, CAGR, volatility, Sharpe, benchmarks, and turnover, in the order worth reading them. A backtest shows several numbers at once. This page explains them in the order worth reading them. ## Start with the chart The growth chart shows how $1 would have grown, next to the benchmark. Before any number, look for the stretches where the strategy fell or went nowhere, and how long they lasted. Ask yourself whether you would have kept following the rules through them. ## Drawdown: read it first **Maximum drawdown** is the biggest drop from a peak to a later low. It matters more than it looks, because losses need bigger gains to recover: | Drop | Gain needed to get back | | --- | --- | | −10% | +11% | | −20% | +25% | | −33% | +50% | | −50% | +100% | The drawdown chart also shows how long each recovery took. A strategy that spends years below its old high is hard to stick with, whatever its final return. ## Return: total and yearly **Total return** is the growth over the whole backtest. **CAGR** is the steady yearly rate that would give the same result. CAGR hides the path: two strategies with the same CAGR can feel completely different to live through. ## Volatility and Sharpe **Volatility** measures how much returns swing from day to day, scaled to a year. **Sharpe** divides the average yearly return by volatility: higher means more return for each bump along the way. Tactfolio's main Sharpe doesn't subtract a risk-free interest rate. The figure under it, **over T-bills**, subtracts the Treasury bill return first; use that one to compare with other sites. ## Compare with a fair benchmark Compare with what you would otherwise hold. A strategy that holds tech stocks can look brilliant next to SPY simply because tech did well; that's why the starter patterns compare with QQQ instead. Then compare every number, not just return. Less return with a much smaller drawdown can be a good trade. More return with a deeper drawdown isn't automatically better. The **at same risk** row of the Reality checks table, such as **SPY at same risk**, makes this comparison for you: the benchmark held at the strategy's volatility, the rest in Treasury bills. ## Turnover and costs **Turnover** is how much of the portfolio is traded each year. The more a strategy trades, the more costs matter. Tactfolio charges a small cost on every trade (slippage), but not taxes or commissions. The **Costs at 20 bps** and **40 bps** rows show the same trades at higher costs; if the result falls apart there, it depends on cheap trading. ## A checklist - Does the backtest include at least one bad market, such as 2008, 2020, or 2022? - How deep was the worst drop, and how long did it take to recover? - Does the strategy beat its benchmark on drawdown or Sharpe, not only on return? - Does it survive higher costs? - Does it hold up on dates you didn't tune it on? See [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md). ## Learn the ideas behind it - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. - [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md): The Sharpe ratio measures return per unit of risk. - [Calmar ratio](https://tactfolio.com/learn/calmar-ratio.md): The Calmar ratio divides yearly growth by the worst drop. - [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md): Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. --- # Why past backtest results mislead > Overfitting, too many trials, survivorship, hindsight, and changing markets, and how to guard against each. A backtest shows what would have happened. It's easy to build one that looks great and then disappoints. These are the usual reasons, and what you can do about each. ## Overfitting Every number you tune to the past, such as a 150-day average instead of 200, or one more condition, makes the past look better. Part of that improvement is the rule fitting noise that won't repeat. Warning signs: the result changes a lot when you nudge a number, the strategy has many conditions, or a rule only makes sense in hindsight. ## Trying too many ideas Try enough variations and one will look excellent by luck alone. The best of fifty attempts is not as good as it looks. Keep count, and be more skeptical the more you have tried. ## Survivorship The ticker list holds what trades today. Companies that failed and funds that closed are missing, so a rule that picks individual stocks from today's list is picking only from survivors. Funds that track broad indexes are much less affected. ## Hindsight Tactfolio's readings use only prices up to the day they are read, and trades happen at that day's close. Hindsight can still sneak in through your own choices: picking a fund because you know it did well last decade, or adding a rule because you remember a crash it would have dodged. ## Changing markets A rule that worked while one kind of asset boomed may not work when that stops. Gold sits on the defensive side of three of the four starter patterns, and gold did very well in both decades they were tested on. Part of those results is gold, not the rule. ## Costs and taxes Backtests charge a trading cost but not taxes or commissions. Frequent trading in a taxable account can turn a good backtest into an ordinary result. ## How to guard against it - **Keep rules simple.** Prefer few conditions and round, sensible numbers. - **Test another period.** The starter patterns were chosen on 2016–2026 and then checked on 2006–2016, a separate decade that includes the 2008 crisis. Only rules that improved drawdown and Sharpe in both were kept. - **Hold out recent years.** Tune on older data, then check once on the most recent years. AI assistants can do this for you; see [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). - **Nudge the numbers.** If 150 or 250 days works much worse than 200, be suspicious of 200. - **Raise the costs** and see whether the edge survives. - **Expect less.** Assume real results will be worse than the backtest. ## Learn the ideas behind it - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. - [Trading signals](https://tactfolio.com/learn/trading-signals.md): What a trading signal is, how rule-based signals differ from paid tip services, and what the CFTC and SEC warn about signal sellers and pump and dumps. --- # How the Tactfolio Score works > How Discover is ordered, from 1 to 100: expected Sharpe ratio, Calmar ratio, and growth once hindsight is taken out, compared on a Pareto frontier. The Tactfolio Score orders the published strategies in [Discover](https://tactfolio.com/strategies), from 1 to 100. It asks one question: once we take out what a backtest could owe to hindsight, which strategies are expected to do better from here on, on risk-adjusted return, on return for the drawdowns you sit through, and on growth, all at once? A score of **100**, the best, puts a strategy on the frontier: no other public strategy is expected to beat it on all three. A score of **80** means some strategy is expected to be at least 25% better on every one of them. A score of **10 or less** usually means we do not expect it to beat Treasury bills: those strategies score from 1, the worst, to 10 by their expected Sharpe ratio alone. Many still have an edge that their volatility eats, so a smaller position in one, the rest in T-bills, could do better. ## Why not just sort by backtest results? A backtest is written with the past in view. The author picked the rules, the assets, and the numbers while looking at the history the backtest replays, so the best-looking backtests are often the best-fitted ones. We checked. We took 56 classic strategies from published research and scored them on the history their authors had, then looked at how they did after publication. We did the same with 61 strategies built by AI models on 2016–2026, looking at 2011–2015, which they never saw. In both groups, **the strategies with the best backtest Sharpe ratios did worse afterward**, not better. What carried over was risk: how volatile a strategy was, and how deep its drawdowns went. So the score leans on what lasts and discounts what does not. ## What goes into it Every figure is measured against Treasury bills, so parking in cash does not look like skill. **Complexity.** We count the choices an author could have tuned: each distinct rule and each distinct number, such as a 200-day window or an RSI below 30. The same rule on five assets counts once, and adding assets does not count at all. Every choice lets a backtest fit history a little better, so the score assumes each one hid a little of the drawdown to come. **Fragility.** We run the strategy again 24 times with every number nudged by up to 25%: 200 days becomes 170 or 240, 30 becomes 26 or 35. A strategy whose results depend on its exact numbers is fitted to history. We use the middle result of the whole family, not the strategy alone. **Market exposure.** A strategy that holds stocks earns some of the stock market's return without any skill; one that holds T-bills earns none. Before any other evidence, we expect a strategy to earn what its correlation with the market has historically paid. **The backtest and the live record.** Both then move that starting point, each by how much it can be trusted. Sharpe ratios are noisy, and the backtest is fitted, so both move it only a little: ten years of backtest count for about 8%, ten live years about the same. The live record counts at once for drawdowns: a loss that already happened live is one the strategy can have. ## How the three measures are compared From that evidence we work out three expected figures over T-bills: - **Sharpe ratio:** return per unit of volatility. - **Growth:** yearly return above T-bills, after the drag that volatility puts on compounding. - **Calmar ratio:** yearly return above T-bills for each unit of worst drawdown. Growth and drawdown come from replaying the ten years before publication for the strategy and its nudged family, with each copy's returns lowered to the expected Sharpe ratio. The drawdown is then deepened a little for each choice the author made. No one of the three is weighted over the others. A strategy scores 100 if no other strategy beats it on all three; several can, since without weights none of them beats another, and Discover lists them by expected Sharpe ratio. A copy of a strategy never counts against the original. The score changes when other strategies are published or retired, and after every market close. Your workspace scores your drafts the same way, as if each were published today: against every public strategy, without a live record, and without joining Discover, so a draft never changes anyone else's score. ## An example A trend strategy holds stocks above their 10-month average and T-bills otherwise: two choices, one rule and one window. Its backtest earned a Sharpe ratio of 0.75 over T-bills, and its nudged copies about the same. Its correlation with the stock market is 0.56, so the score starts from 0.56 × 0.35 ≈ 0.20, and the backtest lifts that to about 0.25. Replayed at 0.25, its last ten years show growth of about 2% a year above T-bills with a worst drawdown near 17%. A strategy tuned with fifteen choices to a backtest Sharpe ratio of 1.4 gets little extra for it: its expected Sharpe ratio lands near its market exposure too, and its expected drawdown is six points deeper than its backtest's. ## What the score does not measure - **Your situation.** It is one score for everyone. It does not know your taxes, costs, or how much of a drawdown you can live with. - **The future.** A high score says a strategy's risk and evidence compare well by these rules so far. It is not a forecast you can rely on, and it is not investment advice. The rules may change as Discover and its live records grow. When they do, this page will say what changed. ## Learn the ideas behind it - [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md): The Sharpe ratio measures return per unit of risk. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. - [Calmar ratio](https://tactfolio.com/learn/calmar-ratio.md): The Calmar ratio divides yearly growth by the worst drop. --- # Glossary of investing and backtesting terms > Every term the docs and the builder use, from drawdown and basis points to canaries and pinned versions, in plain language. The words these docs and the builder use, in plain language, with links to where each one is explained in full. Use your browser's find (Ctrl+F or ⌘F) to jump to a term. ## Investing basics - **Asset class**: a kind of investment that tends to move as a group, such as US stocks, foreign stocks, government bonds, gold, or real estate. - **ETF** (exchange-traded fund): a fund that trades like a stock. Most tickers in Tactfolio strategies are ETFs, such as SPY, which holds the S&P 500. - **Ticker**: the short symbol a fund or stock trades under, such as SPY or IEF. - **Treasury bills**: short-term US government debt, the closest thing to cash that earns interest. Funds such as BIL hold them; strategies use BIL as their "cash" because plain cash earns nothing in a backtest. - **Leveraged fund**: a fund that aims for a multiple of an index's daily move, such as TQQQ at three times the Nasdaq-100. Over longer periods it drifts from that multiple, in either direction. - **Inverse fund**: a fund that aims to rise when an index falls, such as SH for the S&P 500. It's how a long-only strategy expresses a bearish view. - **Long only**: the strategy only ever owns things. It can't sell short or borrow money. - **Tactical asset allocation**: changing the mix of asset classes when conditions change, following rules, instead of holding one fixed mix. ## Building strategies - **Strategy**: a set of rules, drawn as a tree of blocks, that decides what to hold. See the [builder guide](https://tactfolio.com/docs/builder.md). - **Allocation**: what the strategy holds and in what proportions, such as 60% SPY and 40% IEF. - **Runs**: how often a strategy checks its rules and trades: daily, weekly, monthly, quarterly, or yearly. - **Rebalance**: trading back to the strategy's target allocation. A strategy can rebalance every time it runs, only when the allocation changes, only when a holding drifts too far, or on a slower schedule. See [strategy settings](https://tactfolio.com/docs/builder.md#strategy-settings). - **Drift threshold**: a rebalance rule that trades only when a holding has moved a set number of percentage points away from its target. - **Lookback**: how far back a reading looks, such as the last 200 trading days or the last 10 month-end closes. - **Moving average**: the average price over a lookback. A price above its moving average is the most common sign of an uptrend. - **Momentum**: the tendency of assets that have risen recently to keep rising for a while. Usually measured as the return over the last few months. - **Absolute momentum**: whether an asset beat cash (or zero) over its lookback. **Relative momentum**: whether it beat the other candidates. - **RSI** (relative strength index): a 0-to-100 reading of recent gains against recent losses. Below 30 usually means a sharp recent fall. - **Canary**: an asset watched as an early warning, whether or not the strategy holds it. See [common patterns](https://tactfolio.com/docs/patterns.md#a-canary). - **Inverse volatility**: weighting holdings so calmer ones get more money, roughly equalizing the risk each contributes. - **Sleeve**: one part of a strategy with its own rules, such as a bond sleeve inside a larger strategy. - **Revision**: a saved state of your strategy. Every save adds one, and none ever changes afterwards. ## Reading results - **Backtest**: a replay of a strategy's rules over past prices. See [what a backtest simulates](https://tactfolio.com/docs/backtests.md). - **Benchmark**: what the strategy is compared with, usually what you would otherwise hold. - **CAGR** (compound annual growth rate): the steady yearly rate that would produce the same total growth. The [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md) works it out from any two values. - **Drawdown**: how far the strategy is below its previous high. **Max drawdown** is the deepest one. See [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md). - **Volatility**: how much returns swing, scaled to a year. Higher means a bumpier ride. - **Sharpe ratio**: return divided by volatility. Tactfolio shows it two ways: measured from zero, and **over T-bills**, after subtracting the Treasury bill return, which is the standard form other sites use. - **Calmar ratio**: CAGR divided by the size of the max drawdown. - **Turnover**: how much of the portfolio is traded per year. 2.0 means 200%. - **Basis point** (bp): one hundredth of a percent. 5 bps is 0.05%. - **Slippage**: the cost of trading, charged on every trade in a backtest. - **Nominal and real**: returns before and after inflation. - **Simulated history**: modelled prices from before a fund existed, used to test over longer periods. See [simulated history](https://tactfolio.com/docs/simulated-history.md). - **Whipsaw**: a rule selling after a dip and buying back higher, again and again, in a market that keeps changing direction. ## Judging results honestly - **Overfitting**: tuning rules until they fit the past's noise, which won't repeat. See [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md). - **In sample** and **out of sample**: the dates a strategy was designed on, and dates it has never seen. Only out-of-sample results are a fair test. - **Survivorship bias**: testing only on what exists today, which leaves out the funds and companies that failed. - **Tactfolio Score**: how Discover is ordered, from 1 to 100: how a strategy is expected to compare with every other public strategy from here on, once what its backtest owes to hindsight is taken out. See [how the score works](https://tactfolio.com/docs/concepts/tactfolio-score.md). ## Sharing - **Discover**: the list of everyone's published strategies, at [/strategies](https://tactfolio.com/strategies). - **Handle**: your public name on Tactfolio. It becomes permanent once you publish. - **Version**: a published revision, numbered v1, v2, and so on. Versions are permanent. See [publishing and sharing](https://tactfolio.com/docs/sharing.md). - **Retire**: take a published strategy out of Discover while keeping its page and versions working. - **Pinned**: fixed to one exact version, so later changes don't affect you. ## Learn the ideas behind it - [Learn](https://tactfolio.com/learn.md): Plain-English guides to investing and trading: S&P 500 funds, ETFs, IRAs and 401(k)s, momentum, options basics and more, with examples and sources. - [What is an ETF](https://tactfolio.com/learn/what-is-an-etf.md): 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. - [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md): The Sharpe ratio measures return per unit of risk. --- # Frequently asked questions > Pricing, advice, trading, accounts, privacy, deleting, reuse, why results differ from other sites, data, leverage, Discover’s order, and AI assistants. ## Is Tactfolio free? Yes, today. Paid plans are not open yet, so every account gets every feature free. When they open, the Free plan stays free: unlimited building and backtests, one live strategy, three paper strategies, and 100 AI assistant backtests a day. Plus costs $12 a month or $99 a year, and Pro $29 a month or $249 a year. See [pricing](https://tactfolio.com/pricing.md). ## Is this investment advice? No. Tactfolio is a research tool. It shows how rules would have behaved on past prices. It doesn't recommend what to buy, and past results don't predict future ones. That includes the classic strategies and everything in Discover: they are other people's rules, shown honestly, not endorsements. ## Can I trade from Tactfolio? Yes. A paper account in Trade runs one of your strategies with pretend money at real market prices and emails you a summary after each close. You can also connect your own Alpaca account, paper or live, with your own API keys: the strategy then trades real orders with the part of the account you give it, and never touches anything else you hold there. See [paper trading](https://tactfolio.com/paper-trading.md) and [Alpaca trading](https://tactfolio.com/alpaca-trading.md) for how each works. ## Do I need an account? Not to look around: the builder's starter patterns, the classic strategies, Discover, and every public strategy's page are open to everyone. You need a free account to build and save strategies, copy or star public ones, publish, or connect an AI assistant. ## Who can see my strategies? Only you, and any AI assistant you connect, until you publish. A published strategy's versions are public and permanent: anyone can view and copy them. Your unpublished changes stay private even after you've published. See [Publishing and sharing](https://tactfolio.com/docs/sharing.md). ## Can I delete a strategy? If you've never published it, yes, from your [workspace](https://tactfolio.com/workspace). A published strategy can't be deleted, because other people's copies and strategies may depend on it, but you can retire it from Discover. ## Can I use someone else's strategy? Yes. Copy any public strategy to your account and change it, or use it as a building block inside your own with a **Strategy** block. Either way, the original author keeps the credit. See [Build on someone else's work](https://tactfolio.com/docs/sharing.md#build-on-someone-elses-work). ## Why are my results different from another backtesting site's? Small assumptions add up. The usual differences: - **Trade timing.** Tactfolio trades at the same day's close as its signal. Some sites trade the next day instead, which the **Next-day open** line approximates. - **Costs.** Tactfolio charges 5 basis points on every trade, the same for every strategy; some sites charge nothing. - **Sharpe ratio.** Tactfolio's main Sharpe doesn't subtract a risk-free rate. Compare other sites' Sharpe with the **over T-bills** figure. - **Lookbacks.** A "10-month" average can mean ten month-end closes or about 210 trading days. Tactfolio does both; check which your rule uses. - **Dividends.** Tactfolio's prices include reinvested dividends. Charts of raw prices, such as most broker charts, don't. The [dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator.md) shows how much reinvesting adds over the years. - **Dates.** A backtest starts once every ticker and reading has history, which may be later than you expect. ## Where do the prices come from? Tactfolio uses daily prices for US-listed stocks and funds, adjusted for splits and dividends, and US economic data from the Federal Reserve Bank of St. Louis. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) covers the data and its limits. ## Can a strategy sell short or use leverage? It can't sell short or borrow. It can hold leveraged and inverse funds like any other fund, using their real price history. ## Why does my backtest start later than I asked? A backtest can only start once every ticker in it has prices and every reading has enough history to calculate: a 12-month return needs a year of prices first. For some young funds, the **Simulated history** option extends the history further back; see [Simulated history](https://tactfolio.com/docs/simulated-history.md). ## How is Discover ordered? By the Tactfolio Score, from 1 to 100. It discounts what a backtest may owe to hindsight, then compares every public strategy on expected risk-adjusted return, growth, and return for its drawdowns: 100 means no other strategy is expected to beat it on all three. See [How the Tactfolio Score works](https://tactfolio.com/docs/concepts/tactfolio-score.md). ## Which AI assistants work with Tactfolio? Any assistant that supports remote MCP servers with OAuth sign-in. Setup steps for the ones we've checked are in [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). ## I created an account but can't sign in. Why? Open the link we emailed you when you signed up: it finishes creating your account and signs you in. Until then, signing in says the email or password is wrong. No email? Check your spam folder, or choose **Resend link** on the page that asked you to check your email (signing up again with the same address works too). ## I forgot my password. How do I get back in? Choose **Forgot password?** on the [sign-in page](https://tactfolio.com/login) and enter your account's email. We send a link that works once, for one hour; the new password you choose with it signs you out on your other devices. If no email arrives, check your spam folder, or write to us from [Support](https://tactfolio.com/support). To change a password you know, use [Settings](https://tactfolio.com/account). ## How do I get help or report a problem? Write to us from [Support](https://tactfolio.com/support): it's in the main menu, and you don't need to be signed in. Members see their requests and our replies there; everyone gets our reply by email. ## Learn the ideas behind it - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. --- # Classic tactical asset allocation strategies > Faber, Antonacci, Keller, Butler, and more: tactical allocation strategies built from their sources, with honest backtests and live versions you can copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md): Keller and Keuning’s HAA uses a TIP canary to sidestep inflation shocks. Rules, ETF backtest since 2008, simulated history since 1971, and a live version. - [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md): The single-asset HAA: hold the S&P 500 while TIP and SPY momentum are positive, else bonds or bills. Rules, backtest, yearly returns, and a live version. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md): Wouter Keller’s BAA pairs a fast canary with slow momentum picks and a rule for rising rates. Rules, ETF backtest, yearly returns, and a live version. - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md): Keller and Keuning’s VAA-G4 uses breadth momentum to hold one of four assets or move to bonds. Rules, ETF backtest, yearly returns, and a live version. - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md): Keller and Keuning’s DAA watches two canary assets to decide how defensive to be. Rules, ETF backtest, year-by-year returns, and a live version to copy. - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md): Keller and Keuning’s PAA moves into Treasuries step by step as market breadth weakens. Rules, ETF backtest, year-by-year returns, and a live version. - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md): Butler, Philbrick, Gordillo, and Varadi’s AAA: top five of ten asset classes by momentum, weighted by inverse volatility. Rules, backtest, live version. - [Faber’s 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md): Mebane Faber’s trend rule: hold the S&P 500 above its 10-month average, T-bills below. Rules, backtest since 2007, yearly returns, and a live version. - [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md): Gary Antonacci’s dual momentum picks US stocks, foreign stocks, or bonds each month by 12-month return. Rules, backtest since 2008, and a live version. - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md): Antonacci’s diversified dual momentum: four modules for stocks, credit, REITs, and stress assets. Rules, ETF backtest, yearly returns, and a live version. - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md): Mebane Faber’s GTAA holds five asset classes, each while above its 10-month average. Rules, backtest, simulated history since 1980, and a live version. - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md): Keller and Keuning’s twelve-asset VAA steps into bonds as more assets show negative momentum. Rules, ETF backtest, yearly returns, and a live version. - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md): Wouter Keller’s aggressive BAA holds the strongest of QQQ, VWO, VEA, and BND while its canaries are healthy. Rules, backtest, and a live version. - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md): Faber’s GTAA 13 times thirteen asset classes at fixed weights with a 10-month average. Rules, backtest, yearly returns, and a live version. - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md): Faber’s GTAA AGG3: the top 3 of 13 asset classes by momentum, each above its 10-month average. Rules, backtest, yearly returns, and a live version. - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md): Faber’s GTAA AGG6: the top 6 of 13 asset classes by momentum, each above its 10-month average. Rules, backtest, yearly returns, and a live version. - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md): The Ivy Portfolio’s momentum rotation: top 3 of 5 asset classes, each above its 10-month average. Rules, backtest, yearly returns, and a live version. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md): Faber’s sector rotation holds the 3 strongest US sectors and moves to bills below the S&P 500’s 10-month average. Rules, backtest, and a live version. - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md): Meb Faber’s Trinity Portfolio: half global buy-and-hold, half trend-following momentum. Rules, backtest, yearly returns, and a live version. - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md): Hold five asset classes only while within 5% of their 12-month high, else 10-year Treasuries. Rules, backtest, yearly returns, and a live version. - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md): Brian Livingston’s Mama Bear holds the top three of nine funds, cash included, by five-month return. Rules, backtest, yearly returns, and a live version. - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md): Brian Livingston’s Papa Bear holds the top three of thirteen asset-class funds by blended momentum. Rules, backtest, yearly returns, and a live version. - [Baby Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/baby-bear-portfolio.md): Brian Livingston’s Baby Bear: 50% US stocks, 50% US bonds, rebalanced yearly on drift. Rules, backtest, yearly returns, and a live version. - [Gold Cross-Asset Momentum (gold and Treasury rule)](https://tactfolio.com/strategies/gold-cross-asset-momentum.md): Hold gold only while gold and Treasuries both rose over 12 months, else cash. Rules, backtest, yearly returns, and a live version. - [US Cross-Asset Momentum (stock and Treasury timing)](https://tactfolio.com/strategies/cross-asset-momentum.md): Stocks when stocks and Treasuries beat bills, Treasuries when only they do, else cash. Rules, backtest, yearly returns, and a live version. - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md): Five US asset classes sized by volatility, each moved to cash below its 10-month average. Rules, backtest, yearly returns, and a live version. - [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md): Five global asset classes sized by volatility, each moved to cash below its 10-month average. Rules, backtest, yearly returns, and a live version. - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md): Four defensive assets at 40/30/20/10 by momentum, with stocks taking any slot that trails bills. Rules, backtest, yearly returns, and a live version. - [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md): HAA Simple’s TIPS canary with a 60/40 stock and bond mix when risk is on. Rules, backtest, yearly returns, and a live version. - [Paired Switching (quarterly SPY and TLT rotation)](https://tactfolio.com/strategies/paired-switching.md): Each quarter, hold whichever of the S&P 500 and long Treasuries returned more. Rules, backtest, yearly returns, and a live version. - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md): The strongest of five markets by 3-month return if all five are up, else Treasuries. Rules, backtest, yearly returns, and a live version. - [Trending Fast and Slow (volatility-switched momentum)](https://tactfolio.com/strategies/trending-fast-and-slow.md): Volatility picks a 1- or 12-month S&P 500 trend; stocks in an uptrend, cash otherwise. Rules, backtest, yearly returns, and a live version. - [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md): Monthly rotation between the S&P 500, international small caps, and long Treasuries. Rules, backtest, yearly returns, and a live version. - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md): Wesley Gray's 40/40/20 mix with two trend rules per asset class. Rules, backtest, yearly returns, and a live version. - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md): Wesley Gray's 80% stock RAA flavor with two trend rules per asset class. Rules, backtest, yearly returns, and a live version. - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md): Stocks, Treasuries, and gold held only above their 200-day average, weighted by inverse volatility. Rules, backtest, and a live version. - [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md): Seven copies of Dual Momentum GEM with 6- to 12-month lookbacks. Rules, backtest, yearly returns, and a live version. - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md): Holds the three strongest of nine bond ETFs by six-month return, or cash. Rules, backtest, yearly returns, and a live version. - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md): Stocks, long Treasuries, and gold, each held while its 3-month average tops its 10-month. Rules, backtest, yearly returns, and a live version. - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md): Two canaries scale risk; momentum picks up to five of ten asset classes. Rules, backtest, yearly returns, and a live version. - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md): Ray Dalio’s All Weather mix via Tony Robbins: 30% stocks, 55% Treasuries, 15% gold and commodities. Rules, backtest, yearly returns, and a live version. - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md): Harry Browne’s Permanent Portfolio: 25% each in stocks, long Treasuries, gold, and cash. Rules, backtest since 2007, yearly returns, and a live version. - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md): The Golden Butterfly: 20% each in stocks, small-cap value, long and short Treasuries, and gold. Rules, backtest, yearly returns, and a live version. - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md): The Ivy Portfolio: a fifth each in US and foreign stocks, Treasuries, REITs, and commodities. Rules, backtest, yearly returns, and a live version. - [60/40 Portfolio (classic stocks and bonds)](https://tactfolio.com/strategies/60-40-portfolio.md): The classic 60/40: 60% S&P 500 and 40% intermediate Treasuries, the yardstick for every classic. Rules, backtest, yearly returns, and a live version. - [Three-Fund Portfolio (Taylor Larimore, Bogleheads)](https://tactfolio.com/strategies/three-fund-portfolio.md): Taylor Larimore’s Three-Fund Portfolio: US stocks, world stocks, and bonds in three index funds. Rules, backtest, yearly returns, and a live version. - [Leverage Rotation Strategy (UPRO above the 200-day average)](https://tactfolio.com/strategies/leverage-rotation-strategy.md): Gayed and Bilello’s LRS holds 3x S&P 500 (UPRO) above the 200-day average and T-bills below. Rules, backtest, yearly returns, and a live version. - [Leverage Rotation Strategy 2x (LRS with SSO)](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md): The 2x Leverage Rotation Strategy: SSO above the S&P 500’s 200-day average, T-bills below. Rules, backtest, yearly returns, and a live version. - [200-Day Moving Average Strategy (S&P 500)](https://tactfolio.com/strategies/200-day-moving-average.md): Hold the S&P 500 above its 200-day moving average and T-bills below, checked daily. Rules, backtest, yearly returns, and a live version. - [Golden Cross Strategy (50-day and 200-day moving averages)](https://tactfolio.com/strategies/golden-cross.md): Hold the S&P 500 after a golden cross, T-bills after a death cross of its 50- and 200-day averages. Rules, backtest, yearly returns, and a live version. - [Beta Rotation Strategy (utilities vs. the market)](https://tactfolio.com/strategies/beta-rotation-strategy.md): Bilello and Gayed’s weekly switch between utilities (XLU) and the S&P 500 on four-week strength. Rules, backtest, yearly returns, and a live version. - [Tactical Risk Rotation (TRRS)](https://tactfolio.com/strategies/tactical-risk-rotation.md): Gayed and Bilello’s TRRS holds stocks when 10-year Treasuries beat 30-year ones, else Treasuries. Rules, backtest, yearly returns, and a live version. - [Volatility-Managed Portfolio (Moreira and Muir)](https://tactfolio.com/strategies/volatility-managed-portfolio.md): Moreira and Muir’s rule cuts S&P 500 exposure after volatile months and holds T-bills for the rest. Rules, backtest, yearly returns, and a live version. - [Growth-Trend Timing (Philosophical Economics’ GTT)](https://tactfolio.com/strategies/growth-trend-timing.md): Leave the S&P 500 only when growth data turn negative and the trend breaks. Rules, backtest, yearly returns, and a live version. - [Growth-Trend Timing with unemployment (GTT-UE)](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md): Leave the S&P 500 only when unemployment is rising and the trend breaks. Rules, backtest, yearly returns, and a live version. - [Growth-Trend Timing with job growth](https://tactfolio.com/strategies/growth-trend-timing-jobs.md): Leave the S&P 500 only when jobs per worker fall and the trend breaks. Rules, backtest, yearly returns, and a live version. - [Growth-Trend Timing with housing starts and income](https://tactfolio.com/strategies/growth-trend-timing-housing.md): Leave the S&P 500 only when housing starts or real income weaken and the trend breaks. Rules, backtest, and a live version. - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md): Value stocks, gold, and Treasuries, with a Nasdaq-100 quarter timed by unemployment and trend. Rules, backtest, and a live version. - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md): Five assets at 20% each, moving to Treasuries when unemployment rises and canaries weaken. Rules, backtest, and a live version. - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md): Credit bonds while unemployment is stable, Treasuries when it rises. Rules, backtest, yearly returns, and a live version. - [TrendYCMacro (Quantpedia’s market timing strategy)](https://tactfolio.com/strategies/trend-yc-macro.md): S&P 500 timing from price trend, the yield curve, and real economic growth. Rules, backtest, yearly returns, and a live version. - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md): The two strongest stock markets in an uptrend, hedged when the yield curve inverts. Rules, backtest, and a live version. - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md): Energy, technology, utilities, or staples by growth trend and breakeven inflation. Rules, backtest, and a live version. --- # Hybrid Asset Allocation (HAA) > Keller and Keuning’s HAA uses a TIP canary to sidestep inflation shocks. Rules, ETF backtest since 2008, simulated history since 1971, and a live version. Wouter Keller and JW Keuning's Hybrid Asset Allocation. TIPS act as the canary: while their momentum is positive it holds the four strongest of eight asset classes, replacing any with negative momentum by the stronger of Treasury bills and intermediate Treasuries; when TIPS weaken it holds only that cash choice. Designed by Wouter Keller and JW Keuning, 2023. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-haa-balanced. Hybrid Asset Allocation (HAA) is a monthly strategy published in 2023 by Wouter Keller and JW Keuning. They wrote it after 2022, when stocks and bonds fell together and many older tactical strategies found nowhere safe to hide. HAA's answer is a single canary that watches inflation: Treasury Inflation-Protected Securities (TIPS). ## Key points - Hybrid Asset Allocation uses one warning signal, the momentum of the TIPS fund TIP. - While TIP is healthy, it holds the four strongest of eight asset classes, 25% each. - When TIP turns down, it moves fully to Treasury bills or 7 to 10 year Treasuries. - Over the ETF era its worst drop was about a third of the S&P 500's, and it gained in 2022. - Since the 2023 paper it has made money but trailed a strong stock market by a wide margin. ## What is Hybrid Asset Allocation? Hybrid Asset Allocation is a strategy that lets an inflation-linked bond fund decide when to take risk. It uses a canary. A **canary** is an asset watched only as an early warning, like a canary in a coal mine. Earlier canary strategies, such as [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md), watched stocks and bonds. HAA watches TIP, the TIPS fund, alone. **TIPS** are US government bonds whose value rises with inflation. TIP's price reflects both real interest rates and inflation expectations. When TIP's momentum turns negative, it is often a sign. Rising rates or inflation may be about to squeeze both stocks and bonds. **Momentum** is the habit of assets that have risen lately to keep rising for a while. The strategy is "hybrid" because it uses two kinds of momentum filter. The canary decides if the whole portfolio takes risk or plays safe. On top of that, each holding must also have positive momentum of its own. If not, it is swapped for cash. ## How does Hybrid Asset Allocation work? HAA scores every fund at the close of the last trading day of each month. It uses Keller's 13612U score: the simple average of the 1-, 3-, 6- and 12-month returns, each taken between month-end closes as in the paper. 1. **Check the canary.** If TIP's momentum is zero or negative, hold 100% of the stronger of BIL (Treasury bills) and IEF (7 to 10 year Treasuries). 2. **Pick the holdings.** Otherwise, rank eight funds: SPY, IWM, VEA, VWO, VNQ, DBC, IEF and TLT. Take the top four at 25% each. 3. **Replace weak picks.** Any of those four with zero or negative momentum of its own gets swapped for the stronger of BIL and IEF. **Treasury bills** are short-term loans to the US government, and they act like cash. Here is a made-up example. TIP's score is positive, so the canary is calm. The top four are SPY, VWO, DBC and IEF. DBC's own score is negative, so its 25% moves to whichever of BIL and IEF scores higher. This page covers HAA Balanced, the version the authors present first. The paper also names a one-asset version, [HAA Simple](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md). ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/hybrid-asset-allocation are recomputed after every market close. Over the ETF era HAA Balanced had one of the best risk-adjusted returns of the classic strategies we track. A risk-adjusted return weighs the gain against how bumpy the ride was. Its worst drawdown was about a third of the S&P 500's. A **drawdown** is how far a portfolio falls from its last high point. It gained in 2008 and in 2022. The TIP canary did what it was designed to do in 2022, when a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) had its worst year in decades. Its record since publication is short: the paper appeared in early 2023. In that time it has made money, but it has trailed a very strong stock market by a wide margin. The live record on Tactfolio will show whether the TIP canary keeps earning its place. These results are hypothetical. A backtest replays the rules on past prices, after trading costs. It is not a record of real money. Our page on [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains what the numbers can and cannot tell you. ## When does Hybrid Asset Allocation struggle? Hybrid Asset Allocation struggles when US stocks lead strongly and when inflation scares fade fast. - **Strong stock bull markets.** Four of eight diversified assets will trail US large-cap stocks. - **Inflation scares that pass.** When TIP weakens without real damage to stocks, the strategy sits in cash or Treasuries through the recovery. ## How to try Hybrid Asset Allocation on Tactfolio The live strategy at the top of this page follows the canary and the cash replacement exactly. It reads momentum from month-end closes, as the paper does. The swap rule is built as a count of funds with positive momentum. So the tree may look different from the paper, but it holds the same funds. Open it to see how, or copy it and try a different canary. For a stock and bond version, see [HAA 60/40](https://tactfolio.com/strategies/haa-60-40.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 1/3/6/12-month unweighted momentum (month-end) of TIP is above 0 - Then: - Weight: Equal - If: At least 4 of: 1/3/6/12-month unweighted momentum (month-end) of SPY is above 0; 1/3/6/12-month unweighted momentum (month-end) of IWM is above 0; 1/3/6/12-month unweighted momentum (month-end) of VEA is above 0; 1/3/6/12-month unweighted momentum (month-end) of VWO is above 0; 1/3/6/12-month unweighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month unweighted momentum (month-end) of DBC is above 0; 1/3/6/12-month unweighted momentum (month-end) of IEF is above 0; 1/3/6/12-month unweighted momentum (month-end) of TLT is above 0 - Then: - Weight: Equal - Rank: Top 4 · 1/3/6/12-month unweighted momentum (month-end) - **SPY** - **IWM** - **VEA** - **VWO** - **VNQ** - **DBC** - **IEF** - **TLT** - Otherwise: - Weight: Equal - If: At least 3 of: 1/3/6/12-month unweighted momentum (month-end) of SPY is above 0; 1/3/6/12-month unweighted momentum (month-end) of IWM is above 0; 1/3/6/12-month unweighted momentum (month-end) of VEA is above 0; 1/3/6/12-month unweighted momentum (month-end) of VWO is above 0; 1/3/6/12-month unweighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month unweighted momentum (month-end) of DBC is above 0; 1/3/6/12-month unweighted momentum (month-end) of IEF is above 0; 1/3/6/12-month unweighted momentum (month-end) of TLT is above 0 - Then: - Weight: Specified - Rank: Top 3 · 1/3/6/12-month unweighted momentum (month-end) - **SPY** - **IWM** - **VEA** - **VWO** - **VNQ** - **DBC** - **IEF** - **TLT** - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **BIL** - **IEF** - Otherwise: - Weight: Equal - If: At least 2 of: 1/3/6/12-month unweighted momentum (month-end) of SPY is above 0; 1/3/6/12-month unweighted momentum (month-end) of IWM is above 0; 1/3/6/12-month unweighted momentum (month-end) of VEA is above 0; 1/3/6/12-month unweighted momentum (month-end) of VWO is above 0; 1/3/6/12-month unweighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month unweighted momentum (month-end) of DBC is above 0; 1/3/6/12-month unweighted momentum (month-end) of IEF is above 0; 1/3/6/12-month unweighted momentum (month-end) of TLT is above 0 - Then: - Weight: Specified - Rank: Top 2 · 1/3/6/12-month unweighted momentum (month-end) - **SPY** - **IWM** - **VEA** - **VWO** - **VNQ** - **DBC** - **IEF** - **TLT** - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **BIL** - **IEF** - Otherwise: - Weight: Equal - If: At least 1 of: 1/3/6/12-month unweighted momentum (month-end) of SPY is above 0; 1/3/6/12-month unweighted momentum (month-end) of IWM is above 0; 1/3/6/12-month unweighted momentum (month-end) of VEA is above 0; 1/3/6/12-month unweighted momentum (month-end) of VWO is above 0; 1/3/6/12-month unweighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month unweighted momentum (month-end) of DBC is above 0; 1/3/6/12-month unweighted momentum (month-end) of IEF is above 0; 1/3/6/12-month unweighted momentum (month-end) of TLT is above 0 - Then: - Weight: Specified - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **SPY** - **IWM** - **VEA** - **VWO** - **VNQ** - **DBC** - **IEF** - **TLT** - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **BIL** - **IEF** - Otherwise: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **BIL** - **IEF** - Otherwise: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **BIL** - **IEF** ## Sources and caveats - [Wouter Keller and JW Keuning, Dual and Canary Momentum with Rising Yields/Inflation: Hybrid Asset Allocation (2023)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4346906) - [Allocate Smartly, Hybrid Asset Allocation](https://allocatesmartly.com/hybrid-asset-allocation/) - Offensive universe SPY, IWM, VEA, VWO, VNQ, DBC, IEF, TLT with top 4, as in the source. - Momentum is 13612U, the equal-weighted average of 1-, 3-, 6-, and 12-month returns, on every universe; cash is the stronger of BIL and IEF. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Hybrid Asset Allocation? Hybrid Asset Allocation is a monthly strategy by Wouter Keller and JW Keuning (2023). A single canary, TIP, decides between risk-on and fully defensive. While risk-on, it holds the four strongest of eight asset classes. It replaces any with negative momentum by cash. ### Why does HAA use TIP as a canary? TIPS prices reflect real yields and inflation expectations. Falling TIP momentum tends to signal the rate and inflation pressure that hurt both stocks and bonds in 2022. ### What is 13612U momentum? It is the equal-weighted average of the 1-, 3-, 6- and 12-month total returns. Each is measured from the latest month-end close back to the month-end close that many months earlier. Keller's 13612W instead gives the recent months more weight. ### What does HAA hold as cash? It holds whichever of BIL (Treasury bills) and IEF (intermediate Treasuries) has the stronger 13612U momentum. ### Can I automate Hybrid Asset Allocation? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and you choose the starting balance. --- # HAA Simple: Hybrid Asset Allocation with one asset > The single-asset HAA: hold the S&P 500 while TIP and SPY momentum are positive, else bonds or bills. Rules, backtest, yearly returns, and a live version. The simplest Hybrid Asset Allocation: hold the S&P 500 while both TIPS and US stocks show positive momentum, and otherwise the stronger of Treasury bills and intermediate Treasuries. Designed by Wouter Keller and JW Keuning, 2023. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-haa-simple. HAA Simple is the one-asset version of Wouter Keller and JW Keuning's [Hybrid Asset Allocation](https://tactfolio.com/strategies/hybrid-asset-allocation.md), named in their 2023 paper. It holds either the S&P 500 or a safe asset, never both, and changes at most once a month. That makes it one of the easiest tactical strategies to follow by hand. ## Key points - HAA Simple holds either 100% S&P 500 or 100% of a safe Treasury fund. - It owns stocks only when both TIPS and the S&P 500 have positive momentum. - It checks once a month, at the last close. - Over the ETF era its worst drop was less than half the S&P 500's. - Since the 2023 paper it has made solid gains but trailed the S&P 500. ## What is HAA Simple? HAA Simple is a monthly switch between US stocks and Treasuries that uses two momentum checks. **Momentum** is the habit of assets that have risen lately to keep rising for a while. HAA Simple keeps the two filters of the full strategy and drops the diversification: - **The canary.** A **canary** is an asset watched only as an early warning. Here it is TIP, the fund that holds Treasury Inflation-Protected Securities, US bonds that rise with inflation. TIP must have positive momentum. It is an early warning for the rate and inflation pressure that hurts both stocks and bonds. - **The asset itself.** US stocks must also have positive momentum of their own. Only when both are positive does it own stocks. ## How does HAA Simple work? HAA Simple compares two momentum scores at the close of the last trading day of each month. 1. Measure 13612U momentum for TIP and SPY. This is the simple average of the 1-, 3-, 6- and 12-month returns, each taken between month-end closes as in the paper. 2. If both are positive, hold 100% SPY. 3. Otherwise hold 100% of the stronger of BIL (Treasury bills) and IEF (7 to 10 year Treasuries), again by 13612U momentum. **Treasury bills** are short-term loans to the US government, and they act like cash. Here is a made-up example. SPY's 1-, 3-, 6- and 12-month returns are 2%, 4%, 6% and 12%. Their average, 6%, is positive. If TIP's score is also positive, you hold SPY. If TIP's score is negative, you hold whichever of BIL and IEF scores higher. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/hybrid-asset-allocation-simple are recomputed after every market close. Over the ETF era HAA Simple had one of the highest risk-adjusted returns of the [classic strategies](https://tactfolio.com/strategies/classics.md) we list. A risk-adjusted return weighs the gain against how bumpy the ride was. Its worst drawdown was less than half the S&P 500's. A **drawdown** is how far a portfolio falls from its last high point. It gained in 2008, when it held Treasuries. It was about flat in 2022. Since the paper appeared in early 2023 it has made solid gains but trailed the S&P 500. A strategy that is either all stocks or all bonds will sometimes step aside at the wrong time. And three years is a short sample. These are hypothetical backtests on past prices, after trading costs. They are not a track record. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains how to read them with care. ## When does HAA Simple struggle? HAA Simple struggles after brief dips and in markets where one fund is too narrow. - **Whipsaws.** A **whipsaw** is a quick switch out and back in. A single momentum check on one asset can switch out and back in around a brief dip, missing part of the recovery. - **Concentration.** When it holds stocks it holds only the S&P 500, with no diversification across markets. ## How to try HAA Simple on Tactfolio The live strategy at the top of this page runs these rules at each month-end close. It reads momentum from month-end closes, as the paper does. Copy it to try other stock funds in place of SPY, or add it as one piece of a larger strategy in the [builder](https://tactfolio.com/docs/builder.md). For a calmer risk-on mix, see [HAA 60/40](https://tactfolio.com/strategies/haa-60-40.md), which holds stocks and bonds together. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 1/3/6/12-month unweighted momentum (month-end) of TIP is above 0 - Then: - Weight: Equal - If: 1/3/6/12-month unweighted momentum (month-end) of SPY is above 0 - Then: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **SPY** - Otherwise: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **BIL** - **IEF** - Otherwise: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **BIL** - **IEF** ## Sources and caveats - [Wouter Keller and JW Keuning, Dual and Canary Momentum with Rising Yields/Inflation: Hybrid Asset Allocation (2023)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4346906) - [Allocate Smartly, Hybrid Asset Allocation](https://allocatesmartly.com/hybrid-asset-allocation/) - The single-asset variant named in the source, with SPY as the only offensive asset. - Momentum is 13612U, the equal-weighted average of 1-, 3-, 6-, and 12-month returns, on every universe; cash is the stronger of BIL and IEF. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is HAA Simple? HAA Simple is the single-asset version of Hybrid Asset Allocation by Wouter Keller and JW Keuning (2023). It holds SPY while both TIP and SPY have positive 13612U momentum. Otherwise it holds the stronger of BIL and IEF. ### How is HAA Simple different from HAA Balanced? HAA Balanced holds the four strongest of eight asset classes while TIP's momentum is positive. HAA Simple uses SPY alone. ### How often does HAA Simple trade? It checks once a month, at the close of the last trading day. It trades only when the answer changes. ### What is 13612U momentum? It is the plain average of the 1-, 3-, 6- and 12-month returns. Each return runs from one month-end close to another. A positive score means the fund has, on balance, been rising. ### Can I automate HAA Simple? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its rule calls for a change. It is long only, holds US-listed ETFs, and uses the starting balance you choose. --- # Bold Asset Allocation (BAA) > Wouter Keller’s BAA pairs a fast canary with slow momentum picks and a rule for rising rates. Rules, ETF backtest, yearly returns, and a live version. Wouter Keller's Bold Asset Allocation, balanced version. Four canaries (US, developed, and emerging stocks and US bonds) decide the regime. While all four have positive momentum it holds the six strongest of twelve asset classes; if any weakens it holds the three strongest defensive funds, using Treasury bills for any that trail them. Designed by Wouter Keller, 2022. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-baa-g12. Bold Asset Allocation (BAA) is a monthly investing strategy published in 2022 by Wouter Keller. It uses a fast warning signal to spot trouble early and a slower signal to choose what to hold. It also has a rule for rising interest rates, when bonds stop being a safe place to hide. ## Key points - BAA checks four "canary" funds once a month to decide if it should play offense or defense. - On offense it holds the six strongest of twelve funds. On defense it holds three of seven safer funds. - Any defensive pick weaker than Treasury bills is swapped for Treasury bills. - Over the ETF era its worst drawdown was 14%, about a third of the S&P 500's. - Its short record since 2022 is weak: about 4% a year, far behind the stock market. ## What is Bold Asset Allocation? BAA is a tactical strategy that splits two jobs between two kinds of momentum. Momentum means assets that have risen lately tend to keep rising for a while. A **canary** is a fund the strategy watches only as a warning sign. - **The canaries use fast momentum.** Four canaries are measured with the quick 13612W score. That gives the strategy an early warning. - **The picks use slow momentum.** Holdings are chosen by "SMA12" momentum: the month-end close compared with the average of the last 13 month-end closes. This is steadier, so the strategy trades less. The second idea came from 2022. When rates rise, long bonds can fall as hard as stocks. So BAA's defensive side holds a mix that includes TIPS (inflation-protected Treasuries) and commodities. Any defensive pick that is weaker than Treasury bills is swapped for Treasury bills. Treasury bills are the safest short-term US government debt. ## How does BAA work? BAA runs at the close of the last trading day of each month. 1. **Check the canaries.** Measure 13612W momentum for SPY, VWO, VEA and BND (US, emerging and developed stocks, and US bonds). It is a weighted average of the 1-, 3-, 6- and 12-month returns between month-end closes. 2. **If all four are positive, play offense.** Hold the six strongest of twelve funds by SMA12 momentum, in equal parts. The twelve are SPY, QQQ, IWM, VGK, EWJ, VWO, VNQ, DBC, GLD, TLT, HYG and LQD. 3. **If any canary is zero or negative, play defense.** Rank TIP, DBC, BIL, IEF, TLT, LQD and BND by SMA12 momentum. Hold the top three at a third each. Replace any that trail BIL with BIL. This page covers the balanced version, BAA-G12. Keller also published an aggressive version, [BAA-G4](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), that holds a single fund while on offense. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/bold-asset-allocation are recomputed after every market close. Over the ETF era, from September 2008, BAA-G12 returned about 8% a year. Its worst drawdown was 14%, about a third of the S&P 500's. A drawdown is how far a portfolio falls from its last high point. That return trails a [60/40 mix](https://tactfolio.com/strategies/60-40-portfolio.md) rebalanced each month, which made about 9% a year. Their risk-adjusted returns were about the same. The 60/40's worst drawdown was deeper, at 24%. BAA gained in 2008 and was about flat in 2022, when both stocks and bonds fell. The paper is recent, so its record since publication is short, and weak. Since August 2022 it has returned about 4% a year, trailing a strong stock market by a wide margin. It lost 2% in 2024 while the S&P 500 gained 25%. Its worst drawdown overlaps this stretch. It fell 14% from a high in June 2022 to August 2024 and did not regain that high until December 2025. A few years is too short to judge a monthly strategy, so the live record matters here. Every figure above is a hypothetical backtest on past prices after trading costs. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains what each number means. ## When does BAA struggle? - **Fast rebounds after a scare.** One weak canary is enough to go fully defensive. The strategy can stay there while stocks recover. - **Long, steady bull markets.** Twelve mixed assets will trail a market led by large US companies. ## How to try BAA on Tactfolio The live strategy at the top of this page runs these rules at each month-end close. It reads both momentum scores from month-end closes, as the paper does, and it includes the Treasury bill swap rule. Open it to see how the defensive branch is built. Or copy it and try your own defensive funds. To compare, see Keller's earlier [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md), which uses two canaries. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VWO is above 0; 1/3/6/12-month weighted momentum (month-end) of VEA is above 0; 1/3/6/12-month weighted momentum (month-end) of BND is above 0 - Then: - Weight: Equal - Rank: Top 6 · 13-month-end relative SMA momentum - **SPY** - **QQQ** - **IWM** - **VGK** - **EWJ** - **VWO** - **VNQ** - **DBC** - **GLD** - **TLT** - **HYG** - **LQD** - Otherwise: - Weight: Equal - If: At least 2 of: 13-month-end relative SMA momentum of TIP is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of DBC is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of IEF is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of TLT is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of LQD is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of BND is above 13-month-end relative SMA momentum of BIL - Then: - Weight: Equal - Rank: Top 3 · 13-month-end relative SMA momentum - **TIP** - **DBC** - **BIL** - **IEF** - **TLT** - **LQD** - **BND** - Otherwise: - Weight: Equal - If: At least 1 of: 13-month-end relative SMA momentum of TIP is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of DBC is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of IEF is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of TLT is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of LQD is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of BND is above 13-month-end relative SMA momentum of BIL - Then: - Weight: Specified - Rank: Top 1 · 13-month-end relative SMA momentum - **TIP** - **DBC** - **BIL** - **IEF** - **TLT** - **LQD** - **BND** - **BIL** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Wouter Keller, Relative and Absolute Momentum in Times of Rising/Low Yields: Bold Asset Allocation (2022)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4166845) - Offensive universe of twelve with top 6, defensive universe TIP, DBC, BIL, IEF, TLT, LQD, BND with top 3, as in the source. - In the defensive half, any pick with weaker SMA12 momentum than BIL is replaced by BIL, as in the source. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Bold Asset Allocation? It is a monthly tactical strategy by Wouter Keller, from 2022. Four canaries with fast 13612W momentum decide between offense and defense. Slower SMA12 momentum picks the holdings on each side. ### What does SMA12 momentum mean? It is the latest month-end close divided by the average of the last 13 month-end closes, that one included, minus one. It changes more slowly than a weighted 1-to-12-month return. That means fewer trades. ### What is the difference between BAA-G12 and BAA-G4? BAA-G12 holds six of twelve funds while on offense. BAA-G4 holds only the single strongest of QQQ, VWO, VEA and BND. Both use the same canaries and the same defensive side. ### Why does BAA hold BIL? On defense, any chosen fund whose momentum is weaker than Treasury bills (BIL) is replaced by BIL. This avoids holding bonds that are losing value when rates rise. ### Can I automate Bold Asset Allocation? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when the monthly rule calls for a change. It is long only and uses US-listed ETFs. You set the starting balance it trades with. --- # Vigilant Asset Allocation (VAA) > Keller and Keuning’s VAA-G4 uses breadth momentum to hold one of four assets or move to bonds. Rules, ETF backtest, yearly returns, and a live version. Wouter Keller and JW Keuning's Vigilant Asset Allocation, four-asset version. When US, developed, and emerging stocks and US bonds all show positive weighted momentum, it holds the strongest of the four; if any one turns negative, it moves entirely to the strongest of corporate bonds, intermediate Treasuries, and short Treasuries. Designed by Wouter Keller and JW Keuning, 2017. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-vaa-g4. Vigilant Asset Allocation (VAA) is a monthly momentum strategy published in 2017 by Wouter Keller and JW Keuning. Its four-asset version, VAA-G4, holds one fund at a time: the strongest of US stocks, developed-market stocks, emerging-market stocks and US bonds. At the first sign of trouble in any of them, it moves entirely into bonds. ## Key points - VAA-G4 always holds exactly one fund. - If any of its four main funds has weak momentum, it switches to the best of three bond funds. - Over the full ETF history it returned about 10% a year with a far smaller worst drawdown than the S&P 500. - Since the paper came out in mid-2017 it has grown at well under half the S&P 500's rate. - Its worst drawdown, about 21%, ran from January 2021 to March 2023. ## What is Vigilant Asset Allocation? Vigilant Asset Allocation is a strategy that watches for trouble across all its assets at once. **Momentum** is the habit of prices that have been rising to keep rising for a while. Most trend-following strategies check one asset at a time and ask if it is still going up. VAA asks a broader question: is anything in its universe going down? Keller and Keuning call this **breadth momentum**. Their argument is that markets rarely crash all at once. When one major asset class starts falling, it is often an early warning for the rest. So VAA-G4 is twitchy on purpose. A single asset with negative momentum is enough to take the whole portfolio defensive. That costs something in calm markets, but it is how the strategy tries to avoid the worst of a crash. ## How does VAA-G4 work? VAA-G4 scores seven funds at the close of the last trading day of each month and picks one. 1. Measure the momentum of four "offensive" funds: SPY (US stocks), EFA (developed markets outside the US), EEM (emerging markets) and AGG (US aggregate bonds). 2. Momentum is Keller's 13612W score: a weighted average of the 1-, 3-, 6- and 12-month returns, with weights of 12, 4, 2 and 1. Each is measured between month-end closes, as in the paper. The most recent month counts the most. 3. If all four scores are positive, hold 100% of whichever of the four has the highest score. 4. If even one score is zero or negative, hold 100% of the strongest of three defensive funds. They are LQD (corporate bonds), IEF (7 to 10 year Treasuries) and SHY (1 to 3 year Treasuries). That is the whole strategy. It always holds exactly one fund. Here is a made-up example. At a month end, SPY, EFA and AGG have positive scores, but EEM's score is slightly negative. One weak fund is enough. So VAA-G4 holds whichever of LQD, IEF and SHY scores highest, even though SPY looks strong. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/vigilant-asset-allocation are recomputed after every market close. The table above covers the full history of these ETFs. Over that span VAA-G4 beat the S&P 500 on risk-adjusted return, which is the return for each unit of risk. It also had a far smaller worst drawdown. A **drawdown** is how far a portfolio falls from its last high point. It returned more than a monthly-rebalanced [60/40 mix](https://tactfolio.com/strategies/60-40-portfolio.md), about 10% a year against 8%. But it trailed the 60/40 slightly on risk-adjusted return. Its best stretch was the 2008 to 2009 crisis. It sat in bonds during most of 2008 and then caught the rebound in 2009. The less flattering part comes after publication. Since the paper appeared in mid-2017, VAA-G4 has grown at well under half the S&P 500's rate. Rising rates in 2022 hurt its bond fallback. It made little or nothing in strong stock years such as 2021, 2023 and 2024. Its worst drawdown, about 21%, ran from January 2021 to March 2023. It did not regain that high until January 2026. That is why the "since publication" row in the table matters as much as the long-run numbers. Like every result on this page, these come from a hypothetical backtest on past prices after trading costs, not a track record. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) to see how a rule can look better in testing than in real life. ## When does VAA-G4 struggle? - **V-shaped recoveries.** It often goes defensive near a bottom and comes back only after the rebound has started. - **Years when bonds fall with stocks.** In 2022 its defensive funds lost money too. - **Holding one fund.** One wrong pick decides the month. ## How to try Vigilant Asset Allocation on Tactfolio The live strategy at the top of this page runs these exact rules at each month-end close. It reads momentum from month-end closes, as the paper does. You can open it to see every condition, copy it into your account and change it. Try a different defensive set, or use VAA as one piece of a larger mix. The twelve-fund [VAA-G12](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md) steps into bonds more slowly. Keller's [Protective Asset Allocation](https://tactfolio.com/strategies/protective-asset-allocation.md) and [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md) use related breadth ideas. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of EFA is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of AGG is above 0 - Then: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **EFA** - **EEM** - **AGG** - Otherwise: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **LQD** - **IEF** - **SHY** ## Sources and caveats - [Wouter Keller and JW Keuning, Breadth Momentum and Vigilant Asset Allocation (2017)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3002624) - [JW Keuning, Breadth Momentum and Vigilant Asset Allocation (TrendXplorer)](https://indexswingtrader.blogspot.com/2017/07/breadth-momentum-and-vigilant-asset.html) - Uses the ETFs and 13612W momentum (weights 12, 4, 2, 1 on the 1-, 3-, 6-, and 12-month returns between month-end closes) from the source, with top 1 and breadth 1. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Vigilant Asset Allocation? It is a monthly momentum strategy by Wouter Keller and JW Keuning (2017). It holds the single strongest of four risky funds while all four have positive momentum. It switches to the strongest bond fund as soon as any one of them turns negative. ### What ETFs does VAA-G4 use? The offensive funds are SPY, EFA, EEM and AGG. The defensive funds are LQD, IEF and SHY. ### How is 13612W momentum calculated? It is a weighted average of the 1-, 3-, 6- and 12-month returns with weights 12, 4, 2 and 1. Each return runs from the latest month-end close back to the month-end close that many months earlier. This makes it react faster than a plain 12-month return. ### Does VAA still work? It beat the S&P 500 on risk-adjusted return over the full ETF history, largely thanks to 2008. It slightly trailed a 60/40 portfolio on that measure. Since its 2017 publication it has trailed both the S&P 500 and a 60/40 portfolio. The live record on Tactfolio shows how it is doing now. ### Can I automate Vigilant Asset Allocation? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when the monthly pick changes. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Defensive Asset Allocation (DAA) > Keller and Keuning’s DAA watches two canary assets to decide how defensive to be. Rules, ETF backtest, year-by-year returns, and a live version to copy. Wouter Keller and JW Keuning's Defensive Asset Allocation watches two canaries, emerging-market stocks and US bonds. With both healthy it holds the six strongest of twelve asset classes; with one weak it holds the top three at a sixth each and puts half in the best short-term bond fund; with both weak it holds only that bond fund. Designed by Wouter Keller and JW Keuning, 2018. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-daa-g12. Defensive Asset Allocation (DAA) is a monthly investing strategy published in 2018 by Wouter Keller and JW Keuning. It decides how careful to be by watching two "canary" assets instead of the funds it holds. That one change makes it far less jumpy than their earlier [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md). ## Key points - DAA checks two canaries once a month: emerging-market stocks and US bonds. - When both look healthy, it holds the six strongest of twelve asset classes. - When one or both weaken, it moves half or all of the money into safer bond funds. - Over the ETF era its worst drawdown was well under half the S&P 500's. - Since it was published in 2018 it has trailed the S&P 500 by a wide margin. ## What is Defensive Asset Allocation? DAA is a momentum strategy with an early-warning system. Momentum means assets that have risen lately tend to keep rising for a while. A **canary** is an asset the strategy watches only as a warning sign, like a canary in a coal mine. [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md) turned defensive whenever any of its own holdings weakened. That protected money in crashes, but it also sat in cash too often. DAA splits the two jobs. Two canaries (emerging-market stocks and US bonds) give the warning. A broad list of twelve asset classes supplies the holdings. Keller and Keuning found that emerging markets and bonds tend to weaken early in broad sell-offs. Watching only those two lets DAA stay in its strongest assets most of the time. It still steps aside when the canaries start to fall. ## How does DAA work? DAA runs at the close of the last trading day of each month. It scores every fund with Keller's **13612W momentum**. This is a weighted average of the 1-, 3-, 6- and 12-month returns, with weights of 12, 4, 2 and 1. Each return is taken between month-end closes, as in the paper. 1. Check the two canaries: VWO (emerging-market stocks) and BND (US bonds). 2. **Both positive:** hold the six strongest of twelve risky funds, one sixth each. The twelve are SPY, IWM, QQQ, VGK, EWJ, VWO, VNQ, GSG, GLD, TLT, HYG and LQD. 3. **One of them zero or negative:** hold the three strongest risky funds at one sixth each. Put the other half in the strongest "cash" fund: SHY, IEF or LQD. 4. **Both zero or negative:** hold only the strongest cash fund. Here is a made-up example. At a month end, VWO has positive momentum but BND is negative. DAA is then half defensive. It holds three risky funds and puts half the money in the strongest of SHY, IEF and LQD. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/defensive-asset-allocation are recomputed after every market close. Over the ETF era, DAA-G12 beat the S&P 500 on risk-adjusted return. Its worst drawdown was well under half the S&P 500's. A drawdown is how far a portfolio falls from its last high point. Against a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) rebalanced each month, it was about even. It had a similar risk-adjusted return and slightly less return, about 8.4% a year against 8.6%. It gained 7% from mid-June to the end of 2008, when the S&P 500 lost about a third. Its record after publication is weaker. Since mid-2018 it has returned about 7% a year, well behind the S&P 500. Its worst drawdown, about 20%, ran from September 2021 to March 2023. It was not recovered until September 2025. Holding six assets rather than one still keeps its results smoother than Vigilant Asset Allocation's. All of these are backtests. They show how the rules would have done on past prices, after trading costs. They are hypothetical, not a track record. See [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) for the traps to watch for. ## When does DAA struggle? - **Strong single-market bull runs.** Spreading across twelve asset classes means owning gold, bonds and commodities while US stocks lead. - **False alarms.** The canaries sometimes weaken without a broad sell-off after. The half-defensive state then lags. - **Rising rates.** When bonds fall, the BND canary can send DAA into bond funds that are falling too. ## How to try DAA on Tactfolio The live strategy at the top of this page runs these rules at each month-end close. It reads momentum from month-end closes, as the paper does. Open it to see the three states, or copy it and change it. You could try a different canary pair, or hold fewer assets for a more focused version. Keller's later [Bold Asset Allocation](https://tactfolio.com/strategies/bold-asset-allocation.md) uses four canaries and a separate rule for rising rates. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 1/3/6/12-month weighted momentum (month-end) of VWO is at most 0; 1/3/6/12-month weighted momentum (month-end) of BND is at most 0 - Then: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SHY** - **IEF** - **LQD** - Otherwise: - Weight: Equal - If: Any of: 1/3/6/12-month weighted momentum (month-end) of VWO is at most 0; 1/3/6/12-month weighted momentum (month-end) of BND is at most 0 - Then: - Weight: Specified - Rank: Top 3 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **IWM** - **QQQ** - **VGK** - **EWJ** - **VWO** - **VNQ** - **GSG** - **GLD** - **TLT** - **HYG** - **LQD** - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SHY** - **IEF** - **LQD** - Otherwise: - Weight: Equal - Rank: Top 6 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **IWM** - **QQQ** - **VGK** - **EWJ** - **VWO** - **VNQ** - **GSG** - **GLD** - **TLT** - **HYG** - **LQD** ## Sources and caveats - [Wouter Keller and JW Keuning, Breadth Momentum and the Canary Universe: Defensive Asset Allocation (2018)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3212862) - [JW Keuning, Announcing Defensive Asset Allocation (TrendXplorer)](https://indexswingtrader.blogspot.com/2018/07/announcing-defensive-asset-allocation.html) - Uses the source's universes, including the VWO and BND canaries, with 13612W momentum, top 6, and breadth 2. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Defensive Asset Allocation? It is a monthly momentum strategy by Wouter Keller and JW Keuning, from 2018. Two canary assets decide how defensive to be. The portfolio holds the strongest of twelve global asset classes. ### What are the DAA canary assets? The canaries are VWO (emerging-market stocks) and BND (US bonds). If both have positive 13612W momentum, the strategy is fully invested. If one is negative, it is half defensive. If both are negative, it is fully defensive. ### How is DAA different from VAA? VAA turns defensive when any asset it could hold weakens. DAA looks only at its two canaries. So it spends much less time in cash, and it holds six assets instead of one. ### How often does DAA rebalance? It rebalances once a month, at the close of the last trading day. To rebalance means to trade back to the target mix. ### Can I automate Defensive Asset Allocation? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when the monthly rule calls for a change. It is long only and uses US-listed ETFs. You choose the starting balance. --- # Protective Asset Allocation (PAA) > Keller and Keuning’s PAA moves into Treasuries step by step as market breadth weakens. Rules, ETF backtest, year-by-year returns, and a live version. Wouter Keller and JW Keuning's Protective Asset Allocation. It counts how many of twelve asset classes trade above their 12-month average: with all twelve up it holds the six strongest; each one that turns down moves another sixth into the stronger of short and intermediate Treasuries, and with six or more down it holds only that bond fund. Designed by Wouter Keller and JW Keuning, 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-paa. Protective Asset Allocation (PAA) is a monthly strategy published in 2016 by Wouter Keller and JW Keuning. Keller describes it as "a simple momentum-based alternative for term deposits": a way to earn more than cash while keeping losses small. Instead of switching between all-in and all-out, it scales out of risk step by step as fewer assets hold their trend. ## Key points - PAA checks twelve asset class funds once a month. - It holds the six strongest and moves a growing share into Treasuries as more of the twelve weaken. - With six or more of the twelve falling, it holds only bonds. - Over the ETF era it returned about 7% a year, below the S&P 500 and a 60/40 mix. - Its trade-off is lower returns in bull markets in return for much smaller losses. ## What is Protective Asset Allocation? Protective Asset Allocation is a momentum strategy that reads the whole market's breadth. **Momentum** means that assets that have risen lately tend to keep rising for a while. **Breadth** is how many markets are rising at the same time. PAA counts how many of twelve asset classes are trading above their long-term average. When nearly all of them are, the environment is healthy and the strategy invests in the strongest. As more of them break down, it moves a growing share into Treasuries. **Treasuries** are bonds issued by the US government. Keller is also behind [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md) and other models in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). Do not mix PAA up with Quantpedia's [Pragmatic Asset Allocation](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), which shares the short name. ## Why does PAA scale out in steps? PAA scales out in steps so it rarely goes all-in at a peak or sells everything at a bottom. This graded response is the point of the strategy. The portfolio cuts risk a little at a time as the signals weaken. ## How does Protective Asset Allocation work? PAA trades at the close of the last trading day of each month. 1. **Measure momentum** for twelve funds: SPY, QQQ, IWM, VGK, EWJ, EEM, VNQ, GSG, GLD, HYG, LQD, and TLT. Momentum here is "SMA12". It is the month-end close divided by the average of the last 13 month-end closes, that one included, minus one, as in the paper. 2. **Count the positive scores.** Call that number *n*. 3. **Set the bond fraction** to (12 minus *n*) divided by 6, capped at 100%. With all twelve positive it is zero. Each asset that turns negative adds one sixth. With six or more negative, the portfolio is all in bonds. 4. **Split the rest** equally across the six strongest funds. 5. **Hold the bond fraction** in whichever of SHY (1 to 3 year) and IEF (7 to 10 year Treasuries) has the stronger momentum. This is the version the authors headline, with a protection factor of 2 and six holdings. Here is a made-up example. At a month end, nine of the twelve funds have positive momentum, so *n* is 9. Three are negative, so the bond fraction is three sixths, or half. Half goes to the stronger of SHY and IEF. The other half is split across the six strongest funds. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/protective-asset-allocation are recomputed after every market close. PAA is one of the more conservative strategies in our classic library. Over the ETF era it returned about 7% a year. That is well below the S&P 500 and below the 8.6% of a monthly-rebalanced [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). But its worst drawdown was under a third of the S&P 500's. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return, or return for each unit of risk, beat the S&P 500's and about matched the 60/40's. It gained in 2008 and lost about 6% in 2022, a third of the S&P 500's loss. It has also done well since publication. From May 2016 it has returned about 8% a year, and its risk-adjusted return beat a 60/40 mix. Its worst loss was about 11%, over a record of more than ten years. Like any defensive strategy it gave up a great deal of return in the long bull market that followed. A **bull market** is a long stretch of rising prices. Please read these as hypothetical backtest results. They come from past prices after trading costs, not from a real account. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains why that matters. ## When does Protective Asset Allocation struggle? PAA struggles with fast crashes and with strong bull markets. - **Sudden crashes.** It scales out step by step, so a crash that arrives within a single month hits it before the breadth signal moves. - **Bull markets.** Holding Treasuries whenever breadth dips keeps it well behind stocks in strong years. ## How to try Protective Asset Allocation on Tactfolio The live strategy at the top of this page builds the full bond fraction schedule with nested conditions. It reads momentum from month-end closes, as the paper does. Open it to see each step, or copy it and change the protection level in the [visual builder](https://tactfolio.com/docs/builder.md). Raising the threshold makes it more defensive. Lowering it makes it more aggressive. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: At least 12 of: 13-month-end relative SMA momentum of SPY is above 0; 13-month-end relative SMA momentum of QQQ is above 0; 13-month-end relative SMA momentum of IWM is above 0; 13-month-end relative SMA momentum of VGK is above 0; 13-month-end relative SMA momentum of EWJ is above 0; 13-month-end relative SMA momentum of EEM is above 0; 13-month-end relative SMA momentum of VNQ is above 0; 13-month-end relative SMA momentum of GSG is above 0; 13-month-end relative SMA momentum of GLD is above 0; 13-month-end relative SMA momentum of HYG is above 0; 13-month-end relative SMA momentum of LQD is above 0; 13-month-end relative SMA momentum of TLT is above 0 - Then: - Weight: Equal - Rank: Top 6 · 13-month-end relative SMA momentum - **SPY** - **QQQ** - **IWM** - **VGK** - **EWJ** - **EEM** - **VNQ** - **GSG** - **GLD** - **HYG** - **LQD** - **TLT** - Otherwise: - Weight: Equal - If: At least 11 of: 13-month-end relative SMA momentum of SPY is above 0; 13-month-end relative SMA momentum of QQQ is above 0; 13-month-end relative SMA momentum of IWM is above 0; 13-month-end relative SMA momentum of VGK is above 0; 13-month-end relative SMA momentum of EWJ is above 0; 13-month-end relative SMA momentum of EEM is above 0; 13-month-end relative SMA momentum of VNQ is above 0; 13-month-end relative SMA momentum of GSG is above 0; 13-month-end relative SMA momentum of GLD is above 0; 13-month-end relative SMA momentum of HYG is above 0; 13-month-end relative SMA momentum of LQD is above 0; 13-month-end relative SMA momentum of TLT is above 0 - Then: - Weight: Specified - Rank: Top 6 · 13-month-end relative SMA momentum - **SPY** - **QQQ** - **IWM** - **VGK** - **EWJ** - **EEM** - **VNQ** - **GSG** - **GLD** - **HYG** - **LQD** - **TLT** - Rank: Top 1 · 13-month-end relative SMA momentum - **SHY** - **IEF** - Otherwise: - Weight: Equal - If: At least 10 of: 13-month-end relative SMA momentum of SPY is above 0; 13-month-end relative SMA momentum of QQQ is above 0; 13-month-end relative SMA momentum of IWM is above 0; 13-month-end relative SMA momentum of VGK is above 0; 13-month-end relative SMA momentum of EWJ is above 0; 13-month-end relative SMA momentum of EEM is above 0; 13-month-end relative SMA momentum of VNQ is above 0; 13-month-end relative SMA momentum of GSG is above 0; 13-month-end relative SMA momentum of GLD is above 0; 13-month-end relative SMA momentum of HYG is above 0; 13-month-end relative SMA momentum of LQD is above 0; 13-month-end relative SMA momentum of TLT is above 0 - Then: - Weight: Specified - Rank: Top 6 · 13-month-end relative SMA momentum - **SPY** - **QQQ** - **IWM** - **VGK** - **EWJ** - **EEM** - **VNQ** - **GSG** - **GLD** - **HYG** - **LQD** - **TLT** - Rank: Top 1 · 13-month-end relative SMA momentum - **SHY** - **IEF** - Otherwise: - Weight: Equal - If: At least 9 of: 13-month-end relative SMA momentum of SPY is above 0; 13-month-end relative SMA momentum of QQQ is above 0; 13-month-end relative SMA momentum of IWM is above 0; 13-month-end relative SMA momentum of VGK is above 0; 13-month-end relative SMA momentum of EWJ is above 0; 13-month-end relative SMA momentum of EEM is above 0; 13-month-end relative SMA momentum of VNQ is above 0; 13-month-end relative SMA momentum of GSG is above 0; 13-month-end relative SMA momentum of GLD is above 0; 13-month-end relative SMA momentum of HYG is above 0; 13-month-end relative SMA momentum of LQD is above 0; 13-month-end relative SMA momentum of TLT is above 0 - Then: - Weight: Specified - Rank: Top 6 · 13-month-end relative SMA momentum - **SPY** - **QQQ** - **IWM** - **VGK** - **EWJ** - **EEM** - **VNQ** - **GSG** - **GLD** - **HYG** - **LQD** - **TLT** - Rank: Top 1 · 13-month-end relative SMA momentum - **SHY** - **IEF** - Otherwise: - Weight: Equal - If: At least 8 of: 13-month-end relative SMA momentum of SPY is above 0; 13-month-end relative SMA momentum of QQQ is above 0; 13-month-end relative SMA momentum of IWM is above 0; 13-month-end relative SMA momentum of VGK is above 0; 13-month-end relative SMA momentum of EWJ is above 0; 13-month-end relative SMA momentum of EEM is above 0; 13-month-end relative SMA momentum of VNQ is above 0; 13-month-end relative SMA momentum of GSG is above 0; 13-month-end relative SMA momentum of GLD is above 0; 13-month-end relative SMA momentum of HYG is above 0; 13-month-end relative SMA momentum of LQD is above 0; 13-month-end relative SMA momentum of TLT is above 0 - Then: - Weight: Specified - Rank: Top 6 · 13-month-end relative SMA momentum - **SPY** - **QQQ** - **IWM** - **VGK** - **EWJ** - **EEM** - **VNQ** - **GSG** - **GLD** - **HYG** - **LQD** - **TLT** - Rank: Top 1 · 13-month-end relative SMA momentum - **SHY** - **IEF** - Otherwise: - Weight: Equal - If: At least 7 of: 13-month-end relative SMA momentum of SPY is above 0; 13-month-end relative SMA momentum of QQQ is above 0; 13-month-end relative SMA momentum of IWM is above 0; 13-month-end relative SMA momentum of VGK is above 0; 13-month-end relative SMA momentum of EWJ is above 0; 13-month-end relative SMA momentum of EEM is above 0; 13-month-end relative SMA momentum of VNQ is above 0; 13-month-end relative SMA momentum of GSG is above 0; 13-month-end relative SMA momentum of GLD is above 0; 13-month-end relative SMA momentum of HYG is above 0; 13-month-end relative SMA momentum of LQD is above 0; 13-month-end relative SMA momentum of TLT is above 0 - Then: - Weight: Specified - Rank: Top 6 · 13-month-end relative SMA momentum - **SPY** - **QQQ** - **IWM** - **VGK** - **EWJ** - **EEM** - **VNQ** - **GSG** - **GLD** - **HYG** - **LQD** - **TLT** - Rank: Top 1 · 13-month-end relative SMA momentum - **SHY** - **IEF** - Otherwise: - Weight: Equal - Rank: Top 1 · 13-month-end relative SMA momentum - **SHY** - **IEF** ## Sources and caveats - [Wouter Keller and JW Keuning, Protective Asset Allocation (2016)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2759734) - [JW Keuning, Introducing Protective Asset Allocation (TrendXplorer)](https://indexswingtrader.blogspot.com/2016/04/introducing-protective-asset-allocation.html) - Uses SMA12 momentum with protection factor a = 2 and top 6, as in the source. VNQ stands in for IYR. The safe asset is the stronger of SHY and IEF by the same momentum, as in the co-author's description. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Protective Asset Allocation? It is a monthly strategy by Wouter Keller and JW Keuning (2016). It invests in the six strongest of twelve asset classes. It moves into Treasuries in proportion to how many of those assets have negative momentum. ### How is the PAA bond fraction calculated? With protection factor 2 and twelve assets, the bond fraction is (12 minus n) divided by 6. Here n is the number of assets with positive SMA12 momentum, and the fraction is capped at 100%. Six or more negative assets means fully in bonds. ### What is SMA12 momentum? It is the month-end close divided by the average of the last 13 month-end closes, minus one. Those 13 are the current one and the 12 before it. A positive value means the price is above its one-year average. ### Is PAA a replacement for cash? That was the authors' framing: a low-risk alternative to term deposits. It has had much higher returns than cash, but it still carries risk. It can lose money, as it did in 2022. ### Can I automate Protective Asset Allocation? Yes, copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when the monthly signals call for a change. It is long only and holds US-listed ETFs. You set the starting balance it trades. --- # Adaptive Asset Allocation (AAA) > Butler, Philbrick, Gordillo, and Varadi’s AAA: top five of ten asset classes by momentum, weighted by inverse volatility. Rules, backtest, live version. Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi's Adaptive Asset Allocation, in its momentum and inverse-volatility form. Each month it holds the five strongest of ten global asset classes by six-month return, weighted so that calmer assets get more, by their volatility over the last 60 days. Designed by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/adaptive-asset-allocation. Adaptive Asset Allocation (AAA) is a monthly strategy that holds the five strongest of ten global asset classes and gives the calmer ones more money. Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi introduced it in 2012. Momentum chooses what to own, and recent risk decides how much of each. ## Key points - Adaptive Asset Allocation updates both what it holds and how much, every month. - It keeps the top five of ten funds by six-month return. - Calmer funds get bigger weights, so no single wild fund drives the risk. - Since mid-2007 its worst drop was about 22%, less than half the S&P 500's. - It trailed the S&P 500 in 11 of the 13 years from 2012 through 2024. ## What is Adaptive Asset Allocation? Adaptive Asset Allocation is a portfolio that adapts to the market as it is now, instead of using fixed weights. Its authors argued that the classic fixed-weight portfolio relies on long-run averages that rarely hold in practice. A traditional portfolio, such as a [60/40 mix](https://tactfolio.com/strategies/60-40-portfolio.md) or an equal mix of asset classes, sets its weights once. It assumes that returns and risks stay stable. The AAA authors showed that recent returns and recent volatility forecast the near future better than long-run averages do. So a portfolio can do better by updating both every month. ## What two ideas does AAA combine? AAA combines two well-documented effects: momentum and risk balance. - **Momentum** is the tendency of assets that have done well over the last several months to keep doing well for a while. - **Risk balance** means sizing positions by their recent volatility. Volatility is how much a price swings up and down. This keeps one volatile asset from dominating the portfolio's risk. The primer's fullest version also weighs how the assets move together. ## How does Adaptive Asset Allocation work? At the close of the last trading day of each month, AAA ranks, trims and weights its funds in three steps. 1. Rank ten asset classes by their six-month return. The ten are listed in the table below. 2. Keep the top five. 3. Weight them by inverse volatility. Measure each fund's volatility over the last 60 trading days. Give it a weight in line with one divided by that volatility, so the calmer funds get more. | Asset class | Fund | | --- | --- | | US stocks | SPY | | European stocks | VGK | | Japanese stocks | EWJ | | Emerging markets | EEM | | US real estate | VNQ | | International real estate | RWX | | Intermediate Treasuries | IEF | | Long Treasuries | TLT | | Commodities | DBC | | Gold | GLD | Treasuries are bonds issued by the US government. Commodities are raw goods such as oil, metals and crops. Here is a made-up example of step 3 with two funds. Fund A swings 10% a year and fund B swings 20%. One divided by each gives 0.1 and 0.05, so A gets twice B's weight. That works out to about 67% in A and 33% in B. This is the primer's momentum and inverse-volatility version (Exhibit 4). Its headline version (Exhibit 5) goes a step further. It holds the same five in the mix with the lowest expected volatility, which also counts how they move together. Tactfolio does not offer that minimum-variance weighting, so this page tests the simpler step. ## What the backtest shows Figures quoted here were measured on prices through 2026-10-09. The chart and tables at https://tactfolio.com/strategies/adaptive-asset-allocation are recomputed after every market close. Over the ETF era, from mid-2007, AAA returned about 10.1% a year, against 10.9% for the S&P 500 and 8.1% for a 60/40 portfolio. It beat both on risk-adjusted return, meaning return for each unit of risk. Its worst drawdown was about 22%, less than half the S&P 500's. A drawdown is how far a portfolio falls from its last high point. It gained 8.5% in 2008, when the S&P 500 lost more than a third. Since the primer was published in 2012 it has returned about 8.5% a year, with a risk-adjusted return a little below its full-period figure. It trailed the S&P 500 in 11 of the 13 years from 2012 through 2024, the long run of US stock leadership. Then it beat the S&P 500 in 2025. Its worst drawdown, about 22%, ran from November 2021 to September 2022. Stocks and bonds fell together then, and momentum offered few safe places. It lost 15% in 2022 and recovered its high in July 2024. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in mid-1970 and returns about 12.6% a year. That is about a point more than the S&P 500, with a much better risk-adjusted return. Read the years before September 2004 with care. International real estate (RWX) is then modelled as 30% US real estate and 70% developed-market stocks. That stand-in grew about 5% a year faster than RWX over the years the two can be compared, so those simulated years may flatter AAA. All of these are hypothetical backtests on past prices, after trading costs. They are not a track record. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains what such numbers can and cannot show. ## When does Adaptive Asset Allocation struggle? AAA struggles when most asset classes fall at once or when a trend turns suddenly. - **Stock and bond sell-offs together.** With both falling, the top five by momentum can still all be losing. - **Trend reversals.** Six-month momentum is slow to leave a leader that has just turned. ## How to try Adaptive Asset Allocation on Tactfolio The live strategy at the top of this page runs these rules at each month-end close. Copy it to try a different lookback, a different number of holdings, a different volatility window, or your own set of ten asset classes. The [visual builder](https://tactfolio.com/docs/builder.md) lets you change each of these and rerun the test. If you want a simpler momentum rule to compare, [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md) holds one fund at a time. More ideas are in our [classic strategies](https://tactfolio.com/strategies/classics.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 5 · 126d cumulative return - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** ## Sources and caveats - [Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, Adaptive Asset Allocation: A Primer (2012)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2328254) - [ReSolve, Adaptive Asset Allocation whitepaper (2015 revision)](https://www.investresolve.com/inc/uploads/pdf/Adaptive-Asset-Allocation-Whitepaper.pdf) - Follows the primer's Exhibit 4: the top 5 of 10 by six-month (126-session) return, weighted by inverse volatility, here over the last 60 daily returns. The primer's headline version (Exhibit 5) holds the same five in their minimum-variance mix, which also weighs how they move together; Tactfolio does not offer minimum-variance weighting. - VGK stands in for EZU as European stocks. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Adaptive Asset Allocation? It is a strategy from Butler, Philbrick, Gordillo, and Varadi (2012). Each month it holds the five strongest of ten global asset classes by six-month return. The calmer ones get more weight. ### Is this the minimum-variance version of AAA? No. It weights the top five by inverse volatility over their last 60 days of returns, the primer's Exhibit 4. The primer's headline version (Exhibit 5) holds them in their minimum-variance mix, which also accounts for how they move together. Tactfolio does not offer minimum-variance weighting, so that version cannot be built here. ### Which ETFs does Adaptive Asset Allocation use? It uses SPY, VGK, EWJ, EEM, VNQ, RWX, IEF, TLT, DBC, and GLD. VGK stands in for EZU as the European stock fund. ### How often does AAA rebalance? AAA rebalances monthly, at the close of the last trading day. To rebalance means to reset each holding to its target weight. ### What is inverse volatility weighting? Inverse volatility weighting gives each fund a weight based on one divided by its recent volatility. A fund that swings half as much gets twice the weight. The aim is for each holding to add a similar amount of risk. ### Can I automate Adaptive Asset Allocation? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when the monthly rule calls for a change. It is long only and holds US-listed ETFs, and you choose how much it starts with. --- # Faber’s 10-month moving average timing model > Mebane Faber’s trend rule: hold the S&P 500 above its 10-month average, T-bills below. Rules, backtest since 2007, yearly returns, and a live version. The single-asset version of Mebane Faber's timing model: hold the S&P 500 while its month-end price is above its 10-month average, otherwise hold Treasury bills. It gives up some upside in exchange for stepping aside during long declines. Designed by Mebane Faber, 2007. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-sp500-timing. The 10-month moving average timing model is a trend-following rule that Mebane Faber first published in 2007 and updated in 2013. It comes from his paper "A Quantitative Approach to Tactical Asset Allocation". You hold the stock market while its month-end price is above the average of its last ten month-end prices, and Treasury bills otherwise. ## Key points - It checks the S&P 500 once a month against its 10-month average. - Above the average it holds stocks, and below it holds Treasury bills. - It is one of the most cited trend-following rules for individual investors. - Over the ETF era it cut the S&P 500's worst drawdown by more than half. - Its weak spot is choppy markets: in 2010 it lost about 2% while the S&P 500 gained 15%. ## What is the 10-month moving average strategy? The 10-month moving average strategy holds stocks only while they trade above their long-term trend. A **moving average** is the average price over a set stretch of time. It "moves" because each month the oldest price drops off and the newest one joins. **Trend following** means owning an asset while its price is rising and stepping aside when it falls. Faber's rule is one of the most cited trend-following rules for individual investors. ## Why does a slow average help? A slow average helps because most of the stock market's worst losses happened after prices had already fallen below their long-term trend. That was Faber's key observation. A slow moving average filters out everyday noise. It catches the long, grinding bear markets that do the most damage, like 1973 to 1974, 2000 to 2002, and 2008. A **bear market** is a long, deep fall in prices. The rule does not try to predict anything. It accepts that it will sell late and buy back late. The goal is to miss the middle of a long decline, not to call the top or the bottom. ## How does the 10-month moving average work? The rule checks once a month, at the close of the last trading day. 1. Compare the S&P 500's close with its 10-month moving average. As in Faber's paper, that is the average of the last ten month-end closes, the current one included. 2. If the price is above the average, hold the S&P 500 (SPY). 3. If it is below, hold Treasury bills (BIL). Treasury bills are short-term US government debt and act like cash. Here is a made-up example. The last ten month-end closes of SPY average $500, and this month it closes at $520. That is above the average, so you keep SPY. Had it closed at $480, you would move to BIL. Faber applied the same rule to each of five asset classes in his [GTAA portfolio](https://tactfolio.com/strategies/global-tactical-asset-allocation.md). This page covers the single-asset version on US stocks. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/faber-10-month-moving-average are recomputed after every market close. Over the ETF era the timing model compounded at about 8% a year, the same as a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). It cut the S&P 500's worst drawdown by more than half. A **drawdown** is how far a portfolio falls from its last high point. It beat the S&P 500 on risk-adjusted return but trailed the 60/40 portfolio on that measure. **Risk-adjusted return** compares what a strategy earned with how much it swung along the way. Its defining year was 2008. It left stocks early in the year and finished slightly positive, while the S&P 500 lost more than a third. The cost is visible too. In steady years it matched the market exactly. But whipsaws hurt it in 2010, when it lost about 2% while the S&P 500 gained 15%. A **whipsaw** is a sale followed soon by a buy back at a worse price, which costs a little each time. It also fell far behind in 2019 and 2023. In those years it sold into a decline and bought back after much of the rebound. It lost a little more than the S&P 500 in 2022. That was a choppy decline, and it stepped aside and back in at the wrong times. Keep in mind that every figure here is from a hypothetical backtest. It replays the rule on past prices, after trading costs, and it is not a track record. Our note on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) covers the main traps. ## When does the 10-month moving average struggle? It struggles when markets move fast or go nowhere. - **Fast crashes and rebounds.** A monthly check on a slow average reacts too late to a crash that reverses within weeks. - **Sideways markets.** Prices crossing back and forth around the average cause repeated small losses from whipsaws. ## How to try the 10-month moving average on Tactfolio The live strategy at the top of this page runs Faber's rule on month-end closes, as in the paper. SPY stands in for the S&P 500 and BIL for Treasury bills. Copy it to test other lengths or other markets, or combine it with Faber's approach on bonds and gold. You can change any part of it in the [visual builder](https://tactfolio.com/docs/builder.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Mebane Faber, A Quantitative Approach to Tactical Asset Allocation (2007, updated 2013)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461) - As in the paper, the month-end close is compared with the average of the last ten month-end closes, the current one included. - SPY stands in for the S&P 500 total return index and BIL for 90-day Treasury bills. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Faber's 10-month moving average strategy? It is a trend-following rule from Mebane Faber's "A Quantitative Approach to Tactical Asset Allocation". You hold the S&P 500 while its month-end price is above its 10-month average. Otherwise you hold Treasury bills. ### Is the 10-month moving average the same as the 200-day? Not quite: Faber's average uses one price per month, the last ten month-end closes. The [200-day average](https://tactfolio.com/strategies/200-day-moving-average.md) uses 200 daily closes, a little under ten months of trading. They look back over a similar stretch, but the 10-month version ignores prices within each month and changes only at month end. Tactfolio follows Faber and averages month-end closes. ### How is it different from a golden cross? A [golden cross](https://tactfolio.com/strategies/golden-cross.md) compares two daily averages, the 50-day and the 200-day, and checks every trading day. Faber's rule compares the price itself with one monthly average. Both try to hold stocks only in an uptrend. ### How often does the timing model trade? It checks once a month and trades only when the price has crossed the average since the last check. In a steady trend it can hold the same position for years. ### Does the 10-month moving average still work? Over the ETF era it cut the worst drawdown by more than half and beat the S&P 500 on risk-adjusted return. It trailed a 60/40 portfolio on that measure, though. Since 2013 it has trailed the S&P 500, as trend following usually does in a long bull market. ### Can I automate the 10-month moving average strategy? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade checks it on a daily schedule but only trades when the month-end rule calls for a switch. It is long only, uses US-listed ETFs, and trades the starting balance you choose. --- # Dual Momentum: Antonacci’s Global Equities Momentum (GEM) > Gary Antonacci’s dual momentum picks US stocks, foreign stocks, or bonds each month by 12-month return. Rules, backtest since 2008, and a live version. Gary Antonacci's Global Equities Momentum. Each month it holds whichever of US stocks and non-US stocks had the higher 12-month return, but only while US stocks beat Treasury bills over the same year; otherwise it holds aggregate US bonds. Designed by Gary Antonacci, 2014. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/antonacci-gem. Dual momentum is a monthly investing strategy from Gary Antonacci's 2014 book *Dual Momentum Investing*. Its best-known form, Global Equities Momentum (GEM), holds one fund at a time: US stocks, stocks outside the US, or bonds. Two simple tests on the past 12 months of returns decide which one. ## Key points - Dual momentum checks once a month and holds a single fund. - It holds stocks only while US stocks have beaten Treasury bills over the past 12 months. - When they have not, it moves to bonds. - Over the ETF era it lost less than the S&P 500 in bad years but earned less overall. - Its worst drop came in the fast 2020 crash, when it lost about a third. ## What is dual momentum? Dual momentum mixes two kinds of momentum. Momentum means that assets that have risen lately tend to keep rising for a while. - **Relative momentum** compares two assets and picks the one that rose more. Here it chooses between US stocks and stocks outside the US. - **Absolute momentum** compares an asset with Treasury bills, the safest short-term US government debt. It asks if stocks earned more than cash at all. Relative momentum keeps you in the stronger market. Absolute momentum takes you out of stocks when stocks as a whole stop paying you for the risk. Antonacci's point was that the two work better together than either one alone. The appeal is that it is simple to follow. GEM holds one fund and changes it only a few times a year. ## How does the GEM strategy work? GEM runs at the close of the last trading day of each month. 1. Compare the 12-month return of the S&P 500 (SPY) with that of Treasury bills (BIL). Measure each from the month-end close a year earlier. 2. If US stocks beat bills, hold whichever had the higher 12-month return: US stocks (SPY) or stocks outside the US (VEU). 3. If US stocks did not beat bills, hold US bonds (AGG). This follows the rule as the book sets it out. US stocks are tested against bills first, and returns run between month-end closes. Here is a made-up example. At a month end, SPY is up 15% over the past year, VEU is up 20% and bills are up 4%. US stocks beat bills, and VEU beat SPY, so you hold VEU. If SPY were up only 2%, it would trail bills, so you would hold AGG. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/dual-momentum are recomputed after every market close. Over the ETF era, from August 2008, GEM returned less than the S&P 500. Its worst drawdown was smaller. A drawdown is how far a portfolio falls from its last high point. It earned slightly more than a plain [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md), but trailed it on risk-adjusted return. Its best moment was the one it was built for. From early August 2008, when the test begins, to the end of that year it gained about 5%. The S&P 500 lost more than a quarter. Its worst moment shows the cost of checking a 12-month signal only once a month. It was fully in stocks when the market fell in February and March 2020. It lost about a third and took until early 2021 to recover. In 2022 it lost 17%, almost as much as the S&P 500. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1991 and returns more, about 12% a year. It lost 10% in 2000, slightly more than the S&P 500. Then it gained 8% in each of 2001 and 2002 while the market kept falling. The 2020 drawdown is still its worst. These are backtests: hypothetical results from past prices, after trading costs. They are not a track record. Read [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) and [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you trust any of them. ## When does dual momentum struggle? - **Sudden crashes.** A 12-month signal checked once a month cannot react to a fall that happens within weeks. - **Falling bonds.** When stocks and bonds fall together, the bond fallback does not protect you. - **Leadership changes.** When US and foreign stocks trade places often, it can switch late each time. ## How to try dual momentum on Tactfolio The live strategy at the top of this page follows these rules. It reads each 12-month return from month-end closes, as the book does. Copy it to your account to try a shorter lookback, a different bond fund, or Treasury bills as the safe asset. You can also compare it with [Accelerating Dual Momentum](https://tactfolio.com/strategies/accelerating-dual-momentum.md), which uses shorter lookbacks, and with Antonacci's own [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 12-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** ## Sources and caveats - [Gary Antonacci, Dual Momentum Investing (2014) and FAQ](https://www.optimalmomentum.com/faq/) - [Gary Antonacci, Risk Premia Harvesting Through Dual Momentum (2012)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2042750) - Follows the book's page 98 rule: the S&P 500's 12-month return is tested against Treasury bills first. SPY, VEU, AGG, and BIL stand in for the S&P 500, MSCI ACWI ex-US, the Barclays US Aggregate, and 90-day Treasury bills. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is dual momentum? Dual momentum is Gary Antonacci's mix of relative momentum and absolute momentum. Relative momentum holds the stronger of two assets. Absolute momentum holds an asset only while it beats Treasury bills. His Global Equities Momentum model uses it on US stocks, stocks outside the US, and bonds. ### What ETFs does dual momentum use? GEM uses SPY for US stocks, VEU for stocks outside the US, and AGG for bonds. BIL stands in for Treasury bills in the absolute momentum test. ### How often does dual momentum trade? It checks once a month, at the last close. It usually switches funds only a few times a year. ### What is the difference between relative and absolute momentum? Relative momentum ranks assets against each other and picks the winner. Absolute momentum compares one asset with cash and asks if it earned anything extra. Dual momentum needs both tests to pass before it holds stocks. ### Does dual momentum still work? Since the book came out in late 2014 it has made money but trailed the S&P 500. Its sharpest loss came in 2020. The live record on Tactfolio shows how it is doing now. ### Can I automate dual momentum? Yes. Copy the live strategy, then run it in Trade, either on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when its monthly rule calls for a change. It is long only and holds US-listed ETFs. You choose the starting balance it trades with. --- # Composite Dual Momentum > Antonacci’s diversified dual momentum: four modules for stocks, credit, REITs, and stress assets. Rules, ETF backtest, yearly returns, and a live version. Gary Antonacci's Composite Dual Momentum splits the portfolio into four equal modules: stocks (US or foreign), credit (high yield or investment grade), real estate (equity or mortgage REITs), and economic stress (gold or long Treasuries). Each month every module holds the stronger of its pair over 12 months, or Treasury bills if neither beat them. Designed by Gary Antonacci, 2012. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/antonacci-composite. Composite Dual Momentum is Gary Antonacci's diversified version of dual momentum, from his 2012 paper "Risk Premia Harvesting Through Dual Momentum". Instead of one choice between stocks and bonds, it runs four small dual momentum models side by side. Each one covers a different kind of risk that investors get paid for. ## Key points - Composite Dual Momentum splits the money into four equal parts of 25% and checks them once a month. - Each part holds the stronger of two assets, or Treasury bills if neither is beating cash. - Because the parts move on their own, it rarely goes fully to cash. - Since August 2008 it compounded about 6% a year, trailing a plain 60/40 portfolio. - Its worst drop was near 22%, in the 2020 crash. ## What is Composite Dual Momentum? Composite Dual Momentum is a portfolio of four pairs of assets, each run by its own dual momentum rule. Antonacci grouped assets in pairs that share a risk premium. A **risk premium** is the extra return investors expect for taking on a certain kind of risk. He used two kinds of stocks, two kinds of credit and two kinds of real estate. The fourth pair holds two assets that tend to do well in economic stress. Credit here means bonds issued by companies. ## How does dual momentum work inside each pair? Each pair runs the same two tests that [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md) uses. Momentum is the tendency of assets that have risen lately to keep rising for a while. - **Relative momentum** picks the stronger asset within the pair. - **Absolute momentum** then checks that the winner beat Treasury bills, and holds bills if it did not. Treasury bills are short-term US government debt that acts like cash. Because the four modules move on their own, the portfolio rarely goes entirely to cash. ## How does Composite Dual Momentum work? The portfolio has four equal modules of 25%. At the close of the last trading day of each month, each module compares the 12-month returns of its pair. Each return runs from the month-end close a year earlier. | Module | First asset | Second asset | | --- | --- | --- | | Stocks | US stocks (SPY) | Developed-market stocks (EFA) | | Credit | High-yield bonds (HYG) | Investment-grade corporate bonds (LQD) | | Real estate | Equity REITs (VNQ) | Mortgage REITs (REM) | | Economic stress | Gold (GLD) | Long-term Treasuries (TLT) | Each module holds the stronger of its pair if that asset's 12-month return beat Treasury bills (BIL). Otherwise it holds bills. A few terms from the table. High-yield bonds come from riskier companies and pay more interest. Investment-grade bonds come from companies in better financial shape. A REIT is a company that owns property or property loans and pays out most of its income. Here is a made-up example for the stocks module. Over the past year SPY rose 10%, EFA rose 6% and bills earned 3%. SPY is stronger and beat bills, so this quarter of the portfolio holds SPY. If SPY had risen only 2%, the module would hold BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/composite-dual-momentum are recomputed after every market close. The ETF test starts in August 2008, because the mortgage REIT fund launched in 2007. Over that period Composite Dual Momentum was steady but slow. It compounded at about 6% a year with a worst drawdown near 22%, in the 2020 crash. A drawdown is how far a portfolio falls from its last high point. It trailed a plain [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) on both return and risk-adjusted return, meaning return for each unit of risk. Its diversification helped in 2008. From August to the end of the year it gained about 4% while the S&P 500 lost more than a quarter. It helped less in 2022, when stocks, bonds, credit, and real estate all fell and it lost about 10%. It gained almost nothing in 2023 while the S&P 500 rose by a quarter, then had strong years in 2024 and 2025. [Simulated history](https://tactfolio.com/docs/simulated-history.md) cannot take this strategy further back, because no reference history exists for the mortgage REIT fund. Keep in mind that these are hypothetical backtests on past prices, after trading costs, not a record of real money. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) shows what to check before you trust the numbers. ## When does Composite Dual Momentum struggle? Composite Dual Momentum struggles when every kind of asset falls at once. - **Everything falling together.** In 2022 most of its pairs fell at once. The absolute momentum test turned them to bills only after the losses. - **Strong stock markets.** Only a quarter of the portfolio can hold stocks. ## How to try Composite Dual Momentum on Tactfolio The live strategy at the top of this page follows these rules, reading each 12-month return from month-end closes as the paper does. Copy it to swap a pair, for example intermediate Treasuries for long ones, or to weight the modules differently. The [visual builder](https://tactfolio.com/docs/builder.md) lets you make both changes. For a faster take on the same tests, see [Accelerating Dual Momentum](https://tactfolio.com/strategies/accelerating-dual-momentum.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: Any of: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL; 12-month return (month-end) of EFA is above 12-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 12-month return (month-end) - **SPY** - **EFA** - Otherwise: - Weight: Equal - **BIL** - If: Any of: 12-month return (month-end) of HYG is above 12-month return (month-end) of BIL; 12-month return (month-end) of LQD is above 12-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 12-month return (month-end) - **HYG** - **LQD** - Otherwise: - Weight: Equal - **BIL** - If: Any of: 12-month return (month-end) of VNQ is above 12-month return (month-end) of BIL; 12-month return (month-end) of REM is above 12-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 12-month return (month-end) - **VNQ** - **REM** - Otherwise: - Weight: Equal - **BIL** - If: Any of: 12-month return (month-end) of GLD is above 12-month return (month-end) of BIL; 12-month return (month-end) of TLT is above 12-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 12-month return (month-end) - **GLD** - **TLT** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Gary Antonacci, Risk Premia Harvesting Through Dual Momentum (2012)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2042750) - ETFs stand in for the paper's indexes: SPY and EFA, HYG and LQD, VNQ and REM, GLD and TLT, with BIL for 90-day Treasury bills. LQD is broader than the paper's intermediate credit index. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Composite Dual Momentum? It is Gary Antonacci's diversified dual momentum model. It has four equal modules: stocks, credit, real estate, and economic stress. Each holds the stronger of two assets while it beats Treasury bills. ### How is it different from Global Equities Momentum? Global Equities Momentum makes one choice between US stocks, foreign stocks, and bonds. The composite version makes four separate choices across different risk premia. So it is more diversified and usually less volatile. ### What ETFs does Composite Dual Momentum use? It uses SPY and EFA, HYG and LQD, VNQ and REM, and GLD and TLT. BIL is the Treasury bill benchmark. ### Does Composite Dual Momentum still work? Since the paper appeared in 2012 it has made money with moderate drawdowns, but it has trailed a 60/40 portfolio. The live record on Tactfolio shows how it is doing now. ### Can I automate Composite Dual Momentum? Yes. Copy the live strategy and run it in Trade, either on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when a module's monthly rule calls for a change. It is long only, holds US-listed ETFs, and you choose the starting balance. --- # Global Tactical Asset Allocation (GTAA 5) > Mebane Faber’s GTAA holds five asset classes, each while above its 10-month average. Rules, backtest, simulated history since 1980, and a live version. Mebane Faber's timing model across five asset classes. Each holds a fifth of the portfolio: US stocks, foreign stocks, 10-year Treasuries, commodities, and real estate. At each month end, any of them trading below its 10-month average moves its fifth to Treasury bills until it recovers. Designed by Mebane Faber, 2007. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-gtaa-5. Global Tactical Asset Allocation (GTAA) is a portfolio that Mebane Faber first published in 2007 and updated in 2013. It spreads money evenly across five asset classes. It holds each one while it is above its 10-month average, and Treasury bills otherwise. ## Key points - GTAA holds five asset classes at 20% each. - Each one is held only while its price is above its 10-month average. - It lost less than 2% in 2008, while the S&P 500 lost 37%. - Its worst drawdown since 2007 was about 15%. - The catch is low returns: about 5% a year, behind a plain 60/40 portfolio. ## What is tactical asset allocation? **Tactical asset allocation** means shifting how much you hold of each asset class as market conditions change. An **asset class** is a broad type of investment, such as stocks, bonds or real estate. Faber's version uses one plain trend rule for every asset class. ## Why does GTAA use a trend rule on five assets? GTAA spreads one trend rule across five assets so that the portfolio is seldom entirely in cash. Faber tested this in his paper "A Quantitative Approach to Tactical Asset Allocation". A simple moving-average rule, applied to one asset class at a time, kept most of the long-run return. It also avoided most of the deepest bear markets. A **moving average** is the average price over a set stretch of time. A **bear market** is a long, deep fall in prices. Applying the rule to five asset classes at once adds diversification. Stocks, bonds, commodities, and real estate rarely all trend down together. ## How does GTAA work? The portfolio holds five equal slices of 20%. | Asset class | Fund | | --- | --- | | US stocks | SPY | | Developed-market stocks outside the US | EFA | | 10-year US Treasuries | IEF | | Commodities | GSG | | US real estate | VNQ | At the close of the last trading day of each month, each slice is checked on its own. - If its fund's close is above its 10-month average, the slice holds that fund. - If it is below, the slice holds Treasury bills (BIL) until the fund recovers. Treasury bills are short-term US government debt and act like cash. As in Faber's paper, the 10-month average is the average of the last ten month-end closes, the current one included. Here is a made-up example. At a month end, SPY, EFA and IEF are above their averages, but GSG and VNQ are below. So three slices hold their funds and two slices hold BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/global-tactical-asset-allocation are recomputed after every market close. Over the ETF era, from mid-2007, GTAA 5 lived up to its defensive promise. It lost less than 2% in 2008 while the S&P 500 lost 37%. A **drawdown** is how far a portfolio falls from its last high point. Its worst drawdown was about 15%, from April to August 2011, compared with more than half for the S&P 500. It took until March 2014 to regain its high, though. It paid for that with low returns. It compounded at about 5% a year. It edged out the S&P 500 on risk-adjusted return, but it trailed a plain [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) on both return and risk-adjusted return. Commodities and real estate, two of its five slices, had a poor two decades. The trend rule kept moving them in and out of bills. In the strong stock years of 2019, 2020, and 2023 it gained only about 4% to 5%. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1980, and the picture changes. Over the full period it compounded near 9% a year, with the same shallow worst drawdown and a much higher risk-adjusted return. Most of its reputation comes from those earlier decades. None of this is a track record. These are hypothetical backtests on past prices, after trading costs. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) shows what to look for. ## When does GTAA struggle? GTAA struggles in strong stock markets, in choppy trends, and when its diversifiers fall for years. - **Strong stock markets.** Only a fifth of the portfolio is in US stocks. - **Choppy trends.** Prices that cross their average back and forth cause repeated small losses. - **Weak diversifiers.** When commodities or real estate trend down for years, those slices sit in bills. ## How to try GTAA on Tactfolio The live strategy at the top of this page runs Faber's rule on month-end closes, as in the paper. ETFs stand in for his indexes. Copy it to change the asset list, or compare it with the single-asset [10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md). Faber's larger [GTAA 13](https://tactfolio.com/strategies/gtaa-13.md) runs the same idea on thirteen asset classes. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** - If: current price of EFA is above 10-month moving average of month-end closes of EFA - Then: - Weight: Equal - **EFA** - Otherwise: - Weight: Equal - **BIL** - If: current price of IEF is above 10-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - If: current price of GSG is above 10-month moving average of month-end closes of GSG - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - **BIL** - If: current price of VNQ is above 10-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Mebane Faber, A Quantitative Approach to Tactical Asset Allocation (2007, updated 2013)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461) - As in the paper, each month-end close is compared with the average of the last ten month-end closes, the current one included. - ETFs stand in for the paper's total-return indexes: SPY, EFA, IEF, GSG, and VNQ for the S&P 500, MSCI EAFE, 10-year Treasuries, GSCI, and NAREIT, and BIL for 90-day Treasury bills. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Faber's GTAA strategy? It is a portfolio of five asset classes at 20% each. Each one is held only while its price is above its 10-month moving average. Otherwise it is replaced by Treasury bills. ### What ETFs does GTAA 5 use? It uses SPY, EFA, IEF, GSG, and VNQ, with BIL as cash. ### Is GTAA the same as the Ivy Portfolio? They are closely related. The [Ivy Portfolio](https://tactfolio.com/strategies/ivy-portfolio.md), from Faber and Richardson's book, uses a similar five asset classes and the same kind of trend rule. ### What is the difference between tactical and strategic asset allocation? Strategic asset allocation sets fixed target weights and keeps them, resetting back to them now and then. A 60/40 portfolio is an example. Tactical asset allocation, like GTAA, moves money in and out of each asset based on a rule or signal. ### Does GTAA still work? It still limits losses: its worst drawdown since 2007 was about 15%. But it has returned much less than a 60/40 portfolio since the ETFs launched. The live record on Tactfolio shows how it is doing now. ### Can I automate GTAA? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when a slice crosses its average at month end. It is long only, holds US-listed ETFs, and you decide the starting balance. --- # Vigilant Asset Allocation G12 (VAA-G12) > Keller and Keuning’s twelve-asset VAA steps into bonds as more assets show negative momentum. Rules, ETF backtest, yearly returns, and a live version. Vigilant Asset Allocation across twelve global asset classes. It counts how many of the twelve have negative weighted momentum: with none or one, it holds the two strongest; with two or three, half moves to the strongest cash-like bond fund; with four or more, it holds only that bond fund. Designed by Wouter Keller and JW Keuning, 2017. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-vaa-g12. VAA-G12 is the twelve-asset version of Vigilant Asset Allocation, published in 2017 by Wouter Keller and JW Keuning. It uses the same breadth momentum idea as the better-known [VAA-G4](https://tactfolio.com/strategies/vigilant-asset-allocation.md) on a broad global set of funds. It turns defensive in stages rather than all at once. ## Key points - VAA-G12 scores twelve global funds once a month. - While at most one fund is weak, it holds the two strongest, half each. - As more funds turn weak, it moves half, then all, of the portfolio into bonds. - From mid-2008 it made about 7.5% a year, less than a 60/40 portfolio. - Its worst drawdown was about 30%, when rising rates hurt its stocks and its bonds at once. ## What is VAA-G12? VAA-G12 is a momentum strategy that treats weakness anywhere in its universe as a warning. **Momentum** is the habit of prices that have been rising to keep rising for a while. Keller and Keuning call this idea **breadth momentum**. It looks at how many assets in the set are weak. With twelve asset classes, one or two weak assets are normal. So VAA-G12 counts how many are weak and moves toward safety as the count rises. The portfolio holds only the two strongest assets while conditions are good. That keeps it focused on whatever is leading. ## How does VAA-G12 work? VAA-G12 scores and counts twelve funds at the close of the last trading day of each month. It scores them by Keller's 13612W momentum. **13612W momentum** is a weighted average of the 1-, 3-, 6- and 12-month returns between month-end closes, with weights 12, 4, 2 and 1. The most recent month counts the most. The twelve funds are SPY, IWM, QQQ, VGK, EWJ, EEM, VNQ, GSG, GLD, TLT, HYG and LQD. Then it counts the funds with zero or negative momentum. 1. **None or one:** hold the two strongest funds, half each. 2. **Two or three:** hold the strongest fund with half the portfolio. Put the other half in the strongest of short Treasuries (SHY), intermediate Treasuries (IEF) and corporate bonds (LQD). 3. **Four or more:** hold only that strongest bond fund. Here is a made-up example. At a month end, gold and long Treasuries both have negative scores, and the other ten are positive. That is two weak funds. So half goes to the top-scoring fund and half to the best of SHY, IEF and LQD. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/vigilant-asset-allocation-g12 are recomputed after every market close. Over the ETF era, from mid-2008, VAA-G12 made about 7.5% a year. Its risk-adjusted return, the return for each unit of risk, matched the S&P 500's. It trailed a [60/40 portfolio's](https://tactfolio.com/strategies/60-40-portfolio.md), and the 60/40 also returned more, about 8.6% a year. Its record is uneven. It gained 9% in the rest of 2008 by moving to bonds while the S&P 500 lost about a third. It gained 25% in 2020. But it made only 8% in the 2009 rebound and trailed badly in 2023 and 2024. Its worst drawdown was about 30%. A **drawdown** is how far a portfolio falls from its last high point. It ran from September 2021 to July 2023, when rising rates hurt both its stock picks and its bond fallback. It took until October 2025 to recover. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1987. It shows a higher return, near 10% a year, with the same worst drawdown. All of these are hypothetical backtest results, built from past prices after trading costs. They are not a track record. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) covers what they can and cannot tell you. ## When does VAA-G12 struggle? - **Broad bond sell-offs.** Its defensive funds are all bonds. So rising rates hurt it on both sides. - **Two-asset focus.** Holding only two funds means a wrong pick weighs heavily. - **Rebounds.** It can stay partly defensive while a recovery is under way. ## How to try VAA-G12 on Tactfolio The live strategy at the top of this page runs the counting rule exactly. It reads momentum from month-end closes, as the paper does. Copy it to change how many funds it holds or where the defensive steps start. Keller's later [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md) uses a similar count with a separate set of warning funds. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: At least 4 of: 1/3/6/12-month weighted momentum (month-end) of SPY is at most 0; 1/3/6/12-month weighted momentum (month-end) of IWM is at most 0; 1/3/6/12-month weighted momentum (month-end) of QQQ is at most 0; 1/3/6/12-month weighted momentum (month-end) of VGK is at most 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is at most 0; 1/3/6/12-month weighted momentum (month-end) of EEM is at most 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is at most 0; 1/3/6/12-month weighted momentum (month-end) of GSG is at most 0; 1/3/6/12-month weighted momentum (month-end) of GLD is at most 0; 1/3/6/12-month weighted momentum (month-end) of TLT is at most 0; 1/3/6/12-month weighted momentum (month-end) of HYG is at most 0; 1/3/6/12-month weighted momentum (month-end) of LQD is at most 0 - Then: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SHY** - **IEF** - **LQD** - Otherwise: - Weight: Equal - If: At least 2 of: 1/3/6/12-month weighted momentum (month-end) of SPY is at most 0; 1/3/6/12-month weighted momentum (month-end) of IWM is at most 0; 1/3/6/12-month weighted momentum (month-end) of QQQ is at most 0; 1/3/6/12-month weighted momentum (month-end) of VGK is at most 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is at most 0; 1/3/6/12-month weighted momentum (month-end) of EEM is at most 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is at most 0; 1/3/6/12-month weighted momentum (month-end) of GSG is at most 0; 1/3/6/12-month weighted momentum (month-end) of GLD is at most 0; 1/3/6/12-month weighted momentum (month-end) of TLT is at most 0; 1/3/6/12-month weighted momentum (month-end) of HYG is at most 0; 1/3/6/12-month weighted momentum (month-end) of LQD is at most 0 - Then: - Weight: Specified - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **IWM** - **QQQ** - **VGK** - **EWJ** - **EEM** - **VNQ** - **GSG** - **GLD** - **TLT** - **HYG** - **LQD** - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SHY** - **IEF** - **LQD** - Otherwise: - Weight: Equal - Rank: Top 2 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **IWM** - **QQQ** - **VGK** - **EWJ** - **EEM** - **VNQ** - **GSG** - **GLD** - **TLT** - **HYG** - **LQD** ## Sources and caveats - [Wouter Keller and JW Keuning, Breadth Momentum and Vigilant Asset Allocation (2017)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3002624) - [JW Keuning, Breadth Momentum and Vigilant Asset Allocation (TrendXplorer)](https://indexswingtrader.blogspot.com/2017/07/breadth-momentum-and-vigilant-asset.html) - Top 2 and breadth 4 with the paper's cash fraction CF = floor(b·T/B)/T. EEM stands in for VWO, which some versions use, to keep more history. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is VAA-G12? VAA-G12 is the twelve-asset version of Wouter Keller and JW Keuning's Vigilant Asset Allocation. It holds the two strongest of twelve global funds. It moves half or all of the portfolio to the best bond fund as more of them show negative momentum. ### How is VAA-G12 different from VAA-G4? VAA-G4 holds one of four funds and goes fully defensive when any one of them weakens. VAA-G12 holds two of twelve and steps into bonds gradually, as two, then four, of the twelve weaken. ### What ETFs does VAA-G12 use? Its twelve risky funds are SPY, IWM, QQQ, VGK, EWJ, EEM, VNQ, GSG, GLD, TLT, HYG and LQD. Its defensive funds are SHY, IEF and LQD. ### Does VAA-G12 still work? Since its 2017 publication it has returned about 6% a year, with a deep drawdown in 2022. The live record on Tactfolio shows how it is doing now. ### Can I automate VAA-G12? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Bold Asset Allocation G4 (BAA aggressive) > Wouter Keller’s aggressive BAA holds the strongest of QQQ, VWO, VEA, and BND while its canaries are healthy. Rules, backtest, and a live version. Wouter Keller's Bold Asset Allocation, aggressive version. The same four canaries decide the regime; while all are positive it holds the single strongest of the Nasdaq 100, emerging stocks, developed stocks, and US bonds, and otherwise the three strongest defensive funds, using Treasury bills for any that trail them. Designed by Wouter Keller, 2022. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-baa-g4. BAA-G4 is the aggressive version of Wouter Keller's Bold Asset Allocation, published in 2022. It shares the canary and the defensive side of the [balanced version](https://tactfolio.com/strategies/bold-asset-allocation.md). But while conditions are good it holds just one fund: the strongest of the Nasdaq 100, emerging-market stocks, developed-market stocks, and US bonds. ## Key points - BAA-G4 checks once a month and is either on offense or on defense. - Four "canary" funds decide which. If any one of them weakens, the whole portfolio turns defensive. - On offense it holds a single fund, which brings higher risk. - From 2008 it compounded about 9.5% a year, slightly more than a 60/40 portfolio. - Since it was published in 2022 it has made almost nothing. ## What is Bold Asset Allocation G4? Bold Asset Allocation G4 is a monthly strategy that uses an early-warning signal to switch between one strong fund and a defensive mix. Bold Asset Allocation separates two jobs. A fast canary signal decides whether to be offensive or defensive. The name comes from the canaries miners once took into coal mines as an early warning. A slower momentum signal then picks what to hold. Momentum is the tendency of assets that have risen lately to keep rising for a while. The aggressive version puts the whole offensive side in a single fund. It aims for higher returns in strong markets, at the cost of more risk. ## How does BAA-G4 work? At the close of the last trading day of each month, BAA-G4 checks its canaries and then picks offense or defense. 1. **Check the canaries.** Score SPY, VWO, VEA, and BND by 13612W momentum. That is a weighted average of the 1-, 3-, 6-, and 12-month returns between month-end closes. If all four are positive, the portfolio is offensive. If any is zero or negative, it is defensive. 2. **Offensive:** hold 100% of the single strongest of QQQ, VWO, VEA, and BND. They are ranked by SMA12 momentum: the month-end close compared with the average of the last 13 month-end closes. 3. **Defensive:** hold the three strongest of TIP, DBC, BIL, IEF, TLT, LQD, and BND by the same measure, a third each. Any of the three that is weaker than BIL is replaced by BIL. BIL holds Treasury bills, short-term US government debt that acts like cash. Most of the other defensive funds hold bonds, while DBC holds commodities such as oil, metals and crops. Here is a made-up example. At a month end, all four canaries have positive scores, so the portfolio is on offense. QQQ has the highest SMA12 score of the four offensive funds, so you hold 100% QQQ. If BND's canary score had dipped below zero, you would switch to the defensive three instead. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/bold-asset-allocation-g4 are recomputed after every market close. Over the ETF era, from 2008, BAA-G4 compounded about 9.5% a year. That is slightly more than a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md), but it trailed the 60/40 on risk-adjusted return, meaning return for each unit of risk. It had excellent years. One was 2020, when the Nasdaq 100 led. Another was 2022, when its defensive side kept it slightly positive while the S&P 500 fell by almost a fifth. Since its publication in 2022 it has done poorly. It has made almost nothing over that period, trailing a strongly rising stock market by a wide margin. It fell about 20% from late 2024 to late 2025. The canary's switches and the single-fund bet both cost it. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1988 and looks far better, near 14% a year, helped by the Nasdaq's rise in the 1990s. Its worst simulated drawdown, about 29%, came in the dot-com crash of 2000. A drawdown is how far a portfolio falls from its last high point. These figures are hypothetical. They come from running the rules on past prices, after trading costs, and they are not a track record. The gap between the strong early years and the weak years since 2022 is a good reason to read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md). ## When does BAA-G4 struggle? BAA-G4 struggles when its one pick is wrong or when the canary raises a false alarm. - **Wrong single pick.** One fund decides every offensive month. - **Canary false alarms.** A brief dip in any of the four canaries moves the whole portfolio to defense. - **Rising rates.** Several of its defensive funds are bonds, which lose value when interest rates climb. ## How to try BAA-G4 on Tactfolio The live strategy at the top of this page runs the canary, the ranking, and the BIL replacement exactly. It reads both momentum scores from month-end closes, as the paper does. Copy it to hold two or three offensive funds instead of one, using the [visual builder](https://tactfolio.com/docs/builder.md). Keller's earlier [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md) and [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md) also move to defense when warning signs appear. You can compare them with BAA-G4. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VWO is above 0; 1/3/6/12-month weighted momentum (month-end) of VEA is above 0; 1/3/6/12-month weighted momentum (month-end) of BND is above 0 - Then: - Weight: Equal - Rank: Top 1 · 13-month-end relative SMA momentum - **QQQ** - **VWO** - **VEA** - **BND** - Otherwise: - Weight: Equal - If: At least 2 of: 13-month-end relative SMA momentum of TIP is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of DBC is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of IEF is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of TLT is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of LQD is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of BND is above 13-month-end relative SMA momentum of BIL - Then: - Weight: Equal - Rank: Top 3 · 13-month-end relative SMA momentum - **TIP** - **DBC** - **BIL** - **IEF** - **TLT** - **LQD** - **BND** - Otherwise: - Weight: Equal - If: At least 1 of: 13-month-end relative SMA momentum of TIP is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of DBC is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of IEF is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of TLT is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of LQD is above 13-month-end relative SMA momentum of BIL; 13-month-end relative SMA momentum of BND is above 13-month-end relative SMA momentum of BIL - Then: - Weight: Specified - Rank: Top 1 · 13-month-end relative SMA momentum - **TIP** - **DBC** - **BIL** - **IEF** - **TLT** - **LQD** - **BND** - **BIL** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Wouter Keller, Relative and Absolute Momentum in Times of Rising/Low Yields: Bold Asset Allocation (2022)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4166845) - Offensive universe QQQ, VWO, VEA, BND with top 1, defensive universe TIP, DBC, BIL, IEF, TLT, LQD, BND with top 3, as in the source. - In the defensive half, any pick with weaker SMA12 momentum than BIL is replaced by BIL, as in the source. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Bold Asset Allocation G4? It is the aggressive version of Wouter Keller's 2022 Bold Asset Allocation. A four-fund canary decides between offense and defense. While offensive, it holds the single strongest of QQQ, VWO, VEA, and BND. ### What is the difference between BAA-G4 and BAA-G12? BAA-G12 holds six of twelve funds while offensive. BAA-G4 holds one of four. They share the canaries and the defensive side. ### What is a canary in Bold Asset Allocation? A canary is a small group of funds that act as an early warning. In BAA the canaries are SPY, VWO, VEA, and BND. If any of them has zero or negative momentum, the strategy turns defensive. ### Does BAA-G4 still work? It has made almost nothing since it was published in 2022, after strong results in earlier decades. The live record on Tactfolio shows how it is doing now. ### Can I automate BAA-G4? Yes. Copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when the monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you set. --- # GTAA 13: Faber’s 13-asset tactical allocation > Faber’s GTAA 13 times thirteen asset classes at fixed weights with a 10-month average. Rules, backtest, yearly returns, and a live version. Mebane Faber's 13-asset timing model from the 2013 update of his tactical asset allocation paper. It holds thirteen asset classes at fixed weights: US large and small value and momentum stocks, developed and emerging stocks, four kinds of government and corporate bonds, commodities, gold, and real estate. At each month end, any of them trading below its 10-month average moves its share to Treasury bills until it recovers. Designed by Mebane Faber, 2013. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-gtaa-13. GTAA 13 is a thirteen-asset version of Mebane Faber's Global Tactical Asset Allocation. Faber added it in the February 2013 update of his paper "A Quantitative Approach to Tactical Asset Allocation". It holds thirteen asset classes at fixed weights and checks each one on its own. Each is held while its price is above its 10-month average, and Treasury bills take its place when it is below. ## Key points - GTAA 13 spreads money over thirteen kinds of stocks, bonds and real assets. - Each piece is held only while its price is above its 10-month average. - It checks once a month and moves weak pieces to Treasury bills. - From October 2008 its worst drop was about 12%, far smaller than the S&P 500's. - The price was a low return, about 6% a year, below a 60/40 portfolio. ## What is GTAA 13? GTAA 13 is a fixed mix of thirteen funds where each fund has its own on and off switch. It grew out of the original [GTAA 5](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), which uses the same switch on five asset classes. An **asset class** is a broad group of investments, such as US stocks, gold or bonds. Faber argued there is no reason to stop at five. Splitting stocks, bonds and real assets into more pieces spreads the risk further. He also tilted the US stock part toward value and momentum. **Value** stocks look cheap next to their earnings. **Momentum** stocks have risen lately and tend to keep rising for a while. Both styles have beaten the broad market over long periods. The trend rule stays the same. Each asset class is owned only while it is trending up. So the portfolio moves toward cash in broad bear markets and stays invested when most markets rise. A bear market is a long, deep fall in prices. ## How does GTAA 13 work? GTAA 13 holds thirteen fixed slices and checks each one at every month end. - 5% US large-cap value (IWD) - 5% US large-cap momentum (PDP) - 5% US small-cap value (IWN) - 5% US small-cap momentum, with the Russell 2000 (IWM) standing in - 10% developed-market stocks outside the US (EFA) - 10% emerging-market stocks (EEM) - 5% 10-year Treasuries (IEF) - 5% foreign government bonds (BWX) - 5% US corporate bonds (LQD) - 5% long-term Treasuries (TLT) - 10% commodities (GSG) - 10% gold (GLD) - 20% US real estate (VNQ) At the close of the last trading day of each month, each slice is checked on its own. If its fund is above its 10-month average, the slice holds the fund. If it is below, the slice holds Treasury bills (BIL) until the fund recovers. **Treasury bills** are short-term loans to the US government, and they act like cash. The 10-month average is a **moving average**: the average of the last ten month-end closes, the current one included. That matches Faber's paper. The same rule on a single fund is [Faber's 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md). Here is a made-up example. At a month end, gold is above its 10-month average and real estate is below it. The 10% gold slice keeps GLD. The 20% real estate slice moves to BIL until VNQ climbs back above its average. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/gtaa-13 are recomputed after every market close. The ETF-era test starts in October 2008, once the foreign bond fund has enough history. Over that stretch GTAA 13 kept its promise on risk. Its worst drawdown was about 12%. A **drawdown** is how far a portfolio falls from its last high point. The S&P 500's was about a third, and a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) fell about 21%. It lost 5% in 2022 while the market lost 18%. It lost 2% in 2018 while the market lost 5%. The price was a low return. It compounded at about 6% a year, well below both the S&P 500 and a 60/40 portfolio. It also trailed both on risk-adjusted return, which weighs gains against how bumpy the ride was. It gained little in the strong stock years of 2013, 2019 and 2023. In 2023 it made less than 2% while the S&P 500 rose 26%. Its worst drawdown ran from April to August 2011. It took until April 2013 to regain its old high. Since the 2013 update it has returned about 5% a year with a worst drawdown near 9%. There is no [simulated history](https://tactfolio.com/docs/simulated-history.md) for this version. The foreign bond fund and the momentum fund have no modelled record before they launched. So the test cannot reach back to the decades that built GTAA's reputation. Every figure here is a hypothetical backtest. It shows how the rules would have done on past prices, after trading costs, and is not a track record. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what to watch for. ## When does GTAA 13 struggle? GTAA 13 struggles most when US stocks lead and its many other assets lag. - **Strong stock markets.** Only a fifth of the portfolio is in US stocks, and a fifth is in real estate. - **Choppy trends.** Prices that cross their averages back and forth cause repeated small losses. With thirteen assets, that happens often. - **Weak real assets.** Commodities, gold and real estate make up 40% of the weight. Long slumps in them weigh on returns, even when the trend rule moves them to bills. ## How to try GTAA 13 on Tactfolio The live strategy at the top of this page runs these rules on month-end closes, as in the paper. PDP stands in for large-cap momentum and IWM for small-cap momentum. Copy it to hold 10-year Treasuries instead of bills when an asset is below trend, a cash choice Faber also tested. For a version that picks only the leaders, see [GTAA Aggressive 3](https://tactfolio.com/strategies/gtaa-aggressive-3.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Specified - If: current price of IWD is above 10-month moving average of month-end closes of IWD - Then: - Weight: Equal - **IWD** - Otherwise: - Weight: Equal - **BIL** - If: current price of PDP is above 10-month moving average of month-end closes of PDP - Then: - Weight: Equal - **PDP** - Otherwise: - Weight: Equal - **BIL** - If: current price of IWN is above 10-month moving average of month-end closes of IWN - Then: - Weight: Equal - **IWN** - Otherwise: - Weight: Equal - **BIL** - If: current price of IWM is above 10-month moving average of month-end closes of IWM - Then: - Weight: Equal - **IWM** - Otherwise: - Weight: Equal - **BIL** - If: current price of EFA is above 10-month moving average of month-end closes of EFA - Then: - Weight: Equal - **EFA** - Otherwise: - Weight: Equal - **BIL** - If: current price of EEM is above 10-month moving average of month-end closes of EEM - Then: - Weight: Equal - **EEM** - Otherwise: - Weight: Equal - **BIL** - If: current price of IEF is above 10-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - If: current price of BWX is above 10-month moving average of month-end closes of BWX - Then: - Weight: Equal - **BWX** - Otherwise: - Weight: Equal - **BIL** - If: current price of LQD is above 10-month moving average of month-end closes of LQD - Then: - Weight: Equal - **LQD** - Otherwise: - Weight: Equal - **BIL** - If: current price of TLT is above 10-month moving average of month-end closes of TLT - Then: - Weight: Equal - **TLT** - Otherwise: - Weight: Equal - **BIL** - If: current price of GSG is above 10-month moving average of month-end closes of GSG - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - **BIL** - If: current price of GLD is above 10-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** - If: current price of VNQ is above 10-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Mebane Faber, A Quantitative Approach to Tactical Asset Allocation (2007, updated February 2013)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461) - Weights as in the paper: 5% each in US large value, large momentum, small value, small momentum, 10-year Treasuries, foreign 10-year bonds, US corporate bonds, and 30-year Treasuries; 10% each in developed stocks, emerging stocks, commodities, and gold; 20% in REITs. - ETFs stand in for the paper's indexes: IWD for US large-cap value, PDP (Invesco DWA Momentum) for US large-cap momentum, IWN for US small-cap value, EFA for MSCI EAFE, EEM for MSCI Emerging Markets, IEF for 10-year Treasuries, BWX for foreign 10-year government bonds, LQD for US corporate bonds, TLT for 30-year Treasuries, GSG for the GSCI, GLD for gold, VNQ for NAREIT, and BIL for Treasury bills. PDP is used because MTUM, the purer large-cap momentum fund, starts only in 2013. - No small-cap momentum fund reaches back to 2008 (DWAS starts in 2012), so IWM, the Russell 2000, stands in for US small-cap momentum. - As in the paper, the 10-month average is the average of the last ten month-end closes, the current one included. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is GTAA 13? GTAA 13 is Mebane Faber's thirteen-asset timing portfolio. Each asset class has a fixed weight. It is held only while its price is above its 10-month moving average. Otherwise its weight sits in Treasury bills. ### What ETFs does GTAA 13 use? It uses IWD, PDP, IWN, IWM, EFA, EEM, IEF, BWX, LQD, TLT, GSG, GLD and VNQ, with BIL as cash. PDP and IWM stand in for the large and small momentum sleeves, which have no long-history index fund. ### How is GTAA 13 different from GTAA 5? GTAA 5 holds five asset classes at 20% each. GTAA 13 adds emerging stocks, gold, three more kinds of bonds, and value and momentum tilts. It gives real estate the largest weight. The trend rule is the same, and [GTAA Aggressive 6](https://tactfolio.com/strategies/gtaa-aggressive-6.md) uses the same thirteen assets but holds only the six strongest. ### What is global tactical asset allocation? Tactical asset allocation means changing your mix of investments when markets change, instead of holding fixed weights forever. Global tactical asset allocation does this across asset classes from around the world. Faber's GTAA models use a simple price trend to decide. ### Does GTAA 13 still work? It still limits losses, with a worst drawdown near 12% since 2008. But it has returned far less than a 60/40 portfolio over that time. The live record on Tactfolio shows how it is doing now. ### Can I automate GTAA 13? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade checks it on a daily schedule and only trades when its rule calls for a change. It is long only, holds US-listed ETFs, and uses the starting balance you choose. --- # GTAA Aggressive 3 (Faber GTAA AGG3) > Faber’s GTAA AGG3: the top 3 of 13 asset classes by momentum, each above its 10-month average. Rules, backtest, yearly returns, and a live version. Mebane Faber's GTAA Aggressive 3 from the 2013 update of his tactical asset allocation paper. Each month it ranks thirteen asset classes (US value and momentum stocks, developed and emerging stocks, government and corporate bonds, commodities, gold, and real estate) by the average of their 1-, 3-, 6-, and 12-month returns and holds the top three in equal parts. A pick trading below its 10-month average holds Treasury bills in its place. Designed by Mebane Faber, 2013. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-gtaa-aggressive-3. GTAA Aggressive 3 is the most concentrated of Mebane Faber's Global Tactical Asset Allocation models. He published it in the February 2013 update of "A Quantitative Approach to Tactical Asset Allocation". Each month it ranks thirteen asset classes by momentum and holds the top three, a third each. A pick is held only while it trades above its 10-month average. ## Key points - GTAA Aggressive 3 holds only the three strongest of thirteen asset classes. - A pick below its 10-month average sits in Treasury bills instead. - It checks once a month, at the last close. - From December 2008 it returned about 8% a year, behind a 60/40 portfolio. - Its years swing widely, from a loss of almost 10% in 2015 to a 30% gain in 2025. ## What is GTAA Aggressive 3? GTAA Aggressive 3 is a momentum strategy that picks the three leaders from Faber's thirteen-asset list. **Momentum** is the habit of assets that have risen lately to keep rising for a while. An **asset class** is a broad group of investments, such as US stocks, gold or bonds. Faber's timing models, such as [GTAA 13](https://tactfolio.com/strategies/gtaa-13.md), hold every asset class and step aside from the ones in a downtrend. The aggressive versions add relative momentum. **Relative momentum** compares assets with each other and keeps the ones that rose most. Faber had studied it in his 2010 paper "Relative Strength Strategies for Investing". Asset classes that have led over the past year tend to keep leading for a while. Holding only the leaders raises the expected return. The trend filter on each pick is meant to stop a leader that has turned down from dragging the portfolio with it. The top-three version bets the most on that ranking. It will look very different from a balanced portfolio in most years. ## How does GTAA Aggressive 3 work? GTAA Aggressive 3 scores, picks and then filters at the close of the last trading day of each month. 1. Score each of the thirteen GTAA asset classes by the average of its 1-, 3-, 6- and 12-month returns, measured between month-end closes. 2. Take the three highest scores, a third of the portfolio each. 3. For each of the three, hold the fund if its price is above its 10-month average. Otherwise hold Treasury bills (BIL) in that third. The slot is not passed to the fourth-ranked asset. The thirteen asset classes are: - US large value (IWD) and US large momentum (PDP) - US small value (IWN) and US small caps (IWM, standing in for small-cap momentum) - Developed stocks (EFA) and emerging stocks (EEM) - 10-year Treasuries (IEF), foreign government bonds (BWX), US corporate bonds (LQD) and long-term Treasuries (TLT) - Commodities (GSG), gold (GLD) and US real estate (VNQ) The 10-month average is a **moving average**: the average of the last ten month-end closes. **Treasury bills** are short-term loans to the US government, and they act like cash. Here is a made-up example. At a month end the top three scores belong to gold, emerging stocks and real estate. Gold and emerging stocks are above their 10-month averages, so each gets a third. Real estate is below its average, so its third goes to BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/gtaa-aggressive-3 are recomputed after every market close. The ETF-era test starts in December 2008. Since then GTAA Aggressive 3 compounded at about 8% a year with a worst drawdown of about 19%. A **drawdown** is how far a portfolio falls from its last high point. The S&P 500 returned about 15% a year with a drawdown of about a third. A [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) returned about 10% with a worst drawdown near 21%. The strategy trailed the 60/40 portfolio on return and on risk-adjusted return. It trailed the S&P 500 on both as well. A risk-adjusted return weighs the gain against how bumpy the ride was. Its years swing widely. It gained about 23% in 2020 and 30% in 2025, both ahead of the S&P 500. It lost only 1% in 2022 when the market fell 18%. But it lost almost 10% in 2015, a flat year for stocks. It was flat in 2023 and made less than 4% in 2024. The S&P 500 rose by about a quarter in each of those two years. Its worst drawdown came early, from late April to August 2010. It recovered by the end of March 2011. Since the 2013 update it has returned about 8% a year. There is no [simulated history](https://tactfolio.com/docs/simulated-history.md) for this version. The foreign bond fund and the momentum fund have no modelled record before they launched. These results are hypothetical. They replay the rules on past prices, after trading costs, and are not a record of real trading. Our guide on [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) shows what to check. ## When does GTAA Aggressive 3 struggle? GTAA Aggressive 3 struggles when market leaders change quickly or when one market leads for years. - **Leadership changes.** Its three holdings are chosen on past returns. A sudden rotation in markets leaves it in yesterday's winners until the next month end. - **Choppy markets.** A leader that dips below its average moves a whole third to cash, often just before it recovers. - **Narrow bull markets.** When US large-cap stocks lead for years, it holds them only part of the time and only as one of three picks. ## How to try GTAA Aggressive 3 on Tactfolio The live strategy at the top of this page runs these rules on month-end closes, as in the paper. PDP stands in for large-cap momentum and IWM for small-cap momentum. Copy it to change the number of holdings. You can also compare it with the steadier [GTAA Aggressive 6](https://tactfolio.com/strategies/gtaa-aggressive-6.md) or the five-asset [Ivy Portfolio rotation](https://tactfolio.com/strategies/ivy-portfolio-rotation.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 3 · 1/3/6/12-month unweighted momentum (month-end) - Candidate: IWD - Weight: Equal - If: current price of IWD is above 10-month moving average of month-end closes of IWD - Then: - Weight: Equal - **IWD** - Otherwise: - Weight: Equal - **BIL** - Candidate: PDP - Weight: Equal - If: current price of PDP is above 10-month moving average of month-end closes of PDP - Then: - Weight: Equal - **PDP** - Otherwise: - Weight: Equal - **BIL** - Candidate: IWN - Weight: Equal - If: current price of IWN is above 10-month moving average of month-end closes of IWN - Then: - Weight: Equal - **IWN** - Otherwise: - Weight: Equal - **BIL** - Candidate: IWM - Weight: Equal - If: current price of IWM is above 10-month moving average of month-end closes of IWM - Then: - Weight: Equal - **IWM** - Otherwise: - Weight: Equal - **BIL** - Candidate: EFA - Weight: Equal - If: current price of EFA is above 10-month moving average of month-end closes of EFA - Then: - Weight: Equal - **EFA** - Otherwise: - Weight: Equal - **BIL** - Candidate: EEM - Weight: Equal - If: current price of EEM is above 10-month moving average of month-end closes of EEM - Then: - Weight: Equal - **EEM** - Otherwise: - Weight: Equal - **BIL** - Candidate: IEF - Weight: Equal - If: current price of IEF is above 10-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: BWX - Weight: Equal - If: current price of BWX is above 10-month moving average of month-end closes of BWX - Then: - Weight: Equal - **BWX** - Otherwise: - Weight: Equal - **BIL** - Candidate: LQD - Weight: Equal - If: current price of LQD is above 10-month moving average of month-end closes of LQD - Then: - Weight: Equal - **LQD** - Otherwise: - Weight: Equal - **BIL** - Candidate: TLT - Weight: Equal - If: current price of TLT is above 10-month moving average of month-end closes of TLT - Then: - Weight: Equal - **TLT** - Otherwise: - Weight: Equal - **BIL** - Candidate: GSG - Weight: Equal - If: current price of GSG is above 10-month moving average of month-end closes of GSG - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - **BIL** - Candidate: GLD - Weight: Equal - If: current price of GLD is above 10-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** - Candidate: VNQ - Weight: Equal - If: current price of VNQ is above 10-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Mebane Faber, A Quantitative Approach to Tactical Asset Allocation (2007, updated February 2013)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461) - Top 3 of the GTAA 13 asset classes, equal weight, as in the paper. A pick below its 10-month average goes to Treasury bills; its slot is not handed to the next-ranked asset. - Momentum is the plain average of the 1-, 3-, 6-, and 12-month total returns between month-end closes. - ETFs stand in for the paper's indexes: IWD for US large-cap value, PDP (Invesco DWA Momentum) for US large-cap momentum, IWN for US small-cap value, EFA for MSCI EAFE, EEM for MSCI Emerging Markets, IEF for 10-year Treasuries, BWX for foreign 10-year government bonds, LQD for US corporate bonds, TLT for 30-year Treasuries, GSG for the GSCI, GLD for gold, VNQ for NAREIT, and BIL for Treasury bills. PDP is used because MTUM, the purer large-cap momentum fund, starts only in 2013. - No small-cap momentum fund reaches back to 2008 (DWAS starts in 2012), so IWM, the Russell 2000, stands in for US small-cap momentum. - As in the paper, the 10-month average is the average of the last ten month-end closes, the current one included. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is GTAA Aggressive 3? GTAA Aggressive 3 is Mebane Faber's momentum version of his thirteen-asset GTAA portfolio. It holds the three asset classes with the strongest average 1-, 3-, 6- and 12-month returns. Each is held only while it is above its 10-month moving average. ### What ETFs does GTAA Aggressive 3 use? It ranks IWD, PDP, IWN, IWM, EFA, EEM, IEF, BWX, LQD, TLT, GSG, GLD and VNQ. It uses BIL as cash. ### What is the difference between GTAA Aggressive 3 and GTAA Aggressive 6? Both rank the same thirteen asset classes the same way. The top-three version holds a third in each pick. The top-six version holds a sixth in each, so it is more diversified and has had smaller swings. ### Why does an empty slot go to cash and not the fourth pick? That is how Faber wrote the rule. When a leader falls below its trend, its third waits in Treasury bills. This keeps money out of a falling market instead of reaching further down the list. ### Does GTAA Aggressive 3 still work? Since the 2013 update it has made money, about 8% a year, but with long flat stretches. Over the whole ETF-era test it trailed a 60/40 portfolio. The live record on Tactfolio shows how it is doing now. ### Can I automate GTAA Aggressive 3? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # GTAA Aggressive 6 (Faber GTAA AGG6) > Faber’s GTAA AGG6: the top 6 of 13 asset classes by momentum, each above its 10-month average. Rules, backtest, yearly returns, and a live version. Mebane Faber's GTAA Aggressive 6 from the 2013 update of his tactical asset allocation paper. Each month it ranks thirteen asset classes (US value and momentum stocks, developed and emerging stocks, government and corporate bonds, commodities, gold, and real estate) by the average of their 1-, 3-, 6-, and 12-month returns and holds the top six in equal parts. A pick trading below its 10-month average holds Treasury bills in its place. Designed by Mebane Faber, 2013. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-gtaa-aggressive-6. GTAA Aggressive 6 is the main aggressive model in Mebane Faber's February 2013 update of "A Quantitative Approach to Tactical Asset Allocation". Each month it ranks thirteen asset classes by momentum and holds the top six in equal parts. Each pick is held only while it trades above its 10-month average, and any pick below it holds Treasury bills. ## Key points - GTAA Aggressive 6 holds the six strongest of thirteen asset classes, a sixth each. - A pick below its 10-month average sits in Treasury bills instead. - It checks once a month, at the last close. - From December 2008 it returned about 9% a year with a worst drop of about 17%. - Its worst drawdown was slow: it lasted two years, from November 2021 to November 2023. ## What is GTAA Aggressive 6? GTAA Aggressive 6 is a momentum strategy that keeps the stronger half of Faber's thirteen-asset list. **Momentum** is the habit of assets that have risen lately to keep rising for a while. An **asset class** is a broad group of investments, such as US stocks, gold or bonds. Faber's timing models, such as [GTAA 5](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), own every asset class and step aside from those in a downtrend. The aggressive models also use relative momentum. **Relative momentum** compares assets with each other and keeps the ones that rose most. It comes from Faber's 2010 paper "Relative Strength Strategies for Investing". Holding the stronger half of the list should earn more than holding all of it. The trend filter on each pick should limit the damage when leaders turn down. With six holdings instead of three, this version keeps more diversification. It usually holds a mix of stocks, bonds and real assets rather than a single theme. ## How does GTAA Aggressive 6 work? GTAA Aggressive 6 scores, picks and then filters at the close of the last trading day of each month. 1. Score each of the thirteen GTAA asset classes by the average of its 1-, 3-, 6- and 12-month returns, measured between month-end closes. 2. Take the six highest scores, a sixth of the portfolio each. 3. For each of the six, hold the fund if its price is above its 10-month average. Otherwise hold Treasury bills (BIL) in that sixth. The thirteen asset classes are: - US large value (IWD) and US large momentum (PDP) - US small value (IWN) and US small caps (IWM, standing in for small-cap momentum) - Developed stocks (EFA) and emerging stocks (EEM) - 10-year Treasuries (IEF), foreign government bonds (BWX), US corporate bonds (LQD) and long-term Treasuries (TLT) - Commodities (GSG), gold (GLD) and US real estate (VNQ) The 10-month average is a **moving average**: the average of the last ten month-end closes. **Treasury bills** are short-term loans to the US government, and they act like cash. Here is a made-up example. At a month end, five of the top six picks are above their 10-month averages. Each of those five gets a sixth of the money. The sixth pick is below its average, so its sixth goes to BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/gtaa-aggressive-6 are recomputed after every market close. The ETF-era test starts in December 2008. Since then GTAA Aggressive 6 compounded at about 9% a year with a worst drawdown of about 17%. A **drawdown** is how far a portfolio falls from its last high point. The S&P 500 returned about 15% a year but fell about a third at its worst. A [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) returned about 10% with a worst drawdown near 21%. The strategy trailed the 60/40 portfolio slightly on return and more clearly on risk-adjusted return. It also trailed the S&P 500 on risk-adjusted return, which weighs the gain against how bumpy the ride was. It held up well in 2022, losing 8% while the S&P 500 fell 18%. It gained in 2011 when the market was nearly flat. It lost 9% in 2015, and in 2023 it was flat while the S&P 500 rose 26%. Its worst drawdown was slow rather than sharp. It ran for two years, from November 2021 to November 2023. The portfolio did not regain its high until November 2024. Since the 2013 update it has returned about 8% a year, with a better risk-adjusted return than the top-three version. There is no [simulated history](https://tactfolio.com/docs/simulated-history.md) for this version. The foreign bond fund and the momentum fund have no modelled record before they launched. Keep in mind that these are backtests. They show what the rules would have done on past prices, after trading costs, not what anyone earned. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) covers the limits. ## When does GTAA Aggressive 6 struggle? GTAA Aggressive 6 struggles in slow, broad declines and in markets led by US stocks. - **Everything falling slowly.** In a drawn-out decline like 2022, momentum and trend signals lag. Several of the six picks can lose before they drop below their averages. - **Strong US stock markets.** Six slots spread across thirteen assets leave little room for US large caps when they lead. - **Sideways markets.** Picks that cross their averages back and forth cause repeated small losses. ## How to try GTAA Aggressive 6 on Tactfolio The live strategy at the top of this page runs these rules on month-end closes, as in the paper. PDP stands in for large-cap momentum and IWM for small-cap momentum. Copy it to try a different number of holdings. Or compare it with the more concentrated [GTAA Aggressive 3](https://tactfolio.com/strategies/gtaa-aggressive-3.md) and the fixed-weight [GTAA 13](https://tactfolio.com/strategies/gtaa-13.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 6 · 1/3/6/12-month unweighted momentum (month-end) - Candidate: IWD - Weight: Equal - If: current price of IWD is above 10-month moving average of month-end closes of IWD - Then: - Weight: Equal - **IWD** - Otherwise: - Weight: Equal - **BIL** - Candidate: PDP - Weight: Equal - If: current price of PDP is above 10-month moving average of month-end closes of PDP - Then: - Weight: Equal - **PDP** - Otherwise: - Weight: Equal - **BIL** - Candidate: IWN - Weight: Equal - If: current price of IWN is above 10-month moving average of month-end closes of IWN - Then: - Weight: Equal - **IWN** - Otherwise: - Weight: Equal - **BIL** - Candidate: IWM - Weight: Equal - If: current price of IWM is above 10-month moving average of month-end closes of IWM - Then: - Weight: Equal - **IWM** - Otherwise: - Weight: Equal - **BIL** - Candidate: EFA - Weight: Equal - If: current price of EFA is above 10-month moving average of month-end closes of EFA - Then: - Weight: Equal - **EFA** - Otherwise: - Weight: Equal - **BIL** - Candidate: EEM - Weight: Equal - If: current price of EEM is above 10-month moving average of month-end closes of EEM - Then: - Weight: Equal - **EEM** - Otherwise: - Weight: Equal - **BIL** - Candidate: IEF - Weight: Equal - If: current price of IEF is above 10-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: BWX - Weight: Equal - If: current price of BWX is above 10-month moving average of month-end closes of BWX - Then: - Weight: Equal - **BWX** - Otherwise: - Weight: Equal - **BIL** - Candidate: LQD - Weight: Equal - If: current price of LQD is above 10-month moving average of month-end closes of LQD - Then: - Weight: Equal - **LQD** - Otherwise: - Weight: Equal - **BIL** - Candidate: TLT - Weight: Equal - If: current price of TLT is above 10-month moving average of month-end closes of TLT - Then: - Weight: Equal - **TLT** - Otherwise: - Weight: Equal - **BIL** - Candidate: GSG - Weight: Equal - If: current price of GSG is above 10-month moving average of month-end closes of GSG - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - **BIL** - Candidate: GLD - Weight: Equal - If: current price of GLD is above 10-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** - Candidate: VNQ - Weight: Equal - If: current price of VNQ is above 10-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Mebane Faber, A Quantitative Approach to Tactical Asset Allocation (2007, updated February 2013)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461) - Top 6 of the GTAA 13 asset classes, equal weight, as in the paper. A pick below its 10-month average goes to Treasury bills; its slot is not handed to the next-ranked asset. - Momentum is the plain average of the 1-, 3-, 6-, and 12-month total returns between month-end closes. - ETFs stand in for the paper's indexes: IWD for US large-cap value, PDP (Invesco DWA Momentum) for US large-cap momentum, IWN for US small-cap value, EFA for MSCI EAFE, EEM for MSCI Emerging Markets, IEF for 10-year Treasuries, BWX for foreign 10-year government bonds, LQD for US corporate bonds, TLT for 30-year Treasuries, GSG for the GSCI, GLD for gold, VNQ for NAREIT, and BIL for Treasury bills. PDP is used because MTUM, the purer large-cap momentum fund, starts only in 2013. - No small-cap momentum fund reaches back to 2008 (DWAS starts in 2012), so IWM, the Russell 2000, stands in for US small-cap momentum. - As in the paper, the 10-month average is the average of the last ten month-end closes, the current one included. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is GTAA Aggressive 6? GTAA Aggressive 6 is Mebane Faber's momentum version of his thirteen-asset GTAA portfolio. It holds the six asset classes with the strongest average 1-, 3-, 6- and 12-month returns. Each is held only while it is above its 10-month moving average. ### What ETFs does GTAA Aggressive 6 use? It ranks IWD, PDP, IWN, IWM, EFA, EEM, IEF, BWX, LQD, TLT, GSG, GLD and VNQ. It uses BIL as cash. ### How is GTAA Aggressive 6 different from GTAA 5? GTAA 5 holds five asset classes at fixed weights and only times them. GTAA Aggressive 6 ranks a longer list of thirteen and holds the six strongest. So it also chooses between asset classes. ### Is GTAA Aggressive 6 a tactical asset allocation strategy? Yes. Tactical asset allocation means changing your mix of investments as markets change, instead of holding fixed weights. GTAA Aggressive 6 does this each month with a momentum ranking and a trend filter. ### Does GTAA Aggressive 6 still work? Since the 2013 update it has returned about 8% a year with a worst drawdown near 17%. Over the whole ETF-era test it trailed a 60/40 portfolio, slightly on return and more on risk-adjusted return. The live record on Tactfolio shows how it is doing now. ### Can I automate GTAA Aggressive 6? Yes. Copy the live strategy and run it in Trade, either on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade checks it on a daily schedule and trades only when its rule calls for a change. It is long only, uses US-listed ETFs, and you pick the starting balance. --- # Ivy Portfolio rotation (Faber’s relative strength model) > The Ivy Portfolio’s momentum rotation: top 3 of 5 asset classes, each above its 10-month average. Rules, backtest, yearly returns, and a live version. The rotation version of Mebane Faber and Eric Richardson's Ivy Portfolio. Each month it ranks five asset classes (US stocks, developed-market stocks, 10-year Treasuries, commodities, and real estate) by their average return over the past 1, 3, 6, and 12 months and holds the top three in equal parts. A pick trading below its 10-month average holds Treasury bills instead. Designed by Mebane Faber and Eric Richardson, 2009. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-ivy-rotation. The Ivy Portfolio rotation is the momentum version of the five-asset portfolio in Mebane Faber and Eric Richardson's 2009 book *The Ivy Portfolio*. Faber tested it in his 2010 paper "Relative Strength Strategies for Investing". Each month it ranks US stocks, foreign stocks, bonds, commodities and real estate by recent returns. It holds the top three, each only while it trades above its 10-month average. ## Key points - The Ivy Portfolio rotation holds the three strongest of five asset classes, a third each. - A pick below its 10-month average sits in Treasury bills instead. - It checks once a month, at the last close. - From September 2007 it returned a little over 8% a year, with a worst drop of about 21%. - It lags well behind in strong US stock years, such as 2013, 2019 and 2024. ## What is the Ivy Portfolio rotation? The Ivy Portfolio rotation is a monthly strategy that owns only the leading asset classes, and only while they trend up. An **asset class** is a broad group of investments, such as US stocks, bonds or real estate. The book set out to copy, in a simple form, how the Yale and Harvard endowments spread money across very different asset classes. An endowment is a large fund a university invests for the long run. The plain version is the buy-and-hold [Ivy Portfolio](https://tactfolio.com/strategies/ivy-portfolio.md). Faber then combined two ideas he had tested on their own. - **Relative momentum** says the asset classes that have done best lately tend to keep doing well for a while. So owning the leaders should beat owning all five. - A **trend filter** says an asset below its long-term average is more likely to be in a lasting decline. So each pick is held only while it is above that average. Together they aim for higher returns than the equal-weight Ivy portfolio, with much smaller losses than a fully invested rotation. ## How does the Ivy Portfolio rotation work? The Ivy Portfolio rotation scores five funds at the close of the last trading day of each month. 1. Score five funds by the average of their 1-, 3-, 6- and 12-month returns, measured between month-end closes. The funds are US stocks (SPY), developed-market stocks outside the US (EFA), 10-year Treasuries (IEF), commodities (GSG) and US real estate (VNQ). 2. Take the three highest scores, a third of the portfolio each. 3. For each of the three, hold the fund if its price is above its 10-month average. Otherwise hold Treasury bills (BIL) in that third. The 10-month average is a **moving average**: the average of its last ten month-end closes. **Treasury bills** are short-term loans to the US government, and they act like cash. The month-end average follows the 2010 paper. The paper's score also averages in the 9-month return. A Tactfolio Rank scores by one reading, so this version uses the 1/3/6/12-month average. It picked the same funds on 89% of trading days since 2007. ETFs stand in for the paper's indexes. Here is a made-up example. At a month end the top three scores belong to SPY, VNQ and GSG. SPY and VNQ are above their 10-month averages, so each gets a third. GSG is below its average, so its third goes to BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/ivy-portfolio-rotation are recomputed after every market close. The ETF-era test starts in September 2007. Over that stretch the rotation compounded at a little over 8% a year. That was slightly ahead of a [60/40 portfolio's](https://tactfolio.com/strategies/60-40-portfolio.md) 8%, with about the same risk-adjusted return. A risk-adjusted return weighs the gain against how bumpy the ride was. The S&P 500 earned more, about 11% a year, but it fell more than half at its worst. The rotation's worst drawdown was about 21%. A **drawdown** is how far a portfolio falls from its last high point. That drawdown came in 2008, from May to October. Yet the rotation ended 2008 down only 4% while the S&P 500 lost 37%. It recovered by December 2009. Its best year was 2021, up 30%. It lost 6% in 2022 while the market lost 18%. In strong US stock years such as 2013, 2019 and 2024 it lagged well behind. Since the 2010 paper it has returned about 8% a year with a worst drawdown of about 15%. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in early 1981, and the picture improves. Over the full period it compounded at about 11% a year, close to the S&P 500's return. It had less than half the S&P 500's worst drawdown and a much higher risk-adjusted return. It gained in 2000, 2001 and 2002 while US stocks fell each year, and 2008 remained its worst drawdown. These are hypothetical backtests on past prices, after trading costs. No one traded real money on them, so they are not a track record. See [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for what to check. ## When does the Ivy Portfolio rotation struggle? The Ivy Portfolio rotation struggles in long US bull markets and when leaders turn fast. - **Long US bull markets.** It holds US stocks as at most one of three picks. So it trails when the S&P 500 leads for years, as in the late 1990s and the 2010s. - **Sharp reversals.** Momentum and a monthly trend check both react late when a leading asset class suddenly falls. - **Few assets.** With only five choices, a stretch when most of them trend down leaves the portfolio largely in bills. ## How to try the Ivy Portfolio rotation on Tactfolio The live strategy at the top of this page runs these rules on month-end closes, with the 1/3/6/12-month score. Copy it to hold one or two assets instead of three. Or compare it with the timing-only [GTAA 5](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), which holds all five. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 3 · 1/3/6/12-month unweighted momentum (month-end) - Candidate: SPY - Weight: Equal - If: current price of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** - Candidate: EFA - Weight: Equal - If: current price of EFA is above 10-month moving average of month-end closes of EFA - Then: - Weight: Equal - **EFA** - Otherwise: - Weight: Equal - **BIL** - Candidate: IEF - Weight: Equal - If: current price of IEF is above 10-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: GSG - Weight: Equal - If: current price of GSG is above 10-month moving average of month-end closes of GSG - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - **BIL** - Candidate: VNQ - Weight: Equal - If: current price of VNQ is above 10-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Mebane Faber, Relative Strength Strategies for Investing (2010)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1585517) - [Meb Faber, A Quantitative Approach to Tactical Asset Allocation Revisited 10 Years Later (Journal of Portfolio Management, 2018)](https://doi.org/10.3905/jpm.2018.44.2.156) - Top 3 of the five Ivy asset classes with each pick above its 10-month average, else Treasury bills, as in the 2010 paper's combined system and the 2018 paper's aggressive model. - A Rank scores by one reading, so this version ranks by the average of the 1-, 3-, 6-, and 12-month total returns between month-end closes; the 2010 paper also averages in the 9-month return. Leaving it out changed the holdings on 11% (Ivy) and 17% (sectors) of trading days from 2007 to 2026, and moved growth and the worst drawdown by under a point. - SPY, EFA, IEF, GSG, and VNQ stand in for the S&P 500, MSCI EAFE, 10-year Treasuries, the GSCI, and NAREIT, and BIL for Treasury bills. - As in the paper, the 10-month average is the average of the last ten month-end closes, the current one included. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the Ivy Portfolio rotation? The Ivy Portfolio rotation is the momentum strategy from Mebane Faber and Eric Richardson's *The Ivy Portfolio*. It holds the three strongest of five asset classes by recent returns. Each is held only while it is above its 10-month moving average. ### What ETFs does the Ivy Portfolio use? It uses SPY, EFA, IEF, GSG and VNQ for US stocks, foreign stocks, 10-year Treasuries, commodities and real estate. BIL is the cash fund. ### How is the Ivy rotation different from GTAA 5? Both use the same five asset classes and the same trend rule. GTAA 5 holds all five at 20% and times each one. The rotation holds only the top three by momentum. The thirteen-asset versions of the same idea are [GTAA Aggressive 3](https://tactfolio.com/strategies/gtaa-aggressive-3.md) and [GTAA Aggressive 6](https://tactfolio.com/strategies/gtaa-aggressive-6.md). ### Does the Ivy Portfolio rotation still work? Since the 2010 paper it has returned about 8% a year. Over the whole ETF-era test it slightly beat a 60/40 portfolio's return with a smaller worst drawdown, but trailed the S&P 500. The live record on Tactfolio shows how it is doing now. ### Can I automate the Ivy Portfolio rotation? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Faber sector rotation (the three strongest US sectors) > Faber’s sector rotation holds the 3 strongest US sectors and moves to bills below the S&P 500’s 10-month average. Rules, backtest, and a live version. Mebane Faber's sector rotation from "Relative Strength Strategies for Investing". Each month it holds the three US stock sectors with the strongest average return over the past year, a third each. When the S&P 500 is below its 10-month average, the whole portfolio moves to Treasury bills instead. Designed by Mebane Faber, 2010. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-sector-relative-strength. Faber's sector rotation is a momentum strategy from Mebane Faber's 2010 paper "Relative Strength Strategies for Investing". Each month it holds the three US stock sectors with the strongest recent returns, a third each. It moves entirely to Treasury bills while the S&P 500 is below its 10-month average. ## Key points - It ranks nine US sector funds once a month and holds the top three. - A trend filter moves everything to Treasury bills when the S&P 500 is below its 10-month average. - Over the ETF era its worst drawdown was about 22%, against more than half for the S&P 500. - It earned less than the S&P 500 and trailed a 60/40 portfolio. - Brief dips can push it to cash at a bad time, as in 2010, when it was flat while the S&P 500 gained 15%. ## What is Faber's sector rotation? Faber's sector rotation is a rule that owns only the strongest parts of the US stock market. A **sector** is a group of companies in the same line of business, such as energy or health care. Faber tested momentum on US industry sectors back to the 1920s. **Momentum** is the habit of assets that have risen lately to keep rising for a while. Faber found that sectors that had beaten the rest over the past few months to a year tended to keep doing so for a while. This held across every lookback he tried and in most decades. Owning the leading sectors beat owning all of them in most years of his study. ## Why does it add a trend filter? The trend filter is there because a sector rotation is still fully invested in stocks, so it falls with the market in a bear market. To address that, Faber added a "dynamic hedge". The whole portfolio moves to Treasury bills when the S&P 500 is below its 10-month average. That is the same trend rule as his [10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md). A **moving average** is the average price over a set stretch, here the last ten month-end closes. ## How does Faber's sector rotation work? It runs once a month, at the close of the last trading day. 1. If the S&P 500 (SPY) is below its 10-month average, hold Treasury bills (BIL) and stop. Treasury bills are short-term US government debt and act like cash. 2. Otherwise, score nine sector funds by the average of their 1-, 3-, 6-, and 12-month returns, measured between month-end closes. 3. Hold the three highest scores, a third each. These are the nine sector funds it ranks: | Sector | Fund | | --- | --- | | Materials | XLB | | Energy | XLE | | Financials | XLF | | Industrials | XLI | | Technology | XLK | | Consumer staples | XLP | | Utilities | XLU | | Health care | XLV | | Consumer discretionary | XLY | Here is a made-up example. SPY closes above its 10-month average, so the rule ranks the sectors. Technology, energy and health care have the top three scores, so you hold XLK, XLE and XLV, a third each. If SPY closes below its average next month, all three are sold for BIL. The trend test follows the paper. The paper's score also averages in the 9-month return. A Tactfolio Rank scores by one reading, so this version uses the 1/3/6/12-month average. That average picked the same sectors on 83% of trading days since 2007. The paper ranks the ten Fama-French industry groups. This version uses the nine original Select Sector SPDRs instead, which have traded since 1998. Real estate and communication services funds arrived much later and are left out. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/faber-sector-rotation are recomputed after every market close. The ETF-era test starts in mid-2007, once the Treasury bill fund has a history. Over that stretch the rotation compounded at just under 8% a year, with a worst drawdown of about 22%. A **drawdown** is how far a portfolio falls from its last high point. The S&P 500 returned about 11% a year but fell more than half at its worst. A [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) returned about 8%, with a worst drawdown of about a third. The rotation roughly matched the S&P 500 on risk-adjusted return, with far smaller losses. But it trailed the 60/40 portfolio on both return and risk-adjusted return. The trend filter did its job in 2008. The rotation gained about 2% while the S&P 500 lost 37%. But the filter also switched it out of stocks in brief corrections. It was flat in 2010 while the S&P 500 gained 15%. Its worst drawdown ran from April to October 2010 and took until January 2013 to recover. It lost about 2% in 2016. In 2023 it gained under 4% while the S&P 500 gained 26%. Since the 2010 paper it has returned about 7% a year. With [simulated](https://tactfolio.com/docs/simulated-history.md) sector history, the test starts in 1960. Over that longer period it compounded at about 10.7% a year, about the same as the S&P 500, with a higher risk-adjusted return. It gained 8% in 1974 when the market lost a quarter. Its worst simulated drawdown, about 35%, came in the crash of October 1987. That crash happened too fast for a monthly trend check. These results are hypothetical. They come from running the rules on past prices, after trading costs, and they are not a track record. See [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for what the numbers can and cannot tell you. ## When does sector rotation struggle? It struggles in fast crashes, short dips and markets led by a few giant companies. - **Sudden crashes.** The hedge looks at the S&P 500 once a month, so a fast fall like 1987 hits a fully invested portfolio. - **Brief corrections.** A dip below the 10-month average moves everything to bills, often near the bottom. The portfolio can then miss the rebound. - **Narrow, mega-cap markets.** When a few very large companies drive the S&P 500, as in 2023, three equal-weight sectors can trail badly. ## How to try Faber's sector rotation on Tactfolio The live strategy at the top of this page runs these rules on month-end closes, with the 1/3/6/12-month score. Copy it to hold one or two sectors, or to rank on a single lookback such as 3 months. You could also add XLRE and XLC for a shorter but complete sector list. The ranking is a Rank block, which you can edit in the [visual builder](https://tactfolio.com/docs/builder.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - Rank: Top 3 · 1/3/6/12-month unweighted momentum (month-end) - **XLB** - **XLE** - **XLF** - **XLI** - **XLK** - **XLP** - **XLU** - **XLV** - **XLY** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Mebane Faber, Relative Strength Strategies for Investing (2010)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1585517) - Top 3 sectors, equal weight, with the paper's dynamic hedge: 100% Treasury bills while the S&P 500 is below its 10-month average. - A Rank scores by one reading, so this version ranks by the average of the 1-, 3-, 6-, and 12-month total returns between month-end closes; the 2010 paper also averages in the 9-month return. Leaving it out changed the holdings on 11% (Ivy) and 17% (sectors) of trading days from 2007 to 2026, and moved growth and the worst drawdown by under a point. - The nine original Select Sector SPDRs (XLB, XLE, XLF, XLI, XLK, XLP, XLU, XLV, XLY) stand in for the paper's ten Fama-French industry portfolios; real estate (XLRE) and communication services (XLC) arrived in 2015 and 2018 and are left out to keep the history. SPY stands in for the S&P 500 and BIL for Treasury bills. - As in the paper, the 10-month average is the average of the last ten month-end closes, the current one included. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Faber's sector rotation strategy? It is Mebane Faber's relative strength model for US sectors. It holds the three sectors with the strongest recent returns. It moves to Treasury bills when the S&P 500 is below its 10-month moving average. ### What ETFs does the sector rotation use? It uses the nine original Select Sector SPDRs: XLB, XLE, XLF, XLI, XLK, XLP, XLU, XLV and XLY. SPY is used for the trend test, and BIL is cash. ### How is it different from dual momentum? [Dual momentum](https://tactfolio.com/strategies/dual-momentum.md) switches between US stocks, foreign stocks, and bonds on 12-month returns. Faber's rotation stays inside US stocks and picks three sectors on a blend of shorter and longer lookbacks. It also uses a moving average, rather than Treasury bill returns, to step aside. ### Does sector rotation still work? Since the 2010 paper it has returned about 7% a year. Over the whole ETF-era test it roughly matched the S&P 500 on risk-adjusted return, with much smaller losses, but trailed a 60/40 portfolio. The live record on Tactfolio shows how it is doing now. ### Can I automate Faber's sector rotation? Yes. Copy the live strategy and run it in Trade, either on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when the monthly ranking or the trend filter calls for a change. It is long only, holds US-listed ETFs, and you pick the starting balance. --- # Trinity Portfolio (Meb Faber) > Meb Faber’s Trinity Portfolio: half global buy-and-hold, half trend-following momentum. Rules, backtest, yearly returns, and a live version. Meb Faber's Trinity Portfolio combines buy-and-hold with trend following. Half the money sits permanently in a global mix of stocks, bonds, and real assets at Faber's Global Asset Allocation weights, with value and momentum tilts in stocks. The other half, rebalanced monthly, holds the five strongest of those ten asset classes by average 1-, 3-, 6-, and 12-month return, each only while above its 10-month average, else Treasury bills. Designed by Mebane Faber, 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-trinity. The Trinity Portfolio is Meb Faber's way to combine buy-and-hold investing with trend following, set out in a Cambria white paper dated December 2016. Half the money stays in a fixed global mix. The other half holds the top five of the same ten asset classes, each only while it trades above its 10-month average. ## Key points - Half the portfolio is a fixed global mix of stocks, bonds and real assets. - The other half holds the top five of ten asset classes, each only while it is above its 10-month average. - Both halves are rebalanced once a month. - From December 2008 its worst drawdown was about 18%, against about a third for the S&P 500. - It grew about 7% a year, behind both the S&P 500 and a 60/40 portfolio. ## What is the Trinity Portfolio? The Trinity Portfolio is a split between a global buy-and-hold mix and a trend model. Faber first introduced it on his blog in 2015. **Buy-and-hold** means owning a fixed mix and not trading in and out. Faber builds it in three steps. 1. **Own the whole world.** Hold a global mix close to the market portfolio of stocks, bonds and real assets. Faber calls it Global Asset Allocation. 2. **Tilt the stocks.** Lean the stock holdings toward value and momentum, styles that have beaten market-cap weighting over long periods. 3. **Add trend following.** It has historically cut drawdowns. **Value** stocks look cheap next to what the company earns. **Momentum** stocks have risen more than others lately. **Market-cap weighting** sizes each company by its total stock market value. The name refers to those three elements. Faber splits the money evenly between the buy-and-hold mix and a trend model. Each tends to lag the other for years at a time, and investors struggle to stick with either alone. Holding both is meant to be easier to live with. ## How does the Trinity Portfolio work? Half of the Trinity Portfolio is buy-and-hold at Faber's Global Asset Allocation weights. | Asset class | Weight | Fund | | --- | --- | --- | | US stocks | 18% | IWD (value) and PDP (momentum) | | Developed-market stocks | 13.5% | International value (EFV) | | Emerging-market stocks | 4.5% | EEM | | US corporate bonds | 19.8% | LQD | | Long-term Treasuries | 13.5% | TLT | | Foreign government bonds | 14.4% | BWX | | TIPS | 1.8% | TIP | | Commodities | 5% | GSG | | Gold | 5% | GLD | | US real estate | 4.5% | VNQ | The other half follows a trend model Faber calls Global Trend. It runs at the close of the last trading day of each month. 1. Score the ten asset classes by the average of their 1-, 3-, 6- and 12-month returns, measured between month-end closes. US stocks are scored on the S&P 500 (SPY). 2. Take the top five, 10% of the whole portfolio each. 3. Hold each pick only while its price is above its 10-month average, the average of its last ten month-end closes. Otherwise hold Treasury bills (BIL) in its place. A chosen US stock slot holds IWD and PDP half each. **Treasury bills** are short-term loans to the US government, the usual stand-in for cash. Here is a made-up example. Gold ranks in the top five this month, but its price is below its 10-month average. So that 10% slot goes to BIL until gold is back above its average. Both halves are rebalanced monthly, which means trading back to the target weights. The paper's value and momentum tilts are Cambria's own stock, country and bond selection methods. So index funds with the same tilts stand in for them. The paper also does not name its momentum measure. This version borrows the one from Faber's GTAA Aggressive models. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/trinity-portfolio are recomputed after every market close. The ETF-era test starts in December 2008, once the foreign bond fund has enough history. Since then the Trinity Portfolio grew about 7% a year with a worst drawdown of about 18%. A **drawdown** is how far a portfolio falls from its last high point. The S&P 500 returned about 15% a year with a worst drawdown of about a third. A [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) returned about 10% with a worst drawdown near 21%. Trinity trailed the S&P 500 slightly on risk-adjusted return, which is the return for each unit of risk. It trailed the 60/40 portfolio on both return and risk-adjusted return. It was steady rather than strong. It lost 10% in 2022, about half the S&P 500's loss, and gained 20% in 2025, a little ahead of the market. But in 2013 it made 4% while the S&P 500 rose 32%, and it lost money in 2015 and 2018. Its worst drawdown came in the COVID crash, from January to March 2020, and it recovered by July 2020. Since the white paper it has returned about 7.5% a year. There is no [simulated history](https://tactfolio.com/docs/simulated-history.md) for this version. The foreign bond fund and the momentum fund have no modelled record before they launched. As with every backtest, these are hypothetical results from past prices, after trading costs. They are not a track record of real money. Our guide on [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains how to weigh them. ## When does the Trinity Portfolio struggle? - **US-led bull markets.** US stocks are under a fifth of the buy-and-hold half, while bonds are about half of it. - **Rising interest rates.** Corporate, long-term and foreign bonds make up about half of the fixed half. They tend to lose value together when rates rise. - **Sudden crashes.** The buy-and-hold half has no protection, and the trend half checks only once a month. ## How to try the Trinity Portfolio on Tactfolio The live strategy at the top of this page runs both halves on month-end closes, with index funds standing in for Cambria's tilts. Copy it to change the split between the halves. You can also compare the trend half with [GTAA Aggressive 6](https://tactfolio.com/strategies/gtaa-aggressive-6.md), or see the [Ivy Portfolio](https://tactfolio.com/strategies/ivy-portfolio.md) from Faber's earlier book. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Specified - Weight: Specified - **IWD** - **PDP** - **EFV** - **EEM** - **LQD** - **TLT** - **BWX** - **TIP** - **GSG** - **GLD** - **VNQ** - Rank: Top 5 · 1/3/6/12-month unweighted momentum (month-end) - Candidate: SPY - Weight: Equal - If: current price of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Specified - **IWD** - **PDP** - Otherwise: - Weight: Equal - **BIL** - Candidate: EFV - Weight: Equal - If: current price of EFV is above 10-month moving average of month-end closes of EFV - Then: - Weight: Equal - **EFV** - Otherwise: - Weight: Equal - **BIL** - Candidate: EEM - Weight: Equal - If: current price of EEM is above 10-month moving average of month-end closes of EEM - Then: - Weight: Equal - **EEM** - Otherwise: - Weight: Equal - **BIL** - Candidate: LQD - Weight: Equal - If: current price of LQD is above 10-month moving average of month-end closes of LQD - Then: - Weight: Equal - **LQD** - Otherwise: - Weight: Equal - **BIL** - Candidate: TLT - Weight: Equal - If: current price of TLT is above 10-month moving average of month-end closes of TLT - Then: - Weight: Equal - **TLT** - Otherwise: - Weight: Equal - **BIL** - Candidate: BWX - Weight: Equal - If: current price of BWX is above 10-month moving average of month-end closes of BWX - Then: - Weight: Equal - **BWX** - Otherwise: - Weight: Equal - **BIL** - Candidate: TIP - Weight: Equal - If: current price of TIP is above 10-month moving average of month-end closes of TIP - Then: - Weight: Equal - **TIP** - Otherwise: - Weight: Equal - **BIL** - Candidate: GSG - Weight: Equal - If: current price of GSG is above 10-month moving average of month-end closes of GSG - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - **BIL** - Candidate: GLD - Weight: Equal - If: current price of GLD is above 10-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** - Candidate: VNQ - Weight: Equal - If: current price of VNQ is above 10-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Meb Faber, The Trinity Portfolio: A Long-Term Investing Framework Engineered for Simplicity, Safety, and Outperformance (Cambria, 2016)](https://www.cambriainvestments.com/wp-content/uploads/2017/01/Trinity_WP_122816_A.pdf) - [Meb Faber, The Trinity Portfolio (2015)](https://mebfaber.com/2015/11/04/the-trinity-portfolio/) - Half is buy-and-hold at the paper's Global Asset Allocation weights: US stocks 18%, developed stocks 13.5%, emerging stocks 4.5%, corporate bonds 19.8%, 30-year Treasuries 13.5%, foreign 10-year bonds 14.4%, TIPS 1.8%, commodities 5%, gold 5%, and REITs 4.5%. The other half holds the top half of those ten asset classes, five at 10% each, by momentum, each only while above its 10-month average, else Treasury bills. Both halves are rebalanced monthly. - The paper's value and momentum tilts are Cambria's own stock, country, and bond selection strategies. Funds stand in: IWD (US large value) and PDP (US momentum) split the US stock weight, EFV (MSCI EAFE Value) replaces developed stocks, and BWX has no yield tilt. EEM, LQD, TLT, TIP, GSG, GLD, VNQ, and BIL cover the other asset classes. - In the trend half, the US stock slot is ranked and trend-tested on the S&P 500 (SPY) and, when chosen, holds IWD and PDP half each. - The paper says only that Global Trend sorts by momentum and resembles GTAA Aggressive; this version uses GTAA Aggressive's measure. Momentum is the plain average of the 1-, 3-, 6-, and 12-month total returns between month-end closes. - As in the paper, the 10-month average is the average of the last ten month-end closes, the current one included. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the Trinity Portfolio? It is Meb Faber's portfolio that puts half its money in a global buy-and-hold mix with value and momentum tilts. The other half goes to a trend-following model. That model holds the strongest asset classes while they are above their 10-month averages. ### What ETFs does the Trinity Portfolio use? This version uses IWD, PDP, EFV, EEM, LQD, TLT, BWX, TIP, GSG, GLD and VNQ. It uses SPY to score US stocks and BIL as cash. Cambria also runs an ETF based on the Trinity framework. ### Is the Trinity Portfolio the same as the Trinity study? No. The Trinity study is a well-known paper on safe withdrawal rates in retirement, by professors at Trinity University. Faber's Trinity Portfolio is an asset allocation strategy named after its three building blocks. ### Does the Trinity Portfolio still work? Since the white paper it has returned about 7.5% a year with a worst drawdown near 18%. Over the whole ETF-era test it returned less than a 60/40 portfolio. The live record on Tactfolio shows how it is doing now. ### Can I automate the Trinity Portfolio? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its monthly rules call for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # 12-Month High Switch (Meb Faber) > Hold five asset classes only while within 5% of their 12-month high, else 10-year Treasuries. Rules, backtest, yearly returns, and a live version. Meb Faber's 12-Month High Switch from his paper on buying at all-time highs. It splits the portfolio equally across US stocks, foreign stocks, real estate, gold, and commodities. At each month end, an asset within 5% of its highest close of the past year keeps its fifth; any asset further below its high moves its fifth to 10-year Treasuries until it gets back within 5%. Designed by Mebane Faber, 2020. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-12-month-high-switch. The 12-Month High Switch is a trend rule from Meb Faber's Cambria paper "All Time Highs. A Good Time to Invest? No. A Great Time.", written around 2020. It splits your money equally across five kinds of assets. Each one is held only while it is within 5% of its highest month-end price of the past year. Otherwise that fifth moves to 10-year Treasuries. ## Key points - The 12-Month High Switch holds five assets at 20% each and checks them once a month. - An asset stays in only while it is close to its 12-month high. - Any asset that falls more than 5% below that high is swapped for 10-year Treasuries. - It gained about 21% in 2008, when the S&P 500 lost 37%. - It re-enters late after crashes, and its Treasury fallback did not help in 2022. ## What is the 12-Month High Switch? The 12-Month High Switch is a monthly rule that keeps an asset only while it trades near its recent peak. Many investors are nervous about buying when a market is at or near a record high. Faber's paper argues the opposite. Markets near their highs are usually in uptrends, and trends tend to persist. A market that has fallen well below its high is already in a drawdown that can get much deeper. A drawdown is how far an investment falls from its last high point. ## How does the 12-Month High Switch work? Once a month, each of five slices is checked on its own against its 12-month high. The portfolio holds five equal slices of 20%: - US stocks (SPY) - Developed-market stocks outside the US (EFA) - US real estate (VNQ) - Gold (GLD) - Commodities (GSG), raw goods such as oil, metals and crops At the close of the last trading day of each month, look at each fund's month-end close. If it is at least 95% of the highest of its last 12 month-end closes, the current one included, the slice holds the fund. If it is further below its high, the slice holds 10-year Treasuries (IEF), which are US government bonds. It stays there until the fund gets back within 5%. This matches the paper, which measures the 12-month high on monthly data. So a brief spike within a month does not set a new high. Here is a made-up example. Gold's highest month-end close in the past year was $200. This month it closes at $192, which is 96% of the high, so the gold slice keeps gold. If it closed at $188, which is 94%, the slice would move to IEF. ## Why does a 12-month high work as a trend signal? Being near a recent high is a simple sign that an asset is still in an uptrend. So the rule asks, once a month, whether each asset is close to its recent high. It is a cousin of the channel breakout systems used by trend followers for decades. A trend follower buys what is rising and steps aside from what is falling. It is also a cousin of Faber's own [10-month moving average rule](https://tactfolio.com/strategies/faber-10-month-moving-average.md). The paper also tested the same switch using the all-time high instead of the 12-month high. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/12-month-high-switch are recomputed after every market close. The ETF-era test starts in September 2007. Over that stretch the switch compounded at about 6.5% a year with a worst drawdown of about 18%. The S&P 500 returned about 11% a year but fell more than half. A [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) returned about 8% with a worst drawdown of about a third. The switch beat the S&P 500 on risk-adjusted return, which is return for each unit of risk taken. It edged out the 60/40 portfolio on that measure too. But it trailed the 60/40 portfolio on return. Its best moment was 2008. It gained about 21% as assets fell away from their highs and their slices moved into Treasuries, while the S&P 500 lost 37%. The flip side came in 2009. It re-entered late and ended the year roughly flat while stocks rose 26%. Its worst drawdown came from March to October 2022. Treasuries, its safe asset, fell along with stocks and real estate, and it took until September 2024 to recover. It lost 10% in 2022. Since the paper, it has returned about 7.5% a year. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in early 1981. Over that longer period it compounded at about 10% a year. That is below the S&P 500's return but with a much higher risk-adjusted return, and 2022 remained its worst drawdown. It gained in each of 2000, 2001, and 2002 while US stocks fell, and 15% in 2002 alone. None of this is a track record. These are hypothetical backtests that run the rule on past prices, after trading costs. See [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) for the limits of any backtest. ## When does the 12-Month High Switch struggle? The 12-Month High Switch struggles after sharp rebounds and when bonds fall. - **Sharp rebounds.** After a crash, assets can rise a long way before they get back within 5% of their highs, so it re-enters late. - **Falling bonds.** The safe asset is 10-year Treasuries, which offer no shelter when rates rise quickly, as in 2022. - **Strong US stock markets.** Only a fifth of the portfolio is ever in US stocks. ## How to try the 12-Month High Switch on Tactfolio The live strategy at the top of this page runs the rule on month-end closes, as in the paper. Copy it to use Treasury bills as the safe asset or to change the 5% band. You can edit both in the [visual builder](https://tactfolio.com/docs/builder.md). You can also compare it with the moving-average version, [GTAA 5](https://tactfolio.com/strategies/global-tactical-asset-allocation.md). For a single-fund trend rule, see the [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 12-month month-end high ratio of SPY is at least 0.95 - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **IEF** - If: 12-month month-end high ratio of EFA is at least 0.95 - Then: - Weight: Equal - **EFA** - Otherwise: - Weight: Equal - **IEF** - If: 12-month month-end high ratio of VNQ is at least 0.95 - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - **IEF** - If: 12-month month-end high ratio of GLD is at least 0.95 - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **IEF** - If: 12-month month-end high ratio of GSG is at least 0.95 - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - **IEF** ## Sources and caveats - [Meb Faber, All Time Highs. A Good Time to Invest? No. A Great Time. (Cambria)](https://www.cambriainvestments.com/wp-content/uploads/2024/02/Cambria-AllTimeHighs.pdf) - [Meb Faber, All Time Highs (SSRN)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5271319) - Each asset is held while its month-end close is at least 95% of the highest of its last 12 month-end closes, the current one included, else 10-year Treasuries, at a fixed 20% each, as in the paper's five-asset portfolio, which measures the high on monthly data. - SPY, EFA, VNQ, GLD, GSG, and IEF stand in for the paper's US stock, foreign stock, REIT, gold, commodity, and 10-year Treasury series. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the 12-Month High Switch? It is Meb Faber's rule for when to hold an asset. You hold it only while its month-end price is within 5% of its highest month-end price of the past 12 months. Otherwise it holds 10-year Treasuries. His portfolio applies it to five asset classes at 20% each. ### Is it a good idea to invest at all-time highs? Faber's paper found that markets near their highs usually kept rising. It also found that avoiding markets well below their highs cut drawdowns. On this backtest the switch had much smaller losses than the S&P 500 but also lower returns. ### What ETFs does the 12-Month High Switch use? It uses SPY, EFA, VNQ, GLD, and GSG, with IEF as the safe asset. ### How is it different from a moving average strategy? A moving average rule asks whether the price is above its recent average. A moving average is the average of the last several closing prices. The 12-month high rule asks whether the price is close to its recent peak. GTAA 5 uses the moving average on a similar list of asset classes, with Treasury bills as cash. ### Can I automate the 12-Month High Switch? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade checks it on a daily schedule and only trades when the monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Mama Bear Portfolio (Muscular Portfolios) > Brian Livingston’s Mama Bear holds the top three of nine funds, cash included, by five-month return. Rules, backtest, yearly returns, and a live version. Brian Livingston's Mama Bear from Muscular Portfolios. Each month it ranks nine funds by their five-month total return: US large and small stocks, developed and emerging stocks, real estate, commodities, gold, long Treasuries, and short Treasuries as cash. It holds the top three in equal parts, so it moves to cash only when cash out-ranks the risky assets. Designed by Brian Livingston, 2018. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/livingston-mama-bear. The Mama Bear Portfolio is a monthly momentum strategy from Brian Livingston's 2018 book *Muscular Portfolios*, the middle of its three portfolios. Once a month it ranks nine funds by their return over the past five months and holds the top three in equal parts. One of the nine is a short-term Treasury fund that acts as cash. ## Key points - Mama Bear checks once a month and holds three of nine funds, a third each. - It ranks the funds by their total return over the past five months. - A cash fund sits in the ranking, so it can step aside when most markets fall. - In 2008 it gained about 8% while the S&P 500 lost 37%. - It has lagged in strong stock markets and trailed the S&P 500 in most years since 2018. ## What is the Mama Bear Portfolio? The Mama Bear Portfolio is a "muscular" portfolio that adds momentum to low-cost index funds. **Momentum** means that assets that have risen most over recent months tend to keep leading for a while. Livingston argues that a fixed mix of index funds, the "lazy portfolio," leaves you fully exposed to every bear market. A bear market is a long, deep fall in prices. His muscular portfolios keep the low costs of index funds but follow momentum. The rules come from CXO Advisory's Simple Asset Class ETF Momentum Strategy, which Livingston credits. Mama Bear is one of many momentum models in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). ## How does Mama Bear protect against falling markets? Mama Bear's defense is built into the ranking itself. Short-term Treasuries sit in the list with the stock, real estate, commodity, and bond funds. When most risky assets are falling, cash climbs the ranking. It then takes one or more of the three slots. There is no separate market-timing signal. ## How does the Mama Bear Portfolio work? Mama Bear trades at the close of the last trading day of each month. 1. Find the total return over the past five months (105 trading days) for each of the nine funds listed below. 2. Hold the three with the highest return, a third each. 3. Repeat next month, and reset to equal weights. The nine funds are: - US large caps (IWB) and US small caps (IJR) - Developed-market stocks (EFA) and emerging-market stocks (VWO) - US real estate (VNQ), commodities (DBC), and gold (IAU) - Long-term Treasuries (TLT) - Short-term Treasuries as cash (SHV) Here is a made-up example. At a month end, gold is up most, then US small caps, then cash. All other funds are lower. You hold IAU, IJR, and SHV, a third each. Livingston names Vanguard funds for several of these. IWB, IJR, EFA, DBC, and TLT stand in for VONE, VIOO, VEA, PDBC, and VGLT, which launched later. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/mama-bear-portfolio are recomputed after every market close. Over the ETF era, from mid-2007, Mama Bear returned a little less than the S&P 500. Its worst drawdown was less than half as deep. A **drawdown** is how far a portfolio falls from its last high point. On risk-adjusted return it beat the S&P 500 but slightly trailed a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Risk-adjusted return is how much you earned for each unit of risk. In 2008 it gained about 8% while the S&P 500 lost 37%. Commodities and gold led the ranking early in the year. Treasuries, gold, and cash took over from the autumn. It then lagged in strong stock markets. In 2019, 2020, 2023, and 2024 it trailed the S&P 500 by 18 to 27 percentage points. In 2015 it lost 12% while stocks were roughly flat. In 2020 it held stocks into the February crash. It then moved to Treasuries, gold, and cash and missed most of the rebound. Its worst drawdown, about 25%, ran from August 2018 to March 2020. It was recovered in January 2021. Since the book came out in early 2018 it has returned about 6% a year. It trailed the S&P 500 in six of the eight full years. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in late 2000 and looks better, near 11% a year. A gain in 2002 helped, a year when the S&P 500 fell 22%. Keep in mind that every figure above is a hypothetical backtest. It runs the rules on past prices after trading costs, and it is not a track record. Our note on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) covers the main traps. ## When does Mama Bear struggle? Mama Bear struggles when markets turn fast or one market leads for years. - **Sharp reversals.** A five-month signal checked once a month is slow to react to a crash that unfolds in weeks, as in early 2020. - **Narrow bull markets.** When large US stocks lead year after year, it often holds other assets. - **Whipsaws.** When leadership keeps changing, it can buy an asset near the end of its run. A whipsaw is a signal that flips you in and then out at a loss. ## How to try Mama Bear on Tactfolio The live strategy at the top of this page runs these rules with the stand-in funds named here. It goes back to equal weights every month. Livingston only trims a holding that has drifted more than 20% from its target. Copy it to try the book's own Vanguard tickers or a different lookback. You can also compare it with [Papa Bear](https://tactfolio.com/strategies/papa-bear-portfolio.md) and [Baby Bear](https://tactfolio.com/strategies/baby-bear-portfolio.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 3 · 105d cumulative return - **IWB** - **IJR** - **EFA** - **VWO** - **VNQ** - **DBC** - **IAU** - **TLT** - **SHV** ## Sources and caveats - [Brian Livingston, Mama Bear Portfolio (MuscularPortfolios.com)](https://muscularportfolios.com/mama-bear/) - [Brian Livingston, Muscular Portfolios: The Investing Revolution for Superior Returns with Lower Risk (BenBella, 2018)](https://muscularportfolios.com/) - Longer-lived funds on the same or nearest index stand in for the book's Vanguard ETFs: IWB for VONE (Russell 1000), IJR for VIOO (S&P SmallCap 600), EFA for VEA (developed markets), DBC for PDBC (the same commodity strategy), and TLT for VGLT (long Treasuries). VWO, VNQ, IAU, and SHV are the book's own. - Five months is 105 trading sessions, as on the Muscular Portfolios site. The site ranks on the close of the day before trading; here the ranking and the trade share the month-end close. - Livingston says a holding need not be trimmed back to an equal share unless it drifts more than 20% from its target; this version restores equal weights every month. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the Mama Bear Portfolio? It is a momentum portfolio from Brian Livingston's book *Muscular Portfolios* (2018). Each month it holds the three strongest of nine funds by five-month return. A cash fund sits in the ranking, so it can step aside from falling markets. ### What ETFs does Mama Bear use? The book lists VONE, VIOO, VEA, VWO, VNQ, PDBC, IAU, VGLT, and SHV. This version uses IWB, IJR, EFA, DBC, and TLT for the five that launched later. That lets the test go further back. ### What are muscular portfolios? Muscular portfolios are Brian Livingston's three model portfolios: Baby Bear, Mama Bear, and Papa Bear. Mama Bear and Papa Bear add momentum to low-cost index funds. Baby Bear is a plain stock and bond mix. ### How is Mama Bear different from Papa Bear? Mama Bear ranks nine funds on five-month returns and can hold cash. Papa Bear ranks thirteen funds on an average of longer returns and has no cash fund. So Papa Bear is always invested in stocks, bonds, or commodities. ### Does Mama Bear still work? Since 2018 it has made money, about 6% a year. But it trailed the S&P 500 and the simpler Baby Bear. It still kept its worst loss near a quarter of the portfolio. The live record on Tactfolio shows how it is doing now. ### Can I automate the Mama Bear Portfolio? Yes, copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade checks it on a daily schedule, but it only trades when the monthly ranking calls for a change. It is long only and holds US-listed ETFs. You set the starting balance it uses. --- # Papa Bear Portfolio (Muscular Portfolios) > Brian Livingston’s Papa Bear holds the top three of thirteen asset-class funds by blended momentum. Rules, backtest, yearly returns, and a live version. Brian Livingston's Papa Bear from Muscular Portfolios, adapted from Mebane Faber's momentum rotation. Each month it ranks thirteen funds (US value and growth stocks in large and small sizes, developed and emerging stocks, real estate, commodities, gold, and four kinds of bonds) by the average of their 1-, 3-, 6-, and 12-month returns (the book averages 3, 6, and 12) and holds the top three in equal parts. It has no cash rule and is always invested. Designed by Brian Livingston, 2018. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/livingston-papa-bear. The Papa Bear Portfolio is a monthly momentum strategy from Brian Livingston's 2018 book *Muscular Portfolios*, the largest of its three portfolios. Once a month it ranks thirteen funds covering stocks, real estate, commodities, gold, and bonds by their average return over the past several months. It holds the top three in equal parts. ## Key points - Papa Bear checks once a month and holds three of thirteen funds, a third each. - It scores each fund by an average of its 1-, 3-, 6-, and 12-month returns. - It has no cash fund, so its defense comes from the bond funds in the list. - Its worst drawdown was about 22% since early 2007, against 55% for the S&P 500. - It lagged badly in calm, rising years, trailing the S&P 500 by 19 to 24 percentage points in 2019 and 2023. ## What is the Papa Bear Portfolio? The Papa Bear Portfolio is a rotation that uses momentum across many kinds of assets. **Momentum** means that assets that have risen lately tend to keep rising for a while. Livingston adapted it from the rotation in Mebane Faber's 2013 update of his [tactical allocation paper](https://tactfolio.com/strategies/global-tactical-asset-allocation.md). That paper ranks asset classes by an average of several lookback periods. A **lookback** is the stretch of past time a rule measures. Averaging short and long periods favors trends that have lasted, not a single strong month. Papa Bear is one of the momentum models in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). ## How does Papa Bear protect against losses? Papa Bear's defense comes from the four bond funds in its list. When stocks and commodities fall, Treasuries and other bonds tend to rise to the top of the ranking. Unlike [Mama Bear](https://tactfolio.com/strategies/mama-bear-portfolio.md), it has no cash fund and no trend filter. Livingston's stated aim is to keep drawdowns below 20 to 25%. A **drawdown** is how far a portfolio falls from its last high point. ## How does the Papa Bear Portfolio work? Papa Bear trades at the close of the last trading day of each month. 1. Score each of the thirteen funds below by the average of its 1-, 3-, 6-, and 12-month total returns. 2. Hold the three with the highest score, a third each. 3. Repeat next month, and reset to equal weights. The thirteen funds are: - US large value (VTV) and large growth (VUG) - US small value (IJS) and small growth (IJT) - Developed-market stocks (EFA) and emerging-market stocks (VWO) - US real estate (VNQ), commodities (DBC), and gold (IAU) - Long-term Treasuries (TLT) and intermediate Treasuries (IEF) - Corporate bonds (LQD) and aggregate bonds (AGG) Here is a made-up example. Gold's four returns average out to the highest score. TLT and IEF come next. All three of the top picks are defensive, so the portfolio sits in gold and Treasuries that month. ## How does this version differ from the book? This version adds a 1-month return to the score, which picked the same funds on 86% of trading days since 2007. The returns are measured over 21, 63, 126, and 252 trading days. The Muscular Portfolios site averages only the 3-, 6-, and 12-month returns (63, 126, and 252 trading days). A Tactfolio Rank scores by one reading. So this version adds the 1-month return and uses the 1/3/6/12-month average. The site ranks on the close of the day before trading. Here the ranking and the trade share the month-end close. Several funds stand in for Vanguard ETFs in the book that launched later. IJS, IJT, EFA, DBC, TLT, IEF, and LQD stand in for VIOV, VIOG, VEA, PDBC, EDV, VGIT, and VCLT. AGG stands in for the hedged international bond fund BNDX. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/papa-bear-portfolio are recomputed after every market close. Over the ETF era, from early 2007, Papa Bear returned somewhat less than the S&P 500. Its worst drawdown was about 22% against the S&P 500's 55%. It beat the S&P 500 on risk-adjusted return, which is the return for each unit of risk. But it trailed a plain [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Its best years were crisis years. In 2008 it gained about 6% while the S&P 500 lost 37%. It moved from commodities and gold into Treasuries as the year went on. In 2020 it gained 25%. It held Treasuries and gold through the crash and growth stocks afterward. It also lost less than the S&P 500 in 2022. In calm, rising markets it lagged. It trailed the S&P 500 by 19 to 24 percentage points in 2019 and 2023. Its worst drawdown ran from January 2015 to January 2016. In that choppy year the ranking switched between bonds, real estate, and stocks and was caught out several times. It took until November 2017 to recover. Since the book came out in early 2018 it has returned about 9% a year. That is the best of Livingston's three portfolios over that stretch. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in mid-2001 and returns about 11% a year. A gain in 2002 helped, a year when the S&P 500 fell 22%. Treat these numbers as a hypothetical backtest. They show what the rules would have done on past prices after trading costs, not a track record. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the gap. ## When does Papa Bear struggle? Papa Bear struggles when leadership keeps rotating or when stocks and bonds fall together. - **Rotating leadership.** When one asset class after another rises briefly and then falls, the average-return score buys late and sells late. - **Stock and bond losses together.** With no cash fund, a year like 2022 leaves few places for the ranking to hide. - **Strong US stock markets.** It holds at most three funds, often not the S&P 500's leaders. ## How to try Papa Bear on Tactfolio The live strategy at the top of this page runs these rules with the stand-in funds and the 1/3/6/12-month score named here. It goes back to equal weights every month. Livingston only trims a holding that has drifted more than 20% from its target. Copy it to compare with Faber's [GTAA Aggressive 3](https://tactfolio.com/strategies/gtaa-aggressive-3.md), which adds a trend filter. Or compare it with Mama Bear and the plain stock and bond [Baby Bear](https://tactfolio.com/strategies/baby-bear-portfolio.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 3 · 1/3/6/12-month unweighted momentum - **VTV** - **VUG** - **IJS** - **IJT** - **EFA** - **VWO** - **VNQ** - **DBC** - **IAU** - **TLT** - **IEF** - **LQD** - **AGG** ## Sources and caveats - [Brian Livingston, Papa Bear Portfolio (MuscularPortfolios.com)](https://muscularportfolios.com/papa-bear/) - [Brian Livingston, Muscular Portfolios: The Investing Revolution for Superior Returns with Lower Risk (BenBella, 2018)](https://muscularportfolios.com/) - The site ranks on the average of the 3-, 6-, and 12-month total returns, over 63, 126, and 252 trading sessions. A Rank scores by one reading, so this version ranks by the average of the 1-, 3-, 6-, and 12-month returns over 21, 63, 126, and 252 sessions. The added 1-month return changed the holdings on about one trading day in seven from 2007 to 2026, and moved growth and the worst drawdown by under half a point. - The site ranks on the close of the day before trading; here the ranking and the trade share the month-end close. - Longer-lived funds stand in for the book's Vanguard ETFs: IJS and IJT for VIOV and VIOG (the same S&P SmallCap 600 value and growth indexes), EFA for VEA, DBC for PDBC, TLT for EDV (extended-duration Treasuries), IEF for VGIT, LQD for VCLT (long corporates), and AGG for BNDX (hedged international bonds; AGG tracked it more closely than unhedged BWX since 2013). VTV, VUG, VWO, VNQ, and IAU are the book's own. - Livingston says a holding need not be trimmed back to an equal share unless it drifts more than 20% from its target; this version restores equal weights every month. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the Papa Bear Portfolio? It is the most diversified momentum portfolio in Brian Livingston's *Muscular Portfolios* (2018). Each month it holds the three strongest of thirteen asset-class funds. It ranks them by an average of recent returns. ### What ETFs does Papa Bear use? The book lists VTV, VUG, VIOV, VIOG, VEA, VWO, VNQ, PDBC, IAU, EDV, VGIT, VCLT, and BNDX. This version keeps VTV, VUG, VWO, VNQ, and IAU. It uses longer-lived funds for the rest, so the test can start in 2007. ### How is Papa Bear different from Mama Bear? Papa Bear ranks thirteen funds on a blend of 3- to 12-month returns and has no cash fund. Mama Bear ranks nine funds on five-month returns and can move to cash. ### Does Papa Bear still work? Since 2018 it has returned about 9% a year with a worst drawdown near 21%, within Livingston's target. It has still trailed the S&P 500 in most strong years. The live record on Tactfolio shows how it is doing now. ### Can I automate the Papa Bear Portfolio? Yes, copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, but it only trades when the monthly ranking calls for a change. It is long only and holds US-listed ETFs. You pick the starting balance. --- # Baby Bear Portfolio (Muscular Portfolios) > Brian Livingston’s Baby Bear: 50% US stocks, 50% US bonds, rebalanced yearly on drift. Rules, backtest, yearly returns, and a live version. Brian Livingston's Baby Bear, the starter portfolio in Muscular Portfolios for small accounts: half the US total stock market and half the US total bond market. It is checked at each year end and rebalanced only when either half has drifted more than five percentage points from 50%. Designed by Brian Livingston, 2018. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/livingston-baby-bear. The Baby Bear Portfolio is a 50/50 mix of a US total stock market fund and a US total bond market fund. It is the simplest of the three portfolios in Brian Livingston's 2018 book *Muscular Portfolios*. Livingston offers it as a starter portfolio for accounts under about $10,000, rebalanced near the end of each year only when the mix has drifted. ## Key points - The Baby Bear Portfolio holds half stocks and half bonds in two broad index funds. - It checks the mix once a year and trades only if either half drifts more than five points. - Since late 2003 it returned about 7% a year, against 11% for the S&P 500. - It roughly halved the S&P 500's worst drop. - In 2022, when stocks and bonds fell together, it lost 16%. ## What is the Baby Bear Portfolio? The Baby Bear Portfolio is Livingston's low-maintenance choice for small accounts. His book is mostly about momentum portfolios, which move money toward what has risen lately. But he recognizes that trading several funds every month costs time and money that small accounts cannot justify. Baby Bear is his alternative. Two broad index funds give you a stake in thousands of stocks and bonds. A bond is a loan to a government or a company that pays interest. The bond half cushions stock market declines. His stated aim is performance close to the S&P 500 over a full bear and bull market cycle, with smaller drawdowns. A bear market is a long fall in prices and a bull market is a long rise. A drawdown is how far a portfolio falls from its last high point. ## Why is Baby Bear a useful yardstick? Baby Bear shows what a plain, low-cost mix can do, so you can judge busier strategies against it. If [Mama Bear](https://tactfolio.com/strategies/mama-bear-portfolio.md) or [Papa Bear](https://tactfolio.com/strategies/papa-bear-portfolio.md) cannot beat a 50/50 index mix after costs, their extra trading is not paying for itself. ## How does the Baby Bear Portfolio work? It holds two funds and checks them once a year. - Hold 50% in the US total stock market (VTI) and 50% in US aggregate bonds (AGG). Aggregate bonds means a broad mix of US government and company bonds. - At the close of the last trading day of each year, check the mix. - If either half has drifted more than five percentage points from 50%, rebalance both back to 50%. Otherwise leave it alone. To rebalance means to sell some of what has grown and buy some of what has shrunk, until the weights are back on target. Here is a made-up example. After a strong year for stocks, VTI has grown to 54% of the account. That is only four points off, so you do nothing. If it had grown to 57%, you would sell some VTI and buy AGG until both are back at 50%. Livingston names BND for bonds. AGG tracks the same index and has a few more years of history. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/baby-bear-portfolio are recomputed after every market close. Over the ETF era, from late 2003, Baby Bear returned well under the S&P 500, about 7% a year against 11%. So it fell short of Livingston's aim of matching the index over full cycles. It did cut the worst drawdown roughly in half. Against a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) it earned slightly less, with a smaller drawdown. Its risk-adjusted return, the return for each unit of risk, was about the same. Its worst drawdown, about 28%, came in the 2008 financial crisis. It ran from October 2007 to March 2009 and was recovered a year later. That year it lost 14% while the S&P 500 lost 37%. Its weakest recent year was 2022. Stocks and bonds fell together, and it lost 16%, nearly as much as the S&P 500. Since the book came out in early 2018 it has returned about 8% a year. That is more than Mama Bear and a little less than Papa Bear over the same period. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in late 1986 and returns near 9% a year with a much higher risk-adjusted return than the S&P 500. It roughly held its value through 2000 to 2002, losing under 5% in its worst of those years. The S&P 500 fell in each of them. These are backtests, so the results are hypothetical. They replay the rules on past prices after trading costs, and they are not a track record. See [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you rely on them. ## When does the Baby Bear Portfolio struggle? Baby Bear struggles when bonds fail to cushion stocks and when stocks rise fast. - **Stock and bond sell-offs together.** In 2022 the bond half fell with the stock half and gave little protection. - **Strong bull markets.** With half in bonds, it trails the S&P 500 whenever stocks rise quickly. - **Rising interest rates.** Aggregate bonds lose value when rates climb and can lag for years. ## How to try the Baby Bear Portfolio on Tactfolio The live strategy at the top of this page holds VTI and AGG and checks the five-point drift band once a year, as Livingston describes. Copy it to try BND, a different stock and bond split, or a regular yearly rebalance without the band. You can make each change in the [visual builder](https://tactfolio.com/docs/builder.md). For other simple, fixed mixes, see the [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md) and the rest of our [classic strategies](https://tactfolio.com/strategies/classics.md). ## The rules as implemented Runs yearly, rebalancing at 5% drift, with signals and trades at the close: - Weight: Specified - **VTI** - **AGG** ## Sources and caveats - [Brian Livingston, Baby Bear Portfolio (MuscularPortfolios.com)](https://muscularportfolios.com/baby-bear/) - [Brian Livingston, Muscular Portfolios: The Investing Revolution for Superior Returns with Lower Risk (BenBella, 2018)](https://muscularportfolios.com/) - AGG stands in for BND; both track the US aggregate bond index, and AGG has four more years of history. - Livingston rebalances near the end of each calendar year when either fund drifts more than 5% from its target; this version reads that as five percentage points and checks it at the close of the last trading day of each year. ## Common questions ### What is the Baby Bear Portfolio? It is a 50/50 mix of a US total stock market fund and a US total bond market fund. It comes from Brian Livingston's *Muscular Portfolios* (2018). It is meant for small accounts that should not trade often. ### What ETFs does Baby Bear use? Livingston names VTI and BND. This version uses VTI and AGG, which tracks the same bond index with more history. ### How often do you rebalance the Baby Bear Portfolio? You rebalance once a year, near year end. You do it only if either fund has drifted more than five percentage points from its 50% target. ### Is Baby Bear better than Mama Bear or Papa Bear? Over their ETF-era tests, which start in 2007, Mama Bear and Papa Bear returned more, around 9 to 10% a year against about 7%. They also had smaller worst drawdowns, because momentum moved them out of stocks in 2008. Since 2018, though, Baby Bear has beaten Mama Bear and come within a point a year of Papa Bear with far less trading. ### Can I automate the Baby Bear Portfolio? Yes. Copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, but it only trades when the yearly drift check calls for a change. It is long only, holds US-listed ETFs, and starts with the balance you choose. --- # Gold Cross-Asset Momentum (gold and Treasury rule) > Hold gold only while gold and Treasuries both rose over 12 months, else cash. Rules, backtest, yearly returns, and a live version. Cyril Dujava's gold timing rule from Quantpedia. At each month end it holds gold only while both gold and 7–10 year Treasuries have a positive 12-month total return; if either is flat or negative it holds Treasury bills until the next month end. Designed by Cyril Dujava (Quantpedia), 2026. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/dujava-gold-cross-asset-momentum. Gold Cross-Asset Momentum is a gold timing rule from Cyril Dujava of Quantpedia, in his January 2026 article *Cross-Asset Price-Based Regimes for Gold*. At each month end it holds gold only if both gold and 7 to 10 year Treasuries are up over the past 12 months. Otherwise it waits in Treasury bills. ## Key points - It checks two 12-month returns once a month: gold's and intermediate Treasuries'. - It holds 100% gold only when both are positive, and Treasury bills otherwise. - It lost 7% in 2008 while the S&P 500 lost 37%. - Its best year was 2025, up 51%. - It lost money five years in a row from 2012 through 2016 and did not regain its 2011 high until April 2020. ## What is Gold Cross-Asset Momentum? Gold Cross-Asset Momentum is a gold strategy that uses bond prices as a second check. **Momentum** here means a positive return over the past 12 months. **Cross-asset** means the trend of one asset helps decide whether to own another. **Treasuries** are bonds issued by the US government. The 7 to 10 year kind, held through IEF, are called intermediate Treasuries. Treasury bills (BIL) are the shortest kind and act like cash. ## How are gold and bonds linked? Gold and Treasuries often respond to the same force: falling real interest rates. A **real interest rate** is an interest rate after inflation. When bonds are rising, holding gold costs less in forgone interest, and gold has tended to do well. When bonds are falling, rates are usually climbing. Gold has had a harder time then, even when its own trend looked fine. Dujava sorted decades of monthly data into four groups by the direction of gold's and bonds' 12-month returns. Gold did best when both were positive. Using bond momentum as a second key removes some of the months gold's own trend would have held. Most of the removed months were weak ones. ## How does Gold Cross-Asset Momentum work? It runs once a month, at the close of the last trading day. 1. Measure the 12-month total return of gold (GLD) and of 7 to 10 year Treasuries (IEF), from the month-end close a year earlier. Total return counts price changes plus any income paid. 2. If both are above zero, hold 100% GLD for the next month. 3. If either is zero or negative, hold 100% Treasury bills (BIL). Here is a made-up example. Gold is up over the past year, but IEF is down. Bonds failed the test, so the rule holds BIL for the next month, even though gold's own trend is up. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/gold-cross-asset-momentum are recomputed after every market close. The ETF-era test starts in mid-2007, when the Treasury bill fund begins. Since then the strategy returned about 8% a year. That is level with a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md) and below the S&P 500's 11%. A **drawdown** is how far a portfolio falls from its last high point. Its worst drawdown, about a third, was shallower than the S&P 500's but slightly deeper than the 60/40's. Its risk-adjusted return trailed both. It held up in 2008, losing 7% while the S&P 500 lost 37%. In 2022 it made a small gain while stocks fell 18%. Its best year was 2025, up 51%. The cost of holding one volatile asset showed from 2012 through 2016, when it lost money five years in a row. That stretch produced its worst drawdown, from August 2011 to December 2016. It did not regain the 2011 high until April 2020. It has been live for less than a year since publication in early 2026. In that time it has fallen as much as a quarter from its peak. That is too short a record to judge. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1969 and looks stronger. It returned about 12% a year, a point more than the S&P 500. Its worst drawdown was near 35%, against 55%, with a better risk-adjusted return. Most of that came from the gold booms of the 1970s, with gains of 94% in 1973 and 104% in 1979. In the 1990s it mostly moved a few percent a year either way. Every number above comes from a backtest, which is hypothetical. It runs the rule on past prices, after trading costs, and is not a track record. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains why. ## When does Gold Cross-Asset Momentum struggle? It struggles in long gold bear markets, in sharp reversals, and when it is used as a whole portfolio. - **Long gold bear markets.** When gold drifts lower for years, as it did after 2011, the rule steps in and out and gives back money on each attempt. - **Sharp reversals.** A 12-month signal checked monthly holds gold through sudden drops, such as its fall of about a quarter in 2026. - **As a whole portfolio.** It is either all gold or all cash, so it can lag stocks for a decade. It makes more sense as a small sleeve, meaning one part of a bigger portfolio. ## How to try Gold Cross-Asset Momentum on Tactfolio The live strategy at the top of this page runs these rules with the source's own funds and month-end closes. The only change is that cash earns the Treasury bill fund's return instead of the federal funds rate. The **federal funds rate** is the overnight rate banks charge each other, which the Federal Reserve targets. Copy it to try a shorter lookback. You can also place it as the gold sleeve inside a larger portfolio in the [visual builder](https://tactfolio.com/docs/builder.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 12-month return (month-end) of GLD is above 0; 12-month return (month-end) of IEF is above 0 - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Cyril Dujava, Cross-Asset Price-Based Regimes for Gold (Quantpedia, 2026)](https://quantpedia.com/cross-asset-price-based-regimes-for-gold/) - Uses the source's own funds, GLD and IEF, and their 12-month total returns between month-end closes. - BIL stands in for the source's cash, which earns the effective federal funds rate. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Gold Cross-Asset Momentum? It is Cyril Dujava's 2026 rule for timing gold with two 12-month returns: gold's own and that of intermediate Treasuries. It holds GLD only when both are positive, and cash otherwise. ### Why does a bond signal help time gold? Bond prices rise when interest rates fall, and lower rates reduce the cost of holding gold, which pays no income. Requiring positive bond momentum filters out many months when gold's own trend was up but rates were working against it. ### What ETFs does it use? It uses GLD for gold and IEF for 7 to 10 year Treasuries as the signal. BIL is cash. ### How is it different from HAA or US Cross-Asset Momentum? All three use bond momentum to decide when to own a riskier asset. [HAA Simple](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md) watches TIPS, which are inflation-protected Treasuries, to time the S&P 500. [US Cross-Asset Momentum](https://tactfolio.com/strategies/cross-asset-momentum.md) uses Treasuries to time stocks. This rule applies the same idea to gold. ### Can I automate Gold Cross-Asset Momentum? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when the month-end test flips. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # US Cross-Asset Momentum (stock and Treasury timing) > Stocks when stocks and Treasuries beat bills, Treasuries when only they do, else cash. Rules, backtest, yearly returns, and a live version. A long-only US version of cross-asset time-series momentum from Pitkäjärvi, Suominen, and Vaittinen. Each month it compares the 12-month returns of US stocks and 7–10 year Treasuries with Treasury bills: it holds stocks when both beat bills, Treasuries when only Treasuries do, and bills otherwise. Designed by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/pitkajarvi-us-cross-asset-momentum. US Cross-Asset Momentum is a monthly strategy that chooses between US stocks, Treasuries and cash using a year of stock and bond returns. It is a long-only version of the cross-asset time-series momentum that Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen described in a 2016 working paper. The paper was published in the *Journal of Financial Economics* in 2020. ## Key points - US Cross-Asset Momentum checks once a month and holds one fund: stocks, Treasuries or Treasury bills. - It holds stocks only when both stocks and Treasuries have beaten Treasury bills over the past year. - Since August 2008 it returned about 6.5% a year and trailed a 60/40 mix on return, drawdown and risk-adjusted return. - It sidestepped the 2008 crash but held stocks through the fast 2020 crash, its worst drop. - It often sits in cash, which holds it back in rising markets. ## What is cross-asset momentum? Cross-asset momentum is the finding that one market's past returns help predict another's. Ordinary time-series momentum says an asset that has risen over the past year tends to keep rising. The authors found that stocks and bonds also carry information about each other. Strong bond returns have been followed by better stock returns. Strong stock returns have been followed by weaker bond returns. A common reading is that falling yields support stocks with a delay. A yield is the interest rate a bond pays, and it falls when bond prices rise. Meanwhile, a strong economy that lifts stocks eventually pushes yields up. ## Why combine stock and bond momentum? Using both markets' momentum gave a clearly better risk-adjusted return than an asset's own momentum alone. Risk-adjusted return means return for each unit of risk taken. The authors found this across their 20 developed markets. The paper trades long and short in every country. Short means betting on a fall, which Tactfolio does not do. This version, the one Allocate Smartly tests, keeps only the long side in the US. ## How does US Cross-Asset Momentum work? At the close of the last trading day of each month, the strategy compares three 12-month returns and holds one fund. 1. Measure the 12-month returns of the S&P 500 (SPY), 7 to 10 year Treasuries (IEF), and Treasury bills (BIL). Each runs from the month-end close a year earlier. 2. If both SPY and IEF beat BIL, hold 100% SPY. 3. If only IEF beats BIL, hold 100% IEF. 4. Otherwise hold 100% BIL. Treasuries are bonds issued by the US government. Treasury bills are the short-term kind, so they act like cash. Here is a made-up example. Over the past year SPY rose 15%, IEF rose 5% and BIL earned 4%. Both beat bills, so you hold SPY. If IEF had risen only 3%, it would trail bills, so you would hold BIL even though stocks were up. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/cross-asset-momentum are recomputed after every market close. Over the ETF era, from August 2008, the strategy returned about 6.5% a year. That compares with almost 13% for the S&P 500 and 8.8% for a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md). It trailed the 60/40 on return, on worst drawdown, and on risk-adjusted return. It sidestepped the 2008 crash and gained 12% from early August that year while the S&P 500 lost 27%. It made a small gain in 2022 when stocks fell 18%. Its weak years came in strong markets. In 2020 and 2021 it made less than 2% a year while the S&P 500 made 18% and 29%. Its worst drawdown, about a third, came from February to March 2020, when it was holding stocks through the crash. A drawdown is how far a portfolio falls from its last high point. It recovered by February 2021. Since the working paper appeared at the end of 2016 it has returned a little under 6% a year. Its risk-adjusted return has stayed close to its full-period figure. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1963 and returns about 10% a year, just below the S&P 500, with a far better risk-adjusted return. It made money in 1973, 1974, 2000, 2001, and 2002, years when US stocks fell. The 2020 crash remains its worst drawdown. All of these are hypothetical backtests on past prices, after trading costs, so they are not a track record. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) to see what a backtest can miss. ## When does US Cross-Asset Momentum struggle? US Cross-Asset Momentum struggles in sudden crashes and in bull markets where bonds lag. - **Sudden crashes.** With both 12-month signals positive going into early 2020, it held stocks through a fast decline. - **Strong bull markets with falling bonds.** When stocks rise but Treasuries lag bills, it sits in cash and misses the gains. - **Frequent cash.** It often holds neither asset, which lowers returns in rising markets. ## How to try US Cross-Asset Momentum on Tactfolio The live strategy at the top of this page runs these rules on SPY, IEF, and BIL, with each 12-month return read from month-end closes. It is a simplified form of the paper: no short positions, one country, and no volatility scaling. Copy it to try TLT or TIP as the bond signal, or add it beside a trend strategy such as [Faber's 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md). [Tactical Risk Rotation](https://tactfolio.com/strategies/tactical-risk-rotation.md) is another rule that reads the bond market to decide when to hold stocks. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 12-month return (month-end) of IEF is above 12-month return (month-end) of BIL - Then: - Weight: Equal - If: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, Cross-Asset Signals and Time Series Momentum, Journal of Financial Economics (2020)](https://doi.org/10.1016/j.jfineco.2019.02.011) - [Pitkäjärvi, Suominen, and Vaittinen, Cross-Asset Signals and Time Series Momentum (SSRN, 2016)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2891434) - The paper trades long and short in 20 developed markets with volatility-scaled positions. This version keeps only its long signals in the US: stocks when both excess returns are positive, bonds when bonds are positive and stocks negative, and Treasury bills otherwise, as Allocate Smartly tests it. - SPY and IEF stand in for the paper's US stock index and government bond index; excess returns are 12-month returns between month-end closes, measured against BIL's. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is cross-asset momentum? It is the finding that one market's past returns help predict another's. In Pitkäjärvi, Suominen, and Vaittinen's study, rising bonds predicted rising stocks. Rising stocks predicted falling bonds. ### What ETFs does US Cross-Asset Momentum use? It uses SPY for US stocks, IEF for 7 to 10 year Treasuries, and BIL for Treasury bills. BIL serves both as the hurdle and as the cash holding. ### How is it different from dual momentum? [Dual momentum](https://tactfolio.com/strategies/dual-momentum.md) asks whether stocks themselves beat bills. This strategy also requires Treasuries to beat bills before it owns stocks. It holds Treasuries only when stocks are weak. ### Does cross-asset momentum still work? Since the paper first circulated in 2016 the US version has earned a little under 6% a year. Over the whole ETF era it trailed a 60/40 portfolio. The live record on Tactfolio shows how it is doing now. ### Can I automate US Cross-Asset Momentum? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when the monthly check picks a different fund. It is long only, holds US-listed ETFs, and starts with the balance you choose. --- # US Risk Parity Trend-Following (The Trend is Our Friend) > Five US asset classes sized by volatility, each moved to cash below its 10-month average. Rules, backtest, yearly returns, and a live version. The US version of risk parity trend following from Clare, Seaton, Smith, and Thomas. It spreads the portfolio over large-cap stocks, small-cap stocks, 7–10 year Treasuries, commodities, and real estate, giving calmer assets larger shares. Each month any asset below its 10-month average has its share moved to Treasury bills. Designed by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/clare-us-risk-parity-trend. US Risk Parity Trend-Following is a monthly strategy that applies the method of *The Trend is Our Friend* to five US asset classes. The paper, by Andrew Clare, James Seaton, Peter N. Smith and Stephen Thomas, first appeared as a working paper in 2012 and in the *Journal of Behavioral and Experimental Finance* in 2016. Each asset gets a share sized by its volatility, and any asset below its 10-month average has its share moved to Treasury bills. ## Key points - It holds five US funds: large-cap stocks, small-cap stocks, Treasuries, commodities and real estate. - Calmer funds get bigger shares, so Treasuries usually get the largest slice. - Any fund below its 10-month average has its share moved to Treasury bills. - From mid-2007 its worst drawdown was about 11%, against 55% for the S&P 500. - The cost is low returns: about 4.2% a year over that span. ## What is risk parity trend following? Risk parity trend following is a mix of two well-known tools: sizing by risk and stepping aside from falling assets. - **Risk parity** gives each asset a weight in inverse proportion to its volatility. **Volatility** is how much a price swings. Calm assets such as Treasuries get large shares, and volatile ones such as small caps get small shares. So no single asset drives most of the portfolio's risk. - **Trend following**, in the form Mebane Faber made popular, holds an asset only while its price is above its 10-month average. In the authors' tests, risk parity alone matched the return of an equal-weighted mix with much lower volatility. Trend following alone cut its drawdowns. Together they gave a higher risk-adjusted return than either, with much smaller drawdowns. Each asset keeps its slot even while in cash. So the portfolio never piles into whatever is left standing. ## How does US Risk Parity Trend-Following work? It sizes and checks five funds at the close of the last trading day of each month. 1. Measure each fund's volatility over the past year. The funds are large-cap stocks (SPY), small-cap stocks (IWM), 7 to 10 year Treasuries (IEF), commodities (DBC) and real estate (VNQ). 2. Give each fund a share in proportion to one over its volatility, so the calmest funds get the most. 3. For each fund, hold it if its price is above its 10-month average, the average of its last ten month-end closes. Otherwise hold its share in Treasury bills (BIL). The other shares do not grow to fill the gap. **Treasury bills** are short-term loans to the US government, the usual stand-in for cash. A **moving average**, like the 10-month average here, is the average price over a set time. As in the paper, each share comes from the fund's own volatility even while that share sits in bills. So the calmest fund, usually IEF, gets the largest slice. Here is a made-up example. Say the volatility math gives IEF a 40% share and VNQ a 15% share. If VNQ closes the month below its 10-month average, that 15% goes to BIL. IEF stays at 40%, and the other funds keep their shares too. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/us-risk-parity-trend-following are recomputed after every market close. Over the ETF era, from mid-2007, the strategy returned about 4.2% a year. That is well below the S&P 500's 11% and a [60/40 mix's](https://tactfolio.com/strategies/60-40-portfolio.md) 8%. In exchange it was far steadier. Its worst drawdown was about 11%, against 55% for the S&P 500 and a third for the 60/40. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return, the return for each unit of risk, beat the S&P 500's. It was slightly below the 60/40's. That worst drawdown ran from November 2021 to March 2023, through the rate rises of 2022. It took until September 2024 to recover. In 2008 it gained 4% while the S&P 500 lost 37%. In 2022 it lost 6.5%, about a third of the S&P 500's loss. In 2023 it lost 1% while stocks rebounded 26%. Its best year was 2021, up 13%. Since the journal version appeared in 2016 it has returned about 5% a year. Its risk-adjusted return was better than over the full period, and its worst fall was about 11%. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1969 and returns about 9% a year, close to the S&P 500's 11%. Its risk-adjusted return was more than twice as high. Its worst drawdown was about 11%, in the October 1987 crash. It gained in 1974 and in 2000 to 2002 while stocks fell. Higher bill and bond yields before 2008 helped. Before 1980, gold stands in for the commodity fund. Every number above is from a hypothetical backtest on past prices, after trading costs. It is not a track record. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains why. ## When does US Risk Parity Trend-Following struggle? - **Low interest rates.** Much of the portfolio sits in bills or bonds at any time. So returns shrink when yields are near zero. - **Rising rates.** Treasuries usually get the largest share, and they fell with stocks in 2022. - **Sharp rebounds.** Assets that dropped below trend come back only at a month end, after much of a recovery. ## How to try US Risk Parity Trend-Following on Tactfolio The live strategy at the top of this page runs these rules with the paper's 10-month average of month-end closes. It measures volatility from a year of daily returns in place of twelve monthly returns. It uses dividend-adjusted prices for the trend test. Copy it to change the funds or the volatility window. You can also compare it with the equal-weighted [GTAA 5](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), which uses the same trend filter. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Bottom 5 · 252d volatility - Candidate: SPY - Weight: Equal - If: current price of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** - Candidate: IWM - Weight: Equal - If: current price of IWM is above 10-month moving average of month-end closes of IWM - Then: - Weight: Equal - **IWM** - Otherwise: - Weight: Equal - **BIL** - Candidate: IEF - Weight: Equal - If: current price of IEF is above 10-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: DBC - Weight: Equal - If: current price of DBC is above 10-month moving average of month-end closes of DBC - Then: - Weight: Equal - **DBC** - Otherwise: - Weight: Equal - **BIL** - Candidate: VNQ - Weight: Equal - If: current price of VNQ is above 10-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, The Trend is Our Friend: Risk Parity, Momentum and Trend Following in Global Asset Allocation (2016)](https://openaccess.city.ac.uk/id/eprint/17841/) - [Clare, Seaton, Smith, and Thomas, The Trend is Our Friend (SSRN working paper, 2012)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2126478) - The paper uses five global indexes; this US adaptation, tested by Allocate Smartly, holds SPY, IWM, IEF, DBC, and VNQ. - Each asset is weighted by the inverse of its own trailing volatility, and an asset below its 10-month average keeps that weight in Treasury bills, as in the paper; the portfolio is not renormalized. - The trend test compares the month-end close with the average of the last ten month-end closes, as in the paper. The weights use the volatility of the last 252 daily returns instead of 12 monthly returns, because the builder sizes risk weights from daily returns. - Prices are dividend-adjusted; the paper uses price indexes for stocks and real estate. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is risk parity trend following? It is a portfolio that sizes each asset by the inverse of its volatility. It holds each one only while it is above its 10-month moving average, and moves that asset's share to Treasury bills otherwise. Clare, Seaton, Smith and Thomas tested it in *The Trend is Our Friend*. ### What ETFs does the US version use? It uses SPY, IWM, IEF, DBC and VNQ as the five asset classes, and BIL for cash. The paper itself used five global indexes. See the [global version](https://tactfolio.com/strategies/global-risk-parity-trend-following.md). ### How is it different from GTAA 5? GTAA 5 gives each of its five assets an equal fifth. This strategy gives calmer assets more weight, which tends to lower both volatility and return. ### Why does it hold so much cash? Each asset's share goes to Treasury bills whenever that asset is below its 10-month average, and some asset usually is. Its share stays in bills until the asset recovers. ### Can I automate this risk parity strategy? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when its monthly rules call for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Global Risk Parity Trend-Following (Clare et al.) > Five global asset classes sized by volatility, each moved to cash below its 10-month average. Rules, backtest, yearly returns, and a live version. Risk parity trend following across the five global asset classes of Clare, Seaton, Smith, and Thomas: developed and emerging stocks, government bonds, commodities, and real estate. Calmer assets get larger shares, and each month any asset below its 10-month average has its share moved to Treasury bills. Designed by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/clare-global-risk-parity-trend. Global Risk Parity Trend-Following is the main portfolio from *The Trend is Our Friend*, a paper by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas. It was a working paper in 2012 and was published in the *Journal of Behavioral and Experimental Finance* in 2016. It holds five global asset classes, gives calmer ones larger shares, and moves any asset below its 10-month average into Treasury bills. ## Key points - It holds five global funds: two stock funds, one bond fund, commodities and real estate. - Calmer funds get bigger shares, so no single fund drives the risk. - Any fund below its 10-month average is swapped for Treasury bills. - Since January 2013 its worst drawdown was about 12%, smaller than a 60/40 mix's 21%. - The catch is low returns: about 3% a year over that time, far behind the S&P 500. ## What is risk parity trend following? Risk parity trend following is a mix of two simple rules meant to cut deep losses in a diversified portfolio. The authors asked if the two rules could fix the main weakness of buy-and-hold. That weakness is deep losses when stocks, commodities, and property fall together. - **Risk parity** sizes each asset by one over its volatility. **Volatility** is how much a price swings up and down. So government bonds carry a large share, and no single asset dominates the portfolio's risk. - **Trend following** sells an asset when its price drops below its 10-month average. It buys the asset back when it recovers. A **moving average** is the average price over a set stretch, here the last ten month-end closes. In their sample each rule helped on its own. The combination gave the best risk-adjusted return, with much smaller drawdowns. The paper also tried trend following across many single markets. This page covers its five-asset-class portfolio. ## How does Global Risk Parity Trend-Following work? It runs once a month, at the close of the last trading day. 1. Measure each of five funds' volatility over the past year. 2. Give each fund a share in proportion to one over its volatility, so the calmest funds get the most. 3. For each fund, hold it if its price is above its 10-month average. Otherwise hold its share in Treasury bills (BIL), short-term US government debt that acts like cash. The other shares do not grow to fill the gap. These are the five funds: | Asset class | Fund | | --- | --- | | Developed-market stocks | URTH | | Emerging-market stocks | EEM | | International government bonds | BWX | | Commodities | DJP | | Global real estate | RWO | As in the paper, each share comes from the fund's own volatility, even while that share sits in bills. Here is a made-up example. Say the bond fund swings half as much as a stock fund. Then the bond fund gets about twice the share. If that stock fund then drops below its 10-month average, its share moves to BIL, and the bond share stays the same size. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/global-risk-parity-trend-following are recomputed after every market close. The test starts in January 2013, a year after URTH launched. Since then the strategy returned about 3% a year. That is far behind the S&P 500's 15% and a [60/40 mix's](https://tactfolio.com/strategies/60-40-portfolio.md) 9%. It trailed the 60/40 on risk-adjusted return too. But its worst drawdown, about 12%, was smaller than the 60/40's 21%. A **drawdown** is how far a portfolio falls from its last high point. This was a hard period for the strategy's assets. International bonds, commodities, and emerging markets were often flat or falling. It lost money in 2013, 2015, 2018, and 2022. It barely gained in 2014, 2023, and 2024. Its worst drawdown ran from January 2018 to the March 2020 crash and was recovered by December 2020. Its better years were 2017, 2021, and 2025, each up 10% to 12%. Since the journal version appeared in early 2016, it has returned about 5% a year. Its risk-adjusted return over that stretch was better than over the full period. [Simulated history](https://tactfolio.com/docs/simulated-history.md) only reaches back to 2009, because three of the funds have no older stand-in. It adds little: about 3% a year, with a worst drawdown of about 18% from April 2011 to January 2016. Treat all of this as a hypothetical test. It shows how the rules would have done on past prices, after trading costs, and it is not a track record. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you lean on it. ## When does it struggle? It struggles when international markets lag, when interest rates are near zero, and when US stocks lead. - **Weak international markets.** When foreign bonds, commodities, and emerging stocks lag, as after 2011, the portfolio has little to hold. - **Low interest rates.** A large part of the portfolio sits in bills when assets fall below trend. So returns shrink when yields are near zero. - **A strong US market.** It holds US stocks only through the world index, so it captures little of a US-led rally. ## How to try it on Tactfolio The live strategy at the top of this page uses the paper's 10-month average of month-end closes, with two changes. It measures volatility from a year of daily returns in place of twelve monthly returns. It also uses ETFs for the paper's indexes. BWX leaves out US Treasuries. RWO holds property companies beyond REITs, which are real estate investment trusts. It is one of the [classic strategies](https://tactfolio.com/strategies/classics.md) you can open and copy on Tactfolio. Copy it to swap in other funds, or compare it with the [US version](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), which has a longer and stronger record. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Bottom 5 · 252d volatility - Candidate: URTH - Weight: Equal - If: current price of URTH is above 10-month moving average of month-end closes of URTH - Then: - Weight: Equal - **URTH** - Otherwise: - Weight: Equal - **BIL** - Candidate: EEM - Weight: Equal - If: current price of EEM is above 10-month moving average of month-end closes of EEM - Then: - Weight: Equal - **EEM** - Otherwise: - Weight: Equal - **BIL** - Candidate: BWX - Weight: Equal - If: current price of BWX is above 10-month moving average of month-end closes of BWX - Then: - Weight: Equal - **BWX** - Otherwise: - Weight: Equal - **BIL** - Candidate: DJP - Weight: Equal - If: current price of DJP is above 10-month moving average of month-end closes of DJP - Then: - Weight: Equal - **DJP** - Otherwise: - Weight: Equal - **BIL** - Candidate: RWO - Weight: Equal - If: current price of RWO is above 10-month moving average of month-end closes of RWO - Then: - Weight: Equal - **RWO** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, The Trend is Our Friend: Risk Parity, Momentum and Trend Following in Global Asset Allocation (2016)](https://openaccess.city.ac.uk/id/eprint/17841/) - [Clare, Seaton, Smith, and Thomas, The Trend is Our Friend (SSRN working paper, 2012)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2126478) - ETFs stand in for the paper's indexes: URTH for MSCI World, EEM for MSCI Emerging Markets, BWX for the Citigroup World Government Bond Index (BWX excludes US Treasuries), DJP for the DJ-UBS Commodity Index, and RWO for the FTSE/EPRA Global REIT Index (RWO also holds non-REIT property companies), with BIL for US 3-month Treasury bills. - Each asset is weighted by the inverse of its own trailing volatility, and an asset below its 10-month average keeps that weight in Treasury bills, as in the paper; the portfolio is not renormalized. - The trend test compares the month-end close with the average of the last ten month-end closes, as in the paper. The weights use the volatility of the last 252 daily returns instead of 12 monthly returns, because the builder sizes risk weights from daily returns. - Prices are dividend-adjusted; the paper uses price indexes for stocks and real estate. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is The Trend is Our Friend strategy? It is the risk parity and trend following portfolio from the paper by Clare, Seaton, Smith, and Thomas. It sizes five global asset classes by inverse volatility, which means calmer assets get more. It moves any asset below its 10-month average into Treasury bills. ### What ETFs does the global version use? URTH tracks MSCI World, and EEM tracks MSCI Emerging Markets. BWX holds world government bonds, and DJP tracks the Bloomberg (formerly DJ-UBS) Commodity Index. RWO holds global real estate, and BIL is cash. ### Why does it hold so much in bonds? Risk parity gives each asset a share based on one over its volatility. Government bonds swing less than stocks or commodities, so they get a larger share. That way no single asset dominates the portfolio's risk. ### How is it different from the US version? The US version, which Allocate Smartly tests, swaps the global assets for US large caps, small caps, Treasuries, commodities, and US REITs. Its funds have longer histories. It did better than the global version in most years since 2013. ### Does risk parity trend following still work? It has kept drawdowns small since publication. But with global assets its returns have been low, about 3 to 5% a year. The live record on Tactfolio shows how it is doing now. ### Can I automate this strategy? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when a monthly check calls for a change. It is long only, holds US-listed ETFs, and you set the starting balance. --- # Defense First (Carlson’s defensive tactical model) > Four defensive assets at 40/30/20/10 by momentum, with stocks taking any slot that trails bills. Rules, backtest, yearly returns, and a live version. Thomas Carlson's Defense First ranks four defensive assets each month (long Treasuries, gold, commodities, and the US dollar) and holds them at 40%, 30%, 20%, and 10% by momentum. Any of them with weaker momentum than Treasury bills has its share moved to the S&P 500, so stocks range from none to the whole portfolio. Designed by Thomas D. Carlson, 2025. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/carlson-defense-first. Defense First is a monthly tactical strategy that Thomas D. Carlson published on SSRN in 2025. It ranks four defensive assets by momentum and holds them at 40%, 30%, 20%, and 10%. Any of them weaker than Treasury bills gives its share to the S&P 500 instead. ## Key points - Defense First watches defensive assets, not stocks, to decide how much to hold in stocks. - Its four defensive assets are long Treasuries, gold, commodities and the US dollar. - Since August 2008 its worst drop was about 12%, well under the S&P 500's and a 60/40 mix's. - It has no trend check on stocks, so it can be fully in stocks during a decline. - Its strong record since 2025 is short and leaned on a rising gold price. ## What is the Defense First strategy? Defense First is a strategy that moves between defensive assets and stocks based on how the defensive assets are trending. Carlson's paper is titled *Defense First: A Multi-Asset Tactical Model for Adaptive Downside Protection*. Most tactical strategies watch stocks and retreat to safe assets when stocks weaken. A tactical strategy is one that changes its holdings based on market signals. Carlson turned that around. He watches the defensive assets: long Treasuries, gold, commodities, and the US dollar. Treasuries are bonds issued by the US government. Commodities are raw goods such as oil, metals and crops. ## Why watch defensive assets instead of stocks? When defensive assets are trending up, they are both a warning sign and a useful place to be. When they are not beating cash, markets are usually calm, and their share goes to stocks. The result is a portfolio that is mostly defensive in stressed markets and mostly in stocks in quiet ones. Its stock exposure moves in 10% steps from none to all of it. ## How does Defense First work? At the close of the last trading day of each month, Defense First scores, ranks and fills four slots. 1. Score long-term Treasuries (TLT), gold (GLD), commodities (DBC), the US dollar (UUP), and Treasury bills (BIL) by 13612U momentum. That is the average of their 1-, 3-, 6-, and 12-month total returns, each measured between month-end closes as in the paper. 2. Rank the four defensive funds from strongest to weakest and give them 40%, 30%, 20%, and 10% of the portfolio. 3. Any defensive fund whose momentum is below BIL's gives its share to the S&P 500 (SPY). Momentum is the tendency of assets that have risen lately to keep rising for a while. Treasury bills are short-term US government debt, so BIL acts like cash and sets the bar. There is no test of SPY's own momentum. So the portfolio can be fully in stocks during a decline if all four defensive assets are also weak. Here is a made-up example. Gold has the top score, then the dollar, then Treasuries, then commodities. So gold gets 40%, UUP 30%, TLT 20% and DBC 10%. If DBC's score is below BIL's, its 10% goes to SPY instead. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/defense-first are recomputed after every market close. Over the ETF era, from August 2008, Defense First returned about 10.3% a year. That is below the S&P 500's 12.6% and above the 8.8% of a [60/40 mix](https://tactfolio.com/strategies/60-40-portfolio.md). Its worst drawdown, about 12%, was well under both. A drawdown is how far a portfolio falls from its last high point. Its risk-adjusted return, the return for each unit of risk, was the best of the three. Its worst drawdown ran from October to December 2018 and was recovered by August 2019. It was about flat from early August to the end of 2008 while the S&P 500 lost 27%. It gained 8% in 2022, a year when the dollar and commodities rose, while stocks fell 18%. It trailed well behind stocks in strong years such as 2013, 2017, 2019, and 2023. Its best year was 2025, a strong year for gold, when it rose 32%. It has done very well in the year or so since publication in mid-2025, returning about 27% at an annual rate. That is a short period, and it included a strong gold market. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in early 1972. It returns about 14.5% a year against 11% for the S&P 500, with a worst drawdown of about 24%, in early 1980. The 1970s lean on gold, which also stands in for the commodity fund before 1980. The strategy gained 41% in 1973, 39% in 1974, and 83% in 1979. These results are hypothetical. They show how the rules would have done on past prices after trading costs. They are not a real track record. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains how to weigh them. ## When does Defense First struggle? Defense First struggles when stocks fall while its defensive assets are also weak. - **Stock crashes with weak defensive assets.** When bonds, gold, and the dollar all trail bills, it holds stocks and has no trend check on them. - **Calm bull markets.** Defensive assets can keep mild positive momentum for months, holding back gains. - **Currency and commodity noise.** The dollar and commodities can trend for reasons unrelated to stock market stress. ## How to try Defense First on Tactfolio The live strategy at the top of this page runs Carlson's rules, with momentum read from month-end closes and DBC as the commodity fund. Allocate Smartly uses PDBC, which tracks the same index. Copy it to hold Treasury bills in place of UUP, as Allocate Smartly suggests. Or add a trend check on SPY like the one in [HAA Simple](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md). You can make either change in the [visual builder](https://tactfolio.com/docs/builder.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 4 · 1/3/6/12-month unweighted momentum (month-end) - Candidate: TLT - Weight: Equal - If: 1/3/6/12-month unweighted momentum (month-end) of TLT is at least 1/3/6/12-month unweighted momentum (month-end) of BIL - Then: - Weight: Equal - **TLT** - Otherwise: - Weight: Equal - **SPY** - Candidate: GLD - Weight: Equal - If: 1/3/6/12-month unweighted momentum (month-end) of GLD is at least 1/3/6/12-month unweighted momentum (month-end) of BIL - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **SPY** - Candidate: DBC - Weight: Equal - If: 1/3/6/12-month unweighted momentum (month-end) of DBC is at least 1/3/6/12-month unweighted momentum (month-end) of BIL - Then: - Weight: Equal - **DBC** - Otherwise: - Weight: Equal - **SPY** - Candidate: UUP - Weight: Equal - If: 1/3/6/12-month unweighted momentum (month-end) of UUP is at least 1/3/6/12-month unweighted momentum (month-end) of BIL - Then: - Weight: Equal - **UUP** - Otherwise: - Weight: Equal - **SPY** ## Sources and caveats - [Thomas D. Carlson, Defense First: A Multi-Asset Tactical Model for Adaptive Downside Protection (2025)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5334772) - Momentum is 13612U, the average of 1-, 3-, 6-, and 12-month total returns between month-end closes, on TLT, GLD, DBC, UUP, and the BIL hurdle, as in the source; SPY takes each failing slot. - DBC holds the same commodity index as PDBC, which Allocate Smartly uses in its test. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the Defense First strategy? It is Thomas Carlson's 2025 tactical model. It ranks TLT, GLD, DBC, and UUP by momentum and holds them at 40/30/20/10. It moves the share of any that trails Treasury bills into the S&P 500. ### What ETFs does Defense First use? It uses TLT, GLD, DBC, and UUP as the defensive assets, BIL as the momentum hurdle, and SPY as the fallback. Allocate Smartly uses PDBC in place of DBC. ### How is Defense First different from other tactical strategies? Strategies such as [GTAA 5](https://tactfolio.com/strategies/global-tactical-asset-allocation.md) or [Bold Asset Allocation](https://tactfolio.com/strategies/bold-asset-allocation.md) read stock momentum to decide when to become defensive. Defense First reads defensive assets' momentum to decide how much to put into stocks. ### Does Defense First still work? It has been strong since it was published in 2025. But that is a short record, in a period when gold rose sharply. The live record on Tactfolio shows how it is doing now. ### Can I automate Defense First? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when the monthly ranking calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you pick. --- # HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant) > HAA Simple’s TIPS canary with a 60/40 stock and bond mix when risk is on. Rules, backtest, yearly returns, and a live version. NLX Finance's variant of Keller and Keuning's Hybrid Asset Allocation. While both TIPS and US stocks show positive momentum it holds 60% S&P 500 and 40% 7–10 year Treasuries; otherwise it holds the stronger of Treasury bills and those Treasuries, like HAA Simple. Designed by Nicolas Lequeux (NLX Finance), 2024. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/nlx-haa-60-40. HAA 60/40 is a version of Wouter Keller and JW Keuning's Hybrid Asset Allocation. Nicolas Lequeux proposed it on his NLX Finance blog in March 2024. It keeps every rule of [HAA Simple](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md). The one change: when the signals are positive, it holds 60% S&P 500 and 40% 7 to 10 year Treasuries instead of stocks alone. ## Key points - HAA 60/40 holds a 60/40 mix of stocks and Treasuries while two signals are positive. - The signals are the momentum of the S&P 500 and of TIPS, an inflation-protected bond fund. - When either signal turns negative, it moves fully to Treasury bills or 7 to 10 year Treasuries. - From August 2008 its worst drop was about 10%, about a third of a plain 60/40 mix's. - It earned a little less than a plain 60/40 mix, and lagged badly in strong stock years. ## What is HAA 60/40? HAA 60/40 is a stock and bond mix that steps aside when an inflation warning sign flashes. It uses a canary. A **canary** is an asset watched only as an early warning, like a canary in a coal mine. HAA's canary is TIPS. **TIPS** are Treasury Inflation-Protected Securities, US government bonds that rise with inflation. The fund that holds them is TIP. When TIPS momentum turns negative, rising real yields or inflation are usually hurting both stocks and bonds. Then the strategy steps aside. **Momentum** is the habit of assets that have risen lately to keep rising for a while. Lequeux's point was that the same signal tells you when a classic stock and bond mix is likely to work. While TIPS are healthy, bonds tend to cushion stock losses. So he keeps a 40% bond sleeve beside the stocks. When TIPS weaken, that cushion is less reliable, and the strategy moves to the defensive side. The bond sleeve makes the risk-on portfolio much calmer than 100% stocks. That also makes the strategy less sensitive to exactly when the monthly signal flips. ## How does HAA 60/40 work? HAA 60/40 checks two momentum scores at the close of the last trading day of each month. 1. Measure 13612U momentum for TIPS (TIP) and the S&P 500 (SPY). This is the average of the 1-, 3-, 6- and 12-month returns between month-end closes. 2. If both are positive, hold 60% SPY and 40% 7 to 10 year Treasuries (IEF). Rebalance to those weights each month. To **rebalance** means to trade back to the target weights. 3. Otherwise hold 100% of whichever of Treasury bills (BIL) and IEF has the higher 13612U momentum. **Treasury bills** are short-term loans to the US government, and they act like cash. Here is a made-up example. At a month end, TIP's score is slightly negative and SPY's is positive. Both must be positive, so the 60/40 mix is off. If IEF's score beats BIL's, you hold 100% IEF. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/haa-60-40 are recomputed after every market close. Over the ETF era, from August 2008, HAA 60/40 returned about 8.3% a year. That was a little less than a monthly-rebalanced [60/40 mix](https://tactfolio.com/strategies/60-40-portfolio.md) at 8.8%. Its worst drawdown was about 10%. A **drawdown** is how far a portfolio falls from its last high point. That was about a third of the 60/40's 29%, and its risk-adjusted return was clearly higher. A risk-adjusted return weighs the gain against how bumpy the ride was. The S&P 500 returned more, about 13% a year, with a worst drawdown of nearly half. It gained 12% from early August to the end of 2008 while stocks lost 27%. It lost only 2% in 2022, when both stocks and bonds fell. The price of that caution showed in strong years. It made less than 1% in 2009 and 8% in 2013, when the S&P 500 gained 26% and 32%. Its worst drawdown ran from December 2008 to June 2009 and was recovered by November 2009. Since Lequeux's post in early 2024 it has returned about 10% a year with a worst fall of about 7%. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1969. It returns about 10% a year, close to the S&P 500's 11%, with a worst drawdown of about 11% in 1973. It gained in 1974, 2002 and 2008, three of the worst years for stocks. Before TIP existed, a mix of intermediate Treasuries with a little commodity or gold exposure stands in for it. All of these numbers are hypothetical. They come from running the rules on past prices, after trading costs, and are not a track record. Read [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) before you lean on them. ## When does HAA 60/40 struggle? HAA 60/40 struggles in strong bull markets and when its signals flip back and forth. - **Strong bull markets.** With only 60% in stocks it gives up part of every rally. It gives up more when the signal sits on the defensive side. - **Whipsaws.** A **whipsaw** is a quick switch out and back in. A brief dip in TIPS or stock momentum moves the whole portfolio to bonds or bills. - **Rising rates while risk-on.** The 40% Treasury sleeve loses value when yields climb before the canary reacts. ## How to try HAA 60/40 on Tactfolio The live strategy at the top of this page runs these rules exactly. It uses the same funds as HAA Simple, reads momentum from month-end closes, and rebalances to 60/40 each month. Copy it to try other stock and bond splits, or compare it with the full [Hybrid Asset Allocation](https://tactfolio.com/strategies/hybrid-asset-allocation.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 1/3/6/12-month unweighted momentum (month-end) of TIP is above 0; 1/3/6/12-month unweighted momentum (month-end) of SPY is above 0 - Then: - Weight: Specified - **SPY** - **IEF** - Otherwise: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month unweighted momentum (month-end) - **BIL** - **IEF** ## Sources and caveats - [NLX Finance (Nicolas Lequeux), The HAA strategy revisited (2024)](https://nlxfinance.wordpress.com/2024/03/07/the-haa-strategy-revisited/) - [Wouter Keller and JW Keuning, Dual and Canary Momentum with Rising Yields/Inflation: Hybrid Asset Allocation (2023)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4346906) - Keeps HAA Simple's rules and funds (13612U momentum on TIP, SPY, IEF, and BIL) and changes only the risk-on holding to 60% SPY and 40% IEF, rebalanced monthly, as the source describes. - NLX Finance shows its test period only in charts; the development window assumes it starts with IEF's daily history in 2002, which the author used to extend TIP. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is HAA 60/40? HAA 60/40 is NLX Finance's 2024 version of Keller and Keuning's Hybrid Asset Allocation. It holds 60% SPY and 40% IEF while TIPS and SPY both have positive momentum. Otherwise it holds the stronger of BIL and IEF. ### How is HAA 60/40 different from HAA Simple? The signals and the defensive side are the same. HAA Simple holds 100% SPY when risk is on. HAA 60/40 holds 60% SPY and 40% IEF. ### Is HAA 60/40 better than a regular 60/40 portfolio? In the ETF-era test it earned a little less than a buy-and-rebalance 60/40, about 8.3% a year against 8.8%. It had a much smaller worst drawdown and a higher risk-adjusted return. It moves the whole portfolio when the signals flip, and it can lag when the canary gives a false alarm. ### What ETFs does HAA 60/40 use? It holds SPY and IEF when risk is on. TIP and SPY are the signals. It holds BIL or IEF when risk is off. ### Can I automate HAA 60/40? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Paired Switching (quarterly SPY and TLT rotation) > Each quarter, hold whichever of the S&P 500 and long Treasuries returned more. Rules, backtest, yearly returns, and a live version. Paired switching from Akhilesh Maewal and Joel Bock: at the end of each quarter, hold whichever of the S&P 500 and long-term Treasuries returned more over that quarter. The portfolio is always fully in one of the two, and it relies on the pair usually moving in opposite directions. Designed by Akhilesh Maewal and Joel R. Bock, 2011. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/maewal-bock-paired-switching. Paired Switching is a stock and bond rotation that Akhilesh Maewal and Joel R. Bock described in their 2011 SSRN paper *Paired-Switching for Tactical Portfolio Allocation*. At the end of each quarter it moves the whole portfolio into whichever did better over that quarter: the S&P 500 or long-term Treasuries. ## Key points - Paired Switching checks four times a year, at each quarter end. - It holds 100% of either US stocks (SPY) or long-term Treasuries (TLT). - It picks whichever of the two returned more over the past quarter. - In 2008 it gained 17% while the S&P 500 lost 37%. - It has no cash option, so it lost 23% in 2022 when stocks and bonds fell together. ## What is Paired Switching? Paired Switching is a rule that rides whichever of two opposite assets is doing better. It starts from a simple idea about **negatively correlated** assets, which are assets that tend to move in opposite directions. If stocks and long Treasuries tend to move in opposite directions, their good stretches rarely overlap. **Treasuries** are bonds issued by the US government. By holding whichever did better last quarter, you ride each asset's stretch of above-average returns. You switch when the lead passes to the other. The authors used Vanguard's S&P 500 and long-term Treasury funds. You can find it with other rotations in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). ## How does Paired Switching work? Paired Switching trades at the close of the last trading day of each quarter (March, June, September, and December). 1. Measure the total return of the S&P 500 (SPY) and long-term Treasuries (TLT) over the past quarter, from the previous quarter-end close. 2. Hold 100% of whichever returned more until the next quarter end. There is no cash option. The portfolio is always fully in stocks or long bonds. Here is a made-up example. At the end of June, SPY is up 6% for the quarter and TLT is down 1%. You hold SPY until the end of September. If TLT then beats SPY over July to September, you switch to TLT. Lewis Glenn later popularized a monthly version with a 3-month lookback, which Allocate Smartly tracks. The signal is the same, checked three times as often. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/paired-switching are recomputed after every market close. The ETF-era test starts in December 2002, once TLT has enough history for its first quarterly return. Since then Paired Switching returned about 8% a year. That compares with 11% for the S&P 500 and 8.4% for a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md). Its worst drawdown was about 36%. A **drawdown** is how far a portfolio falls from its last high point. The drop was smaller than the S&P 500's but deeper than the 60/40's. Its risk-adjusted return, or return for each unit of risk, trailed both. Its strength showed in 2008, when it gained 17% while the S&P 500 lost 37%. It also did well in 2011, up 39%. Its weakness showed when stocks and bonds fell together. It lost 23% in 2022, more than the S&P 500. It also lost 2% in 2009 as stocks rebounded 26%. It lost 14% in 2015, and 4% in 2024, a year stocks gained 25%. The worst drawdown ran from August 2019 to the March 2020 crash. It was recovered in April 2021. Since the paper came out in 2011 it has returned about 7% a year. Its risk-adjusted return was lower than over the full period. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1962. It returns about 9% a year against 11% for the S&P 500, with a similar risk-adjusted return. Its worst drawdown is about 36%, still the 2019 to 2020 fall. It softened the 1974 bear market, losing 5% while stocks lost 27%. A bear market is a long, deep fall in prices. But it lost more than stocks in 1973 and 2001. All of this is a backtest. It shows how the rule would have done on past prices after trading costs, and it is not a track record. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) shows what to look for. ## When does Paired Switching struggle? Paired Switching struggles most when its two assets stop moving in opposite directions. - **Stocks and bonds falling together.** The strategy depends on the two moving apart. In 2022 both fell, and it had nowhere to hide. - **Quick reversals.** A quarterly check can hold the previous quarter's winner for months after the market turns. - **Long bond risk.** TLT is volatile, meaning its price swings a lot. So even the defensive side can lose heavily when interest rates rise. ## How to try Paired Switching on Tactfolio The live strategy at the top of this page follows Maewal and Bock's quarterly rule. SPY and TLT stand in for their Vanguard funds. Copy it and switch the rebalance to monthly to get Lewis Glenn's version. You make that change in the [visual builder](https://tactfolio.com/docs/builder.md). You can also compare it with Glenn's five-asset [Quint Switching Filtered](https://tactfolio.com/strategies/quint-switching-filtered.md). ## The rules as implemented Runs quarterly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 1 · 3-month return (month-end) - **SPY** - **TLT** ## Sources and caveats - [Akhilesh Maewal and Joel R. Bock, Paired-Switching for Tactical Portfolio Allocation (2011)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1917044) - [Lewis A. Glenn, Simple and Effective Market Timing with Tactical Asset Allocation (2014)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2437049) - SPY and TLT stand in for the paper's Vanguard 500 Index (VFINX) and Long-Term Treasury (VUSTX) funds; each fund's return over the prior quarter runs from one quarter-end close to the next. - Follows the original quarterly rule. Lewis Glenn's later version, which Allocate Smartly tracks, checks the same 3-month return monthly. - Signals and trades use the close of the last trading day of each quarter. ## Common questions ### What is paired switching? It is a rotation between two negatively correlated assets, usually stocks and long Treasuries. At each period end, you hold whichever did better over the period just ended. Maewal and Bock described it in 2011. ### What ETFs does paired switching use? It uses SPY for the S&P 500 and TLT for long-term Treasuries. The original paper used Vanguard's 500 Index and Long-Term Treasury mutual funds. ### Is paired switching monthly or quarterly? Maewal and Bock's original switches quarterly, on the prior quarter's return. Lewis Glenn's 2014 version checks monthly using the past three months' return. That is the version Allocate Smartly tracks. ### How is paired switching different from dual momentum? [Dual momentum](https://tactfolio.com/strategies/dual-momentum.md) chooses between two stock markets. It falls back to bonds only when stocks trail Treasury bills. Paired switching compares stocks directly with long bonds and never holds cash. ### Can I automate paired switching? Yes, copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, but it only trades when the quarterly rule calls for a switch. It is long only and holds US-listed ETFs. You choose the starting balance it trades with. --- # Quint Switching Filtered (Lewis Glenn’s QSF) > The strongest of five markets by 3-month return if all five are up, else Treasuries. Rules, backtest, yearly returns, and a live version. Lewis Glenn's Quint Switching Filtered. Each month it looks at the 3-month returns of US stocks, the Nasdaq 100, developed and emerging stocks, and long Treasuries. If all five are positive it holds the single strongest; if any is flat or negative it holds 7–10 year Treasuries. Designed by Lewis A. Glenn, 2018. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/glenn-quint-switching-filtered. Quint Switching Filtered (QSF) is a monthly momentum rotation from Lewis A. Glenn's 2018 SSRN paper *Simple and Effective Market Timing with Tactical Asset Allocation Part 2: Choices*. Each month it holds the single strongest of five markets by 3-month return, but only if all five are up over those three months. If not, it holds 7 to 10 year Treasuries. ## Key points - QSF checks five markets once a month: SPY, QQQ, EFA, EEM, and TLT. - If all five are up over three months, it holds 100% of the strongest one. - If even one is flat or down, it holds 100% intermediate Treasuries (IEF). - It did well in Glenn's own test years, gaining 18% in 2008 while the S&P 500 lost 37%. - Since the paper came out in early 2018 it has returned only about 1% a year. ## What is Quint Switching Filtered? Quint Switching Filtered is a rule that holds one leading market at a time, but only when all markets are rising. Glenn extended his earlier work on switching between two assets, a monthly take on [Paired Switching](https://tactfolio.com/strategies/paired-switching.md), to a menu of five. The five are US stocks, the Nasdaq 100, developed and emerging markets, and long Treasuries. **Treasuries** are bonds issued by the US government. Short-term momentum picks the leader. **Momentum** means that assets that have risen lately tend to keep rising for a while. QSF is one of the rotations in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). ## Why is the filter so strict? The filter treats any weakness among the five as a warning. That includes weakness in long Treasuries. It moves the whole portfolio to intermediate Treasuries until every market is rising again. The filter is strict, so the strategy spends most months in Treasuries. It holds a risky asset only when markets are broadly strong. Allocate Smartly found that weak long-Treasury momentum did tend to come before weaker stock returns. That supports including TLT in the filter. ## How does Quint Switching Filtered work? QSF trades at the close of the last trading day of each month. 1. Measure the 3-month total return of SPY, QQQ, EFA, EEM, and TLT, from the month-end close three months earlier. 2. If all five are positive, hold 100% of the one with the highest return. 3. If any is zero or negative, hold 100% 7 to 10 year Treasuries (IEF). Here is a made-up example. Over the past three months, QQQ is up most and four other markets are up too. But TLT is down. Because one of the five is negative, the strategy holds IEF, not QQQ. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/quint-switching-filtered are recomputed after every market close. The ETF-era test starts in August 2003, a few months after EEM launched. It returns about 8% a year. That is slightly less than a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md) and well below the S&P 500's 11%. Its worst drawdown, about 27%, was smaller than both the S&P 500's and the 60/40's. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return, or return for each unit of risk, beat the S&P 500's but trailed the 60/40's. The first years, inside Glenn's own test period, were strong. It gained 22% in 2004, 23% in 2005, and 18% in 2008 while the S&P 500 lost 37%. The later record is weak. Its worst drawdown began in September 2020 and reached its low in October 2023, about 27% below the peak. It did not recover until October 2025. It lost 15% in 2022, when Treasuries fell along with stocks. It lost 2% in 2013 while stocks gained 32%. Since the paper came out in early 2018 it has returned about 1% a year. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1986. It returns about 11% a year, a little below the S&P 500, at a much better risk-adjusted return. It gained 40% or more in 1991 and 1995 and broke even in 2000. It made money in 2001 and 2002 while stocks fell. Before 1994 all non-US stocks stand in for emerging markets. The gap between the strong early years and the weak later ones is a good reason for care. Every figure here is a hypothetical backtest on past prices after trading costs, not a track record. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains how a rule can look better in the past than it does later. ## When does Quint Switching Filtered struggle? QSF struggles when interest rates rise, because its fallback is a bond fund. - **Rising rates.** Its fallback is IEF with no way out of it. So a long bond bear market hurts it more than most strategies. A bear market is a long, deep fall in prices. - **Timing luck.** One check a month on a 3-month signal makes results sensitive to the trading day chosen. - **Concentration.** When risk is on, it holds a single fund. That fund can be as volatile as emerging markets, meaning its price can swing a lot. ## How to try Quint Switching Filtered on Tactfolio The live strategy at the top of this page runs Glenn's rules exactly on the funds from his paper. It measures 3-month returns between month-end closes. Copy it to try BIL or a stronger-of-IEF-and-BIL fallback in the [visual builder](https://tactfolio.com/docs/builder.md). You can also compare it with the breadth rule of [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 3-month return (month-end) of SPY is above 0; 3-month return (month-end) of QQQ is above 0; 3-month return (month-end) of EFA is above 0; 3-month return (month-end) of EEM is above 0; 3-month return (month-end) of TLT is above 0 - Then: - Weight: Equal - Rank: Top 1 · 3-month return (month-end) - **SPY** - **QQQ** - **EFA** - **EEM** - **TLT** - Otherwise: - Weight: Equal - **IEF** ## Sources and caveats - [Lewis A. Glenn, Simple and Effective Market Timing with Tactical Asset Allocation Part 2: Choices (2018)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3129098) - Uses the source's funds (SPY, QQQ, EFA, EEM, TLT, and IEF) and its 3-month total return between month-end closes. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Quint Switching Filtered? It is Lewis Glenn's 2018 strategy that holds the best of SPY, QQQ, EFA, EEM, and TLT by 3-month return. It does so only when all five have positive 3-month returns. If not, it holds IEF. ### What is the difference between Quint Switching and Quint Switching Filtered? Unfiltered Quint Switching always holds the strongest of the five. The filtered version adds the rule that all five must be positive. That puts it in Treasuries most of the time. ### Why is TLT in the filter? TLT counts as one of the five risk assets. A falling long Treasury fund has often come before weaker stock returns. So its weakness alone sends the strategy to IEF. ### Does Quint Switching Filtered still work? Since publication in 2018 it has barely made money. Its Treasury fallback lost value when rates rose in 2022. The live record on Tactfolio shows how it is doing now. ### Can I automate Quint Switching Filtered? Yes, copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule. It only trades when the monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Trending Fast and Slow (volatility-switched momentum) > Volatility picks a 1- or 12-month S&P 500 trend; stocks in an uptrend, cash otherwise. Rules, backtest, yearly returns, and a live version. A long-or-cash version of Trending Fast and Slow by Cheng, Kostyuchyk, Lee, Liu, and Ma of Allspring. At each month end it checks the S&P 500's volatility over the past month: above 17% a year it follows the 1-month trend, otherwise the 12-month trend, holding stocks when that trend is up and Treasury bills when it is down. Designed by Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu, and Chenfei Ma, 2022. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/allspring-trending-fast-and-slow. Trending Fast and Slow is a stock market timing rule from Allspring Global Investments, published in the *Journal of Portfolio Management* in 2022. Its authors are Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu and Chenfei Ma. It lets market volatility choose between the S&P 500's 1-month and 12-month trend, then holds stocks in an uptrend and Treasury bills in a downtrend. ## Key points - It is always either 100% S&P 500 or 100% Treasury bills. - After a volatile month it follows the 1-month trend, and otherwise the 12-month trend. - The switch point is about 17% yearly volatility over the past month. - It limited 2008 to a 9% loss, against 37% for the S&P 500. - In 2022 it lost 25%, more than the S&P 500's 18%. ## What is Trending Fast and Slow? Trending Fast and Slow is a momentum rule that picks its lookback based on how wild the market has been. **Momentum** is the habit of prices that have been rising to keep rising for a while. A **lookback** is how far back a rule measures. Trend followers face a trade-off. - A **slow signal**, such as the 12-month return, ignores short dips and keeps you invested through long bull markets. But it reacts late to a crash. - A **fast signal**, such as the 1-month return, reacts quickly. But ordinary pullbacks fool it. The authors found that which one works better depends on the volatility regime. **Volatility** is how much prices swing. In calm markets slow momentum did better, and in turbulent markets fast momentum did. They used a decision tree, a simple method that splits data into groups, to find the dividing line. It came out at about 17% annualized volatility over the past month, and they switched signals at that level. They found the same pattern in most developed and emerging stock markets. ## How does Trending Fast and Slow work? It makes one check at the close of the last trading day of each month. 1. Measure the annualized volatility of the S&P 500's (SPY) daily returns over the last 21 sessions, standing in for the past month. 2. If it is 17% or higher, use SPY's 1-month total return. Otherwise use its 12-month total return. Both are measured between month-end closes. 3. If that return is positive, hold 100% SPY. Otherwise hold 100% Treasury bills (BIL). **Annualized** means scaled up to a yearly rate so different periods compare fairly. **Treasury bills** are short-term loans to the US government, the usual stand-in for cash. The paper goes short the S&P 500 when the trend is down, which means betting on a fall. This long-or-cash version is the one Allocate Smartly tests. Here is a made-up example. Last month SPY swung hard, at about 25% annualized volatility. So the rule looks at the 1-month return. SPY fell that month, so the strategy holds BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/trending-fast-and-slow are recomputed after every market close. The ETF-era test starts in mid-2007, when the Treasury bill fund begins. Since then the strategy returned about 8% a year. That is slightly more than a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md) and less than the S&P 500's 11%. Its worst drawdown was about 28%, half the S&P 500's and smaller than the 60/40's. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return was above the S&P 500's but below the 60/40's. It limited the 2008 crash to a 9% loss against 37% for the S&P 500. In many calm years it matched the market. But in 2022 it lost 25%, more than the S&P 500's 18%. It was a volatile year, when a single up month could switch the fast signal back into stocks. That year brought its worst drawdown, about 28% from January to November 2022, and it was not recovered until June 2024. Since publication at the start of 2022 it has returned about 5.5% a year. At its worst it fell more than a quarter from its peak. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1960 and returns about 10% a year, a little below the S&P 500. It had a better risk-adjusted return and a worst drawdown of about 28% against 55%, still the 2022 decline. It was roughly flat in 1974 while stocks lost 27%. It gained 37% in 1987 while the market made 5%. None of these numbers is a track record. They are hypothetical backtests on past prices after trading costs. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you lean on them. ## When does Trending Fast and Slow struggle? - **Choppy bear markets.** High volatility turns on the fast signal. A single up month can then pull it back into stocks just before the next leg down. - **Slow declines in calm markets.** When volatility stays low, the 12-month signal reacts late. - **All or nothing.** It is always 100% stocks or 100% cash, with no spreading of risk. ## How to try Trending Fast and Slow on Tactfolio The live strategy at the top of this page runs the long-or-cash rules on SPY. It measures the trends between SPY's dividend-adjusted month-end closes. It measures volatility on daily returns over the last 21 sessions, rather than on the paper's futures prices and log returns. Copy it to try another threshold or lookbacks. You can also compare it with the single slow signal of [Faber's 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md). The [volatility-managed portfolio](https://tactfolio.com/strategies/volatility-managed-portfolio.md) uses volatility in another way, to size its stock share. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 21d volatility of SPY is at least 0.17 - Then: - Weight: Equal - If: 1-month return (month-end) of SPY is above 0 - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** - Otherwise: - Weight: Equal - If: 12-month return (month-end) of SPY is above 0 - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu, and Chenfei Ma, Trending Fast and Slow, Journal of Portfolio Management (2022)](https://doi.org/10.3905/jpm.2021.1.312) - The paper goes short S&P 500 futures when the chosen trend is down; this version holds Treasury bills instead, as Allocate Smartly tests it. - Trends are SPY's 1- and 12-month total returns between month-end closes. Volatility is the annualized standard deviation of SPY's simple daily returns over the last 21 sessions, standing in for the past month. The source uses log returns and futures or price-index changes. - The paper sits behind a paywall and its exact test period could not be confirmed; the development window covers the S&P 500 futures era up to its release. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Trending Fast and Slow? It is a timing rule from Allspring researchers. It uses the S&P 500's 1-month volatility to choose between a fast (1-month) and a slow (12-month) momentum signal. Then it holds stocks when the chosen signal is positive. ### Why 17% volatility? The authors chose the threshold with a decision tree that split past months into low and high volatility regimes. Monthly volatility sits below it most of the time. ### What ETFs does Trending Fast and Slow use? It uses SPY for the S&P 500 and BIL for cash. The paper traded S&P 500 futures and went short instead of to cash. ### Does Trending Fast and Slow still work? Since publication in 2022 it has earned about 5.5% a year. It fell more than the S&P 500 in 2022. The live record on Tactfolio shows how it is doing now. ### Can I automate Trending Fast and Slow? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its monthly signal flips. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Accelerating Dual Momentum (ADM) > Monthly rotation between the S&P 500, international small caps, and long Treasuries. Rules, backtest, yearly returns, and a live version. Engineered Portfolio's Accelerating Dual Momentum, a faster take on Gary Antonacci's Dual Momentum. Each month it holds 100% of whichever of the S&P 500 and international small-cap stocks has the stronger recent momentum, its return over the last six months. If that stronger one has negative momentum, it holds long-term Treasuries instead. Designed by Engineered Portfolio (Steve Hanly), 2018. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/engineered-portfolio-adm. Accelerating Dual Momentum (ADM) is a monthly strategy published on the Engineered Portfolio blog in 2018 as a faster version of Gary Antonacci's [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md). Each month it holds a single fund: the S&P 500 or international small-cap stocks, whichever has the stronger recent momentum. When even the stronger one is losing ground, it holds long-term Treasuries. ## Key points - Accelerating Dual Momentum holds one fund at a time and checks once a month. - It looks back one to six months, so it reacts faster than the 12-month Dual Momentum. - Since September 2008 it compounded almost 12% a year, slightly less than the S&P 500. - Its fast signal costs it in choppy markets, such as 2015. - Its worst year was 2022, when stocks and long Treasuries fell together and it lost 35%. ## What is Accelerating Dual Momentum? Accelerating Dual Momentum is a rotation between US large-company stocks, international small-company stocks and long-term Treasuries. It is built on momentum, the tendency of assets that have risen lately to keep rising for a while. Antonacci's Global Equities Momentum looks back twelve months. So it is slow to leave a falling market and slow to return. The ADM authors scored each fund by adding its 1-, 3-, and 6-month returns. Because the most recent month counts in all three terms, the score reacts faster to a change in trend. That is the "accelerating" part. ## How is it built on dual momentum? ADM keeps the two tests of dual momentum but changes the funds and the lookback. - **Relative momentum** picks the stronger of the two stock funds. - **Absolute momentum** asks whether that fund's score is above zero. If not, the strategy moves to bonds. The authors also changed the assets. They used international small caps instead of broad non-US stocks. They used long-term Treasuries instead of aggregate bonds as the safe asset. Treasuries are bonds issued by the US government. ## How does Accelerating Dual Momentum work? At the close of the last trading day of each month, the strategy picks one fund in three steps. 1. Score the S&P 500 (SPY) and international small-cap stocks (SCZ) by each fund's 6-month total return, measured between month-end closes. 2. Pick the fund with the higher score. 3. Hold 100% of it while its month-end close is above the average of its last seven month-end closes, the current one included. Otherwise hold 100% long-term Treasuries (TLT). Here is a made-up example. At a month end, SPY is up 8% over six months and SCZ is up 5%. SPY wins. If SPY's close is above its seven-month average, you hold SPY. If it is below, you hold TLT. ### How this version differs from the original The original scores each fund by the sum of its 1-, 3-, and 6-month returns. A Tactfolio Rank scores by one reading, so this version uses the longest of the three, the 6-month return. From 2008 to 2026 the two picked the same fund on 91% of trading days, and growth was 0.2 points a year lower. The original then holds the chosen fund only while its score is positive. A condition cannot add returns together either, so this version uses the seven-month average test as the check instead. From 1997 to 2026, on the original Vanguard funds, that test agreed with the sign of the chosen fund's score at 95% of month ends. From 2008 on SPY and SCZ it agreed at 97%. The original used Vanguard mutual funds (VFINX, VINEX, and VUSTX). SPY, SCZ, and TLT are the ETF equivalents. The authors also suggested an optional rule: hold whichever of long Treasuries and TIPS had the higher one-month return. TIPS are Treasuries that adjust for inflation. This version uses their baseline, long Treasuries only. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/accelerating-dual-momentum are recomputed after every market close. The ETF test starts in September 2008, because SCZ launched at the end of 2007. Since then ADM compounded almost 12% a year, slightly less than the S&P 500. It had a smaller worst drawdown and a slightly better risk-adjusted return, meaning return for each unit of risk. It trailed a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md) on risk-adjusted return, because it always holds a single, volatile fund. The start date caught its best moment. It held long Treasuries through the crash of late 2008 and gained more than a quarter while the S&P 500 lost about as much. In 2011 it gained about a quarter while the S&P 500 barely rose. Its fast signal also cost it in choppy markets. In 2015 it lost 13% while the S&P 500 gained 1%. In 2016 it made 1% while the index gained 12%. Its worst year was 2022. Stocks and long Treasuries fell together, so the bond fallback lost money too. ADM finished the year down 35%, against 18% for the S&P 500. That drawdown, meaning the fall from its last high, ran from January to October 2022. It reached about 38% and was not recovered until August 2025. Since publication in mid-2018 it has compounded about 9% a year. [Simulated history](https://tactfolio.com/docs/simulated-history.md) cannot take the test further back, because no reference history exists for SCZ. Remember that these results are hypothetical. They show how the rules would have done on past prices, after trading costs, not what happened to real money. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you rely on them. ## When does Accelerating Dual Momentum struggle? ADM struggles most when stocks and bonds fall together and when markets chop back and forth. - **Stocks and bonds falling together.** Long Treasuries are the only defense, and in a rate shock like 2022 they fall with stocks. - **Choppy markets.** A fast signal flips more often. Each false switch sells after a drop and buys after a rebound. - **One fund at a time.** The portfolio carries the full risk of whichever fund it holds. ## How to try Accelerating Dual Momentum on Tactfolio The live strategy at the top of this page picks between SPY and SCZ by their 6-month returns instead of the original 1/3/6-month sum. It checks the chosen fund against its seven-month average instead of the score's sign. So its results can differ from the original rule in the months when either stand-in disagrees. Copy it to try TIPS as a second defensive fund, intermediate Treasuries instead of long ones, or a different average length. For a more spread-out take on the same idea, see Antonacci's [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 1 · 6-month return (month-end) - Candidate: SPY - Weight: Equal - If: current price of SPY is above 7-month moving average of month-end closes of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **TLT** - Candidate: SCZ - Weight: Equal - If: current price of SCZ is above 7-month moving average of month-end closes of SCZ - Then: - Weight: Equal - **SCZ** - Otherwise: - Weight: Equal - **TLT** ## Sources and caveats - [Steve Hanly, Accelerating Dual Momentum Investing (Engineered Portfolio, 2018)](https://engineeredportfolio.com/2018/05/02/accelerating-dual-momentum-investing/) - [Allocate Smartly, Accelerating Dual Momentum](https://allocatesmartly.com/taa-strategy-accelerating-dual-momentum/) - The source chooses the fund with the higher sum of its 1-, 3-, and 6-month total returns. A Rank scores by one reading, so this version chooses by the 6-month total return between month-end closes, the longest of the three. The two chose the same fund on 91% of trading days from 2008 to 2026, with growth 0.2 points a year lower and the same worst drawdown. - The source holds the chosen fund only while its 1-, 3-, and 6-month sum is positive. A condition cannot add returns together, so this version holds it while its month-end close is above the average of its last seven month-end closes, the current one included. That test agreed with the sign of the chosen fund's sum at 95% of month ends from 1997 to 2026 on VFINX and VINEX, and at 97% from 2008 on SPY and SCZ. - SPY, SCZ, and TLT stand in for the source's Vanguard funds VFINX (S&P 500), VINEX (international small caps), and VUSTX (long-term Treasuries). SCZ began trading in late 2007, which limits the backtest. - Uses the source's baseline bond choice, long-term Treasuries. The source's optional rule, holding whichever of long Treasuries and TIPS had the higher one-month return, is not applied. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Accelerating Dual Momentum? It is a monthly rotation between US large-cap stocks, international small-cap stocks, and long-term Treasuries, published by Engineered Portfolio in 2018. It holds whichever stock fund has the stronger short-term momentum. It switches to Treasuries when that momentum turns negative. ### What ETFs does Accelerating Dual Momentum use? It uses SPY for the S&P 500, SCZ for international small caps, and TLT for long-term Treasuries. The original backtest used the Vanguard funds VFINX, VINEX, and VUSTX. Some versions, including Allocate Smartly's, add TIP and hold whichever of TLT and TIP did better over the last month. ### How is Accelerating Dual Momentum different from Dual Momentum? Dual Momentum (GEM) uses 12-month returns, broad non-US stocks, a Treasury bill hurdle, and aggregate bonds as the safe asset. ADM uses shorter 1-, 3-, and 6-month returns, international small caps, a hurdle of zero, and long Treasuries. It trades more often and reacts faster. ### Does Accelerating Dual Momentum still work? Since its publication in 2018 it has compounded about 9% a year. But it lost 35% in 2022 and needed until August 2025 to recover. The live record on Tactfolio shows how it is doing now. ### Can I automate Accelerating Dual Momentum? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when the monthly rule picks a different fund. It is long only and holds US-listed ETFs. You decide the starting balance. --- # Robust Asset Allocation Balanced (Alpha Architect RAA) > Wesley Gray's 40/40/20 mix with two trend rules per asset class. Rules, backtest, yearly returns, and a live version. Wesley Gray's Robust Asset Allocation (Alpha Architect), Balanced flavor: 40% stocks, 40% real assets, and 20% Treasuries. US and international stocks are held through value and momentum funds, alongside REITs, commodities, and intermediate Treasuries. Each month two trend rules, a 12-month return above Treasury bills and a price above its 12-month average, each control half of every asset class; a failing rule moves that half to Treasury bills. Designed by Wesley Gray (Alpha Architect), 2014. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/gray-raa-balanced. Robust Asset Allocation (RAA) is a trend-following model from Wesley Gray of Alpha Architect. He shared it in a December 2014 blog post and in the 2015 book *DIY Financial Advisor*, written with Jack Vogel and David Foulke. The Balanced flavor holds 40% stocks, 40% real assets and 20% Treasuries, and each month two trend rules decide how much stays invested. ## Key points - RAA Balanced splits its money across five asset classes, 20% each. - Two trend rules each control half of every asset class. - When a rule fails, that half moves to Treasury bills. - The test covers about ten years, all after the model came out. - It earned about 5% a year, far behind the S&P 500, but it fell less at its worst. ## What is Robust Asset Allocation? Robust Asset Allocation is a simple mix of five asset classes with a trend filter on top. An asset class is a broad group of investments, such as stocks, real estate or bonds. Gray built it from three parts. - **Spread the money.** Hold a plain mix of five asset classes, not a finely tuned one. Complex allocation models, Gray argued, mostly fit noise. - **Tilt the stocks.** Hold value and momentum stocks in place of the broad market. Both styles have long records of higher returns. - **Follow the trend.** Spreading money around does not stop deep losses when most markets fall together. A trend rule can step aside. **Value stocks** are shares that look cheap next to what the company earns or owns. **Momentum stocks** are shares that have risen more than others lately. ## How do the two trend rules work? RAA uses two trend rules that usually agree but sometimes do not. - **Time-series momentum** asks if an asset has beaten Treasury bills over the past year. **Treasury bills** are short-term loans to the US government, the usual stand-in for cash. - A **moving average** is the average price over a set time. This rule asks if the price is above its 12-month average. Rather than pick one rule, RAA gives each rule control of half of every asset class. ## How does RAA Balanced work? RAA Balanced holds five asset classes at 20% each and checks them once a month. | Asset class | Weight | Funds | | --- | --- | --- | | US stocks | 20% | Alpha Architect's US value fund (QVAL) and US momentum fund (QMOM), 10% each | | International stocks | 20% | Its international value (IVAL) and momentum (IMOM) funds, 10% each | | Real estate | 20% | VNQ | | Commodities | 20% | GSG, which tracks the GSCI index used in the source | | Intermediate Treasuries | 20% | IEF | The check runs at the close of the last trading day of each month. Each asset class faces two tests, both read on month-end closes. 1. Is its 12-month return above that of Treasury bills (BIL)? 2. Is its price above its 12-month moving average, the average of its last 12 month-end closes? If both pass, the class is fully invested. If one passes, half of it moves to Treasury bills. If neither passes, all of it does. As in the source, the stock tests read the broad markets, not the factor funds. SPY stands in for US stocks and EFA for international stocks. Here is a made-up example. At a month end, real estate (VNQ) is above its 12-month average but has trailed bills over the year. One test passes, so half of the real estate slice stays in VNQ and half moves to BIL. Alpha Architect publishes the 40/40/20 split of the Balanced flavor, but not how each bucket is divided. This version splits each bucket evenly. That is the same pattern the source shows for its Moderate flavor. Alpha Architect's index also weights the four factor funds by their volatility. **Volatility** is how much a price swings up and down. This version holds them equally. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/robust-asset-allocation-balanced are recomputed after every market close. The test starts at the end of 2015, when the youngest of the four factor funds launched. So it covers about ten years, all after publication. Over that period RAA Balanced grew about 5% a year. That is far behind the S&P 500 and well behind a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Both also had a better risk-adjusted return, which means more return for each unit of risk. Its one edge was a shallower worst drawdown. A **drawdown** is how far a portfolio falls from its last high point. Its worst was about 15%, against about 21% for 60/40 and about a third for the S&P 500. Several things held it back at once. The value and momentum funds trailed the broad stock markets they replace. REITs, which are funds that own real estate, and Treasuries had a weak decade. The 12-month trend rules also sold after declines and bought back after rebounds. In 2019 it gained 7% while the S&P 500 gained 31%. In 2020 it lost about 1% in a year the S&P 500 rose 18%. Its worst drawdown ran from January 2018 to March 2020. It took until February 2021 to recover. The trend rules did their job in 2022, when the portfolio lost less than 2% while the S&P 500 fell 18%. [Simulated history](https://tactfolio.com/docs/simulated-history.md) cannot take this test further back. No reference history exists for Alpha Architect's funds. All of these figures come from a backtest. That is a hypothetical replay of the rules on past prices, after trading costs, and not a track record. Our guide on [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains what the numbers can and cannot tell you. ## When does RAA Balanced struggle? - **Markets led by large growth stocks.** Value and momentum funds lag a narrow rally in the biggest companies. So does a 40% stake in real assets. - **Sharp V-shaped recoveries.** Rules based on a year of data leave after a crash. They come back months after the rebound. - **Weak real assets.** REITs and commodities make up two fifths of the portfolio. ## How to try RAA Balanced on Tactfolio The live strategy at the top of this page runs these rules with Alpha Architect's own funds. It splits each bucket evenly. Copy it to use broad index funds such as SPY and EFA in place of the factor funds. You can also compare it with the stock-heavy [Aggressive flavor](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), or browse the other [classic strategies](https://tactfolio.com/strategies/classics.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Specified - If: All of: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL; current price of SPY is above 12-month moving average of month-end closes of SPY - Then: - Weight: Equal - **QVAL** - **QMOM** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL; current price of SPY is above 12-month moving average of month-end closes of SPY - Then: - Weight: Specified - Weight: Equal - **QVAL** - **QMOM** - **BIL** - Otherwise: - Weight: Equal - **BIL** - If: All of: 12-month return (month-end) of EFA is above 12-month return (month-end) of BIL; current price of EFA is above 12-month moving average of month-end closes of EFA - Then: - Weight: Equal - **IVAL** - **IMOM** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of EFA is above 12-month return (month-end) of BIL; current price of EFA is above 12-month moving average of month-end closes of EFA - Then: - Weight: Specified - Weight: Equal - **IVAL** - **IMOM** - **BIL** - Otherwise: - Weight: Equal - **BIL** - If: All of: 12-month return (month-end) of VNQ is above 12-month return (month-end) of BIL; current price of VNQ is above 12-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of VNQ is above 12-month return (month-end) of BIL; current price of VNQ is above 12-month moving average of month-end closes of VNQ - Then: - Weight: Specified - **VNQ** - **BIL** - Otherwise: - Weight: Equal - **BIL** - If: All of: 12-month return (month-end) of GSG is above 12-month return (month-end) of BIL; current price of GSG is above 12-month moving average of month-end closes of GSG - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of GSG is above 12-month return (month-end) of BIL; current price of GSG is above 12-month moving average of month-end closes of GSG - Then: - Weight: Specified - **GSG** - **BIL** - Otherwise: - Weight: Equal - **BIL** - If: All of: 12-month return (month-end) of IEF is above 12-month return (month-end) of BIL; current price of IEF is above 12-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of IEF is above 12-month return (month-end) of BIL; current price of IEF is above 12-month moving average of month-end closes of IEF - Then: - Weight: Specified - **IEF** - **BIL** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Wesley Gray, The Robust Asset Allocation (RAA) Index, Alpha Architect (2014, updated 2018)](https://alphaarchitect.com/2014/12/02/the-robust-asset-allocation-raa-index/) - [Wesley Gray, Jack Vogel, and David Foulke, DIY Financial Advisor (Wiley, 2015)](https://www.wiley.com/en-us/DIY+Financial+Advisor-p-9781119071501) - The 40% equities / 40% real assets / 20% bonds split of the Balanced flavor is from the source; the split inside each bucket is not published and is inferred here as even: US and international stocks equally, each split equally between value and momentum, and real assets equally between REITs and commodities. The Moderate flavor, the only one the source details, uses the same pattern. - Alpha Architect's own funds QVAL, QMOM, IVAL, and IMOM hold its US and international value and momentum indexes. The source weights the four by volatility, rebalanced yearly; this version holds each region at half the equity weight, split equally between value and momentum, rebalanced monthly. Allocate Smartly instead uses IWD, MTUM, EFV, and EFA. IMOM and QMOM began trading in December 2015, which limits the backtest. - As in the source, the equity trend rules read the passive benchmarks, SPY for US stocks and EFA for international stocks. VNQ, GSG (the GSCI, as in the source), and IEF (7–10 year Treasuries) are the other asset classes; BIL is Treasury bills. - Each rule governs half of an asset class: with both passing it is fully held, with one passing half moves to Treasury bills, and with none all of it does. Both rules read month-end closes: the 12-month return against Treasury bills', and the close against the average of the last 12 month-end closes, the current one included. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Robust Asset Allocation? Robust Asset Allocation is Wesley Gray's trend-following model at Alpha Architect. It holds US and international value and momentum stocks, REITs, commodities and Treasuries. Two 12-month trend rules each decide if half of an asset class stays invested or moves to Treasury bills. ### What ETFs does RAA Balanced use? It uses QVAL, QMOM, IVAL and IMOM for stocks, VNQ for real estate, GSG for commodities, IEF for Treasuries and BIL for Treasury bills. The stock trend signals are read on SPY and EFA. Allocate Smartly's version uses IWD, MTUM, EFV and EFA as the stock funds. ### What is the difference between RAA Balanced, Moderate and Aggressive? Only the mix differs. Balanced is 40% stocks, 40% real assets and 20% bonds. Moderate is 60/20/20 and Aggressive is 80/10/10. The trend rules are the same in all three. ### Is Robust Asset Allocation the same as Keller's Resilient Asset Allocation? No. Wouter Keller's [Resilient Asset Allocation](https://tactfolio.com/strategies/resilient-asset-allocation.md) shares the short name RAA. But it is a different model that switches on the unemployment rate and momentum signals. ### Can I automate RAA Balanced? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade checks it on a daily schedule and only trades when its monthly rules call for a change. It is long only, holds US-listed ETFs, and uses the starting balance you choose. --- # Robust Asset Allocation Aggressive (Alpha Architect RAA) > Wesley Gray's 80% stock RAA flavor with two trend rules per asset class. Rules, backtest, yearly returns, and a live version. Wesley Gray's Robust Asset Allocation (Alpha Architect), Aggressive flavor: 80% stocks, 10% real assets, and 10% Treasuries. US and international stocks are held through value and momentum funds, alongside smaller REIT, commodity, and Treasury sleeves. Each month two trend rules, a 12-month return above Treasury bills and a price above its 12-month average, each control half of every asset class; a failing rule moves that half to Treasury bills. Designed by Wesley Gray (Alpha Architect), 2014. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/gray-raa-aggressive. RAA Aggressive is the stock-heavy flavor of Robust Asset Allocation, the trend-following model Wesley Gray introduced at Alpha Architect in December 2014. Gray described it in the 2015 book *DIY Financial Advisor*. It holds 80% stocks, 10% real assets, and 10% Treasuries, and two trend rules decide each month how much of every asset class stays invested. ## Key points - RAA Aggressive holds 80% in US and international value and momentum stock funds. - The other 20% goes to real estate, commodities, and intermediate Treasuries. - Each month, two 12-month trend rules decide if each asset class is held fully, half, or not at all. - Since the end of 2015 it grew about 6% a year, less than half the S&P 500's return. - Its worst drawdown, about 25%, was deeper than a 60/40 portfolio's. ## What is Robust Asset Allocation? Robust Asset Allocation (RAA) is a model that pairs a simple, fixed mix of assets with protection against big losses. The mix aims to capture the long-run returns of global markets. It uses value and momentum stocks in place of the broad market, for a higher expected stock return. **Value** stocks are ones that look cheap next to their earnings or assets. **Momentum** stocks are ones that have risen most lately and tend to keep rising for a while. The Aggressive flavor is for investors who want mostly stocks but with a way out of long bear markets. A bear market is a long, deep fall in prices. It keeps only small positions in the diversifiers that make up most of the [Balanced flavor](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md). ## What are the two trend rules? The two trend rules each control half of every asset class. RAA is one of several trend models in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). - **Rule one:** the asset's 12-month return must be above that of Treasury bills. **Treasury bills** are short-term loans to the US government, the closest thing to cash. This is the same test that [dual momentum](https://tactfolio.com/strategies/dual-momentum.md) calls absolute momentum. - **Rule two:** the price must be above its 12-month average. This is close to the [10-month moving average rule](https://tactfolio.com/strategies/faber-10-month-moving-average.md) made popular by Mebane Faber. Gray's view is that the two rules usually agree. Splitting the bet between them is sturdier than trusting either alone. ## How does RAA Aggressive work? The portfolio holds: - **US stocks, 40%:** QVAL (value) and QMOM (momentum), 20% each - **International stocks, 40%:** IVAL (value) and IMOM (momentum), 20% each - **Real estate, 5%:** VNQ - **Commodities, 5%:** GSG - **Intermediate Treasuries, 10%:** IEF At the close of the last trading day of each month, each asset class faces the two rules. Both are read on month-end closes. 1. Check if the asset class's 12-month return beats Treasury bills. 2. Check if its price is above the average of its last 12 month-end closes. 3. Both passing keeps it fully invested. One passing moves half of it to Treasury bills (BIL). Neither passing moves all of it. The stock rules read the broad markets, SPY and EFA, not the factor funds. Here is a made-up example. US stocks (SPY) are up over 12 months and beat bills. But SPY has slipped below its 12-month average. One rule passes and one fails, so half of the 40% US stock slice moves to BIL. ## How does this version differ from Alpha Architect's? The 80/10/10 split comes from Alpha Architect. How each bucket divides is not published. So this version splits it evenly, as the source does for its Moderate flavor. The four factor funds are held equally here. Alpha Architect's index weights them by volatility, which is how much each one's price swings. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/robust-asset-allocation-aggressive are recomputed after every market close. The test begins at the end of 2015, when the last of the factor funds launched. Over those ten or so years RAA Aggressive grew about 6% a year. That is less than half the S&P 500's return and below a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Its worst drawdown, about 25%, was deeper than the 60/40's. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return, or return for each unit of risk, was the lowest of the three. It matched the S&P 500 in 2017, when international and momentum stocks were strong. From 2018 it fell behind. It lost 11% that year. It gained 5% in 2019 against the S&P 500's 31%, and 3% in 2020 while the index rose 18%. The worst drawdown ran from January 2018 to March 2020. The portfolio did not regain its old high until February 2021. The trend rules helped most in 2022, when it lost 5% while the S&P 500 fell 18%. Recent years have been better. Gains were close to the S&P 500's in 2025 and slightly ahead of it in 2026 so far. Simulated history cannot extend the test, because Alpha Architect's funds have no reference history. These figures are hypothetical. They show how the rules would have done on past prices after trading costs. A backtest is never a track record. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you judge a strategy by one. ## When does RAA Aggressive struggle? RAA Aggressive struggles when value and momentum stocks lag, and after quick crashes. - **Factor droughts.** With 80% in value and momentum funds, a long stretch in which those styles lag the market weighs on every year. - **Whipsaws after crashes.** A whipsaw is a signal that gets you out and then back in at a worse price. The 12-month rules cut stocks during the 2018 and 2020 sell-offs and restored them only after prices had rebounded. - **Stock-driven declines.** The small bond and real asset parts offer little cushion. ## How to try RAA Aggressive on Tactfolio The live strategy at the top of this page runs the trend rules on Alpha Architect's own funds. It uses an even split inside each bucket. Copy it to try broad index funds in place of the factor funds, or to test a different stock weight. You can make either change in the [visual builder](https://tactfolio.com/docs/builder.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Specified - If: All of: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL; current price of SPY is above 12-month moving average of month-end closes of SPY - Then: - Weight: Equal - **QVAL** - **QMOM** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL; current price of SPY is above 12-month moving average of month-end closes of SPY - Then: - Weight: Specified - Weight: Equal - **QVAL** - **QMOM** - **BIL** - Otherwise: - Weight: Equal - **BIL** - If: All of: 12-month return (month-end) of EFA is above 12-month return (month-end) of BIL; current price of EFA is above 12-month moving average of month-end closes of EFA - Then: - Weight: Equal - **IVAL** - **IMOM** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of EFA is above 12-month return (month-end) of BIL; current price of EFA is above 12-month moving average of month-end closes of EFA - Then: - Weight: Specified - Weight: Equal - **IVAL** - **IMOM** - **BIL** - Otherwise: - Weight: Equal - **BIL** - If: All of: 12-month return (month-end) of VNQ is above 12-month return (month-end) of BIL; current price of VNQ is above 12-month moving average of month-end closes of VNQ - Then: - Weight: Equal - **VNQ** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of VNQ is above 12-month return (month-end) of BIL; current price of VNQ is above 12-month moving average of month-end closes of VNQ - Then: - Weight: Specified - **VNQ** - **BIL** - Otherwise: - Weight: Equal - **BIL** - If: All of: 12-month return (month-end) of GSG is above 12-month return (month-end) of BIL; current price of GSG is above 12-month moving average of month-end closes of GSG - Then: - Weight: Equal - **GSG** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of GSG is above 12-month return (month-end) of BIL; current price of GSG is above 12-month moving average of month-end closes of GSG - Then: - Weight: Specified - **GSG** - **BIL** - Otherwise: - Weight: Equal - **BIL** - If: All of: 12-month return (month-end) of IEF is above 12-month return (month-end) of BIL; current price of IEF is above 12-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - If: Any of: 12-month return (month-end) of IEF is above 12-month return (month-end) of BIL; current price of IEF is above 12-month moving average of month-end closes of IEF - Then: - Weight: Specified - **IEF** - **BIL** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Wesley Gray, The Robust Asset Allocation (RAA) Index, Alpha Architect (2014, updated 2018)](https://alphaarchitect.com/2014/12/02/the-robust-asset-allocation-raa-index/) - [Wesley Gray, Jack Vogel, and David Foulke, DIY Financial Advisor (Wiley, 2015)](https://www.wiley.com/en-us/DIY+Financial+Advisor-p-9781119071501) - The 80% equities / 10% real assets / 10% bonds split of the Aggressive flavor is from the source; the split inside each bucket is not published and is inferred here as even: US and international stocks equally, each split equally between value and momentum, and real assets equally between REITs and commodities. The Moderate flavor, the only one the source details, uses the same pattern. - Alpha Architect's own funds QVAL, QMOM, IVAL, and IMOM hold its US and international value and momentum indexes. The source weights the four by volatility, rebalanced yearly; this version holds each region at half the equity weight, split equally between value and momentum, rebalanced monthly. Allocate Smartly instead uses IWD, MTUM, EFV, and EFA. IMOM and QMOM began trading in December 2015, which limits the backtest. - As in the source, the equity trend rules read the passive benchmarks, SPY for US stocks and EFA for international stocks. VNQ, GSG (the GSCI, as in the source), and IEF (7–10 year Treasuries) are the other asset classes; BIL is Treasury bills. - Each rule governs half of an asset class: with both passing it is fully held, with one passing half moves to Treasury bills, and with none all of it does. Both rules read month-end closes: the 12-month return against Treasury bills', and the close against the average of the last 12 month-end closes, the current one included. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is RAA Aggressive? It is the 80% stock flavor of Wesley Gray's Robust Asset Allocation. Each asset class is held fully, half, or not at all, depending on whether it passes two 12-month trend rules. Treasury bills fill the rest. ### What ETFs does Robust Asset Allocation Aggressive use? It uses QVAL, QMOM, IVAL, and IMOM for stocks, and VNQ, GSG, and IEF for the other parts. BIL is the cash fund. SPY and EFA supply the stock trend signals. ### How does RAA Aggressive compare with RAA Balanced? Both use the same trend rules. Aggressive holds twice the stock weight of Balanced and much less in real assets and bonds. So it gains more in strong stock years and falls further in sell-offs. ### Does Robust Asset Allocation still work? This test covers only the years since publication. In it, the strategy limited losses in 2022 but returned far less than the S&P 500 and a 60/40 portfolio. The live record on Tactfolio shows how it is doing now. ### Can I automate RAA Aggressive? Yes, copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when a monthly trend rule calls for a change. It is long only and holds US-listed ETFs. You choose the starting balance it trades with. --- # Tactical Permanent Portfolio (GestaltU / ReSolve) > Stocks, Treasuries, and gold held only above their 200-day average, weighted by inverse volatility. Rules, backtest, and a live version. A trend-following Permanent Portfolio from Adam Butler, Michael Philbrick, and Rodrigo Gordillo (GestaltU, now ReSolve). Each month it holds whichever of US stocks, intermediate Treasuries, and gold trade above their 200-day average, weighted so that calmer assets get more; with none above, it holds Treasury bills. When only stocks or gold pass, part of the portfolio waits in Treasury bills, so the mix stays near 7% annual volatility. Designed by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/butler-tactical-permanent-portfolio. The Tactical Permanent Portfolio is a trend-following version of Harry Browne's Permanent Portfolio, tested in 2012 by Adam Butler, Michael Philbrick and Rodrigo Gordillo. They wrote as GestaltU and are now at ReSolve Asset Management. Each month it holds US stocks, intermediate Treasuries and gold only while each trades above its 200-day average, and Treasury bills when none does. ## Key points - It holds up to three assets: US stocks, intermediate Treasuries and gold. - An asset is held only while its price is above its 200-day average. - Calmer assets get bigger shares, and fixed slices of Treasury bills stand in for a volatility cap. - From 2007 its worst drawdown was about 11%, far less than stocks. - Its weak spot is rising interest rates, as in 2022, when it lost 9%. ## What is the Tactical Permanent Portfolio? The Tactical Permanent Portfolio keeps Browne's assets but drops the ones that are falling. Browne split his [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md) equally between stocks, long-term bonds, gold and cash. Each asset suits one economic climate: prosperity, deflation, inflation and tight money. Whatever the economy does, one of the four should do well. The weakness is that the losers are held at full weight through long declines. The GestaltU authors kept the mixed core and made two changes. - A **trend filter** drops any asset in a downtrend. So a long bear market in one of them costs less. A **bear market** is a long, deep fall in prices. - **Risk-parity weights** size each holding by its volatility. **Volatility** is how much a price swings. Gold and stocks swing more than Treasuries, so they do not drive most of the portfolio's risk. ReSolve's later version adds a third change. It caps overall volatility at 7% a year. When the chosen assets swing hard, part of the portfolio moves to cash. ## How does the Tactical Permanent Portfolio work? It checks three assets at the close of the last trading day of each month. 1. Check US stocks (SPY), intermediate Treasuries (IEF) and gold (GLD) against their 200-day moving averages. A **moving average** is the average closing price over a set period. 2. Hold every one that closes above its average, weighted by inverse 21-day volatility. Each weight is in proportion to one divided by the asset's recent volatility. 3. If only stocks or only gold pass, keep 45% in it and 55% in Treasury bills (BIL). If both pass but Treasuries do not, keep 60% in the pair and 40% in bills. Any mix with Treasuries is held in full. 4. If none is above its average, hold Treasury bills. **Treasury bills** are short-term loans to the US government. They are the usual stand-in for cash. Here is a made-up example. At a month end, gold is above its 200-day average, but stocks and Treasuries are below theirs. Only gold passes, so the portfolio holds 45% in GLD and 55% in BIL. ## How does this version handle the volatility cap? This version swaps ReSolve's live volatility cap for fixed slices of Treasury bills. Apart from that, it follows the rule set Allocate Smartly tracks from ReSolve's later version. ReSolve's version estimates the mix's volatility from the last 60 days. When that is above 7% a year, it scales every position down to 7% and holds Treasury bills for the rest. Tactfolio does not offer volatility targets. So this version sizes the bill slice from long-run volatilities instead. Stocks and gold each swing about 16% a year, and a mix with intermediate Treasuries already stays near 7%. It cuts the same mixes the source cut most often, but by a fixed amount. So it holds a little more in calm years and less in wild ones. A few more details differ. The 2012 post used a 10-month average. The original GestaltU design also borrowed to lift a calmer mix up to 7%. This version's checks use the month-end close itself, where Allocate Smartly uses the previous day's close. ## What the backtest shows Figures quoted here were measured on prices through 2026-10-09. The chart and tables at https://tactfolio.com/strategies/tactical-permanent-portfolio are recomputed after every market close. The ETF test runs from the end of May 2007. Over that period the strategy grew about 7.1% a year. That is a little less than a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) (8.0%) and the S&P 500 (10.8%). Its worst drawdown was about 11%. A **drawdown** is how far a portfolio falls from its last high point. The 60/40 fell a third at its worst, and the S&P 500 more than half. Its risk-adjusted return, the return for each unit of risk, was the best of the three by a wide margin. It showed its value in 2008, gaining 16% while the S&P 500 lost 37%. It did so again in 2011, gaining 12% when stocks were nearly flat. Its weak spot was rising interest rates. In 2022 stocks, Treasuries and gold all dropped below their averages at different times. It lost 9%, about half the S&P 500's 18%. That drawdown, from December 2021 to February 2023, was its worst. It recovered by May 2024. With only part of the portfolio in stocks, it trails well behind in strong stock years. It gained 8% in 2013 and 4% in 2023, while the S&P 500 gained 32% and 26%. Since the 2012 publication it has grown about 5.4% a year with a solid risk-adjusted return. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1969. Over the full period it grew near 9% a year. That is less than the S&P 500's 10.8%, but with a much better risk-adjusted return. It gained in each of 2000, 2001 and 2002 while stocks fell. It ended 1973 and 1974 roughly flat while the S&P 500 lost 15% and 27%. But those years also hold its worst simulated drawdown: about 19%, from June 1973 to July 1974, as gold swung sharply. It recovered by February 1976. Every figure here is hypothetical. It replays the rules on past prices, after trading costs, and is not a track record. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) for the main traps. ## When does the Tactical Permanent Portfolio struggle? - **Rising interest rates.** Stocks, Treasuries and gold can all weaken together, as in 2022, when it fell almost as far as stocks. - **One volatile holding.** When only stocks or only gold is above its average, 45% of the portfolio rides on that one asset. The source's live volatility estimate would hold less when it swings harder, as gold did in the 1970s. - **Strong stock markets.** Stocks share the portfolio with Treasuries and gold. So it trails well behind in years like 2013 and 2023. - **Quick reversals.** A 200-day average turns late after a sharp drop or a sharp rebound. ## How to try the Tactical Permanent Portfolio on Tactfolio The live strategy at the top of this page runs the trend filter, the inverse-volatility weights and the fixed bill slices. Those slices stand in for the 7% volatility cap. Copy it to change the slices, or to hold a permanent quarter in Treasury bills as Browne did. You can also try long-term Treasuries (TLT) in place of IEF in the [visual builder](https://tactfolio.com/docs/builder.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is above 200d moving average of SPY - Then: - Weight: Equal - If: current price of IEF is above 200d moving average of IEF - Then: - Weight: Equal - If: current price of GLD is above 200d moving average of GLD - Then: - Weight: Inverse vol 21d - **SPY** - **IEF** - **GLD** - Otherwise: - Weight: Inverse vol 21d - **SPY** - **IEF** - Otherwise: - Weight: Equal - If: current price of GLD is above 200d moving average of GLD - Then: - Weight: Specified - Weight: Inverse vol 21d - **SPY** - **GLD** - **BIL** - Otherwise: - Weight: Specified - **SPY** - **BIL** - Otherwise: - Weight: Equal - If: current price of IEF is above 200d moving average of IEF - Then: - Weight: Equal - If: current price of GLD is above 200d moving average of GLD - Then: - Weight: Inverse vol 21d - **IEF** - **GLD** - Otherwise: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - If: current price of GLD is above 200d moving average of GLD - Then: - Weight: Specified - **GLD** - **BIL** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Adam Butler, Michael Philbrick, and Rodrigo Gordillo, Permanent Portfolio Shakedown Part II (GestaltU, 2012)](https://investresolve.com/permanent-portfolio-shakedown-part-2/) - [Allocate Smartly, Tactical Permanent Portfolio](https://allocatesmartly.com/tactical-permanent-portfolio-gestaltu-investresolve/) - Follows the rule set Allocate Smartly tracks from ReSolve: SPY, IEF, and GLD above their 200-day average, weighted by inverse 21-day volatility, with cash (BIL) only when none qualifies. The 2012 post filtered on a 10-month average and held cash as the fourth Permanent Portfolio asset. - The source scales the whole mix down to 7% annual volatility, estimated from the last 60 days, and holds the cut in Treasury bills (the original GestaltU design also used leverage to lift a calmer mix up to 7%). Tactfolio does not offer volatility targets, so this version sets the cut from long-run volatilities instead: stocks or gold alone keep 45% invested and the two together 60%, with the rest in BIL; any mix with IEF stays fully invested. It cuts the same mixes the source cut most often, but by a fixed amount, so it holds more in calm years and less in wild ones. - The trend and volatility checks use the same close as the trade; Allocate Smartly uses the previous day's close. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the Tactical Permanent Portfolio? It is a trend-following version of Harry Browne's Permanent Portfolio from GestaltU, now ReSolve Asset Management. It holds stocks, Treasuries and gold only while each is above its 200-day average, weighted by inverse volatility, and Treasury bills when none qualifies. ReSolve's version also caps expected volatility at 7% a year. This version comes close to that with fixed slices of Treasury bills when only stocks or gold are held. ### How is it different from the Permanent Portfolio? Browne's Permanent Portfolio holds four assets at 25% each at all times, including a quarter in cash. The tactical version drops any asset in a downtrend and sizes the rest by volatility. It holds cash only when no asset qualifies. ### What ETFs does the Tactical Permanent Portfolio use? It uses SPY for US stocks, IEF for intermediate Treasuries, GLD for gold and BIL for Treasury bills. ### Does the Tactical Permanent Portfolio still work? Since 2012 it has grown about 5.4% a year. Its worst drawdown was about 11%, far smaller than stocks', though rising rates in 2022 hit all three of its assets. The live record on Tactfolio shows how it is doing now. ### Can I run the Tactical Permanent Portfolio automatically? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when its rules call for a change. It is long only, uses US-listed ETFs, and trades the starting balance you choose. --- # Diversified Dual Momentum (Newfound Research) > Seven copies of Dual Momentum GEM with 6- to 12-month lookbacks. Rules, backtest, yearly returns, and a live version. Corey Hoffstein's (Newfound Research) diversified version of Gary Antonacci's Global Equities Momentum. It runs seven copies of the Dual Momentum rules, with lookbacks of 6, 7, 8, 9, 10, 11, and 12 months, and holds each in a seventh of the portfolio. Each copy holds US or non-US stocks, whichever was stronger, while US stocks beat Treasury bills, and aggregate bonds otherwise. Designed by Corey Hoffstein (Newfound Research), 2019. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/hoffstein-diversified-dual-momentum. Diversified Dual Momentum is a version of Gary Antonacci's [Dual Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md) that runs seven copies of the same rules at once. Corey Hoffstein of Newfound Research shared it in January 2019. Each copy looks back over a different number of months, from six to twelve, and gets a seventh of the money. ## Key points - It runs seven copies of the GEM rules, each with its own lookback. - Each copy holds US stocks, stocks outside the US, or bonds. - The copies are set back to equal size once a year. - Over the ETF era it earned about 8% a year, less than the S&P 500. - Its worst drop, about 31%, came in the fast 2020 crash. ## What is Diversified Dual Momentum? Diversified Dual Momentum is GEM spread across seven lookbacks instead of one. A **lookback** is how far back a rule looks when it measures returns. GEM, short for Global Equities Momentum, uses only 12-month returns. In January 2019, Hoffstein showed how much GEM's results depend on that one choice. So instead of a single model on 12-month returns, this version runs copies with lookbacks of six to twelve months. Each gets a seventh of the portfolio, reset once a year. ## Why does the lookback matter so much? The lookback matters because small setup choices can change results a lot, by luck alone. Hoffstein called this **specification risk**: the risk that how you set up a rule, not the idea behind it, decides your results. **Momentum** means assets that rose lately tend to keep rising for a while. Momentum and trend have long records across many lookbacks. There is no good reason to expect a 9-month model to do better or worse than a 10-month one. Yet over the same decade, GEM versions that differed only in lookback ended with very different results. One could lose money in a year when its neighbor gained. Those gaps are luck, and luck does not even out later. His answer was to stop betting on one lookback. Holding all seven versions keeps the style: dual momentum on US and non-US stocks, with bonds as the fallback. It also averages away most of the luck of any single choice. The result should sit near the middle of the seven. It should also make fewer sudden all-or-nothing switches. ## How does Diversified Dual Momentum work? The portfolio is split into seven parts, called **sleeves**, one for each lookback of 6, 7, 8, 9, 10, 11, and 12 months. At the close of the last trading day of each month, each sleeve does three things. 1. It compares the return of the S&P 500 (SPY) over its lookback with that of Treasury bills (BIL). Treasury bills are short-term US government debt, a stand-in for cash. Both returns run between month-end closes. 2. If US stocks beat bills, it holds whichever had the higher return over the lookback: US stocks (SPY) or non-US stocks (VEU). 3. If not, it holds US aggregate bonds (AGG), a broad mix of US bonds. Because each sleeve decides on its own, the portfolio can hold one, two, or all three funds at once. Here is a made-up example. At a month end, the shorter sleeves see US stocks beating bills, but the longer ones do not. Four sleeves then hold stocks and three hold AGG. To **rebalance** means to reset holdings to their target sizes. As in Newfound's study, the sleeves are set back to a seventh each only once a year. In between, they drift with their holdings. So the strategy runs monthly and rebalances yearly. Newfound does not give the reset date. This version uses the last trading day of each year, or the first day of the test. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/diversified-dual-momentum are recomputed after every market close. The ETF test runs from August 2008. Diversified Dual Momentum compounded about 8% a year. That is less than the S&P 500 and slightly less than a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). A **drawdown** is how far a portfolio falls from its last high point. Its worst drawdown, about 31%, was well short of the S&P 500's but deeper than the 60/40's. It trailed both on risk-adjusted return. It protected well in 2008. It gained 5% from August to the end of that year, while the S&P 500 fell by more than a quarter. Choppy markets were harder. It made almost nothing in 2010. It lost money in 2011, 2015, and 2018, and gained only 4% in 2020. Its worst drawdown came in the crash of February and March 2020, when all seven copies were in stocks. It recovered by January 2021. In 2022 it lost 17%, almost as much as the S&P 500, as both stocks and the bond fallback fell. Since Newfound's post in early 2019 it has compounded about 10% a year. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1991 and looks stronger. It earned over 11% a year, with a better risk-adjusted return than the S&P 500. It lost less than the index in 2000 and gained in 2001 and 2002 while stocks kept falling. All of these numbers come from backtests. They show how the rules would have done on past prices, after trading costs, so they are hypothetical and not a track record. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains what to check. ## When does Diversified Dual Momentum struggle? It struggles when markets move fast, keep reversing, or when stocks and bonds fall at the same time. - **Sudden crashes.** Monthly signals on six- to twelve-month returns cannot react to a fall that happens within weeks. - **Sideways markets.** When trends keep reversing, several of the seven copies can switch at the wrong time together. - **Stocks and bonds falling together.** Aggregate bonds offered no shelter in 2022. ## How to try Diversified Dual Momentum on Tactfolio The live strategy at the top of this page runs the seven GEM copies side by side each month. It rebalances them to equal weight once a year. Copy it to change the range of lookbacks or the rebalance schedule, or to use Treasury bills as the fallback. You can also set it next to the single-lookback GEM, or the multi-asset [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md). ## The rules as implemented Runs monthly, rebalancing yearly, with signals and trades at the close: - Weight: Equal - If: 6-month return (month-end) of SPY is above 6-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 6-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** - If: 7-month return (month-end) of SPY is above 7-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 7-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** - If: 8-month return (month-end) of SPY is above 8-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 8-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** - If: 9-month return (month-end) of SPY is above 9-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 9-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** - If: 10-month return (month-end) of SPY is above 10-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 10-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** - If: 11-month return (month-end) of SPY is above 11-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 11-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** - If: 12-month return (month-end) of SPY is above 12-month return (month-end) of BIL - Then: - Weight: Equal - Rank: Top 1 · 12-month return (month-end) - **SPY** - **VEU** - Otherwise: - Weight: Equal - **AGG** ## Sources and caveats - [Corey Hoffstein, Fragility Case Study: Dual Momentum GEM (Newfound Research, 2019)](https://blog.thinknewfound.com/2019/01/fragility-case-study-dual-momentum-gem/) - [Gary Antonacci, Dual Momentum Investing (2014) and FAQ](https://www.optimalmomentum.com/faq/) - Each sleeve follows the GEM decision tree in the source: US stocks are first tested against Treasury bills, then compared with non-US stocks, on returns between month-end closes. - SPY, VEU, AGG, and BIL stand in for the S&P 500, world ex-US stocks, the Barclays US Aggregate, and Treasury bills, as in Tactfolio's single-lookback Dual Momentum. - As in the source, the seven sleeves are set back to a seventh each once a year and drift with their holdings in between, while each sleeve still follows its own rule every month. The source does not give the reset date; here it is the last trading day of each year, or the first day of the test. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Diversified Dual Momentum? Diversified Dual Momentum is Newfound Research's version of Gary Antonacci's Global Equities Momentum. It holds seven copies of the rules, each with a different lookback from six to twelve months. Each copy is set back to a seventh of the portfolio once a year. ### How is Diversified Dual Momentum different from GEM? GEM makes one decision on 12-month returns and holds a single fund. The diversified version makes seven decisions on seven lookbacks. So it often holds a mix of US stocks, non-US stocks, and bonds, and it changes bit by bit rather than all at once. ### What ETFs does Diversified Dual Momentum use? It uses SPY for US stocks, VEU for non-US stocks, and AGG for bonds. BIL is the Treasury bill benchmark that each copy tests stocks against. ### Why use several lookbacks instead of the best one? The best lookback in a backtest is largely luck, and it rarely stays best. Holding several spreads that luck. Newfound found this lowered the worst drawdown and kept returns near the middle of the range. ### Can I automate Diversified Dual Momentum? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when one of its sleeves calls for a change. It is long only and holds US-listed ETFs, and you choose the starting balance. --- # Paul Novell's Tactical Bond Strategy > Holds the three strongest of nine bond ETFs by six-month return, or cash. Rules, backtest, yearly returns, and a live version. Paul Novell's tactical bond strategy (Investing for a Living) rotates among nine bond funds: short, intermediate, and long Treasuries, TIPS, corporate and high-yield bonds, international government and aggregate bonds, and emerging-market bonds. Each month it holds the three with the highest six-month return, a third each; any of the three whose six-month return is negative is replaced by Treasury bills. Designed by Paul Novell, 2014. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/novell-tactical-bond. Paul Novell's Tactical Bond Strategy is a monthly rotation that applies dual momentum to the bond market. Novell published it on his Investing for a Living blog in 2014, adapting Gary Antonacci's bond momentum model, and revised its fund list in 2016. Each month it holds the three bond funds with the best six-month returns and moves any with a negative return to Treasury bills. ## Key points - The strategy checks nine bond ETFs once a month. - It holds the top three by six-month return, a third each. - Any pick with a negative six-month return is swapped for Treasury bills. - In 2022, the worst year for bonds in decades, it lost about 2%. - Its long-run return is low: about 3% a year since late 2013, and about 2% since publication. ## What is the Tactical Bond Strategy? The Tactical Bond Strategy is a way to follow whichever part of the bond market is doing well. A **bond** is a loan to a company or government that pays you interest. It uses momentum. **Momentum** means that assets that have risen lately tend to keep rising for a while. Novell adapted the idea from Antonacci's [dual momentum](https://tactfolio.com/strategies/dual-momentum.md), which mixes a ranking with a check against cash. **Treasury bills** are short-term loans to the US government, the closest thing to cash. They are where the strategy waits when a bond fund is falling. ## Why rotate between bond funds? The bond market is not one asset, so its parts take turns leading. Short and long Treasuries, inflation-protected bonds, corporate and high-yield bonds, and foreign and emerging-market bonds each respond to different forces. Those forces include interest rates, inflation, credit risk, and the dollar. Novell's aim was a bond portfolio for any environment. It follows whichever segments are being rewarded. It steps aside from segments that are falling, as long bonds do when rates rise. Holding three funds instead of one was his preferred version. In his tests it had the best risk-adjusted results and the smallest drawdowns of the versions he tried. ## How does the Tactical Bond Strategy work? The universe is nine bond ETFs from Novell's revised 2016 list: - US Treasuries: short (SHY), intermediate (IEF), and long (TLT) - US inflation-protected Treasuries (TIP) - US intermediate corporate bonds (VCIT) and high-yield bonds (JNK) - International government bonds (IGOV) and international aggregate bonds (BNDX) - Emerging-market bonds (EMB) At the close of the last trading day of each month: 1. Rank the nine by their six-month total return. 2. Hold the top three, a third each. 3. Any of the three whose six-month return is negative is replaced by Treasury bills (BIL). Here is a made-up example. The top three are TIP, VCIT, and EMB. TIP and VCIT are up over six months, but EMB is down. So you hold TIP, VCIT, and BIL, a third each. Novell's own tests traded every four weeks at the next day's close, a limit of his software. He said he prefers trading at the month-end close, which is used here. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/novell-tactical-bond-strategy are recomputed after every market close. The test starts at the end of 2013, after BNDX's first six months of trading. Over that period the strategy grew about 3% a year with low volatility. **Volatility** is how much prices swing up and down. Its worst drawdown was about 11%. A **drawdown** is how far a portfolio falls from its last high point. As a bond strategy it is not built to match stocks. But it also clearly trailed a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) on both return and risk-adjusted return. It did lose only about half as much at its worst. Its best years came when bonds trended. It gained about 10% in each of 2014, 2016, and 2019, and 11% in 2020. Its worst stretch was the March 2020 panic. It lost 11% in nine days as credit and even Treasury funds sold off together. It recovered by August. It held up in 2022, the worst year for bonds in decades. It lost about 2% while sitting mostly in Treasury bills. But since then results have been thin. Since its publication at the end of 2014 it has grown only about 2% a year. [Simulated history](https://tactfolio.com/docs/simulated-history.md) cannot take this test further back. Several of its funds, including BNDX and IGOV, have no reference history. These are hypothetical results from running the rules on past prices, with trading costs taken out. A backtest is not a track record. See [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) for the common traps. ## When does the Tactical Bond Strategy struggle? It struggles when bonds move fast, move sideways, or pay little everywhere. - **Sudden bond sell-offs.** A six-month signal checked monthly cannot step aside from a shock that lasts days. - **Trendless rate markets.** When yields move sideways, the leaders keep changing and each switch costs a little. - **Low returns everywhere.** When every bond segment earns little, rotating among them cannot add much. ## How to try the Tactical Bond Strategy on Tactfolio The live strategy at the top of this page runs Novell's revised universe with his positive-return filter. Copy it to add Allocate Smartly's extra hurdle, a six-month return above BIL's. You can also use it as the bond part of a stock strategy in the [visual builder](https://tactfolio.com/docs/builder.md). For a bond model driven by jobs data instead of prices, see Novell's [Bond UI1](https://tactfolio.com/strategies/novell-bond-ui1.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - Rank: Top 3 · 126d cumulative return - Candidate: SHY - Weight: Equal - If: 126d cumulative return of SHY is above 0 - Then: - Weight: Equal - **SHY** - Otherwise: - Weight: Equal - **BIL** - Candidate: IEF - Weight: Equal - If: 126d cumulative return of IEF is above 0 - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: TLT - Weight: Equal - If: 126d cumulative return of TLT is above 0 - Then: - Weight: Equal - **TLT** - Otherwise: - Weight: Equal - **BIL** - Candidate: TIP - Weight: Equal - If: 126d cumulative return of TIP is above 0 - Then: - Weight: Equal - **TIP** - Otherwise: - Weight: Equal - **BIL** - Candidate: VCIT - Weight: Equal - If: 126d cumulative return of VCIT is above 0 - Then: - Weight: Equal - **VCIT** - Otherwise: - Weight: Equal - **BIL** - Candidate: JNK - Weight: Equal - If: 126d cumulative return of JNK is above 0 - Then: - Weight: Equal - **JNK** - Otherwise: - Weight: Equal - **BIL** - Candidate: IGOV - Weight: Equal - If: 126d cumulative return of IGOV is above 0 - Then: - Weight: Equal - **IGOV** - Otherwise: - Weight: Equal - **BIL** - Candidate: BNDX - Weight: Equal - If: 126d cumulative return of BNDX is above 0 - Then: - Weight: Equal - **BNDX** - Otherwise: - Weight: Equal - **BIL** - Candidate: EMB - Weight: Equal - If: 126d cumulative return of EMB is above 0 - Then: - Weight: Equal - **EMB** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Paul Novell, A Trend Following Bond Portfolio for Any Environment (Investing for a Living, 2014)](https://investingforaliving.us/2014/12/06/a-trend-following-bond-portfolio-for-any-environment/) - [Paul Novell, Bond Quant Performance During the Bond Selloff (2016)](https://investingforaliving.us/2016/12/16/bond-quant-performance-during-the-bond-selloff/) - [Allocate Smartly, Paul Novell's Tactical Bond Strategy](https://allocatesmartly.com/paul-novells-tactical-bond-strategy/) - Uses Novell's revised 2016 universe, SHY, IEF, TLT, TIP, VCIT, JNK, IGOV, BNDX, and EMB, with his top-3 version and his filter of a positive six-month return. Allocate Smartly trades LQD and HYG instead of VCIT and JNK, drops IGOV, also requires a return above BIL's, and holds cash instead of SHY. - The six-month return is 126 sessions. BNDX began trading in mid-2013, which limits the backtest; Novell used BWX before then. - Novell's own tests traded every four weeks at the next day's close, a limit of his software; he prefers month-end trading at the same close, which is used here. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Paul Novell's Tactical Bond Strategy? It is a monthly bond rotation. It holds the three strongest of nine bond ETFs by six-month return, a third each. It replaces any pick with a negative six-month return with Treasury bills. ### Which bond ETFs does the Tactical Bond Strategy use? It uses SHY, IEF, TLT, TIP, VCIT, JNK, IGOV, BNDX, and EMB, with BIL as cash. Novell's 2014 original used a slightly different list that included municipal bonds. ### How is this different from Allocate Smartly's version? Allocate Smartly trades LQD and HYG instead of VCIT and JNK, and leaves out IGOV. It holds cash instead of SHY. It also requires each pick to beat Treasury bills over six months. This version follows Novell's own list and filter. ### Does the Tactical Bond Strategy protect against rising rates? In 2022 it lost about 2% while long Treasuries and most bond funds fell much further. Its filter had moved almost the whole portfolio to Treasury bills early in the year. Its long-run return since publication has been low. The live record on Tactfolio shows how it is doing now. ### Can I automate the Tactical Bond Strategy? Yes, copy the live strategy and run it in Trade, either on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when the monthly ranking or filter calls for a change. It is long only and holds US-listed ETFs. You choose the starting balance. --- # Three-Way Model (Ned Davis Research) > Stocks, long Treasuries, and gold, each held while its 3-month average tops its 10-month. Rules, backtest, yearly returns, and a live version. Ned Davis Research's Three-Way Model, popularized by Meb Faber: stocks, long-term Treasuries, and gold. Each month it holds, in equal parts, every one of the three whose 3-month average price is above its 10-month average, so it can hold all three at a third each, two at half each, or one at 100%. With none in an uptrend it holds Treasury bills. Designed by Ned Davis Research, 2015. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/ned-davis-three-way. The Three-Way Model is a trend-following strategy from Ned Davis Research, shared widely by Meb Faber in a 2015 blog post. It owns three assets: US stocks, long-term Treasuries and gold. Each month it holds equal parts of whichever are in an uptrend, meaning a 3-month average price above a 10-month average. ## Key points - It looks at US stocks, long-term Treasuries and gold once a month. - It holds each one only while its 3-month average price is above its 10-month average. - The assets that pass get equal shares, and Treasury bills fill in when none pass. - From mid-2007 its worst drawdown was about 23%, against more than half for the S&P 500. - It turns late at sharp reversals, as in 2009, when it missed most of the stock rebound. ## What is the Three-Way Model? The Three-Way Model owns whichever of its three assets are going up and drops whichever are going down. Stocks, long Treasuries and gold tend to do well in different conditions. - Stocks tend to do well when the economy grows. - Long Treasuries tend to do well when interest rates fall and in recessions. - Gold tends to do well in inflation and financial stress. It is rare for all three to fall for long at the same time. The model does not try to predict which conditions are coming. Faber's point in sharing it was how little the details matter. Many systems of this kind behave alike, even with different assets and lookbacks. A **lookback** is how far back in time a rule measures. The common part is investing in what is rising and avoiding what is falling. ## How does the Three-Way Model work? It compares two moving averages for each asset at the close of the last trading day of each month. A **moving average** is the average price over a set number of past months. 1. Take US stocks (SPY), long-term Treasuries (TLT) and gold (GLD). For each, compare the average of the last three month-end closes with the average of the last ten. Both include the current close. 2. Hold every asset whose 3-month average is above its 10-month average, in equal parts. That means a third each, half each, or all in one. 3. If none is in an uptrend, hold Treasury bills (BIL). **Treasury bills** are short-term loans to the US government, the usual stand-in for cash. Both averages use month-end prices, as in Ned Davis Research's model. The source does not say what happens when no asset qualifies. So this version holds Treasury bills, as Allocate Smartly does. Here is a made-up example. At a month end, stocks and gold have 3-month averages above their 10-month averages, but Treasuries do not. The model holds half in SPY and half in GLD. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/three-way-model are recomputed after every market close. The ETF test runs from mid-2007. The Three-Way Model grew about 9% a year, below the S&P 500's 11%. Its worst drawdown was about 23%, against more than half for the index. A **drawdown** is how far a portfolio falls from its last high point. It beat a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) on both return and risk-adjusted return, which is the return for each unit of risk. It gained 20% in 2008 while the S&P 500 lost 37%, with Treasuries and gold carrying it. The reversal cost it the next year. Its worst drawdown ran from the end of 2008 to July 2009. Treasuries fell back, and stocks rebounded before the model owned them. It lost about 4% in 2009 while the S&P 500 gained 26%, and it recovered by April 2010. Its weakest recent year was 2022, a loss of about 15% when stocks and Treasuries fell together. It also lost about 6% in 2015 and 10% in 2018. Gold's rally drove its best year, a gain of 29% in 2025. Since Faber's post in mid-2015 it has grown about 7.5% a year with a worst drawdown of about 20%. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1969 and grows about 11% a year. That is slightly ahead of the S&P 500, with a much better risk-adjusted return. It gained 21% in 1974 while stocks lost 27%, and gold's surge produced a 49% gain in 1979. Its worst simulated drawdown, about 32%, ran from mid-1973 to mid-1974. Treat all of this as a hypothetical test, run on past prices after trading costs. It is not a track record. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the gap between the two. ## When does the Three-Way Model struggle? - **Sharp reversals.** A **crossover** is when one average moves above or below the other. Crossovers turn late, as in 2009, when it missed most of the stock rebound. - **Stocks and bonds falling together.** In 2022 rising rates hurt two of its three assets at once. - **Gold swings.** Gold can be a third, half, or all of the portfolio, and its trends can reverse suddenly. ## How to try the Three-Way Model on Tactfolio The live strategy at the top of this page runs the 3- and 10-month average crossover on month-end closes, as the source does. Copy it to add a fourth asset, such as commodities or foreign stocks, or to use intermediate Treasuries in place of long ones. For a wider trend model from Faber, see [Global Tactical Asset Allocation](https://tactfolio.com/strategies/global-tactical-asset-allocation.md). For a stocks-only crossover rule, see the [golden cross](https://tactfolio.com/strategies/golden-cross.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 3-month moving average of month-end closes of SPY is above 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - If: 3-month moving average of month-end closes of TLT is above 10-month moving average of month-end closes of TLT - Then: - Weight: Equal - If: 3-month moving average of month-end closes of GLD is above 10-month moving average of month-end closes of GLD - Then: - Weight: Equal - **SPY** - **TLT** - **GLD** - Otherwise: - Weight: Equal - **SPY** - **TLT** - Otherwise: - Weight: Equal - If: 3-month moving average of month-end closes of GLD is above 10-month moving average of month-end closes of GLD - Then: - Weight: Equal - **SPY** - **GLD** - Otherwise: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - If: 3-month moving average of month-end closes of TLT is above 10-month moving average of month-end closes of TLT - Then: - Weight: Equal - If: 3-month moving average of month-end closes of GLD is above 10-month moving average of month-end closes of GLD - Then: - Weight: Equal - **TLT** - **GLD** - Otherwise: - Weight: Equal - **TLT** - Otherwise: - Weight: Equal - If: 3-month moving average of month-end closes of GLD is above 10-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Meb Faber, Three-Way Model (2015), reproducing Ned Davis Research's Three-Way Asset Strategy chart](https://mebfaber.com/2015/06/16/three-way-model/) - As in the source, the 3- and 10-month averages are averages of month-end closes, the current one included. - SPY, TLT, and GLD stand in for the S&P 500 total return index, the Barclays long-term Treasury index, and gold bullion. - The source does not say what the model holds when no asset is in an uptrend; like Allocate Smartly, this version holds Treasury bills (BIL). - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the Ned Davis Three-Way Model? It is a trend-following model from Ned Davis Research. It holds stocks, long-term Treasuries and gold in equal parts. But it holds only those whose 3-month average price is above their 10-month average. ### What ETFs does the Three-Way Model use? It uses SPY for US stocks, TLT for long-term Treasuries and GLD for gold. It uses BIL for Treasury bills when none of the three is in an uptrend. ### How often does the Three-Way Model trade? It checks once a month. The set of holdings changes only when an asset's 3-month average crosses its 10-month average. In other months it rebalances the holdings back to equal parts, which means it trades a little to bring each share back in line. ### Does the Three-Way Model still work? Since it was published in 2015 it has grown about 7.5% a year with modest drawdowns. It did lose money in 2015, 2016, 2018 and 2022. The live record on Tactfolio shows how it is doing now. ### Can I automate the Three-Way Model? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Kipnis Defensive Adaptive Asset Allocation (KDA) > Two canaries scale risk; momentum picks up to five of ten asset classes. Rules, backtest, yearly returns, and a live version. Ilya Kipnis's Defensive Adaptive Asset Allocation (KDA) combines the canary of Keller and Keuning's Defensive Asset Allocation with the universe of Adaptive Asset Allocation. Emerging-market stocks and US bonds act as canaries: each one with positive momentum puts half the portfolio into the up to five strongest of ten asset classes with positive momentum, weighted so calmer assets get more. The rest goes to intermediate Treasuries while their momentum is positive, and otherwise to Treasury bills. Designed by Ilya Kipnis, 2019. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/kipnis-kda. Kipnis Defensive Adaptive Asset Allocation (KDA) is a monthly strategy that Ilya Kipnis published on his QuantStrat TradeR blog in January 2019. It joins two older strategies. It takes the canary signal of Keller and Keuning's [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md). It takes the ten-asset list and risk-based weights of [Adaptive Asset Allocation](https://tactfolio.com/strategies/adaptive-asset-allocation.md). Two canaries set how much of the portfolio takes risk, and momentum picks up to five assets for that share. ## Key points - KDA ranks ten global asset classes by momentum and holds up to five of the strongest. - Two warning funds, VWO and BND, decide if all, half or none of the money takes risk. - The rest goes to intermediate Treasuries or to Treasury bills. - From June 2008 it returned about 7% a year with a worst drop of about 18%. - Its worst drawdown ran from September 2021 to July 2023, when rising rates hit its bonds. ## What is KDA asset allocation? KDA is a strategy that takes one part from each of two older ones. A **canary** is an asset watched only as an early warning, like a canary in a coal mine. **Momentum** is the habit of assets that have risen lately to keep rising for a while. From the first, Kipnis took the canary funds. Stocks in emerging markets and US bonds tend to feel trouble early. So their momentum decides how much risk to take, before the holdings themselves weaken. He also took its fast 1/3/6/12 momentum, which weights the most recent month heavily. From the second, he took a broad list of global stocks, real estate, bonds, commodities and gold. He also took the idea of sizing positions by risk and correlation rather than equally. **Correlation** is how closely two assets move together. The result aims to stay invested in whatever is working in good markets. When the canaries turn, it scales down quickly, in halves. ## How does KDA work? KDA scores, picks, weights and then checks its canaries at the close of the last trading day of each month. 1. Score ten asset classes by 13612W momentum: SPY, VGK, EWJ, EEM, VNQ, RWX, IEF, TLT, DBC and GLD. This score is a weighted average of the 1-, 3-, 6- and 12-month returns between month-end closes, with the latest month counted most. 2. Select the top five that also have positive momentum, or fewer if fewer are positive. 3. Weight the selected assets by inverse volatility over their last 21 daily returns, so the calmer ones get more. 4. Check the canaries, emerging-market stocks (VWO) and US bonds (BND). If both have positive momentum, the selected assets fill the whole portfolio. If one does, half. If neither, none. If no asset qualifies in step 2, that share goes to Treasury bills (BIL). 5. The rest of the portfolio goes to intermediate Treasuries (IEF) if IEF's own momentum is positive. Otherwise it goes to Treasury bills. **Volatility** is how much a price jumps around. **Inverse volatility** weighting gives more money to the calmer funds and less to the jumpy ones. **Treasury bills** are short-term loans to the US government, and they act like cash. Here is a made-up example. VWO has positive momentum, but BND does not. So only half the portfolio goes to the selected assets. If IEF's own momentum is positive, the other half goes to IEF. ## How is this version different from Kipnis's own? This version weights by inverse volatility, where Kipnis used minimum variance. A **minimum-variance** mix looks at both how much each fund jumps and how the funds move together. Kipnis builds it from one-month volatilities and a blend of 1-, 3-, 6- and 12-month correlations. So his mix also favors assets that move less together. Tactfolio does not offer that kind of weighting. So this version keeps his one-month volatilities and leaves the correlations out. It also uses his base case without leverage. Momentum uses calendar months, measured between month-end closes, as Kipnis does. ## What the backtest shows Figures quoted here were measured on prices through 2026-10-09. The chart and tables at https://tactfolio.com/strategies/kipnis-defensive-asset-allocation are recomputed after every market close. The ETF test starts in June 2008. KDA compounded about 7% a year with a worst drawdown of about 18%. A **drawdown** is how far a portfolio falls from its last high point. The S&P 500's was nearly half. KDA's risk-adjusted return was a little better than the S&P 500's. A risk-adjusted return weighs the gain against how bumpy the ride was. It trailed a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md), which returned about 8.6% a year with a better risk-adjusted return. But the 60/40's worst drawdown was deeper, about 29%. Its defense worked in 2008. It finished the rest of that year up 14% while the S&P 500 lost about a third. It gained 28% in the 2009 recovery, a little more than the index. The cost was long stretches behind rising stock markets. It gained 8% in 2013 and 4% in 2019, while the S&P 500 gained more than 30% in each. Its worst drawdown ran from September 2021 to July 2023. Rising rates weakened its bond canary, its bond holdings and many of its ten assets at once. It lost 6% in 2022, about a third of the S&P 500's loss. But it gained less than 2% in each of 2023 and 2024, and did not regain its high until September 2025. Since it came out in early 2019 it has grown about 4.7% a year. Its risk-adjusted return was lower than over the whole test. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in early 1988 and looks much better. It returned about 10% a year, a little less than the S&P 500's 11%, with a risk-adjusted return well above it. It gained in each of 2000, 2001 and 2002 while stocks fell. The 2021 to 2023 drawdown remains its worst. Part of that lift may come from the simulation itself. Before September 2004, real estate outside the US (RWX) is modeled as a mix. It is 30% US real estate and 70% stocks from rich countries outside the US. That stand-in grew about 5% a year faster than RWX over the years the two can be compared. So the earlier simulated years may flatter KDA. All of these are hypothetical results from past prices, after trading costs, not a track record. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) covers this kind of gap and others. ## When does KDA struggle? KDA struggles most when interest rates rise, because bonds play three roles in it. - **Rising interest rates.** Bonds serve as a canary, a candidate and the safe asset. So a bond bear market strikes all three roles. - **Strong, narrow stock rallies.** With a canary weak, half or all of the portfolio sits in bonds or bills while stocks climb. - **Timing.** Kipnis found its results depend heavily on trading at month end. The same rules traded a few days later did noticeably worse. ## How to try KDA on Tactfolio The live strategy at the top of this page runs Kipnis's selection, canary and crash-protection rules. It uses inverse-volatility weights from one month of daily returns. Copy it to try other canaries, such as the EEM and AGG pair used by Allocate Smartly. You can also change the number of holdings. Or try the 60-day volatility window that Adaptive Asset Allocation uses. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 1/3/6/12-month weighted momentum (month-end) of VWO is above 0; 1/3/6/12-month weighted momentum (month-end) of BND is above 0 - Then: - Weight: Equal - If: At least 5 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 5 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - If: At least 4 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 4 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - If: At least 3 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 3 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - If: At least 2 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 2 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - If: At least 1 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - **BIL** - Otherwise: - Weight: Equal - If: Any of: 1/3/6/12-month weighted momentum (month-end) of VWO is above 0; 1/3/6/12-month weighted momentum (month-end) of BND is above 0 - Then: - Weight: Specified - If: At least 5 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 5 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - If: At least 4 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 4 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - If: At least 3 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 3 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - If: At least 2 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 2 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - If: At least 1 of: 1/3/6/12-month weighted momentum (month-end) of SPY is above 0; 1/3/6/12-month weighted momentum (month-end) of VGK is above 0; 1/3/6/12-month weighted momentum (month-end) of EWJ is above 0; 1/3/6/12-month weighted momentum (month-end) of EEM is above 0; 1/3/6/12-month weighted momentum (month-end) of VNQ is above 0; 1/3/6/12-month weighted momentum (month-end) of RWX is above 0; 1/3/6/12-month weighted momentum (month-end) of IEF is above 0; 1/3/6/12-month weighted momentum (month-end) of TLT is above 0; 1/3/6/12-month weighted momentum (month-end) of DBC is above 0; 1/3/6/12-month weighted momentum (month-end) of GLD is above 0 - Then: - Weight: Equal - Rank: Top 1 · 1/3/6/12-month weighted momentum (month-end) - **SPY** - **VGK** - **EWJ** - **EEM** - **VNQ** - **RWX** - **IEF** - **TLT** - **DBC** - **GLD** - Otherwise: - Weight: Equal - **BIL** - If: 1/3/6/12-month weighted momentum (month-end) of IEF is above 0 - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Otherwise: - Weight: Equal - If: 1/3/6/12-month weighted momentum (month-end) of IEF is above 0 - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Ilya Kipnis, Right Now It's KDA… Asset Allocation (QuantStrat TradeR, 2019, via R-bloggers)](https://www.r-bloggers.com/2019/01/right-now-its-kdaasset-allocation/) - [Allocate Smartly, Ilya Kipnis' Defensive Adaptive Asset Allocation](https://allocatesmartly.com/ilya-kipnis-defensive-adaptive-asset-allocation/) - The source weights the selected assets by minimum variance, estimated from one-month volatilities and a blend of 1-, 3-, 6-, and 12-month correlations. This version weights them by inverse volatility over the last 21 daily returns: the volatilities match the source's, but how the assets move together is left out, because Tactfolio does not offer minimum-variance weighting. - Momentum is 13612W on month-end closes, the calendar months Kipnis uses. He uses the same weights without dividing by 19, which ranks and signs identically. - Uses the source's canaries VWO and BND (Allocate Smartly uses EEM and AGG). With both canaries positive the source can add leverage; this version uses its base case without leverage. BIL stands in for cash, which the source assumed earned nothing. - As in the source, the risky half goes to Treasury bills when no asset qualifies, and the crash-protection share goes to IEF only while IEF's own momentum is positive. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is KDA asset allocation? KDA, or Kipnis Defensive Adaptive Asset Allocation, is Ilya Kipnis's 2019 strategy. Two canaries, VWO and BND, decide what share of the portfolio takes risk. That share holds up to five of ten global asset classes with positive momentum. The rest goes to intermediate Treasuries or cash. ### How is KDA different from DAA and AAA? It uses DAA's two canaries, the same all, half or nothing scaling of risk, and the same fast momentum. But its safe asset is IEF or cash rather than the strongest of three bond funds. It uses AAA's ten assets and inverse-volatility weights, measured over 21 days rather than 60. But it ranks them by 13612W momentum instead of six-month returns, and requires positive momentum. ### Does this version use minimum-variance weights? No. Kipnis holds the selected assets in a minimum-variance mix. It looks at how they move together as well as how much each one jumps. He builds it from one-month volatilities and a blend of 1-, 3-, 6- and 12-month correlations. This version weights them by inverse volatility over their last 21 daily returns. Its volatilities match his one-month numbers. But correlations play no part, so its weights can differ from his. ### What ETFs does KDA use? It uses SPY, VGK, EWJ, EEM, VNQ, RWX, IEF, TLT, DBC and GLD as candidates. VWO and BND are the canaries, IEF is the crash protection, and BIL is cash. ### Can I automate KDA? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # All Weather Portfolio (Ray Dalio’s All Seasons) > Ray Dalio’s All Weather mix via Tony Robbins: 30% stocks, 55% Treasuries, 15% gold and commodities. Rules, backtest, yearly returns, and a live version. The simplified All Weather portfolio Ray Dalio gave Tony Robbins for Money: Master the Game, often called All Seasons. It holds 30% US stocks, 40% long-term Treasuries, 15% intermediate Treasuries, 7.5% gold, and 7.5% commodities, rebalanced once a year, so that no single economic environment dominates its risk. Designed by Ray Dalio and Tony Robbins, 2014. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/dalio-all-weather. The All Weather Portfolio, also called the All Seasons Portfolio, is a fixed mix of stocks, bonds, gold and commodities. Ray Dalio gave this simple version of Bridgewater's All Weather approach to Tony Robbins for his 2014 book *Money: Master the Game*. It holds 30% stocks, 55% Treasuries, and 15% gold and commodities, and is rebalanced once a year. ## Key points - The All Weather Portfolio holds five fixed slices and resets them once a year. - It aims to hold up in any economy, so it holds far more bonds than stocks. - Since early 2006 it swung less than half as much as the S&P 500, but it also returned less. - It gained 3% in 2008, when the S&P 500 lost 37%. - Its worst year was 2022, when rising rates hit its bonds and it lost 19%. ## What is the All Weather Portfolio? The All Weather Portfolio is a fixed five-fund mix built to hold up whatever the economy does. Dalio starts from the view that nobody can reliably predict the economy. What moves asset prices, he says, is whether growth and inflation come in above or below what people expect. Inflation is a general rise in prices. Commodities are raw goods such as oil, metals and crops. Growth and inflation can each surprise up or down. That gives four possible environments, shown in the table below. | Environment | What tends to do well | | --- | --- | | Growth surprises upward | Stocks | | Growth disappoints | Treasuries | | Inflation disappoints | Treasuries | | Inflation surprises upward | Gold and commodities | ## Why does the All Weather Portfolio hold so many bonds? All Weather holds mostly bonds because it tries to balance risk, not money. It gives each environment a similar share of the risk rather than a similar share of the money. Stocks swing far more than bonds, so balancing risk means holding much more in bonds. It also picks long-term Treasuries, which are bonds issued by the US government. Their prices move enough to offset stock losses. Bridgewater first ran the approach in 1996, for Dalio's family trust. Bridgewater uses leverage, meaning borrowed money, to reach its target risk. The Robbins version uses no leverage and is simple enough to run with a handful of index funds. ## How does the All Weather Portfolio work? It holds five fixed weights and resets them at each year end. - 30% US stocks (VTI) - 40% long-term Treasuries, 20 years and longer (TLT) - 15% intermediate Treasuries, 7 to 10 years (IEF) - 7.5% gold (GLD) - 7.5% commodities (DBC) At the close of the last trading day of each year, all five are reset to their target weights. This reset is called rebalancing. It sells some of what has grown and buys some of what has shrunk. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/all-weather-portfolio are recomputed after every market close. Over the ETF era, from early 2006, All Weather was far calmer than the S&P 500. It had less than half its volatility, meaning its value swung up and down far less. Its worst drawdown was about 24% against 55%. A drawdown is how far a portfolio falls from its last high point. It also returned much less, about 6% a year against 11%. That is also less than the 8% of a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Its risk-adjusted return, the return for each unit of risk, was about the same as the 60/40's. It did its job in 2008, gaining 3% while the S&P 500 lost 37%. It gained 17% in 2011, when stocks were flat. The cost showed in strong stock years. It gained about 1% in 2013, when the S&P 500 rose 32%. Its heavy bond weight made 2022 its worst year. As interest rates rose, long Treasuries fell sharply alongside stocks. It lost 19%, slightly more than the S&P 500. That drawdown ran from November 2021 to October 2022 and took until August 2025 to recover. Since the book came out it has returned about 5.5% a year. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1968 and returns near 9% a year, with a risk-adjusted return well above the S&P 500's. It gained in 1973 and 1974 while stocks fell hard, and the 2022 loss is still its worst. Before 1980 the simulation uses gold for the commodity slice, because its commodity index series starts then. Keep in mind that these are hypothetical results. They come from running the rules on past prices, with trading costs taken out, not from real money. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you lean on any of them. ## When does the All Weather Portfolio struggle? All Weather struggles most when interest rates rise fast. - **Rising interest rates.** More than half the portfolio is in Treasuries. Long bonds lose the most when rates climb, as in 2022. - **Stock and bond losses together.** Its balance depends on stocks and bonds moving in opposite directions, which failed in 2022. - **Strong bull markets.** With only 30% in stocks, it trails badly when stocks surge. ## How to try the All Weather Portfolio on Tactfolio The live strategy at the top of this page holds these five ETFs and rebalances at each year end. Copy it to try quarterly rebalancing or a different commodity fund. You can make those changes in the [visual builder](https://tactfolio.com/docs/builder.md) and see the new backtest. For other fixed mixes built to survive many kinds of markets, compare it with [Harry Browne's Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md) and the [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md). The full list is in our [classic strategies](https://tactfolio.com/strategies/classics.md). ## The rules as implemented Runs yearly, rebalancing every run, with signals and trades at the close: - Weight: Specified - **VTI** - **TLT** - **IEF** - **GLD** - **DBC** ## Sources and caveats - [Tony Robbins, MONEY: Master the Game (Simon & Schuster, 2014), the All Seasons portfolio from Ray Dalio](https://www.simonandschuster.com/books/MONEY-Master-the-Game/Tony-Robbins/9781476757803) - [Bridgewater Associates, The All Weather Story](https://www.bridgewater.com/research-and-insights/the-all-weather-story) - [Portfolio Charts, All Seasons Portfolio](https://portfoliocharts.com/portfolios/all-seasons-portfolio/) - ETFs stand in for the book's asset classes: VTI for US stocks, TLT for long-term (20+ year) Treasuries, IEF for intermediate (7–10 year) Treasuries, GLD for gold, and DBC for commodities. - The book asks for periodic rebalancing without a fixed schedule; this version rebalances once a year, as Portfolio Charts assumes. - Rebalancing happens at the close of the last trading day of each year. ## Common questions ### What is the All Weather Portfolio? It is a fixed mix of 30% stocks, 40% long-term Treasuries, 15% intermediate Treasuries, 7.5% gold, and 7.5% commodities. Ray Dalio described it to Tony Robbins as a simple version of Bridgewater's All Weather strategy. It is designed to hold up in any economic environment. ### What ETFs are used for the All Weather Portfolio? This version uses VTI, TLT, IEF, GLD, and DBC. Any low-cost funds covering the same five asset classes would work in a similar way. ### How is the All Weather Portfolio different from Bridgewater's All Weather fund? Bridgewater's fund uses leverage, inflation-linked bonds, and a wider range of markets. The Robbins version is a fixed five-fund mix with no leverage. ### How has the All Weather Portfolio done against the S&P 500? From early 2006 it returned about 6% a year, against 11% for the S&P 500. In exchange, its worst drawdown was about 24%, against 55%. It held up far better in 2008 but lagged in strong stock years such as 2013. ### Does the All Weather Portfolio still work? It still cushions stock crashes, as in 2008. But when rates rose in 2022 it lost slightly more than the S&P 500, the deepest decline of its whole test. Since 2014 it has returned about 5.5% a year. The live record on Tactfolio shows how it is doing now. ### Can I automate the All Weather Portfolio? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade checks it on a daily schedule but only trades when the yearly rebalance calls for a change. It holds only long positions in US-listed ETFs, and you choose the starting balance. --- # Harry Browne’s Permanent Portfolio > Harry Browne’s Permanent Portfolio: 25% each in stocks, long Treasuries, gold, and cash. Rules, backtest since 2007, yearly returns, and a live version. Harry Browne's Permanent Portfolio holds a quarter each in US stocks, long-term Treasuries, gold, and Treasury bills, one asset for each economic condition: prosperity, deflation, inflation, and recession. It is reviewed once a year and rebalanced only when a holding has drifted below 15% or above 35% of the portfolio. Designed by Harry Browne, 1999. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/browne-permanent-portfolio. The Permanent Portfolio is Harry Browne's all-season mix of stocks, long-term Treasuries, gold and cash, a quarter each. He and Terry Coxon first introduced a permanent portfolio in 1981, and Browne set out its best-known form in his 1999 book *Fail-Safe Investing*. It is rebalanced only when one part drifts far from 25%. ## Key points - The Permanent Portfolio holds 25% each in stocks, long-term Treasuries, gold and Treasury bills. - Each part is there for one kind of economy, so you never have to guess which one comes next. - It resets only when a part falls below 15% or rises above 35%. - Since January 2007 it returned about 6% a year, with a worst drop of about 19%. - It trails badly in strong stock markets and in years when gold falls, such as 2013. ## What is the Permanent Portfolio? The Permanent Portfolio is a four-part mix built so you never have to forecast the economy. Browne believed that nobody, including professional forecasters, can reliably say what the economy will do next. So rather than predict, he built a portfolio for four conditions. | Condition | Asset that tends to do well | | --- | --- | | Prosperity | Stocks | | Deflation, when interest rates fall | Long-term Treasuries | | Inflation | Gold | | Recession or a credit squeeze | Cash, in Treasury bills | Inflation is a general rise in prices, and deflation is a general fall. Treasuries are bonds issued by the US government. Treasury bills are the short-term kind, so they act like cash and hold their value. ## Why does the Permanent Portfolio hold such different assets? The four assets react to different conditions, so their gains and losses tend to offset one another. Apart from cash, each asset is volatile on its own, meaning its price swings a lot. Together, though, the whole portfolio moves far less than any part of it. The name shows the intent. You set it up once and leave it alone. ## How does the Permanent Portfolio work? It holds four equal parts and checks them once a year. - Hold 25% in US stocks (VTI), 25% in long-term Treasuries (TLT), 25% in gold (GLD), and 25% in short-term Treasuries as cash (SHV). - At the close of the last trading day of each year, check the weights. - If any holding has fallen below 15% or risen above 35% of the portfolio, reset all four to 25%. Otherwise leave it alone. Resetting the weights is called **rebalancing**. The 15% and 35% limits are called bands, and they keep trading rare. Here is a made-up example. Say gold has a great year and grows to 37% of the portfolio. That is above 35%, so you sell some gold and buy the other three until each is back at 25%. If gold had only reached 33%, you would do nothing. Browne specified 30-year Treasury bonds and Treasury bills or a Treasury money market fund. TLT and SHV are the closest widely traded funds. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/permanent-portfolio are recomputed after every market close. Over the ETF era, from January 2007, the Permanent Portfolio returned about 6% a year. That is well below the S&P 500's 11% and the 8% of a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). It was also far steadier. Its volatility was well under half the S&P 500's, and its worst drawdown was about 19%. A drawdown is how far a portfolio falls from its last high point. Its risk-adjusted return, the return for each unit of risk, beat both the S&P 500 and the 60/40. It worked as designed in 2008, gaining about 1% while the S&P 500 lost 37%. Its weak years came when gold fell. In 2013 it lost 7% while the S&P 500 rose 32%. Gold also drove its best year of the ETF era, 2025, when it gained 22%, more than the S&P 500. Its worst drawdown came in 2022, when rising rates hit long Treasuries and stocks at once. That drop ran from November 2021 to October 2022, and it recovered in March 2024. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1968 and returns near 9% a year with a risk-adjusted return well above the S&P 500's. The 1970s show its purpose. It gained in 1973 and 1974 while stocks fell hard, and gained over 50% in 1979 as gold soared. Its deepest simulated drawdown, about 20%, came in early 1980, when gold fell from its peak. It was recovered within the year. Treat all of this as a hypothetical test, not a track record. The numbers show how the rules would have done on past prices after trading costs. Our notes on [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explain what to look for. ## When does the Permanent Portfolio struggle? The Permanent Portfolio struggles when gold or long bonds fall for a long time, or when stocks race ahead. - **Falling gold.** A quarter of the portfolio is gold, which can lose value for years, as it did after 2011. - **Rising rates.** Long Treasuries and stocks can fall together, as in 2022. - **Strong stock markets.** With only a quarter in stocks, it trails badly in bull markets, the long stretches of rising prices. ## How to try the Permanent Portfolio on Tactfolio The live strategy at the top of this page holds these four ETFs and applies Browne's 15%/35% bands at each year end. Copy it to try a plain yearly rebalance or a longer bond fund. Then compare it with the [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), which adds small-cap value stocks, and the [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md). The [Tactical Permanent Portfolio](https://tactfolio.com/strategies/tactical-permanent-portfolio.md) is a trend-following version of the same idea. ## The rules as implemented Runs yearly, rebalancing at 10% drift, with signals and trades at the close: - Weight: Specified - **VTI** - **TLT** - **GLD** - **SHV** ## Sources and caveats - [Harry Browne, Fail-Safe Investing (1999); the permanent portfolio idea first appeared in Inflation-Proofing Your Investments (1981, with Terry Coxon)](https://www.harrybrowne.org/) - [Portfolio Charts, Permanent Portfolio](https://portfoliocharts.com/portfolios/permanent-portfolio/) - [Optimized Portfolio, Harry Browne's Permanent Portfolio (the 15%/35% rebalancing bands)](https://www.optimizedportfolio.com/permanent-portfolio/) - ETFs stand in for Browne's holdings: VTI for a broad US stock fund, TLT (20+ year) for his 30-year Treasury bonds, GLD for gold bullion or coins, and SHV (short Treasuries) for Treasury bills or a Treasury money market fund. - Browne's bands are modeled as a drift corridor of 10 percentage points around each 25% stake, checked once a year; a breach restores all four to 25%. - Rebalancing happens at the close of the last trading day of each year. ## Common questions ### What is Harry Browne's Permanent Portfolio? It is an equal split between stocks, long-term Treasuries, gold, and cash. Each asset covers one of prosperity, deflation, inflation, and recession. Browne designed it to protect savings in any economic environment without forecasting. ### Is the Permanent Portfolio a 25/25/25/25 portfolio? Yes. The 25/25/25/25 portfolio is another name for it: 25% stocks, 25% long-term Treasuries, 25% gold and 25% cash. It is rebalanced only when one part drifts far from 25%. ### What ETFs are used for the Permanent Portfolio? This version uses VTI for stocks, TLT for long-term Treasuries, GLD for gold, and SHV for cash. Many investors use similar funds, such as an S&P 500 fund for stocks or a Treasury bill fund for cash. ### How often do you rebalance the Permanent Portfolio? Browne suggested reviewing it once a year. You rebalance only when a holding is below 15% or above 35% of the portfolio. That rule keeps trading rare. ### Is the Permanent Portfolio the same as the Permanent Portfolio fund (PRPFX)? No. PRPFX is a separate mutual fund that uses the Permanent Portfolio name. It does not hold Browne's four equal parts, so its results differ from the ones on this page. This page tests Browne's own four-part rule with ETFs. ### Does the Permanent Portfolio still work? Since 2007 it has returned about 6% a year with a worst drawdown under 20%. That is less return than a 60/40 portfolio, but with a better risk-adjusted return. The live record on Tactfolio shows how it is doing now. ### Can I automate the Permanent Portfolio? Yes. Copy the live strategy and run it in Trade, either on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when the yearly band check calls for a change. It is long only and holds US-listed ETFs. You set the starting balance. --- # Golden Butterfly Portfolio > The Golden Butterfly: 20% each in stocks, small-cap value, long and short Treasuries, and gold. Rules, backtest, yearly returns, and a live version. The Golden Butterfly from Portfolio Charts: a fifth each in US total market stocks, US small-cap value stocks, long-term Treasuries, short-term Treasuries, and gold, rebalanced once a year. It is the Permanent Portfolio tilted toward growth with an extra slice of small-cap value. Designed by Tyler (Portfolio Charts), 2015. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/tyler-golden-butterfly. The Golden Butterfly is a fixed portfolio with five equal parts: US stocks, US small-cap value stocks, long-term Treasuries, short-term Treasuries and gold. Tyler, the author of the Portfolio Charts website, designed it and published it there in 2015. You reset it to 20% each once a year. ## Key points - The Golden Butterfly holds 20% each in five funds and rebalances once a year. - It is built from Harry Browne's Permanent Portfolio, with more in stocks. - Over the ETF era it returned about 8% a year, well below the S&P 500's 11%. - Its worst drawdown was about 20%, against 55% for the S&P 500. - It trails most in strong stock years, such as 2013. ## What is the Golden Butterfly Portfolio? The Golden Butterfly is a "lazy" portfolio, meaning a fixed mix you leave alone and reset now and then. It starts from [Harry Browne's Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md). That portfolio splits money equally between assets for four kinds of economy: growth, recession, inflation and deflation. Tyler kept that idea but tilted it toward growth. He added a fifth slice in small-cap value stocks. These are smaller companies that trade at low prices compared with their earnings or assets. Over long periods they have earned more than the broad index. The result keeps the Permanent Portfolio's balance. Gold is there for inflation, and Treasuries are there for deflation and recession. But it has 40% in stocks instead of 25%. It also swaps Treasury bills for short-term Treasury bonds. ## How does the Golden Butterfly work? The Golden Butterfly has no signals. It holds the same five funds all the time. | Fund | What it holds, and why | Weight | | --- | --- | --- | | VTI | US total market stocks, for growth | 20% | | VBR | US small-cap value stocks, for growth | 20% | | TLT | Long-term Treasuries, for deflation | 20% | | SHY | Short-term Treasuries, for recession | 20% | | GLD | Gold, for inflation | 20% | - Hold 20% each in VTI, VBR, TLT, SHY and GLD. - At the close of the last trading day of each year, reset all five to 20%. This is called rebalancing. Portfolio Charts describes the stock slice as US large-cap blend. A total market fund like VTI is mostly made of the same large companies. Here is a made-up example. Say you put $10,000 in, $2,000 per fund. By year end gold has risen and stocks have fallen. Rebalancing sells some gold and buys stocks until each fund is back to 20%. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/golden-butterfly-portfolio are recomputed after every market close. Over the ETF era, from late 2004, the Golden Butterfly returned about 8% a year. That is close to a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) and well below the S&P 500's 11%. It did so with much less risk. Its worst drawdown was about 20%, against 33% for the 60/40 and 55% for the S&P 500. A drawdown is how far a portfolio falls from its last high point. It had the best risk-adjusted return of the three. Its worst drawdown came in the 2008 financial crisis, from May 2008 to March 2009. It was recovered by September 2009. That year it lost about 5% while the S&P 500 lost 37%. In 2022 it lost 13%, less than the S&P 500, as rising rates hurt both stocks and long Treasuries. It lagged most in strong stock years. It gained about 6% in 2013 while the S&P 500 rose 32%. Since it was published in 2015 it has returned about 8% a year. Its risk-adjusted return over that time is as good as its full record. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1968 and returns near 10% a year. That is about a point less than the S&P 500, with a far higher risk-adjusted return. It gained in 1973 and 1974 while stocks fell hard. Its deepest simulated drawdown, about 22%, came in early 1980 when gold fell from its peak. It was recovered within the year. These results are hypothetical. They come from past prices after trading costs, not from real money, and the future can look very different. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains why. ## When does the Golden Butterfly struggle? - **Strong large-cap bull markets.** With 60% outside stocks and a small-cap value tilt, it trails when large US stocks lead. - **Falling gold.** A fifth of the portfolio is gold, which can lose value for years. - **Rising rates.** Long Treasuries and stocks can fall together, as in 2022. ## How to try the Golden Butterfly on Tactfolio The live strategy at the top of this page holds these five ETFs and rebalances at each year end, as Portfolio Charts assumes. Copy it to try a different small-cap value fund or a different rebalance date. You can also compare it with the Permanent Portfolio and the [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md). Both are mixes built to hold up in many kinds of markets. ## The rules as implemented Runs yearly, rebalancing every run, with signals and trades at the close: - Weight: Specified - **VTI** - **VBR** - **TLT** - **SHY** - **GLD** ## Sources and caveats - [Tyler (Portfolio Charts), Golden Butterfly Portfolio (2015)](https://portfoliocharts.com/portfolios/golden-butterfly-portfolio/) - [Portfolio Charts, FAQ (annual rebalancing assumption)](https://portfoliocharts.com/user-guide/faq/) - ETFs stand in for the asset classes: VTI for US large-cap blend (total market) stocks, VBR for US small-cap value, TLT for long-term Treasuries, SHY for short-term Treasuries, and GLD for gold. - Rebalanced once a year, as Portfolio Charts assumes for every portfolio. - Rebalancing happens at the close of the last trading day of each year. ## Common questions ### What is the Golden Butterfly Portfolio? It is a fixed mix of 20% US stocks, 20% small-cap value stocks, 20% long-term Treasuries, 20% short-term Treasuries and 20% gold. Tyler of Portfolio Charts designed it in 2015. ### What ETFs are used for the Golden Butterfly? This version uses VTI, VBR, TLT, SHY and GLD. Similar funds can stand in, such as an S&P 600 value fund for small-cap value. ### How is the Golden Butterfly different from the Permanent Portfolio? It adds a fifth slice in small-cap value stocks. It also uses short-term Treasuries instead of Treasury bills. So it holds 40% in stocks instead of 25%, which tilts it toward growth. ### How often should you rebalance the Golden Butterfly? This version rebalances once a year, at the last close of the year, as Portfolio Charts assumes. Between rebalances the weights drift with prices. ### Does the Golden Butterfly still work? Since it was published in 2015 it has returned about 8% a year, with a worst drawdown under 20%. It has trailed the S&P 500 in most strong stock years. The live record on Tactfolio shows how it is doing now. ### Can I automate the Golden Butterfly? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades at the yearly rebalance. It is long only and uses US-listed ETFs. You choose the starting balance. --- # Ivy Portfolio (Faber and Richardson, buy and hold) > The Ivy Portfolio: a fifth each in US and foreign stocks, Treasuries, REITs, and commodities. Rules, backtest, yearly returns, and a live version. The buy-and-hold version of Mebane Faber and Eric Richardson's Ivy Portfolio, their simplified take on the Yale and Harvard endowments: a fifth each in US stocks, foreign developed stocks, 10-year Treasuries, real estate, and commodities, rebalanced once a year with no timing. Designed by Mebane Faber and Eric Richardson, 2009. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/faber-ivy-portfolio. The Ivy Portfolio is the five-asset mix from Mebane Faber and Eric Richardson's 2009 book *The Ivy Portfolio*. It is a simple way to copy the spread of investments used by the Yale and Harvard endowments. In its buy-and-hold form it keeps a fifth each in US stocks, foreign stocks, 10-year Treasuries, real estate and commodities, rebalanced once a year. ## Key points - The Ivy Portfolio holds 20% each in five asset classes and resets once a year. - It uses five ETFs: SPY, EFA, IEF, VNQ and GSG. - From mid-2006 it returned under 6% a year, about half the S&P 500's return. - It lost nearly half its value from May 2008 to March 2009 and took until September 2012 to recover. - The book's timed version, GTAA 5, was built to avoid that kind of loss. ## What is the Ivy Portfolio? The Ivy Portfolio is a buy-and-hold mix that spreads money equally across five broad asset classes. An **asset class** is a broad group of investments, such as US stocks, bonds or commodities. **Commodities** are raw goods such as oil, metals and crops. The large university endowments earned strong returns for decades. An **endowment** is a large fund a university invests for the long run. They spread money across many asset classes, not only stocks and bonds. Part of their edge came from private investments that individuals cannot buy. Faber and Richardson argued that an individual can capture a good part of the spread with a few index funds. Those funds cover the same broad asset classes. ## Why does the Ivy Portfolio use five equal parts? Five equal slices keep it simple, and each slice has a job. Stocks drive growth. Treasuries cushion recessions. Real estate and commodities add exposure to inflation. The book then goes further. It adds a trend-following rule to step aside from bear markets, which are long, deep falls in prices. That timed version is [GTAA 5](https://tactfolio.com/strategies/global-tactical-asset-allocation.md). This page covers the plain buy-and-hold mix, the baseline the timing rule is measured against. ## How does the Ivy Portfolio work? The Ivy Portfolio holds five fixed weights and resets them once a year. - Hold 20% each in US stocks (SPY), developed-market stocks outside the US (EFA), 10-year Treasuries (IEF), US real estate (VNQ) and commodities (GSG). - At the close of the last trading day of each year, reset all five to 20%. To **rebalance** means to trade back to the target weights. These are the same funds as the timed GTAA 5, so the two can be compared directly. Faber recommends a yearly rebalance for buy-and-hold mixes in tax-exempt accounts. Here is a made-up example. Say you start the year with $1,000, or $200 in each fund. By December, stocks have grown to $260 and commodities have shrunk to $150. At the year-end close you sell some stocks and buy commodities, so each fund is back to a fifth. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/ivy-portfolio are recomputed after every market close. Over the ETF era, from mid-2006, the buy-and-hold Ivy Portfolio did poorly. It returned under 6% a year, about half the S&P 500's return and less than a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Its risk-adjusted return trailed both by a wide margin. A risk-adjusted return weighs the gain against how bumpy the ride was. The 2008 financial crisis explains much of it. Stocks, real estate and commodities fell together. The portfolio lost nearly half its value from May 2008 to March 2009, and did not recover until September 2012. Commodities were a drag for most of the period after that. In 2020 it gained under 2% while the S&P 500 rose 18%. It lost less than the S&P 500 in 2022, helped by commodities. Since Faber's 2013 paper update it has returned about 7% a year, with a worst drawdown near 27%. A **drawdown** is how far a portfolio falls from its last high point. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts at the end of 1979. It returns about 9% a year, with a better risk-adjusted return than the S&P 500. That longer record includes the 2000 to 2002 bear market. It gained in 2000 and 2002 and lost less than stocks in 2001. But 2008 remains its worst loss. These numbers come from hypothetical backtests on past prices, after trading costs. They are not a track record. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the gaps between a backtest and real life. ## When does the Ivy Portfolio struggle? The Ivy Portfolio struggles in broad crashes, in long commodity slumps and in US-led bull markets. - **Broad crises.** In a deflationary crash like 2008, stocks, real estate and commodities can all fall at once. Only the Treasury slice holds up. - **Weak commodities.** A fifth of the portfolio in commodities can drag on returns for years. - **US-led bull markets.** Only a fifth is in US stocks, so it trails when the S&P 500 leads. ## How to try the Ivy Portfolio on Tactfolio The live strategy at the top of this page holds these five ETFs and rebalances at each year end. Copy it to try a different commodity fund. You can also compare it with the momentum-based [Ivy Portfolio rotation](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), or browse the other [classic strategies](https://tactfolio.com/strategies/classics.md). ## The rules as implemented Runs yearly, rebalancing every run, with signals and trades at the close: - Weight: Specified - **SPY** - **EFA** - **IEF** - **VNQ** - **GSG** ## Sources and caveats - [Mebane Faber, A Quantitative Approach to Tactical Asset Allocation (2007, updated 2013), the equal-weight buy and hold benchmark](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461) - [Mebane Faber and Eric Richardson, The Ivy Portfolio (Wiley, 2009)](https://www.wiley.com/en-us/The+Ivy+Portfolio%3A+How+to+Invest+Like+the+Top+Endowments+and+Avoid+Bear+Markets-p-9781118008850) - ETFs stand in for the paper's indexes, the same as in GTAA 5: SPY, EFA, IEF, VNQ, and GSG for the S&P 500, MSCI EAFE, 10-year Treasuries, NAREIT, and the GSCI. - Faber recommends rebalancing a buy and hold allocation once a year in tax-exempt accounts; Allocate Smartly tracks this static version without saying how often it rebalances. - Rebalancing happens at the close of the last trading day of each year. ## Common questions ### What is the Ivy Portfolio? The Ivy Portfolio is a five-asset mix from Mebane Faber and Eric Richardson's 2009 book, modeled on the Yale and Harvard endowments. It holds 20% each in US stocks, foreign stocks, bonds, real estate and commodities. ### What ETFs does the Ivy Portfolio use? This version uses SPY, EFA, IEF, VNQ and GSG. Common swaps include VTI for US stocks, VEU for foreign stocks and DBC for commodities. ### What is the difference between the Ivy Portfolio and GTAA? The buy-and-hold Ivy Portfolio always holds all five asset classes. GTAA 5 holds the same five but moves each one to Treasury bills when it falls below its 10-month moving average. Treasury bills are short-term US government loans that act like cash. ### Does the Ivy Portfolio still work? As a buy-and-hold mix it has lagged since 2006, mainly because of the 2008 crash and weak commodities. The timed version was designed to avoid that kind of loss. The live record on Tactfolio shows how it is doing now. ### Can I automate the Ivy Portfolio? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its rule calls for a change, which here is the yearly reset. It is long only, holds US-listed ETFs, and uses the starting balance you choose. --- # 60/40 Portfolio (classic stocks and bonds) > The classic 60/40: 60% S&P 500 and 40% intermediate Treasuries, the yardstick for every classic. Rules, backtest, yearly returns, and a live version. The classic balanced portfolio: 60% in the S&P 500 and 40% in intermediate (7–10 year) Treasuries, rebalanced back to 60/40 every month. It is the mix every Tactfolio classic is compared with. The traditional balanced mix, held by balanced funds for about a century and the usual yardstick for tactical strategies. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/classic-60-40. The 60/40 portfolio is a mix of 60% stocks and 40% bonds that you reset to those weights from time to time. It has long been the default for pension funds and balanced mutual funds. Vanguard founder John Bogle made it popular with everyday investors. ## Key points - A 60/40 portfolio holds stocks for growth and bonds to soften the falls. - This version holds the S&P 500 and US government bonds and resets them every month. - It is the yardstick every [Tactfolio classic strategy](https://tactfolio.com/strategies/classics.md) is compared with. - Its worst drop, about 33%, came in the 2008 financial crisis. - Its weak spot is a year like 2022, when stocks and bonds fell together. ## What is a 60/40 portfolio? A 60/40 portfolio puts 60% of your money in stocks and 40% in bonds. A bond is a loan to a government or a company that pays you interest. Some people flip it to 40% stocks and 60% bonds, a 40/60 portfolio, which leans further toward bonds. This version holds 60% in the S&P 500 and 40% in intermediate Treasuries. Treasuries are bonds issued by the US government. Intermediate ones come due in 7 to 10 years. It resets both weights every month. ## Why hold both stocks and bonds? Stocks and bonds tend to do well at different times. Stocks give most of the long-run growth. But they can lose half their value in a bad bear market, a long stretch of falling prices. High-quality bonds earn less. They usually hold up, or even rise, when a recession pushes stocks down and interest rates lower. Holding both gives a smoother ride than stocks alone while keeping much of their return. ## Why does a 60/40 portfolio rebalance? Rebalancing keeps the mix at 60/40, so its risk stays about the same. To **rebalance** means to sell some of whatever has risen and buy some of whatever has fallen, until the weights are back on target. Without it, the mix drifts toward stocks after long bull markets, the long stretches of rising prices. Then you carry more risk than you chose. Bogle's advice was to pick a sensible mix, keep costs low, and stay the course rather than time the market. Here is a made-up example. Say you start with $6,000 in stocks and $4,000 in bonds. Stocks rise to $7,000 while bonds stay put, so stocks are now about 64% of the total. To reset, you sell $400 of stocks and buy $400 of bonds. ## How does the 60/40 portfolio work? It holds two funds and resets them once a month. - Hold 60% in US large-company stocks (SPY) and 40% in 7 to 10 year Treasuries (IEF). - At the close of the last trading day of each month, reset both to their target weights. Portfolio Charts' version of the classic 60/40 uses the same two asset classes. It rebalances once a year instead. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/60-40-portfolio are recomputed after every market close. Over the ETF era, from mid-2002, the 60/40 returned about 8% a year against 11% for the S&P 500. It had a little over half the volatility. Volatility is how much a portfolio's value swings up and down. Its worst drawdown was about 33%, against 55% for the S&P 500. A drawdown is how far a portfolio falls from its last high point. Its risk-adjusted return, the return it earned for each unit of risk, was clearly higher. Its worst drawdown came in the 2008 financial crisis. It ran from December 2007 to March 2009 and was recovered by October 2010. In 2008 it lost 18% while the S&P 500 lost 37%, as Treasuries rose. The weak spot showed in 2022. Stocks and bonds fell together as interest rates rose. It lost 17%, nearly as much as the S&P 500. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1962 and returns about 9% a year. That is a point and a half less than the S&P 500, again with a much better risk-adjusted return. It cushioned the bear markets of 1973 to 1974 and 2000 to 2002. Its deepest loss is still 2008. Many classic strategies on Tactfolio fail to beat this simple mix on risk-adjusted return. That is why every article reports it alongside the S&P 500. All of these figures come from hypothetical backtests. They replay the rules on past prices, after trading costs, and are not a record of real trades. Our guide on [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains what the numbers can and cannot tell you. ## When does a 60/40 portfolio struggle? A 60/40 portfolio struggles most when stocks and bonds fall at the same time. - **Stocks and bonds falling together.** When inflation and interest rates rise, as in 2022, bonds stop offsetting stock losses. Inflation is a general rise in prices. - **Long bear markets.** With 60% in stocks, a deep and lasting decline still hurts, as in 2008. - **Strong bull markets.** It trails an all-stock portfolio whenever stocks rise quickly. ## How to try a 60/40 portfolio on Tactfolio The live strategy at the top of this page holds SPY and IEF and rebalances monthly. Copy it to try a 70/30 or 50/50 split, or a total bond fund such as AGG. You can change the weights in the [visual builder](https://tactfolio.com/docs/builder.md) and run the backtest again. You can also compare it with Livingston's 50/50 [Baby Bear](https://tactfolio.com/strategies/baby-bear-portfolio.md), the [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md) and Harry Browne's [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Specified - **SPY** - **IEF** ## Sources and caveats - [Portfolio Charts, Classic 60-40 Portfolio (popularized by John Bogle)](https://portfoliocharts.com/portfolios/classic-60-40-portfolio/) - SPY stands in for US large-cap stocks and IEF for intermediate Treasuries. - Portfolio Charts rebalances once a year; this version rebalances at each month end, matching the 60/40 yardstick in every Tactfolio classic's results. ## Common questions ### What is a 60/40 portfolio? A 60/40 portfolio holds 60% in stocks and 40% in bonds. You rebalance it back to those weights from time to time. It is the most common benchmark for a balanced investor. ### What ETFs make a 60/40 portfolio? This version uses SPY for stocks and IEF for intermediate Treasuries. Many investors use a total stock market fund such as VTI and a total bond fund such as BND or AGG instead. ### How often should a 60/40 portfolio be rebalanced? Common choices are monthly, quarterly, or yearly. This version rebalances monthly to match the yardstick used across Tactfolio. Yearly rebalancing trades less. ### Is the 60/40 portfolio dead? It had a very bad year in 2022, when stocks and bonds fell together. Over the full test it still earned about 8% a year with a much smaller drawdown than stocks. The live record on Tactfolio shows how it is doing now. ### Is a 70/30 portfolio better than 60/40? Neither mix is right for everyone. A 70/30 mix holds more stocks, so it tends to swing more, both up and down. You can copy the live strategy, set it to 70/30, and compare the two backtests. ### Can I automate a 60/40 portfolio? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade checks it on a daily schedule and only trades when the monthly rebalance calls for a change. It is long only and holds US-listed ETFs, and you pick the starting balance. --- # Three-Fund Portfolio (Taylor Larimore, Bogleheads) > Taylor Larimore’s Three-Fund Portfolio: US stocks, world stocks, and bonds in three index funds. Rules, backtest, yearly returns, and a live version. Taylor Larimore's Three-Fund Portfolio, the most popular portfolio on the Bogleheads forum: a US total stock market fund, an international total stock market fund, and a US total bond market fund. This version holds the 80/20 starting mix Portfolio Charts uses, 64% US stocks, 16% international stocks, and 20% bonds, rebalanced once a year. Designed by Taylor Larimore, 2018. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/larimore-three-fund. The Three-Fund Portfolio is a fixed mix of three index funds: one for US stocks, one for stocks in the rest of the world, and one for US bonds. Taylor Larimore made it popular on the Bogleheads forum and wrote it up in a 2018 book. This version holds 64% US stocks, 16% world stocks and 20% bonds, and resets the mix once a year. ## Key points - The Three-Fund Portfolio holds just three index funds and rebalances once a year. - Together the three funds own almost every public stock in the world and most US investment-grade bonds. - Since 2011 it returned about 10.5% a year, ahead of a 60/40 portfolio and behind the S&P 500's 14%. - Its worst drawdown was about 28%, in the COVID crash of early 2020. - It trails most when US large stocks lead the world, as in 2013 and 2021. ## What is the Three-Fund Portfolio? The Three-Fund Portfolio is a "lazy" portfolio. That means a fixed mix you leave alone and reset now and then. It comes from the Bogleheads, a group of investors who follow John Bogle, the founder of Vanguard. Bogle believed most people do best by owning the whole market at a low cost. Taylor Larimore turned that idea into three funds. A total US stock market fund owns thousands of US companies, large and small. A total international stock fund owns companies in other countries. A total bond market fund owns US government and company bonds. He described the plan in The Bogleheads' Guide to the Three-Fund Portfolio, published by Wiley in 2018. The appeal is in what it leaves out. There is no stock picking, no timing and no fund manager to beat. Costs stay low, and there is very little to do. ## How does the Three-Fund Portfolio work? The Three-Fund Portfolio has no signals. It holds the same three funds all the time. | Fund | What it owns | Weight | | --- | --- | --- | | VTI | The whole US stock market, large and small companies | 64% | | VXUS | Stocks of companies outside the US | 16% | | BND | US government and company bonds | 20% | - Hold 64% in VTI, 16% in VXUS and 20% in BND. - At the close of the last trading day of each year, reset all three to those weights. This is called rebalancing. Larimore does not give one bond share for everyone. He says to pick it from your age, your goals and how much loss you can live with. Many investors use a rough rule of holding about their age in bonds. He suggests keeping about a fifth of your stocks in international funds. This page uses the 80% stock and 20% bond mix that Portfolio Charts takes as his starting point. Here is a made-up example. Say you put in $10,000. That is $6,400 in VTI, $1,600 in VXUS and $2,000 in BND. By year end US stocks have jumped and bonds have fallen. Rebalancing sells some VTI and buys BND until the mix is back to 64, 16 and 20. ## What the backtest shows Figures quoted here were measured on prices through 2026-10-15. The chart and tables at https://tactfolio.com/strategies/three-fund-portfolio are recomputed after every market close. From early 2011, when VXUS began trading, the Three-Fund Portfolio returned about 10.5% a year. That beat a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) at about 9.4%, and trailed the S&P 500 at about 14%. A drawdown is how far a portfolio falls from its last high point. Its worst was about 28%, against 34% for the S&P 500 and 21% for the 60/40. The 60/40 had the best risk-adjusted return of the three, helped by its larger bond share. Its worst drawdown came in the COVID crash, from February 19 to March 23, 2020. It was recovered by early August 2020. In 2022 it lost about 18%, close to the S&P 500's 18% loss, because stocks and bonds fell together as rates rose. It lagged most when US large stocks led. It gained about 23% in 2013 while the S&P 500 rose 32%, and about 18% in 2021 against 29%. Since the book came out in mid 2018, it has returned about 11% a year, with the same 28% worst drawdown. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in late 1986 and returns about 9.6% a year, against 11.2% for the S&P 500. Its deepest simulated drawdown was about 46%, from October 2007 to March 2009 in the financial crisis. It took until early 2011 to recover. That year it lost about 29% while the S&P 500 lost 37%. These results are hypothetical. They come from past prices after trading costs, not from real money, and the future can look very different. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains why. ## When does the Three-Fund Portfolio struggle? - **Deep stock market crashes.** With 80% in stocks, it falls almost as far as the market in a bad bear market, as in 2008. - **Stocks and bonds falling together.** When rates rise fast, as in 2022, the bond fund gives little cushion. - **US stocks leading the world.** The international slice holds it back in years when US large companies race ahead. ## How to try the Three-Fund Portfolio on Tactfolio The live strategy at the top of this page holds these three ETFs and rebalances at each year end. Copy it to change the bond share to fit your age, or to swap in other total market funds. You can also compare it with the [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md) and the [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md). Both are lazy portfolios with far less in stocks. ## The rules as implemented Runs yearly, rebalancing every run, with signals and trades at the close: - Weight: Specified - **VTI** - **VXUS** - **BND** ## Sources and caveats - [Taylor Larimore, The Bogleheads' Guide to the Three-Fund Portfolio (Wiley, 2018)](https://www.wiley.com/en-us/The+Bogleheads'+Guide+to+the+Three+Fund+Portfolio:+How+a+Simple+Portfolio+of+Three+Total+Market+Index+Funds+Outperforms+Most+Investors+with+Less+Risk-p-9781119487357) - [Portfolio Charts, Three-Fund Portfolio (the 64/16/20 starting mix)](https://portfoliocharts.com/portfolios/three-fund-portfolio/) - [Portfolio Charts, FAQ (annual rebalancing assumption)](https://portfoliocharts.com/user-guide/faq/) - ETFs stand in for Larimore's three total market index funds: VTI for US total stock market, VXUS for international total stock market, and BND for US total bond market. - Larimore sets the bond share by age, goals, and risk tolerance rather than one number, and suggests international stocks at about 20% of the stock share. This version uses the 80% stock, 20% bond mix Portfolio Charts uses as his starting point. - Rebalanced once a year, as Portfolio Charts assumes for every portfolio. - Rebalancing happens at the close of the last trading day of each year. ## Common questions ### What is the Three-Fund Portfolio? It is a fixed mix of a US total stock market fund, an international total stock market fund and a US total bond market fund. Taylor Larimore of the Bogleheads made it popular and wrote a book on it in 2018. ### What ETFs are used for the Three-Fund Portfolio? This version uses VTI for US stocks, VXUS for international stocks and BND for bonds. Other total market funds can stand in, such as ITOT, IXUS and AGG, or the matching mutual funds. ### What is the best allocation for a Three-Fund Portfolio? There is no single best mix. Larimore says to set the bond share from your age, goals and comfort with losses, and to hold about a fifth of your stocks abroad. This page uses 64% US stocks, 16% world stocks and 20% bonds. ### How often should you rebalance a Three-Fund Portfolio? This version rebalances once a year, at the last close of the year, as Portfolio Charts assumes for every portfolio. Between rebalances the weights drift with prices. ### Is the Three-Fund Portfolio better than a target date fund? They hold much the same things. A target date fund holds a similar mix of index funds inside one fund and shifts toward bonds as you age. The Three-Fund Portfolio lets you pick the mix yourself and can cost less, but you rebalance it yourself. ### Can I automate the Three-Fund Portfolio? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades at the yearly rebalance. It is long only and uses US-listed ETFs. You choose the starting balance. --- # Leverage Rotation Strategy (UPRO above the 200-day average) > Gayed and Bilello’s LRS holds 3x S&P 500 (UPRO) above the 200-day average and T-bills below. Rules, backtest, yearly returns, and a live version. Michael Gayed and Charles Bilello's Leverage Rotation Strategy with three times leverage. Each day it holds UPRO, a fund that returns three times the S&P 500's daily move, while the S&P 500 closes above its 200-day moving average, and moves to Treasury bills when it closes below. Designed by Michael Gayed and Charles Bilello, 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/gayed-bilello-lrs-3x. The Leverage Rotation Strategy (LRS) is a trend rule that holds a leveraged S&P 500 fund only while the market is rising. Michael Gayed and Charles Bilello set it out in their paper "Leverage for the Long Run", which won the 2016 Charles H. Dow Award. It holds UPRO while the S&P 500 closes above its 200-day moving average, and Treasury bills while it closes below. ## Key points - The strategy checks the S&P 500 at the close of every trading day. - Above its 200-day average it holds UPRO, a fund that aims for three times the index's daily move. - Below the average it holds Treasury bills. - Since mid-2009 it grew faster than the S&P 500, but with twice the swings. - Its worst drop was about 52% with real prices and 72% in simulated history. ## What is the Leverage Rotation Strategy? The Leverage Rotation Strategy is a way to use leverage only when the market is calm and going up. **Leverage** means owning more market exposure than the cash you put in. A leveraged fund such as UPRO does this for you. It aims to move three times as much as the S&P 500 each day. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. This page covers the three-times version with UPRO. The [two-times version](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md) uses SSO. Both sit in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). ## Why does it use the 200-day average? The authors found that the S&P 500 acts in a different way above and below its 200-day average. A **moving average** is the average closing price over a set number of past days. Here it is the last 200 trading days. A fund that resets its leverage every day does not decay by itself, the authors argue. What hurts it is volatility. **Volatility** is how much prices swing up and down. Markets that flip between up and down days hurt the most. A steady run of gains grows faster than three times the index. A choppy market grinds the fund down even when the index goes nowhere. Above its average, the market has tended to be calmer and to rise in longer streaks. Those are the times when daily leverage works. Below it, swings grow and streaks break down. So the strategy takes leverage only above the average. The rest of the time it waits in Treasury bills. **Treasury bills** are short-term loans to the US government, the closest thing to cash. ## How does the Leverage Rotation Strategy work? The strategy makes one check at the close of every trading day. 1. Compare the S&P 500 (SPY) with its 200-day simple moving average. 2. If SPY closes above its average, hold UPRO. 3. If not, hold Treasury bills (BIL). Here is a made-up example. Say SPY closes at 520 and its 200-day average is 500. SPY is above the line, so you hold UPRO. If SPY later closes at 490 and the average is still near 500, you sell UPRO and hold BIL. The paper also tested shorter averages and 1.25x and 2x leverage. It focused on the 200-day average because it trades least often. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/leverage-rotation-strategy are recomputed after every market close. UPRO launched in mid-2009, so the test with real prices starts then. Since then the strategy grew near 25% a year, against about 15% for the S&P 500. It did so with twice the S&P 500's volatility. On risk-adjusted return it trailed both the S&P 500 and a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Risk-adjusted return means how much you earned for each unit of risk you took. Its worst drawdown was about 52%, against about 34% for the S&P 500. A **drawdown** is how far a portfolio falls from its last high point. The results swing a lot from year to year. It more than doubled in 2013 and nearly doubled in 2021. Both were calm years when stocks rose steadily. It lost about 30% in 2011, when the S&P 500 gained 2%. It lost about 40% in 2022, more than twice the market's loss. The worst drawdown came fast, from April to September 2010. The market crossed its average back and forth, and each wrong signal cost three times over. It took until May 2013 to recover. Since the paper came out in early 2016 the strategy has returned about 27% a year. But it still fell by about half at its worst point. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1960. The model treats UPRO as three times the S&P 500's daily return. It then takes off the fund's fee and the cost of borrowing at a little above the Treasury bill rate. Over that longer span it returned about 16.5% a year, against about 10.5% for the S&P 500. But its risk-adjusted return was lower. It gained in 1974, when the market fell by a quarter. It rose 40% in 1987, when the market gained 5%. It lost 53% in 2000, as rallies pulled it back into a falling market. Its worst simulated drawdown was 72%, from mid-1999 to April 2003. It did not get back to that peak until late 2013. All of these figures are hypothetical. They show how the rules would have done on past prices after trading costs, so they are not a track record. Our guide on [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains what to check before you trust one. ## When does the Leverage Rotation Strategy struggle? It struggles most when the market keeps crossing its 200-day average. - **Choppy markets.** When the S&P 500 hovers around its 200-day average, every false signal hits with triple exposure. This happened in 2010, 2011, 2015, and 2022. A false signal that flips you in and then out is a **whipsaw**. - **Crashes from a high.** A sudden fall that starts well above the average hits the fund at full leverage before the signal turns. - **Long bear markets with sharp rallies.** A bear market is a long, deep fall in prices. Each rally above the average buys back in, and the next leg down takes three times its toll. ## How to try the Leverage Rotation Strategy on Tactfolio The live strategy at the top of this page runs these rules each day on SPY, UPRO, and BIL. It uses the fund's real fees and financing costs in place of the paper's flat leverage cost. Copy it to try SSO or SPXL, a different average, or a band around the average to cut whipsaws. You can change any block in the [visual builder](https://tactfolio.com/docs/builder.md). ## The rules as implemented Runs daily, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is above 200d moving average of SPY - Then: - Weight: Equal - **UPRO** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Michael A. Gayed and Charles V. Bilello, Leverage for the Long Run: A Systematic Approach to Managing Risk and Magnifying Returns in Stocks (2016)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2741701) - [Leverage for the Long Run, 2016 Charles H. Dow Award paper (CMT Association PDF)](https://docs.cmtassociation.org/dow-award/2016-gayed-bilello.pdf) - UPRO, a 3x daily-reset S&P 500 fund, stands in for the paper's 3x daily-leveraged S&P 500 total return with a 1% annual leverage cost; the fund's own fees and financing costs apply instead. - SPY stands in for the S&P 500 total return index that the 200-day average is taken on, and BIL for 3-month Treasury bills. - Signals and trades use each day's close. ## Common questions ### What is the Leverage Rotation Strategy? It is a rule from Michael Gayed and Charles Bilello's 2016 paper "Leverage for the Long Run". You hold a daily leveraged S&P 500 fund while the S&P 500 is above its 200-day moving average. You hold Treasury bills while it is below. So leverage is used only in calmer, rising markets. ### Can you use the 200-day moving average with TQQQ instead of UPRO? The paper tested only the S&P 500, and this page does too. Traders often use the same rule on the Nasdaq 100 with TQQQ. You can copy the strategy, swap SPY for QQQ and UPRO for TQQQ, and backtest that version yourself. ### How much can the Leverage Rotation Strategy lose? A lot. With real prices its worst drawdown was about 52%, in 2010. In simulated history since 1960 it was 72%, from 1999 to 2003. The 200-day rule limits long bear markets but not fast falls or repeated whipsaws. ### How is it different from the 200-day moving average strategy? The signal is the same. The [200-day moving average strategy](https://tactfolio.com/strategies/200-day-moving-average.md) holds the S&P 500 itself above the average. The Leverage Rotation Strategy holds a two- or three-times leveraged fund. That makes both the gains and the whipsaw losses bigger. The [leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md) shows how much a price move changes an account at each level of leverage. ### Should I use SSO or UPRO? SSO aims for two times the S&P 500's daily move, and UPRO aims for three times. This page tests UPRO, and the two-times version has its own page and backtest. Less leverage means smaller daily gains and smaller daily losses. ### Can I automate the Leverage Rotation Strategy? Yes, copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when the 200-day rule calls for a change. It is long only and holds US-listed ETFs. You choose the starting balance it trades with. --- # Leverage Rotation Strategy 2x (LRS with SSO) > The 2x Leverage Rotation Strategy: SSO above the S&P 500’s 200-day average, T-bills below. Rules, backtest, yearly returns, and a live version. Michael Gayed and Charles Bilello's Leverage Rotation Strategy with two times leverage. Each day it holds SSO, a fund that returns twice the S&P 500's daily move, while the S&P 500 closes above its 200-day moving average, and moves to Treasury bills when it closes below. Designed by Michael Gayed and Charles Bilello, 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/gayed-bilello-lrs-2x. The 2x Leverage Rotation Strategy is the two-times version of the Leverage Rotation Strategy (LRS). It comes from Michael Gayed and Charles Bilello's 2016 paper "Leverage for the Long Run", which won that year's Charles H. Dow Award. It holds SSO, a fund that aims for twice the S&P 500's daily move, while the S&P 500 closes above its 200-day moving average. It holds Treasury bills while it closes below. ## Key points - The 2x Leverage Rotation Strategy holds a 2x S&P 500 fund only while the market is above its 200-day average. - Below the average, it holds Treasury bills, which act like cash. - It checks every trading day, not once a month. - From mid-2007 it returned about 13% a year, but its worst drop was about 40%. - In simulated history back to 1960 its worst drop was 53%, and it took until 2010 to recover. ## What is the 2x Leverage Rotation Strategy? The 2x Leverage Rotation Strategy is a trend rule that uses leverage only when the market is calm and rising. **Leverage** means getting more than one dollar of market exposure for each dollar you put in. Here it comes from a leveraged ETF. That is a fund built to move a set multiple of an index each day. Leveraged ETFs such as SSO carry a special risk. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. Daily leveraged funds suffer most in jumpy, back-and-forth markets. They do best in calm, steady uptrends. **Volatility** is how much a price jumps around. Gayed and Bilello showed that the S&P 500 has tended to be calmer above its 200-day average. It has also tended to rise in longer streaks there, and to be more volatile below it. A **moving average** is the average closing price over a set number of past days. Using leverage only above the average aims to keep the gains of leverage. It also aims to avoid the times that wreck it. Two times leverage is the middle setting in the paper. It gives up some of the [three-times version's](https://tactfolio.com/strategies/leverage-rotation-strategy.md) return in exchange for smaller swings. The three-times version uses UPRO. ## How does the 2x Leverage Rotation Strategy work? The 2x Leverage Rotation Strategy makes one check at the close of every trading day. 1. Compare the S&P 500 (SPY) with its 200-day simple moving average. 2. If SPY closes above its average, hold SSO, which aims to return twice the S&P 500's daily move. 3. Otherwise, hold Treasury bills (BIL). **Treasury bills** are short-term loans to the US government, and they act like cash. Here is a made-up example. On Monday SPY closes just above its 200-day average, so you hold SSO. On Tuesday it closes below the average, so you sell SSO and hold BIL. You stay in BIL until SPY closes above the average again. The same rule without leverage is the plain [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md) strategy, which holds SPY instead of SSO. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/leverage-rotation-strategy-2x are recomputed after every market close. With real prices the test starts in mid-2007, when Treasury bill ETFs began trading. Since then the strategy returned about 13% a year. The S&P 500 returned about 11%, and a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) returned 8%. Its risk-adjusted return was slightly better than the S&P 500's but below the 60/40 portfolio's. A risk-adjusted return weighs the gain against how bumpy the ride was. Its worst drawdown, about 40%, sat between the two. A **drawdown** is how far a portfolio falls from its last high point. It showed both sides of the rule early. From June to December 2007 it lost 28% while the market slipped 3%, as the S&P 500 crossed its average several times. In 2008 it lost 7% while the S&P 500 lost 37%. Its worst drawdown ran from July 2007 to July 2009 and was recovered by early 2010. Later, it gained 70% in 2013 and 61% in 2021. It lost about 20% in 2011 and 28% in 2022, years in which the market was flat or fell less. Since the paper appeared in early 2016 it has returned about 19.5% a year, with a risk-adjusted return well above its long-run level. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1960. SSO is modeled as twice the S&P 500's daily return, minus two costs. One is the fund's fee. The other is borrowing costs at a little above the Treasury bill rate. Over that span it returned about 14% a year, against about 10.5% for the S&P 500, with the same risk-adjusted return. It lost 36% in 2000. Its worst simulated drawdown, 53% from mid-1999 to April 2003, took until 2010 to recover. These are hypothetical backtests on past prices, after trading costs, not a track record. With leverage, small gaps in costs and timing grow large. So read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you rely on them. ## When does the 2x Leverage Rotation Strategy struggle? The 2x Leverage Rotation Strategy struggles when the market chops around its average or crashes from a high level. - **Whipsaws.** A **whipsaw** is when a rule sells near a low and buys back higher. When the S&P 500 hovers around its 200-day average, the strategy buys high and sells low again and again, at double the exposure. - **Fast crashes.** A fall that starts from well above the average is taken at full leverage until the signal turns. - **Bear markets with strong rallies.** In 2000 to 2002, rallies above the average kept pulling it back into a falling market. ## How to try the 2x Leverage Rotation Strategy on Tactfolio The live strategy at the top of this page runs these rules each day on SPY, SSO and BIL. It uses SSO's real fees and financing costs in place of the paper's flat leverage cost. Copy it to compare with the three-times version, or to try a shorter average. ## The rules as implemented Runs daily, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is above 200d moving average of SPY - Then: - Weight: Equal - **SSO** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Michael A. Gayed and Charles V. Bilello, Leverage for the Long Run: A Systematic Approach to Managing Risk and Magnifying Returns in Stocks (2016)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2741701) - [Leverage for the Long Run, 2016 Charles H. Dow Award paper (CMT Association PDF)](https://docs.cmtassociation.org/dow-award/2016-gayed-bilello.pdf) - SSO, a 2x daily-reset S&P 500 fund, stands in for the paper's 2x daily-leveraged S&P 500 total return with a 1% annual leverage cost; the fund's own fees and financing costs apply instead. - SPY stands in for the S&P 500 total return index that the 200-day average is taken on, and BIL for 3-month Treasury bills. - Signals and trades use each day's close. ## Common questions ### What is the 2x Leverage Rotation Strategy? The 2x Leverage Rotation Strategy is the two-times setting of Gayed and Bilello's Leverage Rotation Strategy. It holds a 2x S&P 500 fund such as SSO while the S&P 500 is above its 200-day moving average. It holds Treasury bills while it is below. ### Is 2x or 3x leverage better for the Leverage Rotation Strategy? In simulated history since 1960, three times leverage (UPRO) returned more. But it had a lower risk-adjusted return and a far deeper worst drawdown, 72% against 53%. The two-times version with SSO is the steadier of the two, though it can still lose around half. ### Why not just hold SSO all the time? A leveraged fund held through bear markets and volatile stretches can lose most of its value. It can then take many years to recover. The 200-day rule moves to Treasury bills during those periods, which is the point of the strategy. ### How often does the 2x Leverage Rotation Strategy trade? It checks at every daily close. It trades only when the S&P 500 crosses its 200-day average, which can happen several times in a choppy stretch, as it did in 2007. ### Can I automate the 2x Leverage Rotation Strategy? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when its rule calls for a switch. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # 200-Day Moving Average Strategy (S&P 500) > Hold the S&P 500 above its 200-day moving average and T-bills below, checked daily. Rules, backtest, yearly returns, and a live version. The classic 200-day moving average rule on the S&P 500. At every daily close it holds the S&P 500 while the index is above its average of the last 200 closes, and Treasury bills while it is below. Designed by Jeremy Siegel, 1994; Michael Gayed and Charles Bilello, 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/sp500-200-day-timing. The 200-day moving average strategy holds the S&P 500 while it closes above its average of the last 200 daily closes. When it closes below, the strategy holds Treasury bills. Jeremy Siegel described the rule in *Stocks for the Long Run* (1994). Michael Gayed and Charles Bilello tabulated the plain daily version in their 2016 paper "Leverage for the Long Run". ## Key points - The 200-day moving average is one of the most widely watched trend signals. - The rule checks the S&P 500 every day and holds either stocks or Treasury bills. - Its main benefit is lower risk, not higher return. - Since mid-2007 its worst drop was about 22%, against 55% for the S&P 500. - It loses money in choppy, sideways markets, when prices keep crossing the average. ## What is the 200-day moving average? The 200-day moving average is the average closing price of the last 200 trading days, updated each day. A **moving average** smooths out daily ups and downs so you can see the trend. Each day the newest close is added and the oldest one drops off. Two hundred trading days is a little less than a calendar year. When the price is above this line, the market is usually in an uptrend. When it is below, it is usually in a downtrend. ## Why follow the 200-day moving average? The rule aims to step aside during the worst part of long market falls. The worst stretches for stocks have mostly happened below the 200-day average. Volatility, meaning how much prices swing, also tends to be higher there. The rule does not try to call tops or bottoms. It accepts selling after a decline has started and buying back after a rebound has begun. In exchange, it sits out the middle of long bear markets, the long stretches of falling prices. As Siegel and the paper both note, the main benefit is lower risk rather than higher return. In strong bull markets the rule usually lags, because every false alarm costs a little. ## How does the 200-day moving average strategy work? At the close of every trading day, the rule compares the S&P 500 with its 200-day average. 1. Compare the S&P 500 (SPY) with its 200-day simple moving average. 2. If SPY closes above its average, hold SPY. 3. Otherwise, hold Treasury bills (BIL). Treasury bills are short-term US government debt, so they act like cash. Siegel's version waits until the index is 1% above or below the average before switching. This page tests the plain rule without that band. Here is a made-up example. Say SPY closes at $510 and its 200-day average is $500. It is above the line, so you hold SPY. If the next day it closes at $495, it is below the line, so the rule moves to BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/200-day-moving-average are recomputed after every market close. With real prices the test starts in mid-2007. Since then the rule returned about 8% a year, against about 11% for the S&P 500 and 8% for a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Its worst drawdown was about 22%. A drawdown is how far a portfolio falls from its last high point. That is far smaller than the S&P 500's 55% and the 60/40 portfolio's 33%. But on risk-adjusted return, the return for each unit of risk, it only matched the 60/40 portfolio, finishing just below it. Its best year relative to the market was 2008, which it ended down about 3% while the S&P 500 lost 37%. The cost shows up in choppy years. It lost 13% from June to December 2007 while the market slipped 3%. It lost 10% in 2011 while the market gained 2%. Its worst drawdown, about 22%, came from April to September 2010, when the S&P 500 crossed its average again and again. It did not recover until March 2013. It also lagged in quick V-shaped rebounds, gaining about 16% in 2019 and 9% in 2020 against 31% and 18% for the market. Since the paper appeared in early 2016 it has returned about 12% a year, with a clearly better risk-adjusted return than over the whole period. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1960. Over that span it returned about 10% a year, close to the S&P 500's 10.5%. It had a much better risk-adjusted return and a worst drawdown of about 26% against 55%. It gained 8% in 1974, when the market fell by a quarter. It gained 21% in 1987, when it stepped aside before the October crash. Its worst simulated drawdown ran from mid-1999 to April 2003. Every figure here is a hypothetical backtest on past prices, after trading costs. It is not a record of real trades or a promise about the future. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) shows how to judge results like these. ## When does the 200-day moving average strategy struggle? The 200-day rule struggles when markets move sideways or crash and rebound fast. - **Sideways markets.** When prices hover around the average, a daily check produces many small losses from buying high and selling low. - **Fast crashes and rebounds.** A fall of a few weeks can be over before the signal turns. The rebound can be well underway before it turns back. - **Strong bull markets.** Any false alarm in a rising market leaves money on the table. ## How to try the 200-day moving average on Tactfolio The live strategy at the top of this page runs the plain rule each day on SPY and BIL. Copy it to add a band around the average or try a different length. You can change both in the [visual builder](https://tactfolio.com/docs/builder.md). You can also compare it with [Faber's monthly 10-month version](https://tactfolio.com/strategies/faber-10-month-moving-average.md), which checks only once a month. The [Golden Cross](https://tactfolio.com/strategies/golden-cross.md) uses the 200-day average too, but compares it with a 50-day average. ## The rules as implemented Runs daily, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is above 200d moving average of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Leverage for the Long Run, 2016 Charles H. Dow Award paper (CMT Association PDF)](https://docs.cmtassociation.org/dow-award/2016-gayed-bilello.pdf) - [Jeremy J. Siegel, Stocks for the Long Run (1994; 6th edition 2022)](https://www.mhprofessional.com/stocks-for-the-long-run-9781264282197-usa) - Follows the plain rule tabulated by Gayed and Bilello (Table 6). Siegel's version adds a 1% band around the average before switching; it is not used here. - SPY stands in for the S&P 500 total return index and BIL for 3-month Treasury bills. - Signals and trades use each day's close. ## Common questions ### What is the 200-day moving average strategy? It is a trend-following rule. You hold the S&P 500 while it closes above its average price of the last 200 trading days. You move to Treasury bills while it closes below. ### Does the 200-day moving average strategy beat buy and hold? Not on return in most periods tested here. Since 2007 it returned less than the S&P 500 but with far smaller drawdowns. In simulated history since 1960 it nearly matched the market's return with much lower risk. ### What is the difference between the 200-day moving average and the 10-month moving average? They look back over nearly the same stretch, since ten months is about 210 trading days. The 200-day rule averages every daily close and is checked every day. Faber's 10-month rule averages ten month-end closes and is checked only at month end. That means fewer trades but slower reactions. ### Can I use the 200-day moving average on QQQ or other funds? Yes, the rule works the same way on any fund with enough price history. This page only tests it on the S&P 500. Copy the live strategy, swap SPY for a fund such as QQQ, and run the backtest to see how the change would have done. ### Can you use leverage with the 200-day moving average? Yes. Gayed and Bilello's [Leverage Rotation Strategy](https://tactfolio.com/strategies/leverage-rotation-strategy.md) holds a two- or three-times leveraged S&P 500 fund above the average instead of the index itself. Leverage makes losses bigger as well as gains. These funds reset daily, so held for longer their returns can differ a lot from the multiple in their name. ### Can I automate the 200-day moving average strategy? Yes. Copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when SPY crosses its average. It is long only, holds US-listed ETFs, and uses the starting balance you choose. --- # Golden Cross Strategy (50-day and 200-day moving averages) > Hold the S&P 500 after a golden cross, T-bills after a death cross of its 50- and 200-day averages. Rules, backtest, yearly returns, and a live version. The golden cross rule on the S&P 500. It holds the S&P 500 while its 50-day moving average is above its 200-day moving average, and Treasury bills after the 50-day average falls below, the signal traders call a death cross. A technical analysis rule with no single author, watched by traders for decades. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/golden-cross-50-200. The golden cross is a classic trading signal with no single author, followed by traders and the financial press for decades. It happens when a market's 50-day moving average rises above its 200-day moving average, and the reverse is called the death cross. As a strategy on the S&P 500, the rule holds stocks after a golden cross and Treasury bills after a death cross. ## Key points - The rule holds the S&P 500 while its 50-day average is above its 200-day average. - After a death cross, it holds Treasury bills. - It checks every trading day, but in a steady trend it can hold for years. - Since 2007 it returned about 9% a year, against about 11% for the S&P 500. - It is slow: it took the whole 34% fall in the 2020 crash. ## What does a golden cross mean? A golden cross means a market's short-term trend has moved above its long-term trend. A **moving average** is the average closing price over a set number of days. It smooths out daily noise. Comparing a short average with a long one shows the direction of the trend. When the 50-day average climbs above the 200-day, recent prices are running ahead of the longer trend. Traders read that as the start of an uptrend. When the 50-day drops below, the trend has turned down and the rule steps aside. ## How is it different from the price crossing the 200-day average? The golden cross is slower than comparing the price itself with the 200-day average. It trades less often and suffers fewer false signals. But it gets out later and back in later. The [200-day moving average rule](https://tactfolio.com/strategies/200-day-moving-average.md) is the faster version of that idea. It compares the price with one average instead of two averages with each other. ## How does the golden cross strategy work? The rule runs at the close of every trading day. 1. Compute the 50-day and 200-day simple moving averages of the S&P 500 (SPY). A **simple moving average** gives every day the same weight. 2. If the 50-day average is above the 200-day average, hold SPY. 3. Otherwise, hold Treasury bills (BIL). Treasury bills are short-term US government debt and act like cash. Here is a made-up example. SPY's 50-day average is $510 and its 200-day average is $500. The 50-day is on top, so you hold SPY. If a sell-off pulls the 50-day down to $495 while the 200-day stays at $500, that is a death cross, and you move to BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/golden-cross are recomputed after every market close. With real prices the test starts in mid-2007. Since then the golden cross returned about 9% a year, against about 11% for the S&P 500 and 8% for a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Its risk-adjusted return beat the S&P 500's but trailed the 60/40 portfolio's. The rule did what it promises in 2008, finishing up about 2% while the S&P 500 lost 37%. It also helped in 2022, when it lost 7% against 18%. Its slowness showed in 2020. The crash in February and March was over in about a month, too fast for the averages to cross. So the strategy took the whole 34% fall. The death cross then came near the bottom, and it bought back months later. It ended the year down about 5% while the market gained 18%. That fall was its worst drawdown, meaning its biggest drop from a past high. It recovered in April 2021. The same pattern cost it in 2025, when it gained about 1% against 18% for the market. The rule has no publication date. Over the most recent stretch, since October 2023, it returned about 17% a year with a strong risk-adjusted return. With [simulated history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1960 and returns about 10% a year. That is a little below the S&P 500's 10.5%, with a better risk-adjusted return. It stayed nearly flat from 2000 to 2002, while the market fell three years in a row. It gained 8% in 1974 while the market fell by a quarter. Even over this longer span, its worst drawdown is still the 2020 crash. Remember that a backtest is a what-if. These results replay the rule on past prices, after trading costs, and they are hypothetical, not a track record. Learn [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) before you rely on one. ## When does the golden cross struggle? The golden cross struggles when markets crash fast, bounce back fast, or move sideways. - **Fast crashes.** Two averages take weeks to cross, so a crash that happens within a month is taken in full. - **V-shaped recoveries.** The golden cross often returns only after much of a rebound has passed. - **Sideways markets.** When the averages converge, crosses can come in quick succession. ## How to try the golden cross on Tactfolio The live strategy at the top of this page checks the averages each day on SPY and holds BIL as cash. Copy it to try other pairs of averages, other markets, or exponential averages, which give recent days more weight. You can also compare it with Faber's monthly [10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md), which looks at one price per month. ## The rules as implemented Runs daily, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 50d moving average of SPY is above 200d moving average of SPY - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [TOS Indicators, Golden Cross Trading Strategy: 20-Year Backtest Results (2023)](https://tosindicators.com/research/golden-cross-trading-strategy-20-year-backtest-results) - [QuantifiedStrategies, Golden Cross Trading Strategy](https://www.quantifiedstrategies.com/golden-cross-trading-strategy/) - The golden cross is a long-standing technical rule with no single author; the sources are representative tests of the standard 50-day and 200-day simple averages on the S&P 500. - SPY stands in for the S&P 500 and BIL for cash. - Signals and trades use each day's close. ## Common questions ### What is a golden cross? A golden cross happens when a market's 50-day moving average rises above its 200-day moving average. A death cross is the reverse, when the 50-day average falls below the 200-day. ### Does the golden cross strategy beat buy and hold? Not on return in these tests. Since 2007 it returned less than the S&P 500, with a smaller worst drawdown. In simulated history since 1960 it trailed the market slightly while taking less risk. ### Is the golden cross better than the 200-day moving average? It trades less often but reacts more slowly. In simulated history since 1960, the 200-day moving average rule returned a little more with a smaller worst drawdown. But the 200-day rule suffered more whipsaws, quick in-and-out trades, in choppy years such as 2007 and 2011. ### How often does the golden cross happen? It varies with the market. In a steady trend the strategy can hold the same position for years. A choppy market can bring a death cross and a golden cross within a few months. ### Can I automate a golden cross strategy? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when the averages cross. It is long only, holds US-listed ETFs, and you choose the starting balance. --- # Beta Rotation Strategy (utilities vs. the market) > Bilello and Gayed’s weekly switch between utilities (XLU) and the S&P 500 on four-week strength. Rules, backtest, yearly returns, and a live version. Charles Bilello and Michael Gayed's Beta Rotation Strategy. At the end of each week it compares utilities with the whole stock market over the past four weeks: if utilities did better, it holds the utilities sector for the next week; otherwise it holds the S&P 500. Designed by Charles Bilello and Michael Gayed, 2014. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/gayed-bilello-beta-rotation. The Beta Rotation Strategy (BRS) is Charles Bilello and Michael Gayed's weekly switch between utility stocks and the whole stock market. Their paper, "An Intermarket Approach to Beta Rotation: The Strategy, Signal and Power of Utilities", won the 2014 Charles H. Dow Award. Each week it holds utilities if they did better than the market over the past four weeks, and the market if not. ## Key points - The Beta Rotation Strategy is always fully in stocks. Only the kind of stocks changes. - It holds utilities when they have led the S&P 500 over the last four weeks. - Since early 1999 it returned about 7% a year, against about 9% for the S&P 500. - Its worst drop was about 52%, nearly as deep as the market's, because utilities fell hard in 2008 too. - It lags badly when growth stocks lead, as in 2020 and 2023. ## What is the Beta Rotation Strategy? The Beta Rotation Strategy uses the strength of utility stocks as a warning light for the wider market. Utilities are companies that sell power, gas and water. They are a defensive, bond-like corner of the stock market. **Beta** measures how much a stock tends to move when the whole market moves. Utilities have a low beta, so they usually swing less than the market. Market technicians have long watched them as a leading indicator, a sign that tends to move before the rest. ## Why do utilities lead the market? Utilities tend to do better than the market before it weakens. That happens when investors grow cautious, or when interest rates start to fall ahead of a slowdown. Bilello and Gayed turned that idea into a rotation. When utilities lead, the strategy moves into them. It trades some upside for a lower-beta, steadier holding. When utilities lag, risk appetite is healthy, and the strategy holds the market. ## How does the Beta Rotation Strategy work? At the close of the last trading day of each week, the strategy compares two funds and holds the winner. 1. Compare the total return of the utilities sector (XLU) with that of the S&P 500 (SPY) over the last 20 trading days, about four weeks. 2. If XLU returned more, hold XLU for the next week. 3. Otherwise, hold SPY. A rising ratio of utilities to the market is the same thing as utilities returning more than the market. So this matches the paper's price-ratio test. Here is a made-up example. Over the last 20 trading days, XLU rose 3% and SPY rose 1%. Utilities led, so you hold XLU next week. If SPY had risen 4% instead, you would hold SPY. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/beta-rotation-strategy are recomputed after every market close. With real prices the test starts in early 1999, when the sector ETFs launched. Since then the strategy returned about 7% a year, against about 9% for the S&P 500 and 8% for a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). It trailed both on risk-adjusted return, meaning return for each unit of risk. Its worst drawdown was about 52%, from December 2007 to March 2009. A drawdown is how far a portfolio falls from its last high point. It was nearly as deep as the market's, because utilities fell hard in that crash too. It recovered in May 2011. It had good years when defensive stocks led. It lost 1% in 2000 while the S&P 500 lost 10%. It did better than the market by about 11 percentage points in 2005 and 8 in 2007. It lagged badly when growth stocks led. It gained 1% in 2020 against 18% for the market, and lost 2% in 2023 while the market gained 26%. Since the paper appeared in 2014 it has returned about 8% a year. That came with a slightly better risk-adjusted return than over the whole period and a worst drawdown of about 39%. With [simulated history](https://tactfolio.com/docs/simulated-history.md), built from utilities sector returns, the test starts in 1926, close to the paper's own sample. Over that span it returned about 10.8% a year, just ahead of the S&P 500's 10.4%, with a slightly better risk-adjusted return. That is a much smaller edge than the paper reported. The difference may come partly from the S&P 500 standing in for the paper's total-market index. It may also come from measuring four weeks as 20 trading days. The worst simulated drawdown, 86% from 1929 to 1932, was about as deep as the market's. Every number above is a hypothetical backtest run on past prices, after trading costs. It is not a track record. Our guide on [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains what these figures can tell you. ## When does the Beta Rotation Strategy struggle? The Beta Rotation Strategy struggles when growth stocks lead and when a crash hits every kind of stock. - **Markets led by growth stocks.** When technology and other high-beta stocks drive the market, utilities lag. The strategy often sits in the market at best, or in utilities at the wrong time. - **Crashes that hit everything.** Utilities are still stocks. In 2008 the strategy lost 36%, about as much as the market. - **Frequent switching.** A four-week signal checked weekly can change its mind often, and each switch has a cost. ## How to try the Beta Rotation Strategy on Tactfolio The live strategy at the top of this page runs the rule each week on XLU and SPY. Copy it to try a total-market fund such as VTI, a different lookback, or Treasuries instead of utilities as the defensive side. Treasuries are bonds issued by the US government. The same authors also wrote the [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md) study and [Tactical Risk Rotation](https://tactfolio.com/strategies/tactical-risk-rotation.md), which switches between stocks and Treasuries. You can compare all three side by side. ## The rules as implemented Runs weekly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 20d cumulative return of XLU is above 20d cumulative return of SPY - Then: - Weight: Equal - **XLU** - Otherwise: - Weight: Equal - **SPY** ## Sources and caveats - [Charles V. Bilello and Michael A. Gayed, An Intermarket Approach to Beta Rotation: The Strategy, Signal and Power of Utilities (2014)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2417974) - XLU and SPY stand in for the Fama/French utilities and total US market total return series. A rising utilities-to-market ratio over four weeks is tested as XLU's 20-session return beating SPY's. - Four weeks is taken as 20 sessions, so weeks with a holiday reach back one extra day. - Signals and trades use the close of the last trading day of each week, as in the source. ## Common questions ### What is the Beta Rotation Strategy? It is Bilello and Gayed's 2014 rule that switches each week between utility stocks and the broad market. It holds utilities when they have done better than the market over the past four weeks. Otherwise it holds the market. ### Why do utilities predict stock market weakness? Utilities are defensive and sensitive to interest rates. They tend to do better when investors turn cautious or rates fall ahead of a slowdown. So their relative strength can show rising risk before the broad market reacts. ### What ETFs does the Beta Rotation Strategy use? It uses XLU for the utilities sector and SPY for the market. The paper used long-run utilities and total-market index data. ### Does the Beta Rotation Strategy still work? Since the paper appeared in 2014 it has returned about 8% a year. It trailed the S&P 500 in most calendar years, mostly because growth stocks led the market for long stretches. The live record on Tactfolio shows how it is doing now. ### Can I automate the Beta Rotation Strategy? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when the weekly check switches funds. It is long only, holds US-listed ETFs, and uses the starting balance you choose. --- # Tactical Risk Rotation (TRRS) > Gayed and Bilello’s TRRS holds stocks when 10-year Treasuries beat 30-year ones, else Treasuries. Rules, backtest, yearly returns, and a live version. Michael Gayed and Charles Bilello's Tactical Risk Rotation Strategy, 10-year version (TRRS 10). Each month it compares intermediate and long Treasuries: if intermediate Treasuries returned more over the past month, it holds US stocks for the next month; if long Treasuries did better, it holds intermediate Treasuries. Designed by Michael Gayed and Charles Bilello, 2014. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/gayed-bilello-tactical-risk-rotation. The Tactical Risk Rotation Strategy (TRRS) is a monthly switch between stocks and Treasuries from Michael Gayed and Charles Bilello. Their paper placed third for the 2014 NAAIM Wagner Award. If 10-year Treasuries did better than 30-year Treasuries last month, it holds stocks for the next month, and otherwise it holds Treasuries. ## Key points - TRRS holds either the S&P 500 or intermediate Treasuries, one at a time. - A one-month race between two bond funds makes the choice. - This page covers the 10-year version, TRRS 10. - From 2002 it earned about 8% a year, behind both the S&P 500 and a 60/40 mix. - Its worst drawdown was about 36%, from November 2007 to March 2009. ## What is Tactical Risk Rotation? Tactical Risk Rotation uses the bond market as an early warning for stocks. The paper's full title is "An Intermarket Approach to Tactical Risk Rotation: Using the Signaling Power of Treasuries to Generate Alpha and Enhance Asset Allocation". A **Treasury** is a loan to the US government. The 10-year note and the 30-year bond differ in how long the loan lasts. A **yield** is the yearly interest a bond pays, as a share of its price. The bond market often senses trouble before the stock market does. When long-term Treasuries beat intermediate ones, long yields are falling faster. That is a sign that investors expect slower growth or are seeking safety. The authors found that stock market volatility tended to rise in the month after such a signal. **Volatility** is how much prices swing. When intermediate Treasuries do better, the setting has tended to be calmer for stocks. The strategy uses that signal to switch the whole portfolio between stocks and bonds. Intermediate Treasuries are the defensive choice because they have tended to hold up when stocks fall. ## How does Tactical Risk Rotation work? It runs one comparison at the close of the last trading day of each month. 1. Compare the total return of intermediate Treasuries (IEF) with that of long Treasuries (TLT) over the month just ended. IEF stands in for the 10-year note and TLT for the 30-year bond. As in the paper, the return runs from the previous month-end close. 2. If IEF returned more, hold the S&P 500 (SPY) for the next month. 3. Otherwise, hold IEF. **Total return** counts both price changes and the interest paid. The paper's TRRS 30 version holds the 30-year bond instead of the 10-year note when the signal favors bonds. Here is a made-up example. In one month, IEF returns 0.5% and TLT returns 1.5%. Long bonds won, which is the warning sign, so the strategy holds IEF for the next month. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/tactical-risk-rotation are recomputed after every market close. With real prices the test starts in October 2002, shortly after these Treasury ETFs launched. Since then the strategy returned about 8% a year. The S&P 500 returned about 12%, and a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) almost 9%. It trailed both on risk-adjusted return, which is the return for each unit of risk. Its worst drawdown was about 36%, from November 2007 to March 2009. A **drawdown** is how far a portfolio falls from its last high point. That drawdown was smaller than the market's 55% but deeper than the 60/40 portfolio's 33%. It recovered in December 2010. Its best years came when bonds did well and stocks struggled. It lost 19% in 2008 against 37% for the S&P 500. It gained 15% in 2011 while the market gained 2%. It fell far behind in strong stock markets, such as 2009, 2013, 2017 and 2019. In those years, months in bonds left it with a fifth to less than half of the market's gain. In 2022 bonds offered no refuge, but it still lost less than the market, 15% against 18%. Since the paper appeared in 2014 it has returned about 8% a year. Its risk-adjusted return was close to its full history, and its worst drawdown was smaller, about 25%. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1962. Over that span it returned about 8.9% a year, below the S&P 500's 10.5%, with a slightly better risk-adjusted return. It held up well in the bear market of 2000 to 2002, gaining in 2000 and 2001 while the market fell. A **bear market** is a long, deep fall in prices. Its worst simulated drawdown, about 40%, came in the 1973 to 1974 bear market. The signal left it in stocks for much of the decline. These results are hypothetical. They come from running the rules on past prices, after trading costs, and they are not a track record. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) shows what to check. ## When does Tactical Risk Rotation struggle? - **Strong bull markets.** A **bull market** is a long rise in prices. A one-month bond signal often moves the portfolio out of stocks in rising markets. It can spend many months in bonds during a long rally. - **Stocks and bonds falling together.** When inflation or rising rates hit both, the bond side does not protect, as in 2022. - **Noise.** A single month's return gap between two bond funds is a noisy signal. So many switches are false alarms. ## How to try Tactical Risk Rotation on Tactfolio The live strategy at the top of this page runs the rule each month on IEF, TLT and SPY. It compares the two bond funds over the calendar month. Copy it to test the TRRS 30 version by holding TLT instead of IEF, or to use Treasury bills as the defensive asset. For another simple stock and bond switch, see [Paired Switching](https://tactfolio.com/strategies/paired-switching.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 1-month return (month-end) of IEF is above 1-month return (month-end) of TLT - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **IEF** ## Sources and caveats - [Michael A. Gayed and Charles V. Bilello, An Intermarket Approach to Tactical Risk Rotation: Using the Signaling Power of Treasuries to Generate Alpha and Enhance Asset Allocation (2014)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2431022) - IEF (7–10 year Treasuries) stands in for the 10-year Treasury, TLT (20+ year Treasuries) for the 30-year Treasury, and SPY for the Fama/French US stock market. - Each fund's return over the prior month runs from the previous month-end close, as in the source. - This is the TRRS 10 version, which holds the 10-year Treasury when bonds are signalled; the paper's TRRS 30 holds the 30-year Treasury instead. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Tactical Risk Rotation? It is a monthly strategy by Michael Gayed and Charles Bilello. It holds stocks when 10-year Treasuries did better than 30-year Treasuries in the prior month, and Treasuries otherwise. The idea is that the bond market signals rising stock volatility in advance. ### What is the difference between TRRS 10 and TRRS 30? Both use the same signal. TRRS 10 holds the 10-year Treasury when the signal favors bonds, and TRRS 30 holds the more volatile 30-year Treasury. This page tests TRRS 10 with IEF. ### What ETFs does Tactical Risk Rotation use? It uses IEF for intermediate Treasuries, TLT for long Treasuries and SPY for US stocks. The paper used Treasury total return indexes and a total US stock market index. ### Does Tactical Risk Rotation still work? Since the paper appeared in 2014 it has returned about 8% a year. Over its full real-price history it trailed a 60/40 portfolio on risk-adjusted return. It also lagged the S&P 500 in most strong years. The live record on Tactfolio shows how it is doing now. ### Can I automate Tactical Risk Rotation? Yes. Copy the live strategy and run it in Trade, either on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when the monthly signal flips. It is long only, holds US-listed ETFs, and trades the starting balance you set. --- # Volatility-Managed Portfolio (Moreira and Muir) > Moreira and Muir’s rule cuts S&P 500 exposure after volatile months and holds T-bills for the rest. Rules, backtest, yearly returns, and a live version. Alan Moreira and Tyler Muir's volatility-managed stock portfolio, in its no-leverage form. Each month it sets the S&P 500 share by the past month's volatility: fully invested while volatility is low, and cutting the share with the square of volatility as it rises (about half at 16% and a fifth at 25%), with the rest in Treasury bills. Designed by Alan Moreira and Tyler Muir, 2017. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/moreira-muir-volatility-managed. A volatility-managed portfolio is a stock strategy that invests less after volatile months and more after calm ones. It comes from Alan Moreira and Tyler Muir's paper "Volatility-Managed Portfolios", published in the *Journal of Finance* in 2017. This page tests the paper's no-leverage version on the S&P 500, with the rest in Treasury bills. ## Key points - Each month it sets its S&P 500 share from how much the market swung over the last 21 trading days. - In calm markets it holds 100% stocks, and in wild ones as little as 4%. - It is not a trend signal, so it ignores whether prices are rising or falling. - From mid-2007 its worst drawdown was about 17%, against 55% for the S&P 500. - Its blind spot is a slow, calm decline, as in 1968 to 1970, when it lost about 34%. ## What is a volatility-managed portfolio? A volatility-managed portfolio scales its stock exposure by recent volatility. The paper first circulated as an NBER working paper in 2016. **Volatility** is how much prices swing up and down. The paper uses **variance**, which is volatility times itself. Volatility clusters: a volatile month tends to be followed by another. But high volatility has not been followed by higher returns to make up for it. So in volatile times investors take more risk without being paid more for it. Moreira and Muir tested cutting exposure when recent volatility was high and restoring it when volatility was low. They showed that this raised the return per unit of risk for the stock market and many other factors. The rule is not a trend signal. It does not ask whether prices are rising or falling, only how much they have been moving. ## How does the volatility-managed portfolio work? It sets one number at the close of the last trading day of each month. 1. Measure the S&P 500's (SPY) annualized volatility over the last 21 trading days. **Annualized** means scaled up to a yearly rate. 2. Set the stock share from that volatility, using the table below. 3. Hold that share in SPY and the rest in Treasury bills (BIL). | 21-day volatility, yearly rate | Share in SPY | | --- | --- | | Below 12.5% | 100% | | 12.5 to 15% | 71% | | 15 to 18% | 49% | | 18 to 22% | 33% | | 22 to 27% | 22% | | 27 to 35% | 14% | | 35 to 45% | 8% | | Above 45% | 4% | **Treasury bills** are short-term loans to the US government, the usual stand-in for cash. Here is a made-up example. At a month end, SPY's volatility over the last 21 days works out to 20% a year. That falls in the 18 to 22% band, so the strategy holds 33% in SPY and 67% in BIL. These steps come close to the paper's formula. That formula sets a stock weight in proportion to one over last month's variance, capped at 100%. The scale is set so that the uncapped version would be as volatile as the market. On S&P 500 data from 1928 to 2015, that puts the formula at 100% stocks at 11.5% volatility. Each step holds the formula's value at the middle of its band. The paper's main version also used leverage after calm months. **Leverage** means borrowing to invest more than you have. Leverage makes losses bigger as well as gains. This version never goes above 100% stocks. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/volatility-managed-portfolio are recomputed after every market close. With real prices the test starts in mid-2007. Since then the strategy returned about 7.5% a year, against about 11% for the S&P 500 and 8% for a [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Its risk-adjusted return, the return for each unit of risk, was a little better than both. Its worst drawdown was about 17%. A **drawdown** is how far a portfolio falls from its last high point. That was far smaller than the S&P 500's 55% and the 60/40 portfolio's 33%. The rule worked as intended in 2008. Rising volatility cut its stock share early, and it lost 11% against 37% for the market. Its worst drawdown ran from July 2007 to March 2009 and was recovered by early 2011. The cost is in rebounds. Volatility stays high for a while after a crash, so the strategy comes back in slowly. It gained 8% in 2009 against 26%, and lost 3% in 2020 while the market gained 18%. In calm years such as 2017 it matched the market exactly. Since the paper appeared in 2016 it has returned about 10% a year. Its risk-adjusted return was clearly better than over the whole period, and its worst drawdown was similar, about 17%. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1960. Over that span it returned about 8.6% a year against the S&P 500's 10.5%, again with a better risk-adjusted return. It lost 9% in 1974 while the market lost 27%, and gained 19% in 1987 against 5%. Its worst simulated drawdown was about 34%, from late 1968 to May 1970. It shows the blind spot. That bear market was slow and calm, so volatility stayed low and the strategy stayed fully invested. These numbers are hypothetical. They come from replaying the rules on past prices after trading costs, not from a track record. Our guide on [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) shows how to judge them. ## When does the volatility-managed portfolio struggle? - **Slow, calm declines.** A market that falls steadily without large daily swings keeps the strategy fully invested, as in 1969 to 1970. - **Sharp rebounds.** After a crash, volatility stays high while prices recover. So it holds little stock through the best part of the rebound. - **Long bull markets.** A **bull market** is a long rise in prices. Any volatile stretch cuts exposure, and missed gains are rarely made up. ## How to try the volatility-managed portfolio on Tactfolio The live strategy at the top of this page runs the eight-step ladder each month on SPY and BIL. The steps come close to the paper's smooth weight. Copy it to try a different volatility window, a lower cap point, or a leveraged fund for the calmest months. Leveraged ETFs reset daily. Held for longer, their returns can differ a lot from the multiple in their name. For a rule that uses volatility to pick a trend signal instead, see [Trending Fast and Slow](https://tactfolio.com/strategies/trending-fast-and-slow.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 21d volatility of SPY is below 0.125 - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - If: 21d volatility of SPY is below 0.15 - Then: - Weight: Specified - **SPY** - **BIL** - Otherwise: - Weight: Equal - If: 21d volatility of SPY is below 0.18 - Then: - Weight: Specified - **SPY** - **BIL** - Otherwise: - Weight: Equal - If: 21d volatility of SPY is below 0.22 - Then: - Weight: Specified - **SPY** - **BIL** - Otherwise: - Weight: Equal - If: 21d volatility of SPY is below 0.27 - Then: - Weight: Specified - **SPY** - **BIL** - Otherwise: - Weight: Equal - If: 21d volatility of SPY is below 0.35 - Then: - Weight: Specified - **SPY** - **BIL** - Otherwise: - Weight: Equal - If: 21d volatility of SPY is below 0.45 - Then: - Weight: Specified - **SPY** - **BIL** - Otherwise: - Weight: Specified - **SPY** - **BIL** ## Sources and caveats - [Alan Moreira and Tyler Muir, Volatility-Managed Portfolios (NBER Working Paper 22208, 2016; Journal of Finance, 2017)](https://www.nber.org/papers/w22208) - [Alan Moreira and Tyler Muir, Volatility-Managed Portfolios (SSRN)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2659431) - Follows the paper's no-leverage variant (Table 5), with the stock weight min(1, c / realized variance) set from the previous month's daily returns. c makes the uncapped strategy as volatile as the market, which on S&P 500 data for 1928–2015 means full investment at 11.5% annualized volatility or less; the paper sets c on its own CRSP sample. - The continuous weight is approximated by eight steps: 100% below 12.5% volatility, then 71%, 49%, 33%, 22%, 14%, 8%, and 4% above 45%, each the formula's value at the middle of its band. - SPY stands in for the market portfolio and BIL for the risk-free asset; the past month is the last 21 sessions. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is a volatility-managed portfolio? It is a portfolio that scales its stock exposure by recent volatility: less exposure after volatile months, more after calm ones. Alan Moreira and Tyler Muir showed in 2017 that this improves the return per unit of risk of the stock market and many other factors. ### How is volatility targeting different from trend following? Trend following reacts to the direction of prices, such as a fall below a [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md). Volatility management reacts only to the size of recent price moves. So it can cut exposure in a volatile rising market and stay invested in a calm falling one. ### Does the volatility-managed portfolio beat the S&P 500? Not on return. Since 2007 it returned about 7.5% a year against about 11% for the S&P 500. It did have a far smaller worst drawdown and a better risk-adjusted return. ### Why does the strategy use Treasury bills? The paper scales exposure to stock returns above the return on cash, which it measures with the Treasury bill rate. So the unused share earns the bill rate. BIL holds that share here. ### Can I automate a volatility-managed portfolio? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Growth-Trend Timing (Philosophical Economics’ GTT) > Leave the S&P 500 only when growth data turn negative and the trend breaks. Rules, backtest, yearly returns, and a live version. Jesse Livermore's Growth-Trend Timing holds the S&P 500 unless two things happen together: real retail sales or industrial production is lower than a year earlier, and the index is below its 10-month average. Then it holds Treasury bills. The trend rule only switches on when the economy looks like it is heading into recession. Designed by Jesse Livermore (Philosophical Economics), 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/livermore-growth-trend-timing. Growth-Trend Timing is a rule for when to own the S&P 500 and when to step out. It comes from Jesse Livermore, the pen name of the writer behind the Philosophical Economics blog, and was published in January 2016. It holds stocks almost all the time and moves to Treasury bills only when the economy and the market trend both look weak. ## Key points - Growth-Trend Timing holds the S&P 500 unless two warnings agree. - The first warning is weak growth in the economy. The second is a falling market trend. - It checks once a month and uses economic data only from the day it came out. - From mid-2007 it lost much less than the S&P 500 at its worst, about 22% against 55%. - Its weak spot is a fast crash that comes before the economic data turn down. ## What is Growth-Trend Timing? Growth-Trend Timing is a trend rule that only switches on when the economy looks like it is in a recession. A recession is a time when the economy shrinks and jobs and spending fall. A plain trend rule sells when the S&P 500 drops below its 10-month moving average. A **moving average** is the average price over a set number of past months. That kind of rule, such as [Faber's 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md), avoids most of a long bear market. A bear market is a long, deep fall in prices. The cost of a plain trend rule is whipsaws. A **whipsaw** is when a rule sells near a low and buys back higher. In an ordinary dip this can happen again and again. The author saw a pattern. The bear markets where trend rules help almost all came during recessions. Most whipsaws came outside them. So he used the trend rule only when the economy looked weak, and stayed invested the rest of the time. ## How does Growth-Trend Timing work? Growth-Trend Timing checks two economic numbers and one price trend at each month end. It runs at the close of the last trading day of each month. 1. Compare real retail sales (FRED series RRSFS) and industrial production (INDPRO) with a year earlier. Use the latest published figures. 2. If both are growing, hold 100% S&P 500 (SPY). 3. If either is lower than a year earlier, check the trend. Hold SPY while it is above its 10-month average. Hold Treasury bills (BIL) while it is below. **Real retail sales** is how much people spend in stores, adjusted for rising prices. **Industrial production** measures how much factories, mines and power plants make. **Treasury bills** are short-term loans to the US government, and they act like cash. The average uses the last ten month-end closes, the current one included, as in the source. Each figure counts only from the day it was published, as it stood that day. At a month end the latest figure is usually the previous month's. That is the one-month lag the author built in. Here is a made-up example. At a month end, retail sales are up on the year but industrial production is down. So the trend rule is on. If SPY is below its 10-month average, you hold BIL. If SPY is above it, you keep SPY. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/growth-trend-timing are recomputed after every market close. The ETF-era test starts in mid-2007, when the Treasury bill fund begins. Since then the strategy returned about 12.3% a year. The S&P 500 returned 10.7%, and a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md) returned 8%. Its worst drawdown was about 22%. A **drawdown** is how far a portfolio falls from its last high point. That was well under half the S&P 500's 55%. Its risk-adjusted return beat both. A risk-adjusted return weighs the gain against how bumpy the ride was. It lost 5% in 2008, when the S&P 500 lost 37%. In most other years it matched the market. There were three exceptions: - In 2016 it made 5% against 12%, because it sat in bills early in a rebound. - In 2023 it made 19% against 26%, for the same reason. - In 2020 it made 29% against 18%, because its trend rule avoided much of the COVID crash. Its worst drawdown, 22%, ran from January to October 2022. It was recovered in December 2023. Over 2022 it lost 15%, against the S&P 500's 18%. Since publication at the start of 2016 it has returned about 15% a year. Real retail sales begin in 1992. So the test with [simulated history](https://tactfolio.com/docs/simulated-history.md) can only start in 1993. From then it returned about 13% a year, against 11% for the S&P 500, with a better risk-adjusted return. It gained 1% in 2001 and lost 2% in 2002, when the S&P 500 lost 12% and 22%. All of these figures come from backtests. A backtest replays the rules on past prices, after trading costs. It is not a record of real trades. See [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) to judge them. ## When does Growth-Trend Timing struggle? Growth-Trend Timing struggles when a crash comes fast or when inflation bends its data. - **Crashes without a recession signal.** A fast sell-off that comes before the growth data turn negative is ridden all the way down. - **Inflation shocks.** Real retail sales are adjusted for inflation. So high inflation can make them fall even when spending is holding up. In 2022 that let the trend rule move it in and out of a falling market. It lost 15%, nearly as much as the S&P 500's 18%. - **Recoveries.** Once out, it waits for the price trend to recover. So it can miss the first part of a rebound. ## How to try Growth-Trend Timing on Tactfolio The live strategy at the top of this page runs these rules on SPY and BIL with economic data from FRED. Each figure is used only from its release, so the backtest never knows a number before investors did. Copy it to try another growth measure or trend length. You can also compare it with the [unemployment version](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md) or the [jobs version](https://tactfolio.com/strategies/growth-trend-timing-jobs.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is below 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - If: Any of: 12-month growth of US real retail sales is below 0; 12-month growth of US industrial production is below 0 - Then: - Weight: Equal - **BIL** - Otherwise: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **SPY** ## Sources and caveats - [Jesse Livermore (Philosophical Economics), Growth and Trend: A Simple, Powerful Technique for Timing the Stock Market (2016)](https://www.philosophicaleconomics.com/2016/01/gtt/) - [Jesse Livermore (Philosophical Economics), In Search of the Perfect Recession Indicator (2016)](https://www.philosophicaleconomics.com/2016/02/uetrend/) - The growth test is the headline version from the source: real retail sales (FRED RRSFS) and industrial production (INDPRO) each compared with a year earlier; either one falling turns the trend rule on. - RRSFS begins in 1992. The source spliced older retail sales series to test back to 1947; this version starts when RRSFS has a year of history, so it has no simulated history before then. - As in the source, the trend test compares the month-end close with the average of the last ten month-end closes, the current one included. - Each economic figure counts only from the day it was published, read as it stood that day with later revisions only once released: at a month end the latest figure is the previous month's, the one-month lag the source describes. - SPY and BIL stand in for the source's S&P 500 total return index and 3-month Treasury bills. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Growth-Trend Timing? Growth-Trend Timing is a timing rule for the S&P 500 from the Philosophical Economics blog. It uses a 10-month moving average to leave the market only when economic growth data also look weak. The rest of the time it holds stocks. ### Which economic data does Growth-Trend Timing use? The version here uses real retail sales and industrial production, each compared with a year earlier. If either is falling, the trend rule applies. The author also tested unemployment, payrolls, housing starts and earnings. He found the unemployment rate the best single signal. ### Why use last month's economic data? Economic figures come out a few weeks after the month they describe. So at a month end only the previous month's numbers are known. Using them as they stood on each day, from the day they came out, keeps the backtest honest. ### Does Growth-Trend Timing still work? Since its publication in 2016 it has returned about 15% a year, with its worst loss in 2022. The live record on Tactfolio shows how it is doing now. ### Can I automate Growth-Trend Timing? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule. It only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Growth-Trend Timing with unemployment (GTT-UE) > Leave the S&P 500 only when unemployment is rising and the trend breaks. Rules, backtest, yearly returns, and a live version. The unemployment version of Jesse Livermore's Growth-Trend Timing: hold the S&P 500 unless the unemployment rate is above its 12-month average and the index is below its 10-month average at the same time, and hold Treasury bills then. Rising unemployment was the author's best single recession signal. Designed by Jesse Livermore (Philosophical Economics), 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/livermore-growth-trend-timing-unemployment. The unemployment version of Growth-Trend Timing is a stock timing rule that Jesse Livermore of the Philosophical Economics blog published in February 2016. It holds the S&P 500 unless the US unemployment rate rises above its 12-month average. If the market is also below its 10-month average at the same time, it holds Treasury bills. ## Key points - It holds the S&P 500 most of the time. - It steps aside only when unemployment is above its 12-month average and stocks are below their 10-month average. - Since mid-2007 it returned about 11.3% a year, against 10.7% for the S&P 500. - It gained 2% in 2008, when the S&P 500 lost 37%. - Its worst drawdown, 34%, came in the 2020 crash, before unemployment could react. ## What is Growth-Trend Timing? Growth-Trend Timing uses economic data to decide when a trend-following rule is worth obeying: only when a recession looks likely. **Trend following** means holding an asset while its price is above its recent average and stepping aside when it falls below. A **recession** is a broad, lasting slump in the economy. The author laid this out in his original [Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing.md) post, using growth data. A month later he searched for the best recession signal. He settled on the unemployment rate compared with its own 12-month average. ## Why use the unemployment rate? The unemployment rate works well because it rises early in almost every US recession and is almost never revised. The **unemployment rate** is the share of the labor force that has no job and is looking for one. The monthly figure is rarely changed later. So a rule built on it looks much the same in a backtest as it would have in real time. ## How does the unemployment version work? It runs once a month, at the close of the last trading day. 1. Compare the latest US unemployment rate (FRED series UNRATE) with the average of its last 12 monthly readings. FRED is the free economic data service of the Federal Reserve Bank of St. Louis. 2. If it is at or below that average, hold 100% S&P 500 (SPY). 3. If it is above, hold SPY while it is above its 10-month average, and Treasury bills (BIL) while it is below. The average is taken over the last ten month-end closes, the current one included, as in the source. The unemployment rate counts from the day it was released, as it stood that day. So at a month end the strategy knows only the previous month's figure. Here is a made-up example. Unemployment has averaged 4.0% over the last 12 months, and the latest reading is 4.3%. That is above the average, so the trend rule turns on. If SPY is also below its 10-month average, you hold BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/growth-trend-timing-unemployment are recomputed after every market close. The ETF-era test starts in mid-2007, when the Treasury bill fund begins. Since then it returned about 11.3% a year. That compares with 10.7% for the S&P 500 and 8% for a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md). Its risk-adjusted return was better than the S&P 500's and about the same as the 60/40's. It gained 2% in 2008, when the S&P 500 lost 37%. A **drawdown** is how far a portfolio falls from its last high point. Its worst drawdown, 34%, was the COVID crash of February and March 2020, recovered by September. That crash came before unemployment could react, so the strategy stayed invested through it. Its drawdown was slightly deeper than the 60/40's. Since publication in 2016 it has returned about 12% a year. With [simulated fund history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1960 and returns about 11.5% a year. That compares with 10.6% for the S&P 500, with a better risk-adjusted return. It gained 7% in 1974, when stocks lost 26%, and lost 5% in 2002 against 22%. It lagged in the strong first year of recoveries, such as 1975, 1991, and 2023. Please read these as hypothetical results. The backtest applies the rules to past prices, after trading costs, and is not a track record. See [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for the details that matter. ## When does the unemployment version struggle? It struggles in sudden crashes, in the first year of a recovery, and because it is all-or-nothing. - **Sudden crashes.** Unemployment reacts only after a recession starts. So a crash as fast as 2020's is over before the signal turns. - **The first year of a recovery.** Unemployment keeps rising after the market has turned, and the strategy waits for the price trend. So it misses part of the rebound. - **All-or-nothing.** It is always 100% stocks or 100% bills. ## How to try the unemployment version on Tactfolio The live strategy at the top of this page runs these rules on SPY and BIL. It uses FRED's unemployment rate, with each value from its release date. Copy it to change the average or the trend length. [Keller's Lethargic Asset Allocation](https://tactfolio.com/strategies/lethargic-asset-allocation.md) uses the same signal to switch a quarter of a diversified portfolio. You can also compare this rule with the [job growth version](https://tactfolio.com/strategies/growth-trend-timing-jobs.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: US unemployment rate is above 12-month average of US unemployment rate; current price of SPY is below 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **BIL** - Otherwise: - Weight: Equal - **SPY** ## Sources and caveats - [Jesse Livermore (Philosophical Economics), In Search of the Perfect Recession Indicator (2016)](https://www.philosophicaleconomics.com/2016/02/uetrend/) - [Jesse Livermore (Philosophical Economics), Growth and Trend: A Simple, Powerful Technique for Timing the Stock Market (2016)](https://www.philosophicaleconomics.com/2016/01/gtt/) - The recession test is the unemployment rate (FRED UNRATE) above the average of its last 12 monthly readings, as in the source. - As in the source, the trend test compares the month-end close with the average of the last ten month-end closes, the current one included. - Each economic figure counts only from the day it was published, read as it stood that day with later revisions only once released: at a month end the latest figure is the previous month's, the one-month lag the source describes. - SPY and BIL stand in for the source's S&P 500 total return index and 3-month Treasury bills. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the unemployment version of Growth-Trend Timing? It is a variant of the Philosophical Economics timing rule. Its recession signal is the unemployment rate rising above its 12-month average. It leaves the S&P 500 only when the market is also below its 10-month average. ### Why does it use the unemployment rate? The author found it the best single recession signal he tested. It rises early in almost every recession and is rarely revised. So a backtest on it is close to what investors could have done at the time. ### How is this different from the original Growth-Trend Timing? The original watches real retail sales and industrial production growth. Both versions leave stocks only when the growth signal and the price trend agree. ### Does it still work? Since publication in 2016 it has returned about 12% a year. The live record on Tactfolio shows how it is doing now. ### Can I automate the unemployment version? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when the monthly rule calls for a switch. It is long only, holds US-listed ETFs, and trades the starting balance you pick. --- # Growth-Trend Timing with job growth > Leave the S&P 500 only when jobs per worker fall and the trend breaks. Rules, backtest, yearly returns, and a live version. The job growth version of Jesse Livermore's Growth-Trend Timing: hold the S&P 500 unless payrolls per member of the labor force are lower than a year earlier and the index is below its 10-month average at the same time, and hold Treasury bills then. Designed by Jesse Livermore (Philosophical Economics), 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/livermore-growth-trend-timing-jobs. The job growth version of Growth-Trend Timing is a stock timing rule that Jesse Livermore of the Philosophical Economics blog published in January 2016. It holds the S&P 500 unless jobs, measured against the size of the labor force, are lower than a year earlier. If the market is also below its 10-month average at the same time, it holds Treasury bills. ## Key points - It holds the S&P 500 most of the time. - It steps aside only when jobs per worker are down from a year ago and stocks are below their 10-month average. - Since mid-2007 it returned about 12.3% a year, against 10.7% for the S&P 500. - It lost 4% in 2008, when the S&P 500 lost 37%. - Its worst drawdown, 34%, was the 2020 crash, which came before the jobs figures could fall. ## What is Growth-Trend Timing? [Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing.md) obeys a trend-following rule only when the economy looks recessionary. That is when trend following has avoided the worst bear markets. The rest of the time it ignores the rule to skip whipsaws. **Trend following** means holding an asset while its price is above its recent average and stepping aside when it falls below. A **whipsaw** is a sale followed soon by a buy back at a worse price. A **bear market** is a long, deep fall in prices. ## Why use jobs as the recession signal? The author found that jobs, adjusted for the size of the labor force, make a good recession signal for this rule. Economists usually call employment a **lagging indicator**, a number that turns after the economy does. But the author found that lagging indicators can work well for this purpose. To make it a more accurate recession signal, he divided payrolls by the size of the labor force. **Nonfarm payrolls** count the paid jobs in the US outside farm work. The **labor force** is everyone who has a job or is looking for one. He treated a year-on-year fall as the warning. ## How does the job growth version work? It runs once a month, at the close of the last trading day. 1. Divide US nonfarm payrolls (FRED series PAYEMS) by the civilian labor force (CLF16OV). Compare the result with a year earlier. FRED is the free economic data service of the Federal Reserve Bank of St. Louis. 2. If it has not fallen, hold 100% S&P 500 (SPY). 3. If it has fallen, hold SPY while it is above its 10-month average, and Treasury bills (BIL) while it is below. The average is taken over the last ten month-end closes, the current one included, as in the source. Both figures come from the monthly jobs report. Each counts from the day it was published, as it stood that day. Here is a made-up example. Jobs per worker are a bit lower than a year ago, so the trend rule turns on. SPY is still above its 10-month average, so you keep SPY. If SPY closes below the average at a later month end while jobs are still down, you move to BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/growth-trend-timing-jobs are recomputed after every market close. The ETF-era test starts in mid-2007, when the Treasury bill fund begins. Since then it returned about 12.3% a year. That compares with 10.7% for the S&P 500 and 8% for a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md). Its risk-adjusted return beat both. It lost 4% in 2008, when the S&P 500 lost 37%. It matched the market in most other years. The main exception was 2010, when it made 7% while the S&P 500 gained 15%. A **drawdown** is how far a portfolio falls from its last high point. Its worst drawdown, 34%, was the COVID crash of February and March 2020. That crash came before the jobs figures could fall. The loss was recovered by August 2020. Since publication at the start of 2016 it has returned about 15% a year. With [simulated fund history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1960 and returns about 11.8% a year, against 10.6% for the S&P 500. It gained 4% in 1974, when stocks lost 26%, and lost 5% in 2002 against 22%. In 2001 it lost 5% against the market's 12%. Strong as these numbers look, they come from a hypothetical backtest on past prices, after trading costs. A backtest is not a track record. Our note on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the limits. ## When does the job growth version struggle? It struggles when jobs data turns late, in sudden crashes, and early in recoveries. - **Late signals.** Employment turns only once a recession is under way. So the start of a bear market can pass before the trend rule switches on. - **Sudden crashes.** A crash as fast as 2020's is over before the monthly jobs figures change. - **Recoveries.** Payrolls keep falling after the market has turned, and the strategy waits for the price trend. So it can miss part of a rebound. ## How to try the job growth version on Tactfolio The live strategy at the top of this page divides payrolls by the labor force with first-release FRED data, as the source does. First-release means each number as it was first published, before later changes. Copy it to try a different trend length. You can also compare it with the [unemployment version](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md), which reads the same jobs report through the unemployment rate, or the [housing and income version](https://tactfolio.com/strategies/growth-trend-timing-housing.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: 12-month growth of US nonfarm payrolls per US civilian labor force is below 0; current price of SPY is below 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **BIL** - Otherwise: - Weight: Equal - **SPY** ## Sources and caveats - [Jesse Livermore (Philosophical Economics), Growth and Trend: A Simple, Powerful Technique for Timing the Stock Market (2016)](https://www.philosophicaleconomics.com/2016/01/gtt/) - Job growth is nonfarm payrolls (FRED PAYEMS) divided by the civilian labor force (CLF16OV), compared with a year earlier, as in the source's FRED chart; a fall turns the trend rule on. - As in the source, the trend test compares the month-end close with the average of the last ten month-end closes, the current one included. - Each economic figure counts only from the day it was published, read as it stood that day with later revisions only once released: at a month end the latest figure is the previous month's, the one-month lag the source describes. - SPY and BIL stand in for the source's S&P 500 total return index and 3-month Treasury bills. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the job growth version of Growth-Trend Timing? It is a variant of the Philosophical Economics timing rule. Its recession signal is a year-on-year fall in employment relative to the labor force. It leaves the S&P 500 only when the market is also below its 10-month average. ### Why divide payrolls by the labor force? The number of jobs grows with the population. Dividing by the labor force measures whether employment is keeping up with it. The author found that a more accurate recession signal. ### How is it different from the unemployment version? Both come from the monthly jobs report. This one follows payroll growth relative to the labor force. The unemployment version compares the unemployment rate with its 12-month average. ### Does it still work? Since publication in 2016 it has returned about 15% a year. The live record on Tactfolio shows how it is doing now. ### Can I automate the job growth version? Yes. Copy the live strategy and run it in Trade, either on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and you choose the starting balance. --- # Growth-Trend Timing with housing starts and income > Leave the S&P 500 only when housing starts or real income weaken and the trend breaks. Rules, backtest, and a live version. The housing and income version of Jesse Livermore's Growth-Trend Timing: when housing starts per member of the labor force fall more than 10% in a year, or real personal income grows less than 3%, the S&P 500 is held only while above its 10-month average, and Treasury bills otherwise. Designed by Jesse Livermore (Philosophical Economics), 2016. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/livermore-growth-trend-timing-housing. The housing and income version of Growth-Trend Timing is a stock timing rule that Jesse Livermore of the Philosophical Economics blog published in January 2016. It watches housing starts, which turn early but jump around, and real personal income, which moves slowly. If either looks recessionary, it holds the S&P 500 only while it is above its 10-month average, and Treasury bills otherwise. ## Key points - It holds the S&P 500 unless housing or income gives a recession warning. - During a warning, it holds stocks only while they are above their 10-month average. - The warnings are a fall of more than 10% in housing starts per worker, or real income growth below 3%. - Since mid-2007 it returned about 8.4% a year, against 10.7% for the S&P 500. - Its worst drawdown, 25%, ran from January 2022 to March 2023. ## What is Growth-Trend Timing? [Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing.md) is a rule that follows a price trend only when the economy looks like it is entering a recession. Otherwise it stays invested. The author tested several measures of the economy for that switch. **Trend following** means holding an asset while its price is above its recent average and stepping aside when it falls below. A **recession** is a broad, lasting slump in the economy. ## Which economic signals does the housing version watch? The housing version watches housing starts for an early warning and real income for a steady one. **Housing starts** count the new homes builders began in a month. They are a **leading indicator**, a number that tends to turn before the economy does: construction slows well before most recessions. But housing starts are erratic. So he paired them with real personal income growth, which is steadier. **Real** means after inflation. He set the breakpoints at a 10% fall in housing starts, measured against the size of the labor force, and 3% growth in real income. The **labor force** is everyone who has a job or is looking for one. ## How does the housing version work? It runs once a month, at the close of the last trading day. 1. Divide housing starts (FRED series HOUST) by the civilian labor force (CLF16OV). Compare the result with a year earlier. FRED is the free economic data service of the Federal Reserve Bank of St. Louis. 2. Compare real personal income (RPI) with a year earlier. 3. If housing starts per worker are down no more than 10% and real income is up at least 3%, hold 100% S&P 500 (SPY). 4. Otherwise, hold SPY while it is above its 10-month average, and Treasury bills (BIL) while it is below. The average is taken over the last ten month-end closes, the current one included, as in the source. Each figure counts from the day it was published, as it stood that day. Personal income comes out about a month after the month it describes. Here is a made-up example. Housing starts per worker are down a little from a year ago, so housing passes. But real income grew less than 3%, so the trend rule turns on. If SPY is below its 10-month average at that month end, you hold BIL. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/growth-trend-timing-housing are recomputed after every market close. The ETF-era test starts in mid-2007, when the Treasury bill fund begins. Since then it returned about 8.4% a year. That is less than the S&P 500's 10.7% and a little more than the 8% of a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md). Its risk-adjusted return beat the S&P 500's but trailed the 60/40's. It gained 2% in 2008, when the S&P 500 lost 37%. A **drawdown** is how far a portfolio falls from its last high point. Its worst drawdown, 25%, ran from January 2022 to March 2023, when the signals moved it in and out of a falling market. It was recovered in July 2024. It lost 21% in 2022, against the S&P 500's 18%. It lagged the market in these years: | Year | This strategy | S&P 500 | | --- | --- | --- | | 2010 | lost 2% | gained 15% | | 2012 | 11% | 16% | | 2016 | 5% | 12% | | 2019 | 10% | 31% | | 2023 | 9% | 26% | Since publication at the start of 2016 it has returned about 9% a year. With [simulated fund history](https://tactfolio.com/docs/simulated-history.md), the test starts in 1960 and returns about 10.1% a year. That compares with 10.7% for the S&P 500, with a better risk-adjusted return. It gained 8% in 1974, when stocks lost 26%, and 19% in 1970 against 4%. It was whipsawed in 1990, losing 15% while the market lost 3%. A **whipsaw** is a sale followed soon by a buy back at a worse price. All of these figures are from hypothetical backtests on past prices, after trading costs. They are not a track record. Read [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for what to watch out for. ## When does the housing version struggle? It struggles when housing gives false alarms, when income growth is slow, and in sudden crashes. - **False alarms from housing.** Housing starts can fall sharply without a recession. That switches the trend rule on in a market that then recovers. - **A high income bar.** Real income can grow less than 3% a year in slow expansions. So the trend rule can be on more often than in other versions. - **Sudden crashes.** Monthly data cannot react to a crash as fast as 2020's. ## How to try the housing version on Tactfolio The live strategy at the top of this page uses the source's breakpoints. It reads first-release FRED data for housing starts, the labor force, and real personal income. First-release means each number as it was first published, before later changes. Copy it to change the breakpoints. You can also compare it with the [job growth version](https://tactfolio.com/strategies/growth-trend-timing-jobs.md) and the [unemployment version](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is below 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - If: Any of: 12-month growth of US housing starts per US civilian labor force is below -10; 12-month growth of US real personal income is below 3 - Then: - Weight: Equal - **BIL** - Otherwise: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **SPY** ## Sources and caveats - [Jesse Livermore (Philosophical Economics), Growth and Trend: A Simple, Powerful Technique for Timing the Stock Market (2016)](https://www.philosophicaleconomics.com/2016/01/gtt/) - The growth test uses the source's breakpoints: housing starts (FRED HOUST) divided by the civilian labor force (CLF16OV) down more than 10% from a year earlier, or real personal income (RPI) up less than 3%; either turns the trend rule on. - As in the source, the trend test compares the month-end close with the average of the last ten month-end closes, the current one included. - Each economic figure counts only from the day it was published, read as it stood that day with later revisions only once released: at a month end the latest figure is the previous month's, the one-month lag the source describes. - SPY and BIL stand in for the source's S&P 500 total return index and 3-month Treasury bills. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the housing and income version of Growth-Trend Timing? It is a variant of the Philosophical Economics timing rule. It turns its trend rule on when housing starts per worker fall more than 10% in a year. It also turns it on when real personal income grows less than 3%. ### Why combine housing starts with income? Housing starts give early warnings but are noisy. Real income is steady but slow. Using both lets the strategy react early without following every swing in construction. ### Why are the breakpoints 10% and 3%? They are the recession breakpoints the author chose. Housing starts swing widely, so their bar is a large fall. Real income is steady, so its bar is growth below 3%. ### Does it still work? Since publication in 2016 it has returned about 9% a year. The live record on Tactfolio shows how it is doing now. ### Can I automate the housing version of Growth-Trend Timing? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when the economic test or the trend rule calls for a change. It is long only, holds US-listed ETFs, and you set the starting balance. --- # Lethargic Asset Allocation (Keller’s LAA) > Value stocks, gold, and Treasuries, with a Nasdaq-100 quarter timed by unemployment and trend. Rules, backtest, and a live version. Wouter Keller's Lethargic Asset Allocation holds 25% each in US large value stocks, gold, and intermediate Treasuries at all times. The last quarter is in the Nasdaq-100 unless unemployment is above its 12-month average and the S&P 500 is below its 10-month average, when it moves to short-term Treasuries. Designed by Wouter J. Keller, 2019. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-laa. Lethargic Asset Allocation (LAA) is a low-turnover portfolio from Wouter Keller, published in December 2019. Three quarters of it never change: US large value stocks, gold and intermediate Treasuries at 25% each. The last quarter holds the Nasdaq-100. It moves to short-term Treasuries only when unemployment is rising and the S&P 500 is in a downtrend at the same time. ## Key points - Lethargic Asset Allocation keeps three quarters in a fixed mix of value stocks, gold and Treasuries. - The last quarter holds the Nasdaq-100 unless two slow warning signs agree. - It checks once a month and rarely needs a trade. - From late 2004 its worst drop was about 20%, against 55% for the S&P 500. - It lags far behind in strong bull markets, such as 2013 and 2021. ## What is Lethargic Asset Allocation? Lethargic Asset Allocation is a mostly fixed portfolio with one timed slice. **Turnover** is how much of a portfolio gets traded. Keller wanted a portfolio that rarely needs a trade, hence "lethargic", which means slow and sleepy. It starts from a mix of stocks, gold and bonds in the style of the [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md). That kind of mix holds up in very different economies. Only the riskiest quarter is timed. It uses [Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md): stay invested unless unemployment is above its 12-month average and the S&P 500 is below its 10-month average. A **moving average** is the average price over a set number of past months. The paper designed the rules on 1949 to 1981 and tested them on 1981 to 2019. Because both signals must agree, the timed quarter switches rarely. ## How does Lethargic Asset Allocation work? Lethargic Asset Allocation sets its holdings at the close of the last trading day of each month. 1. Hold 25% US large cap value stocks (IWD), 25% gold (GLD) and 25% intermediate Treasuries (IEF). 2. Hold 25% in the Nasdaq-100 (QQQ). Move it to short-term Treasuries (SHY) only when both warnings are on. The two warnings are: - The unemployment rate (FRED UNRATE) is above the average of its last 12 readings. - The S&P 500 (SPY) is below its 10-month average. That is the average of its last ten month-end closes, with the current one included, as in the paper. **Value** stocks are shares that look cheap next to their earnings. The **Nasdaq-100** is an index of 100 of the largest companies listed on the Nasdaq exchange. The unemployment rate counts from its release date, as it stood that day. The paper says rebalancing only when the signal switches changes little. This version rebalances every month. To **rebalance** means to trade back to the target weights. Here is a made-up example. At a month end, unemployment is above its 12-month average, but SPY is still above its 10-month average. Only one warning is on, so the quarter stays in QQQ. It moves to SHY only when SPY also drops below its average. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/lethargic-asset-allocation are recomputed after every market close. The ETF-era test starts in late 2004, when the gold fund begins. Since then LAA returned about 10% a year. The S&P 500 returned 11%, and a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md) returned 8%. Its worst drawdown was about 20%. A **drawdown** is how far a portfolio falls from its last high point. The S&P 500's was 55% and the 60/40's was 33%. Its risk-adjusted return was well above both. A risk-adjusted return weighs the gain against how bumpy the ride was. It lost 3% in 2008, when the S&P 500 lost 37%. Its worst drawdown ran from December 2021 to October 2022, when stocks, bonds and gold all fell. It recovered in March 2024. It trails the S&P 500 in strong bull markets. In 2013 it made 6% against 32%. In 2021 it made 11% against 29%. Since publication at the start of 2020 it has returned about 10% a year. With [simulated history](https://tactfolio.com/docs/simulated-history.md) the test starts in 2000, when the value fund begins. It returns about 9.4% a year, against 8.7% for the S&P 500. It gained 4% in 2002, when stocks lost 22%. Keep in mind that these figures are hypothetical. They come from running the rules on past prices, after trading costs, and are not a track record. [Reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains how to weigh them. ## When does Lethargic Asset Allocation struggle? Lethargic Asset Allocation struggles when stocks and bonds fall together and when stocks run hard. - **Stock and bond sell-offs together.** In 2022 rising rates hit its bonds and stocks at once. The timing never switched because unemployment was falling. - **Strong bull markets.** Only a quarter is in growth stocks, so it lags far behind in years when stocks run. - **Slow timing.** Unemployment and a 10-month average both react late. So the timed quarter misses fast crashes. ## How to try Lethargic Asset Allocation on Tactfolio The live strategy at the top of this page runs the paper's funds and signal with economic data from FRED. Copy it to rebalance less often or change the core mix. You can also compare it with Keller's more aggressive [Resilient Asset Allocation](https://tactfolio.com/strategies/resilient-asset-allocation.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Specified - **IWD** - **GLD** - **IEF** - If: All of: US unemployment rate is above 12-month average of US unemployment rate; current price of SPY is below 10-month moving average of month-end closes of SPY - Then: - Weight: Equal - **SHY** - Otherwise: - Weight: Equal - **QQQ** ## Sources and caveats - [Wouter J. Keller, Growth-Trend Timing and 60-40 Variations: Lethargic Asset Allocation (LAA) (2019)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3498092) - Holds IWD, GLD, and IEF at 25% each, and QQQ or SHY for the last 25%, as in the paper; the switch uses the unemployment rate (FRED UNRATE) above its 12-month average together with SPY below its 10-month average. - The paper notes that rebalancing only when the signal switches, the "lethargic" part, changes little; this version rebalances every month. - As in the source, the trend test compares the month-end close with the average of the last ten month-end closes, the current one included. - Each economic figure counts only from the day it was published, read as it stood that day with later revisions only once released: at a month end the latest figure is the previous month's, the one-month lag the source describes. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Lethargic Asset Allocation? Lethargic Asset Allocation is Wouter Keller's low-turnover portfolio. It holds 25% each in value stocks, gold and intermediate Treasuries. The last 25% is in the Nasdaq-100, and moves to short-term Treasuries when unemployment is rising and the S&P 500 is below its 10-month average. ### Why is it called lethargic? Because it barely trades. Three quarters of the portfolio are fixed. The timed quarter switches only when two slow signals agree, which happens in few years. ### What ETFs does LAA use? It uses IWD, GLD, IEF and QQQ, with SHY as the defensive holding for the timed quarter. These are the funds the paper names. ### Does Lethargic Asset Allocation still work? Since publication at the start of 2020 it has returned about 10% a year, with its worst drawdown in 2022. The live record on Tactfolio shows how it is doing now. ### Can I automate Lethargic Asset Allocation? Yes. Copy the live strategy, then run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its rule calls for a change. It is long only, holds US-listed ETFs, and uses the starting balance you choose. --- # Resilient Asset Allocation (Keller’s RAA) > Five assets at 20% each, moving to Treasuries when unemployment rises and canaries weaken. Rules, backtest, and a live version. Wouter Keller's Resilient Asset Allocation holds 20% each in the Nasdaq-100, US small cap value, gold, and intermediate and long Treasuries. It moves to intermediate and long Treasuries only when unemployment is higher than a year earlier and emerging market stocks or US bonds show negative momentum. Designed by Wouter J. Keller, 2020. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/keller-raa. Resilient Asset Allocation (RAA) is Wouter Keller's follow-up to [Lethargic Asset Allocation](https://tactfolio.com/strategies/lethargic-asset-allocation.md), published in December 2020. It holds five assets at 20% each: the Nasdaq-100, US small cap value stocks, gold, and intermediate and long Treasuries. It moves everything to Treasuries only when unemployment is rising and emerging market stocks or US bonds lose momentum. ## Key points - RAA checks once a month and usually holds QQQ, IWN, GLD, IEF, and TLT at 20% each. - It turns defensive only when unemployment is up on a year ago and a "canary" signal fails. - Because both tests must fail, it trades on average about one month a year. - From June 2008 it returned about 8.2% a year with a worst drawdown of about 26%. - Its heavy Treasury weight hurt in 2022, and it has returned about 1% a year since publication. ## What is Resilient Asset Allocation? Resilient Asset Allocation is a growth-trend portfolio. It steps aside only when the economy and the markets both look bearish. Bearish means expecting prices to fall. Keller kept that growth-trend idea from LAA and made two changes. The risk portfolio is more aggressive. And the slow 10-month average of the S&P 500 is replaced by a fast "canary" check. The canary check comes from his [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md). A **canary** is an asset watched as an early warning, like a canary in a coal mine. If emerging market stocks or US aggregate bonds have negative momentum, the markets are treated as bearish. **Momentum** means that assets that have risen lately tend to keep rising for a while. RAA sits with Keller's other models in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). ## Why does RAA trade so rarely? RAA trades rarely because the canaries only matter while unemployment is rising. When unemployment is not rising, the five-asset mix stays in place whatever the canaries say. On average the portfolio trades about one month a year. The same idea, using jobs data as a signal, drives [Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md) for stocks. ## How does Resilient Asset Allocation work? RAA trades at the close of the last trading day of each month. 1. Compare the US unemployment rate (FRED UNRATE) with its level 12 months earlier. Use figures as they stood on each day. 2. If it is not higher, hold 20% each of QQQ, IWN, GLD, IEF, and TLT. 3. If it is higher, check the 13612W momentum of emerging market stocks (VWO) and US aggregate bonds (BND). This weights the 1-, 3-, 6-, and 12-month returns 12:4:2:1, each measured from a month-end close, as in the paper. 4. If either momentum is zero or below, hold 50% IEF and 50% TLT. If not, keep the five-asset mix. Here is a made-up example. Unemployment is higher than a year ago, so the strategy checks the canaries. BND has positive momentum, but VWO is negative. One failing canary is enough, so it sells the mix and holds IEF and TLT. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/resilient-asset-allocation are recomputed after every market close. The ETF-era test starts in June 2008, once the bond canary has a year of month-end closes. Since then RAA returned about 8.2% a year. That compares with 12% for the S&P 500 and 8.6% for a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md), so it trailed the 60/40 slightly. Its worst drawdown was about 26%, half the S&P 500's. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return, or return for each unit of risk, was above both. It gained 23% from June 2008 through that year, while the S&P 500 lost 32%. That is because the defensive portfolio is all Treasuries. **Treasuries** are bonds issued by the US government. That same Treasury weight is its weakness. Its worst drawdown ran from January 2021 to October 2022, when it lost 19% in the 2022 bond crash. It did not recover until October 2025. Since publication at the start of 2021 it has returned about 1% a year, far behind the S&P 500. With [simulated fund history](https://tactfolio.com/docs/simulated-history.md) the test starts in 2000 and returns about 8.6% a year. That is level with the S&P 500's 8.6%, with a much smaller drawdown. It gained 14% in 2002 and 24% in 2008. All of these figures are hypothetical. They come from running the rules on past prices with trading costs taken out, and they are not a track record. See [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) before you rely on them. ## When does Resilient Asset Allocation struggle? RAA struggles when interest rates rise, when stocks boom, and when crashes come fast. - **Rising rates.** Two of its five risk assets are Treasuries, and its defensive portfolio is all Treasuries. In 2021 and 2022 bonds lost money while unemployment was falling, so the strategy never switched. - **Strong stock markets.** With 40% in stocks it lags badly in bull markets, such as 2013 and 2021. A bull market is a long stretch of rising prices. - **Slow signal.** Unemployment must be higher than a year earlier before the canaries count. So it reacts late to fast crashes. ## How to try Resilient Asset Allocation on Tactfolio The live strategy at the top of this page runs the paper's rules with FRED unemployment data. Copy it to swap the canaries. Allocate Smartly uses EEM and AGG, which track the same indexes. You can also change the risk portfolio, or compare it with LAA side by side. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 12-month change in US unemployment rate is above 0 - Then: - Weight: Equal - If: Any of: 1/3/6/12-month weighted momentum (month-end) of VWO is at most 0; 1/3/6/12-month weighted momentum (month-end) of BND is at most 0 - Then: - Weight: Specified - **IEF** - **TLT** - Otherwise: - Weight: Equal - **QQQ** - **IWN** - **GLD** - **IEF** - **TLT** - Otherwise: - Weight: Equal - **QQQ** - **IWN** - **GLD** - **IEF** - **TLT** ## Sources and caveats - [Wouter J. Keller, Lazy Momentum with Growth-Trend Timing: Resilient Asset Allocation (RAA) (2020)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3752294) - Risk-off needs the unemployment rate (FRED UNRATE) above its level 12 months earlier and 13612W momentum on month-end closes at or below zero for either canary, emerging market stocks (VWO) or US aggregate bonds (BND), as in the paper; Allocate Smartly uses EEM and AGG, which hold the same indexes. - The ETF-era test starts once BND has a year of history for its momentum, in 2008. - Each economic figure counts only from the day it was published, read as it stood that day with later revisions only once released: at a month end the latest figure is the previous month's, the one-month lag the source describes. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Resilient Asset Allocation? It is Wouter Keller's growth-trend portfolio: 20% each in QQQ, IWN, GLD, IEF, and TLT. It switches to IEF and TLT only when unemployment is higher than a year earlier and emerging market stocks or US bonds show negative momentum. ### How is RAA different from Lethargic Asset Allocation? RAA holds a more aggressive five-asset mix. It confirms rising unemployment with fast canary momentum instead of the S&P 500's 10-month average. LAA times only a quarter of its portfolio. ### What are the canaries in RAA? They are emerging market stocks (VWO) and US aggregate bonds (BND), with 13612W momentum as in Keller's Defensive Asset Allocation. If either is negative while unemployment is rising, the strategy turns defensive. ### Does Resilient Asset Allocation still work? Since publication in 2021 it has earned about 1% a year, hurt by the 2022 bond crash. The live record on Tactfolio shows how it is doing now. ### Can I automate Resilient Asset Allocation? Yes, copy the live strategy and run it in Trade, either on a Tactfolio paper account or in your own Alpaca account (paper or live). Trade runs it on a daily schedule, and it only trades when the unemployment and canary rules call for a change. It is long only and holds US-listed ETFs. You choose the starting balance it uses. --- # Bond UI1 (Paul Novell’s unemployment bond strategy) > Credit bonds while unemployment is stable, Treasuries when it rises. Rules, backtest, yearly returns, and a live version. Paul Novell's Bond UI1 holds credit bonds (US high yield, emerging market, international, and US corporate bonds) while the US unemployment rate is at or below its 12-month average, and short, intermediate, and long Treasuries when it rises above it. Each basket is equal weighted. Designed by Paul Novell, 2019. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/novell-bond-ui1. Bond UI1 is a tactical bond strategy from Paul Novell of the Investing For A Living blog, described in July 2019. It uses one economic signal: the US unemployment rate against its 12-month average. While unemployment is at or below that average it holds credit bonds, and when it rises above, it holds US Treasuries. ## Key points - Bond UI1 checks the US unemployment rate once a month. - When unemployment is at or below its 12-month average, it holds four credit bond funds. - When unemployment rises above that average, it holds three Treasury funds. - Since mid-2013 it returned about 1.3% a year, a little below the US bond market. - Its worst drop was 26%, from March 2020 to October 2022, and it has not recovered. ## What is Bond UI1? Bond UI1 is a bond strategy that picks between two baskets of bonds using the job market. A **bond** is a loan you make to a company or government in return for interest. **Credit bonds**, such as high yield, corporate, and emerging market bonds, pay more than Treasuries because they can default. To default means the borrower fails to pay. **Treasuries** are bonds issued by the US government. Most of the credit risk shows up in recessions. A **recession** is a period when the economy shrinks and jobs are lost. In recessions credit bonds fall and Treasuries usually rally. Bond UI1 sits in our [library of classic strategies](https://tactfolio.com/strategies/classics.md) next to stock and mixed models. ## Why does Bond UI1 watch unemployment? Bond UI1 watches unemployment because a rise in it is an early recession warning. Novell first built his unemployment indicator to time the stock market. Here he used it to decide which side of the bond market to be on. When unemployment rises above its recent average, the strategy moves from credit to government bonds. The aim is to get out before the worst of a credit sell-off. ## How does Bond UI1 work? Bond UI1 trades at the close of the last trading day of each month. 1. Compare the latest US unemployment rate (FRED series UNRATE) with the average of its last 12 monthly readings. 2. If it is at or below the average, hold four credit bond funds at 25% each. They are US high yield (HYG), emerging market (EMB), international (BNDX), and US corporate bonds (LQD). 3. If it is above the average, hold three Treasury funds at a third each. They are short (SHY), intermediate (IEF), and long Treasuries (TLT). The unemployment rate counts from its release date, as it stood that day. FRED is the economic data service of the Federal Reserve Bank of St. Louis. You can use its data as a condition in the [visual builder](https://tactfolio.com/docs/builder.md). Here is a made-up example. Over the past 12 months, the unemployment rate averaged 4.0%. This month it reads 4.3%. That is above the average, so the strategy sells the credit funds and holds the three Treasury funds. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/novell-bond-ui1 are recomputed after every market close. The test starts in mid-2013, when the international bond fund begins. Since then Bond UI1 returned about 1.3% a year. That is a little below the US bond market (AGG, 1.7%) and far below a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md) (9%). Its worst drawdown, 26%, ran from March 2020 to October 2022 and has not been recovered. A **drawdown** is how far a portfolio falls from its last high point. That loss was deeper than the bond market's 18%. It had a strong 2019, gaining 15% against 8%. Since publication in mid-2019, though, it has lost about 1.6% a year. In 2020 unemployment rose only after the March credit crash. So it held credit bonds through the fall and moved to Treasuries as credit recovered. In 2022 it lost 15% against 13%. Unemployment was falling, so it held credit bonds, which fell with rising rates too. Remember these are backtests. They show how the rules would have done on past prices after trading costs, not what anyone earned. Read [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) to see what the numbers can and cannot tell you. ## When does Bond UI1 struggle? Bond UI1 struggles when all bonds fall at once, or when a shock comes faster than the jobs data. - **Bond bear markets driven by rates.** Both of its baskets are bonds, so when interest rates rise fast there is nowhere to hide. Bond prices fall when rates rise. The 2022 bond crash is its worst loss. - **Sudden credit shocks.** Unemployment is reported with a lag, so a fast sell-off like March 2020 is over before the signal moves. - **Long Treasuries on the way out.** When it does switch, long Treasuries can fall sharply if inflation, not recession, is the problem. ## How to try Bond UI1 on Tactfolio The live strategy at the top of this page runs Novell's two baskets with FRED's unemployment rate. Copy it to change the baskets or add a price trend check. You can also compare it with Novell's price-based [tactical bond strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md). The stock version of the same signal is [Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: US unemployment rate is above 12-month average of US unemployment rate - Then: - Weight: Equal - **SHY** - **IEF** - **TLT** - Otherwise: - Weight: Equal - **HYG** - **EMB** - **BNDX** - **LQD** ## Sources and caveats - [Paul Novell, Enhancing Returns of TAA Bond Strategies (2019)](https://investingforaliving.us/2019/07/18/enhancing-returns-of-taa-bond-strategies/) - Risk-on holds HYG, EMB, BNDX, and LQD at 25% each; risk-off holds SHY, IEF, and TLT at a third each, as in the source. - The signal is the author's monthly SPY-UI indicator, the unemployment rate (FRED UNRATE) against the average of its last 12 monthly readings; its full definition is now on a members-only page of the author's site. - BNDX begins in mid-2013, so the ETF-era test starts then. - Each economic figure counts only from the day it was published, read as it stood that day with later revisions only once released: at a month end the latest figure is the previous month's, the one-month lag the source describes. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Bond UI1? It is Paul Novell's tactical bond strategy. It holds credit bonds while US unemployment is at or below its 12-month average. It holds Treasuries when unemployment rises above that average. ### What ETFs does Bond UI1 use? It holds HYG, EMB, BNDX, and LQD at 25% each when unemployment is stable or falling. It holds SHY, IEF, and TLT at a third each when unemployment is rising. ### Why use the unemployment rate for bonds? Credit bonds lose most in recessions. Rising unemployment is an early recession signal. So it tells the strategy when to move to Treasuries instead. ### Does Bond UI1 still work? Since mid-2019 it has lost about 1.6% a year, mostly in the 2022 bond crash. The live record on Tactfolio shows how it is doing now. ### Can I automate Bond UI1? Yes, copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule. It only trades when the unemployment rule calls for a switch. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # TrendYCMacro (Quantpedia’s market timing strategy) > S&P 500 timing from price trend, the yield curve, and real economic growth. Rules, backtest, yearly returns, and a live version. Quantpedia's TrendYCMacro holds the S&P 500 while its trend is up and the yield curve is not inverted. When either fails, it stays in stocks only while real retail sales, industrial production, and housing starts are all higher than a year earlier, and holds Treasury bills otherwise. Designed by Ladislav Ďurian and Radovan Vojtko (Quantpedia), 2023. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/quantpedia-trend-yc-macro. TrendYCMacro is a stock market timing strategy from Ladislav Ďurian and Radovan Vojtko of Quantpedia, published in 2023. It reads three kinds of warning signs: the S&P 500's own trend, the Treasury yield curve and the growth of the real economy. It holds stocks while the trend is up and the yield curve is not inverted, and while the economy is still growing if either fails. ## Key points - It holds either the S&P 500 or Treasury bills, checked once a month. - Price trend and the yield curve decide when to be in stocks. - Strong economic data can keep it in stocks through a short break in the trend. - From March 2008 its worst drawdown was about 23%, against 51% for the S&P 500. - It can sit in cash for a long time when the yield curve stays inverted, as in 2023 and 2024. ## What is TrendYCMacro? TrendYCMacro is a timing rule that uses three signals together because each one alone misses some bear markets. A **bear market** is a long, deep fall in stock prices. - **Price trend** reacts late and whipsaws in corrections. To whipsaw is to sell and then buy back soon after at a worse price. - **An inverted yield curve** warns months before a recession, but its timing is loose. - **Economic data** confirm a recession, but late. The **yield curve** compares interest rates on short and long Treasury loans. It is **inverted** when short rates are higher than long ones. A **recession** is a period when the economy shrinks. The authors tested these signals on US stocks from 1927 and found that they work best together. Trend and the yield curve decide when to be in stocks. Growth data can then keep the strategy invested through a trend break that turns out to be a correction rather than a recession. ## How does TrendYCMacro work? TrendYCMacro checks three signals at the close of the last trading day of each month. 1. **Trend** holds when the S&P 500 (SPY) is above its 200-day average and has beaten Treasury bills over the last 200 days. 2. **Yield curve** holds when the 10-year Treasury yield is above the 3-month yield (FRED series T10Y3M). 3. **Macro** holds when real retail sales (RRSFS), industrial production (INDPRO) and housing starts (HOUST) are all higher than a year earlier. It uses the latest figures as they stood on each day. 4. Hold SPY if trend and yield curve both hold, or if macro holds. Otherwise hold Treasury bills (BIL). **Treasury bills** are short-term loans to the US government, the usual stand-in for cash. **FRED** is the free economic database of the Federal Reserve Bank of St. Louis. The paper measures the second part of the trend test with a Rachev ratio of daily returns over bills. With the paper's settings, that is the same as a higher average daily return than bills. Here is a made-up example. At a month end, SPY is below its 200-day average, so the trend test fails. But retail sales, industrial production and housing starts are all up on a year ago. Macro holds, so the strategy holds SPY. ## How is this version different from the paper? In the paper, macro can only keep a position the strategy already has. It cannot move it back into stocks. Tactfolio's Enter / Exit block can remember a holding. But its triggers are single conditions that cannot read economic data. So this version has no memory of last month's holding, and good macro data can also bring the strategy back in. That makes it return to stocks sooner after some sell-offs. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/trend-yc-macro are recomputed after every market close. The ETF-era test starts in March 2008. Since then it returned about 10.4% a year, against 12% for the S&P 500 and 8.5% for a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md). Its worst drawdown was about 23%, against 51% and 32%. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return, the return for each unit of risk, was above both. It gained 1% from March 2008 through that year, while the S&P 500 lost 29%. Its worst drawdown ran from April to November 2011 and was recovered by January 2013. It gave up a lot in 2019 (5% against 31%) and in 2023 and 2024 (5% and 10% against 26% and 25%). In those years the yield curve was inverted. With industrial production or housing starts below their year-earlier levels, it spent much of those years in bills. Since publication in September 2023 it has returned about 12% a year, well behind the S&P 500. With [simulated fund history](https://tactfolio.com/docs/simulated-history.md) the test starts in 1993, when real retail sales begin. It returns about 11.8% a year, ahead of the S&P 500's 10.9% with far smaller losses. From 2000 to 2002 it made 0%, 3% and 17% while the S&P 500 lost 10%, 12% and 22%. Keep in mind that these are hypothetical results. They replay the rules on past prices and data after trading costs, so they are not a track record. See [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for what to look at first. ## When does TrendYCMacro struggle? - **Long yield curve inversions.** When the curve stays inverted but no recession comes, as in 2023 and 2024, it can sit in bills through a rising market. - **Mixed economic data.** All three growth measures must be positive. So one weak series is enough to turn it defensive when the trend fails. - **Fast crashes.** Trend and growth data both react after the fact. ## How to try TrendYCMacro on Tactfolio The live strategy at the top of this page runs the paper's signals on SPY and BIL with FRED data. Copy it to try fewer macro series or a different trend. You can use the same economic data as conditions in your own rules in the [visual builder](https://tactfolio.com/docs/builder.md). You can also compare it with [Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing.md), which uses similar growth data with only a trend rule. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: All of: current price of SPY is above 200d moving average of SPY; 200d mean daily return of SPY is above 200d mean daily return of BIL; 10-year minus 3-month Treasury yield is above 0 - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - If: All of: 12-month growth of US real retail sales is above 0; 12-month growth of US industrial production is above 0; 12-month growth of US housing starts is above 0 - Then: - Weight: Equal - **SPY** - Otherwise: - Weight: Equal - **BIL** ## Sources and caveats - [Ladislav Ďurian and Radovan Vojtko, Avoid Equity Bear Markets with a Market Timing Strategy (2023)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4397638) - [Quantpedia, Avoid Equity Bear Markets with a Market Timing Strategy: Revisiting Our Research (2023)](https://quantpedia.com/avoid-equity-bear-markets-with-a-market-timing-strategy-revisiting-our-research/) - The trend test is SPY above its 200-day average and a Rachev ratio above 1 on the last 200 daily excess returns; with the paper's 50% tails that ratio exceeds 1 exactly when the mean daily return beats Treasury bills' (BIL), which is how it is built here. - The yield curve test is the 10-year minus 3-month Treasury spread (FRED T10Y3M) above zero; the paper uses monthly yields. - The macro test is real retail sales (RRSFS), industrial production (INDPRO), and housing starts (HOUST) all higher than a year earlier, the authors' 2023 revision. - In the paper the macro test can only keep an existing stock position. Enter / Exit can remember a holding, but its triggers are single conditions that cannot read economic data, so the rule has no memory here: the macro test can also bring the strategy back into stocks, which the authors' rule would wait on. - Each economic figure counts only from the day it was published, read as it stood that day with later revisions only once released: at a month end the latest figure is the previous month's, the one-month lag the source describes. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is TrendYCMacro? It is Quantpedia's S&P 500 timing strategy. It holds stocks when the price trend is up and the yield curve is not inverted. It also holds stocks when real retail sales, industrial production and housing starts are all growing, and Treasury bills otherwise. ### What is the yield curve signal? It compares the 10-year and 3-month Treasury yields. When the short rate is higher, the curve is inverted, which has come before most US recessions. ### How is this version different from the paper? In the paper, good economic data can only keep an existing stock position. Here they can also bring the strategy back into stocks, because this version does not remember last month's holding. The paper's Rachev ratio test is built exactly, as a comparison of average daily returns. ### Does TrendYCMacro still work? Since publication in 2023 it has returned about 12% a year. It trailed the S&P 500 while the yield curve stayed inverted. The live record on Tactfolio shows how it is doing now. ### Can I automate TrendYCMacro? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its rules call for a switch. It is long only, holds US-listed ETFs, and trades the starting balance you choose. --- # Pragmatic Asset Allocation (Quantpedia’s PAA) > The two strongest stock markets in an uptrend, hedged when the yield curve inverts. Rules, backtest, and a live version. Quantpedia's Pragmatic Asset Allocation, in a monthly form: the two strongest of the Nasdaq-100, global stocks, and emerging market stocks by 12-month return, each only while above its 12-month average. Failing slots, and the whole portfolio when the yield curve is inverted, go to the best of Treasuries, gold, and cash. Designed by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/quantpedia-pragmatic-asset-allocation. Pragmatic Asset Allocation (PAA) is a model for semi-active investors from Radovan Vojtko and Juliána Javorská of Quantpedia, published in January 2024. It holds the two strongest of three stock markets, the Nasdaq-100, global stocks, and emerging markets, each only while in an uptrend. It moves to a hedging mix of Treasuries, gold, and cash when a market fails its trend or the yield curve inverts. ## Key points - This version checks its signals once a month on the whole portfolio. - It holds the top two of QQQ, ACWI, and EEM by 12-month return, 50% each. - A market below its 12-month average hands its half to a mix of Treasuries, gold, and cash. - An inverted yield curve moves the whole portfolio to that mix. - Since June 2009 it returned about 10.3% a year, but its worst drawdown of 24% was deeper than a 60/40 mix's. ## What is Pragmatic Asset Allocation? Pragmatic Asset Allocation is a set of rules an individual investor could follow with a few trades a year. That was the authors' goal. It mixes three tools. - **Momentum** picks the stock markets worth owning. Momentum means that assets that have risen lately tend to keep rising for a while. - A **trend filter** keeps each market out of a downtrend. Here a market is in a downtrend when its price is below its 12-month average. - The **yield curve** overrides everything. It compares the interest rate on short and long US government bonds. Do not mix it up with Keller's [Protective Asset Allocation](https://tactfolio.com/strategies/protective-asset-allocation.md), which also goes by PAA. ## Why does the yield curve matter? An inverted yield curve is a classic recession warning, so PAA treats it as a signal to step aside. The curve is **inverted** when short-term Treasury yields rise above long-term yields. A **recession** is a period when the economy shrinks. When the curve inverts, the portfolio moves to hedges. A **hedge** is an asset meant to hold up when stocks fall, such as Treasuries or gold. ## How does the original model work? In the original, the portfolio is split into four parts. They are rebalanced in turn once a quarter, and each is held for a year. That is partly for long-term tax treatment. There is also a stop-loss for positions held more than a year. A **stop-loss** sells a holding once it falls a set amount. ## How does the Tactfolio version work? This version applies the same signals to the whole portfolio at the close of the last trading day of each month. 1. If the 3-month Treasury yield is above the 10-year yield (FRED series T10Y3M below zero), hold only the hedging mix. 2. If not, rank QQQ, ACWI, and EEM by 12-month return and take the top two at 50% each. A chosen market below its 12-month average passes its half to the hedging mix. 3. The hedging mix takes the two strongest of intermediate Treasuries (IEF), gold (GLD), and cash (BIL) by 12-month return. Treasuries or gold below their 12-month average are replaced by cash. As in the paper, both signals read month-end closes. The 12-month return is measured from the month-end close a year earlier. The 12-month average is the average of the last 12 month-end closes, the current one included. Here is a made-up example. The yield curve is normal. QQQ and EEM are the top two, but EEM is below its average. So QQQ keeps its 50%, and EEM's half goes to the hedging mix. This is a proxy for the published model. Without the four staggered year-long parts and the stop-loss, it trades far more often. It reacts to every monthly signal. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/pragmatic-asset-allocation are recomputed after every market close. The test starts in June 2009, once the global stock fund has a year of month-end closes. Since then it returned about 10.3% a year. That compares with 15% for the S&P 500 and 10.1% for a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md). Its worst drawdown was 24%, a little deeper than the 60/40's 21%. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return, or return for each unit of risk, trailed both, and the 60/40's by a wide margin. Its worst drawdown ran from April 2010 to June 2012 and was recovered by October 2013. It lost 14% in 2011 as markets whipsawed around their trends. It did best in trending years, such as 2017 (34% against 22%) and 2020 (37% against 18%). In 2019 it made only 7% against 31%. Part of the reason is that the inverted yield curve moved it to hedges for several months. Since publication at the start of 2024 it has returned about 21% a year. It trailed the S&P 500 in 2024 (13% against 25%) and beat it in 2025 (27% against 18%). These results come from a hypothetical backtest on past prices, after trading costs. They are not a track record. See [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for what to keep in mind. ## When does Pragmatic Asset Allocation struggle? It struggles in choppy markets and when the yield curve gives a false alarm. - **Whipsaws.** A whipsaw is a signal that flips you in and then out at a loss. Monthly trend checks on three volatile markets switch often in choppy years such as 2011 and 2015. - **False recession warnings.** An inverted yield curve without a recession, as in 2023 and 2024, moves it to hedges during rising markets. - **Missing the S&P 500.** Its stock choices are the Nasdaq-100, global, and emerging markets. So it can lag when US large caps lead. ## How to try Pragmatic Asset Allocation on Tactfolio The live strategy at the top of this page runs the paper's funds and signals monthly on the whole portfolio. Copy it to change the markets or the hedges in the [visual builder](https://tactfolio.com/docs/builder.md). You can also compare it with [TrendYCMacro](https://tactfolio.com/strategies/trend-yc-macro.md), another Quantpedia strategy that uses the yield curve. More models like it sit in our [library of classic strategies](https://tactfolio.com/strategies/classics.md). ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: 10-year minus 3-month Treasury yield is below 0 - Then: - Weight: Equal - Rank: Top 2 · 12-month return (month-end) - Candidate: IEF - Weight: Equal - If: current price of IEF is above 12-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: GLD - Weight: Equal - If: current price of GLD is above 12-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** - **BIL** - Otherwise: - Weight: Equal - Rank: Top 2 · 12-month return (month-end) - Candidate: QQQ - Weight: Equal - If: current price of QQQ is above 12-month moving average of month-end closes of QQQ - Then: - Weight: Equal - **QQQ** - Otherwise: - Weight: Equal - Rank: Top 2 · 12-month return (month-end) - Candidate: IEF - Weight: Equal - If: current price of IEF is above 12-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: GLD - Weight: Equal - If: current price of GLD is above 12-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** - **BIL** - Candidate: ACWI - Weight: Equal - If: current price of ACWI is above 12-month moving average of month-end closes of ACWI - Then: - Weight: Equal - **ACWI** - Otherwise: - Weight: Equal - Rank: Top 2 · 12-month return (month-end) - Candidate: IEF - Weight: Equal - If: current price of IEF is above 12-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: GLD - Weight: Equal - If: current price of GLD is above 12-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** - **BIL** - Candidate: EEM - Weight: Equal - If: current price of EEM is above 12-month moving average of month-end closes of EEM - Then: - Weight: Equal - **EEM** - Otherwise: - Weight: Equal - Rank: Top 2 · 12-month return (month-end) - Candidate: IEF - Weight: Equal - If: current price of IEF is above 12-month moving average of month-end closes of IEF - Then: - Weight: Equal - **IEF** - Otherwise: - Weight: Equal - **BIL** - Candidate: GLD - Weight: Equal - If: current price of GLD is above 12-month moving average of month-end closes of GLD - Then: - Weight: Equal - **GLD** - Otherwise: - Weight: Equal - **BIL** - **BIL** ## Sources and caveats - [Radovan Vojtko and Juliána Javorská, Pragmatic Asset Allocation Model for Semi-Active Investors (2024)](https://quantpedia.com/pragmatic-asset-allocation-model-for-semi-active-investors/) - [Radovan Vojtko and Juliána Javorská, Pragmatic Asset Allocation Model for Semi-Active Investors, SSRN (2024)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4715415) - The source splits the portfolio into four tranches that trade one month after each quarter end and hold for 12 months, with a stop-loss for positions held over a year; the builder cannot hold tranches, so this version applies the same signals to the whole portfolio every month and trades far more. - Stocks are QQQ, ACWI, and EEM and hedges IEF, GLD, and BIL, as in the source; momentum is the 12-month return and trend the average of the last 12 month-end closes, the current one included, both on month-end closes as in the source. - A stock among the two strongest by momentum that is below its average routes its slot to the hedges; the source picks the two strongest among those in an uptrend, which differs only when a weaker stock is trending and a stronger one is not. - The yield curve test is the daily 10-year minus 3-month Treasury spread (FRED T10Y3M); the source uses monthly data. - Each market rate counts from the day after the session it describes. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is Pragmatic Asset Allocation? It is Quantpedia's model that holds the two strongest of the Nasdaq-100, global stocks, and emerging markets while each is in an uptrend. It moves to Treasuries, gold, or cash when a market fails its trend or the yield curve inverts. ### Why does the yield curve matter in PAA? When short-term Treasury yields rise above long-term yields, the curve is inverted. An inverted curve has come before most US recessions. PAA then holds only its hedging assets. ### How is this version different from the paper? The paper splits the portfolio into four parts, each traded once a year with a stop-loss. This version applies the signals to the whole portfolio every month, so it trades more and reacts faster. Its momentum and trend are measured as in the paper, from month-end closes. ### Does Pragmatic Asset Allocation still work? Since publication in 2024 it has returned about 21% a year. That is a short record. The live record on Tactfolio shows how it is doing now. ### Can I automate Pragmatic Asset Allocation? Yes, copy the live strategy and run it in Trade on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule, and it only trades when a monthly signal calls for a change. It is long only and holds US-listed ETFs. You choose the starting balance it trades with. --- # Inflation Compass (Varadi’s growth and inflation model) > Energy, technology, utilities, or staples by growth trend and breakeven inflation. Rules, backtest, and a live version. David Varadi's Inflation Compass sorts markets into four regimes by growth (the S&P 500 against its 200-day average) and inflation (5-year breakeven inflation above 2% and rising). It holds energy, technology, utilities, or consumer staples with Treasuries, the sector that has done best in each regime. Designed by David Varadi, 2026. Implemented and tracked by Tactfolio; the live version is at https://tactfolio.com/s/tactfolio/varadi-inflation-compass. The Inflation Compass is a sector rotation model from David Varadi, published on his CSSA blog in July 2026. It reads two things from markets. Growth comes from the S&P 500's trend. Inflation comes from what the bond market expects. Each of the four mixes of the two points to one choice: energy, technology, utilities, or consumer staples with Treasuries. ## Key points - The Inflation Compass holds one sector at a time, picked by growth and inflation signals. - Growth comes from the S&P 500's 200-day average. Inflation comes from 5-year breakeven inflation. - It checks once a month, at the last close. - From April 2003 its backtest returned about 20% a year with a worst drop of about 24%. - Almost all of that history is the period it was designed on, so treat it with care. ## What is the Inflation Compass? The Inflation Compass is a monthly switch between four sector funds, based on the state of the economy. **Sector rotation** means moving money between parts of the stock market, such as energy or technology, as conditions change. Varadi's starting point is that the sectors that lead change with the state of the economy. - Energy tends to lead when the economy is growing and inflation is rising. - Technology tends to lead when growth comes with falling inflation. - In a downturn, utilities have held up better when inflation is high. - Consumer staples and Treasuries have held up better when it is falling. Varadi reads the climate from market prices. Economic reports arrive late. The S&P 500's 200-day average stands for growth. A **moving average** is the average price over a set number of past days. Five-year breakeven inflation stands for inflation. **Breakeven inflation** is the inflation rate the Treasury market expects. ## How does the Inflation Compass work? The Inflation Compass checks two signals at the last close of each month. 1. **Growth is up** when the S&P 500 (SPY) is above its 200-day average. 2. **Inflation is rising** when 5-year breakeven inflation (FRED series T5YIE) is above 2% and higher than 60 days earlier. 3. Hold energy (XLE) when growth is up and inflation rising. Hold technology (XLK) when growth is up and inflation falling. 4. Hold utilities (XLU) when growth is down and inflation rising. Hold 50% consumer staples (XLP) with 50% intermediate Treasuries (IEF) when both are down. Here is a made-up example. At a month end, SPY is above its 200-day average, so growth is up. Breakeven inflation is above 2% but lower than 60 days ago, so inflation is falling. The model holds XLK. This is a partial version. Varadi also counts inflation as rising when a ratio of cyclical to defensive sectors has an upward 60-day slope. Cyclical sectors rise and fall with the economy. Defensive ones stay steadier. The [builder](https://tactfolio.com/docs/builder.md) cannot compute that ratio. Without it, this version calls inflation rising less often. ## What the backtest shows Figures quoted here were measured on prices through 2026-09-25. The chart and tables at https://tactfolio.com/strategies/inflation-compass are recomputed after every market close. The test starts in April 2003, when breakeven inflation data begin. Since then it returned about 20% a year, against 12% for the S&P 500 and 8.6% for a [60/40 stock and bond mix](https://tactfolio.com/strategies/60-40-portfolio.md). Its worst drawdown was about 24%, against 55% and 33%. A **drawdown** is how far a portfolio falls from its last high point. Its risk-adjusted return was far above both. A risk-adjusted return weighs the gain against how bumpy the ride was. It lost 10% in 2008, when the S&P 500 lost 37%. It gained 51% in 2021 and 17% in 2022, when energy led, while the S&P 500 lost 18% in 2022. Its worst drawdown is recent, from May to July 2026. Almost all of this history is the period Varadi designed the model on, so treat the results as in-sample. **In-sample** means the rules were shaped using the same data they are tested on. The model was published in July 2026, too recently for a track record. Like every figure on this page, these are hypothetical results from past prices, after trading costs. No real money was traded. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md). It matters even more for an in-sample test. ## When does the Inflation Compass struggle? The Inflation Compass struggles when its one sector has a bad month or when the climate turns fast. - **Concentration.** It holds one sector at a time, apart from the staples and Treasuries mix. So a bad month in that sector hits the whole portfolio. - **Regime changes.** A 200-day average and a 60-day change react slowly. So it can hold the wrong sector for a while when the climate turns. - **Choppy inflation expectations.** When breakevens hover near 2%, the signal can flip between energy and technology. ## How to try the Inflation Compass on Tactfolio The live strategy at the top of this page runs the model on SPY, the four sector funds and IEF, with breakeven inflation from FRED. Copy it to try other sectors or thresholds. You can also compare it with a growth-only switch such as the [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md). Or try [Hybrid Asset Allocation](https://tactfolio.com/strategies/hybrid-asset-allocation.md), which also reads inflation from bond prices. ## The rules as implemented Runs monthly, rebalancing every run, with signals and trades at the close: - Weight: Equal - If: current price of SPY is above 200d moving average of SPY - Then: - Weight: Equal - If: All of: 5-year breakeven inflation is above 2; 60-day change in 5-year breakeven inflation is above 0 - Then: - Weight: Equal - **XLE** - Otherwise: - Weight: Equal - **XLK** - Otherwise: - Weight: Equal - If: All of: 5-year breakeven inflation is above 2; 60-day change in 5-year breakeven inflation is above 0 - Then: - Weight: Equal - **XLU** - Otherwise: - Weight: Specified - **XLP** - **IEF** ## Sources and caveats - [David Varadi (CSSA), The Inflation Compass Model (2026)](https://cssanalytics.wordpress.com/2026/07/27/the-inflation-compass-model/) - Growth is SPY above its 200-day average; inflation is rising when 5-year breakeven inflation (FRED T5YIE) is above 2% and higher than 60 days earlier, and XLE, XLK, XLU, or 50% XLP with 50% IEF are held by regime, as in the source. - The source also counts inflation as rising when a 60-day regression slope of a cyclical-to-defensive sector basket is positive. The builder cannot compute that slope, so this version leaves it out and calls inflation rising less often. - Breakeven inflation begins in 2003, so the test starts then. - Each market rate counts from the day after the session it describes. - Signals and trades use the close of the last trading day of each month, as in the source. ## Common questions ### What is the Inflation Compass? The Inflation Compass is David Varadi's sector rotation model. It sorts markets into four regimes by the S&P 500's trend and the direction of expected inflation. It then holds energy, technology, utilities, or consumer staples with Treasuries. ### How does it measure inflation? It uses 5-year breakeven inflation, the gap between regular and inflation-protected Treasury yields. Inflation counts as rising when it is above 2% and higher than 60 days earlier. ### What ETFs does the Inflation Compass use? It holds XLE, XLK, XLU, or XLP with IEF, one choice per regime. It also watches SPY for the growth signal. ### Does the Inflation Compass still work? It was published in July 2026, so there is no track record yet. The backtest covers the period it was designed on. The live record on Tactfolio shows how it is doing from here. ### Can I automate the Inflation Compass? Yes. Copy the live strategy and run it in Trade, on a Tactfolio paper account or in your own Alpaca account, paper or live. Trade runs it on a daily schedule and only trades when its monthly rule calls for a change. It is long only, holds US-listed ETFs, and trades the starting balance you pick. --- # About Tactfolio > What Tactfolio is, why it exists, what it is not, how we write and check our pages, and how to reach the team. 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. You can build by hand in a visual builder or by asking an AI assistant. - You write your investing rule down as a small tree of blocks. - You see how that rule would have done on real prices, bad years included. - You can share it, copy other people's rules, or run it on a schedule. - Everything is free while we build. Pricing comes with live trading. For every fact on one page, see [Tactfolio facts](https://tactfolio.com/about/facts.md). ## Why does Tactfolio exist? Tactfolio exists so you can test an investing rule before you trust it with money. Most people who invest on their own already follow a rule. It may only live in their head: "buy the index and never sell", or "move to bonds when things look bad". A rule in your head is hard to check. Tactfolio lets you write it down exactly. Then it replays the rule on years of daily prices and shows you what it would have asked of you. That includes the worst drop along the way, not only the final number. Tactfolio started as a tool its founder built for their own investing. We think many people who invest on their own want the same things: clear rules, honest tests, and no black box. ## What can you do on Tactfolio today? You can build, test, share and run long-only strategies on US stocks and funds. You can also test strategies on crypto perpetual futures. Here is what is live now: - **Build.** The [strategy builder](https://tactfolio.com/builder) turns a rule into a tree of blocks: what to hold, how much, and when to switch. The [builder guide](https://tactfolio.com/docs/builder.md) covers every block. - **Backtest.** A backtest replays your rules on past daily prices of US-listed stocks and funds. [Our methodology](https://tactfolio.com/about/methodology.md) lists every assumption it makes. - **Learn from the classics.** Our [library of classic strategies](https://tactfolio.com/strategies/classics.md) has more than 60 published strategies, each with its source, its rules and results that update every day. - **Share and copy.** Members publish strategies to [Discover](https://tactfolio.com/strategies). Anyone can open a public strategy and see its rules and backtest. With a free account you can copy it and change it. - **Use an AI assistant.** You can connect an assistant such as Claude Code or Codex. It can build, test and save strategies in your account. See [how to connect an AI assistant](https://tactfolio.com/docs/mcp.md). - **Run it.** A paper account runs your strategy with pretend money at real prices. You can also connect your own Alpaca account, paper or live, with your own API keys. - **Try crypto perps.** A perpetual future is a crypto contract that tracks a price and never expires. Strategies can hold perps on Hyperliquid, a crypto exchange. You can backtest them and run them with pretend money on Hyperliquid's test network. Real-money trading on Hyperliquid is off. ## What is Tactfolio not? Tactfolio is a research and automation tool. It is not a broker, a fund or an adviser. - **Not a broker.** We never hold your money. If you trade, your money stays in your own Alpaca account. - **Not advice.** We do not tell you what to buy or sell. Every strategy on the site comes from rules that you, your AI assistant or another author wrote. - **Not a promise.** A backtest shows how rules would have done on past prices. It cannot tell you what happens next. - **Not everything.** Strategies are long only. They hold stocks, funds, crypto perps or cash. They cannot sell short or borrow. Stock and fund strategies run on daily prices, not during the day. Read the full [risk disclaimer](https://tactfolio.com/disclaimer.md) before you trade. ## How do we decide what to publish? We publish what a reader can check. We follow four rules on every page: 1. **Show the bad part early.** We put drawdowns next to returns. A drawdown is how far a portfolio falls from its last high point. 2. **List every assumption.** Costs, timing and data limits are written down in [our methodology](https://tactfolio.com/about/methodology.md). 3. **Cite the source.** Facts link to the paper, regulator or fund issuer they came from. 4. **Fix mistakes in the open.** When we change a fact, the page shows a new "Updated" date. The [editorial policy](https://tactfolio.com/about/editorial-policy.md) explains how we write, check and correct our pages. ## Who writes Tactfolio's pages? The Tactfolio research team writes our guides and strategy pages. The byline at the top of each page says who wrote it and when it was last updated. When a named person writes or checks a page, their name and a link to their profile appear there. Community strategies in Discover are different. Members write them and publish them on their own. We do not review them before they go live. The [Tactfolio Score](https://tactfolio.com/docs/concepts/tactfolio-score.md) ranks them by the same rules for everyone. ## How can you contact us? Write to us from the [Support page](https://tactfolio.com/support). You do not need an account. We reply by email. Members can also see their requests and our replies there. ## Common questions ### Is Tactfolio a broker? No. Tactfolio never holds your money. When you trade, your strategy places orders in your own Alpaca account with your own API keys. Alpaca is the broker. ### Does Tactfolio give investment advice? No. Tactfolio shows how rules would have behaved on past prices. It does not know your goals, your taxes or how much risk you can take. Decisions about your money are yours. ### How much does Tactfolio cost? Everything is free while we build. Pricing comes with live trading. ### Who can see my strategies? Only you, and any AI assistant you connect, until you publish. Published versions are public and anyone can view and copy them. See [publishing and sharing](https://tactfolio.com/docs/sharing.md). ## Pages - [Tactfolio facts: what it is and what it is not](https://tactfolio.com/about/facts.md): The plain facts about Tactfolio: what it does, what it costs, which markets and broker it supports, and what it does not do. Checked October 17, 2026. - [Editorial policy](https://tactfolio.com/about/editorial-policy.md): How Tactfolio writes, checks, dates and corrects its pages: who writes them, where facts come from, how we use AI tools, and how to report a mistake. - [How our backtests and data work](https://tactfolio.com/about/methodology.md): Where Tactfolio gets its prices and economic data, when backtests trade, what costs they charge, simulated history, and how the Tactfolio Score ranks. --- # Free trading calculators > Free trading calculators for pips, margin, leverage, position size, dividends, CAGR, options and Monte Carlo, plus portfolio research on real prices. These free trading calculators answer the everyday questions of trading and investing. How much is a pip worth? How much margin does a trade need? How many shares should I buy? How fast did my money grow? The calculators work in your browser with no sign-up, and each page shows the formula and a worked example. The portfolio research tools load real past prices for US stocks and ETFs, so they need a free account. To pick funds to test, the [ETF screener](https://tactfolio.com/screener.md) sorts every fund we cover by fee, return and worst drop, with no sign-up. The forex and options tools are for learning. Tactfolio does not trade forex or options. It is a platform for building and backtesting rules-based strategies on US stocks and ETFs. You can test a rule on past prices in the [Tactfolio strategy builder](https://tactfolio.com/builder). ## Pages - [Pip calculator: what one pip is worth in any forex pair](https://tactfolio.com/trading-tools/pip-calculator.md): Free pip calculator. See what one pip is worth for any currency pair, trade size and account currency, with the formula and a worked example. - [Margin calculator: how much margin a forex trade needs](https://tactfolio.com/trading-tools/margin-calculator.md): Free forex margin calculator. Work out the margin a trade needs from its size, price and leverage, with the formula, the rules and an example. - [Forex profit calculator: profit, loss and pips](https://tactfolio.com/trading-tools/forex-profit-calculator.md): Free forex profit calculator. Find the profit or loss and the pips on a currency trade, buy or sell, in your account currency, with an example. - [Leverage calculator: effective leverage and risk](https://tactfolio.com/trading-tools/leverage-calculator.md): Free leverage calculator. See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. - [Position size calculator for stocks and forex](https://tactfolio.com/trading-tools/position-size-calculator.md): Free position size calculator. Find how many shares or lots to trade so that hitting your stop-loss costs only the share of your account you choose. - [Dividend calculator: income, growth and DRIP](https://tactfolio.com/trading-tools/dividend-calculator.md): Free dividend calculator. See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [CAGR calculator: compound annual growth rate](https://tactfolio.com/trading-tools/cagr-calculator.md): Free CAGR calculator. Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. - [Stock average calculator: your average price per share](https://tactfolio.com/trading-tools/stock-average-calculator.md): Free stock average calculator. Find your average price per share across several buys, and how many shares reach a target average. - [Options profit calculator for calls and puts](https://tactfolio.com/trading-tools/options-profit-calculator.md): Free options profit calculator. See the profit, break-even and most you can make or lose on a call or a put at expiration. For learning only. - [Monte Carlo simulation: will your money last?](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Free Monte Carlo simulator. Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. - [Backtest a portfolio: free fixed-mix backtest tool](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. No account needed. ## Portfolio research with real prices - [Asset correlation tool: how your stocks and ETFs move](https://tactfolio.com/trading-tools/asset-correlation.md): See how up to 8 US stocks or ETFs moved together, as a correlation grid from real monthly returns. Free with a Tactfolio account. - [Efficient frontier: the best mixes for each risk](https://tactfolio.com/trading-tools/efficient-frontier.md): Draw the efficient frontier for up to 8 US stocks or ETFs from real past prices. Find the lowest-risk mix and the best Sharpe ratio mix. - [Portfolio optimizer: weights from real past prices](https://tactfolio.com/trading-tools/portfolio-optimizer.md): Find the weights that had the lowest risk or the best Sharpe ratio for up to 8 US stocks or ETFs. A research tool on real past prices, not advice. --- # Learn investing: plain-English guides > Plain-English guides to investing and trading: S&P 500 funds, ETFs, IRAs and 401(k)s, momentum, options basics and more, with examples and sources. Plain-English guides to the ideas behind investing and trading. Each one answers the question first, uses a worked example, and cites the regulators, exchanges and fund companies it relies on. Tactfolio itself builds and tests long-only strategies on US stocks and funds. It does not trade options, CFDs or forex. Those guides are here to explain the terms, not to suggest trades. ## Investing basics - [What is the S&P 500 index? How it works and what's in it](https://tactfolio.com/learn/sp500-index.md): 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. - [S&P 500 index funds: how to pick one and what they cost](https://tactfolio.com/learn/sp500-index-funds.md): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [ETF vs mutual fund: what is the difference?](https://tactfolio.com/learn/etf-vs-mutual-fund.md): ETFs trade all day on an exchange. Mutual funds trade once a day at their NAV. Compare pricing, costs and taxes, and see when each one makes more sense. - [IRA vs 401(k): differences, 2026 limits and which to use](https://tactfolio.com/learn/ira-vs-401k.md): Compare a 401(k) and an IRA: 2026 contribution limits, Roth vs traditional taxes, income limits, withdrawal rules, and which one to fund first. - [Commodities explained: what they are and how to invest](https://tactfolio.com/learn/commodities-explained.md): Commodities are raw goods like oil, gold and wheat. Learn the four main groups, how futures work, how commodity funds invest, and the risks to know. - [What is an ETF: how exchange-traded funds work](https://tactfolio.com/learn/what-is-an-etf.md): 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 vs index fund: what actually differs](https://tactfolio.com/learn/etf-vs-index-fund.md): Many index funds are ETFs. Compare index ETFs and index mutual funds on trading, pricing, minimums, taxes and costs, with SEC sources. - [ETF vs stock: risk, cost and control compared](https://tactfolio.com/learn/etf-vs-stocks.md): Compare ETFs and single stocks on diversification, single-company risk, costs and control, with a round-number example and SEC sources. - [ETF expense ratio: what it is and what it costs you](https://tactfolio.com/learn/etf-expense-ratio.md): 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. - [Dollar cost averaging: how it works and when it helps](https://tactfolio.com/learn/dollar-cost-averaging.md): Dollar-cost averaging means investing a fixed amount on a schedule. See how it works with round numbers and what research says about lump sums. - [Portfolio rebalancing: calendar vs threshold methods](https://tactfolio.com/learn/portfolio-rebalancing.md): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. ## Stocks and market moves - [Momentum stocks: what they are and how to trade them](https://tactfolio.com/learn/momentum-stocks.md): Momentum stocks are recent winners that tend to keep winning for a while. See what the research says, how momentum crashes, and how to trade it with rules. - [Momentum strategy: types, rules and an example](https://tactfolio.com/learn/momentum-strategy.md): A momentum strategy buys recent winners by a written rule. Learn the main types, the five choices every rule makes, a worked example, and the risks. - [Stock gaps: what gap up and gap down mean](https://tactfolio.com/learn/stock-gap.md): A stock gap is a price jump between one trading day and the next. Learn what causes gaps, the four types, what a gap fill is, and why stop orders can miss. ## Options basics - [Put vs call options: the difference, with examples](https://tactfolio.com/learn/put-vs-call.md): A call gains when a stock rises and a put gains when it falls. See worked examples with break-even prices, and how buying and selling options differ. - [What is a covered call? How it works, with an example](https://tactfolio.com/learn/covered-call.md): A covered call means owning 100 shares and selling a call option on them for income. See a worked example, the risks, and how covered call ETFs work. - [Theta meaning: how time decay works in options](https://tactfolio.com/learn/theta-meaning.md): Theta measures how much an option loses in value each day as it nears expiration. Learn how time decay works, with an example and the other Greeks. - [Options Greeks: delta, gamma, theta, vega and rho](https://tactfolio.com/learn/options-greeks.md): What the options Greeks measure, with a table and one round-number example each for delta, gamma, theta, vega and rho. Education only, with the risks. - [Implied volatility: what it is and how it prices options](https://tactfolio.com/learn/implied-volatility.md): Implied volatility in plain words: how it differs from historical volatility, what the VIX shows, and how IV crush hits option buyers. Education only. ## Leverage and derivatives - [CFD trading: what it is, how it works and the risks](https://tactfolio.com/learn/cfd-trading.md): A CFD is a leveraged bet on a price change without owning the asset. Learn how CFDs work, why most retail accounts lose, and why the US bars them. - [Margin trading: how buying on margin works](https://tactfolio.com/learn/margin-trading.md): How buying on margin works, the 50% and 25% rules, and a worked margin call example with round numbers. Learn the risks before you borrow. - [Leverage in trading: what it is and how losses grow](https://tactfolio.com/learn/leverage-explained.md): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. Covers margin, CFDs, futures and leveraged ETFs. - [Leveraged ETFs: how daily reset and decay work](https://tactfolio.com/learn/leveraged-etfs.md): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn. ## Indicators and signals - [Best indicators for trading: what each one measures](https://tactfolio.com/learn/best-indicators-for-trading.md): Moving averages, RSI, MACD, Bollinger Bands, volume and momentum explained in plain words, with what the research says and classic rules that use them. - [Moving average: SMA, EMA and the 200-day rule](https://tactfolio.com/learn/moving-average.md): What a moving average is, SMA vs EMA with a 5-day example, the 200-day average, golden and death crosses, and dated backtests of classic rules. - [RSI indicator: formula, how to read it, and limits](https://tactfolio.com/learn/rsi-indicator.md): What the RSI indicator measures, Wilder's 14-day formula with a worked example, what overbought and oversold mean, divergence, and what the evidence says. - [Stochastic oscillator: formula, 80 and 20 levels, and SMI](https://tactfolio.com/learn/stochastic-oscillator.md): How the stochastic oscillator works, with Lane's %K and %D formula, a worked 14-day example, fast vs slow, and Blau's stochastic momentum index. - [Stop loss: what it is and how stop orders work](https://tactfolio.com/learn/stop-loss.md): What a stop-loss order is, how it differs from stop-limit and trailing stop orders, and why a price gap can sell you far below your stop. - [Sector rotation: how it works and what the evidence says](https://tactfolio.com/learn/sector-rotation.md): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [Trading signals: what they are and how to check them](https://tactfolio.com/learn/trading-signals.md): What a trading signal is, how rule-based signals differ from paid tip services, and what the CFTC and SEC warn about signal sellers and pump and dumps. ## Quant and automated investing - [Algorithmic trading: what it is and how it works](https://tactfolio.com/learn/algorithmic-trading.md): What algorithmic trading is, the main types of trading algorithms, who uses them, the 2010 flash crash, and how US regulators oversee algo trading. - [Quantitative trader: what quants do and how to become one](https://tactfolio.com/learn/quantitative-trading.md): What a quantitative trader does, the skills and pay, how quant trading strategies work, and how regular investors can use rules-based investing. - [How to automate an ETF rotation strategy: 7 steps](https://tactfolio.com/learn/automate-etf-rotation-strategy.md): How to automate an ETF rotation strategy: pick a classic rotation, read its rules and backtest, paper trade it, then run it in your own Alpaca account. - [Backtesting: what it is and how to backtest a strategy](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [Tactical asset allocation: how rules shift your mix](https://tactfolio.com/learn/tactical-asset-allocation.md): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following: how it works and what it costs](https://tactfolio.com/learn/trend-following.md): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [Mean reversion: what it is and how traders use it](https://tactfolio.com/learn/mean-reversion.md): Mean reversion is the idea that stretched prices drift back to their average. See the research, how RSI and Bollinger Bands measure it, and when it fails. - [Risk parity portfolio: what it is and how it works](https://tactfolio.com/learn/risk-parity.md): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [Markov regime model: how regime switching works in markets](https://tactfolio.com/learn/markov-regime-model.md): How Markov chains and hidden Markov models describe calm and stormy market regimes, what Hamilton's model showed, and simpler rules you can test. - [Sharpe ratio: formula, examples and what is a good one](https://tactfolio.com/learn/sharpe-ratio.md): The Sharpe ratio measures return per unit of risk. Learn the formula, work through an example, see what counts as good, and know its limits. - [Max drawdown: what it is and how to calculate it](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. Learn the formula, the recovery math, and the S&P 500's worst drops in 2008 and 2020. - [Calmar ratio: what it is and how to calculate it](https://tactfolio.com/learn/calmar-ratio.md): The Calmar ratio divides yearly growth by the worst drop. Formula, a worked example, its 1991 origin, and how it compares with Sharpe and Sortino. - [Can ChatGPT or Claude backtest a trading strategy?](https://tactfolio.com/learn/backtest-with-chatgpt.md): Yes, with one catch. How to use ChatGPT, Claude or another AI assistant to build and backtest a strategy on real prices, and which results to trust. --- # Tactfolio compared with other trading platforms > Fair, sourced comparisons of Tactfolio with Composer, Portfolio Visualizer, QuantConnect, and more: features, pricing, and who each suits best. Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Here is how it compares with other tools people use for rules-based and [automated investing](https://tactfolio.com/automated-trading.md), and what each one does better. | Tool | What it is | It suits | | --- | --- | --- | | [Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md) | A no-code app and broker for automated stock and ETF strategies | People who want one app that holds the account and trades for them | | [Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md) | A website for backtesting and analyzing portfolios | Investors and advisers who want deep analysis of a fixed mix, without trading | | [Autopilot](https://tactfolio.com/comparisons/tactfolio-vs-autopilot.md) | An app that copies portfolios of politicians, investors, and funds | People who want to follow someone else's picks without building anything | | [Option Alpha](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md) | A no-code platform for options trading bots | Options traders who want bots to open and manage trades | | [QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md) | A cloud platform for trading algorithms in Python or C# | Programmers who want many markets, intraday data, and full control | | [TrendSpider](https://tactfolio.com/comparisons/tactfolio-vs-trendspider.md) | A charting, scanning, and trading platform | Active traders who trade single symbols off charts, during the day | | [QuantMage](https://tactfolio.com/comparisons/tactfolio-vs-quantmage.md) | A no-code strategy builder that trades through Alpaca | People who want many market series in their rules and will pay for automation | | [Collective2](https://tactfolio.com/comparisons/tactfolio-vs-collective2.md) | A marketplace for following other traders' strategies | People who want to follow a manager with a live track record | | [Portfolio123](https://tactfolio.com/comparisons/tactfolio-vs-portfolio123.md) | A platform for ranking stocks by company data | Stock pickers who want to screen and rank by earnings, value, and growth | | [TuringTrader](https://tactfolio.com/comparisons/tactfolio-vs-turingtrader.md) | A signal service for ready-made tactical portfolios | Investors who want tested portfolios and will place trades by hand | | [ZuluTrade](https://tactfolio.com/comparisons/tactfolio-vs-zulutrade.md) | A copy trading platform for forex and CFDs | Forex traders outside the US who want to copy other traders | | [ORATS](https://tactfolio.com/comparisons/tactfolio-vs-orats.md) | An options research and data company | Options traders who want deep options backtests and data | ## How we compare We take every fact about another product from its own website, help pages, pricing page, or official filings. Each comparison lists those pages and the day we checked them. Prices and features change, so check the other site before you decide. Our [editorial policy](https://tactfolio.com/about/editorial-policy.md) explains how we write and check pages. We say plainly where another tool is the better fit. Tactfolio runs long-only strategies. Stock and ETF strategies use daily prices and trade through Alpaca. Crypto strategies on Hyperliquid perps can be backtested on hourly or daily bars, but they don't trade real money yet. If you need options, forex, short selling, or minute-by-minute trading, another tool on this page will suit you better. New to rules-based investing? Start with [what rules-based asset allocation is](https://tactfolio.com/docs/concepts/rules-based-allocation.md), or browse the [classic strategies](https://tactfolio.com/strategies/classics.md) we have built and tested. Comparing funds instead of tools? Our [ETF comparisons](https://tactfolio.com/etf-comparisons.md) put pairs like [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md) side by side, and our [Learn guides](https://tactfolio.com/learn.md) explain the basics in plain English. ## Tactfolio vs one tool - [Tactfolio vs Composer: features, pricing, and fit](https://tactfolio.com/comparisons/tactfolio-vs-composer.md): Tactfolio and Composer both automate rules-based portfolios. Compare their builders, backtests, AI tools, brokers, and pricing, with sources. - [Tactfolio vs Portfolio Visualizer: backtest and automate](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md): Looking for a Portfolio Visualizer alternative? Compare its monthly backtests and analysis tools with Tactfolio’s custom rules, daily data, and automation. - [Tactfolio vs Autopilot: copy trading vs your own rules](https://tactfolio.com/comparisons/tactfolio-vs-autopilot.md): Autopilot copies politicians’ and fund managers’ portfolios. Tactfolio runs rules you can read and backtest. Compare features, brokers, and pricing. - [Tactfolio vs Option Alpha: which automation tool fits?](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md): Option Alpha automates options trading bots. Tactfolio automates long-only stock and ETF portfolios. Compare features, brokers, and pricing. - [Tactfolio vs QuantConnect: no-code vs code compared](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md): QuantConnect is a code-first algorithmic trading platform. Tactfolio is a visual, no-code builder. Compare data, brokers, AI, and pricing. - [Tactfolio vs TrendSpider: portfolios vs chart trading](https://tactfolio.com/comparisons/tactfolio-vs-trendspider.md): TrendSpider is a charting and trading platform for active traders. Tactfolio runs rules-based stock and ETF portfolios. Compare features and pricing. - [Tactfolio vs QuantMage: features, pricing, and fit](https://tactfolio.com/comparisons/tactfolio-vs-quantmage.md): Tactfolio and QuantMage both build no-code strategies and trade through Alpaca. Compare their builders, backtests, data, and the price of automation. - [Tactfolio vs Collective2: copy traders or own your rules](https://tactfolio.com/comparisons/tactfolio-vs-collective2.md): Collective2 copies trades from strategy managers. Tactfolio runs rules you can read and backtest. Compare track records, markets, brokers, and pricing. - [Tactfolio vs Portfolio123: stock picking vs fund rules](https://tactfolio.com/comparisons/tactfolio-vs-portfolio123.md): Portfolio123 ranks stocks by company data. Tactfolio runs rules that rotate between funds. Compare data, backtests, brokers, and pricing. - [Tactfolio vs TuringTrader: follow signals or run rules](https://tactfolio.com/comparisons/tactfolio-vs-turingtrader.md): TuringTrader sends rebalance signals for ready-made tactical portfolios. Tactfolio lets you change the rules and trades them for you. Compare both. - [Tactfolio vs ZuluTrade: copy trading vs your own rules](https://tactfolio.com/comparisons/tactfolio-vs-zulutrade.md): ZuluTrade copies forex and CFD traders into your broker account. Tactfolio runs long-only stock and ETF rules you can test. Compare risk and price. - [Tactfolio vs ORATS: options research vs portfolio rules](https://tactfolio.com/comparisons/tactfolio-vs-orats.md): ORATS sells options backtests, scanners, and data. Tactfolio builds and runs long-only stock and ETF strategies. Compare what each one is for. ## Guides to the whole field - [Best portfolio backtesting tools: 8 compared and tested](https://tactfolio.com/comparisons/best-portfolio-backtesting-tools.md): We ran the same portfolio on several backtesting tools. Compare Portfolio Visualizer, testfol.io, Tactfolio, Composer, QuantConnect, and more. - [Best tactical asset allocation tools: 7 compared](https://tactfolio.com/comparisons/best-tactical-asset-allocation-tools.md): Compare AllocateSmartly, Tactfolio, Portfolio Visualizer, testfol.io, TuringTrader, Composer, and QuantMage for testing and following TAA strategies. - [Best no-code backtesting tools: 7 compared](https://tactfolio.com/comparisons/best-no-code-backtesting-tools.md): Test a trading idea without writing code. Compare Tactfolio, Composer, QuantMage, Portfolio123, TrendSpider, Option Alpha, and Portfolio Visualizer. - [Best algo trading platforms for retail investors](https://tactfolio.com/comparisons/best-algo-trading-platforms.md): Seven algo trading platforms for retail investors compared: QuantConnect, Composer, Tactfolio, QuantMage, Option Alpha, TrendSpider and Portfolio123. ## Two other tools compared - [Composer vs Option Alpha: which should you use?](https://tactfolio.com/comparisons/composer-vs-option-alpha.md): Composer automates stock and ETF portfolios. Option Alpha runs options bots in your own broker account. Compare markets, backtests, brokers and pricing. - [Composer vs QuantConnect: which one fits you?](https://tactfolio.com/comparisons/composer-vs-quantconnect.md): Composer is a no-code app that is also your broker. QuantConnect is a code platform for many markets and brokers. Compare data, AI, and pricing. ## Alternatives to one tool - [Composer alternatives: 5 tools compared](https://tactfolio.com/comparisons/composer-alternatives.md): Looking for a Composer alternative? Compare Tactfolio, QuantMage, Portfolio123, QuantConnect, and Option Alpha on brokers, building, and price. - [Portfolio Visualizer alternatives: 4 tools compared](https://tactfolio.com/comparisons/portfolio-visualizer-alternatives.md): Looking for a Portfolio Visualizer alternative? Compare testfolio, Tactfolio, AllocateSmartly, and Portfolio123 on data, trading, and price. - [AllocateSmartly alternatives: 5 tools compared](https://tactfolio.com/comparisons/allocatesmartly-alternatives.md): Looking for an AllocateSmartly alternative? Compare Tactfolio, TuringTrader, Portfolio Visualizer, testfolio, and Composer on automation and price. - [QuantMage alternatives: 4 tools compared](https://tactfolio.com/comparisons/quantmage-alternatives.md): Looking for a QuantMage alternative? Compare Tactfolio, Composer, testfol.io, and QuantConnect on automated trading, brokers, and price. - [Testfol.io alternatives: 5 tools compared](https://tactfolio.com/comparisons/testfolio-alternatives.md): Looking for a testfol.io alternative? Compare Portfolio Visualizer, Tactfolio, PortfolioCharts, AllocateSmartly, and Composer on data, trading, and price. --- # Trading bots you can read, test and run > Free trading bot templates built from published strategies. Read every rule and backtest, then run one on paper or in your own Alpaca account. A trading bot is a program that buys and sells for you by following set rules. On Tactfolio, a bot is a strategy you can read in full and test on decades of real prices. You then run it on paper or in your own Alpaca account. Each template below is built from a published strategy, so you can see every rule before it trades. ## Key points - Every Tactfolio bot is a set of written rules, shown as a tree of blocks. - You see each bot's backtest, with its worst drawdown, before you run it. - Stock and ETF bots run once a day on daily prices. Every bot is long only. - You run your own copy, on a paper account or in your own Alpaca account. - Everything is free while we build. Nothing here can promise a profit. ## How does a Tactfolio trading bot work? A Tactfolio bot is a saved strategy that Trade runs for you on a daily schedule. Each day it reads its rules and works out what it should hold. If the target changed, it trades to match it. If not, it does nothing. 1. **Pick a template or build your own.** Start from a bot below, a [classic strategy](https://tactfolio.com/strategies/classics.md), or a blank strategy in the [builder](https://tactfolio.com/builder). 2. **Read the rules and the backtest.** A backtest replays the rules on past prices, with a 0.05% cost on every trade. Learn [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md). 3. **Run it on paper.** A paper account uses pretend money at real market prices and emails you a summary after each close. 4. **Connect Alpaca when you are ready.** Use your own Alpaca account, paper or live, with your own API keys. The bot trades only the starting balance you give it. ## What Tactfolio bots do, and what they do not | Tactfolio bots | Tactfolio bots do not | | --- | --- | | Trade US-listed stocks and ETFs through your own Alpaca account | Trade options or work with other stock brokers | | Run once a day on daily prices | Day trade stocks | | Hold, switch and rebalance, long only | Sell short or borrow on margin | | Show every rule and the full backtest | Hide how they decide | Tactfolio can also test and paper trade Hyperliquid perpetual futures, such as the BTC perp, on hourly or daily bars. Those run on paper or the Hyperliquid testnet only. Real money on Hyperliquid is off. A drawdown is how far a portfolio falls from its last high point. Every bot page shows it, because it is the number that tells you how hard a bot is to live with. ## Can an AI build a trading bot for me? Yes. An AI assistant connected through MCP can build, backtest and save a bot from one sentence. You still check the rules and start it yourself. The [AI trading bot](https://tactfolio.com/bots/ai-trading-bot.md) page walks through it step by step. ## Common questions ### What is the best trading bot? No bot is best for everyone, and past results do not promise future ones. Look for rules you understand, a worst drawdown you could sit through, and costs included in the test. Each bot page here shows all three. ### Are trading bots free on Tactfolio? Yes. Everything is free while we build, including backtests, paper trading and running a bot in your own Alpaca account. Pricing comes with live trading. ### Do trading bots make money? Some rules have made money on past prices and some have lost it. A backtest is hypothetical, and a rule that worked before can stop working. Start on paper and size real money so a bad year would not hurt you. ### Can I change a bot template? Yes. Copy any bot's strategy to your account and change a fund, a lookback or a rule. Then backtest your version before you run it. ### Is a trading bot the same as copy trading? No. Copy trading usually means mirroring another person's trades. A Tactfolio bot follows rules you can read, and you run your own copy in your own account. ## Pages - [AI trading bot: build one by asking an AI assistant](https://tactfolio.com/bots/ai-trading-bot.md): Describe a rule to an AI assistant and it builds and backtests the bot in Tactfolio. You check it, then run it on paper or with Alpaca. - [Stock trading bot: rules for US stocks and ETFs](https://tactfolio.com/bots/stock-trading-bot.md): Build a stock trading bot from rules you can read, backtest it on decades of US prices, and run it daily on paper or in your own Alpaca account. - [Rebalancing bot: keep your portfolio at its target mix](https://tactfolio.com/bots/rebalancing-bot.md): Run a 60/40 or Golden Butterfly rebalancing bot. See the rules and backtests, then run it on paper or in your own Alpaca account. - [Dual momentum bot: run Antonacci’s GEM automatically](https://tactfolio.com/bots/dual-momentum-bot.md): Run Gary Antonacci’s dual momentum rules as a bot: SPY, VEU or AGG, checked once a month. See the backtest, then run it on paper or with Alpaca. - [Trend following bot: Faber’s 10-month moving average](https://tactfolio.com/bots/trend-following-bot.md): A trend following bot that holds SPY above its 10-month moving average and Treasury bills below. See the backtest, then run it on paper or with Alpaca. --- # Tactfolio facts: what it is and what it is not > The plain facts about Tactfolio: what it does, what it costs, which markets and broker it supports, and what it does not do. Checked October 17, 2026. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. 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. You can build by hand in a visual builder or by asking an AI assistant. This page lists the plain facts about Tactfolio in one place. Every fact was checked against the live product on October 16, 2026. When a fact changes, we change it here first and update the date at the top. ## Key points - Tactfolio is a web app at [tactfolio.com](https://tactfolio.com/). There is no desktop or phone app. - Strategies are long only. They hold US-listed stocks, funds or cash, and they trade once a day. - Three plans: Free, Plus and Pro. Building and backtesting are free on every plan. Paid plans are not open yet, so everything is free today. See [pricing](https://tactfolio.com/pricing.md). - Tactfolio is not a broker and never holds your money. Trades run in your own Alpaca account. - AI assistants can build and test strategies for you through Tactfolio's MCP server. ## What is Tactfolio? Tactfolio is software for testing and running investing rules. A rule is a plan you write down ahead of time. One rule might be "hold the S&P 500 while it is above its 200-day average, else hold bonds". Tactfolio replays that rule on past prices, which is called a [backtest](https://tactfolio.com/backtesting.md). If you like what you see, it can follow the rule for you every day. In short: Tactfolio is a free visual builder and backtester for rules-based investing strategies. ## Tactfolio at a glance These facts were checked on October 17, 2026. | Fact | Tactfolio | | --- | --- | | Name | Tactfolio (one word, capital T) | | Website | https://tactfolio.com | | What it is | A builder and backtester for rules-based investing strategies, with automatic trading in your own Alpaca account | | Kind of software | Backtesting software, portfolio strategy builder, automated investing | | Price | Free builds and backtests without limits and runs 1 live strategy. Plus is $12 a month or $99 a year. Pro is $29 a month or $249 a year. Paid plans are not open yet, so everything is free today. No share of trades or assets. | | Where it runs | In your web browser. No download. | | Markets you can trade | US-listed stocks and ETFs, long only, on daily prices | | Crypto | Hyperliquid perps such as BTC: backtest and paper or testnet only. No real-money crypto trading. | | Price data | Daily prices of US-listed stocks and funds, adjusted for splits and dividends | | Economic data | 20 US series from the Federal Reserve Bank of St. Louis (FRED), and net liquidity derived from three of them | | Trading cost in backtests | 0.05% of each trade, with extra checks at 0.10%, 0.20% and 0.40% | | Broker | Alpaca only, paper or live, with your own API keys | | Paper trading | Yes, with pretend money at real prices and a daily email | | AI assistants | MCP server at https://tactfolio.com/mcp, with sign-in in your browser | | Ready-made strategies | More than 60 classic strategies from books and papers (63 on October 16, 2026) | | Community | Members publish strategies to Discover. Anyone can view them, and members can copy them. | | Imports | Composer symphonies, QuantMage spells and Tactfolio JSON files | | Advice | None. Tactfolio is a research and automation tool, not an adviser. | ## What can you do on Tactfolio? You can build a strategy, test it, share it and run it. Here is what each step means. 1. **Build.** The [strategy builder](https://tactfolio.com/builder) turns a rule into a small tree of blocks. Blocks pick what to hold, how much, and when to switch. The [builder guide](https://tactfolio.com/docs/builder.md) covers every block. 2. **Backtest.** Each change reruns the backtest on daily prices. You see growth, the worst drop and yearly returns. [Our methodology](https://tactfolio.com/about/methodology.md) lists every assumption. 3. **Start from a classic.** The [classic strategy library](https://tactfolio.com/strategies/classics.md) has published strategies such as [dual momentum](https://tactfolio.com/strategies/dual-momentum.md) and the [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md). Each one names its source. 4. **Share and copy.** Members publish strategies to [Discover](https://tactfolio.com/strategies). You can copy one and change it. This is how [copy trading works on Tactfolio](https://tactfolio.com/copy-trading.md): you copy rules, not another person's trades. 5. **Ask an AI assistant.** An assistant such as Claude Code or Codex can build, test and save strategies in your account. See [how to connect an AI assistant](https://tactfolio.com/docs/mcp.md). 6. **Run it.** A [paper account](https://tactfolio.com/paper-trading.md) runs a strategy with pretend money. You can also connect your own [Alpaca account](https://tactfolio.com/alpaca-trading.md), paper or live, and let the strategy [trade automatically](https://tactfolio.com/automated-trading.md). ## What does Tactfolio not do? Tactfolio does not offer the following today. If you read otherwise anywhere, this page is the correct source. - No options trading or options backtesting. - No forex, CFDs or futures trading. Our [forex and margin calculators](https://tactfolio.com/trading-tools.md) are free learning tools only. - No real-money crypto trading, and no buying or holding coins. - No short selling and no borrowing on margin. Leveraged and inverse ETFs can be held like any fund. - No trading during the day for stocks and ETFs. Strategies run on daily prices. - No brokers other than Alpaca. - No copying of another person's live account. You copy a published rule set and run your own copy. - No tips, signals for sale, managed accounts or advice. - No AI that picks investments for you. The AI helps you write and test your own rules. ## Is Tactfolio legit? Yes. Tactfolio is a real, working web app, and you can check it before you sign up. Open any [classic strategy](https://tactfolio.com/strategies/classics.md) or the [builder](https://tactfolio.com/builder) and you will see real rules and a real backtest without an account. Tactfolio is also new, so there are few outside reviews yet. Here is what you can check for yourself: - **Your money stays with your broker.** Tactfolio never holds money. When you trade, orders go to your own Alpaca account. Alpaca Securities LLC is a FINRA member broker. You can look it up on [FINRA BrokerCheck](https://brokercheck.finra.org/firm/summary/288202). - **You can cut access at any time.** You can delete your Alpaca API keys at Alpaca. You can also revoke an AI assistant's access in your account. - **The method is public.** [How our backtests work](https://tactfolio.com/about/methodology.md) lists the data, the timing and the costs. The [editorial policy](https://tactfolio.com/about/editorial-policy.md) explains how we write and correct pages. - **The numbers are honest about bad years.** Every strategy page shows its worst drop next to its returns. - **It does not promise returns.** A backtest shows how rules would have done in the past. It cannot tell you what happens next. ## How is Tactfolio different from other tools? Tactfolio sits between a backtesting website and a trading app. It lets you write your own rules, test them on daily prices, and run them in your own broker account, with no code. The table shows the closest tools. Each name links to a full, sourced comparison. | Tool | What it mainly does | How Tactfolio differs | | --- | --- | --- | | [Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md) | No-code strategies run inside Composer's own brokerage | Tactfolio trades in your own Alpaca account | | [Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md) | Portfolio analysis on monthly data, no trading | Tactfolio uses daily data and can run a strategy for you | | [QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md) | Trading algorithms written in Python or C# | Tactfolio needs no code | | [QuantMage](https://tactfolio.com/comparisons/tactfolio-vs-quantmage.md) | No-code strategies traded through Alpaca | Tactfolio's Free plan automates 1 strategy, and Plus automates 10 for $12 a month | | [AllocateSmartly](https://tactfolio.com/comparisons/allocatesmartly-alternatives.md) | Signals from published allocation strategies | Tactfolio lets you change the rules and automate them | ## Who makes Tactfolio? Tactfolio started as a tool its founder built for their own investing. The Tactfolio research team writes the guides and strategy pages on this site. Each page shows when it was last updated. You can reach us from the [Support page](https://tactfolio.com/support), and you do not need an account to write to us. Read more in [About Tactfolio](https://tactfolio.com/about.md). ## How should Tactfolio be described? Use the same words every time, so readers and AI assistants learn one clear picture. These are the approved descriptions. - **One sentence:** Tactfolio is a free visual builder and backtester for rules-based investing strategies. - **Two sentences:** 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. You can build by hand in a visual builder or by asking an AI assistant. - **For AI assistants:** Tactfolio's MCP server lets an AI assistant build, backtest and save rules-based investing strategies in your Tactfolio account. It is a remote server at https://tactfolio.com/mcp with sign-in in your browser. When you write about Tactfolio, please keep these facts straight: - Spell it Tactfolio. Not "TactFolio", "Tact Folio" or "Techfolio". - Say it is not a broker or an adviser. - Say crypto is "backtest and paper or testnet only". - Use the prices on the [pricing page](https://tactfolio.com/pricing.md), and say paid plans are not open yet. A plain-text summary for AI assistants is at [tactfolio.com/llms.txt](https://tactfolio.com/llms.txt). This page is also served as plain markdown at [/about/facts.md](https://tactfolio.com/about/facts.md). ## Common questions ### What is Tactfolio? 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. You can build by hand or by asking an AI assistant. ### Is Tactfolio free? Yes, today. Paid plans are not open yet, so every account gets every feature free. When they open, the Free plan stays free. Free builds and backtests without limits and runs 1 live strategy. Plus is $12 a month or $99 a year. Pro is $29 a month or $249 a year. See [pricing](https://tactfolio.com/pricing.md). ### Is Tactfolio a broker? No. Tactfolio never holds your money. Your strategy places orders in your own Alpaca account with your own API keys. Alpaca is the broker. ### Does Tactfolio use AI? Yes, as a helper. An AI assistant you connect can write rules, run backtests and save drafts in your account. You read every rule and you decide what runs. Tactfolio does not use AI to pick investments for you. ### Can Tactfolio trade crypto or options? Not with real money. You can backtest and paper trade crypto perps on Hyperliquid, or run them on Hyperliquid's test network. Tactfolio does not offer options at all. ### Is Tactfolio investment advice? No. Tactfolio shows how rules would have behaved on past prices. It does not know your goals, your taxes or how much risk you can take. Backtests are hypothetical, and all investing involves risk, including losing the money you put in. ## Sources - [Alpaca Securities LLC on BrokerCheck](https://brokercheck.finra.org/firm/summary/288202), FINRA, accessed 2026-10-16 - [Federal Reserve Economic Data (FRED)](https://fred.stlouisfed.org/), Federal Reserve Bank of St. Louis, accessed 2026-10-16 - [How our backtests and data work](https://tactfolio.com/about/methodology), Tactfolio, accessed 2026-10-16 - [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp), Tactfolio, accessed 2026-10-16 --- # Editorial policy > How Tactfolio writes, checks, dates and corrects its pages: who writes them, where facts come from, how we use AI tools, and how to report a mistake. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. This policy explains how Tactfolio writes, checks, dates and corrects the pages we publish. It covers our guides, docs, strategy articles, tools and comparisons. It does not cover strategies that members publish in Discover. - We only state facts a reader can check on the page or at a linked source. - Every page shows who wrote it and when it was last updated. - Every backtest is called hypothetical and says its dates and costs. - We fix mistakes and change the "Updated" date when we do. - We never tell you what to buy or sell. ## Who writes our pages? The Tactfolio research team writes our pages. The byline at the top of each page names the writer and shows the date it was published and last updated. When a named person writes a page, the byline links to their author page. It shows their real name, their role, what they know and where to find them online. We never invent a person, a title, or a credential. We never hint at a license someone does not hold. ## How is a page checked before it goes live? Each page is checked against its sources and against our written style rules before we publish it. A check means: - every fact matches the source it links to, - every number has a date and a source, - every backtest figure matches what our engine produces, with its period and costs, - every claim about Tactfolio matches what the product does today, - the page is written in plain words, with no hype. When a second named person has checked a page, the byline names them as the reviewer. If no one has, we leave that line out. We do not fake it. ## Where do our facts come from? We use primary sources first. A primary source is the place a fact starts. For finance pages, that means: - regulators, such as the [SEC](https://www.sec.gov/), [Investor.gov](https://www.investor.gov/) and [FINRA](https://www.finra.org/), - fund issuers, through their prospectus and fact sheet, - the [Federal Reserve Bank of St. Louis (FRED)](https://fred.stlouisfed.org/) for US economic data, - the original paper or book for each strategy we describe. We use news sites and blogs only to point to an idea. We never use them as the only source for a number. Each source is linked next to the claim it supports, and listed again at the end of the page. ## How do we date data? Every number that can change carries its date. A backtest says the period it covers, the data it used and the cost it charged for each trade. Pages that update on their own show when they last updated and where the data came from. Our [methodology](https://tactfolio.com/about/methodology.md) explains how our backtests and data work. ## How do we write? We write for people who are new to investing on their own. We use short sentences and plain words. We explain each finance term the first time we use it. Details for advanced readers go in a clearly marked section near the end. We also follow these rules: - **We show risk first.** If a strategy lost 30% in a bad year, we say so near the top. - **We never promise returns.** We do not say "guaranteed", "risk-free" or "beat the market". - **We never call a backtest a track record.** A backtest is a test on past prices. It is not money anyone made. - **We never pick for you.** We explain how things work and what the evidence shows. The choice is yours. ## How do we use AI tools? We use AI writing tools to help us research, draft and check our pages. They do not decide what we publish. Every page must pass the same checks above, whoever or whatever drafted it. Facts and numbers come from the sources we link and from our own backtest engine, not from an AI model's memory. Tactfolio also lets your own AI assistant build and test strategies in your account. Those strategies are yours. They are not Tactfolio content. ## How do we write about other companies? We compare Tactfolio with other tools in a fair and factual way. Every fact about another company links to that company's own page and shows the date we checked it. We say plainly what another tool does better. We never make claims about another company's results. ## How do we make money from these pages? Tactfolio is free while we build, and our pages carry no ads. If we ever earn money from a link or a listing, the page will say so right next to it. ## What about community strategies? Members publish their own strategies in [Discover](https://tactfolio.com/strategies). We do not write, check or approve them before they go live. A strategy's author is not your adviser and does not know your situation. The [Tactfolio Score](https://tactfolio.com/docs/concepts/tactfolio-score.md) ranks every public strategy by the same rules. A high score is not a recommendation. ## How do we correct mistakes? We fix errors as soon as we confirm them. When a fix changes a fact or a number, we change the "Updated" date at the top of the page. When a fix changes a page's main conclusion, we add a short note that says what changed. Found something wrong? Tell us on the [Support page](https://tactfolio.com/support). Please include the page address and what you think is wrong. You do not need an account. ## When does this policy change? We update this policy when the way we work changes. The date at the top shows the latest version. --- # How our backtests and data work > Where Tactfolio gets its prices and economic data, when backtests trade, what costs they charge, simulated history, and how the Tactfolio Score ranks. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. This page explains where Tactfolio's data comes from and how our backtests work. A backtest replays a set of investing rules on past prices, as if you had followed them. Every backtest makes assumptions. We list ours here so you can judge how much to trust a result. - Prices are daily prices of US-listed stocks and funds, with dividends reinvested. - Crypto perp strategies use Hyperliquid's own prices. - Each trade pays a cost of 0.05% of the amount traded. - Rules only see prices up to the day they run. - Young funds can be extended back with simulated history, which is always labeled. - Every backtest is hypothetical. It is not a record of real trading. ## Where does the price data come from? Tactfolio uses daily prices for stocks and funds listed in the United States. Prices are adjusted for splits and dividends. That means a backtest's return includes dividends, as if they were reinvested. We update prices after each US market close. Big one-day jumps are checked against a second price source before we store them. If the data for a day is missing, the backtest stops with an error. We never fill a gap with a made-up return. The list of tickers holds stocks and funds that trade today. Companies that failed or were delisted are not in it. This is called survivorship bias, and it flatters any rule that picks single stocks. Funds that track broad indexes are much less affected. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains this and other traps. ## Where does the economic data come from? Rules can read 22 US economic series from the [Federal Reserve Bank of St. Louis (FRED)](https://fred.stlouisfed.org/). Examples are unemployment, inflation and interest rates. Net liquidity, the Fed's balance sheet less the Treasury's account and reverse repos, is worked out from three of them and counts only once all three are out. Economic numbers often get revised after they first come out. For monthly series, Tactfolio keeps each version as it was first published, using FRED's archive ([ALFRED](https://alfred.stlouisfed.org/)). A rule reads each number the way it looked on that day. It never sees a later revision early. ## When does a backtest trade? A rule reads the day's closing prices and trades at that same close. No rule can see a price from a later day. Real trading cannot quite do this, because you only know the exact close once the market has closed. So backtest charts also show a **Next-day open** line. It runs the same rules but trades at the next morning's opening price. If the two lines drift far apart, the result depends on trading right at the close. When a strategy runs in Trade, it makes its decision at 3:45 pm New York time, 15 minutes before the close. It retries at 3:50 and 3:55 if something fails. ## What costs does a backtest include? Every trade pays 0.05% of the amount traded. This is called slippage. It stands for the small gap between the price you see and the price you get. The cost is the same for every strategy, so results compare fairly. A **Reality checks** table repeats the same trades at 0.10%, 0.20% and 0.40%. You can see how much a result depends on cheap trading. Some costs are not included: - commissions, - taxes, - fund fees beyond those already in the fund's price. Cash that is not invested earns nothing. To earn a Treasury bill return, a strategy can hold a cash-like fund such as BIL. ## What is simulated history? Simulated history is a modelled price series that extends a young fund back before its first real trading day. For example, GLD's real prices start in 2004. Its simulated history reaches back to 1968. Simulated values are estimates. No one could have traded at those prices. When simulated history is used, the backtest names every ticker that used it and switches to real prices from each fund's first trading day. [Simulated history](https://tactfolio.com/docs/simulated-history.md) lists every fund it covers and how each one is built. ## How do crypto perp backtests work? A crypto perp strategy trades perpetual futures on Hyperliquid, a crypto exchange. Its backtest uses Hyperliquid's own prices. It never swaps in a US fund with the same name. Perps trade all day, every day. So these backtests differ in a few ways: - **Bars.** A strategy can run on hourly or daily bars. Every day counts, weekends included. Daily bars close at midnight UTC. - **Funding.** Holders of a perp pay or receive a small fee called funding. Each bar's price includes it, so returns show what holding the perp earned. - **Yearly figures.** Volatility and Sharpe use 365 days or 8,760 hours a year. - **No score yet.** Crypto perp strategies have no Tactfolio Score and are not ranked in Discover. Crypto perp strategies can run with pretend money on Hyperliquid's test network. Real-money trading on Hyperliquid is off. ## How are returns measured? | Measure | What it means | | --- | --- | | Total return | Growth over the whole backtest | | CAGR | Average yearly growth, compounded | | Volatility | How much daily returns swing, scaled to a year | | Max drawdown | The biggest drop from a high point to a low point | | Sharpe ratio | Yearly return divided by volatility | | Sharpe over T-bills | The same, after subtracting the 13-week Treasury bill return | | Calmar ratio | CAGR divided by the size of the max drawdown | | Turnover | How much of the portfolio is traded each year | You can also switch a backtest to "Real" returns. Real returns take out inflation, using the US consumer price index from the Bureau of Labor Statistics. Before 1913, they use Robert Shiller's monthly price index. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains how to use these numbers together. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) has the full list of settings. ## How is each benchmark chosen? Every backtest is compared with a benchmark over exactly the same dates. The default benchmark is SPY, a fund that tracks the S&P 500. You can pick another ticker or another saved strategy. Safer strategies usually earn less and fall less than the benchmark. So the Reality checks also show the benchmark scaled to the same risk as the strategy. If a strategy cannot beat that, holding the benchmark at that size would have done as well. ## How does the Tactfolio Score rank strategies? The Tactfolio Score ranks public strategies in [Discover](https://tactfolio.com/strategies) from 1 to 100. It tries to remove what a backtest may owe to hindsight. Then it compares strategies on three expected measures at once: Sharpe ratio, Calmar ratio and growth. The score takes points away for complexity and for results that break when the numbers are nudged. It gives weight to live results once a strategy has them. A high score is not a forecast and not a recommendation. [How the Tactfolio Score works](https://tactfolio.com/docs/concepts/tactfolio-score.md) explains every step. ## How are the classic strategy pages built? Each of our [classic strategies](https://tactfolio.com/strategies/classics.md) is built from its original paper or book. The article names that source and says how our version follows it. It also lists the funds our version holds. The results on each classic page are recomputed after every market close. The page shows the date the figures are as of. ## What can a backtest not tell you? A backtest cannot tell you what will happen next. Rules that look great on the past often do worse later. This happens because some of the rule fits noise that will not repeat. Some things a backtest also leaves out: - your taxes and your own trading costs, - how you would feel and act during a big drop, - delays or failed orders in real trading, - events that never happened in the test period. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you rely on any result. ## When does this page change? We update this page when the way Tactfolio computes results changes. The date at the top shows the latest version. Changes to the Tactfolio Score are also noted on [its own page](https://tactfolio.com/docs/concepts/tactfolio-score.md). Read the full [risk disclaimer](https://tactfolio.com/disclaimer.md) before you trade. ## Sources - [Federal Reserve Economic Data (FRED)](https://fred.stlouisfed.org/), Federal Reserve Bank of St. Louis - [Archival Federal Reserve Economic Data (ALFRED)](https://alfred.stlouisfed.org/), Federal Reserve Bank of St. Louis - [Consumer Price Index for All Urban Consumers (CPI-U), not seasonally adjusted](https://fred.stlouisfed.org/series/CPIAUCNS), U.S. Bureau of Labor Statistics, via FRED - [Online data: stock market and CPI since 1871](http://www.econ.yale.edu/~shiller/data.htm), Robert J. Shiller, Yale University, accessed 2026-10-16 --- # AI trading app: build and test rules with AI > Use an AI assistant to build, backtest, and save investing rules you can read. It can’t trade for you. US stocks and ETFs, daily, long only. Free. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. AI trading means using artificial intelligence to help with trading decisions. On Tactfolio, an AI assistant helps you write investing rules, test them on past prices, and save them. You read every rule, and you decide what runs. - Describe an idea in a sentence. Your AI assistant builds it as a strategy in your account. - Every strategy is a set of rules you can read. Nothing is hidden. - The assistant can test up to 12 versions of an idea, then check the winner on years it did not see. - The assistant can't trade or publish. Only you can start a strategy. - Stock strategies use daily prices of US stocks and ETFs, are long only, and trade through Alpaca only. Hyperliquid crypto perps are backtest and paper or testnet only. ## What is AI trading? AI trading is any kind of trading where software helps decide what to buy or sell. Some tools read the news. Some try to guess tomorrow's price. Others, like Tactfolio, help you write and test your own rules. The hard part is trust. If a tool can't show you why it bought something, you can't tell skill from luck. The CFTC, a US market regulator, warns that [AI won't turn trading bots into money machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html). The SEC warns that scammers often use AI claims to sell [fake investment schemes](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/artificial-intelligence-fraud). So we built Tactfolio's AI the other way around. The AI writes rules. You can read the rules, test them, and throw them away. ## How AI trading works on Tactfolio Tactfolio connects to AI assistants through MCP. MCP, short for [Model Context Protocol](https://modelcontextprotocol.io/introduction), is an open standard that lets an assistant use tools in other apps. 1. **Connect your assistant.** Add `https://tactfolio.com/mcp` to Claude, ChatGPT, Claude Code, Codex, Cursor, or another assistant that supports remote MCP. You approve access in your browser. There is no API key to copy. 2. **Describe a rule.** For example: "Hold QQQ while it is above its 50-day average and the VIX is under 25. Otherwise split between IEF and BIL. Backtest it from 2010 and save it as a draft." 3. **Read what it built.** The assistant saves a draft. Open it in the [builder](https://tactfolio.com/builder) to see the rules as a tree, with the backtest beside it. 4. **Run it if you want to.** You can start it on [paper](https://tactfolio.com/paper-trading.md) or in your own Alpaca account. That step is yours. The assistant can't take it. The [setup guide](https://tactfolio.com/docs/mcp.md) has the exact steps for each assistant. ## What your AI assistant can and can't do Your assistant works with the same blocks and the same backtests as you do. It works faster. | Your assistant can | Your assistant can't | | --- | --- | | Build a strategy from your description | Place trades or start trading | | Run backtests and compare up to 12 versions | Publish a strategy | | Find tickers and check their price history | Change your account settings | | Save drafts as new revisions you can undo | Hold anything your rules don't name | ## Why readable rules matter more with AI An AI can try 50 versions of a rule while you try one. That makes it very good at finding a rule that fit the past by luck. This problem is called **overfitting**: a rule that matches old prices well but fails on new ones. Tactfolio pushes back in three ways: - The `backtest_variants` tool tunes a rule on older years. Then it checks the winner once on recent years it has not seen. - Every backtest also shows a next-day-open line and a "Reality checks" table with higher costs. A rule that only works in a perfect world shows up fast. - When you publish a strategy, its page draws an "Out of sample" line on the day you published. Everything after that line is a real test. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the traps in more detail. If you want to see what a finished strategy looks like, open a [classic strategy](https://tactfolio.com/strategies/classics.md) such as [dual momentum](https://tactfolio.com/strategies/dual-momentum.md). ## What are the best AI trading platforms? The best AI trading platform is one where you can see and test what the AI built. These are the main tools that use AI to build or test strategies, as checked on October 16, 2026: | Platform | What its AI does | Where trades go | | --- | --- | --- | | Tactfolio | Your own assistant, such as Claude Code or Codex, builds and backtests rules through MCP | Your own Alpaca account, run by fixed rules | | Composer | "Trade with AI" builds strategies from plain English, using models from Anthropic and OpenAI | Your Composer brokerage account | | QuantConnect | An agent called Mia writes trading code, runs backtests and fixes errors | About 20 brokers | | TrendSpider | Sidekick builds and tests chart-based strategies | Many brokers through webhooks | | ORATS | An agent called Otto helps with options research | Orders you send to your own broker | Be careful with any app that says its AI picks winning stocks for you. A joint alert from the SEC, NASAA and FINRA warns about claims that AI can guarantee big returns. Our guide [can ChatGPT or Claude backtest a trading strategy?](https://tactfolio.com/learn/backtest-with-chatgpt.md) explains how to use AI for testing without fooling yourself. For a full list of rule-based platforms, see [the best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md). ## What Tactfolio does and does not do | Tactfolio does | Tactfolio does not | | --- | --- | | Let an AI assistant build, test, and save strategies in your account | Pick investments for you or give advice | | Backtest rules on daily prices of US-listed stocks and ETFs | Trade options, forex, or CFDs | | Backtest Hyperliquid crypto perps, then run them on paper or testnet | Trade crypto with real money | | Run a strategy on paper, or in your own Alpaca account | Work with any broker other than Alpaca | | Hold leveraged and inverse ETFs like any other fund | Sell short or borrow on margin | | Check stock rules once a trading day, near the close | Trade stocks during the day, or trade at high speed | ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the four starter patterns. No account is needed to look. When you want your assistant to help, follow the [MCP setup steps](https://tactfolio.com/connect). Building with AI is the same as building by hand, so you can also [backtest a strategy](https://tactfolio.com/backtesting.md) yourself first. ## Keep learning - [Algorithmic trading explained](https://tactfolio.com/learn/algorithmic-trading.md): how written rules turn into trades. - [Trading signals](https://tactfolio.com/learn/trading-signals.md): what a signal is, and how to test one before you trust it. - [Backtesting explained](https://tactfolio.com/learn/backtesting-explained.md): why every rule, from you or from an AI, needs a test on past prices. - [Backtest with ChatGPT or Claude](https://tactfolio.com/learn/backtest-with-chatgpt.md): three ways to use an AI assistant for backtesting, and which one to trust. - [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md): how two rule builders with AI help differ. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): a free tool that shows a range of possible futures for a plan. ## Common questions ### Is AI trading legit? AI can help with research, but it can't promise profits. Be careful with any app that promises sure or very high returns. The SEC warns that scams often use AI claims. On Tactfolio, the AI only helps you build rules, and every result is a backtest you can check. ### Can AI trade stocks for me? Not on Tactfolio. Your AI assistant can build and test a strategy, but it can't trade. You start trading yourself, on paper or in your own Alpaca account. From then on, the strategy follows its own rules. ### Which AI assistants work with Tactfolio? Any assistant that supports remote MCP servers with OAuth sign-in. The [MCP guide](https://tactfolio.com/docs/mcp.md) has steps for nine assistants, with one-click buttons for Claude, Cursor, and VS Code. We tested setup in Claude Code, Codex, and OpenCode. For Claude, ChatGPT, Cursor, VS Code, and Gemini CLI, we checked that sign-in reaches Tactfolio. ### Do I need to know how to code? No. You can describe an idea in plain words to your assistant. You can also build it by hand in the visual builder. Connecting an assistant takes one or two commands that you copy from the MCP page. ### What is a good AI trading app for beginners? No single app is right for everyone. A good one for a beginner shows its rules, tests on real prices with costs, and lets you practice with pretend money first. Tactfolio does all three. ### Is Tactfolio free? Yes. Everything is free while we build. Pricing comes with live trading. ## Sources - [Customer Advisory: AI Won’t Turn Trading Bots into Money Machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html), U.S. Commodity Futures Trading Commission, accessed 2026-10-16 - [Artificial Intelligence (AI) and Investment Fraud: Investor Alert](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/artificial-intelligence-fraud), U.S. Securities and Exchange Commission, Investor.gov, accessed 2026-10-16 - [What is the Model Context Protocol (MCP)?](https://modelcontextprotocol.io/introduction), Model Context Protocol, accessed 2026-10-16 --- # Paper trading: run a strategy with pretend money > Paper trade a whole strategy with pretend money at real prices. It runs by itself each trading day and emails you after the close. Free while we build. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Paper trading means trading with pretend money at real market prices. On Tactfolio, a paper account runs one of your strategies by itself and emails you a summary after each close. When you are ready, the same strategy can run in your own Alpaca account. - A Tactfolio paper account follows a strategy's rules, not your clicks. It is not a click-to-buy game. - A stock and ETF account checks the rules once each trading day, shortly before the US market closes, and trades only when the rules call for it. - Fills use real market prices, moved by the slippage you set. Splits and dividends are counted. - It is free while we build. It covers US-listed stocks and ETFs, long only. - It also covers Hyperliquid crypto perps, such as BTC. Those are backtest and paper or testnet only. Real-money crypto trading is not available yet. ## What is paper trading? Paper trading is practice trading with fake money. The name comes from the days when people wrote their trades down on paper to track them. Today many brokers offer a paper account. [Alpaca](https://docs.alpaca.markets/docs/paper-trading), for example, gives users a paper account that fills pretend orders at real quotes. Paper trading lets you learn how a plan feels before your own money is on the line. A mistake costs nothing. It has limits too. Pretend money feels different from real money. Real orders can fill at worse prices, or not fill at all. A good paper record is not a promise of a good real one. ## Paper trading a strategy vs clicking buy and sell Most paper trading tools let you click buy and sell by hand. That teaches you how you trade. A Tactfolio paper account teaches you how a set of rules trades, because the rules make every decision. | | Manual paper trading | Tactfolio paper account | | --- | --- | --- | | Who decides each trade | You, every time | Your strategy's rules | | When it trades | Whenever you click | Near the close, when the rules say so | | What you learn | How you react to the market | How a rule set behaves on new prices | | What you need to do each day | Watch and click | Read the daily email, if you like | | Moving to real money | Start again by hand | Run the same strategy in your Alpaca account | If you want to practice clicking buy and sell, a broker's paper account is the better fit. If you want to see whether a plan holds up, paper trade the plan. ## How a Tactfolio paper account works 1. **Pick a strategy.** Build your own in the [builder](https://tactfolio.com/builder), copy a [classic strategy](https://tactfolio.com/strategies/classics.md), or copy one from [Discover](https://tactfolio.com/strategies). 2. **Create a paper account in Trade.** Give it a name and a starting balance. You need a free Tactfolio account. No broker account is needed. 3. **Start trading.** The account follows your strategy from the next close. About 15 minutes before the US market closes, it checks the rules. If they call for a change, it trades at that moment's price. 4. **Read the daily email.** After the close, you get a summary of what changed. The Live tab shows the account's value, its drawdown, what it holds, and every trade. 5. **Move to Alpaca if you want to.** Connect your own [Alpaca](https://docs.alpaca.markets/docs/trading-api) account, paper or live, with your own API keys. The strategy then trades only the starting balance you give it. A **drawdown** is how far an account falls from its last high point. It is the number most people find hardest to live with, so watch it on paper first. ## Paper trading crypto perps A perp, short for perpetual future, is a contract that tracks a price, such as the price of bitcoin. [Hyperliquid](https://hyperliquid.gitbook.io/hyperliquid-docs) is an exchange that lists them. It has crypto perps such as BTC and ETH. It also has perps that track stocks, indexes, and gold, such as XYZ:TSLA and XYZ:GOLD. A Tactfolio strategy can hold Hyperliquid perps instead of stocks and ETFs. It can't hold both. Such a strategy is backtest and paper or testnet only: - **Paper.** A Hyperliquid paper account fills pretend orders at the exchange's middle price, less a small cost. - **Testnet.** You can also run it on your own Hyperliquid testnet account. The testnet is Hyperliquid's practice exchange, with play money. - **When it trades.** It checks the rules at the top of the hour, on the hours the strategy asks for, from once an hour to once a year. - **Funding.** A perp charges or pays a small fee every hour, called funding. The paper account books it, so the results include it. - **Limits.** It holds each perp at 1x, long only. It never borrows or sells short. Real-money trading on Hyperliquid is switched off. ## Paper trading vs a backtest A backtest replays your rules on past prices. A paper account runs them forward on prices that did not exist when you wrote the rules. You need both. | | Backtest | Paper account | | --- | --- | --- | | Prices used | Past prices | New prices, as they come | | How long it takes | Seconds | As long as you let it run | | Can the rules be tuned to it by luck | Yes, easily | No, the future is unknown | | What it shows best | How a rule did in many past markets | Whether real fills and timing match the plan | Start with a [backtest](https://tactfolio.com/backtesting.md) to see how a rule did in many years. Then paper trade it to see how it does from here on. If the two look very different, find out why before you use real money. ## Where can you paper trade? You can paper trade at many brokers and trading apps. These are the ones we checked on October 16, 2026: | Where | What you can paper trade | | --- | --- | | Tactfolio | A stock and ETF strategy, run by itself each day, with a daily email. Also crypto perps on Hyperliquid (backtest and paper or testnet only). | | Alpaca | Any orders you or your code send, with free real-time data. You can reset the account any time. | | Composer | A symphony you "Watch", with a pretend $1,000 | | Option Alpha | Options and stock bots, without limits, with live data | | QuantConnect | Coded algorithms on its own paper trading service | | ZuluTrade | Copied forex and CFD trades in a demo account | Pick the one that matches what you plan to trade with real money. A paper test only helps if it runs the same rules you will use later. See [the best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md) for how these tools compare. ## What Tactfolio does and does not do | Tactfolio does | Tactfolio does not | | --- | --- | | Run any of your strategies on paper, with a daily email | Offer a click-to-buy trading screen | | Fill paper orders at real prices with your slippage setting | Paper trade options or forex | | Paper trade Hyperliquid crypto perps, or run them on your own Hyperliquid testnet account | Trade crypto with real money, or buy and hold coins | | Count splits and dividends in your paper account | Sell short or borrow on margin | | Let you move the same strategy to your own Alpaca account | Work with any broker other than Alpaca | | Check stock rules once a trading day, near the close, and perp rules at most once an hour | Trade stocks during the day, or trade at high speed | ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and pick a starter pattern. Read its backtest, change one rule, and save your copy. Then open Trade and start it on paper. Our guide to [automated trading](https://tactfolio.com/automated-trading.md) explains what happens after that, day by day. ## Keep learning - [Backtesting explained](https://tactfolio.com/learn/backtesting-explained.md): what a test on past prices can and cannot tell you. - [Stop loss](https://tactfolio.com/learn/stop-loss.md): how a stop works, and why it can fill at a worse price. - [Leverage explained](https://tactfolio.com/learn/leverage-explained.md): why Tactfolio keeps crypto perps at 1x. - [Position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md): a free tool to size a trade by the risk you accept. - [SPY](https://tactfolio.com/etf/spy.md) and [all ETF pages](https://tactfolio.com/etf.md): facts and daily figures for funds you can paper trade. ## Common questions ### Is paper trading free on Tactfolio? Yes. Everything is free while we build. Pricing comes with live trading. You need a free account to create a paper account. ### Is paper trading the same as real trading? No. Paper trading uses pretend money, so nothing is at risk. Real orders can fill at worse prices or not fill at all. Paper results also can't show how you will feel when real money falls. ### How long should I paper trade a strategy? There is no set time. A strategy that trades once a month makes only a few trades in a season, so let it run long enough to see several. Compare what it did with its backtest over the same days. ### Do I need a broker account to paper trade? No. A paper account in Trade needs only a free Tactfolio account. You need your own Alpaca account only when you want the strategy to place real broker orders. ### Can I paper trade crypto on Tactfolio? Yes, through Hyperliquid perps such as BTC and ETH. They are backtest and paper or testnet only. You can't trade crypto with real money on Tactfolio yet, and you can't buy coins. To test a crypto strategy first, see [crypto backtesting](https://tactfolio.com/crypto-backtesting.md). ### Can I paper trade options on Tactfolio? No. Stock strategies hold US-listed stocks and ETFs, or cash. They can hold leveraged and inverse ETFs, but they can't sell short or borrow. ## Sources - [Paper Trading](https://docs.alpaca.markets/docs/paper-trading), Alpaca, accessed 2026-10-16 - [About Trading API](https://docs.alpaca.markets/docs/trading-api), Alpaca, accessed 2026-10-16 --- # Alpaca trading: run tested strategies in Alpaca > Connect your own Alpaca account, paper or live, and run a backtested strategy there. It trades only the balance you give it. No code. Free while we build. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Alpaca is a US broker that lets software place trades through an API. An API is a way for one program to talk to another. Tactfolio connects to your Alpaca account with your own API keys and runs one of your strategies there, on paper or with real money. - Test a strategy on decades of daily prices first, then run the same rules in Alpaca. - Use an Alpaca paper account to practice, or a live account for real orders. - Each strategy trades only the starting balance you give it. Your other holdings in Alpaca stay untouched. - Tactfolio never uses margin or short selling, even though Alpaca offers both. - You don't write code. You build the rules in a visual builder, or with an AI assistant. ## What is Alpaca trading? Alpaca trading means placing orders in an Alpaca brokerage account, usually through its [Trading API](https://docs.alpaca.markets/docs/trading-api) instead of a trading screen. Alpaca offers paper accounts with pretend money and live accounts with real money. It also lets you buy fractions of a share, from about $1. Most people who trade through Alpaca write their own code. Tactfolio gives you another way. You build a strategy, test it, and let Tactfolio send the orders to Alpaca for you. ## How to connect Alpaca to Tactfolio 1. **Build or copy a strategy.** Use the [builder](https://tactfolio.com/builder), a [classic strategy](https://tactfolio.com/strategies/classics.md), or a strategy from [Discover](https://tactfolio.com/strategies). 2. **Test it.** Read the backtest, the drawdown, and the reality checks. Then run it in a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) if you like. 3. **Create API keys in Alpaca.** Make keys for a paper account first. You can use live keys later. 4. **Add an Alpaca account in Trade.** Paste your keys and set the starting balance for the strategy. It must fit in the account's cash. 5. **Start trading.** From the next session, Tactfolio checks the rules about 15 minutes before the close and sends orders to Alpaca when they call for a change. Tactfolio warns you before you start if a holding's weight would make an order smaller than Alpaca's $1 minimum. ## What Tactfolio does inside your Alpaca account Tactfolio keeps its own record for each strategy: its cash, its orders, and its shares. That record decides every trade. | Tactfolio will | Tactfolio won't | | --- | --- | | Trade only the starting balance you give the strategy | Sell your other holdings to raise money | | Sell only the shares the strategy itself bought | Touch positions it did not open | | Rebalance on the strategy's current value | Change your Alpaca account settings | | Cancel only its own orders | Borrow on margin or sell short | Say you give a strategy $5,000 in an account that also holds other stocks. The strategy trades with that $5,000 and whatever it earns. If it grows to $5,200, it rebalances $5,200. Your other stocks are never part of it. ## Paper or live: which Alpaca account to use Start with paper. An Alpaca paper account fills pretend orders at real quotes, so you can check that everything works before real money is at stake. Alpaca's own [paper trading guide](https://docs.alpaca.markets/docs/paper-trading) notes that live orders can still behave differently. When you switch to live, the strategy places real orders with real money. Its results can differ from the backtest and from paper, because prices move and orders may fill at worse prices. ## What Tactfolio does and does not do | Tactfolio does | Tactfolio does not | | --- | --- | | Run your strategy in your own Alpaca account, paper or live | Work with any broker other than Alpaca | | Check rules once a trading day, near the close | Trade during the day or at high speed | | Trade US-listed stocks and ETFs, long only | Trade crypto, options, or forex in Alpaca | | Keep each strategy to its own starting balance | Hold your money. It stays with Alpaca | | Email you a summary after each close | Give advice or manage money for you | ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and pick a starter pattern or a classic. Test it, start it in a Tactfolio paper account, and watch it for a while. When you trust it, connect Alpaca. Our page on [automated trading](https://tactfolio.com/automated-trading.md) explains what happens each day after that. ## Keep learning - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md): why a strategy trades back to its weights. - [Dollar cost averaging](https://tactfolio.com/learn/dollar-cost-averaging.md): adding money on a schedule, and how it differs from a rule. - [Margin trading](https://tactfolio.com/learn/margin-trading.md): what borrowing to trade means, and its risks. - [Tactfolio vs Autopilot](https://tactfolio.com/comparisons/tactfolio-vs-autopilot.md): two ways to run a strategy in a brokerage account. - [Stock average calculator](https://tactfolio.com/trading-tools/stock-average-calculator.md): a free tool to find what you paid across several buys. ## Common questions ### Is Alpaca free to use with Tactfolio? Tactfolio is free while we build. Pricing comes with live trading. Alpaca sets its own fees and account rules, so check them on Alpaca's site. ### Do I need to code to trade on Alpaca? Not with Tactfolio. You build the rules in a visual builder or with an AI assistant. Tactfolio places the orders through Alpaca's API for you. ### Can I use an Alpaca paper account? Yes. Connect Alpaca paper keys to test with pretend money and real quotes. You can also use a Tactfolio paper account, which needs no broker at all. ### Will Tactfolio touch my other Alpaca positions? No. A strategy only trades its own starting balance and the shares it bought. It never sells anything else you hold. ### Does Tactfolio trade crypto on Alpaca? No. Alpaca offers crypto, but Tactfolio strategies trade only US-listed stocks and ETFs in Alpaca. Tactfolio's crypto support is Hyperliquid perps, and those are backtest and paper or testnet only. ## Sources - [About Trading API](https://docs.alpaca.markets/docs/trading-api), Alpaca, accessed 2026-10-16 - [Paper Trading](https://docs.alpaca.markets/docs/paper-trading), Alpaca, accessed 2026-10-16 --- # Copy trading: copy a strategy, run your own copy > Copy a published strategy’s rules, check its backtest and live record, and run your own copy. No mirroring of anyone’s account. Free while we build. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-10-15. Copy trading usually means your account repeats another trader's trades as they happen. Tactfolio works differently. You copy the rules of a published strategy, check its backtest and live record, and run your own copy in your own account. - There is no mirroring. Nobody trades for you, and no author sees your account. - Every public strategy shows its exact rules, its backtest, and an "Out of sample" line from the day it was published. - [Discover](https://tactfolio.com/strategies) ranks every public strategy by the Tactfolio Score, from 1 to 100. - You can copy a strategy, change it, or use it as a building block in your own. The author keeps the credit. - You run your copy on paper or in your own Alpaca account. It trades once a day at most, long only, in US stocks and ETFs. A copy of a Hyperliquid crypto perp strategy is backtest and paper or testnet only. ## What is copy trading? Copy trading is a service that trades your money based on the trades of another trader. That is how Europe's market regulator, [ESMA](https://www.esma.europa.eu/sites/default/files/2023-03/ESMA35-42-1428_Supervisory_Briefing_on_Copy_Trading.pdf), describes it. **Social trading** is the wider idea: traders share what they do, and others follow them. **Mirror trading** is an older name for copying a strategy's signals. Copying a person has a weak spot. You see their results, but often not their reasons. A trader with a great year may have taken big risks or been lucky. When they change their mind, your account changes with them. ## How copying a strategy works on Tactfolio On Tactfolio you copy a strategy, not a person. A strategy is a written set of rules, so you can see every reason before you copy anything. 1. **Browse Discover.** It lists every published strategy with its score, growth, drawdown, and other numbers over up to 10 years. You can search by strategy, author, or ticker. 2. **Open a strategy.** Its page shows the rules as a tree, the backtest, and the list of versions. No account is needed to look. 3. **Copy it.** Choose **Copy to my strategies**. You get a private draft of the exact version you were looking at. 4. **Change it or combine it.** Edit anything you like. Or add a **Strategy** block to your own strategy and pick a published one. That block stays on one exact version, so the author's later changes never reach you unless you choose to update. 5. **Run your copy.** Start it on [paper](https://tactfolio.com/paper-trading.md), or in your own Alpaca account. Your copy follows its own rules from then on. ## Copy trading vs copying a strategy on Tactfolio | | Typical copy trading | Copying a strategy on Tactfolio | | --- | --- | --- | | What you copy | Another person's live trades | A published set of rules | | What you can check first | The leader's past results | The exact rules, the backtest, and the record since publishing | | Who decides your trades | The leader | Your copy's rules | | If the author changes their mind | Your trades change too | Nothing changes until you choose to update | | Where your money is | Usually with the copy trading provider | In your own Alpaca account, or pretend money on paper | ## How to judge a strategy before you copy it A high rank is a starting point, not a reason. Check these five things first. - **Read the rules.** If you can't explain the strategy in two sentences, don't run it yet. - **Look past the "Out of sample" line.** Results after that line came after the rules were fixed, so nobody could have tuned them. It is the most honest part of the chart. - **Check the max drawdown.** A **max drawdown** is the biggest fall from a high point. Ask yourself whether you could sit through it. - **Check the costs.** The "Reality checks" table repeats the trades at higher costs. A strategy that only works with tiny costs is fragile. - **Prefer a reason.** A rule with a clear idea behind it, like "hold bonds when stocks trend down", tends to last longer than a rule found by trial and error. [How the Tactfolio Score works](https://tactfolio.com/docs/concepts/tactfolio-score.md) explains the ranking. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains the numbers. A strategy's past results are not a promise. The author is not your adviser and does not know your situation. ## Social trading on Tactfolio Social trading on Tactfolio means sharing rules, not trades. Members publish strategies, and everyone can see, test, and build on them. - **Publishing.** Any member can publish a strategy under a public handle. Its page shows the rules, the backtest, and every version. - **Discover.** Every published strategy is listed in one place, ranked by the Tactfolio Score. You can sort by growth, drawdown, Sharpe, and more. - **Stars and follows.** Star a strategy to keep it on your list. Follow an author to find their strategies in Discover. - **Credit.** When you copy a strategy or use it inside your own, the page says where it came from. Authors' profiles show how many stars, followers, and copies their work has earned. - **A live record.** Each published version keeps running on new prices from the day it went public, so time tests every claim. There are no comments and no feed. Talk about strategies wherever you already talk about investing, and bring a link. ## Who publishes the strategies Tactfolio members publish their own strategies under a public handle. A pseudonym is fine. The Tactfolio team also publishes more than 60 [classic strategies](https://tactfolio.com/strategies/classics.md) from books and research papers, such as Mebane Faber's [10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md) rule. Each classic has an article with its sources. Published versions are permanent. An author can't quietly delete a bad version or rewrite its history. They can only publish a new version, and the page lists every one. ## What are the best copy trading apps? The best copy trading app depends on what you want to copy: a person's trades, a famous portfolio, or a set of rules. These are the apps we checked on October 16, 2026: | App | What you copy | Markets | Where trades go | | --- | --- | --- | --- | | ZuluTrade | Trades of ranked traders it calls Leaders | Mostly forex and CFDs | An account at a partner broker | | Collective2 | Trades of strategy managers, on a live record | Stocks, options, futures and forex | Your own account at a supported broker | | Autopilot | Portfolios inspired by politicians, famous investors and funds | Securities your broker trades, without options or short positions | Your own account at brokers such as Robinhood and Schwab | | Tactfolio | A published set of rules you can read, test and change | US stocks and ETFs | Your own Alpaca account, run as your own copy | Copying a person means you trust their next trade, which you cannot see ahead of time. Copying rules means you can test them on past prices first. A strategy's past results are not a promise. The author is not your adviser and does not know your situation. Full comparisons: [Tactfolio vs ZuluTrade](https://tactfolio.com/comparisons/tactfolio-vs-zulutrade.md), [Tactfolio vs Collective2](https://tactfolio.com/comparisons/tactfolio-vs-collective2.md) and [Tactfolio vs Autopilot](https://tactfolio.com/comparisons/tactfolio-vs-autopilot.md). ## What Tactfolio does and does not do | Tactfolio does | Tactfolio does not | | --- | --- | | Let you copy, change, and combine published strategies | Mirror another person's live account | | Show each strategy's rules, backtest, and record since publishing | Let authors trade for you or see your account | | Run your copy on paper, or in your own Alpaca account | Work with any broker other than Alpaca | | Rank public strategies by the Tactfolio Score | Copy crypto, forex, options, or CFD traders | | Keep the author's credit on every copy | Charge fees or pay authors today | ## Try it on Tactfolio Open [Discover](https://tactfolio.com/strategies) and sort by the column you care about most. Pick one strategy and read its rules. When you find one you understand, open the [builder](https://tactfolio.com/builder), copy it, and run your copy on paper first. If you would rather start from your own idea, see [AI trading](https://tactfolio.com/ai-trading.md) to build one with an AI assistant. ## Keep learning - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): the worst fall from a peak, and why it matters before you copy. - [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md) and [Calmar ratio](https://tactfolio.com/learn/calmar-ratio.md): two ways to weigh return against risk. - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md): the kind of strategy most public strategies use. - [Best tactical asset allocation tools](https://tactfolio.com/comparisons/best-tactical-asset-allocation-tools.md): where else you can follow these strategies. - [AllocateSmartly alternatives](https://tactfolio.com/comparisons/allocatesmartly-alternatives.md) and [Composer alternatives](https://tactfolio.com/comparisons/composer-alternatives.md): other tools, side by side. ## Common questions ### Is copy trading legal? Rules for copy trading services differ by country. Tactfolio is not a copy trading service in that sense. It does not trade for other people or manage money. You run your own copy of a strategy in your own account. ### Does the author see my trades? No. Nobody sees your account or your trades. A strategy's page shows only how many copies people made and how many other strategies use it. ### What happens when the author updates the strategy? Your copy doesn't change. It is yours. If you used the strategy as a building block, your strategy stays on the version you picked. The builder offers the update with the author's note, and you decide. ### Is copying a strategy free? Yes. Copying, changing, and running a copy on paper are free while we build. Pricing comes with live trading. ### Can I copy a strategy without an account? You can look at any public strategy without an account. To copy one, save it, or run it, you need a free account. ## Sources - [Supervisory Briefing on Copy Trading (ESMA35-42-1428)](https://www.esma.europa.eu/sites/default/files/2023-03/ESMA35-42-1428_Supervisory_Briefing_on_Copy_Trading.pdf), European Securities and Markets Authority, accessed 2026-10-16 --- # Backtesting software: test a strategy on real prices > Free backtesting software for stocks, ETFs, and crypto perps. Test a strategy with dividends, funding, and costs counted, then paper trade it. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-10-15. Backtesting software shows how a trading strategy or a portfolio would have done on past prices. Tactfolio backtests both on daily prices of US-listed stocks and ETFs, with dividends reinvested and a cost on every trade. It also backtests Hyperliquid crypto perps, such as BTC, on daily or hourly prices. It is free, and you can look around without an account. - Test a fixed mix, like 60% stocks and 40% bonds, or rules that change what you hold. - Prices are daily and adjusted for splits and dividends. Every trade pays a 0.05% cost. - Each backtest shows growth, the deepest fall, what it held and when, and a benchmark over the same dates. - A next-day-open line and a "Reality checks" table show how fragile a result is. - A backtest is hypothetical. It can't tell you what happens next. ## What is backtesting? Backtesting means testing a plan on past data, as if you had followed it at the time. The SEC's investor site describes it the same way, and adds a warning: back-tested performance [is hypothetical and does not reflect actual performance](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47). A backtest answers questions like these: - How much would $1 have grown? - How far did it fall in the worst year? - How often did it trade? - Did it beat holding the S&P 500 over the same dates? ## How to backtest a trading strategy on Tactfolio 1. **Open the builder.** Go to the [builder](https://tactfolio.com/builder). You can look at four starter patterns and their last 10 years without an account. 2. **Add what you want to hold.** Add tickers, such as SPY for US stocks and IEF for Treasury bonds. Put them in a **Weight** block and set the split, such as 60% and 40%. 3. **Add rules if you want them.** An **If** block can switch holdings when a condition is true. A **Rank** block can hold the strongest few funds. 4. **Pick dates and a benchmark.** A benchmark is what you compare against, such as holding SPY alone. 5. **Read the results.** The backtest reruns every time you change a number. Save your strategy with a free account, and every save is kept. The [getting started guide](https://tactfolio.com/docs/getting-started.md) walks through a first strategy in about 10 minutes. ## What a Tactfolio backtest includes Every backtest uses the same rules, so results are fair to compare. The full list is in [what a backtest simulates](https://tactfolio.com/docs/backtests.md). | Part of the test | What Tactfolio does | | --- | --- | | Prices | Daily prices of US-listed stocks and funds, adjusted for splits and dividends | | Trade timing | Trades at the same day's close as the signal, plus a next-day-open line to compare | | Costs | 0.05% (5 basis points) on every trade, the same for every strategy | | Crypto perps | Hyperliquid perps on daily or hourly prices, with funding counted in the price. Backtest and paper or testnet only | | Economic data | US data from the Federal Reserve Bank of St. Louis (FRED), usable in rules | | Young funds | Optional [simulated history](https://tactfolio.com/docs/simulated-history.md) reaches further back, clearly labeled | | Benchmarks | Any ticker you pick, over exactly the same dates | | Reality checks | The same trades at higher costs, and the benchmark held at your level of risk | ## A worked example: dual momentum Here is a real backtest, with the awkward part first. Gary Antonacci's [dual momentum](https://tactfolio.com/strategies/dual-momentum.md) strategy grew less than holding the S&P 500 over the ETF era. It fell less in its worst drop, though. Each month, the strategy holds US stocks or stocks outside the US, whichever did better over 12 months. If US stocks did worse than Treasury bills, it holds bonds instead. | Measure | Dual momentum (live version) | | --- | --- | | Backtest period | August 4, 2008 to October 15, 2026 | | Yearly growth (CAGR) | 8.89% | | Worst fall (max drawdown) | 33.72% | | $1 grew to | $4.71 trading at the close, $4.43 at the next day's open | | $1 in SPY grew to | $8.60 over the same dates | Figures as of October 15, 2026, from the [live strategy page](https://tactfolio.com/s/tactfolio/antonacci-gem), using daily prices with dividends reinvested and a 0.05% cost per trade. These results are hypothetical. **CAGR** is the average yearly growth rate. **Max drawdown** is the biggest fall from a high point to a later low. The next-day-open line is lower, which shows that the result depends a little on trading at the exact close. ## Common backtesting mistakes A backtest can fool you. These are the usual traps. - **Testing too many versions.** Try enough rules and one will look great by luck. This is called **overfitting**. - **Ignoring costs.** Rules that trade often can lose their edge to costs. - **Using a short window.** Ten good years can hide a bad decade. - **Looking ahead by accident.** A rule must only use prices it could have seen at the time. Tactfolio's engine never lets a rule see a later day. - **Forgetting how it felt.** A 30% drop is a number in a table. Living through it is harder. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) covers each trap and how to guard against it. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains every number in the results. ## What Tactfolio does and does not do | Tactfolio does | Tactfolio does not | | --- | --- | | Backtest fixed mixes and rules-based strategies on daily prices | Backtest options, forex, or crypto coins you buy and hold | | Backtest Hyperliquid crypto perps on daily or hourly prices | Trade crypto with real money | | Reinvest dividends and charge a cost on every trade | Test stocks during the day, or minute by minute | | Show a next-day-open line and reality checks | Call a backtest a track record | | Let you run a tested strategy on paper or with Alpaca | Work with any broker other than Alpaca | | Hold leveraged and inverse ETFs like any other fund | Test short selling or margin borrowing | ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and start from a pattern or a blank canvas. If you would rather start from a tested idea, open one of the 62 [classic strategies](https://tactfolio.com/strategies/classics.md) and copy it. When a backtest looks good, [paper trade it](https://tactfolio.com/paper-trading.md) to see how it does on new prices. ## Keep learning - [Backtesting explained](https://tactfolio.com/learn/backtesting-explained.md): the idea in plain words, with the traps to avoid. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md) and [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md): two numbers to read on every backtest. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy.md): the idea behind the dual momentum example above. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md) and the [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md): free tools for a fixed mix and a yearly rate. - [Best portfolio backtesting tools](https://tactfolio.com/comparisons/best-portfolio-backtesting-tools.md) and [Tactfolio vs Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md): how Tactfolio compares. ## Common questions ### Is backtesting free on Tactfolio? Yes. Everything is free while we build. Without an account, you can see the starter patterns and every public strategy's backtest. To run your own backtests and save them, you need a free account. ### How far back can I backtest? It depends on the tickers you use. SPY prices start in 1993, and many funds start later. A backtest begins once every ticker has prices. For some young funds, simulated history can reach further back. Crypto perps have less history. Hyperliquid's daily prices start with BTC in August 2020, and hourly prices cover a much shorter time. Perps that track a stock or gold can use simulated history from the asset they track. ### Why are my results different from another backtesting site? Small choices add up. The usual causes are trade timing, trading costs, whether dividends are reinvested, and how the Sharpe ratio is figured. Our [FAQ](https://tactfolio.com/docs/faq.md) lists each one. ### Can I backtest a stock portfolio, not only ETFs? Yes. Tactfolio backtests US-listed stocks and funds. You can mix single stocks and ETFs in one strategy. ### Can I backtest crypto on Tactfolio? Yes, through Hyperliquid perps such as BTC and ETH, on daily or hourly prices. Crypto is backtest and paper or testnet only. A strategy holds either stocks and ETFs or perps, never both. [Crypto backtesting](https://tactfolio.com/crypto-backtesting.md) covers funding, bars, and history. ### Is a good backtest proof that a strategy works? No. A backtest shows how rules would have done on prices that already happened. Rules often do worse afterwards. Test on dates the rule was not built on, and paper trade it before you use real money. ## Sources - [Investor Bulletin: Performance Claims](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47), U.S. Securities and Exchange Commission, Investor.gov, accessed 2026-10-16 --- # Crypto backtesting: test rules on Hyperliquid perps > Backtest crypto rules on Hyperliquid perps like BTC and ETH, daily or hourly, with funding and costs counted. Free. Backtest and paper or testnet only. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-10-16. Crypto backtesting shows how a set of trading rules would have done on past crypto prices. Tactfolio backtests rules on Hyperliquid perps, such as BTC and ETH, on daily or hourly prices. Funding and a cost on every trade are counted. It is free, and crypto on Tactfolio is backtest and paper or testnet only. - Test crypto perps such as BTC, ETH, SOL, and HYPE, and perps that track stocks, indexes, and gold, such as XYZ:TSLA and XYZ:GOLD. - Pick daily or hourly bars. Rules can run every hour, every 4 hours, or once a day, week, or month. - Prices are adjusted for funding, so every result is net of it. Every trade pays a 0.05% cost. - A crypto strategy holds only perps, never stocks or ETFs as well. - It holds each perp long, at 1x. It never borrows or sells short. - A backtest is hypothetical. It can't tell you what happens next. ## What is crypto backtesting? Backtesting means testing a plan on past prices, as if you had followed it at the time. The SEC's investor site warns that back-tested results [are hypothetical and do not reflect actual performance](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47). Crypto adds three things to watch: - **The market never closes.** Crypto trades every hour of every day, weekends included. A test needs prices for all of those hours. - **History is short.** Bitcoin has traded for years, but most coins and most perps have not. A short test can miss a bad year. - **Perps charge funding.** Holding a perp long usually costs a small fee every hour. A test that leaves it out looks better than real life. ## What you can backtest on Tactfolio Tactfolio tests perps listed on [Hyperliquid](https://hyperliquid.gitbook.io/hyperliquid-docs), an exchange for perpetual futures. A **perp** is a contract that tracks a price, such as the price of bitcoin, with no end date. | What you can test | Examples | Notes | | --- | --- | --- | | Crypto perps | BTC, ETH, SOL, HYPE | Hyperliquid's main market | | Stock perps | XYZ:TSLA, XYZ:NVDA, XYZ:AAPL | Listed on trade.xyz, a market on Hyperliquid | | Index perps | XYZ:XYZ100, XYZ:SP500 | XYZ100 tracks the Nasdaq 100 | | Commodity perps | XYZ:GOLD, XYZ:SILVER | Can mix with crypto in one strategy | | Bars | Daily or hourly | Daily bars close at 00:00 UTC | | Costs | 0.05% on every trade | Close to Hyperliquid's base taker fee of [0.045%](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) | A strategy picks its market when you create it, and the market never changes. A crypto strategy can mix crypto with stock and gold perps, such as BTC and XYZ:GOLD. It can't hold SPY or any other US-listed fund. ## How funding is counted Hyperliquid [pays funding every hour](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding). When the rate is positive, people who hold a perp long pay people who hold it short. Tactfolio adjusts past prices for funding, the way stock prices are adjusted for dividends. So a backtest's growth is already net of the funding a long position paid. Here is how much longs paid over the 20 days to October 16, 2026, as a yearly rate: | Perp | Funding paid by longs, per year | | --- | --- | | BTC | 7.7% | | ETH | 8.3% | | XYZ:TSLA | 8.2% | | XYZ:XYZ100 | 5.4% | | XYZ:GOLD | 6.6% | Rates change all the time, and they can turn negative. The point is the size: a test that skipped funding would look about that much better each year. ## How far back the test goes | Prices | Where they start | | --- | --- | | BTC, daily | August 19, 2020, when it listed on Hyperliquid | | Stock perps on trade.xyz, daily | Late 2025 for most of them | | Hourly bars | About 208 days back when a perp is first used, and longer from then on, since Tactfolio keeps every new hour | A backtest starts once every perp in it has prices. For a perp that tracks a stock or gold, you can turn on [simulated history](https://tactfolio.com/docs/simulated-history.md) on daily bars. It fills the years before the perp listed with the prices of the asset it tracks, such as GLD for the gold perp, and charges a funding cost on top. Simulated history is off until you turn it on, and the results say which part is modelled. For a crypto perp, simulated history fills the years before it listed with Hyperliquid's own reference prices for the coin, which reach back to 2020 for BTC and ETH, and charges the perp's average funding on top. With it off, a crypto backtest covers only the years the perp has traded on Hyperliquid. ## How to backtest a crypto strategy on Tactfolio 1. **Open the builder.** Go to the [builder](https://tactfolio.com/builder) and pick Hyperliquid as the market on the start page. 2. **Start from a pattern or a blank strategy.** Two starters are ready: **Crypto trend or cash** holds BTC and ETH while bitcoin is above its 200-day average and steps out to cash when it is not. **Bitcoin and gold** balances BTC with the gold perp. 3. **Add your rules.** An **If** block can switch holdings when a condition is true. A **Rank** block can hold the strongest few perps. An empty **Weight** block means cash. 4. **Pick how often it runs.** Hourly or every-4-hours runs use hourly bars. Daily, weekly, or monthly runs use daily bars. 5. **Read the results.** The backtest shows growth, the deepest fall, what it held and when, and BTC held alone over the same dates. Save it with a free account, and every save is kept. When a test looks good, run it forward on a [Hyperliquid paper account](https://tactfolio.com/paper-trading.md) or your own Hyperliquid testnet account. Neither uses real money. ## Crypto backtesting mistakes to avoid - **Leaving out funding.** A long perp often pays several percent a year. Tactfolio counts it, but a test elsewhere may not. - **Trusting a short test.** A strategy built on one bull run can fail in the next bear market. Check how it did in 2022, when crypto fell hard. - **Testing too many versions.** Hourly bars give you many more numbers to tune. Try enough rules and one will look great by luck. This is called **overfitting**. - **Trading too often.** Hourly rules can trade many times a day. Each trade pays the 0.05% cost, and it adds up fast. - **Forgetting the drops.** Bitcoin has fallen more than 70% from a high more than once. Look at the deepest fall before you look at the growth. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) covers each trap. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains every number in the results. ## What Tactfolio does and does not do | Tactfolio does | Tactfolio does not | | --- | --- | | Backtest Hyperliquid crypto, stock, index, and gold perps | Backtest coins you buy and hold, or other crypto exchanges | | Test on daily or hourly bars, with funding counted | Test minute by minute | | Run a tested strategy on paper or your own Hyperliquid testnet account | Trade crypto with real money | | Hold each perp long at 1x | Use leverage or sell short | | Keep crypto and stock strategies apart | Mix perps with US-listed stocks or ETFs in one strategy | | Label simulated history on stock and gold perps | Simulate history for crypto perps | ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder), pick Hyperliquid on the start page, and open **Crypto trend or cash**. Change the average, the perps, or how often it runs, and the backtest runs again. For stocks and ETFs instead, see [backtesting on Tactfolio](https://tactfolio.com/backtesting.md). ## Keep learning - [Trend following](https://tactfolio.com/learn/trend-following.md): the idea behind the crypto trend starter. - [Moving average](https://tactfolio.com/learn/moving-average.md): how a 200-day average is worked out. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md) and [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md): two numbers to read on every backtest. - [Leverage explained](https://tactfolio.com/learn/leverage-explained.md): why Tactfolio keeps perps at 1x. - [Backtesting explained](https://tactfolio.com/learn/backtesting-explained.md) and [quant trading on Tactfolio](https://tactfolio.com/quant-trading.md): more on testing rules. - [Best no-code backtesting tools](https://tactfolio.com/comparisons/best-no-code-backtesting-tools.md): how Tactfolio compares. ## Common questions ### Is crypto backtesting free on Tactfolio? Yes. Everything is free while we build. You need a free account to run and save your own backtests. ### Can I trade crypto with real money on Tactfolio? No. Crypto on Tactfolio is backtest and paper or testnet only. Real-money trading on Hyperliquid is switched off. ### Which crypto can I backtest? Perps listed on Hyperliquid, such as BTC, ETH, SOL, and HYPE. You can also test perps that track stocks, indexes, and gold on trade.xyz, such as XYZ:TSLA, XYZ:SP500, and XYZ:GOLD. ### Can I backtest bitcoin on hourly bars? Yes. Pick hourly or every-4-hours runs, and the strategy uses hourly bars. Hourly history is shorter than daily history, so the test covers fewer years. ### Is a perp the same as owning bitcoin? No. A perp tracks bitcoin's price, but you never own a coin. Holding it long usually costs funding every hour. Tactfolio tests perps, not coins. ### Can I mix crypto and stocks in one strategy? You can mix crypto perps with perps that track stocks or gold, such as BTC and XYZ:GOLD. You can't mix perps with US-listed stocks or ETFs like SPY. ### Is a good crypto backtest proof that a strategy works? No. A backtest shows how rules would have done on prices that already happened. Crypto history is short, so this matters even more. Paper trade a strategy before you trust it. ## Sources - [Funding](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding), Hyperliquid Docs, accessed 2026-10-16 - [Fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), Hyperliquid Docs, accessed 2026-10-16 - [Investor Bulletin: Performance Claims](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47), U.S. Securities and Exchange Commission, Investor.gov, accessed 2026-10-16 --- # Quant trading platform: algo trading without code > An algo trading platform for daily rules: build them from blocks, backtest with costs and reality checks, and run them in Alpaca. Long only. No code. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A quant trading platform is software for building, testing, and running trading rules based on data. Tactfolio is a quant and algo trading platform where you build those rules from blocks, backtest them on decades of daily prices, and run them in your own Alpaca account. You don't need to write code. - An algorithm is a set of exact rules, like "hold stocks while they trend up, bonds when they don't". - On Tactfolio, you build rules from four kinds of blocks, or ask an AI assistant to build them. - Every backtest counts trading costs and shows reality checks, so a lucky rule is easier to spot. - Tactfolio is for slow rules, checked daily, or hourly for crypto perps. It does not do high-speed trading. - Stock strategies are long only, in US stocks and ETFs, and trade through Alpaca only. Hyperliquid crypto perps are backtest and paper or testnet only. ## What a quant trading platform does Quant trading, short for quantitative trading, means trading by rules built from data instead of by feel. Algorithmic trading, or **algo trading**, means a computer follows those rules. A platform for it does three jobs: it holds the data, it tests the rules, and it runs them. | Job | What to look for | What Tactfolio gives you | | --- | --- | --- | | Data | Clean prices that include dividends and splits | Daily prices of US-listed stocks and ETFs, plus US economic data from FRED. Hyperliquid perps on daily or hourly prices | | Testing | Costs, honest timing, and checks for luck | A 0.05% cost per trade, a next-day-open line, and reality checks | | Running | Orders sent for you, on a schedule | Paper accounts, and your own Alpaca account, paper or live | Big firms run algorithms that trade in fractions of a second. That is called high-frequency trading, and [FINRA](https://www.finra.org/rules-guidance/key-topics/algorithmic-trading), the group that oversees US brokers, has rules for firms that do it. Tactfolio is built for the slower kind: a daily plan you can stick to, such as "move to bonds when the market falls below its 10-month average". ## Kinds of algorithmic trading strategies Most rules-based strategies for long-term investors fall into a few groups. Each one below links to a classic strategy you can open and copy. | Kind | The idea | A classic to study | | --- | --- | --- | | Trend following | Hold an asset while its price is above its average, step aside when it isn't | [Faber's 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md) | | Momentum | Hold what has risen the most lately | [Dual momentum](https://tactfolio.com/strategies/dual-momentum.md) | | Canary signals | Watch a few "warning" assets and get defensive when they weaken | [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md) | | Risk balancing | Split money so each holding carries a similar amount of risk | [Adaptive Asset Allocation](https://tactfolio.com/strategies/adaptive-asset-allocation.md) | | Economic timing | Use data like jobs or inflation to decide | [Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing.md) | | Fixed mix | Hold set weights and rebalance on a schedule | [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) | [Common patterns](https://tactfolio.com/docs/patterns.md) shows how each kind is built in Tactfolio. ## How to build a trading algorithm on Tactfolio A Tactfolio strategy is a small tree of blocks. Money flows in at the top and down to what you hold. Four blocks cover most ideas: - **Tickers** are what you can hold, such as SPY for US stocks. - **Weight** blocks split money equally, by percentages, or by risk. - **If / Else** blocks check a condition and send the money one way or the other. - **Rank** blocks score a list of funds and keep the best few. You set how often the strategy runs, such as daily or monthly. The [builder guide](https://tactfolio.com/docs/builder.md) covers every block and setting. You can also describe the rule to an AI assistant and let it build the tree. See [AI trading](https://tactfolio.com/ai-trading.md) for how that works. ## How Tactfolio keeps algorithms honest A rule that looks great on old prices often fails on new ones. Tactfolio gives you four ways to catch that early. - **Costs on every trade.** Each trade pays 0.05%. Rules that trade a lot pay more. - **Next-day-open line.** The same rules, traded at the next morning's open. If this line looks much worse, your result depends on perfect timing. - **Reality checks.** The same trades at higher costs, and the benchmark held at your level of risk. - **Tactfolio Score.** Discover ranks public strategies after taking out what a backtest may owe to hindsight. Complex rules are marked down. [How the Tactfolio Score works](https://tactfolio.com/docs/concepts/tactfolio-score.md) explains the ranking. ## Algorithmic trading software vs coding it yourself Writing code, often in Python, gives you the most freedom. It also takes the most time. Here is a fair comparison. | | Coding it yourself | Tactfolio | | --- | --- | --- | | Time to a first backtest | Hours to days | Minutes | | Price data | You find, clean, and pay for it | Included, with dividends and splits | | What you can build | Almost anything | Long-only rules on daily prices, or hourly for crypto perps | | Intraday stock trading and high-speed trading | Possible | Not possible | | Options and forex | Possible | Not possible | | Crypto | Possible | Hyperliquid perps, backtest and paper or testnet only | | Running it live | You host it and watch it | Runs on our servers in your Alpaca account | If you need intraday stock trades, options, or custom math, code is the better choice. If your idea is a daily rule about which funds to hold, Tactfolio gets you to an honest test much faster. ## What Tactfolio does and does not do | Tactfolio does | Tactfolio does not | | --- | --- | | Build rules from blocks, by hand or with an AI assistant | Require you to write code | | Backtest on daily prices of US-listed stocks and ETFs | Trade stocks during the day, or trade at high speed | | Run a strategy on paper, or in your own Alpaca account | Work with any broker other than Alpaca | | Use US economic data from FRED in rules | Trade options, forex, or CFDs | | Backtest Hyperliquid crypto perps, then run them on paper or testnet | Trade crypto with real money | | Hold leveraged and inverse ETFs like any other fund | Sell short or borrow on margin | ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and pick the trend following pattern. Change the moving average from 200 days to 150 and watch the backtest rerun. Then [backtest a strategy](https://tactfolio.com/backtesting.md) of your own, or run the rule on [paper](https://tactfolio.com/paper-trading.md) to see how it does from here on. ## Keep learning - [Quantitative trading](https://tactfolio.com/learn/quantitative-trading.md) and [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md): the ideas behind this page. - [Trend following](https://tactfolio.com/learn/trend-following.md) and [mean reversion](https://tactfolio.com/learn/mean-reversion.md): two of the oldest kinds of rule. - [Risk parity](https://tactfolio.com/learn/risk-parity.md) and the [Markov regime model](https://tactfolio.com/learn/markov-regime-model.md): ways to size and switch with risk in mind. - [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md): blocks you can read against code you write. - [Best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md): seven platforms for retail investors, compared. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): a free tool to test a plan against many possible futures. ## Common questions ### Is algorithmic trading profitable? Sometimes, and often not. Many rules that look good in a backtest do worse afterwards. Costs, timing, and luck all matter. Nobody can promise that a rule will make money. ### Do I need to know Python for algo trading? Not on Tactfolio. You build rules from blocks in a visual builder, or ask an AI assistant to build them. You need code only if you want to trade in ways Tactfolio doesn't support, such as trading stocks during the day. ### Is algo trading legal? Yes. In the US, individuals can use rules and software to place trades in their own brokerage account. Brokers and trading firms have extra rules, which FINRA explains. ### Can I bring a strategy from another tool? Yes, for some tools. Tactfolio can import Composer symphonies and QuantMage spells, and JSON files exported from Tactfolio. The [import guide](https://tactfolio.com/docs/import.md) explains what carries over. ### How is this different from automated trading? Algo trading is about the rules. Automated trading is about having software place the trades for you. On Tactfolio you can do both: write the rules, then let [automated trading](https://tactfolio.com/automated-trading.md) run them. ## Sources - [Algorithmic Trading](https://www.finra.org/rules-guidance/key-topics/algorithmic-trading), FINRA, accessed 2026-10-16 --- # Automated trading platform for rules-based investing > Run a rules-based strategy by itself each trading day, on paper or in your own Alpaca account. It trades only the money you give it. Free while we build. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Automated trading means software places your trades for you when your rules say so. On Tactfolio, a strategy you build runs by itself, on paper or in your own Alpaca account. It trades only the money you give it, and it never borrows or sells short. - You write the rules once. Tactfolio checks them every trading day, shortly before the US market closes. - Your strategy trades only when its rules call for a change. - In Alpaca, it trades only its own starting balance. It never touches anything else in your account. - You get an email after each close with what changed. - It runs on daily prices of US stocks and ETFs, long only, through Alpaca only. Hyperliquid crypto perps are backtest and paper or testnet only. ## What is automated trading? Automated trading is when software sends orders to your broker without you clicking buy or sell. You decide the rules ahead of time. The software follows them. Automated trading is not the same as a [robo-adviser](https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-robo-advisers). A robo-adviser asks about your goals, then picks and manages a portfolio for you. Tactfolio does not pick anything. You write the rules, and Tactfolio runs them. | | Robo-adviser | Tactfolio automated trading | | --- | --- | --- | | Who picks the portfolio | The service, from your answers to a quiz | You, with your own rules | | Can you see the exact rules | Usually not | Yes, every block | | Where your money is | In an account the service manages | In your own Alpaca account | | Advice | Yes, it is an adviser | No, it is a tool | ## How a strategy runs, day by day Here is what happens once you start a strategy in Trade. 1. **About 15 minutes before the US close**, Tactfolio reads the latest prices and checks your rules. 2. **If the rules call for a change**, it places the orders. Sells go first, then buys. If nothing needs to change, it does nothing. 3. **After the close**, it records what the strategy holds, counts splits and dividends, and emails you a summary. 4. **The Live tab** in Trade shows the strategy's value, its drawdown, what it holds, and every trade. How often a strategy trades is up to its rules. A monthly strategy changes holdings only at the end of each month. Trading near the close keeps live results close to the backtest, which trades at the close too. ## What happens to the rest of your Alpaca account Nothing. You give each strategy a starting balance, as small as $1. The strategy keeps its own record of its cash, orders, and shares. It never sells your other holdings to raise money, and it never trades more than it has. When the strategy grows, it rebalances on its new value. Say you start with $10,000 and it gains 3%. It now rebalances $10,300, not $10,000. ## Built-in limits These limits are part of how Tactfolio trades. You can't turn them off. - **No margin.** A strategy never borrows money. - **No short selling.** A strategy only holds stocks, funds, or cash. It can hold leveraged and inverse ETFs, like any other fund. - **Your own keys.** You connect Alpaca with your own API keys. Your money stays with Alpaca, not with Tactfolio. - **Daily for stocks.** Stock rules are checked once a trading day. Tactfolio does not trade stocks during the day. - **US stocks and ETFs for real money.** Real-money strategies hold US-listed stocks and ETFs. Strategies that hold Hyperliquid crypto perps can check their rules up to once an hour, but they are backtest and paper or testnet only. Leveraged and inverse ETFs reset daily. Held for longer, their returns can differ a lot from the multiple in their name. ## Start on paper first Every strategy can run in a [paper account](https://tactfolio.com/paper-trading.md) before it touches real money. A paper account follows the same rules and sends the same daily email, with pretend money at real prices. When you are happy with it, connect [Alpaca](https://tactfolio.com/alpaca-trading.md) and run the same strategy there. ## What Tactfolio does and does not do | Tactfolio does | Tactfolio does not | | --- | --- | | Run your strategy every trading day, near the close | Trade stocks during the day, or trade at high speed | | Trade only the starting balance you give it | Touch your other positions in Alpaca | | Run on paper, or in your own Alpaca account | Work with any broker other than Alpaca | | Backtest Hyperliquid crypto perps, then run them on paper or testnet | Trade crypto with real money | | Email you a summary after each close | Give advice or manage money for you | | Hold leveraged and inverse ETFs like any other fund | Sell short or borrow on margin | ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder), pick a starter pattern, and save your copy. Then open Trade and start it on paper. If you want to build the rules from scratch first, see how our [quant trading platform](https://tactfolio.com/quant-trading.md) builds and tests them. ## Keep learning - [How to automate an ETF rotation strategy](https://tactfolio.com/learn/automate-etf-rotation-strategy.md): a worked example from rule to running account. - [Sector rotation](https://tactfolio.com/learn/sector-rotation.md) and [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md): rules that suit monthly runs. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md): what happens on each run day. - [Tactfolio vs Option Alpha](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md) and [Tactfolio vs TrendSpider](https://tactfolio.com/comparisons/tactfolio-vs-trendspider.md): other automation tools, side by side. - [Free trading calculators](https://tactfolio.com/trading-tools.md): tools to check a plan before it runs. ## Common questions ### Do I need to keep my computer on? No. Your strategy runs on Tactfolio's servers. You can close the app, and it still checks its rules every trading day. ### Is automated trading safe? Automation can't remove market risk. A strategy can lose money, and real orders can fill at worse prices than a backtest. Start on paper, give a strategy only money you can afford to lose, and read its daily emails. ### Which brokers does Tactfolio work with? Only Alpaca, with paper or live accounts. You connect it with your own API keys. Paper accounts in Trade need no broker at all. ### Can I run more than one strategy? Each account in Trade runs one strategy. To run several ideas together, combine them inside one strategy with **Strategy** blocks. You can also keep more than one paper account. ### Does Tactfolio cost anything? No. Everything is free while we build. Pricing comes with live trading. ## Sources - [Investor Bulletin: Robo-Advisers](https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-robo-advisers), U.S. Securities and Exchange Commission, Investor.gov, accessed 2026-10-16 --- # Pricing: build and test free, pay only to automate more > Build and backtest free. Free runs 1 live strategy, Plus runs 10 for $12 a month, and Pro runs as many as you need for $29. No cut of your trades. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-17, updated 2026-10-17. Tactfolio has three plans. Free lets you build and backtest without limits and run one strategy in your own Alpaca account. Plus costs $12 a month, or $99 a year, and runs 10. Pro costs $29 a month, or $249 a year, runs as many as you need, and gives AI assistants the most room. **Today, everything is free.** Paid plans are not open yet. Until they open, every account gets every feature at no cost. ## Key points - Building, backtesting, the classic strategies, Discover, publishing and imports are free on every plan, with no limits. - You pay only to run more strategies automatically, or to give AI assistants more room. - Paying yearly saves 31% on Plus and 28% on Pro. - Every new account gets 14 days of Pro with no card. - We never take a cut of your money, your trades or your returns. Your money stays in your own Alpaca account. ## Plans and prices | Plan | Free | Plus | Pro | | --- | --- | --- | --- | | Price, billed monthly | $0 | $12 a month | $29 a month | | Price, billed yearly | $0 | $99 a year | $249 a year | | Yearly price per month | $0 | $8.25 | $20.75 | | Building, backtests, classic strategies, Discover, publishing, imports | Unlimited | Unlimited | Unlimited | | Live strategies in your own Alpaca account | 1 | 10 | Unlimited | | Paper strategies | 3 | 25 | Unlimited | | AI assistant (MCP) backtests a day | 100 | 2,000 | 25,000 | | Saved private strategies | 50 | 1,000 | 10,000 | | Drafts scored every night | 10 | 250 | 2,500 | | Unused AI assistant drafts kept | 7 days | 30 days | 90 days | | Support | Help tickets | Help tickets | Priority help tickets | Pro's live strategies are unlimited for fair use: up to 100 at once. ## Promises on every plan - No card to start. - Cancel any time in your account. - All your money back if you ask within 14 days of your first payment. - Nothing is deleted when your plan changes. - No share of your money, trades or returns, ever. ## How the price compares Prices from each company's own pricing page, checked on October 16, 2026. They change, so check the link before you choose. | Tool | What you pay for | Price | | --- | --- | --- | | [Composer](https://www.composer.trade/pricing) | Automated strategies | Free for 1. $10 a month for 5. Pro $40 a month or $384 a year | | [QuantMage](https://quantmage.app/pricing.html) | Automated strategies | No free plan. Automated trading needs Mage, $500 a month or $4,800 a year | | [Testfolio](https://testfol.io/pricing) | AI assistant (MCP) tools | Max plan, $100 a month or $960 a year. No trading | | [Allocate Smartly](https://allocatesmartly.com/pricing/) | Tactical strategy signals | $49 a month or $399 a year. Signals only, you place the trades | | [Option Alpha](https://optionalpha.com/pricing) | Options trading bots | Pro $149 a month, or $99 a month billed yearly | Composer is the closest match. Both free plans run one live strategy. Plus runs 10 for $12 a month, or $8.25 a month billed yearly, where Composer's $10 plan automates 5. Pro costs $249 a year against $384 for Composer Pro, though Composer Pro runs more at once: up to 500 live strategies, against Pro's fair-use limit of 100. See [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md) and [all comparisons](https://tactfolio.com/comparisons.md) for the full picture, including what other tools do better. ## Common questions ### Is Tactfolio free? Yes. Today every account gets every feature free while we build. When paid plans open, the Free plan stays free for good: unlimited building and backtests, one live strategy in your own Alpaca account, three paper strategies, and 100 AI assistant backtests a day. ### Do you take a cut of my trades or my money? No. You pay a flat price for the software, and that is all. We never charge a share of your money, your trades or your returns, and we never hold your money. It stays in your own Alpaca account. ### What counts as a live strategy? A strategy that trades real money in your own Alpaca account. Paper strategies, which trade pretend money, have their own count. Backtests, drafts and published strategies never count as live. ### What happens if my trial ends or I cancel? Your account moves to Free. Nothing is deleted. You choose which live strategy keeps trading, and the others stop placing new orders. What they bought stays in your Alpaca account, untouched, for you to keep or sell. We email you 3 days before, 1 day before, and on the day. ### Can I get a refund? Yes. Ask within 14 days of your first payment, monthly or yearly, and we refund all of it. You can cancel any time in your account, and your plan runs to the end of the time you paid for. ### What does unlimited mean on Pro? Pro has no cap on paper strategies. Live strategies are unlimited for fair use, which means up to 100 running at once for one person. Write to support if you need more. ### Do public strategies count toward the limits? No. Strategies you publish to Discover never count toward the private strategy limit on any plan. Sharing is always free. ### Can I trade crypto, options or forex? Crypto strategies run on Hyperliquid perps and are backtest and paper or testnet only. Real-money crypto trading is not available. Tactfolio does not trade options, forex or CFDs. Strategies are long only, on US-listed stocks and ETFs, on daily prices. ### Do I need an Alpaca account? Only to trade. You can build, backtest and paper trade without one. To trade with real money you connect your own Alpaca account with your own API keys. Alpaca is the only broker Tactfolio supports today. ### What do early members get? Everyone who made an account before paid plans open gets a year of Plus free. And anyone who subscribes in the first 90 days after paid plans open keeps that price for as long as they stay subscribed. ## See what each plan runs - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. - [Alpaca trading](https://tactfolio.com/alpaca-trading.md): Connect your own Alpaca account, paper or live, and run a backtested strategy there. - [AI trading](https://tactfolio.com/ai-trading.md): Use an AI assistant to build, backtest, and save investing rules you can read. - [Classic tactical asset allocation strategies](https://tactfolio.com/strategies/classics.md): Faber, Antonacci, Keller, Butler, and more: tactical allocation strategies built from their sources, with honest backtests and live versions you can copy. ## Sources - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [QuantMage pricing](https://quantmage.app/pricing.html), accessed 2026-10-16 - [Testfolio pricing](https://testfol.io/pricing), accessed 2026-10-16 - [Allocate Smartly pricing](https://allocatesmartly.com/pricing/), accessed 2026-10-16 - [Option Alpha pricing](https://optionalpha.com/pricing), accessed 2026-10-16 --- # Pip calculator: what one pip is worth in any forex pair > Free pip calculator. See what one pip is worth for any currency pair, trade size and account currency, with the formula and a worked example. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A **pip** is the small price step that forex prices move in. For most currency pairs, one pip is 0.0001. For pairs priced in Japanese yen, one pip is 0.01. This pip calculator shows what one pip is worth for your trade size, in your own account currency. - One pip on 1 standard lot (100,000 units) of EUR/USD is worth $10. - A smaller trade makes each pip worth less. On 0.1 lot, one pip of EUR/USD is worth $1. - Pairs priced in yen use 0.01 as one pip, not 0.0001. - If your account currency is not part of the pair, you need one more exchange rate. ## How to use the pip calculator Pick the currency pair and the currency your account is in. Then type your trade size in lots and the price of the pair. The calculator shows what one pip and ten pips are worth to you. The prices start at round example numbers. They are not live prices, so type the price your broker shows you. ## How do you calculate pip value? Pip value is the pip size, times the number of units you trade, times a rate that turns the result into your account currency. ```text pip value = pip size × units × rate to your account currency ``` - **Pip size** is 0.0001, or 0.01 for pairs priced in yen. - **Units** is your trade size in lots times 100,000. - **Rate to your account currency** changes money from the second currency in the pair into your own money. The second currency is called the **quote currency**. The rate depends on where your account currency sits in the pair. | Your account currency is | Rate to use | Example with a US dollar account | | --- | --- | --- | | The second currency in the pair | 1 | EUR/USD | | The first currency in the pair | 1 divided by the price | USD/JPY | | Not in the pair | The price of 1 unit of the second currency in your currency | EUR/GBP, using the GBP to USD price | ## A worked example Say you buy 1 standard lot of EUR/USD at 1.1000, and your account is in US dollars. 1. The pip size is 0.0001. 2. The trade is 1 × 100,000 = 100,000 units. 3. The rate is 1, because EUR/USD is already priced in dollars. 4. The pip value is 0.0001 × 100,000 × 1 = $10. So if the price moves 20 pips, from 1.1000 to 1.1020, you gain or lose $200. Now try USD/JPY at 150.00 with the same dollar account. One pip is 0.01 yen. On 100,000 units, that is 1,000 yen per pip. To turn yen into dollars, divide by the price of 150. Each pip is worth about $6.67. ## Common mistakes with pips - **Using the wrong pip size for yen pairs.** A pip on USD/JPY is 0.01. If you use 0.0001, your answer is 100 times too small. - **Mixing up pips and pipettes.** Many brokers show one extra digit. That last digit is a pipette, which is one tenth of a pip. - **Forgetting your account currency.** A pip on EUR/GBP is worth pounds first. If your account is in dollars, you need the price of a pound in dollars. - **Picking a trade size by feel.** Work out the pip value first. Then you know what a stop 30 pips away would cost you. Leverage makes losses bigger as well as gains. You can lose more than you put in. ## Try it on Tactfolio Tactfolio does not trade forex. This calculator is a free tool for learning. If you want to test investing rules on past prices before you risk money, the [Tactfolio strategy builder](https://tactfolio.com/builder) backtests rules on US stocks and ETFs. To see how big a trade your deposit controls, try the [forex margin calculator](https://tactfolio.com/trading-tools/margin-calculator.md) and the [leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md). To size a trade from your stop-loss, try the [position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### How much is 1 pip worth? On 1 standard lot of a pair priced in US dollars, like EUR/USD, one pip is worth $10. On a mini lot (0.1) it is $1. On a micro lot (0.01) it is $0.10. Other pairs and account currencies give other values, so use the calculator above. ### What is a pip in forex? A pip is a fixed, small step in a currency price. For most pairs it is the fourth decimal place, 0.0001. For pairs priced in yen it is the second decimal place, 0.01. ### Why is a pip different on yen pairs? One yen is worth far less than one dollar or one euro. So yen pairs are priced with fewer decimals, like 150.25. That makes one pip on these pairs 0.01. ### Is a pip the same as a point? Not always. Many brokers quote one extra digit, and some call that last digit a point or a pipette. Ten pipettes make one pip. Check how your broker counts before you set a stop. ### How do I count the pips a trade made? Take the closing price minus the opening price. Then divide by the pip size. On EUR/USD, a move from 1.1000 to 1.1050 is 0.0050 divided by 0.0001, which is 50 pips. The [forex profit calculator](https://tactfolio.com/trading-tools/forex-profit-calculator.md) does this for you. ## Understand the numbers - [Leverage](https://tactfolio.com/learn/leverage-explained.md): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. - [CFD trading](https://tactfolio.com/learn/cfd-trading.md): A CFD is a leveraged bet on a price change without owning the asset. - [Margin trading](https://tactfolio.com/learn/margin-trading.md): How buying on margin works, the 50% and 25% rules, and a worked margin call example with round numbers. ## Sources - [Foreign Currency (Forex) Fraud](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_forex.html), U.S. Commodity Futures Trading Commission, accessed 2026-10-16 - [17 CFR 5.9, Security deposits for retail forex transactions](https://www.ecfr.gov/current/title-17/chapter-I/part-5/section-5.9), Electronic Code of Federal Regulations, accessed 2026-10-16 --- # Margin calculator: how much margin a forex trade needs > Free forex margin calculator. Work out the margin a trade needs from its size, price and leverage, with the formula, the rules and an example. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. **Margin** is the money your broker holds while a leveraged trade is open. It is a deposit, not a fee. This margin calculator shows how much deposit a forex trade needs: the full value of the trade divided by your leverage. - Margin needed = full value of the trade ÷ leverage. - At 30:1, a trade worth $110,000 needs about $3,667 of margin. - US rules ask for at least 2% margin on major currency pairs and 5% on other pairs. That is at most 50:1 and 20:1 leverage. - In the EU, retail traders get at most 30:1 on major pairs. - Margin is not the most you can lose. A loss can be much bigger than the margin. Looking for profit margin on a sale? That is a different number. This page is about margin for trading. ## How to use the margin calculator Pick the currency pair and your account currency. Type your trade size in lots, the price of the pair, and your broker's leverage. The calculator shows the margin needed, the full value of the trade, and the margin as a share of that value. The prices start at round example numbers. They are not live prices, so type the price your broker shows you. ## How do you calculate margin? Margin is the full value of the trade, in your account currency, divided by the leverage. ```text full value = units × price × rate to your account currency margin = full value ÷ leverage margin as a share of the trade = 100% ÷ leverage ``` **Units** is your trade size in lots times 100,000. The **rate to your account currency** works the same way as in the [pip calculator](https://tactfolio.com/trading-tools/pip-calculator.md). It is 1 when your account currency is the second currency in the pair. Each leverage level asks for a fixed share of the trade as margin. | Leverage | Margin as a share of the trade | Margin for a $100,000 trade | | --- | --- | --- | | 2:1 | 50% | $50,000 | | 10:1 | 10% | $10,000 | | 20:1 | 5% | $5,000 | | 30:1 | 3.33% | $3,333 | | 50:1 | 2% | $2,000 | ## A worked example Say you buy 1 standard lot of EUR/USD at 1.1000. Your account is in US dollars, and your broker gives you 30:1 leverage. 1. The trade is 1 × 100,000 = 100,000 euros. 2. Its full value is 100,000 × 1.1000 = $110,000. 3. The margin is $110,000 ÷ 30 = $3,666.67. With 50:1 leverage, the same trade needs $2,200 of margin. But the risk is the same. Each pip is still worth $10, so a 100 pip move still gains or loses $1,000. ## What happens when your margin runs low? When losses eat into your account, your broker can close your trades. Your **equity** is your cash plus or minus the profit or loss on open trades. If equity falls too close to the margin needed, the broker may ask for more money. That request is a **margin call**. If equity keeps falling, the broker closes your trades for you. EU rules make brokers close a retail client's trades once equity falls to half of the margin needed. Each broker sets its own level, so check yours before you trade. Leverage makes losses bigger as well as gains. You can lose more than you put in. ## Is stock margin the same? Stock margin works on a different set of rules. With a margin account, your broker lends you cash to buy stocks, and your stocks back the loan. US rules say you must keep your own money worth at least 25% of the stocks you hold on margin. Many brokers ask for more. ## Common mistakes with margin - **Thinking margin is the risk.** The margin is a deposit. Your loss depends on the full value of the trade, not on the margin. - **Using all of your money as margin.** Then any small loss can trigger a margin call. - **Forgetting the margin changes with price.** When the price of a pair rises, the full value of the trade rises, and so does the margin. - **Mixing up maximum and sensible leverage.** The leverage your broker offers is a limit, not a goal. ## Try it on Tactfolio Tactfolio does not trade forex, and its stock and ETF strategies never borrow on margin. This calculator is a free tool for learning. They can hold leveraged ETFs, which borrow inside the fund instead. You can test a rule with one in the [Tactfolio strategy builder](https://tactfolio.com/builder) and see its worst drop on past prices. To see how a price move hits your account, try the [leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md). To see what a trade earns, try the [forex profit calculator](https://tactfolio.com/trading-tools/forex-profit-calculator.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### What is a margin calculator? A margin calculator works out the deposit a broker needs to open a leveraged trade. You give it the pair, the trade size, the price and your leverage. It divides the full value of the trade by the leverage. ### How much margin do I need for 1 lot? One standard lot is 100,000 units. On EUR/USD at 1.1000, its full value is $110,000. At 30:1 leverage you need about $3,667. At 50:1 you need $2,200. ### What is the difference between margin and leverage? Leverage is how many times bigger your trade is than your deposit. Margin is the deposit itself. Margin as a share of the trade is 100% divided by the leverage, so 50:1 leverage means 2% margin. ### What is a margin call? A margin call is your broker asking you to add money because losses have eaten into your account. If you don't add money and losses grow, the broker closes some or all of your trades. ### Can I lose more than my margin? Yes. Your profit or loss comes from the full value of the trade, not the margin. A fast move can lose more than your margin, and with some brokers more than your whole account. ## Understand the numbers - [Margin trading](https://tactfolio.com/learn/margin-trading.md): How buying on margin works, the 50% and 25% rules, and a worked margin call example with round numbers. - [Leverage](https://tactfolio.com/learn/leverage-explained.md): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. - [CFD trading](https://tactfolio.com/learn/cfd-trading.md): A CFD is a leveraged bet on a price change without owning the asset. ## Sources - [17 CFR 5.9, Security deposits for retail forex transactions](https://www.ecfr.gov/current/title-17/chapter-I/part-5/section-5.9), Electronic Code of Federal Regulations, accessed 2026-10-16 - [ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors](https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors), European Securities and Markets Authority, accessed 2026-10-16 - [Know What Triggers a Margin Call](https://www.finra.org/investors/insights/margin-calls), FINRA, accessed 2026-10-16 - [Rule 4210, Margin Requirements](https://www.finra.org/rules-guidance/rulebooks/finra-rules/4210), FINRA, accessed 2026-10-16 --- # Forex profit calculator: profit, loss and pips > Free forex profit calculator. Find the profit or loss and the pips on a currency trade, buy or sell, in your account currency, with an example. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A forex profit calculator shows how much you would make or lose on a currency trade. You give it the pair, the trade size, the price where you open and close, and whether you buy or sell. It turns the price change into money in your account currency. - Profit = price change × units, turned into your account currency. - A buy gains when the price rises. A sell gains when the price falls. - 50 pips on 1 standard lot of EUR/USD is $500. - The result leaves out the spread, commissions and overnight fees. Your real result will be lower. ## How to use the forex profit calculator Pick the currency pair, your account currency, and whether you buy or sell. Type your trade size in lots, the opening price and the closing price. The calculator shows your profit or loss, the pips gained or lost, and the return on the margin you put up at your leverage. The prices start at round example numbers. They are not live prices, so type the prices your broker shows you. ## How do you calculate profit in forex? Forex profit is the price change, times the number of units, times the rate that turns the quote currency into your account currency. ```text price change = closing price - opening price (for a buy) price change = opening price - closing price (for a sell) profit = price change × units × rate to your account currency pips = price change ÷ pip size ``` **Units** is your trade size in lots times 100,000. The **pip size** is 0.0001, or 0.01 for pairs priced in yen. The rate to your account currency is 1 when your account currency is the second currency in the pair. The [pip calculator](https://tactfolio.com/trading-tools/pip-calculator.md) explains the other cases. ## A worked example Say you buy 1 standard lot of EUR/USD at 1.1000 and close at 1.1050. Your account is in US dollars. 1. The price change is 1.1050 - 1.1000 = 0.0050. 2. That is 0.0050 ÷ 0.0001 = 50 pips. 3. The profit is 0.0050 × 100,000 × 1 = $500. Now say you sell 0.5 lot of GBP/USD at 1.3000 and close at 1.2950. A sell gains when the price falls, so the change is 1.3000 - 1.2950 = 0.0050. That is 50 pips again. On 50,000 units the profit is $250. If the price had moved the other way in either trade, those numbers would be losses. ## What does the calculator leave out? The calculator shows the result of the price move only. Real trades also have costs. - **The spread** is the gap between the buy price and the sell price. You pay it when you open. - **Commissions** are fees some brokers charge on each trade. - **Overnight fees**, also called swap or rollover, are charged or paid when you hold a trade past the end of the day. Leverage makes losses bigger as well as gains. You can lose more than you put in. ## Common mistakes with forex profit - **Getting the direction wrong.** A sell makes money when the price falls. Flip the sign of the price change for a sell. - **Using the wrong pip size.** Pairs priced in yen use 0.01 as one pip. - **Judging a trade by the return on margin.** A 13.6% return on margin can come from a 0.45% price move. The same move the other way loses as much. - **Treating a past winner as a plan.** One good trade proves little. A rule needs testing over many years of prices. ## Try it on Tactfolio Tactfolio does not trade forex. This calculator is a free tool for learning. Want to see how a set of rules would have done over many years? The [Tactfolio strategy builder](https://tactfolio.com/builder) backtests rules on US stocks and ETFs. Before you trust any backtest, read [why past backtest results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md). To check your deposit and your risk, use the [margin calculator](https://tactfolio.com/trading-tools/margin-calculator.md) and the [leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### How do you calculate profit in forex? Take the closing price minus the opening price for a buy, or the opposite for a sell. Multiply by the number of units. If the second currency in the pair is not your account currency, convert the result into your account currency. ### How much is 100 pips worth? On 1 standard lot of a pair priced in US dollars, like EUR/USD, one pip is worth $10. So 100 pips is worth $1,000. On a mini lot (0.1) it is $100. ### Does leverage change my profit? No. Profit depends on the trade size and the price move. Leverage only changes how much margin you put up. With less margin, the same profit or loss is a bigger share of your money. ### Does the calculator include the spread? No. It shows the result of the price move alone. Take off the spread, any commission and any overnight fees to get closer to your real result. ### Why does my broker show a different profit? Your broker takes off costs like the spread and fees. It may also convert the profit into your account currency at a slightly different rate. Small gaps are normal. ## Understand the numbers - [Leverage](https://tactfolio.com/learn/leverage-explained.md): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. - [CFD trading](https://tactfolio.com/learn/cfd-trading.md): A CFD is a leveraged bet on a price change without owning the asset. - [Stop-loss orders](https://tactfolio.com/learn/stop-loss.md): What a stop-loss order is, how it differs from stop-limit and trailing stop orders, and why a price gap can sell you far below your stop. ## Sources - [Foreign Currency (Forex) Fraud](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_forex.html), U.S. Commodity Futures Trading Commission, accessed 2026-10-16 - [17 CFR 5.9, Security deposits for retail forex transactions](https://www.ecfr.gov/current/title-17/chapter-I/part-5/section-5.9), Electronic Code of Federal Regulations, accessed 2026-10-16 --- # Leverage calculator: effective leverage and risk > Free leverage calculator. See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. **Leverage** means your trades are worth more than the money in your account. Effective leverage is the total value of your open trades divided by the money in your account. This leverage calculator shows that number and how hard a price move would hit your account. - $50,000 of trades on a $10,000 account is 5:1 leverage. - At 5:1, a 1% price move changes your account by 5%. - At 5:1, a 20% price move against you wipes out the account. - The leverage your broker offers is a limit, not a target. - Leverage makes losses bigger as well as gains. You can lose more than you put in. ## How to use the leverage calculator Type the money in your account and the total value of your open trades. Use the full value of each trade, not the margin. The calculator shows your effective leverage, what a 1% price move does to your account, and the price move that would wipe it out. It works for any market: stocks, forex, crypto or futures. ## How do you calculate leverage? Effective leverage is the full value of your trades divided by the money in your account, which is your **equity**. ```text leverage = total value of open trades ÷ equity account change from a 1% move = leverage × 1% move that wipes out the account = 100% ÷ leverage ``` The table shows how fast risk grows as leverage rises. | Leverage | A 1% move changes your account by | A move against you that wipes it out | | --- | --- | --- | | 1:1 | 1% | 100% | | 2:1 | 2% | 50% | | 5:1 | 5% | 20% | | 10:1 | 10% | 10% | | 30:1 | 30% | 3.33% | | 50:1 | 50% | 2% | | 100:1 | 100% | 1% | ## A worked example Say you have $10,000 in your account and open trades worth $50,000. 1. Your leverage is $50,000 ÷ $10,000 = 5:1. 2. A 1% move in your trades is $500. That is 5% of your account. 3. A 20% move against you is $10,000. That is all of your money. Without leverage, a 20% drop would cost you 20%. With 5:1 leverage, it costs you everything. ## Is broker leverage the same as my leverage? No. The leverage your broker offers is the most you are allowed to use. Your effective leverage is what you actually use. A broker may offer 30:1, but a trade worth $20,000 on a $10,000 account uses only 2:1. Regulators set limits on what brokers can offer. In the US, the rules for retail forex ask for at least 2% margin on major currency pairs and 5% on others. That works out to at most 50:1 and 20:1. In the EU, retail traders get at most 30:1 on major currency pairs and 20:1 on other pairs, gold and major indices. The [margin calculator](https://tactfolio.com/trading-tools/margin-calculator.md) shows the deposit each level needs. Options give leverage another way: a small premium controls 100 shares. The [options profit calculator](https://tactfolio.com/trading-tools/options-profit-calculator.md) shows what that can win or lose. ## What about leveraged ETFs? A **leveraged ETF** is a fund that aims to return 2 or 3 times an index's move on each day. The fund does the borrowing, so you can't lose more than you put in. But these funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. FINRA says they are usually not suitable for retail investors who plan to hold them longer than one trading day. You can see one in action in the [Leverage Rotation Strategy](https://tactfolio.com/strategies/leverage-rotation-strategy.md). It holds a fund that aims for 3 times the S&P 500's daily move, but only while the market is above its 200-day average. Its page shows its yearly returns and its worst drop. ## What about crypto leverage? Crypto exchanges let traders use leverage on **perpetual futures**, often called perps. Many offer far more leverage than a stock broker. The math is the same as in the table above. At 20:1, a 5% move against you wipes out your margin, and crypto prices can move that much in a day. An exchange closes a losing position on its own before the margin is gone. This is called **liquidation**. It usually comes a little before the wipe-out move in the table, because the exchange keeps a small buffer. Perps also charge or pay a **funding rate** on a regular schedule, which changes the cost of holding a trade. Tactfolio can test rules on Hyperliquid perps, such as BTC, for backtest and paper or testnet only. Real-money crypto trading is not available on Tactfolio. Leverage makes losses bigger as well as gains. You can lose more than you put in. ## Common mistakes with leverage - **Counting only the margin.** Leverage comes from the full value of your trades. Add up every open position. - **Using the most leverage on offer.** At 50:1, a 2% move against you wipes out your account. - **Forgetting that losses shrink your account.** After a loss, the same trades are a bigger multiple of what is left. Your leverage goes up. - **Holding a leveraged ETF as if it were the index.** Over many days, a 3x fund can return far more or far less than 3 times the index. ## Try it on Tactfolio Tactfolio's stock and ETF strategies can't borrow or sell short. They can hold leveraged ETFs like any other fund, using their real price history. In the [Tactfolio strategy builder](https://tactfolio.com/builder) you can backtest a rule that holds one and see its worst drop before you risk money. Read [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) to judge the result. For forex trades, try the [pip calculator](https://tactfolio.com/trading-tools/pip-calculator.md) and the [forex profit calculator](https://tactfolio.com/trading-tools/forex-profit-calculator.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### What is a leverage calculator? A leverage calculator divides the full value of your trades by the money in your account. The answer is your effective leverage. It also shows how much a price move would change your account. ### What does 1:100 leverage mean? It means you can open trades worth up to 100 times your deposit. With $1,000 you could control $100,000. At that size, a 1% move against you wipes out the $1,000. ### What is a good leverage ratio for beginners? There is no single right number for everyone. Lower leverage means a bigger price move is needed to hurt you. Many regulators cap retail forex at 30:1 or 50:1 on major pairs, and those are limits, not suggestions. ### Is leverage the same as margin? No. Leverage is how many times bigger your trades are than your money. Margin is the deposit your broker holds. Margin as a share of a trade is 100% divided by the leverage. ### How does leverage work in crypto? Crypto exchanges offer leverage on perpetual futures. At 10:1, $1,000 controls a $10,000 position, and a 10% move against you wipes out the $1,000. The exchange usually closes the trade a little earlier, which is called liquidation. ### Can leverage make me lose more than I deposit? With a broker account, yes. A fast move can push your losses past your deposit. A leveraged ETF is different, because the fund borrows, so the most you can lose is what you paid for it. ## Understand the numbers - [Leverage](https://tactfolio.com/learn/leverage-explained.md): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. - [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn. - [QQQ vs TQQQ](https://tactfolio.com/etf-comparisons/qqq-vs-tqqq.md): QQQ vs TQQQ: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. ## Sources - [17 CFR 5.9, Security deposits for retail forex transactions](https://www.ecfr.gov/current/title-17/chapter-I/part-5/section-5.9), Electronic Code of Federal Regulations, accessed 2026-10-16 - [ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors](https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors), European Securities and Markets Authority, accessed 2026-10-16 - [Regulatory Notice 09-31, Non-Traditional ETFs](https://www.finra.org/rules-guidance/notices/09-31), FINRA, accessed 2026-10-16 --- # Position size calculator for stocks and forex > Free position size calculator. Find how many shares or lots to trade so that hitting your stop-loss costs only the share of your account you choose. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A **position size** is how many shares, or how many lots, you buy in one trade. This position size calculator picks that number from the most you are willing to lose. It divides the money you risk by how much you lose per share, or per lot, if your stop-loss is hit. - Position size = money you risk ÷ loss per share (or per lot) at your stop. - Risking 1% of a $10,000 account means a planned loss of $100. - With a $2 stop on a $50 stock, that is 50 shares. - With a 20 pip stop on EUR/USD, that is 0.5 lot. - A stop-loss order is not a promise. Prices can jump past it. ## How to use the position size calculator There are two calculators on this page: one for stocks and ETFs, and one for forex. For stocks, type the money in your account, the share of it you will risk, your buy price and your stop-loss price. For forex, type your stop distance in pips and the price of the pair instead. Each shows the size to trade and the money at risk. The prices start at round example numbers. They are not live prices, so type the prices your broker shows you. ## How do you calculate position size? Position size is the money you risk, divided by what you lose on each share or lot when the stop is hit. ```text money at risk = account × risk per trade % shares = money at risk ÷ (buy price - stop-loss price) lots = money at risk ÷ (stop distance in pips × value of one pip on 1 lot) ``` The calculator rounds down, to whole shares or to 0.01 lot. Rounding down keeps your loss at or under the amount you chose. The value of one pip comes from the [pip calculator](https://tactfolio.com/trading-tools/pip-calculator.md) formula. ## A worked example for stocks Say you have $10,000 and will risk 1% on one trade. You want to buy a stock at $50 and sell if it falls to $48. 1. Money at risk: $10,000 × 1% = $100. 2. Loss per share at the stop: $50 - $48 = $2. 3. Shares: $100 ÷ $2 = 50 shares. 50 shares at $50 cost $2,500. That is 25% of your account, but only $100 of it is at risk if the stop works. ## A worked example for forex Say the same $10,000 account trades EUR/USD at 1.1000 with a stop 20 pips away. The account is in US dollars. 1. Money at risk: $10,000 × 1% = $100. 2. One pip on 1 lot of EUR/USD is worth $10, so 20 pips on 1 lot is $200. 3. Lots: $100 ÷ $200 = 0.5 lot, which is 50,000 units. At 0.5 lot, each pip is worth $5. A 20 pip loss is $100. ## Why size from the stop? Sizing from the stop keeps each loss the same size, whatever you trade. A wide stop gets a small position. A tight stop gets a bigger one. Either way, a loss costs you about the same share of your account. The size of your risk matters more than any single trade. If you lose 10% of your account, you need about 11% to get back to where you were. If you lose 50%, you need 100%. ## Common mistakes with position size - **Picking the size first and the stop later.** Set the stop where the trade idea is wrong. Then size the trade to fit it. - **Forgetting gaps.** A stock can open far below your stop after bad news. Then you lose more than you planned. - **Ignoring leverage.** In forex, a small deposit can control a big trade. Check the full value with the [margin calculator](https://tactfolio.com/trading-tools/margin-calculator.md). - **Raising risk after losses.** Bigger bets to win money back can turn a bad week into a big drop. If you add to a losing stock, check your new average with the [stock average calculator](https://tactfolio.com/trading-tools/stock-average-calculator.md). Leverage makes losses bigger as well as gains. You can lose more than you put in. ## Try it on Tactfolio Tactfolio's stock and ETF strategies don't use stop-loss orders. They hold US stocks, ETFs or cash and rebalance on a schedule you choose, which is another way to control risk. In the [Tactfolio strategy builder](https://tactfolio.com/builder) you can backtest a rule on past prices and see its worst drop before you risk money. The [classic strategies](https://tactfolio.com/strategies/classics.md) show how well-known rules sized their risk. To see how a price move hits a leveraged account, try the [leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### What is a position size calculator? A position size calculator tells you how much to buy so that hitting your stop-loss loses a set amount. You give it your account size, the share you will risk, your entry and your stop. ### How do I calculate lot size in forex? Find the money you will risk, like 1% of your account. Divide it by the stop distance in pips times the value of one pip on 1 lot. For a $100 risk and a 20 pip stop on EUR/USD, that is $100 ÷ ($10 × 20) = 0.5 lot. ### What is the 1% rule in trading? The 1% rule is a habit some traders follow: never lose more than 1% of the account on one trade. On a $10,000 account, that means a planned loss of $100 or less. It is a rule of thumb, not a law. ### Does a stop-loss order guarantee my loss? No. A stop-loss order becomes a market order when the price is hit. If the price jumps past your stop, the order fills at the next price, which can be much worse. ### Should I size every trade the same? Sizing from the stop gives every trade the same risk, not the same size. That keeps one bad trade from doing much more damage than another. ## Understand the numbers - [Stop-loss orders](https://tactfolio.com/learn/stop-loss.md): What a stop-loss order is, how it differs from stop-limit and trailing stop orders, and why a price gap can sell you far below your stop. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. ## Sources - [Stop Order](https://www.investor.gov/introduction-investing/investing-basics/glossary/stop-order), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 - [Types of Orders](https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 --- # Dividend calculator: income, growth and DRIP > Free dividend calculator. See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A **dividend** is cash a company pays to the people who own its shares, often every three months. This dividend calculator shows how much income your shares could pay over the years, and what happens when you reinvest it. It uses a steady yield and steady growth, so treat the result as a sketch, not a forecast. - Yearly dividends = shares you own × dividend per share. - Dividend yield = yearly dividend per share ÷ share price. - $10,000 at a 3% yield pays $300 in the first year. - Reinvesting buys more shares, and those shares pay dividends too. - Companies can cut or stop a dividend at any time. ## How to use the dividend calculator Type how much you invest at the start and how much you add each year. Then type the dividend yield, how fast the dividend grows each year, and how fast the share price grows. Pick the number of years and whether you reinvest. The calculator shows what your shares are worth at the end, the dividends in the last year, and the total dividends you got. The starting numbers are round examples. They are not a forecast for any stock or fund. ## How do you calculate dividend income? Dividend income is the number of shares you own times the dividend each share pays. ```text yearly dividends = shares × dividend per share dividend yield = dividend per share ÷ share price next year's dividend per share = dividend per share × (1 + dividend growth) new shares from reinvesting = dividends ÷ share price ``` The calculator works one year at a time. Each year it pays the dividend and grows the share price. Then it buys new shares with the dividend, if you reinvest, and with the money you add. Using dividends to buy more shares is called a **dividend reinvestment plan**, or **DRIP**. ## A worked example Say you put $10,000 into a stock with a 3% dividend yield. The dividend grows 5% a year, and so does the share price. You add nothing more, and you reinvest every dividend. 1. Year 1 dividends: $10,000 × 3% = $300. 2. You reinvest the $300, so you own more shares. 3. Year 2 dividends: $324. Both your shares and the dividend per share grew. 4. After 20 years, your shares are worth $46,609.57. The last year pays $1,294.71. Here the dividends add 3% a year and the price adds 5%. Reinvested, that is 8% a year. $10,000 grown by 8% a year for 20 years is $46,609.57. Now take the dividends as cash instead. After 20 years, your shares are worth $26,532.98, and you got $9,919.79 in cash along the way. Reinvesting left you with about $10,000 more. ## What is a good dividend yield? There is no single right number. A higher yield pays more cash today. But a very high yield can be a warning sign. It often means the share price fell because investors fear a dividend cut. A lower yield that grows every year can pay more in the long run. In the example, the last year pays $1,294.71. That is about 13% of the $10,000 you first put in. This number is called **yield on cost**. ## Is a dividend free money? No. When a company pays a dividend, its share price usually drops by about the same amount. The cash moves from the company to you. What counts is the **total return**: the price change plus the dividends. In a taxable US account, dividends are usually taxed in the year you get them, even when you reinvest them. The calculator leaves out taxes and fees. ## Common mistakes with dividends - **Chasing the highest yield.** A high yield can come right before a cut. - **Forgetting the price.** A 5% yield does not help much if the price falls 20%. - **Treating dividends as certain.** Companies can cut dividends in a bad year, often when you need the income most. - **Leaving out taxes.** Taxes on dividends lower what you can reinvest. ## Try it on Tactfolio Tactfolio backtests reinvest dividends. Its prices are adjusted for them, so each backtest shows the total return of every stock or fund it holds. In the [Tactfolio strategy builder](https://tactfolio.com/builder) you can test a rule that holds dividend ETFs on past prices. [How backtests work](https://tactfolio.com/docs/backtests.md) explains the data and the costs. To turn a start and end value into a yearly rate, try the [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md). To find what you paid across several buys, try the [stock average calculator](https://tactfolio.com/trading-tools/stock-average-calculator.md). To test whether savings last through good and bad years, try the [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### How much do I need to invest to make $1,000 a month in dividends? $1,000 a month is $12,000 a year. At a 3% yield, you need $12,000 ÷ 3% = $400,000. At a 4% yield, you need $300,000. Higher yields need less money but often carry more risk. ### What is a dividend reinvestment plan (DRIP)? A DRIP uses your dividends to buy more shares of the same stock or fund, instead of paying you cash. Over time, the new shares pay dividends of their own. ### How often are dividends paid? Most US companies pay every three months. Some pay every month, some twice a year, and some once a year. The yield in the calculator is the total for a year. ### Is dividend income taxed? In a taxable US account, yes. It is usually taxed in the year you get it, even when you reinvest it. Some dividends, called qualified dividends, get a lower tax rate. Retirement accounts follow other rules. ### What is the difference between dividend yield and dividend growth? Yield is the yearly dividend as a share of today's price. Growth is how fast the dividend per share rises each year. A stock can have a low yield and fast growth, or the other way around. ## Understand the numbers - [Dollar-cost averaging](https://tactfolio.com/learn/dollar-cost-averaging.md): Dollar-cost averaging means investing a fixed amount on a schedule. - [SCHD vs VYM](https://tactfolio.com/etf-comparisons/schd-vs-vym.md): SCHD vs VYM: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [JEPI: JPMorgan Equity Premium Income ETF](https://tactfolio.com/etf/jepi.md): What JEPI holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Dividend](https://www.investor.gov/introduction-investing/investing-basics/glossary/dividend), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 - [Topic no. 404, Dividends and other corporate distributions](https://www.irs.gov/taxtopics/tc404), Internal Revenue Service, accessed 2026-10-16 --- # CAGR calculator: compound annual growth rate > Free CAGR calculator. Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. **CAGR**, or compound annual growth rate, is the steady yearly rate that turns a starting value into an ending value. This CAGR calculator works it out from three numbers: where you started, where you ended, and how many years it took. It is a fair way to compare returns over different lengths of time. - CAGR = (ending value ÷ starting value) ^ (1 ÷ years) - 1. - $10,000 that grows to $20,000 in 7 years has a CAGR of 10.41%. - CAGR is not the same as the average of each year's return. - CAGR hides the bumps along the way. Two investments with the same CAGR can feel very different to hold. ## How to use the CAGR calculator Type the starting value, the ending value and the number of years. For part of a year, use decimals: 18 months is 1.5 years. The calculator shows the CAGR, the total return, and the gain or loss in money. ## How do you calculate CAGR? Divide the ending value by the starting value. Raise that to the power of 1 ÷ years. Then take away 1. ```text CAGR = (ending value ÷ starting value) ^ (1 ÷ years) - 1 total return = ending value ÷ starting value - 1 ``` The ^ sign means "to the power of". Raising to the power of 1 ÷ years undoes the compounding. It finds the one yearly rate that, applied every year, gives the same ending value. ## A worked example Say $10,000 grew to $20,000 in 7 years. 1. Ending ÷ starting: $20,000 ÷ $10,000 = 2. 2. One over the years: 1 ÷ 7 = 0.1429. 3. 2 to the power of 0.1429 is 1.1041. 4. CAGR: 1.1041 - 1 = 0.1041, which is 10.41% a year. Check it the other way. $10,000 grown by 10.41% a year for 7 years is about $20,000. The total return is 100%, because the money doubled. ## Why is CAGR different from the average return? Say an investment gains 50% one year and loses 50% the next. The average of the two years is 0%. But $10,000 becomes $15,000, then $7,500. You lost 25%. The CAGR is about -13.4% a year, which tells the real story. Losses hurt more than gains of the same size help. That is why CAGR is lower than the plain average whenever returns jump around. ## When CAGR can mislead - **It hides the path.** A smooth ride and a wild one can have the same CAGR. Look at the worst drop too. - **It depends on the dates.** Starting at a market low makes almost any CAGR look good. - **It ignores money added or taken out.** If you added money along the way, CAGR on the account balance will be wrong. - **It looks back, not forward.** A high CAGR in the past is not a promise about the future. ## Common mistakes with CAGR - **Dividing the total return by the years.** 100% over 7 years is not 14.3% a year. It is 10.41%, because returns compound. - **Using CAGR for a few months.** Over a short time, one lucky week can swing it a lot. - **Comparing CAGRs from different dates.** Compare two investments over the same start and end dates. - **Forgetting costs and inflation.** Fees and rising prices both shrink what your money can buy. ## Try it on Tactfolio Every Tactfolio backtest of a year or more shows its CAGR beside its worst drop. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains both numbers. In the [Tactfolio strategy builder](https://tactfolio.com/builder) you can test a rule on past prices and see its CAGR. The [classic strategies](https://tactfolio.com/strategies/classics.md) let you compare well-known rules on the same dates. To see how dividends add to growth, try the [dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator.md). To see a range of possible futures instead of one steady rate, try the [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### What is a good CAGR? There is no single good number. Compare a CAGR with a simple choice over the same dates, like an index fund. A higher CAGR is only better if you could live with the risk and the worst drop that came with it. ### Is CAGR the same as annual return? Not quite. Annual return is what you made in one year. CAGR is the steady yearly rate over many years that ends at the same place. When returns jump around, CAGR is lower than the average annual return. ### Can CAGR be negative? Yes. If the ending value is below the starting value, CAGR is negative. $10,000 that falls to $8,000 over 2 years has a CAGR of about -10.56%. ### How do I calculate CAGR in Excel? Type =(end/start)^(1/years)-1 into a cell. For $10,000 that grew to $20,000 in 7 years, =(20000/10000)^(1/7)-1 gives 0.1041, or 10.41%. ### What is the difference between CAGR and total return? Total return is the whole gain from start to end. CAGR spreads that gain over the years as a steady yearly rate. A 100% total return over 7 years is a 10.41% CAGR. ## Understand the numbers - [Calmar ratio](https://tactfolio.com/learn/calmar-ratio.md): The Calmar ratio divides yearly growth by the worst drop. - [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md): The Sharpe ratio measures return per unit of risk. - [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. - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. ## Sources - [Compound Interest](https://www.investor.gov/introduction-investing/investing-basics/glossary/compound-interest), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 - [Compound Interest Calculator](https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 --- # Stock average calculator: your average price per share > Free stock average calculator. Find your average price per share across several buys, and how many shares reach a target average. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. The **average price** of a stock is what you paid per share across all your buys. This stock average calculator adds up the cost of each buy and divides it by the total shares. It works for stocks, ETFs and funds that you bought at different prices. - Average price = total cost ÷ total shares. - 100 shares at $50 and 50 shares at $40 average $46.67 a share. - Buying more after a drop, to lower your average, is called **averaging down**. - A lower average does not mean the price will come back. ## How to use the stock average calculator Type the number of shares and the price for each buy. You can enter up to four buys and leave the rest empty. The calculator shows your average price per share, your total shares and your total cost. ## How do you calculate the average price of a stock? Work out the cost of each buy. Add them up. Then divide by the total number of shares. ```text cost of a buy = shares × price total cost = cost of buy 1 + cost of buy 2 + ... average price = total cost ÷ total shares ``` Don't take the plain average of the prices. That only works when every buy has the same number of shares. ## A worked example Say you bought 100 shares at $50. The price fell, and you bought 50 more at $40. 1. Buy 1 cost: 100 × $50 = $5,000. 2. Buy 2 cost: 50 × $40 = $2,000. 3. Total: $7,000 for 150 shares. 4. Average: $7,000 ÷ 150 = $46.67 a share. The plain average of $50 and $40 is $45. That is wrong here, because you bought more shares at $50. The stock has to climb back to $46.67 for you to break even, before fees. ## How many shares do you need to reach a target average? If you know the price you will buy at, you can work out how many shares bring your average down to a target. ```text shares to buy = shares you own × (current average - target) ÷ (target - new price) ``` Say you own 100 shares at $50 and want a $45 average by buying at $40. That is 100 × ($50 - $45) ÷ ($45 - $40) = 100 shares. The target must sit between your current average and the new price. ## Averaging down or dollar-cost averaging? **Averaging down** means buying more after the price drops, to lower your average. **Dollar-cost averaging** means putting in the same amount of money on a fixed schedule, whatever the price. With dollar-cost averaging, the same money buys more shares when the price is low. Say you put $1,000 in at $50 and $1,000 at $40. You get 20 shares, then 25. That is 45 shares for $2,000, an average of $44.44. For US taxes, each buy can keep its own cost. Mutual fund shares can use the average cost instead. Ask your broker which method your account uses. ## Common mistakes with average price - **Averaging the prices, not the cost.** Use the formula above when buys are different sizes. - **Averaging down on a broken idea.** If the reason you bought is gone, a lower price does not fix it. - **Letting one stock grow too big.** Each buy adds money to the same bet. Size each buy with the [position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md). - **Forgetting fees.** Add any commissions to the cost to get your true average. ## Try it on Tactfolio Tactfolio's stock and ETF strategies don't average down by feel. They follow written rules that hold US stocks, ETFs or cash, and they rebalance on a schedule you choose. In the [Tactfolio strategy builder](https://tactfolio.com/builder) you can backtest a rule on past prices before you put money in. To see how fast an investment grew each year, try the [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md). To plan income from your shares, try the [dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### How do you calculate the average price of a stock? Multiply the shares in each buy by the price you paid. Add up those costs. Divide the total by the number of shares. 100 shares at $50 plus 50 at $40 is $7,000 ÷ 150 = $46.67. ### Does averaging down lower my risk? No. It lowers your average price, but it puts more money into the same stock. If the price keeps falling, your loss grows faster than before. ### Does selling shares change my average price? With the average cost method, no. The shares you keep still have the same average. Your profit on the sale is the sale price minus that average, times the shares you sold. ### Should I include fees in my average price? Yes, if you pay them. Add each commission to the cost of that buy. That gives your true cost per share. ### Is a lower average price always better? Not by itself. A lower average helps only if the stock is still worth owning. Buying more of a falling stock can turn a small loss into a big one. ## Understand the numbers - [Dollar-cost averaging](https://tactfolio.com/learn/dollar-cost-averaging.md): Dollar-cost averaging means investing a fixed amount on a schedule. - [ETF vs stock](https://tactfolio.com/learn/etf-vs-stocks.md): Compare ETFs and single stocks on diversification, single-company risk, costs and control, with a round-number example and SEC sources. - [Stock gaps](https://tactfolio.com/learn/stock-gap.md): A stock gap is a price jump between one trading day and the next. ## Sources - [Dollar Cost Averaging](https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 - [Publication 550, Investment Income and Expenses](https://www.irs.gov/publications/p550), Internal Revenue Service, accessed 2026-10-16 --- # Options profit calculator for calls and puts > Free options profit calculator. See the profit, break-even and most you can make or lose on a call or a put at expiration. For learning only. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. An **option** is a contract about a stock. It gives its buyer the right, but not the duty, to buy or sell the stock at a set price by a set date. This options profit calculator shows the profit or loss on a call or a put at expiration, for the buyer or the seller. It is a free tool for learning. Tactfolio does not trade options. - A **call** gains when the stock ends above the strike price. A **put** gains when it ends below. - One contract covers 100 shares, so a $5 premium costs $500. - A bought call breaks even at the strike plus the premium. A bought put breaks even at the strike minus the premium. - A buyer can lose at most the premium. A seller of a call can lose without limit. - Options can expire worthless. Selling options can lose far more than the premium you collect. ## How to use the options profit calculator Pick call or put, and buy or sell. Type the strike price, the premium per share, the number of contracts, and a stock price at expiration. The calculator shows the profit or loss, the break-even price, and the most you can make or lose. Try a few stock prices to see how the result moves. It shows the result at expiration only. Before then, an option's price also depends on the time left and how much the stock swings. The calculator leaves out fees and early exercise. ## How do you calculate options profit? At expiration, an option is worth how far the stock finished past the strike. If it finished on the wrong side, the option is worth nothing. ```text call value at expiration = stock price - strike, or 0 if that is below 0 put value at expiration = strike - stock price, or 0 if that is below 0 buyer's profit = (value at expiration - premium) × 100 × contracts seller's profit = (premium - value at expiration) × 100 × contracts ``` The **strike price** is the price in the contract. The **premium** is what the buyer pays the seller for the option. Prices are quoted per share, so multiply by 100 for each contract. ## A worked example with a call Say you buy 1 call with a $100 strike for a $5 premium. At expiration, the stock is at $110. 1. You paid $5 × 100 = $500. 2. The call is worth $110 - $100 = $10 a share, which is $1,000. 3. Your profit is $1,000 - $500 = $500. 4. The break-even price is $100 + $5 = $105. If the stock ends at $100 or lower, the call expires worthless. You lose the $500 you paid. ## A worked example with a put Say you buy 1 put with a $100 strike for a $4 premium. At expiration, the stock is at $90. 1. You paid $4 × 100 = $400. 2. The put is worth $100 - $90 = $10 a share, which is $1,000. 3. Your profit is $1,000 - $400 = $600. The break-even price is $96. The most a put buyer can make is when the stock falls to $0. Here that is ($100 - $4) × 100 = $9,600. ## What about selling options? The seller, also called the writer, takes the other side. The seller gets the premium up front. In the call example, the seller keeps the $500 if the stock ends at $100 or lower. At $110, the seller loses $500. At $130, the seller loses $2,500. A stock has no top price. So selling a call without owning the shares has no limit on the loss. Selling a call on shares you own, called a covered call, works differently. The calculator shows an option on its own. Options can expire worthless. Selling options can lose far more than the premium you collect. ## Common mistakes with options - **Forgetting the 100.** A $5 premium on one contract costs $500, not $5. - **Being right about direction but still losing.** A call buyer needs the stock above the break-even price, not only above the strike. - **Treating premium from selling as free money.** One big move can wipe out many small premiums. - **Ignoring time.** As expiration gets closer, an option tends to lose value if the stock stands still. In the US, your broker must give you the guide "Characteristics and Risks of Standardized Options" before you can trade options. Read it first. ## Try it on Tactfolio Tactfolio does not trade options. Its stock and ETF strategies are long only and hold US stocks, ETFs or cash. If you want to test a rule for investing in stocks and ETFs, the [Tactfolio strategy builder](https://tactfolio.com/builder) backtests it on past prices. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what a backtest can't tell you. To size a stock trade from its risk, try the [position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md). To see how borrowing changes risk, try the [leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### How do you calculate profit on a call option? At expiration, take the stock price minus the strike. If that is below zero, use zero. Take away the premium you paid. Multiply by 100 for each contract. A $100 call bought for $5 with the stock at $110 makes ($10 - $5) × 100 = $500. ### What happens if my option expires worthless? If you bought it, you lose the premium you paid and nothing more. If you sold it, you keep the premium as your profit. ### What does one options contract mean? One stock options contract usually covers 100 shares. A premium quoted as $2 costs $200 for one contract. ### Can you lose more than you invest with options? A buyer can lose at most the premium. A seller can lose much more. Selling a call without owning the shares has no limit on the loss. ### Is the premium per share or per contract? Premiums are quoted per share. Multiply by 100 to get the cost of one contract. ## Understand the numbers - [Put vs call](https://tactfolio.com/learn/put-vs-call.md): A call gains when a stock rises and a put gains when it falls. - [Options Greeks](https://tactfolio.com/learn/options-greeks.md): What the options Greeks measure, with a table and one round-number example each for delta, gamma, theta, vega and rho. - [Covered calls](https://tactfolio.com/learn/covered-call.md): A covered call means owning 100 shares and selling a call option on them for income. - [Implied volatility](https://tactfolio.com/learn/implied-volatility.md): Implied volatility in plain words: how it differs from historical volatility, what the VIX shows, and how IV crush hits option buyers. ## Sources - [Options](https://www.investor.gov/introduction-investing/investing-basics/glossary/options), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 - [Options](https://www.finra.org/investors/investing/investment-products/options), FINRA, accessed 2026-10-16 - [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document), The Options Clearing Corporation, accessed 2026-10-16 --- # Monte Carlo simulation: will your money last? > Free Monte Carlo simulator. Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A **Monte Carlo simulation** tests a plan against thousands of possible futures. This Monte Carlo simulator plays out 10,000 random paths for your savings, one year at a time. It shows how often the money lasts and what might be left at the end. It does not predict the future. It shows the range of results your guesses allow. - Each run picks a random return for every year, from the average and volatility you enter. - The answer is a chance, like "the money lasted in 70% of runs", not a promise. - Taking $20,000 a year from $500,000 lasted 30 years in about 70% of runs, at a 6% average return. - Bad years early on hurt more than bad years later. This is called **sequence risk**. - The result is only as good as your guesses for return, volatility and inflation. ## How to use the Monte Carlo simulator Type the money you start with, what you take out or add each year, and the number of years. Then set three guesses: the average yearly return, the volatility, and inflation. The simulator shows the chance the money lasts, the middle result, a bad case and a good case. Withdrawals are in today's money. They rise with inflation every year, so they buy the same amount each year. The results are in today's money too. The starting numbers are examples. They are not advice or a forecast. ## How does a Monte Carlo simulation work? It runs the same plan many times with different random returns. Then it counts the results. ```text for each of 10,000 runs: start with your money each year: take out the withdrawal (or add the contribution), raised for inflation grow what is left by a random return for that year the run succeeds if money is left at the end chance the money lasts = runs that succeed ÷ 10,000 ``` The random returns follow a bell-shaped curve with the average and spread you choose. Most years land near the average. A few are much better or much worse. **Volatility** sets how wide the spread is. The curve is a lognormal one, so no single year can lose more than everything. The bad case is the 10th percentile: 1 run in 10 ends below it. The good case is the 90th percentile: 1 run in 10 ends above it. ## A worked example Say you retire with $500,000 and take out $20,000 a year, which is 4% of the start. You guess a 6% average return, 12% volatility and 2.5% inflation. You plan for 30 years. 1. In about 70% of the 10,000 runs, the money lasts all 30 years. 2. The middle run ends with about $173,000 in today's money. 3. In the bad case, the money runs out before year 30. 4. In the good case, you end with about $937,000. Now take out $25,000 a year instead. The money lasts in only about 42% of runs. A small change in spending makes a big difference over 30 years. With no volatility at all, every run would be the same, and the money would always last. The risk comes from the swings, not from the average. ## Why does the order of returns matter? Say two people get the same yearly returns, in opposite order. One gets the bad years first, while taking money out. They sell more shares when prices are low, so less is left to recover. The other gets the good years first and does fine. This is **sequence of returns risk**. An average return can't show it, which is why a simulation helps. ## What the simulation leaves out - **Extreme years.** Real markets have more very bad and very good years than a bell curve. - **Streaks.** Here each year is random on its own. Real markets can have runs of bad years. - **Taxes and fees.** They lower what you keep. Take your fees off the average return. - **Changing plans.** Real people often spend less after a bad year. The simulation keeps spending fixed. ## Common mistakes with Monte Carlo results - **Guessing a high average return.** A guess 2 points higher can turn a failing plan into a safe one on paper. Try lower numbers too. - **Setting volatility too low.** Low volatility makes every plan look safe. - **Reading 70% as safe.** A 30% chance of running out of money is a real risk. - **Treating the middle result as the plan.** Half of the runs end below it. ## Try it on Tactfolio The simulator makes up returns from your guesses. Tactfolio backtests use real past prices. In the [Tactfolio strategy builder](https://tactfolio.com/builder) you can test a rule on decades of history, and [simulated history](https://tactfolio.com/docs/simulated-history.md) extends young funds further back, clearly labeled. Real paths include crashes, streaks and slow recoveries that a bell curve misses. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what no test can tell you. To turn a start and end value into a yearly rate, try the [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md). To see how dividends add up, try the [dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### What is a Monte Carlo simulation in simple terms? It is a way to test a plan by running it many times with random inputs. Then you count how often it works. The name comes from the casino town of Monte Carlo, because the method relies on chance. ### What is a good success rate for retirement? There is no single right number. A higher rate is safer, but aiming for 100% can mean spending far less than you could. Many people pick a level they are comfortable with and plan to cut spending after bad years. ### How many runs are enough? Thousands. This tool uses 10,000 runs, so the chance it shows barely moves from one set of random draws to the next. ### What average return and volatility should I use? Use numbers that fit your mix of investments, and test a range. Stocks have had higher returns and bigger swings than bonds. A plan that only works with a hopeful return is not a safe plan. ### Is the 4% rule safe? The 4% rule says you can take out 4% of your starting savings each year, raised for inflation. It comes from studies of past US returns. It is a rule of thumb, not a promise. Run it here with lower returns to see how it holds up. ## Understand the numbers - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. - [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md): The Sharpe ratio measures return per unit of risk. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. ## Sources - [What is Risk?](https://www.investor.gov/introduction-investing/investing-basics/what-risk), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 - [Asset Allocation and Diversification](https://www.investor.gov/introduction-investing/getting-started/asset-allocation), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 --- # Backtest a portfolio: free fixed-mix backtest tool > 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. No account needed. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A portfolio backtest shows how a fixed mix of funds would have done on past prices. Enter up to 10 tickers and the share each one gets. Pick how often to rebalance, and you get the results on a page with its own link. It is free, and you do not need an account. - Use any US-listed stock or ETF, such as SPY, IEF, or GLD. - Shares are percentages that add up to 100, such as 60 and 40. - Rebalance every month, every quarter, or every year. - Prices are daily, with dividends reinvested and a 0.05% cost on every trade. - A backtest is hypothetical. It shows the past, not what comes next. ## How to backtest a portfolio 1. **Enter your tickers.** Type one ticker per row, such as SPY for US stocks and IEF for Treasury bonds. Or press one of the classic mixes to fill the form. 2. **Give each one a share.** Shares are percentages of the whole portfolio. The total must reach 100%. 3. **Pick when to rebalance.** Rebalancing sells some of what grew and buys more of what shrank, so the mix stays at your split. 4. **Press "Backtest this portfolio".** The results open on their own page. The page has a link you can copy or post, on Reddit for example. Anyone with the link sees the same chart and numbers. 5. **Keep building if you like.** Press "Save and keep building" to open the mix in the builder with a free account. There you can pick other dates, compare with another benchmark, or add rules. ## What the backtest shows The results page shows the same numbers the builder shows for every strategy, so you can compare mixes fairly. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. | Result | What it tells you | | --- | --- | | Growth of $1 | How your mix grew next to SPY over the same dates | | CAGR | The average yearly growth, compounded | | Max drawdown | The biggest drop from a high point to a low point | | Volatility | How much the value swings in a typical year | | Sharpe and Calmar | How much growth you got for the swings and the drops | | Turnover | How much of the portfolio it traded each year | | Next-day open line | The same trades made at the next morning's price | | Reality checks | The same trades at higher costs, and SPY held at your mix's level of risk | [Reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains how to use these numbers together. ## How far back the test goes A backtest can only start once every fund in it has prices. SPY's real prices start in 1993. IEF and TLT start in 2002, GLD in 2004, and VXUS in 2011. So a mix that holds VXUS starts in 2011, even if the rest is older. The **Simulated history** option in the builder reaches further back for young funds. GLD, for example, goes back to 1968 with modelled values. These are estimates, and the results say which funds used them. [Simulated history](https://tactfolio.com/docs/simulated-history.md) explains how each fund is extended. ## Why rebalancing matters A mix drifts as prices move. Say you start with 60% stocks and 40% bonds. After a strong year for stocks, you might hold 68% stocks and 32% bonds. That is more risk than you chose. Rebalancing puts the split back. Doing it every month keeps the mix closest to your plan. Doing it once a year trades less, so it pays less in costs. The backtest shows both effects, so you can try each and compare. ## Classic mixes to start from Each button above the form fills in one of these well-known mixes. Each one also has its own article with its full backtest, its history, and its sources. | Mix | What it holds | Rebalanced | | --- | --- | --- | | [Classic 60/40](https://tactfolio.com/strategies/60-40-portfolio.md) | SPY 60%, IEF 40% | Every month | | [All Weather](https://tactfolio.com/strategies/all-weather-portfolio.md) | VTI 30%, TLT 40%, IEF 15%, GLD 7.5%, DBC 7.5% | Every year | | [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md) | VTI, TLT, GLD, and SHV, 25% each | Every year | | [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md) | VTI, VBR, TLT, SHY, and GLD, 20% each | Every year | | [Ivy Portfolio](https://tactfolio.com/strategies/ivy-portfolio.md) | SPY, EFA, IEF, VNQ, and GSG, 20% each | Every year | The Permanent Portfolio article checks the mix once a year, but only trades when a fund has drifted 10 points from its 25%. The form rebalances every year instead. You can add the drift rule in the builder. ## What this tool does and does not do | Does | Does not | | --- | --- | | Tests a fixed mix of up to 10 US-listed stocks and ETFs | Test options, forex, crypto, or funds listed outside the US. Crypto perps need a Hyperliquid strategy in the builder. | | Rebalances every month, quarter, or year | Add monthly deposits or withdrawals | | Uses daily prices with dividends reinvested | Model taxes or broker commissions | | Charges 0.05% on every trade | Borrow money or sell short. Strategies are long only. | | Shows results with no account, on a page you can share | Promise future returns. A backtest only shows the past. | | Opens as a strategy you can change, save, and run, with a free account | Keep your mix private once you post its link. Anyone with the link can see it. | ## Turn the mix into a strategy In the builder, your mix is one **Weight** block with your split. That block can grow into a rules-based strategy. For example, an **If** block can move the mix into bonds when stocks fall below their 10-month average, like [Faber's trend model](https://tactfolio.com/strategies/faber-10-month-moving-average.md). Any saved mix can also run on a free paper account with pretend money, or in your own Alpaca account. [Backtesting on Tactfolio](https://tactfolio.com/backtesting.md) covers testing rules as well as fixed mixes. Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Keep learning - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md): how often to rebalance, and what it costs. - [Risk parity](https://tactfolio.com/learn/risk-parity.md): a way to split a mix by risk, not by money. - Fund pages for [SPY](https://tactfolio.com/etf/spy.md), [IEF](https://tactfolio.com/etf/ief.md), and [GLD](https://tactfolio.com/etf/gld.md), and [all ETF pages](https://tactfolio.com/etf.md): facts and daily figures for common building blocks. - [AGG vs BND](https://tactfolio.com/etf-comparisons/agg-vs-bnd.md) and [IEF vs TLT](https://tactfolio.com/etf-comparisons/ief-vs-tlt.md): bond funds compared, with [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). - [Best portfolio backtesting tools](https://tactfolio.com/comparisons/best-portfolio-backtesting-tools.md) and [Portfolio Visualizer alternatives](https://tactfolio.com/comparisons/portfolio-visualizer-alternatives.md): how this tool compares. ## Common questions ### Is this portfolio backtest free? Yes. Everything on Tactfolio is free while we build it. Pricing will come with live trading. ### Do I need an account? No. The results page opens without an account, and its link works for anyone. You need a free account only to save the mix and keep building on it. ### Can I share my backtest? Yes. Every result has its own link, such as tactfolio.com/r/ followed by a short code. Copy it, or post it to Reddit or X from the page. The page shows the mix, its rules, and its results up to the day you made it. It never shows who made it. ### Why does my backtest start later than I expected? The test starts when the youngest fund in your mix has its first price. Turn on **Simulated history** in the builder to reach further back with modelled values for young funds. ### Can I backtest single stocks, not only ETFs? Yes. Any US-listed stock with daily prices works. The ticker list only holds stocks that still trade, though. Companies that failed are missing, which can make a stock mix look better than it would have been. ### Can I compare two portfolios? Yes. Save one mix, then open the other and pick the first one as its benchmark. Both are measured over exactly the same dates. ### How much should I trust the results? Use them to learn how a mix behaves in good and bad years. They are not a forecast. A mix that did well in the past can still fall in the future. ## Understand the numbers - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. - [Rebalancing bot](https://tactfolio.com/bots/rebalancing-bot.md): Run a 60/40 or Golden Butterfly rebalancing bot. See the rules and backtests, then run it on paper or in your own Alpaca account. ## Sources - [Investor Bulletin: Performance Claims](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-47), U.S. Securities and Exchange Commission, Investor.gov, accessed 2026-10-16 --- # Asset correlation tool: how your stocks and ETFs move > See how up to 8 US stocks or ETFs moved together, as a correlation grid from real monthly returns. Free with a Tactfolio account. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. **Correlation** shows how two investments move together. This asset correlation tool loads real past prices for up to 8 US stocks or ETFs. It shows how closely each pair moved, month by month, as a grid of numbers from -1 to +1. It needs a free account, because it uses our price data. - +1 means two assets always moved together. 0 means they had no link. -1 means they always moved in opposite ways. - Assets with a low correlation can smooth out a portfolio. When one falls, the other may not. - Correlations change over time. They often rise in a crash, when you want them low. - The tool uses total returns, so dividends count, and full months only. - It shows the past. It does not predict how assets will move next. ## How to use the asset correlation tool Type 2 to 8 tickers, separated by commas, and pick a period. Then press Calculate. The grid shows the correlation of every pair. Each ticker also gets its own average yearly return and volatility. The tool lines up the months that every ticker has. So a young fund shortens the period for all of them. The line above the grid says which months it used. The starting tickers are examples. They are not advice. ## How is correlation worked out? The tool takes each ticker's return for every month. Then it compares how far each month landed from that ticker's own average. ```text for each month: gap A = return of A - average return of A gap B = return of B - average return of B correlation = sum of (gap A × gap B) ÷ √(sum of gap A² × sum of gap B²) ``` When both gaps tend to have the same sign, the result is close to +1. When the signs tend to differ, it is close to -1. When there is no pattern, it is close to 0. This is called the **Pearson correlation**. ## A worked example Say fund A and fund B had these returns over 5 months. | Month | Fund A | Fund B | | --- | --- | --- | | 1 | 2% | 1% | | 2 | -1% | -2% | | 3 | 3% | 2% | | 4 | 0% | 1% | | 5 | 1% | 0% | 1. Fund A averaged 1% a month. Its gaps were 1, -2, 2, -1 and 0. 2. Fund B averaged 0.4% a month. Its gaps were 0.6, -2.4, 1.6, 0.6 and -0.4. 3. Multiply the gaps month by month and add them up. That gives 8. 4. The squared gaps add up to 10 for A and 9.2 for B. 5. The correlation is 8 ÷ √(10 × 9.2) = 8 ÷ 9.59, or about 0.83. So the two funds moved together most of the time. Holding both would not spread your risk much. Real tools use many more months, because 5 months is far too few to trust. ## How to read the grid - **0.7 to 1.** The two moved together closely. Two US stock funds often land here. - **0.3 to 0.7.** They moved together some of the time. - **-0.3 to 0.3.** There was little link. This is where diversification helps most. - **Below -0.3.** They tended to move in opposite ways. This is rare over long periods. Each cell on the line from top left to bottom right is a ticker with itself, so it is always 1. ## Common mistakes with correlation - **Trusting a short period.** A few years can show a link that later goes away. Try a longer period too. - **Expecting it to hold in a crash.** In a panic, many assets fall at once. - **Mixing up correlation and size.** Two assets can have a correlation of 1 while one moves twice as far. - **Reading it as cause.** A high correlation does not mean one asset moves the other. ## Try it on Tactfolio Correlation tells you which assets might balance each other. The [efficient frontier tool](https://tactfolio.com/trading-tools/efficient-frontier.md) uses the same numbers to find the mixes with the least risk for each return. The [portfolio optimizer](https://tactfolio.com/trading-tools/portfolio-optimizer.md) picks one mix for a goal you choose. To test a mix with real trades and rebalancing, use the [Tactfolio strategy builder](https://tactfolio.com/builder). [Risk parity](https://tactfolio.com/learn/risk-parity.md) is one way to weight assets by their risk. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what no test can tell you. Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### What is a good correlation for diversification? Lower is better for spreading risk. Pairs below about 0.3 add the most balance. A pair near 1 adds very little, even if the two names look different. ### Why do I need an account for this tool? The tool loads years of real daily prices for each ticker. That data is part of Tactfolio, so it needs a free account. The other calculators on this site work with no sign-up. ### Why are daily and monthly correlations different? Daily returns include a lot of noise. Monthly returns smooth some of it out. This tool uses monthly returns, which suit people who hold for months or years. ### Do stocks and bonds always move in opposite ways? No. US stocks and Treasury bonds often had a low or negative correlation in the 2000s and 2010s. In 2022 both fell together, as interest rates rose fast. That is why it helps to check more than one period. ### Can I use this tool for crypto? This tool loads US stocks and ETFs. Tactfolio supports crypto for backtest and paper or testnet only. Real-money crypto trading is not available. ## Understand the numbers - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Commodities](https://tactfolio.com/learn/commodities-explained.md): Commodities are raw goods like oil, gold and wheat. - [VTI vs VXUS](https://tactfolio.com/etf-comparisons/vti-vs-vxus.md): VTI vs VXUS: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. ## Sources - [Diversification](https://www.investor.gov/introduction-investing/investing-basics/glossary/diversification), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 - [Beginners' Guide to Asset Allocation, Diversification, and Rebalancing](https://www.investor.gov/additional-resources/general-resources/publications-research/info-sheets/beginners-guide-asset), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 - [Concentrate on Concentration Risk](https://www.finra.org/investors/insights/concentration-risk), FINRA, accessed 2026-10-16 --- # Efficient frontier: the best mixes for each risk > Draw the efficient frontier for up to 8 US stocks or ETFs from real past prices. Find the lowest-risk mix and the best Sharpe ratio mix. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. The **efficient frontier** is the set of portfolio mixes that had the highest return for each level of risk. This efficient frontier tool loads real past prices for up to 8 US stocks or ETFs. It draws every possible mix and marks the best ones. It needs a free account, because it uses our price data. - Each dot on the chart is one mix of your tickers. Up means more return. Right means more risk. - The frontier is the top edge of the dots. Any mix below it had less return for the same risk. - Mixing assets that do not move together can lower risk without giving up return. - The tool marks the lowest-risk mix and the mix with the best Sharpe ratio. - It shows the past. The frontier of the next 10 years will look different. ## How to use the efficient frontier tool Type 2 to 8 tickers, separated by commas, and pick a period. Set a risk-free rate, which is about what cash pays. Then press Calculate. The chart shows the frontier as a line, with your tickers as labeled dots. The table under it lists the two marked mixes and their weights. The tool only uses mixes that own each ticker or not. It never borrows or sells short. The weights always add up to 100%. The starting tickers are examples. They are not advice. ## How does the efficient frontier work? Every mix has a return and a risk. The return is the average of the tickers' returns, weighted by how much you own. The risk is harder, because it depends on how the tickers move together. ```text return of mix = sum of (weight × average return) risk of mix = √(sum over every pair of: weight A × weight B × covariance of A and B) covariance = correlation × volatility of A × volatility of B ``` Risk here is **volatility**: how much the yearly return swings. When two assets have a low correlation, their swings partly cancel out. So the mix swings less than the average of its parts. The tool finds the mix with the highest return for each level of risk. Those mixes form the frontier. Harry Markowitz described this idea in 1952. It later won him a share of the Nobel Prize in economics. ## A worked example Say a stock fund returned 8% a year with 16% volatility. A bond fund returned 4% with 6% volatility. Their correlation was 0. | Stocks | Bonds | Return | Risk | | --- | --- | --- | --- | | 0% | 100% | 4.0% | 6.0% | | 20% | 80% | 4.8% | 5.8% | | 40% | 60% | 5.6% | 7.3% | | 60% | 40% | 6.4% | 9.9% | | 80% | 20% | 7.2% | 12.9% | | 100% | 0% | 8.0% | 16.0% | 1. All bonds had 6% risk. Adding 20% stocks raised the return to 4.8% and cut the risk to 5.8%. 2. The lowest-risk mix was about 12% stocks and 88% bonds. It returned about 4.5% with about 5.6% risk. 3. Holding all bonds was not efficient. A mix with some stocks did better on both counts. 4. Past the lowest-risk mix, each step up in return costs more risk. You pick where you are comfortable. ## What the frontier leaves out - **The future.** The frontier uses past returns. A small change in them can move the best mix a lot. - **Bad streaks.** Volatility treats a sudden crash and a slow slide the same. Check the [max drawdown](https://tactfolio.com/learn/max-drawdown.md) too. - **Costs and taxes.** Trading and taxes lower what you keep. - **Rebalancing.** The math assumes you reset the weights every month. Real portfolios drift between rebalances. ## Common mistakes with the efficient frontier - **Treating the best past mix as the plan.** It is the best mix for a period that is over. - **Using a short period.** Three good years for one asset can make it look like it belongs in every mix. - **Ignoring how much the weights jump.** If one more year of data flips the mix, the result is not stable. - **Forgetting that risk is more than volatility.** A calm asset can still fall hard once. ## Try it on Tactfolio The frontier shows a mix at one moment. A real strategy has to hold and rebalance that mix through time. In the [Tactfolio strategy builder](https://tactfolio.com/builder) you can backtest a mix with rebalancing on decades of prices. The [asset correlation tool](https://tactfolio.com/trading-tools/asset-correlation.md) shows the numbers behind the chart. The [portfolio optimizer](https://tactfolio.com/trading-tools/portfolio-optimizer.md) picks one mix for your goal and limits. Learn more about the [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md) and [portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### What is the efficient frontier in simple terms? It is the line of best choices. For each amount of risk, it shows the mix that earned the most. Any mix below the line could have earned more for the same risk. ### What is the best point on the efficient frontier? There is no single best point for everyone. The lowest-risk mix suits someone who hates swings. The best Sharpe ratio mix earned the most per unit of risk. Your own point depends on how much swing you can live with. ### Why do I need an account for this tool? The tool loads years of real daily prices for each ticker. That data is part of Tactfolio, so it needs a free account. The other calculators on this site work with no sign-up. ### Why does the frontier change when I change the period? Returns and correlations differ from one period to the next. A frontier built on a boom looks very different from one built on a crash. Try a few periods to see how steady the result is. ### Is modern portfolio theory still useful? Yes, as a way to think. It shows why spreading money across assets that do not move together can lower risk. But its inputs come from the past, so treat its exact weights as rough. ## Understand the numbers - [Risk parity](https://tactfolio.com/learn/risk-parity.md): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [AGG vs BND](https://tactfolio.com/etf-comparisons/agg-vs-bnd.md): AGG vs BND: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. ## Sources - [The Prize in Economic Sciences 1990, press release](https://www.nobelprize.org/prizes/economic-sciences/1990/press-release/), The Royal Swedish Academy of Sciences, accessed 2026-10-16 - [Harry M. Markowitz, Prize Lecture: Foundations of Portfolio Theory](https://www.nobelprize.org/prizes/economic-sciences/1990/markowitz/lecture/), NobelPrize.org, accessed 2026-10-16 - [Beginners' Guide to Asset Allocation, Diversification, and Rebalancing](https://www.investor.gov/additional-resources/general-resources/publications-research/info-sheets/beginners-guide-asset), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 --- # Portfolio optimizer: weights from real past prices > Find the weights that had the lowest risk or the best Sharpe ratio for up to 8 US stocks or ETFs. A research tool on real past prices, not advice. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A **portfolio optimizer** finds the mix of assets that best met a goal in the past. This portfolio optimizer loads real past prices for up to 8 US stocks or ETFs. Then it finds the weights that had the lowest risk, the best Sharpe ratio, or the most return at a risk you set. It is a research tool, not advice. It needs a free account, because it uses our price data. - Pick a goal, and the tool finds the weights that met it best over the period. - A cap on each ticker keeps the mix from piling into one name. - The result is compared with owning equal amounts of each ticker. - The weights fit the past. They do not tell you what will do well next. - Small changes in the data can change the weights a lot. ## How to use the portfolio optimizer Type 2 to 8 tickers, separated by commas, and pick a period. Then choose a goal. - **Best Sharpe ratio** finds the mix with the most return for its risk. - **Lowest risk** finds the mix that swung the least. - **Most return at a set risk** finds the mix that earned the most without swinging more than your target. Set the most you want in one ticker, and the risk-free rate, which is about what cash pays. Then press Calculate. The tool shows the weights, and a table that compares the mix with equal weights. The starting tickers and settings are examples. They are not advice. ## How does the optimizer work? It works out each ticker's average yearly return, its volatility, and how each pair moved together. Then it searches all the mixes that own each ticker or not, with weights that add up to 100%. ```text return of mix = sum of (weight × average return) risk of mix = volatility of the mix's monthly returns, per year Sharpe ratio = (return of mix - risk-free rate) ÷ risk of mix ``` The **Sharpe ratio** is the extra return over cash for each unit of risk. William Sharpe created it in 1966. A higher number means more reward for the swings you sat through. The search moves weight from one ticker to another, step by step, until no move helps. Then it reports the weights it found. ## A worked example Say a stock fund returned 8% a year with 16% volatility. A bond fund returned 4% with 6% volatility. Their correlation was 0. Cash paid 3%. 1. Stocks alone had a Sharpe ratio of (8% - 3%) ÷ 16% = 0.31. 2. Bonds alone had (4% - 3%) ÷ 6% = 0.17. 3. The best Sharpe ratio mix was about 41% stocks and 59% bonds. It returned about 5.7% with 7.5% risk. 4. Its Sharpe ratio was about 0.35. That beats both funds alone. 5. With a target of 10% risk, the best mix was about 61% stocks and 39% bonds. It returned about 6.4%. The mix beat each fund on its own because the two did not move together. That is the whole idea behind diversification. ## Why the optimizer can mislead - **It trusts the past.** It gives the most weight to what did best. That may not do best again. - **It is sensitive.** One more year of data can swing the weights from one ticker to another. - **It loves one winner.** Without a cap, it often puts most of the money in one ticker. A cap of 40% to 60% gives a more spread-out mix. - **It skips costs, taxes and drift.** The math assumes a reset every month at no cost. A simple equal-weight mix often holds up well against optimized mixes on new data. That is why the tool shows it beside your result. ## Common mistakes with portfolio optimizers - **Treating the weights as advice.** They describe a period that is over. - **Testing too few years.** A short period rewards whatever was hot. - **Mixing in look-alikes.** Three funds that hold the same stocks are really one bet. - **Never testing the result.** Check the mix in a backtest with real rebalancing before you rely on it. ## Try it on Tactfolio The optimizer finds weights. A backtest shows how holding them would have felt, crash by crash. In the [Tactfolio strategy builder](https://tactfolio.com/builder) you can test a mix with rebalancing on decades of prices. The [efficient frontier tool](https://tactfolio.com/trading-tools/efficient-frontier.md) shows every mix on one chart. The [asset correlation tool](https://tactfolio.com/trading-tools/asset-correlation.md) shows how your tickers moved together. To see how a plan might hold up over many years, try the [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md). Learn more about the [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md) and [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md). Every tool is on the [free trading calculators](https://tactfolio.com/trading-tools.md) page. ## Common questions ### What does a portfolio optimizer do? It searches for the weights that best met a goal over a past period. The goal might be the least risk or the best return for the risk. It cannot know which mix will do best in the future. ### Is the best Sharpe ratio mix the best portfolio? It was the best by one measure, over one period. It does not account for your goals, your taxes, or how much drop you can stand. Think of it as a starting point to test, not an answer. ### Why does the optimizer put so much in one ticker? The math rewards the asset with the best past ratio of return to risk. Without limits it keeps adding that asset. Lower the most in one ticker to force a wider mix. ### Why do I need an account for this tool? The tool loads years of real daily prices for each ticker. That data is part of Tactfolio, so it needs a free account. The other calculators on this site work with no sign-up. ### How often should I rebalance an optimized portfolio? Many investors rebalance once or twice a year, or when a weight drifts far from its target. Each trade can cost fees and taxes. A backtest can show how different schedules would have worked. ## Understand the numbers - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. - [Rebalancing bot](https://tactfolio.com/bots/rebalancing-bot.md): Run a 60/40 or Golden Butterfly rebalancing bot. See the rules and backtests, then run it on paper or in your own Alpaca account. ## Sources - [The Sharpe Ratio](https://web.stanford.edu/~wfsharpe/art/sr/sr.htm), William F. Sharpe, Stanford University, accessed 2026-10-16 - [The Prize in Economic Sciences 1990, press release](https://www.nobelprize.org/prizes/economic-sciences/1990/press-release/), The Royal Swedish Academy of Sciences, accessed 2026-10-16 - [Concentrate on Concentration Risk](https://www.finra.org/investors/insights/concentration-risk), FINRA, accessed 2026-10-16 - [Rebalancing](https://www.investor.gov/introduction-investing/investing-basics/glossary/rebalancing), Investor.gov, U.S. Securities and Exchange Commission, accessed 2026-10-16 --- # What is the S&P 500 index? How it works and what's in it > 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. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. The S&P 500 index is a list of about 500 of the largest companies in the United States, combined into one number. When their stock prices rise, the number rises. People use it as a quick read on the US stock market and as the yardstick most investments are measured against. You can't buy the index itself, but you can buy a fund that copies it. ## Key points - The S&P 500 follows about 500 large US companies chosen by a committee at S&P Dow Jones Indices. - Bigger companies count more. A company worth twice as much moves the S&P 500 twice as much. - It covers about 80% of the value of all US stocks that the public can trade ([S&P Dow Jones Indices](https://www.spglobal.com/spdji/en/indices/equity/sp-500/)). - To invest in it, people buy an index fund such as SPY, IVV or VOO. - It has grown over long periods, but it fell about 57% from 2007 to 2009 and took years to recover. ## What is the S&P 500 index? The S&P 500 is a **stock market index**. A stock market index is a single number that sums up the prices of a group of stocks ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/market-index)). When most of its stocks go up, the number goes up. S&P Dow Jones Indices runs the S&P 500. It began in its current form in 1957. "S&P" stands for Standard & Poor's, and "500" is the rough number of companies. The real count of stocks is a little over 500. A few companies, such as Alphabet (Google's parent), have two kinds of shares, and both are counted. ## How does a company get into the S&P 500? A committee picks the companies. It follows written rules, and it also uses judgment. The main rules, from the [S&P US indices methodology](https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-us-indices.pdf), are: - The company is based in the US. - It is large. S&P sets a minimum company value and raises it over time. In 2026 that minimum is tens of billions of dollars. - Many of its shares are available to the public, and they trade often. - It made a profit over its last four quarters added together, and in its latest quarter. Companies also leave. A company can be dropped when it shrinks, gets bought, or stops meeting the rules. The list changes every year. ## How is the S&P 500 calculated? The S&P 500 gives each company a weight based on its size. Size here means **market value**, also called market cap. Market value is the share price times the number of shares. Here is an example with made-up round numbers. Say all the companies together are worth $50 trillion. Company A is worth $3 trillion. Company A then makes up 6% of the S&P 500. If Company A's stock rises 10% and nothing else moves, the S&P 500 rises about 0.6%. S&P counts only shares the public can buy. Shares locked up by founders or governments are left out. This is called **float adjustment**. Because of this weighting, a small group of giant companies can drive the whole S&P 500. In recent years, a handful of large tech companies such as Apple, Microsoft and Nvidia have had a big effect on its moves. ## How can you invest in the S&P 500? You can't buy the S&P 500 directly, because it is only a list and a number. Instead, you buy an **index fund**. An index fund holds the same stocks in the same amounts, so it rises and falls with the index ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/index-fund)). Three of the best-known S&P 500 funds are ETFs, which means they trade on an exchange like a stock: | Fund | Ticker | Launched | | --- | --- | --- | | SPDR S&P 500 ETF Trust | SPY | 1993 | | iShares Core S&P 500 ETF | IVV | 2000 | | Vanguard S&P 500 ETF | VOO | 2010 | They follow the same index, so their results are very close. Small gaps come from fees and how each fund is set up. Many people hold these funds in a retirement account, such as a 401(k) or an IRA ([IRA vs 401(k)](https://tactfolio.com/learn/ira-vs-401k.md)). Some also sell [covered calls](https://tactfolio.com/learn/covered-call.md) on them for extra income. Check each fund's own page, such as [SPY's](https://www.ssga.com/us/en/intermediary/etfs/spdr-sp-500-etf-trust-spy), for its current fee. Our guide to [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds.md) compares the fees and fund types side by side. ## How has the S&P 500 done over time? The S&P 500 has grown over long periods, with deep falls along the way. Here are some real drops, using the index's daily closing values from S&P Dow Jones Indices, without dividends: | Period | How much it fell | | --- | --- | | October 2007 to March 2009 | about 57% | | February to March 2020 | about 34%, in about five weeks | | All of 2022 | about 19% over the year | The awkward part is how long recovery can take. The S&P 500 set a high in March 2000. It did not close above that level for good until 2013, about 13 years later. Dividends helped holders during that time, but it was still a long wait. ## Why does everyone compare to the S&P 500? The S&P 500 is cheap to own and easy to follow. That makes it a fair test. If a strategy can't beat an S&P 500 fund after costs, a plain index fund may be the simpler choice. Return is only half the story. A strategy that earns a little less but falls half as far may suit some people better. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains how to weigh drawdowns against returns. ## Common mistakes - Thinking the S&P 500 is the whole market. It leaves out small companies and companies outside the US. - Thinking big means safe. It has lost more than half its value before. - Selling after a big fall and buying after a big rise. That often locks in losses. - Panicking at a [gap down](https://tactfolio.com/learn/stock-gap.md) at the open. Big overnight moves often come from news that takes time to judge. - Picking an S&P 500 fund only by past return. The funds are nearly the same, so fees matter more. ## Try it on Tactfolio Every Tactfolio backtest compares a strategy with SPY, an S&P 500 fund, by default. The [Faber 10-month moving average model](https://tactfolio.com/strategies/faber-10-month-moving-average.md) is a simple rule built on the S&P 500. It holds the S&P 500 while its price is above its 10-month average, and Treasury bills when it is below. You can open it, read every rule and see its hypothetical backtest. For a balanced mix, see the [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). Stocks that lead the S&P 500 often show [momentum](https://tactfolio.com/learn/momentum-stocks.md), and some investors add [commodities](https://tactfolio.com/learn/commodities-explained.md) for balance. ## Common questions ### How many companies are in the S&P 500? About 500 companies. The number of stocks is a little higher, around 503, because a few companies have two share classes. The exact count changes when companies join or leave. ### Is the S&P 500 the same as the Dow? No. The Dow Jones Industrial Average follows only 30 large companies and weights them by share price. The S&P 500 follows about 500 companies and weights them by market value, so it gives a broader picture. ### Can you lose money in an S&P 500 index fund? Yes. An S&P 500 fund rises and falls with the index. It lost about 57% from 2007 to 2009 and about 34% in early 2020. Over short periods, losses are common. ### Does the S&P 500 include dividends? The main S&P 500 number is a price index, so it leaves dividends out. S&P also publishes a total return version that adds them back. Funds like SPY pay the dividends to their holders. Tactfolio backtests use prices adjusted for dividends. ### What is the difference between the S&P 500 and an S&P 500 fund? The S&P 500 is the list and the number. A fund is what you can actually buy. The fund holds the stocks on the list and charges a small yearly fee. ## Put it into practice - [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md): SPY vs VOO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [VOO: Vanguard S&P 500 ETF](https://tactfolio.com/etf/voo.md): What VOO holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md): Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [IVV: iShares Core S&P 500 ETF](https://tactfolio.com/etf/ivv.md): What IVV holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [S&P 500](https://www.spglobal.com/spdji/en/indices/equity/sp-500/), S&P Dow Jones Indices, accessed 2026-10-16 - [S&P U.S. Indices Methodology](https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-us-indices.pdf), S&P Dow Jones Indices, accessed 2026-10-16 - [Market index](https://www.investor.gov/introduction-investing/investing-basics/glossary/market-index), Investor.gov (SEC), accessed 2026-10-16 - [Index fund](https://www.investor.gov/introduction-investing/investing-basics/glossary/index-fund), Investor.gov (SEC), accessed 2026-10-16 - [SPDR S&P 500 ETF Trust (SPY)](https://www.ssga.com/us/en/intermediary/etfs/spdr-sp-500-etf-trust-spy), State Street Global Advisors, accessed 2026-10-16 --- # S&P 500 index funds: how to pick one and what they cost > Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. An S&P 500 index fund owns the stocks in the S&P 500, in the same amounts, so its return closely matches the index. You can buy one as an ETF, which trades like a stock, or as a mutual fund, which trades once a day. The biggest ones charge very low fees, often 0.02% to 0.04% a year as of October 2026. Because they all hold the same stocks, fees and convenience matter more than past returns when you choose. ## Key points - An index fund copies an index instead of trying to beat it ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/index-fund)). - S&P 500 funds come as ETFs (such as VOO, IVV and SPY) or mutual funds (such as FXAIX, SWPPX and VFIAX). - Their returns are nearly the same. Small differences come mostly from fees. - A fee of 0.03% a year costs $3 for every $10,000 you hold. - An S&P 500 fund still falls when the market falls. It lost about half its value from 2007 to 2009. ## What is an S&P 500 index fund? An S&P 500 index fund holds about 500 large US company stocks, weighted the same way as the [S&P 500 index](https://tactfolio.com/learn/sp500-index.md). When the index rises 1%, the fund rises about 1%, minus a tiny slice for fees. The fund does not try to pick winners. That is called **passive** investing. Passive funds trade less and usually cost less than funds run by stock pickers ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/index-fund)). ## Popular S&P 500 index funds compared Here are some of the largest S&P 500 funds. Fees are each fund's yearly expense ratio, from the fund company's own page, checked in October 2026. They can change, so check before you buy. | Fund | Ticker | Type | Yearly fee | | --- | --- | --- | --- | | Fidelity 500 Index Fund | FXAIX | Mutual fund | 0.015% | | Schwab S&P 500 Index Fund | SWPPX | Mutual fund | 0.02% | | Vanguard 500 Index Fund Admiral Shares | VFIAX | Mutual fund | 0.04% | | Vanguard S&P 500 ETF | VOO | ETF | 0.03% | | iShares Core S&P 500 ETF | IVV | ETF | 0.03% | | SPDR S&P 500 ETF Trust | SPY | ETF | 0.0945% | Sources: [Fidelity](https://fundresearch.fidelity.com/mutual-funds/summary/315911750), [Schwab](https://www.schwabassetmanagement.com/products/swppx), [Vanguard VFIAX](https://advisors.vanguard.com/investments/products/vfiax/vanguard-500-index-fund-admiral-shares), [Vanguard VOO](https://advisors.vanguard.com/investments/products/voo/vanguard-sp-500-etf), [iShares](https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf), [State Street](https://www.ssga.com/us/en/intermediary/etfs/spdr-sp-500-etf-trust-spy). SPY costs a bit more, but it trades the most shares each day. Big traders like that, because they can buy and sell large amounts quickly. For most long-term savers, a lower fee matters more. ## ETF or mutual fund: which S&P 500 fund type? Both types hold the same stocks. The difference is how you buy and sell them. | | ETF (VOO, IVV, SPY) | Mutual fund (FXAIX, SWPPX, VFIAX) | | --- | --- | --- | | When it trades | All day, at the market price | Once a day, at the closing price | | Where you can buy it | Almost any broker | Often easiest at the fund company's own broker | | Automatic investing | Depends on the broker | Usually easy, in exact dollar amounts | | Taxes in a regular account | Usually fewer taxable payouts | Can pay out taxable gains in some years | If you buy through your 401(k), you pick from your plan's list. Many plans include an S&P 500 fund. Read [IRA vs 401(k)](https://tactfolio.com/learn/ira-vs-401k.md) to see how each account works. ## How much do fees matter? Fees come out of the fund every year, so they add up over time. Here is an example with made-up round numbers. It assumes the fund earns 7% a year before fees, which is only an assumption, not a forecast. | Yearly fee | $10,000 after 30 years | | --- | --- | | 0.03% | about $75,500 | | 0.50% | about $66,100 | | 1.00% | about $57,400 | The fund with a 1% fee ends up about $18,000 behind, on the same stocks. That is why low-cost S&P 500 funds are so popular. ## How to buy an S&P 500 index fund 1. **Pick the account.** Use your 401(k) at work, an IRA, or a regular brokerage account. 2. **Pick the fund.** Choose a low-fee ETF or mutual fund from the list your broker offers. 3. **Decide how much.** Many people invest a set amount every month. This is called dollar-cost averaging. 4. **Place the order.** For an ETF, enter the ticker and the number of shares or dollars. For a mutual fund, enter a dollar amount. 5. **Leave it alone.** Check once or twice a year. Reacting to every drop tends to hurt returns. ## What are the risks? An S&P 500 fund is spread across about 500 companies, but they are all large US companies. It does not own small companies, foreign stocks or bonds. It also falls with the market. The S&P 500 fell about 57% from October 2007 to March 2009. It fell about 34% in early 2020. These figures use index closing values from S&P Dow Jones Indices. An index fund would have dropped about as much. If you might need the money within a few years, a mix with bonds may suit you better. ## Common mistakes - Choosing a fund by its past return. All S&P 500 funds have nearly the same return, so compare fees instead. - Owning three S&P 500 funds and thinking that is spread out. They hold the same stocks. - Selling in a crash. That turns a paper loss into a real one. - Paying a high fee for an S&P 500 fund when cheaper ones exist. - Thinking an S&P 500 fund covers "the whole market". It leaves out small companies and other countries. ## Try it on Tactfolio Tactfolio backtests compare every strategy with SPY by default, so you can see how a rule stacks up against a plain S&P 500 fund. The [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) holds an S&P 500 fund with Treasuries, and the [Faber 10-month moving average model](https://tactfolio.com/strategies/faber-10-month-moving-average.md) holds it only while its trend is up. Open either one to see the rules and a hypothetical backtest with drawdowns. You can also put VOO or IVV in your own strategy in the [strategy builder](https://tactfolio.com/builder). To learn what the index itself is, read [the S&P 500 index](https://tactfolio.com/learn/sp500-index.md). Some holders sell [covered calls](https://tactfolio.com/learn/covered-call.md) on their S&P 500 funds for extra income. ## Common questions ### What is the best S&P 500 index fund? There is no single best one. They hold the same stocks, so compare the yearly fee and check that your broker offers the fund. Then decide if you want an ETF or a mutual fund. As of October 2026, several charge between 0.015% and 0.04% a year. ### Is VOO or SPY better? They track the same index, so their returns are very close. VOO had a lower yearly fee (0.03% vs 0.0945%) as of October 2026. SPY trades more shares each day, which matters mainly to large, active traders. ### How much money do I need to start? Many brokers let you buy ETFs in fractions of a share, so you can start with a few dollars. Some mutual funds, such as FXAIX and SWPPX, have no minimum. Others, like VFIAX, ask for a set amount to start. ### Do S&P 500 index funds pay dividends? Yes. The companies pay dividends, and the fund passes them on to you, usually every quarter. You can take them as cash or have them reinvested. ### Can an S&P 500 index fund lose money? Yes. It rises and falls with the S&P 500. It has lost more than half its value before, and losses over a single year are common. Over long periods it has grown, but past results don't promise future ones. ## Put it into practice - [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md): SPY vs VOO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [IVV vs VOO](https://tactfolio.com/etf-comparisons/ivv-vs-voo.md): IVV vs VOO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md): Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. - [VOO: Vanguard S&P 500 ETF](https://tactfolio.com/etf/voo.md): What VOO holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [IVV: iShares Core S&P 500 ETF](https://tactfolio.com/etf/ivv.md): What IVV holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Index fund](https://www.investor.gov/introduction-investing/investing-basics/glossary/index-fund), Investor.gov (SEC), accessed 2026-10-16 - [Fidelity 500 Index Fund (FXAIX)](https://fundresearch.fidelity.com/mutual-funds/summary/315911750), Fidelity, accessed 2026-10-16 - [Schwab S&P 500 Index Fund (SWPPX)](https://www.schwabassetmanagement.com/products/swppx), Schwab Asset Management, accessed 2026-10-16 - [Vanguard 500 Index Fund Admiral Shares (VFIAX)](https://advisors.vanguard.com/investments/products/vfiax/vanguard-500-index-fund-admiral-shares), Vanguard, accessed 2026-10-16 - [Vanguard S&P 500 ETF (VOO)](https://advisors.vanguard.com/investments/products/voo/vanguard-sp-500-etf), Vanguard, accessed 2026-10-16 - [iShares Core S&P 500 ETF (IVV)](https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf), BlackRock, accessed 2026-10-16 - [SPDR S&P 500 ETF Trust (SPY)](https://www.ssga.com/us/en/intermediary/etfs/spdr-sp-500-etf-trust-spy), State Street Global Advisors, accessed 2026-10-16 --- # ETF vs mutual fund: what is the difference? > ETFs trade all day on an exchange. Mutual funds trade once a day at their NAV. Compare pricing, costs and taxes, and see when each one makes more sense. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. An ETF and a mutual fund both pool money from many investors to buy a basket of stocks, bonds or other assets. The main difference is how you buy and sell them. ETF shares trade on a stock exchange all day at a changing market price. Mutual fund shares are bought from and sold back to the fund once a day, at a price set after the market closes. ## Key points - Both are registered with the SEC and can follow an index or be run by a manager who picks investments ([Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/characteristics-mutual-funds-exchange-traded-funds)). - ETFs trade during market hours like a stock. Mutual funds trade once a day at the fund's net asset value (NAV). - You need a brokerage account to buy an ETF. You can buy many mutual funds straight from the fund company. - In a regular taxable account, many ETFs pay out fewer taxable gains. Inside a 401(k) or IRA, there is no tax difference. - Fees depend on the fund, not the type. Low-cost index versions of both exist. ## What is the difference between an ETF and a mutual fund? The difference is in the plumbing, not in what they hold. A Vanguard S&P 500 ETF and a Vanguard S&P 500 mutual fund own the same stocks. They just reach you in different ways. | | ETF | Mutual fund | | --- | --- | --- | | How you buy | On a stock exchange, through a broker | From the fund, or through a broker | | When the price is set | All day, at the market price | Once a day, after the close | | Price you get | The market price, which can be a bit above or below the fund's value | The fund's net asset value (NAV) | | Minimum to start | One share, or less with fractional shares | Set by the fund, from $0 to a few thousand dollars | | Automatic monthly investing | Depends on the broker | Usually easy, in exact dollar amounts | | Taxes in a taxable account | Often fewer capital gains payouts | Can pay out capital gains some years | | Taxes in a 401(k) or IRA | No difference | No difference | The SEC lays out these differences in its [investor bulletin on mutual funds and ETFs](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/characteristics-mutual-funds-exchange-traded-funds). ## How are ETFs and mutual funds priced? A mutual fund works out the value of everything it owns at the end of each business day. That value per share is the **net asset value (NAV)**. Any order you place during the day gets that end-of-day price. You won't know the exact price until after the close. An ETF also works out its NAV each day. But you buy and sell ETF shares from other investors on an exchange. The price moves all day and usually stays close to the NAV. Sometimes it drifts a little above it (a premium) or below it (a discount). Here is an example. You place an order at 11 a.m. for a mutual fund and for an ETF that hold the same stocks. The ETF order fills right away at the 11 a.m. market price. The mutual fund order fills at the 4 p.m. NAV, even if the market moved a lot in the afternoon. ## Which costs less, an ETF or a mutual fund? Neither type is always cheaper. The fee depends on the fund. Index funds of both types can cost a few hundredths of a percent a year. Actively managed funds of both types usually cost more. Look at three costs: - **Expense ratio:** the yearly fee taken out of the fund. A 0.03% fee costs $3 a year for every $10,000. - **Trading costs:** most big brokers now charge no commission for ETFs, but check yours. - **Sales charges:** some mutual funds charge a fee to buy or sell, called a load. Many don't. For an example, see the fee table in our guide to [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds.md). The cheapest ETF and mutual fund versions there are within a few hundredths of a percent of each other. ## Are ETFs better for taxes? In a regular taxable account, ETFs often have an edge. When a mutual fund sells holdings at a profit, it may have to pay out those gains to all its holders, and they owe tax. Many ETFs can avoid most of those payouts because of the way their shares are created and redeemed ([Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/characteristics-mutual-funds-exchange-traded-funds)). Inside a tax-advantaged account, such as a 401(k) or an IRA, this doesn't matter. The SEC notes there is no tax difference there. Read [IRA vs 401(k)](https://tactfolio.com/learn/ira-vs-401k.md) to see how those accounts work. ## When does a mutual fund make more sense? A mutual fund can be the easier choice when: - Your 401(k) plan offers only mutual funds. - You want to invest an exact dollar amount, such as $250 every month, without fractional shares. - Your fund company offers a very low-cost index fund and you already hold your account there. ## When does an ETF make more sense? An ETF can be the easier choice when: - You invest in a regular taxable account and want fewer taxable payouts. - You want to trade at a known price during the day. - You want a fund your broker doesn't offer as a mutual fund, such as many sector, bond or [covered call](https://tactfolio.com/learn/covered-call.md) funds. One caution: not every product with "ETF" in its name is a fund registered under the same law. Some commodity products, for example, are set up differently. The SEC suggests checking the prospectus. Read [commodities explained](https://tactfolio.com/learn/commodities-explained.md) for how commodity funds work. ## Common mistakes - Picking a fund type before picking what you want to own. The holdings matter more. - Trading ETFs often because you can. Frequent trading adds costs and taxes. - Ignoring loads and account fees on some mutual funds. - Buying an ETF at the open or close on a wild day, when prices can swing. A limit order sets the most you will pay. - Assuming an ETF is always cheaper. Compare the actual expense ratios. ## Try it on Tactfolio Tactfolio strategies are built from ETFs and stocks, because their daily prices let a rule check and trade on a schedule. Every [classic strategy](https://tactfolio.com/strategies/classics.md) uses ETFs, such as SPY for US stocks and TLT for long-term Treasuries. Open the [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) to see a simple two-ETF mix and its hypothetical backtest, or build your own mix in the [strategy builder](https://tactfolio.com/builder). To learn what the most common index holds, read [the S&P 500 index](https://tactfolio.com/learn/sp500-index.md). ## Common questions ### Is an ETF safer than a mutual fund? No. Safety depends on what the fund owns, not its type. An ETF and a mutual fund that hold the same stocks rise and fall together. Both can lose money. ### Can I hold ETFs and mutual funds in the same account? Yes, in most brokerage accounts and IRAs. A 401(k) only offers the funds your plan picked, which are often mutual funds. ### Why do some ETFs and mutual funds have the same name? Some companies offer the same portfolio in both forms. Vanguard, for example, offers its S&P 500 fund as the VOO ETF and as the VFIAX mutual fund. They hold the same stocks and charge similar fees. ### Do ETFs pay dividends like mutual funds? Yes. Both pass along the dividends and interest from what they own. You can usually take them as cash or reinvest them. Mutual funds make reinvesting simple. Many brokers can reinvest ETF dividends too. ### Is an index fund an ETF or a mutual fund? It can be either. The words index fund describe the strategy, which is copying an index. The words ETF and mutual fund describe how the fund is bought and sold. ## Put it into practice - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. - [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 pairs compared](https://tactfolio.com/etf-comparisons.md): Popular ETF pairs such as VOO vs VTI and QQQ vs QQQM, compared on fees, holdings, returns and drawdowns over the same dates. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [TLT: iShares 20+ Year Treasury Bond ETF](https://tactfolio.com/etf/tlt.md): What TLT holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Characteristics of mutual funds and exchange-traded funds (ETFs): investor bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/characteristics-mutual-funds-exchange-traded-funds), Investor.gov (SEC), April 29, 2025, accessed 2026-10-16 - [Index fund](https://www.investor.gov/introduction-investing/investing-basics/glossary/index-fund), Investor.gov (SEC), accessed 2026-10-16 - [Exchange-traded funds (ETFs)](https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-2), Investor.gov (SEC), accessed 2026-10-16 - [Vanguard S&P 500 ETF (VOO)](https://advisors.vanguard.com/investments/products/voo/vanguard-sp-500-etf), Vanguard, accessed 2026-10-16 - [Vanguard 500 Index Fund Admiral Shares (VFIAX)](https://advisors.vanguard.com/investments/products/vfiax/vanguard-500-index-fund-admiral-shares), Vanguard, accessed 2026-10-16 --- # IRA vs 401(k): differences, 2026 limits and which to use > Compare a 401(k) and an IRA: 2026 contribution limits, Roth vs traditional taxes, income limits, withdrawal rules, and which one to fund first. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. An IRA is a retirement account you open yourself. A 401(k) is a retirement account you get through your job. Both give you tax breaks for saving. The 401(k) lets you save more each year and often comes with free money from your employer. The IRA usually gives you more choice in what you invest in. ## Key points - For 2026, you can put up to $24,500 into a 401(k), but only $7,500 into an IRA ([IRS](https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500)). - Many employers add money to your 401(k) when you save. This is called a match. - An IRA lets you pick from almost any stock, fund or bond your broker offers. A 401(k) gives you a short menu. - Both come in two tax types: traditional (tax break now) and Roth (tax-free later). - You can have both at the same time. ## What is the difference between an IRA and a 401(k)? The main difference is who sets up the account. Your employer sets up a 401(k). You set up an IRA on your own at a bank or broker. That one difference changes a lot. Here is how they compare in 2026: | | 401(k) | IRA | | --- | --- | --- | | Who opens it | Your employer | You | | 2026 limit (under 50) | $24,500 | $7,500 | | Extra if 50 or older | $8,000 more | $1,100 more | | Employer match | Often | No | | Investment choices | A short list your plan picks | Almost anything your broker offers | | Roth version | Roth 401(k), if your plan has one | Roth IRA, with income limits | | Money comes from | Your paycheck, before you see it | Your bank account | Limits are from the IRS for tax year 2026 ([401(k) limits](https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits), [IRA limits](https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits)). They usually go up a little each year. ## How does a 401(k) work? A 401(k) takes money from each paycheck and puts it in your account. You choose how much. The plan invests it in the funds you pick from its menu. The big draw is the **employer match**. A match is money your employer adds when you save. For example, a plan might add 50 cents for every dollar you save, up to 6% of your pay. Check your own plan, because every plan is different. Here is an example with round numbers. Say you earn $60,000. You save 6%, which is $3,600 a year. With a 50% match, your employer adds $1,800. You get $5,400 in the account for $3,600 of your own money. Some employer money is not yours right away. A **vesting schedule** says how long you must work there before you keep the match. Your plan papers list it. ## How does an IRA work? An IRA (individual retirement account) is an account you open at a broker or bank. You move money in from your bank account. Then you choose what to buy. The IRA's strength is choice. You can usually buy any stock, ETF, mutual fund or bond your broker sells. A 401(k) plan picks a short list of funds for you. The IRA's limit is much lower. In 2026 you can put in $7,500 a year, or $8,600 if you are 50 or older. That total covers all your IRAs together, traditional and Roth. ## Traditional vs Roth: the tax choice Both accounts come in two tax types. The choice is about when you pay tax. - **Traditional:** you get a tax break now. Your savings lower this year's taxable income. You pay income tax when you take money out in retirement. - **Roth:** no tax break now. You save money you already paid tax on. Then you take it out tax-free in retirement, as long as you follow the rules. A simple way to think about it: if you expect to be in a higher tax bracket later, Roth often makes sense. If you expect a lower bracket later, traditional often makes sense. Nobody knows future tax rates for sure, so some people split their savings between both. ## Roth IRA vs 401(k) A Roth IRA has income limits. For 2026, the amount you can put in starts to shrink at $153,000 of income for single filers. It drops to zero at $168,000. For married couples filing jointly, the range is $242,000 to $252,000 ([IRS](https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500)). A 401(k), including a Roth 401(k), has no income limit. That is one reason high earners use a Roth 401(k) when their plan offers one. ## Can you have both an IRA and a 401(k)? Yes. Many people put money into both. The limits are separate. There is one catch for a traditional IRA. If you have a 401(k) at work, your traditional IRA tax break shrinks at higher incomes. For 2026, it phases out between $81,000 and $91,000 for single filers ([IRS](https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500)). You can still put money in. You just may not get the tax deduction. ## Which should you fund first? Many savers follow a simple order. This is a common rule of thumb, not advice for your situation. 1. Put enough in your 401(k) to get the full employer match. 2. Then fund an IRA, for more investment choice and often lower fees. 3. If you still have money to save, go back and add more to your 401(k). Your own answer depends on your plan's fees, its fund menu, your income and your taxes. A fee-only financial planner or tax professional can help. ## Rules for taking money out Both accounts are meant for retirement. Taking money out before age 59½ usually means income tax plus a 10% extra tax. There are some exceptions ([IRS](https://www.irs.gov/retirement-plans/traditional-and-roth-iras)). Traditional accounts also have **required minimum distributions**. These are amounts you must take out each year once you reach a set age (73 for most people today). A Roth IRA has no required withdrawals while you are alive. Since 2024, a Roth 401(k) doesn't either. ## Common mistakes - Not saving enough in the 401(k) to get the full match. - Leaving 401(k) money in cash. Some plans park new money in a money market fund until you choose. - Putting more than the limit into a Roth IRA when your income is too high. - Cashing out a 401(k) when you change jobs. You can usually roll it into an IRA instead. - Ignoring fees. A 1% yearly fee takes a big bite over 30 years. ## Try it on Tactfolio Retirement money is usually invested for decades, so a simple, steady plan matters more than clever trades. The [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) is the classic balanced mix of stocks and bonds. You can open it, see every rule, and look at its hypothetical backtest. To learn what makes up the stock side, read [what the S&P 500 index is](https://tactfolio.com/learn/sp500-index.md). Some long-term mixes also hold gold or other [commodities](https://tactfolio.com/learn/commodities-explained.md) for balance. To compare more mixes, browse the [classic strategies](https://tactfolio.com/strategies/classics.md). ## Common questions ### Is a 401(k) or IRA better? Neither is better for everyone. A 401(k) wins when your employer offers a match, because that is extra money. An IRA wins on choice and often on fees. Many people use both. ### Can I have a 401(k) and a Roth IRA? Yes. Having a 401(k) at work does not stop you from opening a Roth IRA. Only your income decides how much you can put into the Roth IRA. ### What happens to my 401(k) if I leave my job? The money stays yours, along with any vested match. You can usually leave it in the old plan, move it to your new job's plan, or roll it into an IRA. Cashing it out usually means taxes and a 10% penalty if you are under 59½. ### How much should I put in my 401(k)? At least enough to get the full employer match, if there is one. Beyond that, it depends on your budget and goals. The 2026 limit is $24,500 if you are under 50. ### Is a Roth 401(k) the same as a Roth IRA? No. Both use after-tax money and grow tax-free. A Roth 401(k) is through your employer, has the higher 401(k) limit, and has no income limit. A Roth IRA is one you open yourself, with a lower limit and income rules. ## Put it into practice - [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md): Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator.md): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [VTI: Vanguard Morningstar Total Stock Market ETF](https://tactfolio.com/etf/vti.md): What VTI holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500](https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500), IRS, accessed 2026-10-16 - [Retirement topics: 401(k) and profit-sharing plan contribution limits](https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits), IRS, accessed 2026-10-16 - [Retirement topics: IRA contribution limits](https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits), IRS, accessed 2026-10-16 - [Traditional and Roth IRAs](https://www.irs.gov/retirement-plans/traditional-and-roth-iras), IRS, accessed 2026-10-16 - [401(k) plan](https://www.investor.gov/introduction-investing/investing-basics/glossary/401k-plan), Investor.gov (SEC), accessed 2026-10-16 - [Individual retirement account (IRA)](https://www.investor.gov/introduction-investing/investing-basics/glossary/individual-retirement-account-ira), Investor.gov (SEC), accessed 2026-10-16 --- # Commodities explained: what they are and how to invest > Commodities are raw goods like oil, gold and wheat. Learn the four main groups, how futures work, how commodity funds invest, and the risks to know. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Commodities are basic raw goods, like oil, gold, wheat and copper, that are the same no matter who produces them. A barrel of crude oil from one supplier can be swapped for a barrel of the same grade from another. Businesses buy commodities to use them. Investors buy them to protect against rising prices or to bet on where prices go next. ## Key points - Commodities fall into four main groups: energy, metals, farm crops and livestock. - Most big commodity trading happens through **futures contracts** on exchanges. In the US, the CFTC oversees them. - Most individual investors use funds instead, such as GLD for gold or DBC for a mix of commodities. - Commodity prices can swing hard. In April 2020, a US oil futures contract fell below zero for the first time. - Commodities pay no interest or dividends. Their return comes only from price changes. ## What are commodities? A commodity is a raw material or farm product that is bought and sold in bulk ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/investment-products/commodities)). The key idea is that one unit is as good as another. Traders call this being **interchangeable**. A bushel of wheat of a set grade is a bushel of wheat, whoever grew it. That makes commodities different from stocks. A share of Apple is not the same as a share of Ford. But an ounce of gold is an ounce of gold. ## What are the main types of commodities? Commodities are usually split into four groups: | Group | Examples | What moves prices | | --- | --- | --- | | Energy | Crude oil, natural gas, gasoline | Economic growth, supply cuts, wars, weather | | Metals | Gold, silver, copper, aluminum | Industry demand, interest rates, fear in markets | | Farm crops | Corn, wheat, soybeans, coffee, sugar | Weather, harvests, trade rules | | Livestock | Live cattle, lean hogs | Feed costs, disease, demand for meat | Traders sometimes call energy and metals **hard commodities**, because they are mined or drilled. Farm goods are called **soft commodities**, because they are grown. ## How does commodity trading work? Most commodity trading uses futures contracts. A **futures contract** is an agreement to buy or sell a set amount of a commodity at a set price on a future date ([CFTC](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm)). Here is a simple example. In spring, a farmer expects to harvest wheat in the fall. A bakery needs wheat in the fall. They agree today on a price of $6 a bushel for delivery in September. Now the farmer knows what they will earn, and the bakery knows what it will pay. Neither has to guess about the price in September. Most futures traders never touch the actual goods. They close their contracts before the delivery date. Speculators use futures to bet on prices. Businesses use them to lock in prices. In the US, commodity futures must trade on an exchange through firms registered with the Commodity Futures Trading Commission (CFTC). Futures use **leverage**. You put down only a small deposit, called margin, to control a large amount of the commodity. [CFDs](https://tactfolio.com/learn/cfd-trading.md) work in a similar way. Leverage makes losses bigger as well as gains. You can lose more than you put in. ## How can you invest in commodities? There are four common ways: 1. **Buy the real thing.** This works for gold and silver coins or bars. You have to store and insure them. 2. **Trade futures.** This needs a futures account and comes with leverage and delivery dates. It suits experienced traders. 3. **Buy a commodity fund.** Some funds hold the real metal. SPDR Gold Shares (GLD) holds gold bars in a vault ([SPDR Gold Shares](https://www.spdrgoldshares.com/usa/)). Others hold futures. The Invesco DB Commodity Index Tracking Fund (DBC) holds futures on a mix of energy, metals and crops. 4. **Buy commodity company stocks.** Oil producers and mining companies tend to move with commodity prices, but they also carry business risks of their own. Futures-based funds have a catch. They must keep selling contracts that are about to end and buying later ones. This is called **rolling**. When later contracts cost more, each roll costs a little. So the fund can lag the price you see in the news. ## Why commodity prices can go wild: oil below zero On April 20, 2020, the main US oil futures contract traded below zero for the first time since trading began in 1983 ([EIA](https://www.eia.gov/todayinenergy/detail.php?id=43495)). At one point it hit about −$40 a barrel. How can a price go below zero? That contract was about to end. Anyone still holding it had to take real oil in Cushing, Oklahoma. Demand had collapsed during the pandemic, and storage space was nearly full. Some holders paid others to take the contracts off their hands. The lesson: a futures price is not the same as the price of the goods. Contract dates, storage and delivery all matter. ## Do commodities protect against inflation? Sometimes. **Inflation** is the general rise in prices across the economy. Commodities are part of what gets more expensive, so their prices often rise with inflation. 2022 is a recent example. US consumer prices rose 9.1% in the 12 months to June 2022. That was the fastest pace in about 40 years, according to the [Bureau of Labor Statistics](https://www.bls.gov/opub/ted/2022/consumer-prices-up-9-1-percent-over-the-year-ended-june-2022-largest-increase-in-40-years.htm). Stocks and bonds both fell that year, while many commodity prices rose. But the link is loose. Commodities can also fall for years at a time, even when inflation is normal. Their price swings are often bigger than those of stocks. ## Common mistakes - Expecting a futures fund to match the commodity's price. Rolling costs can make it lag. - Using leverage without a plan for big losses. - Buying after a huge price spike, often driven by news that has already played out. - Forgetting that commodities pay no income while you wait. - Putting too much in one commodity. Single commodities can swing more than a broad mix. ## Try it on Tactfolio Many classic portfolios hold a slice of gold or commodities for balance. The [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md) holds gold and a broad commodity fund next to stocks and Treasuries. The [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md) and the [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md) each keep a fixed slice in gold. You can open each one, read every rule, and see how it did in its hypothetical backtest, including 2022. To compare a commodity mix with stocks, read [what the S&P 500 index is](https://tactfolio.com/learn/sp500-index.md). Commodities also show [momentum](https://tactfolio.com/learn/momentum-stocks.md), which some [momentum strategies](https://tactfolio.com/learn/momentum-strategy.md) use to decide when to hold them. ## Common questions ### What are examples of commodities? Crude oil, natural gas, gold, silver, copper, corn, wheat, soybeans, coffee, sugar, live cattle and lean hogs are all commodities. Each is sold in bulk, and one unit of a given grade is as good as another. ### Is gold a commodity? Yes. Gold is a metal commodity. Many investors also treat it as a store of value, because it has held purchasing power over long periods. It can still fall a lot in the short run. ### Are stocks commodities? No. A stock is a share of ownership in one company, and each company is different. A commodity is a raw good where every unit of the same grade is the same. ### How do beginners invest in commodities? Many beginners use a fund. A gold fund like GLD tracks the price of gold. A broad fund like DBC holds futures on many commodities. Read each fund's own pages for its fees and how it works before buying. ### Do commodities pay dividends? No. A barrel of oil or an ounce of gold produces no income. Commodity funds may pass along small amounts of interest from cash they hold, but the main return comes from price changes. ## Put it into practice - [GLD vs IAU](https://tactfolio.com/etf-comparisons/gld-vs-iau.md): GLD vs IAU: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [GSG: iShares S&P GSCI Commodity-Indexed Trust](https://tactfolio.com/etf/gsg.md): What GSG holds, its 0.75% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [GLD: SPDR Gold Shares](https://tactfolio.com/etf/gld.md): What GLD holds, its 0.4% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [DBC: Invesco DB Commodity Index Tracking Fund](https://tactfolio.com/etf/dbc.md): What DBC holds, its 0.85% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Commodities](https://www.investor.gov/introduction-investing/investing-basics/investment-products/commodities), Investor.gov (SEC), accessed 2026-10-16 - [Futures market](https://www.investor.gov/introduction-investing/investing-basics/glossary/futures-market), Investor.gov (SEC), accessed 2026-10-16 - [Basics of futures trading](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm), Commodity Futures Trading Commission, accessed 2026-10-16 - [Low liquidity and limited available storage pushed WTI crude oil futures prices below zero](https://www.eia.gov/todayinenergy/detail.php?id=43495), U.S. Energy Information Administration, April 27, 2020, accessed 2026-10-16 - [Consumer prices up 9.1 percent over the year ended June 2022, largest increase in 40 years](https://www.bls.gov/opub/ted/2022/consumer-prices-up-9-1-percent-over-the-year-ended-june-2022-largest-increase-in-40-years.htm), U.S. Bureau of Labor Statistics, July 18, 2022, accessed 2026-10-16 - [SPDR Gold Shares (GLD)](https://www.spdrgoldshares.com/usa/), World Gold Trust Services, accessed 2026-10-16 --- # Momentum stocks: what they are and how to trade them > Momentum stocks are recent winners that tend to keep winning for a while. See what the research says, how momentum crashes, and how to trade it with rules. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Momentum stocks are stocks whose prices have risen more than most other stocks over the past few months to a year. Momentum investing buys these recent winners, on the idea that they tend to keep doing well for a while. Research going back decades supports the pattern, but it can reverse suddenly and painfully. ## Key points - Momentum is usually measured as a stock's return over the past 3 to 12 months. - In a well-known 1993 study, past winners beat past losers by about 1% a month in US stocks, before trading costs ([Jegadeesh and Titman](https://doi.org/10.1111/j.1540-6261.1993.tb04702.x)). - **Relative momentum** compares assets with each other. **Absolute momentum** asks whether an asset beat cash. - Momentum can crash. In spring 2009, past losers jumped far more than past winners ([Daniel and Moskowitz](https://doi.org/10.1016/j.jfineco.2015.12.002)). - Many rules-based strategies, such as Dual Momentum, apply momentum to whole funds instead of single stocks. ## What makes a stock a momentum stock? A momentum stock is one that has outrun most other stocks over a set lookback, such as the past 12 months. The **lookback** is how far back you measure. Here is a simple example. Over the past 12 months: | Stock | 12-month return | | --- | --- | | A | +60% | | B | +15% | | C | +5% | | D | −20% | A momentum investor ranks the stocks by return. A is the strongest, so it is the momentum pick. D is the weakest. Many studies measure momentum over the past 12 months but skip the most recent month. Very short-term winners tend to slip back a little, so leaving out the last month makes the signal cleaner. The momentum factor in [Kenneth French's data library](https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_mom_factor.html) is built this way, with monthly data back to 1927. ## Why does momentum happen? Nobody knows for sure. Researchers have a few competing ideas: - **Slow reaction.** Investors react to good news slowly. Prices keep drifting up as more people catch on. - **Herding.** Rising prices draw in buyers who chase trends. That pushes prices further for a time. - **Risk.** Momentum stocks may carry hidden risks, such as crash risk, and their extra return pays for that. Each idea fits some of the evidence. None explains all of it. That is worth remembering, because a pattern without a firm reason can weaken over time. ## What does the research say? The evidence for momentum is broad. Jegadeesh and Titman (1993) found it in US stocks from 1965 to 1989. Asness, Moskowitz and Pedersen (2013) found it in stocks in several countries, and also in bonds, currencies and commodities ([Journal of Finance](https://doi.org/10.1111/jofi.12021)). The research also shows the costs. Momentum strategies trade often, so fees and taxes eat into returns. And the extra return comes in uneven bursts, with long dry spells. ## When momentum crashes Momentum's worst losses tend to come right after a market crash, when the market turns back up. In spring 2009, the stocks that had fallen most during the crisis bounced back far harder than the recent winners. Momentum strategies that bet against the losers lost heavily ([Daniel and Moskowitz](https://doi.org/10.1016/j.jfineco.2015.12.002)). The reason is simple. After a long fall, last year's winners are often the "safe" stocks. When fear lifts, the beaten-down stocks lead. A momentum investor is holding the wrong ones at exactly the wrong time. ## Relative vs absolute momentum There are two kinds of momentum. Many strategies use both. | | Relative momentum | Absolute momentum | | --- | --- | --- | | Question it asks | Which asset rose the most? | Did this asset beat cash? | | Compares | Assets with each other | An asset with Treasury bills or zero | | Can it pick cash? | No, it always picks the strongest | Yes, it steps aside when returns are weak | | Main risk | Holding the "best" of a falling group | Reacting late to sudden crashes | Absolute momentum is a close cousin of [trend following](https://tactfolio.com/learn/trend-following.md). Relative momentum applied to industry funds is called [sector rotation](https://tactfolio.com/learn/sector-rotation.md). Gary Antonacci combined the two in his [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md) strategy. It holds the stronger of US and foreign stocks, but only while stocks have beaten Treasury bills over the past year. Otherwise it holds bonds. ## How to trade momentum stocks with rules Momentum works best as a written rule, not a gut feeling about one hot stock. A basic rules-based approach has five steps: 1. **Pick a list** of stocks or funds to choose from. 2. **Measure** each one's return over a set lookback, such as 12 months. 3. **Rank** them and keep the top few. 4. **Check again** on a set schedule, such as monthly, and swap out the ones that fell behind. 5. **Add a safety rule**, such as moving to bonds or cash when the whole market is falling. Our guide to [momentum strategies](https://tactfolio.com/learn/momentum-strategy.md) compares the main types and the published rules. Fund investors can also buy a momentum ETF. The iShares MSCI USA Momentum Factor ETF (MTUM) holds US stocks with strong recent momentum and resets its list about twice a year ([iShares](https://www.ishares.com/us/products/251614/ishares-msci-usa-momentum-factor-etf)). ## Common mistakes - Buying one stock because it [gapped up](https://tactfolio.com/learn/stock-gap.md) on news this week. That is chasing, not a momentum rule. - Ignoring trading costs. A rule that trades every week can lose much of its edge to costs and taxes. Taxes work differently inside an [IRA or 401(k)](https://tactfolio.com/learn/ira-vs-401k.md). - Testing dozens of lookbacks and keeping the best one. That often finds luck, not a pattern ([why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md)). - Having no plan for a crash. Momentum can fall hard when the market turns. - Confusing momentum with RSI. RSI measures short-term overbought and oversold readings, which is a different idea. ## Try it on Tactfolio Tactfolio's builder has a Rank block made for momentum. It scores assets by their past returns and keeps the leaders. The [Papa Bear Portfolio](https://tactfolio.com/strategies/papa-bear-portfolio.md) uses it to hold the three strongest of 13 asset classes. [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md) adds a cash test on top. Open either one to read the rules and see the hypothetical backtest, crashes included. The [common patterns guide](https://tactfolio.com/docs/patterns.md) shows how to build your own in the [strategy builder](https://tactfolio.com/builder). Momentum often shows up in [commodities](https://tactfolio.com/learn/commodities-explained.md) too, and the [S&P 500](https://tactfolio.com/learn/sp500-index.md) is the usual benchmark for momentum stocks. ## Common questions ### What is momentum investing? Momentum investing means buying assets that have risen the most recently and avoiding those that have fallen the most. It assumes recent trends tend to continue for a while. It is usually done with set rules and a regular schedule. ### Is momentum investing the same as day trading? No. Day traders buy and sell within the same day. Momentum investors usually measure returns over months and hold for weeks or months. A monthly momentum rule might trade only a few times a year. ### What is the best lookback for momentum? Research most often uses 12 months, skipping the latest month, but 3 and 6 months are common too. No single number is best in every period. Blending a few lookbacks makes a rule less dependent on any one choice. ### Does momentum work for ETFs? Studies have found momentum across asset classes such as stocks, bonds and commodities, not only single stocks. Many tactical strategies, such as Dual Momentum, rank ETFs by momentum. Results vary a lot by period. ### Why do momentum stocks crash? Momentum stocks often crash when the market rebounds sharply after a big fall. The stocks that fell most bounce back fastest, while recent winners lag. In spring 2009, this caused some of momentum's worst losses on record. ## Put it into practice - [Dual momentum bot](https://tactfolio.com/bots/dual-momentum-bot.md): Run Gary Antonacci’s dual momentum rules as a bot: SPY, VEU or AGG, checked once a month. - [QMOM: Alpha Architect U.S. Quantitative Momentum ETF](https://tactfolio.com/etf/qmom.md): What QMOM holds, its 0.28% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [IMOM: Alpha Architect International Quantitative Momentum ETF](https://tactfolio.com/etf/imom.md): What IMOM holds, its 0.38% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [MTUM: iShares MSCI USA Momentum Factor ETF](https://tactfolio.com/etf/mtum.md): What MTUM holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Returns to buying winners and selling losers: implications for stock market efficiency](https://doi.org/10.1111/j.1540-6261.1993.tb04702.x), Narasimhan Jegadeesh and Sheridan Titman, Journal of Finance, 1993, accessed 2026-10-16 - [Value and momentum everywhere](https://doi.org/10.1111/jofi.12021), Clifford Asness, Tobias Moskowitz and Lasse Pedersen, Journal of Finance, 2013, accessed 2026-10-16 - [Momentum crashes](https://doi.org/10.1016/j.jfineco.2015.12.002), Kent Daniel and Tobias Moskowitz, Journal of Financial Economics, 2016, accessed 2026-10-16 - [Detail for monthly momentum factor](https://mba.tuck.dartmouth.edu/pages/faculty/ken.french/Data_Library/det_mom_factor.html), Kenneth R. French Data Library, accessed 2026-10-16 - [iShares MSCI USA Momentum Factor ETF (MTUM)](https://www.ishares.com/us/products/251614/ishares-msci-usa-momentum-factor-etf), BlackRock, accessed 2026-10-16 --- # Momentum strategy: types, rules and an example > A momentum strategy buys recent winners by a written rule. Learn the main types, the five choices every rule makes, a worked example, and the risks. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A momentum strategy is a set of rules that buys what has risen the most lately and avoids what has fallen. It measures past returns, often over 3 to 12 months, and checks again on a fixed schedule, such as once a month. It can rank single stocks, sectors or whole asset classes. Many momentum strategies also step aside into bonds or cash when everything is falling. ## Key points - A momentum strategy is a written rule, not a hunch about one hot stock. - Every momentum strategy makes five choices. They are what to pick from, how far back to look, how many to hold, how often to check, and where to hide. - **Relative momentum** picks the strongest assets. **Absolute momentum** asks whether an asset beat cash at all. Dual momentum uses both. - Research has found momentum in stocks, bonds, currencies and commodities ([Moskowitz, Ooi and Pedersen](https://doi.org/10.1016/j.jfineco.2011.11.003)). - Momentum strategies can lose badly in sudden crashes and sharp rebounds. A monthly check cannot react to a fall that takes a few weeks. ## How is a momentum strategy different from momentum stocks? [Momentum stocks](https://tactfolio.com/learn/momentum-stocks.md) are the stocks themselves: the recent winners. A momentum strategy is the full set of rules around them. It says which list to rank, when to buy, when to sell and what to do when nothing looks strong. Many popular momentum strategies don't hold single stocks at all. They rank a handful of funds, such as US stocks, foreign stocks, bonds and gold, and hold the leaders. That keeps trading low and spreads risk across whole markets. ## The main types of momentum strategy | Type | What it ranks | What it holds | Example | | --- | --- | --- | --- | | Stock momentum | Hundreds of single stocks | The strongest stocks, reset on a schedule | A momentum ETF such as MTUM | | Asset class rotation | A few funds, such as stocks, bonds and gold | The strongest one to three | [Papa Bear Portfolio](https://tactfolio.com/strategies/papa-bear-portfolio.md) | | Absolute momentum | One asset against cash | The asset while it beats cash, else bonds or cash | [Cross-Asset Momentum](https://tactfolio.com/strategies/cross-asset-momentum.md) | | Dual momentum | Two or more funds, then cash | The stronger fund, but only while it beats cash | [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md) | | Breadth momentum | A group of risky funds | The leader, or bonds if any one fund is falling | [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md) | Absolute momentum is close to trend following. Both ask one question: is this asset going up? Relative momentum asks a different one: which asset is going up the most? ## The five choices in every momentum strategy 1. **The list.** Which stocks or funds the rule can pick from. A short list of broad funds is simpler and cheaper to trade. 2. **The lookback.** How far back to measure returns. Twelve months is the most studied. Shorter lookbacks react faster but switch more often. 3. **How many to hold.** Holding one asset gives the biggest swings. Holding three or more smooths the ride. 4. **How often to check.** Most fund strategies check once a month. Checking more often adds trades and costs. 5. **The safe asset.** Where the money goes when nothing qualifies: Treasury bills, short-term bonds or long-term bonds. Small changes to these choices can change results a lot. That is why it pays to test a few versions, not just the one that looks best. ## A momentum strategy example Here is a simple dual momentum rule, based on Gary Antonacci's Global Equities Momentum. On the last trading day of each month: 1. Compare the 12-month return of US stocks with that of Treasury bills. 2. If US stocks beat bills, hold whichever of US stocks and foreign stocks rose more. 3. If not, hold bonds. Now say these are the 12-month returns at the end of a month. The numbers are made up to show how the rule works: | Asset | Fund | 12-month return | | --- | --- | --- | | US stocks | SPY | +14% | | Foreign stocks | VEU | +9% | | Treasury bills | BIL | +4% | US stocks beat bills, so the rule stays in stocks. US stocks also beat foreign stocks, so it holds SPY for the next month. A month later, say US stocks are up only 2% over 12 months, while bills are up 4%. Stocks no longer beat cash, so the rule sells SPY and holds bonds. It checks again at the next month end. ## What does the research say? Two kinds of research back momentum strategies. - **Relative momentum.** Jegadeesh and Titman ranked US stocks by their returns over 3 to 12 months. The best ones tended to keep beating the worst for months after ([Journal of Finance](https://doi.org/10.1111/j.1540-6261.1993.tb04702.x)). - **Absolute momentum.** Moskowitz, Ooi and Pedersen studied futures on stock indexes, bonds, currencies and commodities. Those that rose over the past year tended to keep rising the next month ([Journal of Financial Economics](https://doi.org/10.1016/j.jfineco.2011.11.003)). Later work found a cost. Momentum's worst losses come after a crash, when beaten-down assets bounce back hard ([Daniel and Moskowitz](https://doi.org/10.1016/j.jfineco.2015.12.002)). Results can also shrink after a strategy is published. Keller and Keuning's [Vigilant Asset Allocation](https://doi.org/10.2139/ssrn.3002624) is one example. Since the paper came out in 2017, it has trailed the S&P 500 in its Tactfolio backtest. ## What can go wrong - **Fast crashes.** A 12-month signal checked once a month can be fully in stocks when a crash starts. Dual Momentum lost about a third in early 2020, according to its Tactfolio backtest. - **Sharp rebounds.** After a fall, the rule may sit in bonds while stocks jump back. - **Bonds falling too.** In 2022, stocks and bonds fell together, so the safe asset did not protect. - **Whipsaws.** When prices chop sideways, the rule can buy high and sell low again and again. - **Costs and taxes.** Each switch costs something. In a regular account, each sale can also mean tax. Inside an [IRA or 401(k)](https://tactfolio.com/learn/ira-vs-401k.md), switches don't trigger tax. ## Momentum strategies you can study Tactfolio rebuilds published momentum strategies from their authors' own rules. Each page shows the rules and a hypothetical backtest, including the bad years: - [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md): US stocks, foreign stocks or bonds, using a 12-month test against bills. - [Accelerating Dual Momentum](https://tactfolio.com/strategies/accelerating-dual-momentum.md): monthly rotation between the S&P 500, international small caps and long Treasuries. - [Diversified Dual Momentum](https://tactfolio.com/strategies/diversified-dual-momentum.md): seven copies of Dual Momentum with 6- to 12-month lookbacks. - [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md): holds one leader, but moves to bonds if any of its four risky funds turns down. - [Papa Bear Portfolio](https://tactfolio.com/strategies/papa-bear-portfolio.md): holds the three strongest of 13 asset classes. - [Quint Switching Filtered](https://tactfolio.com/strategies/quint-switching-filtered.md): the strongest of five markets if all five are up, else Treasuries. - [Paired Switching](https://tactfolio.com/strategies/paired-switching.md): each quarter, holds whichever of the S&P 500 and long Treasuries did better. ## Common mistakes - Picking the lookback that tested best. The best past setting is often luck ([why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md)). - Judging a strategy by its best years. Look at its worst drawdown and how long it took to recover. - Ignoring what happens after publication. Many strategies did better in the author's test than they did later. - Using a long list of similar funds. Ten stock funds that move together give a false sense of choice. - Abandoning the rule after one bad year. Every momentum strategy has long stretches of trailing the market. ## Try it on Tactfolio Tactfolio's builder has a Rank block made for momentum. It scores assets by their past returns and keeps the leaders. The [common patterns guide](https://tactfolio.com/docs/patterns.md) shows how to combine it with a test against cash. Start from [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md), copy it, and try a shorter lookback or a different safe asset. Then compare the backtests side by side in the [strategy builder](https://tactfolio.com/builder). Every backtest is compared with an [S&P 500](https://tactfolio.com/learn/sp500-index.md) fund, so you can see whether the extra rules paid for themselves. ## Common questions ### Do momentum strategies work? Research has found momentum across many markets and many decades. But returns come in uneven bursts, with years of trailing the market and sharp losses after crashes. Many strategies have done worse since they were published. Past results don't promise future ones. ### Is momentum the same as trend following? They overlap. Trend following asks whether an asset's price is going up, often using a moving average. Absolute momentum asks the same thing using past returns. Relative momentum is different, because it compares assets with each other. ### How often should a momentum strategy trade? Most fund-based momentum strategies check once a month and switch only a few times a year. Checking every week reacts faster but adds trades, costs and false signals. ### What is the best momentum strategy? There is no single best one. Simple rules like Dual Momentum are easy to follow but hold one fund at a time. Rules that hold several assets swing less. Compare the worst drawdowns, not just the returns. ### Can I automate a momentum strategy? Yes. A momentum strategy is a fixed rule, so software can check it on schedule. On Tactfolio you can build one, backtest it, and run it in a paper account or your own Alpaca account. ## Put it into practice - [Dual momentum bot](https://tactfolio.com/bots/dual-momentum-bot.md): Run Gary Antonacci’s dual momentum rules as a bot: SPY, VEU or AGG, checked once a month. - [QMOM: Alpha Architect U.S. Quantitative Momentum ETF](https://tactfolio.com/etf/qmom.md): What QMOM holds, its 0.28% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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.md): Free backtesting software for stocks, ETFs, and crypto perps. - [MTUM: iShares MSCI USA Momentum Factor ETF](https://tactfolio.com/etf/mtum.md): What MTUM holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Returns to buying winners and selling losers: implications for stock market efficiency](https://doi.org/10.1111/j.1540-6261.1993.tb04702.x), Narasimhan Jegadeesh and Sheridan Titman, Journal of Finance, 1993, accessed 2026-10-16 - [Time series momentum](https://doi.org/10.1016/j.jfineco.2011.11.003), Tobias Moskowitz, Yao Hua Ooi and Lasse Heje Pedersen, Journal of Financial Economics, 2012, accessed 2026-10-16 - [Momentum crashes](https://doi.org/10.1016/j.jfineco.2015.12.002), Kent Daniel and Tobias Moskowitz, Journal of Financial Economics, 2016, accessed 2026-10-16 - [Breadth momentum and Vigilant Asset Allocation (VAA): winning more by losing less](https://doi.org/10.2139/ssrn.3002624), Wouter Keller and JW Keuning, SSRN, 2017, accessed 2026-10-16 --- # Stock gaps: what gap up and gap down mean > A stock gap is a price jump between one trading day and the next. Learn what causes gaps, the four types, what a gap fill is, and why stop orders can miss. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A stock gap is a jump in price between one trading day and the next, with no trading in between. A **gap up** is when a stock opens above the previous day's high. A **gap down** is when it opens below the previous day's low. On a price chart, this leaves an empty space, which is where the name comes from. ## Key points - Gaps happen because news arrives while the main market is closed, such as earnings released after 4 p.m. - Gap up means the stock opened higher than the prior day's high. Gap down means it opened lower than the prior day's low. - A **gap fill** is when the price later moves back to where it was before the gap. Some gaps fill quickly, and many never do. - Gaps can make stop orders sell far below the price you set. - Chart readers name four types of gap: common, breakaway, runaway and exhaustion. ## What is a gap in stocks? US stock exchanges hold their regular session from 9:30 a.m. to 4 p.m. Eastern time ([NYSE](https://www.nyse.com/markets/hours-calendars)). Some trading happens before and after those hours, but far fewer people take part. When big news comes out overnight, buyers and sellers change their minds about the price. By the next morning's open, the new price can be far from yesterday's. The chart shows a jump instead of a smooth line. That jump is the gap. Some traders use a looser definition. They call any open above yesterday's close a gap up, even if it is still below yesterday's high. Both uses are common, so check how a chart tool or screener defines it. ## What causes a stock to gap up or down? Most gaps come from news released while the main market is closed. Common causes: - **Earnings reports.** Many companies report after the close or before the open. - **Company news,** such as a merger, a product failure, a lawsuit or a change of CEO. - **Economic news,** such as jobs or inflation numbers released before the open. - **World events** overnight, such as an election result or a sudden crisis. - **Analyst rating changes** published before the open. Prices can also move in extended-hours trading before and after the main session. The SEC warns that these sessions often have fewer traders, wider price swings and prices that may not match the next day's open ([Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-42)). ## A stock gap example Say a stock closes at $100 on Tuesday. Its high that day was $101 and its low was $99. After the close, the company reports weak sales. On Wednesday, the first trade is at $90. That is a gap down of $9 below Tuesday's low, or 10% below Tuesday's close. Now say you owned the stock and had a **stop order** at $95. A stop order becomes an order to sell at the market price once the stock reaches your stop price ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/stop-order)). The stock never traded at $95. It jumped straight to $90. So your shares would sell near $90, not $95. That is one of the biggest risks of gaps. Stop orders protect less than many people think. Our guide to [stop-loss orders](https://tactfolio.com/learn/stop-loss.md) covers the other types. ## Types of gaps Chart readers often sort gaps into four types. These are labels from technical analysis, not proven rules: | Type | Where it shows up | What chart readers think it means | | --- | --- | --- | | Common gap | Inside a quiet trading range | Little meaning, often fills soon | | Breakaway gap | At the start of a new trend | A big shift in what traders think | | Runaway gap | In the middle of a strong trend | The trend may keep going | | Exhaustion gap | Near the end of a long trend | The trend may be running out of steam | The problem is that you often know which type a gap was only after the fact. In the moment, a breakaway gap and an exhaustion gap can look the same. ## What does "gap fill" mean? A gap fills when the price moves back to the level it jumped from. In our example, the gap fills if the stock climbs back to $99, Tuesday's low. You may hear that "all gaps get filled". That is not true. Some gaps fill within hours. Others never fill, especially after major news that changes a company's value. Treat any rule about gap fills as an idea to test, not a promise. ## Common mistakes - Relying on stop orders to cap losses through earnings. A gap can skip right past them. Some traders buy a put instead, which sets a floor price (see [put vs call](https://tactfolio.com/learn/put-vs-call.md)). - Assuming every gap will fill and betting on it. - Chasing a big gap up at the open, when prices often swing the most. - Trading in pre-market hours without knowing that prices there can be thin and jumpy. - Ignoring the news behind the gap. The cause matters more than the chart shape. - Holding leveraged trades, such as [CFDs](https://tactfolio.com/learn/cfd-trading.md), through big news. A gap can wipe out the deposit before you can act. ## Try it on Tactfolio Gaps are one reason the timing of trades matters. Tactfolio backtests trade at the day's close and also show a second line that trades at the next day's open. If the two lines are far apart, overnight moves have a big effect on that strategy. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) explains both lines. You can see the effect on a simple trend rule like the [200-day moving average strategy](https://tactfolio.com/strategies/200-day-moving-average.md), applied to the [S&P 500](https://tactfolio.com/learn/sp500-index.md). Fast price moves are also part of [momentum stocks](https://tactfolio.com/learn/momentum-stocks.md). ## Common questions ### What does it mean when a stock gaps up? It means the stock opened above the previous day's high, usually after good news while the market was closed. There is no trading in the space between the two prices. Some traders use the previous close instead of the previous high. ### Is a gap down a good time to buy? Not by itself. A gap down tells you sellers reacted to something, often real bad news. Some stocks recover and some keep falling. The reason for the gap matters more than its size. ### Do all stock gaps get filled? No. Many gaps fill, but many don't, especially after earnings or major news that changes a company's outlook. There is no rule that a gap must fill. ### How do you find stocks that are gapping? Many brokers and charting sites offer pre-market screeners that list stocks trading well above or below yesterday's close. Be careful with pre-market prices, because fewer people trade then and prices can change quickly at the open. ### What is the difference between a gap and a trading halt? A gap is a price jump between sessions. A trading halt is when an exchange stops trading in a stock for a while, often for pending news ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/trading-halts-and-delays)). A halt can lead to a gap when trading resumes. ## Put it into practice - [Position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md): Find how many shares or lots to trade so that hitting your stop-loss costs only the share of your account you choose. - [Stock average calculator](https://tactfolio.com/trading-tools/stock-average-calculator.md): Find your average price per share across several buys, and how many shares reach a target average. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. ## Sources - [Holidays and trading hours](https://www.nyse.com/markets/hours-calendars), New York Stock Exchange, accessed 2026-10-16 - [Extended-hours trading: investor bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-42), Investor.gov (SEC), accessed 2026-10-16 - [Extended-hours trading: know the risks](https://www.finra.org/investors/insights/extended-hours-trading), FINRA, accessed 2026-10-16 - [Stop order](https://www.investor.gov/introduction-investing/investing-basics/glossary/stop-order), Investor.gov (SEC), accessed 2026-10-16 - [Trading halts and delays](https://www.investor.gov/introduction-investing/investing-basics/glossary/trading-halts-and-delays), Investor.gov (SEC), accessed 2026-10-16 --- # Put vs call options: the difference, with examples > A call gains when a stock rises and a put gains when it falls. See worked examples with break-even prices, and how buying and selling options differ. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A call option gives you the right to buy a stock at a set price before a set date. A put option gives you the right to sell a stock at a set price before a set date. People buy calls when they think a price will rise. They buy puts when they think a price will fall, or to protect shares they own. ## Key points - A **call** is the right to buy. A **put** is the right to sell. - The buyer pays a price up front, called the **premium**. The most a buyer can lose is that premium. - The seller collects the premium but takes on a duty. Sellers can lose far more than they collect. - One standard US stock option covers 100 shares. - Every option has an end date. After it passes, the option is gone. > **Risk note.** Options can expire worthless. Selling options can lose far more than the premium you collect. ## What is the difference between a put and a call? The difference is direction. A call pays off when the stock goes up. A put pays off when the stock goes down. | | Call option | Put option | | --- | --- | --- | | Buyer gets the right to | Buy 100 shares | Sell 100 shares | | Buyer hopes the stock will | Rise above the strike price | Fall below the strike price | | Seller must | Sell shares at the strike if asked | Buy shares at the strike if asked | | Most the buyer can lose | The premium paid | The premium paid | | Most the seller can lose | No limit, unless they own the shares | Strike price × 100, minus the premium | | A common use | Bet on a rise with less money | Protect shares from a fall | The **strike price** is the price written into the option. The **expiration date** is the last day the option is good. These terms come from the SEC's investor site, [Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63). ## How a call option works: an example Say a stock trades at $50. You think it will rise. You buy one call with a $55 strike price that expires in two months. The premium is $2 per share. One contract covers 100 shares, so you pay $200. Here is what can happen at expiration: - **The stock ends at $50.** No one would pay $55 for a $50 stock. The call expires worthless. You lose $200. - **The stock ends at $57.** The call is worth $2 per share ($57 minus $55). That is $200, so you break even. - **The stock ends at $65.** The call is worth $10 per share, or $1,000. You made $800 on $200. So your **break-even price** for a call is the strike plus the premium. Here that is $55 + $2 = $57. ## How a put option works: an example Now say the same $50 stock worries you. You buy one put with a $45 strike that expires in two months. The premium is $1.50 per share, so you pay $150. - **The stock ends at $50.** No one would sell at $45 when the market pays $50. The put expires worthless. You lose $150. - **The stock ends at $43.50.** The put is worth $1.50 per share ($45 minus $43.50). You break even. - **The stock ends at $35.** The put is worth $10 per share, or $1,000. You made $850. For a put, the break-even price is the strike minus the premium. Here that is $45 minus $1.50 = $43.50. ## Buying vs selling options Every option has a buyer and a seller. Their risks are very different. The **buyer** pays the premium and gets a right. If things go wrong, the buyer loses only what they paid. The **seller** (also called the writer) collects the premium and takes on a duty. A call seller may have to sell shares at the strike price. A put seller may have to buy shares at the strike price. If the stock moves hard the wrong way, the loss can be many times the premium. Selling a call while you own the shares is called a [covered call](https://tactfolio.com/learn/covered-call.md). It is one of the most common ways people sell options, because the shares cover the duty to sell. ## What moves an option's price? Three things matter most: 1. **The stock price.** Calls gain value as the stock rises. Puts gain value as it falls. 2. **Time left.** Options lose value as the end date gets closer. This loss is measured by [theta](https://tactfolio.com/learn/theta-meaning.md). 3. **Expected swings.** When traders expect big moves, options cost more. This is called [implied volatility](https://tactfolio.com/learn/implied-volatility.md). These measures are part of the [options Greeks](https://tactfolio.com/learn/options-greeks.md), a set of numbers options traders use. The [Options Industry Council](https://www.optionseducation.org/advancedconcepts/theta) explains each one. ## Common mistakes - Buying cheap calls far from the stock price. They are cheap because they usually expire worthless. - Forgetting the premium. A stock can rise and a call can still lose money if it does not rise past the break-even price. - Selling options without knowing the worst case. A call sold without the shares has no loss limit. - Ignoring time. Even when you are right about direction, you can be wrong about timing. - Trading options before your broker approves you. US brokers must approve each account for options and hand you the official risk booklet first ([FINRA](https://www.finra.org/investors/investing/investment-products/options)). ## Try it on Tactfolio Tactfolio does not trade options. It builds and tests rules for stocks and funds. Some people buy puts to guard against a crash. One idea without options is a trend rule. It moves to safer assets when the market falls below its long-term average. The [Faber 10-month moving average model](https://tactfolio.com/strategies/faber-10-month-moving-average.md) does this with the [S&P 500](https://tactfolio.com/learn/sp500-index.md). You can open it, read every rule, and see its hypothetical backtest, including the years it lagged. You can also build your own version in the [strategy builder](https://tactfolio.com/builder). ## Common questions ### Is it better to buy a put or a call? It depends on what you expect. A call profits if the stock rises past the break-even price. A put profits if it falls below it. Both lose the full premium if the stock does not move far enough in time. ### Can you lose more than you invest with options? When you buy a call or a put, the most you can lose is the premium. When you sell options, you can lose much more. A call sold without owning the shares has no upper limit on losses. ### What does it mean to be "in the money"? A call is in the money when the stock is above the strike price. A put is in the money when the stock is below the strike price. An in-the-money option has value if used right now. ### Why do people buy puts on stocks they own? To protect against a fall. A put sets a floor price for the shares until it expires. It works like insurance, and the premium is what the insurance costs. ### What happens when an option expires? An option that is in the money at expiration is usually used automatically by the broker. An option that is out of the money expires worthless. Check your broker's rules before the last day. ## Put it into practice - [Options profit calculator](https://tactfolio.com/trading-tools/options-profit-calculator.md): See the profit, break-even and most you can make or lose on a call or a put at expiration. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [An introduction to options](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63), Investor.gov (SEC), accessed 2026-10-16 - [Opening an options account](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-77), Investor.gov (SEC), accessed 2026-10-16 - [Options](https://www.investor.gov/introduction-investing/investing-basics/glossary/options), Investor.gov (SEC), accessed 2026-10-16 - [Options](https://www.finra.org/investors/investing/investment-products/options), FINRA, accessed 2026-10-16 - [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document), The Options Clearing Corporation, accessed 2026-10-16 - [Theta](https://www.optionseducation.org/advancedconcepts/theta), Options Industry Council, accessed 2026-10-16 --- # What is a covered call? How it works, with an example > A covered call means owning 100 shares and selling a call option on them for income. See a worked example, the risks, and how covered call ETFs work. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A covered call is when you own 100 shares of a stock and sell someone the right to buy them at a set price. You get paid cash up front for that right. In return, you give up gains above that price until the option ends. Your shares still lose value if the stock falls. ## Key points - You need 100 shares for each call you sell. The shares "cover" the promise to sell. - The cash you collect is called the **premium**. You keep it no matter what happens. - If the stock rises above the strike price, your shares will likely be sold at that price. - The premium softens a fall a little. It does not stop one. - Covered call ETFs, such as QYLD, run this strategy for you inside a fund. > **Risk note.** Options can expire worthless. Selling options can lose far more than the premium you collect. With a covered call, the shares you own carry the main risk. ## What is a covered call? A covered call has two parts. You own a stock. You sell a [call option](https://tactfolio.com/learn/put-vs-call.md) on that same stock. A call option is the right to buy 100 shares at a set price, called the **strike price**, before a set date. When you sell the call, the buyer pays you a premium. If the buyer uses the option, you must sell your shares at the strike price. Because you already own the shares, you can always deliver them. That is what makes the call "covered". Selling a call without owning the shares is called a naked call. It has no limit on losses. A covered call does not have that problem. ## A covered call example Say you own 100 shares of a stock at $50. Your shares are worth $5,000. You sell one call with a $55 strike that ends in 30 days. The buyer pays you $1 per share, or $100. Here is what happens at the end of 30 days, compared with just holding the shares: | Stock price at the end | Just holding | Covered call | What happened | | --- | --- | --- | --- | | $45 | −$500 | −$400 | The call expires. You keep the $100. | | $50 | $0 | +$100 | The call expires. You keep the $100. | | $53 | +$300 | +$400 | The call expires. You keep the $100. | | $55 | +$500 | +$600 | Your best case. | | $60 | +$1,000 | +$600 | Your shares are sold at $55. | The pattern is clear. The covered call does better when the stock is flat, a bit up or down. It does worse when the stock jumps. Your best result is capped at the strike price plus the premium. ## Why do people sell covered calls? Most people sell covered calls to earn cash from shares they already own. The premium is paid right away. Some also use it as a planned exit. If you would happily sell a stock at $55, a $55 covered call pays you to wait for that price. ## What are the risks of a covered call? The biggest risk is the stock falling. The premium only covers the first small part of a drop. A [gap down](https://tactfolio.com/learn/stock-gap.md) after bad earnings can take the price far below where you started. If the stock falls 30%, you still lose most of that 30%. The second risk is missing a big rise. If the stock doubles, your shares are sold at the strike price. You keep only the premium and the gain up to the strike. Other points to know: - **Taxes.** Premiums and sold shares can create taxable gains. Rules for options can be tricky, so ask a tax professional. Inside a retirement account, such as an [IRA](https://tactfolio.com/learn/ira-vs-401k.md), the rules are different. - **Early assignment.** US stock options can be used any day before they end. You may have to sell your shares early, often just before a dividend. - **Fees and approval.** Your broker must approve your account for options trading ([FINRA](https://www.finra.org/investors/investing/investment-products/options)). ## Covered call ETFs A covered call ETF is a fund that owns stocks and sells calls on them for you. It pays much of the premium out to holders, often monthly. You need only one share, not 100. One example is the Global X Nasdaq 100 Covered Call ETF (QYLD). It owns the Nasdaq-100 stocks and sells calls on that index each month ([Global X](https://www.globalxetfs.com/funds/qyld/)). Others use different methods. Read each fund's own page before you buy. These funds have the same trade-off as a single covered call. They tend to trail their stock index in strong markets, because they give up the big gains. Cboe tracks a simple version of this strategy on the S&P 500 with its [BuyWrite Index (BXM)](https://www.cboe.com/us/indices/dashboard/bxm/). ## Common mistakes - Selling a call on a stock you are not willing to sell at the strike price. - Choosing a strike just because its premium is high. A high premium often means the stock is expected to swing a lot. - Thinking the premium is "free money". You are trading away upside to get it. - Forgetting that the shares can still fall a lot. - Looking only at a fund's payout rate. A high payout can come with a falling share price. ## Try it on Tactfolio Tactfolio does not trade options. But covered call ETFs trade like any other fund, so you can test one inside a rules-based strategy. In the [strategy builder](https://tactfolio.com/builder), add a fund such as QYLD next to the [S&P 500](https://tactfolio.com/learn/sp500-index.md) and compare their hypothetical backtests, drawdowns included. To see how options lose value over time, read [what theta means](https://tactfolio.com/learn/theta-meaning.md). ## Common questions ### Is a covered call a good strategy? It suits someone who owns a stock, expects it to stay flat or rise slowly, and is happy to sell at the strike. It does poorly when the stock jumps or falls a lot. It changes your risk and return. It does not remove risk. ### Can you lose money on a covered call? Yes. If the stock falls by more than the premium you collected, you lose money. The loss comes from the shares you own, not from the call itself. ### What happens if my covered call gets exercised? Your broker sells your 100 shares at the strike price. You keep the premium too. Your total gain is the strike price minus what you paid for the shares, plus the premium. ### Do covered calls pay every month? They can. Many sellers pick calls that end in about a month and sell a new one each time. Covered call ETFs often pay out monthly. The amount changes with market conditions and is not fixed. ### What is the difference between a covered call and a naked call? With a covered call, you own the shares, so you can always deliver them. With a naked call, you don't. If the stock soars, a naked call seller must buy shares at the high price, which can mean very large losses. ## Put it into practice - [Options profit calculator](https://tactfolio.com/trading-tools/options-profit-calculator.md): See the profit, break-even and most you can make or lose on a call or a put at expiration. - [JEPI: JPMorgan Equity Premium Income ETF](https://tactfolio.com/etf/jepi.md): What JEPI holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator.md): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [QYLD: Global X NASDAQ 100 Covered Call ETF](https://tactfolio.com/etf/qyld.md): What QYLD holds, its 0.6% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [An introduction to options](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-63), Investor.gov (SEC), accessed 2026-10-16 - [Opening an options account](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-77), Investor.gov (SEC), accessed 2026-10-16 - [Options](https://www.finra.org/investors/investing/investment-products/options), FINRA, accessed 2026-10-16 - [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document), The Options Clearing Corporation, accessed 2026-10-16 - [Global X Nasdaq 100 Covered Call ETF (QYLD)](https://www.globalxetfs.com/funds/qyld/), Global X, accessed 2026-10-16 - [Cboe S&P 500 BuyWrite Index (BXM)](https://www.cboe.com/us/indices/dashboard/bxm/), Cboe, accessed 2026-10-16 --- # Theta meaning: how time decay works in options > Theta measures how much an option loses in value each day as it nears expiration. Learn how time decay works, with an example and the other Greeks. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. In options trading, theta is how much an option's price drops each day just because time passes. Say an option has a theta of −0.05. If nothing else changes, it loses about 5 cents per share each day. That is $5 a day for one 100-share contract. This loss is called time decay. Theta (θ) is also the eighth letter of the Greek alphabet, which is where the name comes from. ## Key points - Theta measures time decay: the value an option loses each day as its end date gets closer. - It is shown as a negative number per share, per day, for someone who owns the option. - Time decay speeds up as expiration nears, most of all for options with a strike near the stock price. - Option buyers lose to theta. Option sellers gain from it. - Theta is one of the "Greeks", a set of numbers that show what moves an option's price. > **Risk note.** Options can expire worthless. Selling options can lose far more than the premium you collect. ## What does theta mean in options? Theta tells you the cost of waiting. An option is a right that ends on a set date. The more time it has left, the more chances the stock has to move in your favor. Each day that passes takes away some of those chances, so the option is worth a little less. The [Options Industry Council](https://www.optionseducation.org/advancedconcepts/theta) defines theta as the rate at which an option loses value as time passes, with all else held equal. To see where theta fits, it helps to split an option's price into two parts: - **Intrinsic value:** what the option would be worth if used right now. A $50 call on a $53 stock has $3 of intrinsic value. - **Time value:** everything above that. It is what buyers pay for the chance of a bigger move before the end date. Theta eats the time value. On the last day, the time value is gone and only intrinsic value is left. You can learn the basics of calls and puts in [put vs call](https://tactfolio.com/learn/put-vs-call.md). ## A theta example Say you buy a call option for $3.00 per share. That is $300 for one contract. Its theta is −0.05. If the stock price and everything else stay the same, here is roughly what happens: | Days later | Option price | Contract value | | --- | --- | --- | | Today | $3.00 | $300 | | 1 day | $2.95 | $295 | | 10 days | about $2.50 | about $250 | The 10-day number is only a rough guess. Theta itself changes every day, and it usually grows as expiration gets closer. Real prices also move with the stock and with how much traders expect it to swing. ## Why does time decay speed up? Time decay is slow when an option has months left and fast in its final weeks. With 6 months to go, losing one day barely changes the odds. With 3 days to go, losing one day takes away a third of the time left. Decay is also fastest for options whose strike price is close to the stock price. These options have the most time value to lose. Options far from the stock price have little time value, so their daily decay in dollars is small. ## Who benefits from theta? Option sellers benefit from theta, and option buyers pay it. Every day that passes without a big move, the seller's position gains a little and the buyer's loses a little. This is why some traders sell options to collect time decay. A popular example is the [covered call](https://tactfolio.com/learn/covered-call.md), where you sell a call on shares you own. Some online groups call option sellers the "theta gang". Selling options to earn theta is not free money. Sellers take on the risk of a large move. One sharp jump or drop can wipe out months of small daily gains. ## Theta and the other Greeks Theta is one of five common "Greeks". Each one shows how an option's price reacts to one change: | Greek | What it measures | | --- | --- | | Delta | Change in option price when the stock moves $1 | | Gamma | Change in delta when the stock moves $1 | | Theta | Change in option price as one day passes | | Vega | Change in option price when expected swings (implied volatility) move 1 point | | Rho | Change in option price when interest rates move 1 point | Your broker's option screen usually shows all of these. They are estimates from a pricing model, not promises. ## Common mistakes - Buying options with only days left and expecting them to hold value. Decay is fastest then. - Reading theta as a fixed daily cost. It changes every day. - Thinking you can ignore theta if you are right about direction. If the move comes too late, theta can still win. - Selling options for theta without a plan for a big move against you. ## Try it on Tactfolio Tactfolio does not trade options, so theta never eats into a Tactfolio strategy. Strategies hold stocks and funds and change them by written rules. For a rule that adapts to the market without options, see [Dual Momentum](https://tactfolio.com/strategies/dual-momentum.md), which moves between stocks and bonds based on the past year's returns. You can read its rules and hypothetical backtest, then try changes in the [strategy builder](https://tactfolio.com/builder). ## Common questions ### Is theta positive or negative? For someone who owns an option, theta is negative because the option loses value over time. For someone who sold the option, the effect is positive. Most broker screens show theta from the buyer's side, as a negative number. ### Does theta decay on weekends? Time passes on weekends too, so pricing models count those days. In practice, option prices often adjust for the weekend on Friday or Monday. You should not expect a free weekend without decay. ### What is a high theta? There is no fixed number. Theta is higher for options close to expiration and for options with a strike near the stock price. Compare theta with the option's price. A theta of −0.10 on a $1 option is a 10% daily loss, which is a lot. ### What does theta gang mean? It is a nickname some online traders use for people who sell options to collect time decay. It is not a strategy with set rules. Selling options can lead to large losses when the stock moves sharply. ### How do you avoid theta decay? You can't avoid it if you own options. You can lower its effect by buying options with more time left, which decay more slowly each day. Or you can avoid options and hold shares or funds instead, which have no time decay. ## Put it into practice - [Options profit calculator](https://tactfolio.com/trading-tools/options-profit-calculator.md): See the profit, break-even and most you can make or lose on a call or a put at expiration. - [JEPI: JPMorgan Equity Premium Income ETF](https://tactfolio.com/etf/jepi.md): What JEPI holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. ## Sources - [Theta](https://www.optionseducation.org/advancedconcepts/theta), Options Industry Council, accessed 2026-10-16 - [Options](https://www.investor.gov/introduction-investing/investing-basics/glossary/options), Investor.gov (SEC), accessed 2026-10-16 - [Options](https://www.finra.org/investors/investing/investment-products/options), FINRA, accessed 2026-10-16 - [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document), The Options Clearing Corporation, accessed 2026-10-16 --- # CFD trading: what it is, how it works and the risks > A CFD is a leveraged bet on a price change without owning the asset. Learn how CFDs work, why most retail accounts lose, and why the US bars them. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. CFD trading is a deal with a broker. You swap the change in an asset's price from when you open a trade to when you close it. CFD stands for contract for difference. You never own the stock, gold or currency itself. CFDs are usually traded with borrowed money, so small price moves can mean big gains or big losses. Retail traders in the United States can't legally trade them. ## Key points - A CFD is a contract with your broker, not a share of the asset. You profit or lose on the price change. - CFDs use [leverage](https://tactfolio.com/learn/leverage-explained.md): you put down a small deposit to control a much bigger position. - Studies by European regulators found that 74% to 89% of retail CFD accounts lose money ([ESMA](https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors)). - CFDs are not available to retail traders in the US. US law limits these contracts to large, qualified investors unless they trade on a registered exchange ([SEC](https://www.sec.gov/news/pressrelease/2015-123.html)). - In the UK and EU, rules cap leverage for retail traders and stop losses from going past the money in the account. > **Risk note.** Leverage makes losses bigger as well as gains. You can lose more than you put in. CFDs are not available to retail traders in the United States. ## What is a CFD? A CFD (contract for difference) is an agreement between you and a broker. If the price of the asset goes up while your trade is open, the broker pays you the difference. If it goes down, you pay the broker. You can trade CFDs on many things: single stocks, stock indexes, currencies, gold, oil and crypto. You can bet on prices rising (going **long**) or falling (going **short**). You don't own the asset, so you get no voting rights. You may get a cash adjustment for dividends, depending on the broker. ## How does CFD trading work? An example Say a stock trades at $100. You think it will rise. You open a CFD for 100 shares, which is a $10,000 position. Your broker asks for a 20% deposit, called **margin**. You put down $2,000. That is 5 to 1 leverage. - **The stock rises to $110.** Your position is worth $11,000. You gain $1,000. That is a 50% gain on your $2,000. - **The stock falls to $90.** Your position is worth $9,000. You lose $1,000. That is half your deposit gone. - **The stock falls to $80.** You lose $2,000. Your whole deposit is gone, from a 20% drop in the stock. Most brokers will close your trade before that point. If your account falls below a set level, you get a **margin call**: add money or the broker closes the trade for you. Stock brokers use the same idea in [margin trading](https://tactfolio.com/learn/margin-trading.md). On top of price moves, CFDs carry costs: - **The spread:** the gap between the buy price and the sell price. - **Overnight financing:** a daily fee to hold a leveraged position past the end of the day. - **Commissions** on some trades, such as single stocks. ## Why are CFDs not allowed in the US? US law treats most CFDs as a type of swap. Under the Dodd-Frank Act, swaps on single stocks can be sold to everyday investors only through a registered exchange with a registered offering. CFDs trade directly between a broker and a client, so they don't meet that rule. The SEC has acted against firms that offered these contracts to everyday US investors. In 2015 it charged Sand Hill Exchange for selling security-based swaps to retail investors outside of an exchange ([SEC](https://www.sec.gov/news/pressrelease/2015-123.html)). The CFTC applies similar rules to swaps on commodities and currencies. So if you live in the US, be wary of any website that offers you CFDs. It is likely an offshore firm outside US protection. ## CFD rules in the UK and EU In 2018, the European Securities and Markets Authority (ESMA) set limits on CFDs sold to retail traders. The UK's Financial Conduct Authority (FCA) made similar rules permanent in 2019 ([FCA](https://www.fca.org.uk/news/press-releases/fca-confirms-permanent-restrictions-sale-cfds-and-cfd-options-retail-consumers)). Firms must: - Limit leverage to between 30 to 1 and 2 to 1, depending on how risky the asset is. - Close a client's trades when their money falls to 50% of the margin needed. - Make sure a client can't lose more than the money in their CFD account. - Show a warning with the share of their retail clients who lose money. These rules lower the risk. They don't remove it. Most retail CFD accounts still lose money. ## Common mistakes - Using the highest leverage on offer. A small move against you can wipe out the account. - Forgetting overnight financing. Holding a CFD for weeks can cost a lot even if the price doesn't move. - Trading with an offshore broker outside your country's rules. - Treating CFDs like owning shares. You own nothing, and the broker is on the other side of your trade. - Skipping the risk warning. The share of losing accounts is printed there for a reason. ## Try it on Tactfolio Tactfolio does not offer CFDs, margin borrowing or short selling. It is a place to build and test long-only rules for US stocks and funds, without borrowed money. If you want more market exposure without borrowing, [leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md) are one route, with their own risks. If you want protection when markets fall, there is an idea without leverage. Use a rule that moves to bonds or cash when stocks drop below a long-term trend. The [Faber 10-month moving average model](https://tactfolio.com/strategies/faber-10-month-moving-average.md) does this. You can read every rule, see its hypothetical backtest, and build your own in the [strategy builder](https://tactfolio.com/builder). To learn about other contracts traders use, see [put vs call](https://tactfolio.com/learn/put-vs-call.md), [what theta means](https://tactfolio.com/learn/theta-meaning.md) and [commodities explained](https://tactfolio.com/learn/commodities-explained.md). ## Common questions ### Is CFD trading the same as buying shares? No. When you buy shares, you own part of a company. With a CFD, you only have a contract with your broker about the price change. You have no ownership and usually no voting rights. ### Can you lose more than you invest with CFDs? It depends on where you live and your broker. UK and EU rules for retail traders stop losses from going past the money in your CFD account. In places without that protection, you can lose more than your deposit. ### Why do most CFD traders lose money? Leverage turns small price moves into big gains or losses, and costs such as spreads and overnight fees add up. Regulators in Europe found 74% to 89% of retail accounts lose money. Brokers there must show their own percentage. ### Can Americans trade CFDs? Not legally as retail traders. US rules limit these contracts to large, qualified investors unless they trade on a registered exchange. US residents usually trade options or futures instead, which are regulated in the US. ### What is the difference between CFDs and futures? Futures trade on public exchanges with set contract sizes and end dates. CFDs are private deals with a broker and usually have no end date. In the US, futures are legal for retail traders and CFDs are not. ## Put it into practice - [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. - [Margin calculator](https://tactfolio.com/trading-tools/margin-calculator.md): Free forex margin calculator. Work out the margin a trade needs from its size, price and leverage, with the formula, the rules and an example. - [Pip calculator](https://tactfolio.com/trading-tools/pip-calculator.md): See what one pip is worth for any currency pair, trade size and account currency, with the formula and a worked example. ## Sources - [ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors](https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors), European Securities and Markets Authority, March 27, 2018, accessed 2026-10-16 - [FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers](https://www.fca.org.uk/news/press-releases/fca-confirms-permanent-restrictions-sale-cfds-and-cfd-options-retail-consumers), Financial Conduct Authority, accessed 2026-10-16 - [SEC announces enforcement action for illegal offering of security-based swaps](https://www.sec.gov/news/pressrelease/2015-123.html), U.S. Securities and Exchange Commission, June 17, 2015, accessed 2026-10-16 - [Basics of futures trading](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm), Commodity Futures Trading Commission, accessed 2026-10-16 --- # What is an ETF: how exchange-traded funds work > 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. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. An ETF, or exchange-traded fund, is a fund that holds many investments and trades on a stock exchange like a single stock. One share gives you a small piece of everything the fund owns. Most ETFs track an index, such as the S&P 500, and charge a small yearly fee. ## Key points - An ETF pools money from many investors and buys stocks, bonds or other assets with it. - You buy and sell ETF shares through a brokerage account, at market prices, any time the market is open. - Most ETFs follow an index. Some are run by managers who pick what to hold. - You pay a yearly fee called the **expense ratio**. The fund takes it from its assets, so you never get a bill. - ETFs are not insured. Their price can fall, and you can lose money. ## What is an ETF in simple terms? An ETF is a basket of investments that you can buy as one share. If the basket holds 500 stocks, one share gives you a tiny slice of all 500. The SEC's investor site, [Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-2), says ETFs pool money from many investors. The fund then invests that money in stocks, bonds, short-term debt or other assets. Each share is a part ownership of the whole pile and the income it earns. "Exchange-traded" means the shares trade on a stock exchange. That is the big difference from a regular mutual fund, which you buy from the fund itself. ## How do ETFs work? You buy ETF shares from other investors on an exchange, through your broker. The price moves all day, like a stock price. Behind the scenes, big firms called **authorized participants** keep the share price close to the value of what the fund holds. They do it in two ways: - **Creation.** When demand is high, an authorized participant hands the fund a basket of the stocks it holds. The fund gives back a big block of new ETF shares. The SEC's example is 50,000 shares. - **Redemption.** When demand is low, it works in reverse. The firm hands back a block of ETF shares and gets the stocks back. If the ETF's price drifts above or below the value of its holdings, these firms can trade the gap for a profit. Their trades push the price back in line ([SEC investor bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24)). That value is called the **net asset value**, or NAV. It is what all the fund's holdings are worth, minus what it owes, divided by the number of shares. When an ETF trades above its NAV, that is a premium. Below it is a discount. ## What does an ETF cost? You pay for an ETF in three ways: the yearly fee, the spread and any commission. - **Expense ratio.** This is the fund's yearly cost as a share of its assets. A 0.10% expense ratio is $10 a year on $10,000. The fund takes it out of its assets, so you never see a bill. Our guide to the [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio.md) shows how it adds up over 30 years. - **Bid-ask spread.** The bid is the most a buyer will pay right now. The ask is the least a seller will take. The gap is a hidden cost each time you trade. - **Commissions.** Some brokers charge a fee per trade, and some do not. Check your broker's fee list. The SEC gives a spread example. If an ETF trades at $59.50 bid and $60 ask, buying 200 shares and selling right away loses $100 ([Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24)). ## Types of ETFs Some ETFs are broad and plain. Others are narrow or complex. | Type | What it holds | Example idea | | --- | --- | --- | | Index ETF | Every stock in an index, or a sample | A fund that tracks the S&P 500 | | Bond ETF | Government or company bonds | A fund of 7 to 10 year Treasury bonds | | Sector ETF | Stocks in one industry | Health care or technology | | Commodity ETF | Gold, oil or futures on them | A gold fund | | Leveraged ETF | Uses borrowing or contracts to multiply daily moves | 2x or 3x the S&P 500 for one day | | Inverse ETF | Aims for the opposite of a daily move | Rises when an index falls that day | One well-known index is the [S&P 500](https://tactfolio.com/learn/sp500-index.md), a list of about 500 large US companies. Funds that follow it are covered in [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds.md). Commodity funds work differently from stock funds, as our [commodities guide](https://tactfolio.com/learn/commodities-explained.md) explains. [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md) and inverse ETFs reset every day. Held for longer, their returns can differ a lot from the multiple in their name. The SEC and FINRA both warn buy-and-hold investors about them. ## Why do people buy ETFs? Investor.gov lists four main reasons people buy ETFs: - **Diversification.** One fund can hold hundreds of companies. If one company fails, it is a small part of the whole. - **Low minimums.** You can often buy one share, and some brokers sell parts of a share. - **Trading all day.** You can sell at the market price whenever the market is open. - **Tax efficiency.** Many ETFs swap stocks with authorized participants instead of selling them. So they tend to pay out fewer taxable capital gains than mutual funds. But some ETFs are much less diverse than others. A fund that tracks a single stock has none of the spread-out benefit. ## Common mistakes - Thinking all ETFs are safe because they are funds. A sector or leveraged ETF can swing far more than the market. - Ignoring the expense ratio. A difference of 1% a year adds up over decades. - Using market orders in thin funds. A wide spread can cost more than the fee. - Holding a leveraged ETF for months without knowing it resets daily. - Buying several funds that own the same stocks, and thinking you are spread out. ## More on investing basics These guides build on what an ETF is. Start with the one closest to your question. **Comparing your choices** - [ETF vs index fund](https://tactfolio.com/learn/etf-vs-index-fund.md): how an index ETF and an index mutual fund differ in trading, minimums and taxes. - [ETF vs mutual fund](https://tactfolio.com/learn/etf-vs-mutual-fund.md): the wider comparison, active funds included. - [ETF vs stocks](https://tactfolio.com/learn/etf-vs-stocks.md): owning a basket vs owning one company. **Costs and accounts** - [IRA vs 401(k)](https://tactfolio.com/learn/ira-vs-401k.md): the two main US retirement accounts that often hold ETFs. **Habits that help** - [Dollar-cost averaging](https://tactfolio.com/learn/dollar-cost-averaging.md): investing the same amount on a schedule. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md): bringing your mix back to target. ## Try it on Tactfolio Every Tactfolio strategy holds US-listed stocks and ETFs. The [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) is a plain example. It holds an S&P 500 ETF and a Treasury bond ETF and resets to 60/40 each month. You can see its hypothetical backtest, including the years it lost money. Then you can build your own mix of ETFs in the [strategy builder](https://tactfolio.com/builder) and test it on decades of real prices. ## Common questions ### Is an ETF a stock? No. An ETF is a fund that trades like a stock. When you buy a share, you own a slice of a basket of investments, not one company. ### How do ETFs make money for you? An ETF can pay you in three ways. Its share price can rise. It can pass on dividends or interest from what it holds. It can also pay out capital gains, though ETFs tend to do this less than mutual funds. ### Can you lose money in an ETF? Yes. ETFs are not insured by the FDIC or any government agency, says Investor.gov. If the stocks or bonds inside the fund fall, the ETF falls too. ### What is a good expense ratio for an ETF? Broad index ETFs often charge less than 0.10% a year. For example, iShares lists 0.03% for its core S&P 500 ETF, as of October 16, 2026. Funds that are narrow, active or leveraged usually charge more. ### Do ETFs pay dividends? Many do. A stock ETF passes on most of the dividends its companies pay, minus the fund's costs. Bond ETFs pass on interest. Some funds pay every month, others every quarter. ## Put it into practice - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. - [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 pairs compared](https://tactfolio.com/etf-comparisons.md): Popular ETF pairs such as VOO vs VTI and QQQ vs QQQM, compared on fees, holdings, returns and drawdowns over the same dates. - [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md): VOO vs VTI: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. ## Sources - [Exchange-Traded Funds (ETFs)](https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-2), Investor.gov (SEC), accessed 2026-10-16 - [Updated Investor Bulletin: Exchange-Traded Funds (ETFs)](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24), Investor.gov (SEC), accessed 2026-10-16 - [Exchange-Traded Funds and Products](https://www.finra.org/investors/investing/investment-products/exchange-traded-funds-and-products), FINRA, accessed 2026-10-16 - [Updated Investor Bulletin: Leveraged and Inverse ETFs](https://www.investor.gov/publications-research-studies/info-sheets/Leveraged-Inverse-ETFs), Investor.gov (SEC), accessed 2026-10-16 - [iShares Core S&P 500 ETF](https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf), BlackRock iShares, accessed 2026-10-16 --- # ETF vs index fund: what actually differs > Many index funds are ETFs. Compare index ETFs and index mutual funds on trading, pricing, minimums, taxes and costs, with SEC sources. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. An index fund is any fund that tries to match a market index, and many ETFs are index funds. So the real choice is between an index mutual fund and an index ETF. They can hold the very same stocks. The main differences are how you buy them, when the price is set, minimums and taxes in a regular account. ## Key points - "Index fund" describes what a fund does: it tracks an index. "ETF" describes how it trades: on an exchange. - An index ETF trades all day at market prices. An index mutual fund trades once a day at its closing value. - ETFs often pay out fewer taxable gains in a regular account. Inside an IRA or 401(k), that difference goes away. - Some mutual funds ask for a minimum first purchase. An ETF costs one share, or less at some brokers. - Neither is better for everyone. The fee and your own habits usually matter more than the label. ## What is the difference between an ETF and an index fund? An **index fund** is a fund that tries to match the return of a market index, like the [S&P 500](https://tactfolio.com/learn/sp500-index.md). The SEC's [Investor.gov](https://investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-index-funds) says an index fund can be a mutual fund or an ETF. An **ETF** is a fund whose shares trade on a stock exchange. Many ETFs are index funds, but some are run by managers who pick what to hold. If you are new to these funds, start with [what an ETF is](https://tactfolio.com/learn/what-is-an-etf.md). So "ETF vs index fund" is a bit like asking "fruit or apple?" One can be the other. The useful question is how an index ETF and an index mutual fund differ when they follow the same index. For actively managed funds too, see [ETF vs mutual fund](https://tactfolio.com/learn/etf-vs-mutual-fund.md). ## Index ETF vs index mutual fund: side by side | | Index ETF | Index mutual fund | | --- | --- | --- | | Where you buy it | On an exchange, through a brokerage account | From the fund company, or through a broker | | When the price is set | All day, at the market price | Once a day, at the closing net asset value | | Price you pay | Market price, which can sit a bit above or below the fund's value | Exactly the fund's value per share, plus any fees | | Minimum to start | The price of one share, or less if your broker sells parts of shares | Set by the fund. Some ask for a first purchase of a set dollar amount | | Automatic investing | Depends on the broker | Usually offered by the fund company | | Yearly fee | The expense ratio, taken from fund assets | The expense ratio, taken from fund assets | | Trading costs | Bid-ask spread, plus any broker commission | Possible sales loads or redemption fees, depending on the fund | | Taxes in a regular account | Often fewer capital gains payouts | More likely to pay out capital gains | | Taxes in an IRA or 401(k) | No difference | No difference | The **net asset value**, or NAV, is what all the fund's holdings are worth per share. A mutual fund usually figures it once, at the end of each business day ([Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/characteristics-mutual-funds-exchange-traded-funds)). ## How does trading differ? An index ETF trades during market hours at whatever price buyers and sellers agree on. An index mutual fund fills your order once, after the close. With a mutual fund, you can place an order any time during the day. But you will not know your exact price until the fund sets its NAV that evening. With an ETF, you see the price when you trade. You also face a **bid-ask spread**, the small gap between what buyers offer and sellers ask. For a long-term investor, this difference rarely matters much. It matters more if you want to trade at a set price, using a limit order. ## Which is more tax efficient? ETFs tend to be more tax efficient in a regular, taxable account. Inside a retirement account, there is no tax difference. When mutual fund investors sell, the fund may have to sell stocks to pay them. If those stocks rose, the fund makes a capital gain and passes it to every shareholder. You can owe tax on it even if you did not sell. Many ETFs avoid this by swapping stocks "in kind" with big trading firms, instead of selling for cash. The SEC says ETFs therefore "typically have fewer capital gains distributions" than mutual funds ([Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/characteristics-mutual-funds-exchange-traded-funds)). The same bulletin adds that there is no tax difference inside a 401(k) or IRA. If most of your investing happens in one of those, see [IRA vs 401(k)](https://tactfolio.com/learn/ira-vs-401k.md). ## What about costs? Both kinds charge a yearly **expense ratio**, the fund's costs as a share of its assets. For broad index funds, both kinds can be very cheap. What you pay depends on the fund, not on the label. Look at three things before you choose: 1. The expense ratio. Our guide to the [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio.md) shows how small gaps grow over 30 years. 2. Any sales load, account fee or redemption fee on the mutual fund. 3. Any commission and the usual bid-ask spread on the ETF. FINRA's free [Fund Analyzer](https://tools.finra.org/fund_analyzer/) lets you compare the total cost of two funds over time. ## A worked example Say you have $3,000 and want to follow the S&P 500. - **Index ETF.** At 10:30 a.m. the ETF trades at $600 a share. You buy 5 shares for $3,000. You see the price right away. - **Index mutual fund.** You place a $3,000 order at 10:30 a.m. After the market closes, the fund sets its NAV at $150. You get 20 shares. If the fund had a $5,000 minimum, you could not buy at all yet. Both now follow the same index. If the S&P 500 rises 10% over the next year, both should rise about 10%, minus their fees. ## Common mistakes - Thinking an ETF and an index fund are opposites. Many ETFs are index funds. - Choosing by label instead of by fee. A cheap mutual fund can cost less than a pricey ETF. - Ignoring taxes in a regular account. Capital gains payouts from a mutual fund can create a tax bill you did not plan for. - Worrying about taxes inside an IRA or 401(k). There, the tax difference does not apply. - Trading an ETF often because you can. More trades usually means more costs. ## Try it on Tactfolio Tactfolio strategies hold US-listed ETFs and stocks, not mutual funds. If you want to see how an index-based mix has behaved, open the [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). It holds an S&P 500 ETF and a Treasury bond ETF. You can read the rules, see its hypothetical backtest and its worst years, and copy it to change the mix. ## Common questions ### Is an index fund an ETF? It can be. An index fund is any fund that tracks an index. That fund can be built as a mutual fund or as an ETF, and many of the largest ETFs are index funds. ### Is an ETF or index fund better for beginners? Neither wins for everyone. An ETF suits people who already have a brokerage account and want a low starting amount. An index mutual fund suits people who want to invest a fixed dollar amount on a schedule. Compare the fees first. ### Are ETFs cheaper than index funds? Not always. Broad index ETFs and broad index mutual funds can both charge very low expense ratios. Check each fund's fee, plus any loads, account fees or commissions. ### Can I hold index ETFs in a Roth IRA? Yes, most brokers let you hold ETFs and index mutual funds in an IRA, including a Roth IRA. Inside the account, the tax edge of ETFs does not apply. Your choice can come down to fees and convenience. ### Why does an ETF price differ from its NAV? An ETF trades on an exchange, so its price moves with supply and demand during the day. Big trading firms can swap shares with the fund, and that keeps the price close to the NAV. Small gaps are called premiums or discounts. ## Put it into practice - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. - [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md): VOO vs VTI: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md): Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. ## Sources - [Investor Bulletin: Index Funds](https://investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-index-funds), Investor.gov (SEC), accessed 2026-10-16 - [Characteristics of Mutual Funds and Exchange-Traded Funds (ETFs)](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/characteristics-mutual-funds-exchange-traded-funds), Investor.gov (SEC), accessed 2026-10-16 - [Updated Investor Bulletin: Exchange-Traded Funds (ETFs)](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24), Investor.gov (SEC), accessed 2026-10-16 - [Mutual Funds](https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-1), Investor.gov (SEC), accessed 2026-10-16 - [Fund Analyzer](https://tools.finra.org/fund_analyzer/), FINRA, accessed 2026-10-16 --- # ETF vs stock: risk, cost and control compared > Compare ETFs and single stocks on diversification, single-company risk, costs and control, with a round-number example and SEC sources. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A stock is a share of one company. An ETF is a fund that holds many stocks, or other assets, in one share. With a stock, your result rides on one company. With a broad ETF, it rides on the whole group. One company's bad news hurts much less, but one company's big win helps much less too. ## Key points - A stock makes you part owner of one company. An ETF makes you part owner of a fund that owns many. - A broad ETF spreads out single-company risk. A single stock does not. - ETFs charge a small yearly fee called the expense ratio. Holding a stock has no yearly fee. - With stocks, you choose every company and when to sell it. With an ETF, the fund's rules choose. - Both trade on an exchange during market hours, and both can fall in value. ## What is the difference between an ETF and a stock? A **stock** gives you a share of ownership in a company, says the SEC's [Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks). If the company grows, your share can rise. If it fails, you can lose what you put in. An **ETF**, or exchange-traded fund, pools money from many investors and buys a basket of assets. One share of an S&P 500 ETF gives you a small piece of about 500 large US companies. Our guide on [what an ETF is](https://tactfolio.com/learn/what-is-an-etf.md) explains how they work. Both trade on stock exchanges. You buy both through a brokerage account, at prices that move all day. ## ETF vs stock: side by side | | Single stock | Broad ETF | | --- | --- | --- | | What you own | Part of one company | Part of a fund holding many companies or bonds | | Diversification | None on its own | Built in, often hundreds of holdings | | Single-company risk | High. One bad report can sink it | Low. One company is a small slice | | Upside from one winner | Full | Small, since the winner is a small slice | | Yearly fee | None for holding it | The expense ratio, taken from fund assets | | Trading costs | Spread and any commission | Spread and any commission | | Control | You pick each company and when to sell | The fund's rules pick what it holds | | Voting | You can vote your shares | The fund votes the shares it holds | | Research needed | A lot, company by company | Less. You study the fund and its index | **Diversification** means spreading money across many investments, so one loss does not sink the whole. Investor.gov sums it up as "Don't put all your eggs in one basket" ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/diversification)). ## How single-company risk plays out: an example Say you have $5,000. You put it all in one company's stock. Then that company reports bad news and its stock falls 50%. - **Single stock.** Your $5,000 drops to $2,500. You lost $2,500. - **Broad ETF.** Say that company makes up 1% of the ETF. Your $5,000 drops by about $25, if the rest of the fund holds steady. It works the other way too. If the company's stock doubles, the stock owner makes $5,000. The ETF owner makes about $50 from it. You trade the chance of a big win for a smaller chance of a big loss. A [stock gap](https://tactfolio.com/learn/stock-gap.md) after an earnings report can move one company 20% overnight. A broad fund that holds it barely moves. ## What does each one cost? A stock has no yearly cost once you own it. An ETF charges an **expense ratio**, a yearly fee taken as a percent of your money in the fund. For broad index ETFs, this fee can be very small. As of October 16, 2026, iShares lists 0.03% a year for its core S&P 500 ETF, or $3 a year on $10,000 ([iShares](https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf)). Narrow, active or leveraged ETFs often charge much more. Our guide to the [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio.md) shows how fees add up. Both have trading costs. The **bid-ask spread** is the gap between what buyers pay and sellers ask. Some brokers also charge a commission. ## Which one gives you more control? Stocks give you more control. You pick each company, decide when to sell and choose when to take a gain or loss for taxes. An ETF's manager or index decides what it holds. In a taxable account, a fund can also pass capital gains to you, though ETFs tend to do this less than mutual funds. Some investors like that hands-off part. Others want to choose every holding. FINRA notes that new investors "may want to consider stock funds rather than individual stock picking" as a lower-cost way to spread out ([FINRA](https://www.finra.org/investors/investing/investment-products/stocks)). Many people hold both: a fund as the core and a few stocks they follow closely. ## Common mistakes - Thinking a stock is safer because you know the brand. A well-known company can still fall hard. - Owning 10 stocks from the same industry and calling it spread out. - Buying a narrow sector ETF and expecting it to act like the whole market. - Owning an S&P 500 ETF plus the same big stocks on their own, and doubling your bet without noticing. - Chasing the stocks that rose most last month. [Momentum](https://tactfolio.com/learn/momentum-stocks.md) can reverse fast. ## Try it on Tactfolio Tactfolio strategies can hold US-listed stocks, ETFs or both. In the [strategy builder](https://tactfolio.com/builder) you can test an ETF next to a handful of single stocks on decades of real prices. Then you can compare their drawdowns (how far each fell from its high) as well as their returns. Every backtest is hypothetical. It shows how each would have done on past prices. ## Common questions ### Is it better to buy ETFs or stocks? Neither is better for everyone. ETFs spread out risk with less research. Stocks give more control and more upside from a single winner, along with more risk. Many investors use both. ### Are ETFs safer than stocks? A broad ETF is usually less risky than one stock, because no single company can sink it. But it still falls when the whole market falls. Narrow, sector or leveraged ETFs can swing as much as single stocks, or more. ### Do ETFs pay dividends like stocks? Many do. A stock ETF collects dividends from the companies it holds and passes most of them to you, minus its costs. The amount and timing depend on the fund. ### Can an ETF go to zero like a stock? A broad ETF would need every company it holds to collapse at once, which is very unlikely. A single company can go bankrupt, and then its common stock may be worth nothing. Narrow or leveraged ETFs carry far more risk than broad ones. ## Put it into practice - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [Position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md): Find how many shares or lots to trade so that hitting your stop-loss costs only the share of your account you choose. ## Sources - [Stocks: FAQs](https://www.investor.gov/introduction-investing/investing-basics/investment-products/stocks), Investor.gov (SEC), accessed 2026-10-16 - [Exchange-Traded Funds (ETFs)](https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-2), Investor.gov (SEC), accessed 2026-10-16 - [Diversification](https://www.investor.gov/introduction-investing/investing-basics/glossary/diversification), Investor.gov (SEC), accessed 2026-10-16 - [Stocks](https://www.finra.org/investors/investing/investment-products/stocks), FINRA, accessed 2026-10-16 - [iShares Core S&P 500 ETF](https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf), BlackRock iShares, accessed 2026-10-16 --- # ETF expense ratio: what it is and what it costs you > 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. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. An ETF expense ratio is the yearly fee a fund charges to run itself, shown as a percent of your money in the fund. An expense ratio of 0.20% costs about $20 a year for every $10,000 you hold. You never pay a bill. The fund takes the fee out of its own assets, which trims your return a little. ## Key points - The expense ratio is a fund's yearly operating costs divided by its average assets. - The fund pays it from its assets, so it shows up as a slightly lower share value, not a charge on your statement. - Small gaps add up. In our example, a 1% fee costs about $18,700 over 30 years on a one-time $10,000. - Broad index ETFs often charge very little. Narrow, active and leveraged ETFs usually charge more. - The expense ratio is not your only cost. Spreads, commissions and the fund's own trading costs come on top. ## What is an ETF expense ratio? The expense ratio is the fund's total yearly operating cost as a share of its assets. The SEC's fee bulletin calls it the "Total Annual Fund Operating Expenses," expressed as a percent of the fund's average net assets ([Investor.gov](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-20)). It usually bundles three parts: | Part | What it pays for | | --- | --- | | Management fee | The adviser who runs the fund's portfolio | | Distribution (12b-1) fee | Marketing and selling the fund, if it has one | | Other expenses | Things like legal, accounting and record keeping | If you are new to funds, our guide to [what an ETF is](https://tactfolio.com/learn/what-is-an-etf.md) covers the basics first. ## How is the expense ratio charged? The fund pays its costs out of the money it holds. That lowers its net asset value, the value of each share. You pay indirectly, through a slightly smaller return ([Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-2)). Funds usually set aside a tiny slice of the yearly fee each business day, when they work out the day's share value. That is why you never see a single charge. A fund with a 0.50% expense ratio that would have earned 7% in a year leaves you with about 6.5%. ## How much does an expense ratio cost over time? A few tenths of a percent sounds like nothing. Over decades, it compounds into real money. Say you invest $10,000 once and the fund earns 7% a year before fees. This is a hypothetical example, not a forecast. | Expense ratio | Value after 10 years | Value after 30 years | Fees cost you over 30 years | | --- | --- | --- | --- | | 0% (no fee) | about $19,700 | about $76,100 | none | | 0.03% | about $19,600 | about $75,500 | about $600 | | 0.50% | about $18,800 | about $66,100 | about $10,000 | | 1.00% | about $17,900 | about $57,400 | about $18,700 | Each year the fee takes some dollars. It also takes the growth those dollars would have earned later. That is why the gap grows so much faster in the last decade than in the first. The SEC also says a high-cost fund must do better than a low-cost one to give you the same return. FINRA's free [Fund Analyzer](https://tools.finra.org/fund_analyzer/) lets you run this math on real funds. It covers more than 18,000 mutual funds, ETFs and exchange-traded notes, according to [Investor.gov](https://www.investor.gov/financial-tools-calculators/financial-tools/mutual-fund-analyzer). ## What is a good expense ratio for an ETF? A lower fee is better when two funds do the same job. What counts as low depends on the kind of fund. Here are three real fund fees, as of October 16, 2026: | Fund | What it aims for | Expense ratio | | --- | --- | --- | | iShares Core S&P 500 ETF (IVV) | Track the S&P 500 | 0.03% ([iShares](https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf)) | | ProShares Ultra S&P500 (SSO) | 2x the S&P 500's daily move | 0.84% net, 0.88% gross ([ProShares](https://www.proshares.com/our-etfs/leveraged-and-inverse/sso)) | | ProShares UltraPro S&P500 (UPRO) | 3x the S&P 500's daily move | 0.88% ([ProShares](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro)) | **Gross** is the full cost. **Net** is what you pay after any fee waiver the fund company offers. Waivers can end, so check the date. [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md) cost more because they run swaps and futures every day. Broad index funds cost less because they follow a list and trade rarely. ## Common mistakes - Picking a fund on fee alone. A cheap fund that holds the wrong things is still the wrong fund. - Thinking a "zero-expense" fund is free. The SEC warns that some costs sit outside the expense ratio, like the fund's own trading costs. - Ignoring the spread. In a thinly traded ETF, the bid-ask spread can cost more than a year of fees. - Comparing gross to net. Compare the same kind of number for both funds. - Paying twice. A fund that holds other funds can stack two layers of fees. ## Try it on Tactfolio Tactfolio backtests use each fund's real daily prices. Since a fund's price is already net of its expense ratio, the fee is built into every result you see. You can test the same idea with a low-cost fund and a pricier one in the [strategy builder](https://tactfolio.com/builder). Then you can see the gap on the same dates. The [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) is a simple mix of two ETFs to start from. ## Common questions ### Is the expense ratio charged every year? Yes. It is a yearly rate, but the fund takes it from its assets a little at a time. You see it as a slightly lower share value, not as a separate bill. ### Is a 0.5% expense ratio high for an ETF? For a broad index ETF, 0.5% is high, since many charge under 0.1%. For an actively run, niche or leveraged fund, 0.5% can be on the low side. Compare funds that do the same job. ### Do ETFs or mutual funds have lower expense ratios? ETFs have tended to cost less to run than similar mutual funds, the SEC says. But broad index mutual funds can be very cheap too. Our [ETF vs index fund](https://tactfolio.com/learn/etf-vs-index-fund.md) and [ETF vs mutual fund](https://tactfolio.com/learn/etf-vs-mutual-fund.md) guides compare them. ### Where do I find an ETF's expense ratio? It is in the fee table near the front of the fund's prospectus. The fund company's web page for the ETF also lists it, often as both gross and net figures. ## Put it into practice - [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. - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. - [QQQ vs QQQM](https://tactfolio.com/etf-comparisons/qqq-vs-qqqm.md): QQQ vs QQQM: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md): SPY vs VOO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md): Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. - [IVV: iShares Core S&P 500 ETF](https://tactfolio.com/etf/ivv.md): What IVV holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Mutual Fund and ETF Fees and Expenses: Investor Bulletin](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-20), Investor.gov (SEC), accessed 2026-10-16 - [Exchange-Traded Funds (ETFs)](https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-2), Investor.gov (SEC), accessed 2026-10-16 - [Updated Investor Bulletin: Exchange-Traded Funds (ETFs)](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-24), Investor.gov (SEC), accessed 2026-10-16 - [Fund Analyzer](https://tools.finra.org/fund_analyzer/), FINRA, accessed 2026-10-16 - [Fund Analyzer](https://www.investor.gov/financial-tools-calculators/financial-tools/mutual-fund-analyzer), Investor.gov (SEC), accessed 2026-10-16 - [iShares Core S&P 500 ETF](https://www.ishares.com/us/products/239726/ishares-core-sp-500-etf), BlackRock iShares, accessed 2026-10-16 - [Ultra S&P500 (SSO)](https://www.proshares.com/our-etfs/leveraged-and-inverse/sso), ProShares, accessed 2026-10-16 - [UltraPro S&P500 (UPRO)](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro), ProShares, accessed 2026-10-16 --- # Dollar cost averaging: how it works and when it helps > Dollar-cost averaging means investing a fixed amount on a schedule. See how it works with round numbers and what research says about lump sums. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Dollar-cost averaging means investing the same amount of money on a regular schedule, no matter what prices are doing. You buy more shares when prices are low and fewer when they are high. It can lower regret and remove guesswork, but history shows that investing a lump sum at once has usually ended up ahead. ## Key points - You invest a fixed amount, like $300, every week or month. - Low prices get you more shares. High prices get you fewer. - If you invest from each paycheck, for example in a 401(k), you already do this. - With a lump sum in hand, investing it all at once beat spreading it out about two-thirds of the time in Vanguard's 2023 study. - Dollar-cost averaging does not prevent losses. It spreads out when you buy. ## What is dollar-cost averaging? Dollar-cost averaging (DCA) is a habit of putting equal amounts into an investment at set times. The SEC's [Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging) describes it as investing "in equal portions, at regular intervals, regardless of the ups and downs in the market." Most people use it with funds, like an [ETF](https://tactfolio.com/learn/what-is-an-etf.md) that tracks the [S&P 500](https://tactfolio.com/learn/sp500-index.md). You pick an amount and a day, and you keep going. ## How does dollar-cost averaging work? An example Say you invest $300 on the first of each month for four months. The fund's price moves around. | Month | Price per share | You invest | Shares you get | | --- | --- | --- | --- | | 1 | $30 | $300 | 10 | | 2 | $20 | $300 | 15 | | 3 | $25 | $300 | 12 | | 4 | $30 | $300 | 10 | | Total | | $1,200 | 47 | You paid $1,200 for 47 shares. That is about $25.53 per share. The average of the four prices was $26.25. You paid less than the average price because the dip in month 2 bought extra shares. At $30 a share, your 47 shares are worth $1,410. Someone who put all $1,200 in on month 1 would own 40 shares worth $1,200. In this case, spreading it out helped. ## Does it always help? No. When prices mostly rise, spreading out your buying usually means paying more on average. Here is the same $1,200 in a rising market. | Month | Price per share | Shares from $300 | | --- | --- | --- | | 1 | $20 | 15 | | 2 | $25 | 12 | | 3 | $30 | 10 | | 4 | $35 | about 8.6 | | Total | | about 45.6 | At $35, your 45.6 shares are worth about $1,595. A lump sum of $1,200 in month 1 would have bought 60 shares, worth $2,100. Here, waiting cost you about $500. ## Dollar-cost averaging vs lump sum: what does the research say? If you already have a lump sum, investing it right away has usually done better. Vanguard compared the two across markets, past data and simulations. It found that lump-sum investing beat cost averaging about two-thirds of the time ([Vanguard, February 2023](https://corporate.vanguard.com/content/dam/corp/research/pdf/cost_averaging_invest_now_or_temporarily_hold_your_cash.pdf)). Over time, money in the market has usually earned more than money in cash. From 1976 to 2022, US stocks beat cash 76% of the time and bonds beat cash 68% of the time, per the same paper. Money waiting in cash often missed gains. But Vanguard also found that cost averaging beat staying fully in cash. And it said cost averaging may suit people who strongly fear a big drop right after they invest. FINRA makes the same trade-off clear. Spreading out buys has lower risk but "often produces lower returns" than a lump sum ([FINRA, May 19, 2026](https://www.finra.org/investors/insights/dollar-cost-averaging)). ## When dollar-cost averaging makes sense DCA fits best in three cases: 1. **You invest as you earn.** Paycheck savings into a 401(k) or IRA work this way by nature. FINRA notes the lump-sum argument does not apply here, since the money was never sitting in cash. Our [IRA vs 401(k)](https://tactfolio.com/learn/ira-vs-401k.md) guide covers those accounts. 2. **A big drop would make you quit.** If fear of bad timing keeps you from starting, a schedule can get you invested. 3. **You want a habit.** With a fixed day each month, you do not have to decide again each time. ## Common mistakes - Stopping during a slump. Low prices are when the plan buys the most shares. - Paying a fee on every small purchase. Per-trade fees can eat a big share of a $50 buy. - Holding a windfall in cash for years "to average in". The longer it waits, the more it can miss. - Thinking DCA prevents losses. If the fund falls and stays down, you still lose. - Forgetting to check your mix. Regular buying is a good time to bring your [portfolio back to target](https://tactfolio.com/learn/portfolio-rebalancing.md). ## Try it on Tactfolio Tactfolio does not add money for you on a schedule. Each strategy trades only the starting balance you give it. What you can do is study the mix you plan to buy into. The [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) is a common starting mix. You can open it, see its hypothetical backtest and its worst years, and build your own version in the [strategy builder](https://tactfolio.com/builder). ## Common questions ### Is dollar-cost averaging a good idea? It is a solid habit for money you earn over time, like paycheck savings. For a lump sum you already have, investing it right away has usually come out ahead in the past. The right choice depends on how you would feel if the market fell soon after you invested. ### How often should you dollar-cost average? Many people match their paychecks, every two weeks or once a month. The exact day matters less than sticking with it. Check that your broker does not charge a fee for each purchase. ### Does dollar-cost averaging work in a bear market? It keeps buying while prices are low, which gets you more shares. That helps if prices later recover. It does not protect you if prices keep falling for a long time. ### Is investing in a 401(k) dollar-cost averaging? Yes. Money goes in from each paycheck on a fixed schedule, whatever the market does. FINRA uses it as its own example of dollar-cost averaging. ## Put it into practice - [Stock average calculator](https://tactfolio.com/trading-tools/stock-average-calculator.md): Find your average price per share across several buys, and how many shares reach a target average. - [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md): Turn a starting value, an ending value and the years between into a compound annual growth rate, with a worked example. - [VTI: Vanguard Morningstar Total Stock Market ETF](https://tactfolio.com/etf/vti.md): What VTI holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Dollar Cost Averaging](https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging), Investor.gov (SEC), accessed 2026-10-16 - [The Benefits and Limitations of Dollar-Cost Averaging](https://www.finra.org/investors/insights/dollar-cost-averaging), FINRA, May 19, 2026, accessed 2026-10-16 - [Cost averaging: Invest now or temporarily hold your cash?](https://corporate.vanguard.com/content/dam/corp/research/pdf/cost_averaging_invest_now_or_temporarily_hold_your_cash.pdf), Vanguard Research (Megan Finlay and Josef Zorn), February 2023, accessed 2026-10-16 --- # Portfolio rebalancing: calendar vs threshold methods > What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Portfolio rebalancing means bringing your investments back to the mix you chose, after market moves push them off target. Say you want 60% stocks and 40% bonds, and a rally lifts stocks to 66%. You sell some stocks and buy bonds to get back to 60/40. You can rebalance on a calendar, when the mix drifts past a set limit, or both. ## Key points - Over time, winners grow into a bigger share of your portfolio. That raises your risk without you choosing it. - **Calendar rebalancing** resets the mix on a schedule, like once a year. - **Threshold rebalancing** resets it only when a holding drifts past a set limit, like 5 percentage points. - The goal is to keep your risk where you set it, not to raise returns. - Selling in a taxable account can trigger taxes. Rebalancing with new money or inside a retirement account can avoid that. ## What is portfolio rebalancing? Rebalancing is selling some of what has grown too big and buying what has shrunk, to return to your target mix. The SEC's [Investor.gov](https://www.investor.gov/additional-resources/general-resources/publications-research/info-sheets/beginners-guide-asset) says it keeps a portfolio from leaning too hard on one kind of asset. It also notes that rebalancing makes you "buy low and sell high" by trimming winners and adding to laggards. Your target mix is your **asset allocation**: how you split money between stocks, bonds, cash and other assets. Picking that mix is step one. Rebalancing is how you keep it. ## Why does a portfolio drift? A 60/40 example A portfolio drifts because its parts grow at different speeds. Here is a simple case. Say you start with $10,000: $6,000 in a stock fund and $4,000 in a bond fund. Over the next year, stocks rise 30% and bonds stay flat. | | Start | After one year | Mix after one year | After rebalancing | | --- | --- | --- | --- | --- | | Stocks | $6,000 (60%) | $7,800 | 66% | $7,080 (60%) | | Bonds | $4,000 (40%) | $4,000 | 34% | $4,720 (40%) | | Total | $10,000 | $11,800 | | $11,800 | Without doing anything, you now hold 66% stocks. That is a riskier portfolio than you chose. To get back to 60/40, you sell $720 of stocks and buy $720 of bonds. Left alone for years, a portfolio usually drifts toward stocks, since they tend to grow faster. Then a crash hits harder than you planned for. ## Calendar vs threshold rebalancing There are three common ways to decide when to rebalance. [Vanguard](https://investor.vanguard.com/investor-resources-education/portfolio-management/rebalancing-your-portfolio) describes all three. | Method | How it works | Good for | Watch out for | | --- | --- | --- | --- | | Calendar | Reset on set dates, like every 6 or 12 months | People who want a simple routine | It may trade when the drift is tiny | | Threshold | Reset when a holding is off target by a set amount, like 5 points | Trading only when it matters | You have to keep checking | | Both | Check on set dates, but only trade if drift passes the limit | Fewer, more useful trades | A few more rules to follow | Investor.gov says rebalancing "tends to work best when done on a relatively infrequent basis". Vanguard says that for many investors, an annual rebalance works best ([Vanguard](https://investor.vanguard.com/investor-resources-education/portfolio-management/rebalancing-your-portfolio)). Two classic strategies show the difference. The [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) on Tactfolio is a calendar rule. It resets to 60/40 at the end of every month. The [Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md) is closer to a threshold rule. It holds 25% each in stocks, long-term Treasuries, gold and cash. It checks once a year and resets only if a holding has drifted below 15% or above 35%. ## How do you rebalance? You can rebalance in three ways, per Investor.gov: 1. **Sell and buy.** Sell some of what is too big and buy what is too small. 2. **Add new money.** Put fresh cash only into what is too small. 3. **Steer your contributions.** If you invest on a schedule, send more of each deposit to the smaller part until the mix is back. This pairs well with [dollar-cost averaging](https://tactfolio.com/learn/dollar-cost-averaging.md). The second and third ways do not require selling, so they can avoid taxes and trading costs. ## What about taxes and costs? Selling at a gain in a regular brokerage account can create a capital gains tax bill. The IRS taxes gains on assets held longer than one year at long-term rates, and gains on shorter holdings as ordinary income ([IRS Topic 409](https://www.irs.gov/taxtopics/tc409)). Inside a 401(k) or IRA, trades do not create a tax bill at the time. That makes those accounts a natural place to rebalance. Our [IRA vs 401(k)](https://tactfolio.com/learn/ira-vs-401k.md) guide explains them. Each trade can also carry a bid-ask spread and, at some brokers, a commission. Rebalancing too often can add costs without lowering risk much. ## Common mistakes - Never rebalancing. A 60/40 mix can quietly become 80/20 after a long bull market. - Rebalancing too often. Trading every small wiggle adds costs and taxes. - Selling in a taxable account when new money could fix the drift. - Changing the target after a scary month. That is market timing, not rebalancing. - Mixing up rebalancing with [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md). Rebalancing returns to a fixed mix. Tactical rules change the mix on purpose. ## Try it on Tactfolio In the [strategy builder](https://tactfolio.com/builder), you can set target weights for a few ETFs. Then you pick when to reset them: on a schedule, such as monthly or yearly, or when a holding drifts a set number of points. Then you can compare the hypothetical backtests of monthly and yearly resets on the same dates. Stock and ETF strategies run on daily prices, hold long positions only, and can trade in your own Alpaca account. ## Common questions ### How often should you rebalance your portfolio? There is no single right answer. Investor.gov mentions every 6 or 12 months as common choices. Vanguard says a yearly rebalance works well for many investors. A threshold, such as 5 percentage points off target, can cut needless trades. ### Does rebalancing improve returns? Not reliably. Its main job is to keep your risk at the level you chose. In a long bull market, rebalancing can even lower returns, because it keeps selling the asset that is rising. ### What is the 5% rule for rebalancing? It is a common threshold rule. You rebalance when any part of your mix drifts 5 percentage points or more from its target. Vanguard uses this example: a 70/30 portfolio that drifts to 76/24 would be due for a reset. ### Should I rebalance in a down market? A rebalancing rule will often tell you to buy the asset that fell, which can feel hard. That is the "buy low" part of rebalancing. If you follow a rule, keep following it in both up and down markets. ## Put it into practice - [Rebalancing bot](https://tactfolio.com/bots/rebalancing-bot.md): Run a 60/40 or Golden Butterfly rebalancing bot. See the rules and backtests, then run it on paper or in your own Alpaca account. - [Portfolio optimizer](https://tactfolio.com/trading-tools/portfolio-optimizer.md): Find the weights that had the lowest risk or the best Sharpe ratio for up to 8 US stocks or ETFs. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [Automated trading](https://tactfolio.com/automated-trading.md): Run a rules-based strategy by itself each trading day, on paper or in your own Alpaca account. ## Sources - [Beginners' Guide to Asset Allocation, Diversification, and Rebalancing](https://www.investor.gov/additional-resources/general-resources/publications-research/info-sheets/beginners-guide-asset), Investor.gov (SEC), accessed 2026-10-16 - [Asset Allocation and Diversification](https://www.investor.gov/introduction-investing/getting-started/asset-allocation), Investor.gov (SEC), accessed 2026-10-16 - [Rebalancing your portfolio: How to rebalance](https://investor.vanguard.com/investor-resources-education/portfolio-management/rebalancing-your-portfolio), Vanguard, accessed 2026-10-16 - [Topic no. 409, Capital gains and losses](https://www.irs.gov/taxtopics/tc409), Internal Revenue Service, accessed 2026-10-16 - [Harry Browne's Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio), Tactfolio, accessed 2026-10-16 --- # Options Greeks: delta, gamma, theta, vega and rho > What the options Greeks measure, with a table and one round-number example each for delta, gamma, theta, vega and rho. Education only, with the risks. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. The options Greeks are five numbers that show how an option's price should change when one thing changes and everything else stays the same. Delta covers the stock price, gamma covers how fast delta moves, theta covers time, vega covers expected swings, and rho covers interest rates. They are estimates from pricing models, not promises. ## Key points - Each Greek answers one "what if" question about an option's price. - Many traders look at **delta** first. It shows how much the option moves when the stock moves $1. - Option buyers lose a little to **theta** every day. Sellers collect it. - The Greeks change all the time as the stock, the clock and the market's mood change. - One standard US stock option covers 100 shares, so multiply each Greek by 100 for one contract. > **Risk note.** Options can expire worthless. Selling options can lose far more than the premium you collect. ## What are the Greeks in options? The Greeks are sensitivity numbers. Each one estimates how much an option's price, called its **premium**, would change if one input moved a set amount. They get their names from Greek letters, except vega, which is not a real Greek letter. | Greek | What it measures | Round-number example (per share) | | --- | --- | --- | | Delta | Change in option price for a $1 move in the stock | Delta 0.50: stock up $1, call up about $0.50 | | Gamma | Change in delta for a $1 move in the stock | Gamma 0.05: stock up $1, delta goes from 0.50 to 0.55 | | Theta | Change in option price for one day passing | Theta −0.05: one day later, option down about $0.05 | | Vega | Change in option price for a 1 point move in implied volatility | Vega 0.15: volatility up 1 point, option up about $0.15 | | Rho | Change in option price for a 1 point move in interest rates | Rho 0.10: rates up 1 point, call up about $0.10 | These numbers come from option pricing models. Your broker's option chain usually shows them next to each strike. The [Options Industry Council](https://www.optionseducation.org/advancedconcepts/delta) explains each one in more depth. If calls and puts are new to you, start with [put vs call](https://tactfolio.com/learn/put-vs-call.md). It covers strike prices, premiums and expiration with simple examples. ## Delta: how much the option moves with the stock Delta tells you how many cents the option should move for each $1 move in the stock. Call deltas run from 0 to 1. Put deltas run from 0 to −1, because puts gain when the stock falls. **Example.** Say you own a call with a delta of 0.50. The stock rises $1. The call should rise about $0.50 per share, or $50 for one contract. If the stock falls $1, the call should drop about $50. An option with a strike near the stock price usually has a delta near 0.50 (or −0.50 for a put). Deep in-the-money options move closer to 1, almost like the stock. Far out-of-the-money options sit closer to 0. ## Gamma: how fast delta changes Gamma tells you how much delta itself will change when the stock moves $1. It is the speed of delta. **Example.** Your call has a delta of 0.50 and a gamma of 0.05. The stock rises $1. Delta climbs to about 0.55. Now the next $1 rise adds about $0.55, not $0.50. The [Options Industry Council](https://www.optionseducation.org/advancedconcepts/gamma) notes that gamma is highest for options with a strike near the stock price, especially close to expiration. That is when an option's value can swing the most in a single day. ## Theta: what time costs Theta is how much value an option loses each day as its end date gets closer. It is shown as a negative number for someone who owns the option. **Example.** A put costs $2.00 per share and has a theta of −0.05. If nothing else changes, it is worth about $1.95 tomorrow. That is $5 a day for one contract. Time decay speeds up as expiration nears. Our guide to [theta](https://tactfolio.com/learn/theta-meaning.md) shows how it works and why sellers like it. ## Vega: what expected swings are worth Vega shows how much an option's price changes when [implied volatility](https://tactfolio.com/learn/implied-volatility.md) moves 1 percentage point. Implied volatility is how much the market expects the stock to swing, worked out from option prices. **Example.** The Options Industry Council uses an option worth $4 with a vega of 0.15. If implied volatility rises 2 points, the option should gain about $0.30, to about $4.30. If it falls 5 points, the option should lose about $0.75. Both calls and puts gain when implied volatility rises. Our guide to [implied volatility](https://tactfolio.com/learn/implied-volatility.md) explains why options get cheaper right after earnings news. ## Rho: what interest rates do Rho shows how much an option's price changes when interest rates move 1 percentage point. It is positive for calls and negative for puts. **Example.** A call has a rho of 0.10. Rates rise from 4% to 5%. The call should gain about $0.10 per share, or $10 a contract. A put with a rho of −0.10 would lose about the same. For short-dated options, rho is usually the smallest Greek. The [Options Industry Council](https://www.optionseducation.org/advancedconcepts/rho) notes it matters more for longer-dated options. ## Putting the Greeks together: one example Real prices move with all the Greeks at once. Here is one day for a single call. Say a stock trades at $50. You own one call with a $50 strike. It costs $2.00 per share. Its delta is 0.50, gamma 0.05, theta −0.04 and vega 0.10. The next day, the stock rises $1 and implied volatility does not change. - Delta adds about $0.50. Gamma adds a little more, about $0.03, because delta grew during the move. - Theta takes away about $0.04. - Vega adds nothing, because volatility did not change. The new price is about $2.49 per share, or $249 for the contract. That is an estimate. The real price can differ. ## Common mistakes - **Reading delta as a sure thing.** Delta is a model estimate. Real prices also depend on supply and demand. - **Forgetting that Greeks change.** A delta of 0.50 today can be 0.80 next week. - **Ignoring theta on short-dated options.** A cheap option with a week left can lose value fast even if the stock does not move. - **Buying right before big news.** Implied volatility often drops after earnings, and vega works against the buyer. - **Selling options without a plan for the worst case.** A [covered call](https://tactfolio.com/learn/covered-call.md) limits that risk with shares you own. A call sold without shares has no loss limit. ## Try it on Tactfolio Tactfolio does not trade or backtest options, so you cannot test the Greeks here. Some people use options to limit losses in a falling market. One idea without options is a trend rule. The [200-day moving average strategy](https://tactfolio.com/strategies/200-day-moving-average.md) holds the S&P 500 above its 200-day average and Treasury bills below it. As of September 25, 2026, its hypothetical backtest from mid-2007 had a worst fall of about 22%, against 55% for the S&P 500. It also returned less, about 8% a year against 11%. You can read every rule and build your own version in the [strategy builder](https://tactfolio.com/builder). ## Common questions ### Which option Greek is most important? No single Greek matters most for everyone. Many traders start with delta, because it shows how the option reacts to the stock. Theta matters a lot for short-dated options. Vega matters around big news, such as earnings. ### What is a good delta for options? There is no good or bad delta. A delta near 0.50 means the strike is close to the stock price. A higher delta acts more like the stock. A lower delta costs less but is less likely to finish in the money. ### Do options Greeks work the same for calls and puts? Mostly, but the signs differ. Calls have positive delta and puts have negative delta. Both lose to theta when you own them and gain when implied volatility rises. ### Where do I find the Greeks for an option? Most brokers show them in the option chain, next to each strike price. They come from a pricing model, so different brokers may show slightly different numbers. ### Why is vega not a Greek letter? Vega is not in the Greek alphabet. Traders use the name anyway, because it fits with the other Greeks and starts with a V, like volatility. ## The details - Most brokers compute the Greeks with a model in the Black and Scholes family, using the stock price, strike, time left, interest rate and implied volatility. - Delta and gamma are first and second rates of change with respect to the stock price. Theta, vega and rho are rates of change with respect to time, volatility and the interest rate. - Quoted values are per share and per unit: one dollar, one day, one percentage point. Multiply by 100 for a standard contract. - Before trading options, US brokers must give you the Options Clearing Corporation's booklet, [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document). ## Put it into practice - [Options profit calculator](https://tactfolio.com/trading-tools/options-profit-calculator.md): See the profit, break-even and most you can make or lose on a call or a put at expiration. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. ## Sources - [Delta](https://www.optionseducation.org/advancedconcepts/delta), Options Industry Council, accessed 2026-10-16 - [Gamma](https://www.optionseducation.org/advancedconcepts/gamma), Options Industry Council, accessed 2026-10-16 - [Theta](https://www.optionseducation.org/advancedconcepts/theta), Options Industry Council, accessed 2026-10-16 - [Vega](https://www.optionseducation.org/advancedconcepts/vega), Options Industry Council, accessed 2026-10-16 - [Rho](https://www.optionseducation.org/advancedconcepts/rho), Options Industry Council, accessed 2026-10-16 - [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document), The Options Clearing Corporation, accessed 2026-10-16 - [Options](https://www.finra.org/investors/investing/investment-products/options), FINRA, accessed 2026-10-16 - [200-Day Moving Average Strategy](https://tactfolio.com/strategies/200-day-moving-average), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 --- # Implied volatility: what it is and how it prices options > Implied volatility in plain words: how it differs from historical volatility, what the VIX shows, and how IV crush hits option buyers. Education only. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. Implied volatility is how much the options market expects a stock to swing, worked out backward from option prices. It is shown as a yearly percent, such as 30%. When implied volatility is high, options cost more. It is a forecast built into prices. It does not record how much the stock actually moved. ## Key points - **Implied volatility** (IV) looks forward. **Historical volatility** looks back at real price moves. - Higher IV means bigger expected swings, so both calls and puts cost more. - IV often rises before known events, like earnings, and drops right after. Traders call the drop "IV crush". - The VIX is a widely watched IV number. It tracks expected swings in the S&P 500. - IV says how big a move might be, not which way it will go. > **Risk note.** Options can expire worthless. Selling options can lose far more than the premium you collect. ## What is implied volatility? Implied volatility is the size of future price swings that today's option prices suggest. Option prices depend on a few inputs: the stock price, the strike, the time left, interest rates and expected swings. Everything except expected swings can be looked up. So traders take the market price of the option and solve for the swing that fits. That number is the implied volatility. **Volatility** means how much a price moves up and down. It is usually stated as a yearly percent. A rough rule helps you read it. An IV of 16% suggests typical daily moves of about 1%. An IV of 32% suggests about 2% a day. The rule comes from dividing the yearly number by 16, as explained in "The details" below. If options are new to you, our [put vs call](https://tactfolio.com/learn/put-vs-call.md) guide covers the basics first. ## Implied volatility vs historical volatility The two numbers answer different questions. One asks "how much might it move?" The other asks "how much did it move?" | | Implied volatility | Historical volatility | | --- | --- | --- | | Comes from | Option prices today | Past daily price changes | | Looks | Forward | Backward | | Changes when | Demand for options changes | New prices come in | | Typical use | Judging if options look cheap or costly | Measuring risk, sizing positions | Over long periods, index options have usually priced in a bit more volatility than the market later delivered, according to [Cboe](https://www.cboe.com/tradable_products/vix/). That gap is one reason some traders sell options. It is not free money. The gap can flip hard in a crash. ## What is the VIX? The VIX is an index of implied volatility for the S&P 500. [Cboe](https://www.cboe.com/tradable_products/vix/) describes it as a leading measure of the market's expected near-term volatility, taken from S&P 500 option prices. Cboe introduced it in 1993. The VIX is quoted in points that read like a yearly percent. A VIX of 20 means option prices expect the S&P 500 to swing at a pace of about 20% a year. That forecast covers the next 30 days. A higher VIX usually comes with falling or nervous markets. People often call it the "fear gauge". ## What is IV crush? **IV crush** is a sharp drop in implied volatility after the event traders were waiting for has passed. It often happens the day after earnings. **Example with round numbers.** Say a stock trades at $100 and reports earnings tomorrow. A call with a $100 strike costs $5.00 per share. Its IV is 60%, because traders expect a big move. Its delta is 0.50 and its vega is 0.10. The next day the stock rises to $102. You were right about the direction. But the news is out, and IV falls to 30%. - The $2 rise adds about $1.00 (delta 0.50 × $2). - The 30-point drop in IV takes away about $3.00 (vega 0.10 × 30). - One day of time decay takes a little more. The call is now worth roughly $2.90. You were right on direction and still lost over 40%. That is IV crush. These are rough estimates from the Greeks, and real prices can differ. ## How implied volatility affects option prices Higher IV raises the price of both calls and puts. A wider range of likely outcomes gives the option more chance to end up worth something. **Vega** measures this. It is how much an option's price changes for a 1 point move in IV. The [Options Industry Council](https://www.optionseducation.org/advancedconcepts/vega) gives an example: an option worth $4 with a vega of 0.15 would gain about $0.30 if IV rose 2 points. Our guide to the [options Greeks](https://tactfolio.com/learn/options-greeks.md) covers vega next to delta, gamma, theta and rho. IV also feeds into time decay. The Options Industry Council notes that higher IV usually means a larger [theta](https://tactfolio.com/learn/theta-meaning.md), because there is more time value to lose. ## Common mistakes - **Buying options right before earnings without checking IV.** You can be right on direction and still lose to IV crush. - **Thinking high IV means the stock will fall.** IV measures size, not direction. - **Selling options because IV "looks high".** IV can go higher. Selling options can lose far more than the premium. - **Comparing IV across very different stocks.** A utility stock and a young tech stock have very different normal levels. Compare a stock's IV with its own past. - **Treating the VIX as a timing tool.** A high VIX tells you the market is nervous. It does not tell you when the nerves will pass. ## Try it on Tactfolio Tactfolio does not trade or backtest options, so you cannot test IV trades here. You can test volatility ideas with stocks and funds. The [volatility-managed portfolio](https://tactfolio.com/strategies/volatility-managed-portfolio.md) holds less of the S&P 500 after jumpy months and more after calm ones, using historical volatility. As of September 25, 2026, its hypothetical backtest from mid-2007 returned about 7.5% a year, against about 11% for the S&P 500. Its worst fall was about 17%, against 55%. It also lagged in rebounds, gaining 8% in 2009 while the S&P 500 gained 26%. In the [strategy builder](https://tactfolio.com/builder), conditions can also read the VIX level, as the [builder reference](https://tactfolio.com/docs/builder.md) shows. ## Common questions ### What is a good implied volatility for options? There is no single good level. IV is high or low only next to that stock's own past. Many traders compare today's IV with its range over the past year. ### Is high implied volatility good or bad? It depends on your side of the trade. High IV makes options cost more, which hurts buyers and pays sellers more premium. But high IV also means the market expects big moves, which raises the risk for sellers. ### How is implied volatility calculated? It is solved backward from an option's market price using a pricing model. Traders put in the stock price, strike, time left and interest rate, then find the volatility that makes the model match the market price. Your broker does this for you. ### Why does implied volatility drop after earnings? Before earnings, no one knows the news, so traders pay up for options. Once the news is out, that unknown is gone. IV falls back toward normal, often in a single day. ### Is the VIX the same as implied volatility? The VIX is one kind of implied volatility. It covers the S&P 500 index as a whole, worked out from many index options. Single stocks have their own IV. ## The details - IV is quoted as an annualized standard deviation of returns. A **standard deviation** is a measure of how far values usually stray from their average. - To turn yearly IV into a typical daily move, divide by the square root of about 252 trading days, which is close to 16. To get a typical monthly move, divide by the square root of 12, about 3.5. - A "typical" move here means one standard deviation. Under the usual model, prices stay inside it about two thirds of the time. Real markets have more big days than that model expects. - Tactfolio's volatility reading in the builder is historical: the annualized volatility of daily returns over a window you choose. - The volatility-managed portfolio comes from Alan Moreira and Tyler Muir's paper [Volatility-Managed Portfolios](https://doi.org/10.1111/jofi.12513) in the Journal of Finance (2017). Tactfolio tests the paper's no-leverage version. ## Put it into practice - [Options profit calculator](https://tactfolio.com/trading-tools/options-profit-calculator.md): See the profit, break-even and most you can make or lose on a call or a put at expiration. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. ## Sources - [VIX Index](https://www.cboe.com/tradable_products/vix/), Cboe Global Markets, accessed 2026-10-16 - [Vega](https://www.optionseducation.org/advancedconcepts/vega), Options Industry Council, accessed 2026-10-16 - [Theta](https://www.optionseducation.org/advancedconcepts/theta), Options Industry Council, accessed 2026-10-16 - [Characteristics and Risks of Standardized Options](https://www.theocc.com/company-information/documents-and-archives/options-disclosure-document), The Options Clearing Corporation, accessed 2026-10-16 - [Volatility-Managed Portfolios](https://doi.org/10.1111/jofi.12513), Moreira and Muir, Journal of Finance, 2017, accessed 2026-10-16 - [Volatility-Managed Portfolio](https://tactfolio.com/strategies/volatility-managed-portfolio), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Builder reference](https://tactfolio.com/docs/builder), Tactfolio docs, accessed 2026-10-16 --- # Margin trading: how buying on margin works > How buying on margin works, the 50% and 25% rules, and a worked margin call example with round numbers. Learn the risks before you borrow. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Margin trading means buying investments with money you borrow from your broker. The shares you buy back the loan. In the US you can usually borrow up to half the price of a stock. You must also keep at least 25% of the account's value as your own money. If falling prices push your share below that line, your broker issues a **margin call** and can sell your shares. ## Key points - A **margin account** is a brokerage account where the broker lends you cash and holds your investments as collateral. - Federal Reserve Regulation T lets you borrow up to 50% of the price of a stock when you buy. - FINRA rules say your own share of the account must stay at 25% or more. Many brokers ask for 30% to 40%. - Borrowing half the price doubles your gains and losses on your own money. You pay interest on the loan either way. - You can lose more money than you put in. > **Risk note.** Leverage makes losses bigger as well as gains. You can lose more than you put in. ## How does buying on margin work? Buying on margin works like a loan backed by your shares. You put in part of the price. The broker lends the rest and charges interest. Three rules set the limits: | Rule | What it says | Who sets it | | --- | --- | --- | | Minimum margin | Deposit at least $2,000, or the full price if it is less, before you borrow | FINRA | | Initial margin | Borrow up to 50% of the purchase price | Federal Reserve, [Regulation T](https://www.law.cornell.edu/cfr/text/12/220.12) | | Maintenance margin | Keep your equity at 25% or more of the market value | FINRA [Rule 4210](https://www.finra.org/rules-guidance/rulebooks/finra-rules/4210) | Your **equity** is what the shares are worth minus what you owe. Brokers can set stricter "house" rules. The SEC says many ask for 30% to 40% ([Investor.gov](https://www.investor.gov/news-alerts/investor-bulletins/investor-bulletin-understanding-margin-accounts)). Borrowing like this is a form of [leverage](https://tactfolio.com/learn/leverage-explained.md). It lets you control more stock than your cash alone could buy. Margin is one of several ways traders borrow to trade bigger. Others, like [CFDs](https://tactfolio.com/learn/cfd-trading.md), are not offered to everyday US investors. ## What is a margin call? A margin call is your broker's demand for more cash or shares when your equity falls below the maintenance level. If you do not pay, the broker sells your holdings. FINRA lists three common triggers: prices fall, you trade past your buying power, or the broker raises its house rules ([FINRA](https://www.finra.org/investors/insights/margin-calls)). The broker can raise its rules at any time without written notice. It can also sell your shares without asking you first, and you do not get to pick which ones. ## A margin call, worked out with round numbers Say you have $10,000. You borrow $10,000 more and buy $20,000 of one stock. The maintenance level is 25%. To keep the math clean, we leave out interest. | Stock value | You owe | Your equity | Equity as % of value | What happens | | --- | --- | --- | --- | --- | | $24,000 (up 20%) | $10,000 | $14,000 | 58% | You made 40% on your $10,000 | | $20,000 (no change) | $10,000 | $10,000 | 50% | Starting point | | $15,000 (down 25%) | $10,000 | $5,000 | 33% | You lost half your money. No call yet | | $13,333 (down 33%) | $10,000 | $3,333 | 25% | At the line. One more dip triggers a call | | $12,000 (down 40%) | $10,000 | $2,000 | 17% | Margin call. You need $3,000 of equity, so you must add $1,000 | | $8,000 (down 60%) | $10,000 | minus $2,000 | below zero | You lost all $10,000 and still owe $2,000 | Look at the 40% drop. The stock fell 40%, but you lost 80% of your own money. At a 40% house rule, the call would have come at about $16,667, after a drop of only about 17%. The math for the call line is: value at call = loan ÷ (1 minus the maintenance rate). Here that is $10,000 ÷ 0.75, or about $13,333. ## What does margin cost? Margin costs interest, and the interest is due whether your trade wins or loses. Rates differ a lot from broker to broker. Interest raises the return you need to break even. Say you borrow $10,000 at 10% a year. That is $1,000 of interest in a year. Your $20,000 position must rise 5% before you are ahead at all. ## Common mistakes - Opening a margin account by accident. Some brokers make it the default type. Check before you sign. - Planning around 25%. Your broker's house rule may be higher, and it can change. - Waiting for a phone call. A broker does not have to warn you before it sells. - Using margin on one stock. A single bad day can wipe out your equity. - Forgetting interest. A flat year on margin is a losing year. ## Try it on Tactfolio Tactfolio does no margin borrowing. Its strategies hold only what your cash can buy, and each one trades only the starting balance you give it. To see how margin math works, try our free [margin calculator](https://tactfolio.com/trading-tools/margin-calculator.md). It is an education tool, not a trading feature. Some investors look at [leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md) instead, which add leverage inside the fund rather than through a loan. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. ## Common questions ### Can you lose more than you invest with margin? Yes. If the shares fall far enough, their value can drop below what you owe. You still owe the broker the full loan plus interest, even after your own money is gone. ### How much can I borrow on margin? Under Regulation T, you can usually borrow up to 50% of the price of an eligible stock. You also need at least $2,000 in the account under FINRA rules. Your broker can set lower limits and may not allow margin on some stocks at all. ### What happens if I cannot meet a margin call? Your broker will sell some or all of your holdings to bring the account back above its maintenance level. It can do this without telling you first, and it picks what to sell. If the sale does not cover the loan, you owe the rest. ### Is margin trading the same as short selling? No. Buying on margin is borrowing cash to buy shares you think will rise. Short selling is borrowing shares to sell, hoping to buy them back cheaper. Short selling also needs a margin account. ## Put it into practice - [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. - [Position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md): Find how many shares or lots to trade so that hitting your stop-loss costs only the share of your account you choose. ## Sources - [Investor Bulletin: Understanding Margin Accounts](https://www.investor.gov/news-alerts/investor-bulletins/investor-bulletin-understanding-margin-accounts), Investor.gov (SEC), accessed 2026-10-16 - [Know What Triggers a Margin Call](https://www.finra.org/investors/insights/margin-calls), FINRA, accessed 2026-10-16 - [Rule 4210: Margin Requirements](https://www.finra.org/rules-guidance/rulebooks/finra-rules/4210), FINRA, accessed 2026-10-16 - [12 CFR 220.12, Supplement: margin requirements (Regulation T)](https://www.law.cornell.edu/cfr/text/12/220.12), Federal Reserve Board regulation, via Cornell Legal Information Institute, accessed 2026-10-16 - [Margin Regulation](https://www.finra.org/rules-guidance/key-topics/margin-accounts), FINRA, accessed 2026-10-16 --- # Leverage in trading: what it is and how losses grow > What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. Covers margin, CFDs, futures and leveraged ETFs. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. Leverage in trading means controlling a bigger position than your own money could buy, usually with borrowed money. At 2:1 leverage, each $1 of yours controls $2 of investments. Gains and losses on your own money grow by the same multiple, and at high leverage a small move can wipe you out. ## Key points - The **leverage ratio** is the size of your position divided by your own money. - At 2:1, a 10% move becomes a 20% gain or loss on your money. At 10:1, it becomes 100%. - A 10% fall wipes out a 10:1 position. A 50% fall wipes out a 2:1 position. - Leverage shows up in margin accounts, CFDs, futures, options and leveraged ETFs. - Borrowed money costs interest, so leverage raises the bar to break even. > **Risk note.** Leverage makes losses bigger as well as gains. You can lose more than you put in. ## What is leverage? Leverage is using borrowed money, or a contract, to get more exposure than your cash alone buys. The SEC's investor office says leveraged strategies try to make returns bigger in three ways: borrowing on margin, using options, or buying funds that use leverage ([Investor.gov, June 10, 2021](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-2)). **Exposure** is how much money rides on a price move. If you hold $20,000 of stock, a 1% move changes your position by $200, no matter how much of that $20,000 was yours. ## How do you work out a leverage ratio? Divide the size of your position by your own money. That is the leverage ratio. - $10,000 position ÷ $10,000 of your money = 1:1, no leverage. - $20,000 position ÷ $10,000 of your money = 2:1. - $100,000 position ÷ $10,000 of your money = 10:1. There is a quick way to see the danger. Divide 100% by the leverage. That is how far the price can fall before your money is gone. At 2:1 it is 50%. At 10:1 it is 10%. At 50:1 it is 2%. ## How leverage makes losses grow Leverage multiplies every move on your own money. The table below starts with $1,000 of your money and leaves out interest and fees. | Leverage | Position size | Price up 10% | Price down 5% | Price down 10% | Fall that wipes you out | | --- | --- | --- | --- | --- | --- | | 1:1 | $1,000 | +$100 (+10%) | minus $50 (minus 5%) | minus $100 (minus 10%) | 100% | | 2:1 | $2,000 | +$200 (+20%) | minus $100 (minus 10%) | minus $200 (minus 20%) | 50% | | 10:1 | $10,000 | +$1,000 (+100%) | minus $500 (minus 50%) | minus $1,000 (minus 100%) | 10% | The SEC gives a simple example. Say a stock bought at $50 rises to $75. Paid in cash, you made 50%. Bought with half borrowed, you made 100% before interest. But if the stock falls to $15, the cash buyer loses 70%. The margin buyer loses all $25 they put in and still owes the broker $10 plus interest. Losses also hurt more than gains help. After a 50% loss, you need a 100% gain to get back to even. Leverage makes those deep holes more likely. ## Where does leverage show up? Leverage shows up in five common places. | Where | How the leverage works | Notes for US investors | | --- | --- | --- | | Margin account | Your broker lends you cash to buy shares | Usually capped at 2:1 when you buy, under Regulation T | | CFDs | You trade the price change on a bigger amount than you deposit | Not offered to everyday investors in the US | | Futures | You post a deposit, not the full contract value | The CFTC says this deposit, also called a "performance bond", is not a part payment | | Options | A small premium controls 100 shares | Buyers can lose the full premium. Sellers can lose far more | | Leveraged ETFs | The fund uses swaps and futures to aim for 2x or 3x a daily move | No loan in your account, but daily resets change long-term results | Margin has its own guide: [margin trading](https://tactfolio.com/learn/margin-trading.md) walks through a margin call. CFDs are covered in our [CFD trading guide](https://tactfolio.com/learn/cfd-trading.md). For funds that build the leverage in, see [leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md). ## Common mistakes - Looking only at the upside. The same multiple works on the way down. - Forgetting interest and fees. A flat year with leverage is a losing year. - Using high leverage on a volatile asset. A normal daily swing can trigger a margin call. - Thinking a [stop-loss order](https://tactfolio.com/learn/stop-loss.md) caps the loss. Prices can gap past it overnight. - Adding leverage after a winning streak, when a position is already at its largest. ## Try it on Tactfolio Tactfolio strategies never borrow. They do no margin and no short selling. They can hold leveraged ETFs, though, since those are ordinary US-listed funds. The [Leverage Rotation Strategy](https://tactfolio.com/strategies/leverage-rotation-strategy.md) shows what that looks like. It holds a 3x S&P 500 fund only while the S&P 500 is above its 200-day average, and Treasury bills otherwise. Its hypothetical backtest, as of September 25, 2026, runs from mid-2009 using real fund prices. It grew about 25% a year, against about 15% for the S&P 500. It swung about twice as much as the S&P 500, and its risk-adjusted return was lower. Its worst drawdown was about 52%, against about 34% for the S&P 500. It lost about 40% in 2022 ([Tactfolio](https://tactfolio.com/strategies/leverage-rotation-strategy)). To test leverage math on your own numbers, try the free [leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md). It is an education tool, not a trading feature. ## Common questions ### What does 10:1 leverage mean? It means each $1 of your money controls $10 of exposure. A 1% price move becomes a 10% gain or loss on your money. A 10% move the wrong way wipes out everything you put in. ### Is leverage good or bad? It is neither on its own. It makes good trades better and bad trades worse, and it adds costs. The SEC warns that with margin you can lose more than the money you put in. ### What is a safe leverage ratio? No ratio is safe in every market. Lower leverage gives prices more room to move before your money is gone. At 2:1, a 50% fall wipes you out. At 1:1, there is no borrowing at all. ### Do leveraged ETFs use leverage? Yes, inside the fund. The fund uses swaps and futures to aim for a multiple of the index's daily move. You do not borrow, so you cannot lose more than you put in. But the daily reset can make long-term results drift far from the stated multiple. ## Put it into practice - [Margin calculator](https://tactfolio.com/trading-tools/margin-calculator.md): Free forex margin calculator. Work out the margin a trade needs from its size, price and leverage, with the formula, the rules and an example. - [UPRO: ProShares UltraPro S&P500](https://tactfolio.com/etf/upro.md): What UPRO holds, its 0.88% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [QQQ vs TQQQ](https://tactfolio.com/etf-comparisons/qqq-vs-tqqq.md): QQQ vs TQQQ: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. ## Sources - [Leveraged Investing Strategies: Know the Risks Before Using These Advanced Investment Tools](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-2), Investor.gov (SEC), June 10, 2021, accessed 2026-10-16 - [Investor Bulletin: Understanding Margin Accounts](https://www.investor.gov/news-alerts/investor-bulletins/investor-bulletin-understanding-margin-accounts), Investor.gov (SEC), accessed 2026-10-16 - [Futures Glossary: Margin](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/CFTCGlossary/index.htm), Commodity Futures Trading Commission, accessed 2026-10-16 - [Updated Investor Bulletin: Leveraged and Inverse ETFs](https://www.investor.gov/publications-research-studies/info-sheets/Leveraged-Inverse-ETFs), Investor.gov (SEC), accessed 2026-10-16 - [Leverage Rotation Strategy](https://tactfolio.com/strategies/leverage-rotation-strategy), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 --- # Leveraged ETFs: how daily reset and decay work > How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. A leveraged ETF is a fund that aims to return a multiple, like 2x or 3x, of an index's move for one day. If the S&P 500 rises 1% today, a 3x S&P 500 fund aims to rise about 3%. The target resets every day, so over weeks or months the fund's return can be very different from 2x or 3x the index. ## Key points - Leveraged ETFs use swaps and futures to multiply an index's **daily** return. - They reset each day. Over longer periods, returns drift away from the stated multiple. - In choppy markets they tend to lose ground. In steady trends they can gain more than the multiple. - You do not borrow, so you cannot lose more than you invest. But you can lose most of it. - FINRA says they are usually unsuitable for retail investors who hold them longer than one trading day. > **Risk note.** These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. ## What is a leveraged ETF? A leveraged ETF is an exchange-traded fund built to deliver a multiple of an index's return for a single day. A 2x fund aims for double the daily move. A 3x fund aims for triple ([SEC investor bulletin](https://www.investor.gov/publications-research-studies/info-sheets/Leveraged-Inverse-ETFs)). An **inverse ETF** aims for the opposite of the daily move. A 2x inverse fund aims for double the opposite. If you are new to funds that trade on an exchange, start with [what an ETF is](https://tactfolio.com/learn/what-is-an-etf.md). Two real examples from ProShares: SSO aims for 2x the S&P 500's daily return, and UPRO aims for 3x ([ProShares](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro)). ## How does a leveraged ETF work? A leveraged ETF uses contracts called **swaps** and **futures** to get more exposure than its cash. At the end of each day, it resets so that tomorrow's exposure is again 2x or 3x its new size. The daily reset explains most of how these funds behave. It is a type of [leverage](https://tactfolio.com/learn/leverage-explained.md), but it lives inside the fund instead of in a loan in your account. ## Why do leveraged ETFs lose value over time? A two-day example Leveraged ETFs can lose value in a market that goes nowhere. This is often called **volatility decay**. A two-day example shows how. Say an index starts at $100. On day 1 it rises 10%. On day 2 it falls 10%. Each fund does exactly what it promises each day. | | Start | After day 1 | After day 2 | Two-day result | | --- | --- | --- | --- | --- | | Index (1x) | $100 | $110 (+10%) | $99 (minus 10%) | minus 1% | | 2x fund | $100 | $120 (+20%) | $96 (minus 20%) | minus 4% | | 3x fund | $100 | $130 (+30%) | $91 (minus 30%) | minus 9% | The index lost 1%. The 2x fund lost 4%, four times as much. The 3x fund lost 9%. The bigger the multiple and the bigger the daily swings, the bigger this gap gets. Now say the index rises 10% two days in a row instead. | | Start | After day 1 | After day 2 | Two-day result | | --- | --- | --- | --- | --- | | Index (1x) | $100 | $110 | $121 | +21% | | 2x fund | $100 | $120 | $144 | +44% | | 3x fund | $100 | $130 | $169 | +69% | Here the 2x fund made more than double, and the 3x fund more than triple. So the daily reset helps in steady trends and hurts in choppy markets. Real funds show the same thing. From December 1, 2008 to April 30, 2009, a US oil and gas index gained 2%. A fund aiming for 2x its daily return fell 6% over the same months, FINRA and the SEC report. ## What do regulators say? Both the SEC and FINRA warn buy-and-hold investors. FINRA wrote about these funds in June 2009. It said daily-reset funds "typically are unsuitable for retail investors" who hold them longer than one trading session. It added that this is truest in volatile markets ([FINRA Regulatory Notice 09-31](https://www.finra.org/rules-guidance/notices/09-31)). The SEC's bulletin adds that results over longer periods "can differ significantly" from the stated multiple. It also flags single-stock leveraged funds, which add the risk of one company to the leverage. ## What do leveraged ETFs cost? Leveraged ETFs usually charge much more than plain index funds. As of October 16, 2026, ProShares lists a net expense ratio of 0.88% for UPRO and 0.84% for SSO ([ProShares](https://www.proshares.com/our-etfs/leveraged-and-inverse/sso)). An S&P 500 index ETF can charge as little as 0.03%. The fund also pays financing costs inside its swaps, which come out of returns. ## Can a rule help? Two tested examples Some strategies hold a leveraged fund only when the market is calmer. One is the Leverage Rotation Strategy, from a 2016 paper by Michael Gayed and Charles Bilello. It holds a leveraged S&P 500 fund only while the S&P 500 is above its 200-day [moving average](https://tactfolio.com/learn/moving-average.md). Otherwise it holds Treasury bills. Tactfolio tracks two versions. These hypothetical backtests use real fund prices, dividends reinvested and a 0.05% cost per trade. Figures are as of September 25, 2026. | | [3x version, UPRO](https://tactfolio.com/strategies/leverage-rotation-strategy.md) | [2x version, SSO](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md) | | --- | --- | --- | | Test starts | Mid-2009 | Mid-2007 | | Yearly growth | About 25% (S&P 500: about 15%) | About 13% (S&P 500: about 11%) | | Worst drawdown | About 52% | About 40% | | A rough year | Lost about 40% in 2022 | Lost 28% from June to December 2007, while the market slipped 3% | A **drawdown** is how far a portfolio falls from its last high point. Both versions grew faster than the S&P 500 in these tests. The 3x version also fell much further than the S&P 500 at its worst. The 2x version's worst drop was smaller than the S&P 500's but deeper than a 60/40 portfolio's. The rule moves to Treasury bills when the trend turns down. It does not protect against fast drops or back-and-forth markets ([Tactfolio, 3x](https://tactfolio.com/strategies/leverage-rotation-strategy), [Tactfolio, 2x](https://tactfolio.com/strategies/leverage-rotation-strategy-2x)). ## Common mistakes - Holding a 3x fund for a year and expecting 3x the index's yearly return. - Buying after a big run-up, when a single sharp drop hits at full leverage. - Ignoring the expense ratio and hidden financing costs. - Treating an inverse ETF as a long-term hedge. It resets daily too. - Putting a large share of savings in one leveraged fund. ## Try it on Tactfolio Tactfolio strategies can hold leveraged ETFs, long only, but they never borrow. Open either Leverage Rotation page to read the rules and see the full hypothetical backtest, including the worst years. You can copy a strategy to try a different average or swap the 3x fund for a 2x one. Then compare the results on the same dates. ## Common questions ### How does a leveraged ETF work? It uses swaps and futures to get 2x or 3x exposure to an index for one day. At the close, it resets to that multiple again. Over many days, the results compound in a way that can differ a lot from the multiple. ### Can you lose all your money in a leveraged ETF? You cannot lose more than you invest, because you do not borrow. But a 3x fund falls about 30% on a day the index falls 10%. A long slump or a few bad days can take most of the money. ### How long can you hold a leveraged ETF? The funds are designed for one day. FINRA says they are usually unsuitable for retail investors who plan to hold them longer than one trading session. Anyone holding longer should watch closely and know the daily reset. ### What is the difference between a leveraged ETF and margin? With [margin trading](https://tactfolio.com/learn/margin-trading.md), you borrow from your broker, pay interest and can face a margin call. With a leveraged ETF, the leverage is inside the fund. You cannot owe more than you put in, but the daily reset changes long-term returns. ### Are 3x ETFs riskier than 2x ETFs? Yes. A 3x fund moves more each day and loses more in choppy markets. In Tactfolio's simulated tests from 1960, the 3x Leverage Rotation version fell 72% at its worst, against 53% for the 2x version. Both figures are hypothetical, as of September 25, 2026. ## Put it into practice - [QQQ vs TQQQ](https://tactfolio.com/etf-comparisons/qqq-vs-tqqq.md): QQQ vs TQQQ: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. - [TQQQ: ProShares UltraPro QQQ](https://tactfolio.com/etf/tqqq.md): What TQQQ holds, its 0.78% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator.md): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. - [SSO: ProShares Ultra S&P500](https://tactfolio.com/etf/sso.md): What SSO holds, its 0.84% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [UPRO: ProShares UltraPro S&P500](https://tactfolio.com/etf/upro.md): What UPRO holds, its 0.88% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Updated Investor Bulletin: Leveraged and Inverse ETFs](https://www.investor.gov/publications-research-studies/info-sheets/Leveraged-Inverse-ETFs), Investor.gov (SEC), August 29, 2023, accessed 2026-10-16 - [Regulatory Notice 09-31: Non-Traditional ETFs](https://www.finra.org/rules-guidance/notices/09-31), FINRA, June 2009, accessed 2026-10-16 - [UltraPro S&P500 (UPRO)](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro), ProShares, accessed 2026-10-16 - [Ultra S&P500 (SSO)](https://www.proshares.com/our-etfs/leveraged-and-inverse/sso), ProShares, accessed 2026-10-16 - [Leverage Rotation Strategy](https://tactfolio.com/strategies/leverage-rotation-strategy), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Leverage Rotation Strategy 2x](https://tactfolio.com/strategies/leverage-rotation-strategy-2x), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Leverage for the Long Run](https://docs.cmtassociation.org/dow-award/2016-gayed-bilello.pdf), Michael A. Gayed and Charles V. Bilello, 2016 Charles H. Dow Award paper, CMT Association, accessed 2026-10-16 --- # Best indicators for trading: what each one measures > Moving averages, RSI, MACD, Bollinger Bands, volume and momentum explained in plain words, with what the research says and classic rules that use them. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. There is no single best indicator for trading. Widely used technical indicators include moving averages, the RSI, MACD, Bollinger Bands, volume and rate of change. Each one measures a different thing about price, and the research on whether they help is mixed. ## Key points - A **technical indicator** is a number worked out from past prices or trading volume. It tries to sum up what the market has been doing. - Most indicators measure one of four things: trend, momentum, swings in price, or trading activity. - Indicators look backward. None of them can see what comes next. - Studies of simple trading rules found some gains in old data. Later tests found many of those gains faded. - A fair way to judge an indicator is to test a full rule built on it, with costs, over many years. ## What are the best indicators for trading? The best indicator is the one that fits the question your rule asks. Here are six widely used technical indicators, what each one measures, and a classic Tactfolio strategy that uses the same idea where one exists. | Indicator | What it measures | A classic that uses it | | --- | --- | --- | | Moving average | Trend: the average price over a set number of days | [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md), [golden cross](https://tactfolio.com/strategies/golden-cross.md), [Faber 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md) | | RSI (relative strength index) | How strong recent gains are next to recent losses, on a 0 to 100 scale | None among our classics | | MACD | The gap between a fast and a slow moving average | None among our classics | | Bollinger Bands | How far price sits from its average, measured in recent swings | None among our classics | | Volume | How many shares traded | None among our classics | | Rate of change (momentum) | How much the price rose or fell over a set time | [Dual momentum](https://tactfolio.com/strategies/dual-momentum.md), [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md) | A seventh idea, volatility, is not a classic chart indicator. But one classic is built on it, the [volatility-managed portfolio](https://tactfolio.com/strategies/volatility-managed-portfolio.md). **Volatility** is how much prices swing up and down. ## Moving averages: the trend indicator A **moving average** is the average closing price over the last set number of days. Each day the newest price comes in and the oldest drops out. A price above its moving average is the most common sign of an uptrend. Many classic rules use it. The 200-day moving average strategy holds the S&P 500 while it closes above its 200-day average and Treasury bills below it. As of September 25, 2026, its hypothetical backtest from mid-2007 returned about 8% a year. The S&P 500 returned about 11%. But the rule's worst fall was about 22%, against 55% for the S&P 500. Our guide to the [moving average](https://tactfolio.com/learn/moving-average.md) shows how to work one out by hand, and how the golden cross works. ## RSI: the speed of recent moves The **RSI** (relative strength index) compares the size of recent up days with recent down days. It runs from 0 to 100. J. Welles Wilder Jr. introduced it in his 1978 book [New Concepts in Technical Trading Systems](https://openlibrary.org/isbn/0894590278), using 14 days. Traders often call a reading above 70 "overbought" and below 30 "oversold". But a strong stock can stay above 70 for weeks. Our [RSI indicator](https://tactfolio.com/learn/rsi-indicator.md) guide walks through the formula with round numbers. A close cousin, the [stochastic oscillator](https://tactfolio.com/learn/stochastic-oscillator.md), compares today's close with the recent high and low instead. ## MACD: two moving averages at once **MACD** (moving average convergence divergence) is the gap between a faster and a slower moving average. Gerald Appel says he invented it in the late 1970s, in his book [Technical Analysis: Power Tools for Active Investors](https://www.informit.com/store/technical-analysis-power-tools-for-active-investors-9780131479029). Most charts use a 12-day and a 26-day average. A 9-day average of the MACD line, called the signal line, is drawn on top. When the MACD line crosses above the signal line, traders read it as rising momentum. MACD carries much the same information as a moving average crossover. ## Bollinger Bands: price against its usual swings **Bollinger Bands** are a 20-day moving average with a band above it and a band below. John Bollinger sets the bands two standard deviations away, as he explains on [his own site](https://www.bollingerbands.com/bollinger-bands). A **standard deviation** is a measure of how far prices usually stray from their average. The bands widen when prices swing more and narrow when they calm down. Bollinger says the bands show whether a price is high or low compared with its recent past. That is a relative idea. It is not a buy or sell order. ## Volume: how much trading happened **Volume** is the number of shares that changed hands in a day. Traders use it to judge how much weight to give a price move. A breakout on heavy volume gets more attention than one on light volume. Volume is often read next to another indicator, not alone. Tactfolio's builder does not read volume today. Its indicators cover price, returns and volatility. ## Rate of change: momentum **Rate of change** is the percent a price rose or fell over a set time, such as 12 months. Investors call this **momentum**. Rules built on it hold what has been rising and step away from what has been falling. There is real research behind this one. Tobias Moskowitz, Yao Hua Ooi and Lasse Pedersen studied 58 futures markets in their 2012 paper [Time Series Momentum](https://doi.org/10.1016/j.jfineco.2011.11.003). They found that a market's past 1 to 12 months of returns tended to carry forward, then partly reversed over longer spans. Our [momentum stocks](https://tactfolio.com/learn/momentum-stocks.md) guide explains the idea for single stocks. Two classics use it, dual momentum and Vigilant Asset Allocation. Dual momentum picks US stocks, foreign stocks or bonds each month by 12-month return. As of September 25, 2026, its hypothetical backtest from August 2008 returned less than the S&P 500 with a smaller worst fall. It still lost about a third in early 2020. ## Volatility: how much prices swing The volatility-managed portfolio holds less stock after jumpy months and more after calm ones. As of September 25, 2026, its hypothetical backtest from mid-2007 returned about 7.5% a year, against about 11% for the S&P 500. Its worst fall was about 17%, against 55%. ## Do technical indicators actually work? The evidence is mixed. Some simple rules looked useful in old data, and many did not hold up later. - William Brock, Josef Lakonishok and Blake LeBaron tested moving average rules on the Dow Jones index from 1897 to 1986. Their [1992 paper](https://doi.org/10.1111/j.1540-6261.1992.tb04681.x) in the Journal of Finance found support for the rules. - Ryan Sullivan, Allan Timmermann and Halbert White tested the same kinds of rules again, with checks for luck. The best rule up to 1986 did not keep working from 1987 to 1996, [their 1999 paper](https://doi.org/10.1111/0022-1082.00163) found. - Cheol-Ho Park and Scott Irwin reviewed 95 modern studies in [2007](https://doi.org/10.1111/j.1467-6419.2007.00519.x). 56 found gains, 20 found losses and 19 were mixed. They warned that many studies had testing flaws. The pattern is a warning. If you try enough rules on the same data, a few will look great by luck. That is called **data snooping**. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains how it happens. ## How to pick indicators for your own rules Start with the question, then pick the indicator that answers it. 1. **Is the market going up?** Use a moving average or a 12-month return. 2. **Which asset is strongest?** Rank by rate of change. 3. **How rough is the ride?** Use volatility. 4. **When do I get out?** Decide the exit before you enter. Our [stop-loss](https://tactfolio.com/learn/stop-loss.md) guide compares stop orders with rules-based exits. Avoid stacking indicators that measure the same thing. MACD crosses zero when its two moving averages cross, so it mostly agrees with a crossover rule. Some investors also rank whole sectors by momentum. That is called [sector rotation](https://tactfolio.com/learn/sector-rotation.md). ## Common mistakes - **Trusting one chart.** An indicator that "called" one top looks smart in hindsight. Test the full rule over many years. - **Buying a signal you cannot check.** Some paid services sell indicator alerts with no full record. Read our guide to [trading signals](https://tactfolio.com/learn/trading-signals.md) first. - **Ignoring costs.** Fast indicators trade often. Each trade costs a little. - **Tuning until it fits.** Changing a 200-day average to 187 days because it tested better is fitting noise. - **Forgetting the slow stretches.** Even rules that worked over decades had years of lagging. [Trend following](https://tactfolio.com/learn/trend-following.md) is a good example. ## Try it on Tactfolio You can turn an indicator into a full rule and see its whole backtest before you trust it. The [strategy builder](https://tactfolio.com/builder) reads moving averages, exponential moving averages, RSI, returns over any lookback and volatility. For example, hold a fund while it trades above its 200-day average and hold Treasury bills otherwise. The backtest shows every year, including the bad ones. Strategies on US stocks and ETFs run on daily prices and hold long positions only. ## Common questions ### What is the most accurate trading indicator? No indicator is accurate in the sense of predicting the next move. Each one describes the past in a different way. A better question is whether a full rule built on it held up over many years and different markets, after costs. ### What are the best indicators for day trading? The same indicators show up on day trading charts, set to minutes instead of days. Short time frames mean more trades, and costs add up faster. Tactfolio tests stock and ETF rules on daily prices, so we do not test day trading rules. ### Is RSI or MACD better? They answer different questions. RSI compares the size of recent gains and losses. MACD tracks the gap between two moving averages, so it behaves more like a trend tool. Neither has strong evidence on its own. ### How many indicators should I use? Usually one or two is enough. Two indicators that measure the same thing add little. Many classic strategies use one trend or momentum reading and one defensive asset, like Treasury bills, to fall back on. ### Do moving averages work? Moving average rules are among the most studied, and the results are mixed. Classic rules on the S&P 500 cut the worst falls in backtests but usually returned less than holding the index in strong markets. ## The details - **Simple moving average (n days):** sum of the last n closes, divided by n. - **RSI (Wilder, 14 days):** RS = average gain ÷ average loss over 14 days. RSI = 100 − 100 ÷ (1 + RS). - **MACD:** 12-day exponential moving average minus 26-day exponential moving average. Signal line: 9-day exponential moving average of MACD. - **Bollinger Bands:** middle band is the 20-day simple moving average. Upper and lower bands are 2 standard deviations of price above and below it. - **Rate of change (n):** (today's close ÷ close n days ago) − 1. - Tactfolio backtests use daily closes with dividends reinvested and a 0.05% cost per trade. The figures above were measured on prices through September 25, 2026. They are hypothetical. ## Put it into practice - [Trend following bot](https://tactfolio.com/bots/trend-following-bot.md): A trend following bot that holds SPY above its 10-month moving average and Treasury bills below. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. ## Sources - [New Concepts in Technical Trading Systems](https://openlibrary.org/isbn/0894590278), J. Welles Wilder Jr., Trend Research, 1978 (Open Library record), accessed 2026-10-16 - [Technical Analysis: Power Tools for Active Investors](https://www.informit.com/store/technical-analysis-power-tools-for-active-investors-9780131479029), Gerald Appel, FT Press, 2005, accessed 2026-10-16 - [Bollinger Bands](https://www.bollingerbands.com/bollinger-bands), John Bollinger, accessed 2026-10-16 - [Simple Technical Trading Rules and the Stochastic Properties of Stock Returns](https://doi.org/10.1111/j.1540-6261.1992.tb04681.x), Brock, Lakonishok and LeBaron, Journal of Finance, 1992, accessed 2026-10-16 - [Data-Snooping, Technical Trading Rule Performance, and the Bootstrap](https://doi.org/10.1111/0022-1082.00163), Sullivan, Timmermann and White, Journal of Finance, 1999, accessed 2026-10-16 - [What Do We Know About the Profitability of Technical Analysis?](https://doi.org/10.1111/j.1467-6419.2007.00519.x), Park and Irwin, Journal of Economic Surveys, 2007, accessed 2026-10-16 - [Time Series Momentum](https://doi.org/10.1016/j.jfineco.2011.11.003), Moskowitz, Ooi and Pedersen, Journal of Financial Economics, 2012, accessed 2026-10-16 - [Builder reference](https://tactfolio.com/docs/builder), Tactfolio docs, accessed 2026-10-16 --- # Moving average: SMA, EMA and the 200-day rule > What a moving average is, SMA vs EMA with a 5-day example, the 200-day average, golden and death crosses, and dated backtests of classic rules. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. A moving average is the average closing price of a stock or fund over the last set number of days. Each day the newest price comes in and the oldest drops out. It smooths out daily noise so the trend is easier to see. The 200-day moving average is one of the most watched. Many traders read a price above it as a sign of an uptrend. ## Key points - A **simple moving average** (SMA) gives every day the same weight. - An **exponential moving average** (EMA) gives recent days more weight, so it reacts faster. - A **golden cross** is when the 50-day average rises above the 200-day. A **death cross** is the reverse. - Moving average rules usually lag at turns. They sell after a fall starts and buy after a rise starts. - In backtests, classic moving average rules cut the worst falls but usually returned less than holding the S&P 500. ## Simple vs exponential moving average The two differ in how they weight the days. Here is a 5-day example with round numbers. Say a fund closed at $10, $11, $12, $13 and $14 over five days. - **5-day SMA** = ($10 + $11 + $12 + $13 + $14) ÷ 5 = $60 ÷ 5 = **$12** Now the next day it closes at $18. The $10 drops out and $18 comes in. - **New 5-day SMA** = ($11 + $12 + $13 + $14 + $18) ÷ 5 = $68 ÷ 5 = **$13.60** An EMA instead moves part of the way toward each new price. For 5 days, it moves one third of the way (2 ÷ (5 + 1)). Starting from $12: - **New 5-day EMA** = $12 + ($18 − $12) × 1/3 = **$14** The EMA jumped to $14 while the SMA reached $13.60. Faster reactions catch turns sooner, but they also mean more false alarms. ## What is the 200-day moving average? The 200-day moving average is the average close over the last 200 trading days, a little under 10 months. Jeremy Siegel wrote about using it to time the stock market in [Stocks for the Long Run](https://www.mhprofessional.com/stocks-for-the-long-run-9781264282197-usa) (first edition 1994). The [200-day moving average strategy](https://tactfolio.com/strategies/200-day-moving-average.md) on Tactfolio holds the S&P 500 while it closes above its 200-day average and Treasury bills while it is below. As of September 25, 2026, its hypothetical backtest from mid-2007 returned about 8% a year, against about 11% for the S&P 500. Its worst fall was about 22%, against 55%. It lost 10% in 2011 while the market gained 2%, as prices crossed the average again and again. Mebane Faber tested a monthly version in [A Quantitative Approach to Tactical Asset Allocation](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461) (SSRN, 2007). The [Faber 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md) checks only at each month end. As of September 25, 2026, its hypothetical backtest since 2007 returned about 8% a year. It cut the S&P 500's worst fall by more than half. It still lost about 2% in 2010, while the S&P 500 gained 15%. ## Moving average crossover: golden cross and death cross A moving average crossover is when a faster average crosses a slower one. A widely used pair is the 50-day and 200-day. - **Golden cross:** the 50-day average rises above the 200-day. Traders read it as the start of an uptrend. - **Death cross:** the 50-day falls below the 200-day. Traders read it as the start of a downtrend. The [golden cross strategy](https://tactfolio.com/strategies/golden-cross.md) holds the S&P 500 after a golden cross and Treasury bills after a death cross. As of September 25, 2026, its hypothetical backtest from mid-2007 returned about 9% a year, against about 11% for the S&P 500. It gained about 2% in 2008, when the S&P 500 lost 37%. But the 2020 crash was over too fast for the averages to cross. It took the whole 34% fall, then bought back late and ended 2020 down about 5%. ## Common mistakes - **Expecting it to catch tops and bottoms.** A moving average lags by design. - **Checking daily in a sideways market.** Prices crossing back and forth cause many small losses, called whipsaws. - **Tuning the length to the past.** A 187-day average that tested best is likely fitting noise. - **Adding leverage without care.** Some rules hold [leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md) above the average. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. ## Try it on Tactfolio You can open any of the three classics above, read every rule and see each year of its backtest. To test your own version, open the [strategy builder](https://tactfolio.com/builder) and add an If / Else block with a moving average or exponential moving average. You can pick any length, use month-end closes, or add a band, such as price above 1.05 × the average. Strategies on US stocks and ETFs run on daily prices and hold long positions only. ## Common questions ### Which moving average is best? No length is best for every market. The 200-day and 10-month averages are the most common choices for long-term trends. Shorter averages react faster but whipsaw more. ### Is the 200-day moving average a good indicator? It is one of the most widely watched trend signals. In backtests on the S&P 500, rules built on it cut the worst falls but usually returned less than buy and hold. In those tests it helped more with risk than with return. ### What is the difference between SMA and EMA? An SMA weights every day equally. An EMA gives more weight to recent days, so it turns sooner after a price change. Neither is better in every case. ### How do moving averages compare with RSI? A moving average tracks the direction of the trend. The [RSI indicator](https://tactfolio.com/learn/rsi-indicator.md) tracks how lopsided recent gains and losses have been. Our guide to the [best indicators for trading](https://tactfolio.com/learn/best-indicators-for-trading.md) compares both, and [trend following](https://tactfolio.com/learn/trend-following.md) shows how moving average rules fit into a wider method. ## Put it into practice - [Trend following bot](https://tactfolio.com/bots/trend-following-bot.md): A trend following bot that holds SPY above its 10-month moving average and Treasury bills below. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Stocks for the Long Run](https://www.mhprofessional.com/stocks-for-the-long-run-9781264282197-usa), Jeremy J. Siegel, McGraw Hill (1994, 6th edition 2022), accessed 2026-10-16 - [A Quantitative Approach to Tactical Asset Allocation](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461), Mebane Faber, SSRN, 2007 (updated 2013), accessed 2026-10-16 - [200-Day Moving Average Strategy](https://tactfolio.com/strategies/200-day-moving-average), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Golden Cross Strategy](https://tactfolio.com/strategies/golden-cross), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Faber's 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Builder reference](https://tactfolio.com/docs/builder), Tactfolio docs, accessed 2026-10-16 --- # RSI indicator: formula, how to read it, and limits > What the RSI indicator measures, Wilder's 14-day formula with a worked example, what overbought and oversold mean, divergence, and what the evidence says. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. The RSI indicator (relative strength index) is a number from 0 to 100. It compares the size of a stock's recent gains with its recent losses. J. Welles Wilder Jr. created it in 1978 and used the last 14 days. Readings above 70 are often called overbought and readings below 30 oversold, but a strong trend can stay above 70 for a long time. ## Key points - RSI measures the speed of recent price moves. It says nothing about what a company is worth. - The usual setting is 14 periods, most often 14 trading days. - Above 70 means recent gains were much bigger than losses. Below 30 means the reverse. - "Overbought" does not mean a price must fall. Strong stocks can stay overbought for weeks. - Research on RSI by itself is thin, and reviews of trading rules in general find mixed results. ## What is the RSI indicator? The RSI is a momentum indicator. **Momentum** here means how fast and how far a price has moved lately. RSI turns that into one number on a 0 to 100 scale. Wilder introduced it in his book [New Concepts in Technical Trading Systems](https://openlibrary.org/isbn/0894590278) (Trend Research, 1978). The same book introduced other tools traders still use, such as the Parabolic SAR. RSI is one of several common chart tools. Our guide to the [best indicators for trading](https://tactfolio.com/learn/best-indicators-for-trading.md) compares it with moving averages, MACD and Bollinger Bands. ## The RSI indicator formula RSI comes from two averages: the average gain on up days and the average loss on down days. 1. For each of the last 14 days, write down the gain if the price rose, or the loss if it fell. 2. Add the gains and divide by 14. That is the **average gain**. 3. Add the losses and divide by 14. That is the **average loss**. Treat it as a positive number. 4. Divide the average gain by the average loss. Wilder called this **RS** (relative strength). 5. RSI = 100 − 100 ÷ (1 + RS). If there were no down days at all, RSI is 100. If there were no up days, it is 0. ## How to calculate RSI: a worked example Say a stock rose on 8 of the last 14 days and fell on 6. The up days added up to $14. The down days added up to $7. - Average gain = $14 ÷ 14 = $1.00 - Average loss = $7 ÷ 14 = $0.50 - RS = $1.00 ÷ $0.50 = 2 - RSI = 100 − 100 ÷ (1 + 2) = 100 − 33.3 = **66.7** Now the next day, the stock rises $2. Wilder did not start over each day. He smoothed the old average with the new day: - New average gain = ($1.00 × 13 + $2) ÷ 14 = about $1.07 - New average loss = ($0.50 × 13 + $0) ÷ 14 = about $0.46 - RS = about 2.31 - RSI = 100 − 100 ÷ 3.31 = about **69.8** One strong day moved RSI from about 67 to about 70. That is why RSI can jump fast on short settings. ## How to read RSI RSI tells you how lopsided recent moves have been. The middle, 50, means gains and losses were about the same size. | RSI reading | What it says about recent moves | How traders often read it | | --- | --- | --- | | Above 70 | Gains have been much bigger than losses | Overbought | | 50 | Gains and losses about equal | Neutral | | Below 30 | Losses have been much bigger than gains | Oversold | The 70 and 30 lines are common habits. Some traders use 80 and 20 to get fewer signals. ## What is RSI divergence? **Divergence** is when price and RSI point different ways. Say a stock makes a new high, but RSI makes a lower high than last time. The price went up, but with less force behind it. Traders call that bearish divergence. The reverse is bullish divergence. Price makes a new low, but RSI makes a higher low. Divergence is one of the most talked-about RSI patterns. It can last a long time before anything happens, and sometimes nothing happens at all. ## Why overbought can stay overbought An RSI above 70 says the stock has been rising fast. It does not say the rise is over. In a strong uptrend, RSI can stay between 60 and 90 for weeks while the price keeps climbing. This links to a well-studied pattern called momentum. Assets that have risen over the past few months have tended to keep rising for a while. Our guide to [momentum stocks](https://tactfolio.com/learn/momentum-stocks.md) explains it. Selling every time RSI hits 70 means selling the strongest stocks early. The same goes for oversold. A stock in a long slide can sit below 30 while it keeps falling. ## Does the RSI indicator work? The evidence is weak and mixed. Research on RSI rules by themselves is thin. Reviews of technical trading rules as a group are mixed too. Cheol-Ho Park and Scott Irwin reviewed 95 modern studies in [2007](https://doi.org/10.1111/j.1467-6419.2007.00519.x). 56 found gains, 20 found losses and 19 were mixed. They warned that many studies tested so many rules that some were bound to look good by luck. So treat any RSI rule as an idea to test. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) shows how a rule can fit old data by luck. A trend filter such as a [moving average](https://tactfolio.com/learn/moving-average.md) has more published tests behind it, and even those show long stretches of lagging. ## Common mistakes - **Selling only because RSI is high.** In a strong trend, high RSI can be normal for months. - **Buying a falling stock because RSI is low.** Oversold can get more oversold. - **Changing the setting until the chart looks right.** A 9-day RSI that fit last year may not fit next year. - **Following RSI alerts from strangers.** Some paid alert services sell RSI "signals" with no full record. Read about [trading signals](https://tactfolio.com/learn/trading-signals.md) before you pay for any. - **Mixing time frames.** A 14-day RSI and a 14-minute RSI are different tools. ## Try it on Tactfolio You can test an RSI rule on past prices before you trust it. The [strategy builder](https://tactfolio.com/builder) reads Wilder's RSI over any period you pick. Its Enter / Exit block can buy a fund when RSI drops below 30. It then holds until RSI rises above 70, as the [builder reference](https://tactfolio.com/docs/builder.md) shows. The backtest then shows every year, including the bad ones. Strategies on US stocks and ETFs run on daily prices and hold long positions only. ## Common questions ### What does the RSI tell you? RSI tells you how strong recent gains were compared with recent losses, on a 0 to 100 scale. A high number means the price has been rising fast. It does not tell you what the price will do next. ### What are the best RSI settings? Wilder used 14 periods, and that is still the default on most charts. Shorter settings, like 2 or 5 days, move faster and give more signals. No setting is best for every market, so test the one you plan to use. ### Is RSI above 70 a sell signal? Not by itself. Above 70 means recent gains outweighed recent losses by a lot. In a strong trend, RSI can stay above 70 while the price keeps rising. ### What is the difference between RSI and relative strength? RSI compares one stock's own gains with its own losses. "Relative strength" in investing often means comparing one stock's return with another stock or an index. The names sound alike but they measure different things. ### What is the difference between RSI and the stochastic oscillator? Both are momentum readings on a 0 to 100 scale. RSI compares the size of recent up days with recent down days. The [stochastic oscillator](https://tactfolio.com/learn/stochastic-oscillator.md) shows where today's close sits inside the recent high to low range, so it often swings faster. ### Is RSI good for day trading? The formula works on any time frame, from minutes to months. Short time frames mean more trades, and costs add up faster. Tactfolio tests stock and ETF rules on daily prices, so it does not test day trading rules. ## The details - **First average gain and loss:** simple averages of the first 14 gains and 14 losses. - **Wilder smoothing after that:** new average = (previous average × 13 + today's value) ÷ 14. This equals an exponential average with a weight of 1/14 on the newest day. - **RSI:** 100 − 100 ÷ (1 + average gain ÷ average loss). If the average loss is zero, RSI is 100. - Different charting tools may seed the first average differently. Their numbers can differ a little for the same stock. ## Put it into practice - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [Stock trading bot](https://tactfolio.com/bots/stock-trading-bot.md): Build a stock trading bot from rules you can read, backtest it on decades of US prices, and run it daily on paper or in your own Alpaca account. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. ## Sources - [New Concepts in Technical Trading Systems](https://openlibrary.org/isbn/0894590278), J. Welles Wilder Jr., Trend Research, 1978 (Open Library record), accessed 2026-10-16 - [What Do We Know About the Profitability of Technical Analysis?](https://doi.org/10.1111/j.1467-6419.2007.00519.x), Park and Irwin, Journal of Economic Surveys, 2007, accessed 2026-10-16 - [Builder reference](https://tactfolio.com/docs/builder), Tactfolio docs, accessed 2026-10-16 - [Glossary](https://tactfolio.com/docs/glossary), Tactfolio docs, accessed 2026-10-16 --- # Stochastic oscillator: formula, 80 and 20 levels, and SMI > How the stochastic oscillator works, with Lane's %K and %D formula, a worked 14-day example, fast vs slow, and Blau's stochastic momentum index. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. The stochastic oscillator is a momentum indicator. It shows where today's closing price sits inside its recent high-to-low range, on a scale from 0 to 100. A reading of 80 means the close is near the top of the range, and 20 means it is near the bottom. George Lane made it popular, and William Blau later built a smoother version called the stochastic momentum index. ## Key points - The main line is called **%K**. A 3-day average of it, called **%D**, is the signal line. - The usual setting looks back 14 days. - Above 80 is often called overbought. Below 20 is often called oversold. - The **stochastic momentum index** (SMI) measures the close against the middle of the range and runs from −100 to +100. - Like most chart tools, it describes the past. Strong trends can keep it pinned near 100 or 0 for weeks. ## What is the stochastic oscillator? The stochastic oscillator compares a closing price with the range of prices over a set number of days. If the close is right at the highest price of the last 14 days, it reads 100. If the close is at the lowest price, it reads 0. George C. Lane wrote about it in [Lane's Stochastics](https://store.traders.com/-v02-c03-lane-pdf.html), an article in Technical Analysis of Stocks & Commodities in 1984. [StockCharts](https://chartschool.stockcharts.com/table-of-contents/technical-indicators-and-overlays/technical-indicators/stochastic-oscillator-fast-slow-and-full) says he developed it in the late 1950s. Lane's idea was that in an uptrend, prices tend to close near the top of their range. In a downtrend, they tend to close near the bottom. It is one of many common chart tools. Our guide to the [best indicators for trading](https://tactfolio.com/learn/best-indicators-for-trading.md) compares it with moving averages, MACD and others. ## The stochastic oscillator formula The formula has two lines, %K and %D. - **%K** = (today's close − lowest low) ÷ (highest high − lowest low) × 100 - **%D** = the average of the last 3 days of %K The **lowest low** is the lowest price of the last 14 days. The **highest high** is the highest price over the same days. ## A worked example with round numbers Say that over the last 14 days, a stock's highest price was $60 and its lowest was $40. Today it closed at $55. - Close minus lowest low: $55 − $40 = $15 - Highest high minus lowest low: $60 − $40 = $20 - %K = $15 ÷ $20 × 100 = **75** Now say %K was 65 two days ago, 70 yesterday and 75 today. - %D = (65 + 70 + 75) ÷ 3 = **70** The close is three quarters of the way up its 14-day range. %K is above %D, so the close has been moving up within the range. ## How to read the stochastic oscillator Traders usually watch three things: the level, the crossover, and divergence. | What you see | What it says | How traders often read it | | --- | --- | --- | | %K above 80 | Close is near the top of its range | Overbought | | %K below 20 | Close is near the bottom of its range | Oversold | | %K crosses above %D | The close is rising within the range | Possible upturn | | %K crosses below %D | The close is falling within the range | Possible downturn | | Price makes a new high, %K does not | Less force behind the rise | Bearish divergence | The 80 and 20 lines are a habit that traders can move. StockCharts notes that some change them to fit the stock. ## Fast vs slow stochastic The fast and slow versions differ in how much smoothing they use. More smoothing means fewer false signals but later ones. - **Fast stochastic:** %K is the raw formula. %D is a 3-day average of %K. This is Lane's original form. - **Slow stochastic:** %K is smoothed first with a 3-day average. So slow %K equals fast %D. Slow %D is a 3-day average of slow %K. The fast version jumps around a lot, which is why many traders prefer the slow one. A "full" stochastic lets you pick each of the three settings yourself. ## What is the stochastic momentum index? The stochastic momentum index (SMI) is a smoother version of the stochastic oscillator. William Blau introduced it in Technical Analysis of Stocks & Commodities in January 1993, according to [TC2000's indicator guide](https://help.tc2000.com/a/756886). Blau later wrote about his momentum tools in the book [Momentum, Direction, and Divergence](https://www.wiley-vch.de/en/areas-interest/finance-economics-law/momentum-direction-and-divergence-978-0-471-02729-4) (Wiley, 1995). The SMI differs from the classic stochastic in two ways: 1. **It measures from the middle.** It compares the close with the midpoint of the high-to-low range, not with the low. 2. **It is smoothed twice.** It applies two exponential moving averages to both the distance and the range before dividing. That gives a scale from −100 to +100, centered on zero. TC2000 notes that readings above +40 are usually called overbought and below −40 oversold. **Same example, SMI style.** The range is $40 to $60, so the midpoint is $50. The close of $55 is $5 above the middle. Half the range is $10. Before smoothing, the reading is $5 ÷ $10 × 100 = **50**. The smoothing then spreads that out over several days. ## Stochastic vs RSI Both indicators run from 0 to 100, and both try to show when a move has gone far. They measure different things. - The stochastic compares the close with the recent high and low. - The [RSI indicator](https://tactfolio.com/learn/rsi-indicator.md) compares the size of recent gains with recent losses. A stock can close near its 14-day high while its up days and down days are about the same size. Then the stochastic is high and RSI is near the middle. ## Does the stochastic oscillator work? The evidence for the stochastic oscillator on its own is thin. Careful tests of it alone, after trading costs, are hard to find. Oversold and overbought readings rest on an idea called [mean reversion](https://tactfolio.com/learn/mean-reversion.md): stretched prices tend to drift back toward normal. That can be true in a sideways market. In a strong trend, it can be wrong for a long time. A trend tool such as a [moving average](https://tactfolio.com/learn/moving-average.md) has been tested more, and even those results are mixed. ## Common mistakes - **Selling only because it is above 80.** In a strong uptrend, the stochastic can sit above 80 for weeks. - **Trading every crossover.** The fast version crosses often. Many crossovers lead nowhere. - **Mixing up the versions.** Fast, slow and full stochastics give different numbers. Check which one your chart uses. - **Tuning settings to one chart.** Settings that fit last year may not fit next year. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains why. ## Try it on Tactfolio Tactfolio's builder does not offer the stochastic oscillator or the SMI today. You can test the ideas behind it. The [strategy builder](https://tactfolio.com/builder) reads RSI, moving averages, returns and volatility over a lookback you choose. For example, hold a fund while it trades above its 200-day average, or buy when its RSI drops below 30. The backtest shows every year, including the bad ones. Strategies on US stocks and ETFs run on daily prices and hold long positions only. ## Common questions ### What is the stochastic momentum index? It is William Blau's 1993 version of the stochastic oscillator. It compares the close with the middle of the recent range and smooths the result twice. It runs from −100 to +100, with ±40 often used as overbought and oversold lines. ### What are the best settings for the stochastic oscillator? The common default is 14 days for %K and 3 days for %D, often with 3 more days of smoothing in the slow version. Shorter settings react faster and give more false signals. No setting is best for every stock. ### Is the stochastic oscillator better than RSI? Neither is better in general. The stochastic tracks where the close sits in its range. RSI tracks the size of gains against losses. Many traders look at one and use the other only to confirm. ### What does it mean when the stochastic is above 80? The close is in the top fifth of its recent high-to-low range. That says the price has been strong. It does not say the price must fall. ### What is the difference between %K and %D? %K is the main line, showing today's close within the range. %D is a 3-day average of %K. It moves more slowly and acts as a signal line. ## The details - **Fast %K (n):** 100 × (close − lowest low over n) ÷ (highest high over n − lowest low over n). The usual n is 14. - **Fast %D:** 3-period simple moving average of fast %K. - **Slow %K:** fast %D. **Slow %D:** 3-period simple moving average of slow %K. - **Full stochastic:** a lookback, a %K smoothing length and a %D length, all chosen by the user. - **SMI:** 200 × EMA(EMA(close − midpoint)) ÷ EMA(EMA(high − low)), where the midpoint is (highest high + lowest low) ÷ 2. Smoothing lengths vary by charting tool. ## Put it into practice - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. ## Sources - [Lane's Stochastics](https://store.traders.com/-v02-c03-lane-pdf.html), George C. Lane, Technical Analysis of Stocks & Commodities, vol. 2, no. 3, 1984, accessed 2026-10-16 - [Stochastic Oscillator: Fast, Slow, and Full](https://chartschool.stockcharts.com/table-of-contents/technical-indicators-and-overlays/technical-indicators/stochastic-oscillator-fast-slow-and-full), StockCharts ChartSchool, accessed 2026-10-16 - [Stochastic Momentum Index (SMI)](https://help.tc2000.com/a/756886), TC2000 Help, accessed 2026-10-16 - [Momentum, Direction, and Divergence](https://www.wiley-vch.de/en/areas-interest/finance-economics-law/momentum-direction-and-divergence-978-0-471-02729-4), William Blau, Wiley, 1995, accessed 2026-10-16 - [Builder reference](https://tactfolio.com/docs/builder), Tactfolio docs, accessed 2026-10-16 --- # Stop loss: what it is and how stop orders work > What a stop-loss order is, how it differs from stop-limit and trailing stop orders, and why a price gap can sell you far below your stop. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. A stop loss is an order to sell a stock once its price falls to a level you choose, called the stop price. When the price reaches that level, the order turns into a market order and sells at the next available price. It can limit a loss, but it does not lock in the stop price, and a price gap can fill you much lower. ## Key points - A **stop-loss order** (also called a stop order) sells when the price touches your stop price. - Once triggered, it becomes a market order. The sale price can be well below the stop. - A **stop-limit order** sets a lowest price you will accept. It protects the price but may not sell at all. - A **trailing stop** moves up as the price rises and stays put when it falls. - Short dips can trigger a stop and sell you out right before a rebound. In health insurance and the military, "stop-loss" means something else. This page is about stock trading. ## What is a stop loss order? A stop-loss order is an instruction to your broker to sell once a stock trades at or below a set price. The SEC's investor site, [Investor.gov](https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-stop-stop-limit-trailing-stop), describes it this way. When the stop price is reached, the stop order becomes a market order. A **market order** is an order to buy or sell right away at the best price available. It is sure to fill, but the price is not set. Investors use a sell stop to try to limit a loss, or to protect a gain, on a stock they own. It is an exit tool, often paired with an entry rule built on one of the [best indicators for trading](https://tactfolio.com/learn/best-indicators-for-trading.md). The order waits at your broker until the price is reached, so you do not have to watch the screen all day. ## Stop vs stop-limit vs trailing stop The three orders differ in what happens once the price is hit. | Order | What it does once triggered | Main risk | | --- | --- | --- | | Stop (stop-loss) | Becomes a market order and sells at the next price | Can sell far below the stop in a fast fall | | Stop-limit | Becomes a limit order that sells only at your limit or better | May not sell at all if the price drops past your limit | | Trailing stop | A stop whose trigger follows the price up by a set amount or percent | A normal dip can trigger it | A **limit order** sells only at a set price or better. Investor.gov gives an example of a stop-limit: a stop of $3.00 with a limit of $2.50. The order goes live at $3.00 but can only sell at $2.50 or higher. Brokers also differ on what triggers a stop. Some use the last trade price. Others use quotes. Ask your broker which one it uses. ## A stop loss example with round numbers Say you buy 100 shares at $50, or $5,000. You place a sell stop at $45. You are willing to lose about $500. **A slow slide.** The stock drifts down: $48, $46, $45. At $45, your stop becomes a market order. It sells at about $45, or a bit lower. Your loss is about $500, as planned. **A gap down.** The stock closes at $47. Overnight, the company reports bad news. The next morning, the stock opens at $40. Your stop triggers at the open and sells near $40. Your loss is about $1,000, twice what you planned. A **gap** is a jump between one day's close and the next day's open, with no trades in between. Our guide to the [stock gap](https://tactfolio.com/learn/stock-gap.md) explains why gaps happen. **The same gap with a stop-limit.** Now say you used a stop at $45 with a limit at $44. The stock opens at $40. Your order becomes a limit order to sell at $44 or better. No one will pay $44, so it does not sell. You still own the shares at $40. Neither order is wrong. A stop gives up price to make sure you get out. A stop-limit gives up the sure exit to protect the price. ## How a trailing stop works A trailing stop sets the stop a fixed amount or percent below the market price. When the price rises, the stop rises with it. When the price falls, the stop stays where it is. Investor.gov uses this example. You buy a stock at $20, and it rises to $22. You set a trailing stop $1 below the market. The stock peaks at $24, so your stop climbs to $23. Then the price drops. The stop stays at $23, and the shares sell when the stock reaches $23, though the sale price may differ. ## Do stop losses work? Stop losses limit how much one trade can lose in a slow decline. Whether they help over time depends on how prices move. Kathryn Kaminski and Andrew Lo studied this in [When Do Stop-Loss Rules Stop Losses?](https://doi.org/10.1016/j.finmar.2013.07.001) in the Journal of Financial Markets (2014). If prices move at random, they showed, a simple stop-loss rule always lowers expected return. If prices have momentum, a stop-loss rule can add value. **Momentum** is the tendency of a falling price to keep falling for a while, or a rising one to keep rising. So a stop is mainly a way to manage risk. It gives up some return to cap how much one trade can lose, and a gap can break that cap. Rules that exit when a trend turns down, known as [trend following](https://tactfolio.com/learn/trend-following.md), rest on the same momentum idea. ## Common mistakes - **Setting the stop too tight.** A stop 2% below the price on a stock that moves 3% a day will trigger often. - **Thinking the stop price is locked in.** The stop price only starts the sale. Gaps and fast markets can fill lower. - **Moving the stop down.** Lowering a stop as the price falls defeats its purpose. - **Using a stop-limit and forgetting it.** In a crash, a stop-limit can sit unfilled while the price keeps falling. - **Stops on thinly traded stocks.** Few buyers means a market order can fill far from the last price. ## Try it on Tactfolio Tactfolio stock and ETF strategies run on daily closes and do not place stop orders. The closest idea is a rules-based exit, checked once a day. For example, the [200-day moving average strategy](https://tactfolio.com/strategies/200-day-moving-average.md) holds the S&P 500 above its 200-day average and moves to Treasury bills below it. As of September 25, 2026, its hypothetical backtest from mid-2007 had a worst fall of about 22%, against 55% for the S&P 500. It also returned less, about 8% a year against 11%. A [moving average](https://tactfolio.com/learn/moving-average.md) is the average closing price over a set number of days. In the [strategy builder](https://tactfolio.com/builder), a condition can also compare a fund's price with its highest close over a window you choose. That works like a trailing stop checked at each close. It still cannot avoid an overnight gap. ## Common questions ### What is a stop-loss order in simple terms? It is an order to sell a stock if the price falls to a level you set. Once that price is hit, the order sells at the next available price. It helps limit a loss without watching the market all day. ### What is the difference between a trailing stop and a stop loss? A regular stop loss stays at one fixed price. A trailing stop follows the price up by a set amount or percent and stays put when the price falls. Both turn into market orders when triggered. ### Can a stop loss fail? Yes. If the stock gaps below your stop, the order sells at the next price, which can be much lower. A stop-limit order avoids that, but it may not sell at all. ### Where should I set my stop loss? There is no single right level. Many people set it based on how much they can afford to lose, and on how much the stock normally moves in a day. A stop inside the stock's normal daily range will trigger often. ### Do stop-loss orders work after hours? That depends on your broker. Investor.gov notes that not every firm offers every stop order type, and rules differ by firm. Ask your broker how it handles stops before the open and after the close. ## Put it into practice - [Position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md): Find how many shares or lots to trade so that hitting your stop-loss costs only the share of your account you choose. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. - [Trend following bot](https://tactfolio.com/bots/trend-following-bot.md): A trend following bot that holds SPY above its 10-month moving average and Treasury bills below. ## Sources - [Stop, Stop-Limit, and Trailing Stop Orders: Investor Bulletin](https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-stop-stop-limit-trailing-stop), Investor.gov (SEC), updated August 18, 2026, accessed 2026-10-16 - [Types of Orders](https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders), Investor.gov (SEC), accessed 2026-10-16 - [Stop Order](https://www.investor.gov/introduction-investing/investing-basics/glossary/stop-order), Investor.gov (SEC), accessed 2026-10-16 - [When Do Stop-Loss Rules Stop Losses?](https://doi.org/10.1016/j.finmar.2013.07.001), Kaminski and Lo, Journal of Financial Markets, 2014, accessed 2026-10-16 - [200-Day Moving Average Strategy](https://tactfolio.com/strategies/200-day-moving-average), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Builder reference](https://tactfolio.com/docs/builder), Tactfolio docs, accessed 2026-10-16 --- # Sector rotation: how it works and what the evidence says > Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. Sector rotation is moving money between parts of the stock market, such as technology, energy or utilities. The aim is to hold the ones you expect to do better. Business-cycle rotation tries to guess where the economy is heading. Momentum rotation holds the sectors that have been rising lately. Research on the first kind is weak, and the second kind has more support but still lags in some years. ## Key points - A **sector** is a group of companies in the same line of business, like banks or drug makers. - US stocks are usually split into 11 sectors under a system called GICS. - Each sector has low-cost ETFs, so rotating no longer means picking single stocks. - Business-cycle rotation depends on calling the economy's phase, which is hard to do in real time. - Momentum rotation follows recent winners. It needs no forecast, but it can buy late and sell late. ## What is sector rotation? Sector rotation is a strategy that shifts money from one stock market sector to another over time. The goal is to hold more of the sectors doing well and less of the ones doing poorly. It stays inside stocks, so it still falls when the whole market falls, unless the rule adds a way to step aside. Most rotation rules rank sectors with one of the [best indicators for trading](https://tactfolio.com/learn/best-indicators-for-trading.md): past returns. The common map of sectors is the **Global Industry Classification Standard** (GICS). [MSCI](https://www.msci.com/indexes/index-resources/gics) and S&P Dow Jones Indices built it. It places each company into one of 11 sectors. ## The 11 sectors and their ETFs Each GICS sector has a Select Sector SPDR fund that holds the S&P 500 companies in that sector, according to [State Street](https://www.ssga.com/us/en/intermediary/capabilities/equities/sector-investing/select-sector-etfs). | Sector | Select Sector SPDR ETF | | --- | --- | | Communication Services | XLC | | Consumer Discretionary | XLY | | Consumer Staples | XLP | | Energy | XLE | | Financials | XLF | | Health Care | XLV | | Industrials | XLI | | Materials | XLB | | Real Estate | XLRE | | Technology | XLK | | Utilities | XLU | An **ETF** (exchange-traded fund) is a fund that trades on an exchange like a stock. Our guide to [what an ETF is](https://tactfolio.com/learn/what-is-an-etf.md) explains how they work. The real estate and communication services funds are younger, launched in 2015 and 2018, so tests that need long histories often use the other nine. ## Business-cycle sector rotation Business-cycle rotation is the idea that certain sectors lead in each phase of the economy. Fidelity's version, [published in April 2025](https://www.fidelity.com/viewpoints/investing-ideas/sector-investing-business-cycle), splits the cycle into four phases: | Phase | What the economy does | Sectors Fidelity says have tended to lead | | --- | --- | --- | | Early cycle | Sharp recovery from a recession | Consumer discretionary, financials, real estate | | Mid cycle | Moderate growth, the longest phase | Technology | | Late cycle | Growth slows, inflation and rates rise | Energy, utilities | | Recession | The economy shrinks | Defensive sectors such as utilities and health care | Fidelity adds that no investment has behaved the same way in every cycle. The phases do not always come in order or last the same time. The hard part is knowing which phase you are in. The phase is often clear only in hindsight. Molchanov and Stangl tested the idea in [The Myth of Business Cycle Sector Rotation](https://mro.massey.ac.nz/handle/10179/69590) in 2023. They found no evidence that sectors performed where popular belief expects. Any gain mostly vanished after trading costs and imperfect timing. ## Momentum-based sector rotation Momentum rotation skips the forecast. It ranks sectors by their recent returns and holds the strongest. **Momentum** is the tendency of assets that have risen recently to keep rising for a while. Our guide to [momentum stocks](https://tactfolio.com/learn/momentum-stocks.md) explains the idea for single stocks, and the [momentum strategy guide](https://tactfolio.com/learn/momentum-strategy.md) shows how rotation rules use it. Mebane Faber tested this on US sectors back to the 1920s in his 2010 paper [Relative Strength Strategies for Investing](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1585517). He found that sectors that had led over the past few months to a year tended to keep leading for a while. ### A worked example Say you rank three sector funds each month by their average return over the last 1, 3, 6 and 12 months. - Technology: up 4%, 9%, 15% and 30%. Average: 14.5%. - Energy: up 2%, 6%, 10% and 22%. Average: 10%. - Utilities: down 1%, up 2%, 3% and 8%. Average: 3%. You hold the top two, technology and energy, half each. Next month you rank again. If utilities climb into the top two, they come in and the weakest goes out. ## Faber's sector rotation on Tactfolio The [Faber sector rotation](https://tactfolio.com/strategies/faber-sector-rotation.md) classic follows Faber's paper. Each month it holds the three strongest of nine sector funds, a third each. When the S&P 500 is below its 10-month average, it moves everything to Treasury bills. As of September 25, 2026, its hypothetical backtest from mid-2007 returned a little under 8% a year. The S&P 500 returned about 11%. The rotation's worst fall was about 22%, against more than half for the S&P 500. The trend filter helped in 2008, when the rotation gained about 2% while the S&P 500 lost 37%. It also cost it. The rotation was flat in 2010 while the S&P 500 gained 15%. In 2023 it gained under 4% while the S&P 500 gained 26%. Since the 2010 paper, it has returned about 7% a year. That 10-month rule is a form of [trend following](https://tactfolio.com/learn/trend-following.md), which moves to safer assets when prices turn down. ## Common mistakes - **Trusting the cycle chart.** The phase is clear only in hindsight. By the time a recession is announced, markets have often moved. - **Chasing last week's winner.** Very short lookbacks swap sectors often, and costs add up. - **Forgetting the market risk.** Holding the best sector in a crash still means losing money, unless your rule can step aside. - **Ignoring concentration.** Three sectors can trail badly when a few huge companies in other sectors drive the index, as in 2023. - **Overlapping funds.** A sector fund and a broad index fund hold many of the same stocks. ## Try it on Tactfolio You can open the Faber sector rotation, read every rule and see each year of its backtest, including the lagging ones. To try your own version, open the [strategy builder](https://tactfolio.com/builder) and use a Rank block. Rank the sector funds by a lookback such as 3-month return. Keep the top one, two or three, and add a trend filter if you want one. Strategies on US stocks and ETFs run on daily prices and hold long positions only. When you are ready, follow the steps to [automate a sector rotation](https://tactfolio.com/learn/automate-etf-rotation-strategy.md) in a paper account first. ## Common questions ### What is a sector rotation strategy? It is a set of rules for moving money between stock market sectors over time. Some rules follow the business cycle. Others hold the sectors with the strongest recent returns. ### Does sector rotation work? Business-cycle rotation has weak support in research, mostly because the cycle is hard to call in real time. Momentum-based rotation has more support, but it can trail the market badly in some years, as Faber's version did in 2023. ### What sectors do well in a recession? Fidelity's research says defensive sectors, such as utilities and health care, have tended to hold up better in recessions. They still often lose money, only less than the market. Past patterns do not always repeat. ### How often should you rotate sectors? Most published rules check once a month. Checking more often reacts faster but trades more, and each trade has a cost. ### What is a sector rotation ETF? Some funds run a sector rotation rule inside one ETF. You can also build your own rotation with the 11 Select Sector SPDR funds. Read any fund's prospectus to see its exact rules and costs. ## Put it into practice - [Automated trading](https://tactfolio.com/automated-trading.md): Run a rules-based strategy by itself each trading day, on paper or in your own Alpaca account. - [Stock trading bot](https://tactfolio.com/bots/stock-trading-bot.md): Build a stock trading bot from rules you can read, backtest it on decades of US prices, and run it daily on paper or in your own Alpaca account. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [XLC: State Street Communication Services Select Sector SPDR ETF](https://tactfolio.com/etf/xlc.md): What XLC holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [XLY: State Street Consumer Discretionary Select Sector SPDR ETF](https://tactfolio.com/etf/xly.md): What XLY holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [XLP: State Street Consumer Staples Select Sector SPDR ETF](https://tactfolio.com/etf/xlp.md): What XLP holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [GICS](https://www.msci.com/indexes/index-resources/gics), MSCI, accessed 2026-10-16 - [Select Sector SPDR ETFs](https://www.ssga.com/us/en/intermediary/capabilities/equities/sector-investing/select-sector-etfs), State Street Global Advisors, accessed 2026-10-16 - [Sector investing and the business cycle](https://www.fidelity.com/viewpoints/investing-ideas/sector-investing-business-cycle), Fidelity Viewpoints, April 16, 2025, accessed 2026-10-16 - [The Myth of Business Cycle Sector Rotation](https://mro.massey.ac.nz/handle/10179/69590), Molchanov and Stangl, International Journal of Finance and Economics, 2023, accessed 2026-10-16 - [Relative Strength Strategies for Investing](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1585517), Mebane Faber, SSRN, 2010, accessed 2026-10-16 - [Faber sector rotation](https://tactfolio.com/strategies/faber-sector-rotation), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 --- # Trading signals: what they are and how to check them > What a trading signal is, how rule-based signals differ from paid tip services, and what the CFTC and SEC warn about signal sellers and pump and dumps. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A trading signal is a prompt to buy or sell. It comes either from a rule you can see or from a person or service you pay. A rule's signal, like "the price crossed its 200-day average", can be tested on past prices. A paid tip service's signal usually cannot, and US regulators warn that signal sellers are a common route to fraud. ## Key points - A signal is only as good as the rule behind it. If you cannot see the rule, you cannot test it. - Many signal apps, chat groups and social media accounts send alerts with no full record of past calls. - The CFTC and SEC both warn about signal sellers, fake "winning trades" and pump-and-dump schemes. - No one can promise returns. Claims of profit with no risk are red flags. - Tactfolio sells no signals and gives no advice. You write your own rules and see their full backtest. ## What is a trading signal? A trading signal is a trigger that says "buy", "sell" or "hold". It comes from one of two places. 1. **A rule.** A fixed test on price data, such as "hold SPY while it is above its 200-day [moving average](https://tactfolio.com/learn/moving-average.md)". Anyone can check what the rule would have done on past prices. 2. **A service.** A person, app or group sends alerts. You usually cannot see the rule, if there is one, or a full record of every alert. Most rules are built on chart tools such as moving averages or the [RSI indicator](https://tactfolio.com/learn/rsi-indicator.md). Our guide to the [best indicators for trading](https://tactfolio.com/learn/best-indicators-for-trading.md) explains what each one measures. ## Are trading signal services legit? Some are run honestly, but you usually cannot tell from the outside, and regulators have seen many frauds. The burden is on you to check. The CFTC, the US regulator for futures and related markets, warns about this in its advisory [There's Nothing to Like About Scammers on Social Media](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/nothing_to_like_about_social_media_scammers.html). It lists schemes that sell trade signals, trading software and "secret" strategies. It says signals often come with hidden costs or do not perform as promised. Fake profiles post screenshots of "winning trades" and huge account balances. A later CFTC advisory, [AI Won't Turn Trading Bots into Money Machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html), covers AI-branded signal and bot schemes. They promise returns that are too high or certain. It says AI cannot predict the future or sudden market changes. ## Trading signals on social media and pump-and-dump schemes The SEC warns that stock tips on social media can be part of a scam. Its February 2026 alert, [Social Media and Stock Tip Scams](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/social-media-stock-scams), says never to decide on an investment only from social media. It flags group chats, people posing as famous investors, and promises of high returns with little risk. A **pump and dump** is a two-step scheme, as [Investor.gov](https://www.investor.gov/protect-your-investments/fraud/types-fraud/pump-and-dump-schemes) describes it. Promoters push a stock's price up with false or misleading posts. Then they sell their own shares. The price falls, and the people who bought on the tip lose money. ## How to check a trading signal before you trust it Ask for what an honest rule can always show. - **The rule itself.** What exactly triggers a buy or a sell? - **Every signal, not the best ones.** A record that skips the losers is an ad. - **The bad years.** How far did it fall, and how long did it take to recover? - **Costs.** Fees, subscription costs and trading costs all come out of returns. - **Who is behind it.** The SEC alert above points to a free Investor.gov tool for checking whether a person or firm is registered. Even a full backtest can mislead if the rule was tuned to fit the past. Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains how. Our guide to [backtesting](https://tactfolio.com/learn/backtesting-explained.md) covers what a fair test looks like. ## Common mistakes - **Trusting a "win rate".** Many small wins and a few huge losses can still lose money. - **Trusting signals because they are free.** The CFTC notes that these schemes often push you to pay for upgrades or invest more. - **Acting fast on a hot tip.** Pressure to buy now is a classic pump-and-dump sign. - **Following signals you do not understand.** If you cannot explain the rule, you cannot know when it stopped working. ## Try it on Tactfolio Tactfolio sells no signals and gives no advice. Instead, you can write your own rule and see its full backtest before you trust any signal. Take a rule like "hold the S&P 500 while it is above its 200-day average, else Treasury bills". In the [strategy builder](https://tactfolio.com/builder), it shows every year of its hypothetical history, including the bad ones. If you choose to run it, it trades your own Alpaca account once a day. Strategies on US stocks and ETFs run on daily prices and hold long positions only. ## Common questions ### Are free trading signals any good? Free signals cost no money up front, but you still carry the risk of acting on them. Many free channels exist to sell paid tiers or to steer you to a trading platform. Judge them the same way: ask for the rule and the full record. ### Is there a trading signals app I can trust? Look for one that shows its exact rules and every past signal, including losers. Check that the people behind it are registered where they need to be. Be wary of any app that promises high or steady returns. ### What is the difference between a signal and an indicator? An indicator is a number, like a 50-day average or an RSI of 72. A signal is a decision drawn from it, like "sell when RSI rises above 70". The same indicator can feed many different signals. ### How do I report a trading signal scam? You can report suspected fraud to the SEC through Investor.gov or to the CFTC at its complaint page. Keep screenshots, messages and payment records. ## Put it into practice - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. - [Trading bots](https://tactfolio.com/bots.md): Free trading bot templates built from published strategies. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Customer Advisory: There's Nothing to Like About Scammers on Social Media](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/nothing_to_like_about_social_media_scammers.html), CFTC, accessed 2026-10-16 - [Customer Advisory: AI Won't Turn Trading Bots into Money Machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html), CFTC, January 2024, accessed 2026-10-16 - [Social Media and Stock Tip Scams: Investor Alert](https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/social-media-stock-scams), Investor.gov (SEC), February 6, 2026, accessed 2026-10-16 - [Pump and Dump Schemes](https://www.investor.gov/protect-your-investments/fraud/types-fraud/pump-and-dump-schemes), Investor.gov (SEC), accessed 2026-10-16 - [Investor Alert: Social Media and Investing, Avoiding Fraud](https://www.investor.gov/news-alerts/investor-alerts/investor-alert-social-media-investing-avoiding-fraud), Investor.gov (SEC), accessed 2026-10-16 --- # Algorithmic trading: what it is and how it works > What algorithmic trading is, the main types of trading algorithms, who uses them, the 2010 flash crash, and how US regulators oversee algo trading. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Algorithmic trading is buying and selling with a computer program that follows set rules. The rules say what to trade, when, how much and at what price, and the program places the orders without a person clicking each one. Big firms use it for speed and scale, while individual investors mostly use it to follow a plan without emotion. ## Key points - An algorithm is a step-by-step recipe. In trading, it turns data into orders. - Common types include trend following, mean reversion, arbitrage, market making, execution algorithms and high-frequency trading. - Banks, hedge funds and market makers use algorithms for much of their trading. Individuals can use them too, through broker software and APIs. - Algorithms can fail fast. A single sell program helped set off the "flash crash" of May 6, 2010. - A rule run by a computer is still only as good as the rule. Test it before you trust it. ## What is algorithmic trading? Algorithmic trading is trading where a computer program decides and places orders by following written instructions. "Algo trading" is the short name for the same thing. An **algorithm** is a recipe a computer can follow exactly. The SEC staff describe it as a problem-solving method that can be written as a computer program ([SEC staff report, 2020](https://www.sec.gov/files/algo_trading_report_2020.pdf)). In trading, the recipe answers questions like these: - What should I hold? - How much of it? - When should I buy or sell? - At what price, and through which market? A simple trading algorithm might read: "Every day after the close, check whether the S&P 500 fund is above its 200-day average. If it is, hold it. If not, hold a Treasury bill fund." The **200-day average** is the average closing price over the last 200 trading days, about ten months. ## How does algorithmic trading work? Algorithmic trading works in a loop: read data, check the rules, send orders, and repeat on a schedule. That schedule can be once a month or many times a second. 1. **Data comes in.** Prices, volumes, and sometimes economic numbers or news. 2. **The rules run.** The program checks its conditions and works out what it should hold. 3. **Orders go out.** It compares what it should hold with what it does hold, and trades the difference. 4. **A broker fills the orders.** Most programs talk to a broker through an **API**, a channel that lets software send orders and read account data. 5. **Someone watches.** Good setups have limits and alerts, so a broken rule cannot trade without end. ## What are the main types of trading algorithms? Trading algorithms fall into a few families. Some try to profit from where prices go. Others try to trade cheaply or provide a service to the market. | Type | What it does | Typical speed | | --- | --- | --- | | Trend following | Buys what is rising, steps aside when the trend breaks | Days to months | | Mean reversion | Bets that a price that moved too far will move back | Minutes to weeks | | Arbitrage | Trades tiny price gaps between related things, like a fund and the stocks inside it | Seconds or less | | Market making | Offers to buy and sell all day and earns the small gap between the two prices | Milliseconds | | Execution algorithms | Break a big order into small pieces to avoid pushing the price | Minutes to hours | | High-frequency trading | Many small trades held for seconds or less, often a mix of the above | Microseconds to seconds | The first two try to guess direction. The middle two try to earn small, steady amounts from how markets work. Execution algorithms do not decide what to buy at all. A pension fund that has already decided to buy $50 million of a stock might use one to buy it slowly over a day. ## Who uses algorithmic trading? Mostly professionals. Market makers, banks, hedge funds and big asset managers all trade through algorithms. The SEC staff found algorithms are used everywhere in today's stock and bond markets ([SEC staff report, 2020](https://www.sec.gov/files/algo_trading_report_2020.pdf)). Individual investors use them in two main ways. Some write code that connects to a broker's API. Others use tools that let them build rules without code and then run those rules on a schedule. A person who designs these rules for a living is often called a quantitative trader. ## What is quantitative trading? Quantitative trading means using data, statistics and math to decide what to trade. Algorithmic trading is about a computer carrying out the plan. The two overlap a lot: most quant strategies run as algorithms, but an algorithm can also run a plan with no math behind it. Our quantitative trading guide, listed in the series below, covers the job itself, the skills and the pay. ## A worked example Say you have $10,000 and you write this rule, checked once a day after the market closes: - If the S&P 500 fund is above its 200-day average, hold 100% of it. - If it is below, hold 100% in a Treasury bill fund. Most days, nothing happens. Then one day, after a long slide, the fund closes below its average. The next time the program runs, it sells the stock fund and buys the bill fund. Months later, the fund climbs back above its average, and the program switches back. The rule never feels fear or hope. But it can still be wrong. In a choppy market, it may sell low and buy back higher several times. A backtest shows how often that happened in the past. The [200-day moving average strategy](https://tactfolio.com/strategies/200-day-moving-average.md) is this exact rule, with its full hypothetical record. ## What happened in the 2010 flash crash? On May 6, 2010, major US stock indexes were already down more than 4% for the day. Then they fell another 5% to 6% in minutes and bounced back almost as fast ([SEC and CFTC staff report](https://www.sec.gov/news/studies/2010/marketevents-report.pdf)). Over 20,000 trades in more than 300 securities went through at prices more than 60% away from where they had been moments before. The joint SEC and CFTC staff report traced the start to one large seller. A mutual fund company used an execution algorithm to sell 75,000 stock index futures contracts, worth about $4.1 billion. The algorithm was set to keep pace with trading volume. In the report's words, it sold "without regard to price or time". On a stressed day, it sold in about 20 minutes what had taken more than 5 hours on an earlier day. Fast traders then passed the contracts back and forth, and buyers pulled back. The lesson for anyone running an algorithm: a rule that ignores price can do great harm when markets get strange. Add limits. ## How is algorithmic trading regulated? In the US, algorithmic trading is legal, and the firms that do it are regulated like other trading firms. A few rules focus on algorithms in particular: - **FINRA guidance (2015).** FINRA told member firms how to supervise trading algorithms. Its advice covers risk checks, code testing, trading controls and the ability to shut a strategy down ([Regulatory Notice 15-09](https://www.finra.org/rules-guidance/notices/15-09)). - **Registration (2017).** The person mainly in charge of designing or changing a broker's stock trading algorithm must pass an exam and register ([Regulatory Notice 16-21](https://www.finra.org/rules-guidance/notices/16-21)). - **SEC review (2020).** Congress asked the SEC staff to study algorithmic trading. Their report covers its benefits and risks in stock and bond markets. FINRA keeps its notices on one [algorithmic trading page](https://www.finra.org/rules-guidance/key-topics/algorithmic-trading). Regulators also warn the public. The CFTC says fraudsters use AI hype to sell trading bots with promises of huge, sure profits ([CFTC](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html)). ## Does algorithmic trading work? It can, but there is no promise it will work for you. An algorithm removes emotion and follows a rule exactly. It does not make a bad rule good. Speed-based strategies like market making depend on costly technology, so individuals rarely compete there. Slower rules, like trend following across a few funds, are within reach. But they have long dry spells, and many that look great in a backtest do worse with real money. ## Common mistakes - **Testing too many versions.** Try enough rules and one will look great by luck. - **Forgetting costs.** Every trade costs something. Fast rules pay that cost often. - **No limits.** A program with no cap on order size or losses can do real damage, as 2010 showed. - **Trusting promises.** Nobody can sell you a bot that wins for sure. - **Never checking.** Data feeds break and brokers change their APIs. Look at what your program did. ## Guides in this series **Getting started** - [Quantitative trading](https://tactfolio.com/learn/quantitative-trading.md): what quant traders do and how to become one. - [Backtesting explained](https://tactfolio.com/learn/backtesting-explained.md): how to test a rule on past prices without fooling yourself. - [Automate an ETF rotation strategy](https://tactfolio.com/learn/automate-etf-rotation-strategy.md): a step-by-step path from rule to automatic trades. **Measuring results** - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): the biggest fall from a peak, and why to read it first. - [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md): return for each unit of ups and downs. - [Calmar ratio](https://tactfolio.com/learn/calmar-ratio.md): yearly return compared with the worst drop. **Strategy families** - [Trend following](https://tactfolio.com/learn/trend-following.md): hold what is rising, step aside when it breaks. - [Mean reversion](https://tactfolio.com/learn/mean-reversion.md): bet that prices that moved too far will come back. - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md): shift between stocks, bonds and other assets by rules. - [Risk parity](https://tactfolio.com/learn/risk-parity.md): balance risk instead of dollars. - [Markov regime models](https://tactfolio.com/learn/markov-regime-model.md): estimate whether the market is calm or stormy. ## Try it on Tactfolio Tactfolio is built for slow, [rules-based quant investing](https://tactfolio.com/quant-trading.md). It does no high-frequency trading. You build a strategy from blocks in the [visual builder](https://tactfolio.com/builder), such as a check on whether a fund is above its average. On US stocks and ETFs it runs once a day or less, on daily prices. It is long only, with no short selling or borrowing. You can [backtest it](https://tactfolio.com/backtesting.md), [run it on paper](https://tactfolio.com/paper-trading.md), or let it [trade your own Alpaca account](https://tactfolio.com/alpaca-trading.md) with your own API keys, as a [rules-based trading bot](https://tactfolio.com/bots.md). Each strategy trades only the starting balance you give it. To see how other tools compare, read [the best algo trading platforms for retail investors](https://tactfolio.com/comparisons/best-algo-trading-platforms.md). ## Common questions ### What is algorithmic trading in simple terms? It is trading where a computer follows a set of rules to decide and place orders. You write the rules once, and the program applies them every time it runs. People also call it algo trading or automated trading. ### Is algorithmic trading legal? Yes. In the US, algorithmic trading is legal, and firms that do it follow the same market rules as everyone else. FINRA also has rules on supervising algorithms and on registering the people who design them at brokers. ### Is algo trading profitable? Sometimes, but there is no promise. Professional firms spend heavily on data, people and speed. For individuals, slow rules can help you stick to a plan. Many still lose money once costs are counted, or because their backtest was luck. ### Can beginners do algorithmic trading? Yes, if they start slow and small. A simple rule checked once a day or once a month is a good first step. Test it on many years of prices, run it on paper first, and only then use real money. ### What programming language is used for algo trading? Python is the most common choice for research and slower strategies. High-frequency firms also use faster languages such as C++. You can also build rules without code in some tools. ## Put it into practice - [Automated trading](https://tactfolio.com/automated-trading.md): Run a rules-based strategy by itself each trading day, on paper or in your own Alpaca account. - [Stock trading bot](https://tactfolio.com/bots/stock-trading-bot.md): Build a stock trading bot from rules you can read, backtest it on decades of US prices, and run it daily on paper or in your own Alpaca account. - [AI trading](https://tactfolio.com/ai-trading.md): Use an AI assistant to build, backtest, and save investing rules you can read. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. ## Sources - [Staff Report on Algorithmic Trading in U.S. Capital Markets](https://www.sec.gov/files/algo_trading_report_2020.pdf), US Securities and Exchange Commission staff, August 2020, accessed 2026-10-16 - [Findings Regarding the Market Events of May 6, 2010](https://www.sec.gov/news/studies/2010/marketevents-report.pdf), staffs of the CFTC and SEC, September 2010, accessed 2026-10-16 - [Regulatory Notice 15-09](https://www.finra.org/rules-guidance/notices/15-09), FINRA, March 2015, accessed 2026-10-16 - [Regulatory Notice 16-21](https://www.finra.org/rules-guidance/notices/16-21), FINRA, June 2016, accessed 2026-10-16 - [Algorithmic Trading](https://www.finra.org/rules-guidance/key-topics/algorithmic-trading), FINRA, accessed 2026-10-16 - [Customer Advisory: AI Won't Turn Trading Bots into Money Machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html), CFTC, accessed 2026-10-16 --- # Quantitative trader: what quants do and how to become one > What a quantitative trader does, the skills and pay, how quant trading strategies work, and how regular investors can use rules-based investing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Quantitative trading means buying and selling by rules built from data and math, instead of gut feel. A quantitative trader, or "quant", writes those rules, tests them on past prices, and lets a computer follow them. Big firms do it at high speed, but anyone can use the same idea at a slower pace with a few funds. ## Key points - A quant strategy is a set of written rules that a computer can check, such as "hold stocks while they trade above their 10-month average." - Quants test their rules on past prices first. This is called a backtest. - Most quant jobs sit at hedge funds, banks and trading firms. They usually ask for strong math, statistics and coding skills. - Rules do not remove risk. A rule that worked in the past can stop working. - You can run slow, rules-based investing yourself with ordinary funds and a daily or monthly schedule. ## What is a quantitative trader? A quantitative trader is someone who uses data, statistics and code to decide what to buy and sell. The job is closely tied to [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md), where computers place the orders. Instead of asking "do I like this stock?", a quant asks "what does the data say has tended to happen in cases like this?" Most quants do three things over and over: 1. **Find an idea.** For example: "stocks that rose a lot over the past year tend to keep rising for a while." That pattern is called [momentum](https://tactfolio.com/learn/momentum-stocks.md). 2. **Turn it into exact rules.** Which stocks? Measured how? Checked how often? When do you sell? 3. **Test it.** Run the rules on years of past prices and look hard at the bad stretches, not only the final return. If the idea survives, it runs live. Then the quant watches whether real results match the test. ## How does quantitative trading work? Quantitative trading works by turning a belief about markets into rules a computer can follow with no human judgment in the moment. The rules say what to hold, how much, and when to change it. Most quant ideas fall into a few families: | Family | The idea | A simple rule | | --- | --- | --- | | [Trend following](https://tactfolio.com/learn/trend-following.md) | Prices that are rising tend to keep rising for a while | Hold a fund while it is above its 200-day average | | Momentum | Recent winners tend to beat recent losers | Each month, hold the 3 funds that rose most | | Mean reversion | Prices that move too far tend to snap back | Buy after a sharp drop, sell after the bounce | | Risk parity | Give each asset a similar share of the risk | Put more money in calm assets, less in jumpy ones | | Regime models | Markets switch between calm and stormy moods | Get more defensive when warning signs appear | Many of these ideas can be combined. Tactical asset allocation is a common mix. It moves money between stocks, bonds and other asset classes using trend or momentum rules. ## How is a quant strategy tested? A quant tests a strategy with a backtest, which replays the rules on past prices as if you had followed them. [Backtesting](https://tactfolio.com/learn/backtesting-explained.md) is the core skill of the job, and also where most mistakes happen. Two numbers matter most when you read the results: - **Max drawdown** is the biggest fall from a high point to a later low. A strategy with a 50% [max drawdown](https://tactfolio.com/learn/max-drawdown.md) once lost half its value before it recovered. - **The Sharpe ratio** is return divided by how bumpy the ride was. A higher [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md) means more return for each unit of swings. The trap is testing too many versions. Try enough rules and one will look great by luck alone. A 2014 paper in the *Notices of the American Mathematical Society* showed how fast this happens. With 2 years of data, trying only 7 versions can turn up one that looks good on paper. Yet it has no real skill ([Bailey and others](https://www.davidhbailey.com/dhbpapers/backtest-pseudo.pdf)). ## Is algorithmic trading the same as quantitative trading? Not quite. Algorithmic trading means a computer sends the orders by following a program. Quantitative trading is about how the decision is made: with data and math. Most quant trading is also algorithmic, but a computer can carry out a plan that has no math behind it. Some algorithmic trading is very fast, and regulators watch it closely. Since January 2017, the person mainly in charge of a broker's stock trading algorithm must pass an exam and register ([FINRA](https://www.finra.org/rules-guidance/notices/16-21)). ## What does a quant trader do, and how do you become one? Quant traders build, test and run trading rules, usually at hedge funds, banks, market makers and other trading firms. The work is a mix of research, coding and checking risk. The usual skills are: - **Math and statistics:** probability, regression, and how to tell a real pattern from noise. - **Coding:** Python is common for research. Fast trading firms also use languages like C++. - **Markets:** how orders, costs and different assets work. Most quants have a degree in math, statistics, physics, computer science, engineering or finance. Many have a master's degree or a PhD. The US Bureau of Labor Statistics does not track "quant trader" as its own job. The closest groups are financial and investment analysts, with a median pay of $102,740 in May 2025, and financial risk specialists, at $117,330 ([BLS](https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm)). Pay at trading firms can be much higher or lower than these figures, often because of bonuses. ## Can regular investors do quant investing? Yes, at a slower speed. You will not beat big firms at speed, and you do not need to. A rule that checks a few funds once a month or once a day uses the same basic method: clear rules, tested on the past, followed without second-guessing. Here is a small example. Say you have $10,000 and one rule: - Hold an S&P 500 fund while its price is above its 10-month average. - Otherwise, hold a Treasury bill fund. You check once a month. Most months nothing changes. In a long fall, the rule moves you to bills. You give up some gains in choppy years when prices cross the line again and again. That trade-off is the whole strategy, and a backtest shows you how big each side was. To pick a tool for this, see [the best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md). ## Common mistakes - **Trusting a backtest too much.** A backtest is hypothetical. Real results are usually worse. - **Tuning until it looks perfect.** Every tweak fits the past a little better and the future a little worse. - **Ignoring costs and taxes.** Rules that trade often can lose their edge to fees and taxes. - **Quitting at the worst time.** Every rule has bad years. Know how bad they were before you start. - **Falling for promises.** Regulators warn about trading bots and AI tools that promise sure profits. The CFTC says plainly that AI cannot predict the future ([CFTC](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html)). ## Try it on Tactfolio Tactfolio lets you do slow, [rules-based quant investing](https://tactfolio.com/quant-trading.md) without writing code. You build a strategy in the [visual builder](https://tactfolio.com/builder) from blocks. One block might hold a fund while it is above its average and hold bonds otherwise. Then you [backtest it](https://tactfolio.com/backtesting.md) on daily prices with dividends reinvested and a 0.05% cost per trade. To see how others did it, open one of the 75 [classic strategies](https://tactfolio.com/strategies/classics.md), each with its rules, sources and hypothetical backtest. Strategies are long only, and those on US stocks and ETFs run on daily prices. Tactfolio is not built for high-speed trading. When you are ready, a strategy can run [on paper](https://tactfolio.com/paper-trading.md) or as a [trading bot](https://tactfolio.com/bots.md) in your own Alpaca account. ## Common questions ### What is a quantitative trader? A quantitative trader uses data, statistics and code to make trading decisions. They turn ideas into exact rules, test them on past prices, and let computers follow them. Most work at hedge funds, banks or trading firms. ### How do I become a quantitative trader? Most quant traders have a degree in math, statistics, physics, computer science, engineering or finance, and many have a master's or PhD. Firms look for strong probability and coding skills, often in Python. Building and testing your own strategies is a good way to learn the work. ### How much does a quantitative trader make? The US government does not publish pay for quant traders alone. Financial and investment analysts had a median pay of $102,740 in May 2025, according to the BLS. Pay at trading firms often depends on bonuses and can be far higher or lower. ### Is quantitative trading profitable? It can be, but there is no promise. Many strategies that look great in a backtest fail with real money, because of luck in the test, costs, or markets changing. Firms with real edges spend a lot on data, people and speed. ### Do I need to code to do quant investing? Not always. Professional quants code, but some tools let you build and test rules visually. What you do need is clear rules and the patience to test them honestly. ## Put it into practice - [Dual momentum bot](https://tactfolio.com/bots/dual-momentum-bot.md): Run Gary Antonacci’s dual momentum rules as a bot: SPY, VEU or AGG, checked once a month. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. - [AI trading](https://tactfolio.com/ai-trading.md): Use an AI assistant to build, backtest, and save investing rules you can read. ## Sources - [Pseudo-Mathematics and Financial Charlatanism](https://www.davidhbailey.com/dhbpapers/backtest-pseudo.pdf), Bailey, Borwein, López de Prado and Zhu, Notices of the American Mathematical Society (2014), accessed 2026-10-16 - [Regulatory Notice 16-21](https://www.finra.org/rules-guidance/notices/16-21), FINRA, accessed 2026-10-16 - [Financial Analysts](https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm), Occupational Outlook Handbook, US Bureau of Labor Statistics, accessed 2026-10-16 - [Customer Advisory: AI Won't Turn Trading Bots into Money Machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html), CFTC, accessed 2026-10-16 --- # How to automate an ETF rotation strategy: 7 steps > How to automate an ETF rotation strategy: pick a classic rotation, read its rules and backtest, paper trade it, then run it in your own Alpaca account. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. To automate an ETF rotation strategy, you write its rules down and test them on past prices. Then software checks the rules and places the trades for you. On Tactfolio, that means copying or building a rotation, reading its backtest, running it on paper, and then connecting your own Alpaca account. For US stocks and ETFs, Tactfolio works with daily prices, holds long positions only, and trades through Alpaca. ## Key points - An ETF rotation holds the strongest of a few funds and switches on a set schedule, often once a month. - Automating it means a program checks the rules and places the orders, so you do not have to. - Test the rules on past prices first, and read the worst drops before the returns. - Run it with pretend money before you run it with real money. - A backtest is hypothetical. It shows how rules would have done, not how they will do. > **Risk note.** An automated strategy trades real money whether or not you are watching. Rules that did well in the past can lose money in the future, and you can lose the money you put in. ## What is an ETF rotation strategy? An ETF rotation strategy is a set of rules that moves your money between a few exchange-traded funds. An **ETF** is a fund that trades on the stock market like a share. The rules rank the funds by recent strength, hold the leaders, and check again on a schedule. The idea comes from momentum. **Momentum** is the habit of assets that have risen lately to keep rising for a while. Our guide to [momentum stocks](https://tactfolio.com/learn/momentum-stocks.md) explains the research behind it. Rotation is one form of [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md), where rules change your mix as markets change. Here are two well-known examples: - **Dual momentum.** Each month, Gary Antonacci's [dual momentum](https://tactfolio.com/strategies/dual-momentum.md) model holds US stocks or foreign stocks, whichever rose more over 12 months. If US stocks did not beat Treasury bills, it holds bonds instead. - **Faber sector rotation.** Each month, Mebane Faber's [sector rotation](https://tactfolio.com/strategies/faber-sector-rotation.md) holds the three strongest of nine US sector funds. When the S&P 500 is below its 10-month average, it moves to Treasury bills. ## Why automate a rotation? Automation runs the rules on the right day, even when you are busy. A rotation only works if you follow it each month, including the months when the switch feels wrong. By hand, people miss dates or skip a switch after a bad month. A program follows the rules the same way each time. That is the core idea of [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md): a computer applies written rules and places the orders. ## How to automate an ETF rotation strategy, step by step Here are the steps in short. 1. Pick a rotation to start from. 2. Copy it to your account and open it in the builder. 3. Read every rule and the schedule. 4. Backtest it and read the drawdowns. 5. Run it on paper first. 6. Connect your own Alpaca account and set the amount it can trade. 7. Check in on a regular schedule. ### 1. Pick a rotation to start from Start from a rotation with a known source instead of a blank page. Tactfolio's [classic strategies](https://tactfolio.com/strategies/classics.md) include dual momentum, Faber's sector rotation and other rotations, each with its source, rules and backtest. Each one also has a live version you can copy. You can also describe the idea in words. An AI assistant connected through [Tactfolio's MCP server](https://tactfolio.com/docs/mcp.md) can build, backtest and save a strategy in your account. It cannot trade or publish for you. You still check the rules and make each choice yourself. ### 2. Copy it and open it in the builder Copy the live version to your account. You need a free account for this. The copy is a private draft that only you can see. You open and edit it in the [strategy builder](https://tactfolio.com/builder). The builder shows your strategy as a tree of blocks. You can change any block in your copy without touching the original. ### 3. Read every rule and the schedule In a rotation, the key piece is a **Rank** block. It scores each fund, such as by its 12-month return, and keeps the top few. Many rotations also put an **If / Else** block in front, which acts as a safety switch to move into bonds or bills. Then check the strategy settings at the top. **Runs** sets how often it checks its signals, such as daily, weekly or monthly. A monthly strategy acts on the last trading day of each month. **Rebalance** sets when holdings go back to their target weights. The [builder guide](https://tactfolio.com/docs/builder.md) explains every block and setting. ### 4. Backtest it and read the drawdowns A backtest replays the rules on past prices, as if you had followed them. Tactfolio uses daily prices with dividends reinvested and charges a 0.05% cost on every trade. Our guide to [backtesting](https://tactfolio.com/learn/backtesting-explained.md) covers what a test can and cannot tell you. Read the **drawdown** first. A drawdown is how far the strategy fell from its last high point. Take dual momentum's hypothetical backtest (figures as of September 25, 2026). It lost about a third in early 2020 and took until early 2021 to recover. Ask yourself whether you would have kept going through that. Then look at the reality checks under the chart. One line shows the same rules trading at the next day's open price instead of the close. Others repeat the test at higher trading costs. If the results fall apart there, the rules depend on perfect timing or cheap trades. [Reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) walks through each number. When you change a setting, test it on several windows, such as 5, 10 and 20 years. A setting that only wins on one stretch of history is often luck. ### 5. Run it on paper first Paper trading means running the strategy with pretend money at real market prices. In Tactfolio, a paper account in Trade runs one of your strategies and emails you a summary after each close. You see real switches, on real dates, without risking money. Alpaca also offers its own [paper trading](https://docs.alpaca.markets/docs/paper-trading) account, free to all Alpaca users. ### 6. Connect your own Alpaca account When you are ready, connect your own [Alpaca](https://alpaca.markets/) account, paper or live, with your own API keys. An **API key** is a password that lets one program act on your account. Your money stays at Alpaca. Tactfolio is not a broker. You give each strategy a starting balance. It trades only that part of the account and never touches anything else you hold there. So $5,000 set aside for a rotation stays separate from the rest of your account. For US stocks and ETFs, Tactfolio works on a daily schedule with daily prices. A monthly rotation still trades only when its rules say so, on the last trading day of the month. Live orders can fill at slightly different prices than the backtest assumed. Know the limits before you start. Strategies hold long positions only, with no short selling or borrowing. An ETF rotation trades US-listed stocks and ETFs, never options or forex, and Alpaca is the broker for those trades. ### 7. Check in on a regular schedule Check that each trade matches what the rules called for. Compare the live results with the backtest over the same months. Keep in mind that rotations can trail the market, sometimes by a lot. Faber's sector rotation, in its hypothetical backtest, gained under 4% in 2023 while the S&P 500 gained 26% (as of September 25, 2026). Decide ahead of time what would make you stop, and write it down. ## Common mistakes when automating a rotation - **Tuning until the backtest looks perfect.** The more settings you try, the more likely the winner is luck. - **Turning it off after one bad month.** If you stop a rotation in a slump, you lock in the loss and miss any rebound. - **Forgetting costs and taxes.** Each switch is a sale. In a taxable account, a sale can mean a tax bill that the backtest does not show. - **Putting in money you need soon.** In their hypothetical ETF-era backtests, the two rotations above fell about 22% and about 33% at their worst. ## Other ways to automate an ETF rotation You can also automate a rotation without a platform like Tactfolio. - **Write your own code.** You can write a script, often in Python, that pulls prices, ranks the funds and works out the trades. You then run it on a schedule. You must handle market holidays, missing data and errors yourself. - **Use a broker's API.** Many brokers let programs place orders through an API. Your script sends the orders on the right day. You are responsible for testing every part, since a bug can place real trades. - **Do it by hand with reminders.** A spreadsheet and a monthly calendar alert is a half step. You still place the orders, but the rules decide what to buy. Whichever path you take, be wary of anyone selling a bot with huge or sure returns. The CFTC, a US markets regulator, [warns](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html) that AI cannot predict the future or sudden market changes. ## Try it on Tactfolio Open [dual momentum](https://tactfolio.com/strategies/dual-momentum.md) or another classic, copy it, and read its rules and backtest in the builder. Run it in a [paper account](https://tactfolio.com/paper-trading.md) before you connect your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). A rotation running in Trade is a [rules-based trading bot](https://tactfolio.com/bots/dual-momentum-bot.md) that [trades your account on a daily schedule](https://tactfolio.com/automated-trading.md). It works on daily prices, long only, in US stocks and ETFs, through Alpaca. Everything is free while we build. Pricing comes with live trading. ## Common questions ### Can you automate an ETF rotation strategy? Yes. You write the rules down, test them on past prices, and let software check them and place the orders. On Tactfolio, a rotation can run in a paper account or in your own Alpaca account, on daily prices, long only. ### How often should an ETF rotation strategy trade? It depends on the rules. Many classic rotations check once a month, at the month's last close, and switch only a few times a year. Checking more often reacts faster but trades more, and each trade costs something. ### Do I need to know how to code? No, not on Tactfolio. You build or copy the rules in a visual builder, or describe them to an AI assistant connected to your account. Coding is one option if you want to run everything yourself. ### Is ETF rotation better than buy and hold? Not always. In their ETF-era backtests (as of September 25, 2026), dual momentum and Faber's sector rotation both grew less than the S&P 500. Both had smaller worst drops. Rotation trades some return for a chance at smaller losses, and that trade does not always pay. ### Is it safe to let a bot trade my money? Any automated strategy can lose money, and a bug or bad rule can make costly trades. Start on paper, give a strategy only a set part of your account, and check its trades. A backtest is hypothetical and does not show how the rules will do. ## Put it into practice - [Trend following bot](https://tactfolio.com/bots/trend-following-bot.md): A trend following bot that holds SPY above its 10-month moving average and Treasury bills below. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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.md): Free backtesting software for stocks, ETFs, and crypto perps. ## Sources - [Dual Momentum: Antonacci's Global Equities Momentum](https://tactfolio.com/strategies/dual-momentum), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Faber sector rotation](https://tactfolio.com/strategies/faber-sector-rotation), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Relative Strength Strategies for Investing](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1585517), Mebane Faber, SSRN, 2010, accessed 2026-10-16 - [Risk Premia Harvesting Through Dual Momentum](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2042750), Gary Antonacci, SSRN, 2012, accessed 2026-10-16 - [Customer Advisory: AI Won't Turn Trading Bots into Money Machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html), CFTC, accessed 2026-10-16 - [Paper trading](https://docs.alpaca.markets/docs/paper-trading), Alpaca, accessed 2026-10-16 - [Frequently asked questions](https://tactfolio.com/docs/faq), Tactfolio, accessed 2026-10-16 - [Strategy builder guide](https://tactfolio.com/docs/builder), Tactfolio, accessed 2026-10-16 --- # Backtesting: what it is and how to backtest a strategy > What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. Backtesting is testing a trading or investing rule on past prices to see how it would have done. You write the rule down, replay history day by day as if you had followed it, and look at the results. A backtest is hypothetical: it shows what a rule would have done, not what it will do. ## Key points - A backtest replays exact rules on past prices. It cannot test a rule that is vague. - The worst numbers matter more than the best ones. Read the biggest drop before the return. - The common traps are peeking at the future, testing only survivors, tuning too much and forgetting costs. - Testing on years you did not tune on, called out-of-sample testing, is the best check you have. - US rules treat backtested results as hypothetical performance, with extra limits on how advisers can show them. ## What is backtesting in trading? Backtesting in trading is running a strategy's rules over past market data to measure how it would have performed. It is the first step in [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md), and it is how a [quantitative trader](https://tactfolio.com/learn/quantitative-trading.md) decides whether an idea is worth real money. A backtest needs three things: 1. **Exact rules.** "Buy when the market looks cheap" cannot be tested. "Hold an S&P 500 fund while its price is above its 200-day average, otherwise hold Treasury bills" can. 2. **Price data.** Daily prices, ideally with dividends included, for every fund or stock the rules might hold. 3. **Honest assumptions.** When do trades happen? What does each trade cost? What happens to cash? The output is a growth line and a few numbers. It tells you how the rule might have felt to live through. ## How do you backtest a trading strategy? You backtest a strategy by writing exact rules, running them on past prices, and then trying hard to prove the result wrong. Here are the steps. 1. **State the idea and why it should work.** For example: "Stocks tend to keep falling in long bear markets, so stepping aside when the trend breaks should cut big losses." 2. **Write the rules.** Name the funds, the signal, how often you check it, and what you hold instead. 3. **Pick a long test period.** Include at least one bad market, such as 2008, 2020 or 2022. 4. **Run it with costs.** Charge something for every trade. 5. **Read the risk first.** Look at the [max drawdown](https://tactfolio.com/learn/max-drawdown.md), the biggest fall from a high point. Then look at return and the [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md), which is return per unit of swings. 6. **Compare with a fair benchmark.** Compare with what you would hold instead, such as an S&P 500 fund or a 60/40 mix of stocks and bonds. 7. **Test it on new data.** Run the same rules, unchanged, on a period you did not use while building them. Our guide on [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains each number in the order worth reading it. ## A worked example Say you test the 200-day rule above. You build it using prices from 2010 to 2019. You try a 150-day, 200-day and 250-day average. The 200-day version looks best. Now you run that exact rule, with no changes, on 2020 to 2025. Those years are your out-of-sample test. - If it still cuts drawdowns and keeps most of the return, that is a good sign. - If it falls apart, the 200-day "win" was probably luck. - If 150 and 250 days did much worse than 200 in the first test, be careful. A real effect should not hang on one exact number. Tuning on one period and checking on another is one of the most useful habits in testing. ## What are the biggest backtesting mistakes? Most backtests that disappoint fail for one of five reasons. | Mistake | What it means | How to guard against it | | --- | --- | --- | | Look-ahead bias | The test uses information that was not known yet on that day | Use only data published by each trade date | | Survivorship bias | The test only includes stocks or funds that still exist today | Prefer broad index funds, or data that includes dead companies | | Overfitting | The rules fit past noise, not a real pattern | Keep rules simple and test on new data | | Too many tries | Test enough versions and one looks great by luck | Count your tries and expect less from the winner | | Ignoring costs | Trading fees, slippage and taxes are left out | Charge costs on every trade and test higher costs too | **Look-ahead bias** is hard to spot. Economic numbers like unemployment come out weeks after the month ends, and some get revised later. A test that uses the final revised number on the first day of the month is cheating. **Overfitting** is the big one. A 2014 paper by Bailey, Borwein, López de Prado and Zhu put numbers on it. With 5 years of data, trying about 45 versions is enough to expect one with a strong-looking Sharpe ratio of 1 on paper. Its real expected Sharpe ratio would be zero ([Notices of the AMS](https://www.davidhbailey.com/dhbpapers/backtest-pseudo.pdf)). Harvey and Liu made a related point in 2015. A common habit was to cut a backtest's Sharpe ratio in half to allow for data mining. They showed the right cut depends on how many things were tried. Middling results deserve much bigger cuts than very strong ones ([Journal of Portfolio Management](https://people.duke.edu/~charvey/Research/Published_Papers/P120_Backtesting.PDF)). Our page on [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) covers these traps with more examples. ## What is out-of-sample testing? Out-of-sample testing means checking a strategy on data that played no part in building it. In-sample data is what you tuned on. Out-of-sample data is the fresh test. The cleanest out-of-sample test is time itself. Many published strategies have now run for years after their papers came out. The record is mixed. [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md) beat the S&P 500 on risk-adjusted return over its full ETF history. But since the paper appeared in mid-2017, it has grown at well under half the S&P 500's rate. That figure comes from a hypothetical backtest as of September 25, 2026. Fading after publication is common. Expect real results to be worse than the backtest. ## How do regulators treat backtests? US regulators treat backtested results as hypothetical, because nobody earned them. The SEC's Marketing Rule, adopted in December 2020, defines backtested performance as a type of hypothetical performance ([SEC](https://www.sec.gov/rules-regulations/2020/12/investment-adviser-marketing)). Advisers who show it must have policies to make sure it fits the audience. They must also explain how it was made and its risks and limits ([final rule](https://www.sec.gov/rules/final/2020/ia-5653.pdf)). When anyone shows you a backtest, ask how many versions they tried, what costs they used, and how it did after it was published. ## Try it on Tactfolio [Tactfolio backtests](https://tactfolio.com/backtesting.md) US stocks and ETFs on daily prices, with dividends reinvested and a 0.05% cost on every trade. Each test also draws a "next-day open" line, the same rules trading at the next morning's price. A "reality checks" table repeats the trades at higher costs. For young funds, you can switch on [simulated history](https://tactfolio.com/docs/simulated-history.md), which is clearly labeled as modeled data. The full list of assumptions is in [what a backtest simulates](https://tactfolio.com/docs/backtests.md). You can build a rule and test it in the [strategy builder](https://tactfolio.com/builder), or start from a [classic strategy](https://tactfolio.com/strategies/classics.md) and change one thing at a time. ## Common questions ### What is backtesting? Backtesting is running a set of investing rules on past prices to see how they would have performed. It shows returns, drops and how often the rules traded. The results are hypothetical, not a record of real trades. ### How far back should I backtest? As far as your data honestly allows, and long enough to include at least one bear market. Ten to twenty years usually covers a crash such as 2008 or 2020. A test of only the last five years may never have met a real downturn. ### Is backtesting accurate? A backtest is only as good as its data and assumptions. Even a careful one leaves things out, like taxes and the stress of living through a loss. It is most useful for weeding out bad ideas. It cannot tell you what comes next. ### What is a good backtest result? There is no single cutoff. A good result holds up on years you did not tune on, survives higher costs, and has drops you could live with. A smooth line with no bad years is more often a warning than a win. ### Can AI do backtesting for me? An AI assistant can build rules and run many backtests quickly. That speed makes overfitting easier, because it can try dozens of versions in minutes. Decide how you will pick the winner before it runs, and check the winner on separate years. Our guide to [backtesting with ChatGPT or Claude](https://tactfolio.com/learn/backtest-with-chatgpt.md) shows how. ## Put it into practice - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. - [Crypto backtesting](https://tactfolio.com/crypto-backtesting.md): Backtest crypto rules on Hyperliquid perps like BTC and ETH, daily or hourly, with funding and costs counted. ## Sources - [Pseudo-Mathematics and Financial Charlatanism: The Effects of Backtest Overfitting on Out-of-Sample Performance](https://www.davidhbailey.com/dhbpapers/backtest-pseudo.pdf), Bailey, Borwein, López de Prado and Zhu, Notices of the American Mathematical Society 61(5), 2014, accessed 2026-10-16 - [Backtesting](https://people.duke.edu/~charvey/Research/Published_Papers/P120_Backtesting.PDF), Campbell R. Harvey and Yan Liu, Journal of Portfolio Management 42(1), 2015, accessed 2026-10-16 - [Investment Adviser Marketing](https://www.sec.gov/rules-regulations/2020/12/investment-adviser-marketing), US Securities and Exchange Commission, accessed 2026-10-16 - [Investment Adviser Marketing, final rule (Release IA-5653)](https://www.sec.gov/rules/final/2020/ia-5653.pdf), US Securities and Exchange Commission, accessed 2026-10-16 - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 --- # Tactical asset allocation: how rules shift your mix > What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. Tactical asset allocation is a way of investing where rules change a portfolio's mix when conditions change. The rules read signals like price trends, momentum or economic data. Then they move money toward assets that look strong and away from weak ones, often into bonds or cash. ## Key points - **Asset allocation** is how you split your money between stocks, bonds, cash and other assets. - A strategic allocation picks a fixed mix and keeps it. A tactical allocation lets rules change the mix. - Common signals are trend, momentum and economic data. - In past crashes, tactical rules often lost much less. In strong bull markets, they often lagged. - Every result on this page is a hypothetical backtest, not a promise. ## What is tactical asset allocation? Tactical asset allocation (TAA) is a set of rules that moves money between asset classes as markets change. An **asset class** is a group of similar investments, like US stocks, foreign stocks, bonds, gold or real estate. Asset allocation means dividing your investments among assets such as stocks, bonds and cash, says the SEC's [Investor.gov](https://www.investor.gov/introduction-investing/getting-started/asset-allocation). Tactical adds a second step. It checks a signal on a schedule, often once a month. Then it changes the mix based on what it sees. TAA is one branch of [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md), where written rules make the calls instead of feelings. Most tactical rules ask one of three questions: 1. **Trend.** Is the price above its average over the last several months? That is the core of [trend following](https://tactfolio.com/learn/trend-following.md). 2. **Momentum.** Which assets rose the most over the past few months? Our guide to [momentum](https://tactfolio.com/learn/momentum-stocks.md) explains why that can matter. 3. **Economy.** Is a number like the jobless rate getting better or worse? ## Strategic vs tactical asset allocation Strategic asset allocation picks a target mix and holds it for years. Tactical asset allocation lets the mix change when the signals change. | | Strategic | Tactical | | --- | --- | --- | | What sets the mix | Your goals, time frame and comfort with risk | Rules that read market or economic signals | | How often the mix changes | Rarely. You only reset it to the target | Often, sometimes every month | | Typical example | 60% stocks, 40% bonds | Hold each asset only while it trends up | | Trading | Little, mostly resets | More trades, so more costs and taxes | | Main weak spot | Rides every crash all the way down | Lags in fast rallies, and false signals cost money | | Main hope | Steady growth with little work | Smaller losses in long bear markets | A well-known strategic mix is the [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md). It holds 60% in stocks and 40% in bonds. On a schedule, it sells some of the winner and buys the loser to get back to 60/40. That reset is called [rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md). A tactical rule might hold the same assets. But when one of them turns down, the rule can move that part to cash. Many investors do both. They keep a strategic core and put a slice into a tactical rule. ## How does a tactical strategy decide what to hold? A tactical strategy checks its signal on a fixed date and does what the signal says. There is no gut call. Mebane Faber's model is a well-known example. He published it in 2007 in a paper called "[A Quantitative Approach to Tactical Asset Allocation](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461)" and updated it in 2013. The [Global Tactical Asset Allocation](https://tactfolio.com/strategies/global-tactical-asset-allocation.md) version on Tactfolio works like this: - Split the money into five equal parts: US stocks, foreign stocks, 10-year Treasury bonds, commodities and real estate. - On the last trading day of each month, check each part on its own. - If a fund's price is above its 10-month average, keep it. If not, move that part to Treasury bills until it recovers. Some researchers go further. They use statistical models to guess which hidden state the market is in, such as a [Markov regime model](https://tactfolio.com/learn/markov-regime-model.md). **Treasury bills** are short-term loans to the US government. In these rules they act like cash. So in a calm year the model may hold all five funds. In a long slump it may hold mostly Treasury bills. ## A worked example with round numbers Say you put $10,000 into this five-part model, $2,000 in each part. At the end of the month you check each fund against its 10-month average. | Fund | Price vs 10-month average | What the rule holds | | --- | --- | --- | | US stocks | Above | US stocks, $2,000 | | Foreign stocks | Above | Foreign stocks, $2,000 | | Treasury bonds | Below | Treasury bills, $2,000 | | Commodities | Below | Treasury bills, $2,000 | | Real estate | Above | Real estate, $2,000 | This month you hold 60% in three funds and 40% in Treasury bills. Next month you check again. If bonds climb back above their average, that $2,000 goes back into bonds. ## What do the backtests show? Tactical rules have often lost less in long bear markets, but they have also trailed in strong years. A backtest shows how rules would have done on past prices. It is hypothetical, and our [backtesting guide](https://tactfolio.com/learn/backtesting-explained.md) explains why past results can mislead. Tactfolio's backtest of Faber's five-part model shows both sides. These figures run from mid-2007 to September 25, 2026. They use daily prices with dividends reinvested and a 0.05% cost per trade ([Tactfolio, as of September 25, 2026](https://tactfolio.com/strategies/global-tactical-asset-allocation)): - In 2008 it lost less than 2%. The S&P 500 lost 37% that year. - Its worst drawdown was about 15%, from April to August 2011. A **drawdown** is how far a portfolio falls from its last high point. The S&P 500's worst drawdown in that time was more than half. Still, the model took until March 2014 to get back to its old high. - It grew about 5% a year. That trailed a plain 60/40 portfolio over the same years. - In the strong stock years of 2019, 2020 and 2023, it gained only about 4% to 5%. So the rule did its job in 2008. It paid for that with lower growth in the years after. ## Other tactical strategies to study Tactfolio's [classic strategies library](https://tactfolio.com/strategies/classics.md) holds 75 rule sets, each with its source, rules and backtest. A few well-known tactical ones: | Strategy | Signal | The idea in one line | | --- | --- | --- | | [Dual momentum](https://tactfolio.com/strategies/dual-momentum.md) | 12-month returns | Hold US or foreign stocks, whichever rose more, unless stocks trail Treasury bills. Then hold bonds. | | [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md) | Weighted momentum | Hold the strongest of four assets. If any one turns weak, move to bonds. | | [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md) | Two "canary" assets | Watch two warning assets to decide how defensive to be. | | Global Tactical Asset Allocation | 10-month average | Hold each of five assets only while it trends up. | ## Common mistakes - Expecting a rule to dodge every drop. A fast crash can hit before a monthly signal turns. - Changing the rules after a bad year. That bends a backtest to fit the past. - Judging a rule by its best year. Look at its worst drawdown and its dull years too. - Forgetting taxes. More trades in a taxable account can mean more capital gains tax. - Skipping the baseline. Compare every tactical rule with a plain 60/40 mix, not only with the S&P 500. ## Try it on Tactfolio Tactfolio is built for rules like these. Open the Global Tactical Asset Allocation page, read every rule and see its hypothetical backtest next to the 60/40 portfolio. Then copy it, swap a fund or change the average in the [strategy builder](https://tactfolio.com/builder). These strategies run on daily prices and hold long positions in US-listed stocks and ETFs. You can run one in a paper account or in your own Alpaca account. Our step-by-step guide shows [how to automate an ETF rotation strategy](https://tactfolio.com/learn/automate-etf-rotation-strategy.md). ## Common questions ### What is the difference between strategic and tactical asset allocation? Strategic asset allocation picks a fixed mix, like 60% stocks and 40% bonds, and keeps going back to it. Tactical asset allocation lets rules change the mix when signals like trend or momentum change. Many investors use a strategic core with a tactical slice. ### Is tactical asset allocation the same as market timing? It is a kind of market timing, but it follows fixed rules. A person timing the market decides by feel. A tactical rule makes the same call every time the signal fires, and you can test it on past prices first. ### Does tactical asset allocation do better than buy and hold? Not always. In Tactfolio's backtest, Faber's model lost far less than the S&P 500 in 2008. But since mid-2007 it grew more slowly than a 60/40 mix. Results depend on the rules and the years you look at. ### How often does a tactical portfolio trade? Most classic tactical rules check once a month. Many months nothing changes, so the real number of trades is often lower. Each trade has a cost, and in a taxable account it can create a tax bill. ### Is tactical asset allocation good for beginners? It can be, if the rules are short and written down. The hard part is sticking with them through years when they lag. Read a strategy's worst years before you start. ## Put it into practice - [Dual momentum bot](https://tactfolio.com/bots/dual-momentum-bot.md): Run Gary Antonacci’s dual momentum rules as a bot: SPY, VEU or AGG, checked once a month. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [Quant trading](https://tactfolio.com/quant-trading.md): An algo trading platform for daily rules: build them from blocks, backtest with costs and reality checks, and run them in Alpaca. ## Sources - [A Quantitative Approach to Tactical Asset Allocation](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461), Mebane T. Faber, SSRN (2007, updated 2013), accessed 2026-10-16 - [Asset Allocation and Diversification](https://www.investor.gov/introduction-investing/getting-started/asset-allocation), Investor.gov (SEC), accessed 2026-10-16 - [Beginners' Guide to Asset Allocation, Diversification, and Rebalancing](https://www.investor.gov/additional-resources/general-resources/publications-research/info-sheets/beginners-guide-asset), Investor.gov (SEC), accessed 2026-10-16 - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [60/40 Portfolio](https://tactfolio.com/strategies/60-40-portfolio), Tactfolio, accessed 2026-10-16 --- # Trend following: how it works and what it costs > What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. Trend following is a way of investing that holds assets while their prices are rising and steps aside when they start falling. It uses fixed rules, such as "hold the S&P 500 while it is above its 200-day average". Over long periods it has softened the worst bear markets, but it lags in choppy markets and can trail buy and hold for years. ## Key points - Trend following does not predict. It reacts to a move that has already started. - Most rules compare a price with its own past: its average, or its return over the last few months. - Studies going back to 1880 found trend rules made money on average and did well in many big stock market falls. - The cost is whipsaws: selling after a dip, then buying back higher, again and again. - Long flat or losing stretches are normal, even for rules that worked over decades. ## What is trend following? Trend following is a rules-based method that bets recent price direction will last a while longer. If a market has been going up, you hold it. If it has been going down, you move to something safer, often cash or short-term Treasury bills. The most common version is called **time-series momentum**. "Time series" means each asset is judged against its own past, not against other assets. A rule might ask: "Is this fund's price higher than it was 12 months ago?" If yes, hold it. If no, hold bills. That is different from ranking assets against each other, which is relative momentum. Our guide to [momentum stocks](https://tactfolio.com/learn/momentum-stocks.md) covers that side, and the [momentum strategy guide](https://tactfolio.com/learn/momentum-strategy.md) shows how the two kinds combine. Trend following is one of the oldest ideas in [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md), because the rules are simple to write down and test. ## How a trend following strategy works A trend rule has three parts: what to watch, when to check, and where to go when the trend turns down. 1. **What to watch.** A price against its moving average, or its return over a set time. A [moving average](https://tactfolio.com/learn/moving-average.md) is the average closing price over the last set number of days. 2. **When to check.** Daily, weekly or at each month end. Checking less often means fewer trades but slower exits. 3. **Where to go.** Treasury bills, bonds or cash when the trend is down. Say you hold a fund at $100. Its 10-month average is $95, so the trend is up and you stay in. Over the next months the price slides to $90 and the average rises to $93. Now the price is below the average. At the month end, the rule sells and moves to bills. ## What does the research say about trend following? The evidence for trend following is stronger than for most chart rules. It still cannot promise future results. Tobias Moskowitz, Yao Hua Ooi and Lasse Pedersen studied 58 futures markets in their 2012 paper [Time Series Momentum](https://doi.org/10.1016/j.jfineco.2011.11.003). They found that a market's returns over the past 1 to 12 months tended to carry forward. The effect partly reversed over longer spans. Brian Hurst, Yao Hua Ooi and Lasse Pedersen then pushed the test back to 1880. Their AQR paper, [A Century of Evidence on Trend-Following Investing](https://www.aqr.com/Insights/Research/Journal-Article/A-Century-of-Evidence-on-Trend-Following-Investing), used 67 markets. It found positive average returns in every decade they studied. The strategy made money in 8 of the 10 worst falls for a 60/40 stock and bond portfolio. Three cautions come with that paper: - The returns are hypothetical. The authors subtracted estimated costs and fees, but no one ran this exact portfolio since 1880. - The test traded futures, went short as well as long, and used leverage. A long-only ETF version behaves differently. - The authors noted disappointing results in the years after 2008. They judged them within the normal range for the strategy. For a longer story about the traders behind the method, Michael Covel's book [Trend Following](https://openlibrary.org/isbn/9781119371878) (Wiley, fifth edition, 2017) is a popular read. It tells the traders' stories but does not test the rules. ## Trend following with ETFs: five classic examples You can follow trends with ordinary ETFs by holding a fund or Treasury bills. These five classics on Tactfolio do that. The figures are hypothetical backtests as of September 25, 2026, from mid-2007 onward. | Strategy | The rule | Return a year | Worst fall | | --- | --- | --- | --- | | [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md) | S&P 500 above its 200-day average, else bills. Checked daily. | About 8% | About 22% | | [Faber 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md) | S&P 500 above its 10-month average, else bills. Checked monthly. | About 8% | Less than half the S&P 500's | | [Global Tactical Asset Allocation](https://tactfolio.com/strategies/global-tactical-asset-allocation.md) | Five asset classes, each held only above its 10-month average | About 5% | About 15% | | [US risk parity trend following](https://tactfolio.com/strategies/us-risk-parity-trend-following.md) | Five US asset classes sized by risk, each with a 10-month filter | About 4.2% | About 11% | | [Trending Fast and Slow](https://tactfolio.com/strategies/trending-fast-and-slow.md) | S&P 500 on a 1-month or 12-month trend, picked by recent volatility | About 8% | About 28% | | S&P 500 (buy and hold) | Always invested | About 11% | About 55% | Every rule above returned less than the S&P 500 over this stretch. Each one also had a much smaller worst fall. That trade, less loss for less gain, is what trend following has usually offered. ## Whipsaws and long flat stretches A **whipsaw** is when a rule sells after a dip and buys back higher, over and over, in a market that keeps changing direction. Each one costs a little. Together they can cost a lot. The classics show it plainly: - The 200-day rule lost 10% in 2011 while the S&P 500 gained 2%. Its worst fall ran from April to September 2010, and it did not regain its high until March 2013. - The Faber 10-month rule lost about 2% in 2010 while the S&P 500 gained 15%. - Global Tactical Asset Allocation lost less than 2% in 2008, when the S&P 500 lost 37%. But it gained only about 4% to 5% in the strong years 2019, 2020 and 2023. - Trending Fast and Slow lost 25% in 2022, more than the S&P 500's 18%, and did not recover until June 2024. Fast crashes are a second weak spot. A fall that is over in a month, like early 2020, can end before a slow rule reacts. ## Common mistakes - **Expecting it to win every year.** In long bull markets, trend rules usually trail. - **Quitting after a whipsaw year.** The rule's value shows up in rare, deep bear markets. Leaving after a bad year can mean missing the next one. - **Tuning the average to the past.** A 187-day average that tested best is likely fitting noise. - **Checking too often.** Daily checks react faster but whipsaw more than monthly checks. - **Using one asset only.** Spreading the same rule across several assets, as in [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md), can smooth the ride. ## Try it on Tactfolio You can open any of the five classics above, read every rule and see each year of its backtest, including the bad ones. To build your own, open the [strategy builder](https://tactfolio.com/builder) and add an If / Else block, such as "SPY above its 200-day moving average, else BIL". Strategies on US stocks and ETFs run on daily prices and hold long positions only. That means trend rules here move to cash or bonds instead of going short. ## Common questions ### Does trend following still work? Over the long run, research found it made money on average and helped in many deep bear markets. Results since 2008 have been weaker, and classic ETF versions have trailed the S&P 500 since 2007 in hypothetical tests. No one knows if the next decade will look like the past. ### What is the best trend following strategy? No single rule is best in every market. Slow rules, like a 10-month average, trade less but react late. Fast rules react sooner but whipsaw more. Compare full backtests, including the worst years, before choosing. ### What is the difference between trend following and momentum? Trend following, or time-series momentum, compares an asset with its own past. Relative momentum compares assets with each other and picks the strongest. Many strategies, like dual momentum, use both. ### How often do trend following strategies trade? It depends on the check. A monthly rule on one fund may trade only a few times a year. A daily rule can trade many times in a choppy year. ### Which indicators do trend followers use? Most use moving averages or past returns over 1 to 12 months. Our guide to the [best indicators for trading](https://tactfolio.com/learn/best-indicators-for-trading.md) compares these with other chart tools. ## Put it into practice - [Trend following bot](https://tactfolio.com/bots/trend-following-bot.md): A trend following bot that holds SPY above its 10-month moving average and Treasury bills below. - [Crypto backtesting](https://tactfolio.com/crypto-backtesting.md): Backtest crypto rules on Hyperliquid perps like BTC and ETH, daily or hourly, with funding and costs counted. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF](https://tactfolio.com/etf/bil.md): What BIL holds, its 0.1353% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Time Series Momentum](https://doi.org/10.1016/j.jfineco.2011.11.003), Moskowitz, Ooi and Pedersen, Journal of Financial Economics, 2012, accessed 2026-10-16 - [A Century of Evidence on Trend-Following Investing](https://www.aqr.com/Insights/Research/Journal-Article/A-Century-of-Evidence-on-Trend-Following-Investing), Hurst, Ooi and Pedersen, AQR Capital Management (Journal of Portfolio Management, 2017), accessed 2026-10-16 - [Trend Following, fifth edition](https://openlibrary.org/isbn/9781119371878), Michael Covel, Wiley, 2017 (Open Library record), accessed 2026-10-16 - [A Quantitative Approach to Tactical Asset Allocation](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461), Mebane Faber, SSRN, 2007 (updated 2013), accessed 2026-10-16 - [200-Day Moving Average Strategy](https://tactfolio.com/strategies/200-day-moving-average), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Global Tactical Asset Allocation](https://tactfolio.com/strategies/global-tactical-asset-allocation), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Trending Fast and Slow](https://tactfolio.com/strategies/trending-fast-and-slow), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 --- # Mean reversion: what it is and how traders use it > Mean reversion is the idea that stretched prices drift back to their average. See the research, how RSI and Bollinger Bands measure it, and when it fails. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Mean reversion is the idea that a price that has moved far from its usual level tends to drift back toward its average over time. A mean reversion trader buys after a sharp drop and sells after a sharp rise, betting on the snap back. It works often enough to be studied, but some prices fall for good reasons and never come back. ## Key points - The **mean** is the average. Mean reversion means "moving back toward the average." - It is the opposite bet to momentum, which assumes winners keep winning for a while. - Research finds both patterns, at different time spans: momentum over months, reversal over very short and very long spans. - Tools like RSI and Bollinger Bands measure how stretched a price is. - The big risk is a price that keeps falling because something is truly wrong. ## What is mean reversion in trading? Mean reversion in trading is a strategy that bets a stretched price will move back toward its recent average. It is one of the oldest ideas in [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md). Say a stock usually trades near $50 and suddenly drops to $40 with no lasting bad news. A mean reversion trader buys and hopes for a return toward $50. Three questions define any mean reversion rule: 1. **Average of what?** Usually a [moving average](https://tactfolio.com/learn/moving-average.md) of closing prices over a set number of days, such as 20. 2. **How far is too far?** For example, 10% below the average, or two "standard deviations" below it. A **standard deviation** is a measure of how much prices usually wander from their average. 3. **When do you get out?** When the price is back at the average, after a set number of days, or at a stop if it keeps falling. ## Mean reversion vs momentum Mean reversion and momentum are opposite bets. Momentum says recent winners keep winning. Mean reversion says recent extremes fade. | | Mean reversion | [Momentum](https://tactfolio.com/learn/momentum-stocks.md) | | --- | --- | --- | | The bet | Big moves partly undo themselves | Big moves keep going for a while | | Buys | Recent losers | Recent winners | | Typical holding time | Days to weeks, or years for long-term value bets | Months | | Hurts most when | A drop turns into a long slide | A trend suddenly flips | Both can be true at once, over different time spans. In 1993, Jegadeesh and Titman looked at US stocks that rose most over 3 to 12 months. Those winners tended to keep beating the losers over the next 3 to 12 months ([Journal of Finance](https://www.jstor.org/stable/2328882)). Over longer spans, the research points the other way. [Trend following](https://tactfolio.com/learn/trend-following.md) is the momentum idea applied to whole markets. Some investors hold both kinds of rule, hoping one does well when the other struggles. ## What does the research say about mean reversion? Two classic studies found mean reversion in stock prices over long periods. **De Bondt and Thaler (1985)** asked, "Does the stock market overreact?" They grouped US stocks by how they had done over the past few years. The past losers went on to beat the past winners in the years that followed. They argued that investors overreact to dramatic news and push prices too far ([Journal of Finance](https://www.jstor.org/stable/2327804)). **Poterba and Summers (1988)** tested stock markets in the US from 1871 and in 17 other countries. They found returns tended to continue over short spans and partly reverse over long spans of several years ([NBER](https://www.nber.org/papers/w2343)). They suggested slow-fading "fads" might push prices away from fair value for years at a time. Neither study says reversal is fast or reliable for any one stock. They describe tendencies across many stocks over long periods. ## How do traders measure "too far"? Traders measure how stretched a price is with indicators, which are formulas run on past prices. Two common ones: **RSI.** The relative strength index runs from 0 to 100. It compares recent up days with recent down days. A reading under 30 is often read as "oversold," and over 70 as "overbought." Our [RSI guide](https://tactfolio.com/learn/rsi-indicator.md) covers how it is calculated. **Bollinger Bands.** John Bollinger's bands draw a line two standard deviations above and below a 20-period moving average ([Bollinger Bands](https://www.bollingerbands.com/bollinger-bands)). A price at the lower band is far below its recent norm. A price at the upper band is far above it. Neither indicator predicts a bounce. Both only tell you a price is unusual compared with its recent past. ## A worked example Say a broad stock fund has averaged $100 over the past 20 days. Your rule: - Buy when the 10-day RSI drops below 30. - Sell when it rises above 70. The fund slides for a week to $92 and its RSI falls to 25. You buy. Two weeks later it is back at $99 and RSI reads 72. You sell, up about 7.6% before costs. Now the other case. The fund slides to $92, you buy, and the slide keeps going. A month later it is at $80 and RSI has stayed low the whole time. You are down 13%, and the rule still says "hold until RSI rises above 70." This is the trade that hurts mean reversion traders. Decide in advance how you would handle it. ## When does mean reversion fail? Mean reversion fails when the price was not "stretched" at all. Sometimes a price falls because the thing itself changed. - **Broken companies.** A company losing its business can keep falling until its shares are worth nothing. There is no average to return to. - **Long bear markets.** In a slow crash, "oversold" can stay oversold for months. Buying every dip means buying all the way down. - **New normals.** When interest rates or a whole industry change, the old average stops mattering. Funds that hold many stocks are less likely to go to zero than single stocks, as our guide to [ETFs vs stocks](https://tactfolio.com/learn/etf-vs-stocks.md) explains. That is one reason many people test mean reversion rules on broad index funds rather than on individual companies. ## Common mistakes - **No exit for losers.** A rule that only sells on a bounce can hold a loser forever. - **Too many small trades.** Short-term rules trade often, and costs add up. - **Testing only on survivors.** Stocks that went bankrupt are often missing from free price data. That makes buying dips look safer than it was. Our [backtesting guide](https://tactfolio.com/learn/backtesting-explained.md) covers this bias. - **Ignoring the trend.** Buying dips in a falling market is fighting the bigger move. Some traders only buy dips while the longer trend is up. ## Try it on Tactfolio You can test simple mean reversion rules in the [strategy builder](https://tactfolio.com/builder). It has an RSI reading and an **Enter / Exit** block. That block is made for rules that buy when RSI drops below 30 and hold until it rises above 70. There is no built-in Bollinger Band reading today. You can build something close with a moving average, a price standard deviation reading, or a 21-session change z-score. The [builder guide](https://tactfolio.com/docs/builder.md) lists every reading. Stock and ETF strategies run on daily prices, so they cannot trade within the day. They are long only, so they cannot bet on falls by short selling. Every backtest is hypothetical. ## Common questions ### What is mean reversion in simple terms? It is the idea that prices that move far from their average tend to move back toward it. A mean reversion trader buys after big drops and sells after big rises. It does not always happen, and it can take a long time. ### What is a mean reversion strategy? It is a set of rules that buys when a price is unusually low compared with its recent average and sells when it returns. Common signals include RSI below 30 or a price below the lower Bollinger Band. Good strategies also set an exit for trades that keep losing. ### Is mean reversion the opposite of momentum? Yes, in the bet it makes. Momentum expects recent winners to keep winning, while mean reversion expects extremes to fade. Research finds momentum over months and reversal over very short and very long spans. ### Does mean reversion work in the stock market? Studies have found long-run reversal across many stocks, and short-term bounces after sharp moves. It is far less reliable for any single stock. A stock can fall and stay down if the company is failing. ### What is reversion to the mean? Reversion to the mean is the statistical idea behind mean reversion. Extreme results tend to be followed by more ordinary ones. In markets, it means unusually large moves are often partly undone later. ## Put it into practice - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. - [Stock trading bot](https://tactfolio.com/bots/stock-trading-bot.md): Build a stock trading bot from rules you can read, backtest it on decades of US prices, and run it daily on paper or in your own Alpaca account. - [Paper trading](https://tactfolio.com/paper-trading.md): Paper trade a whole strategy with pretend money at real prices. ## Sources - [Does the Stock Market Overreact?](https://www.jstor.org/stable/2327804), Werner F. M. De Bondt and Richard Thaler, The Journal of Finance 40(3), 1985, accessed 2026-10-16 - [Mean Reversion in Stock Prices: Evidence and Implications](https://www.nber.org/papers/w2343), James M. Poterba and Lawrence H. Summers, NBER Working Paper 2343, published in the Journal of Financial Economics 22(1), 1988, accessed 2026-10-16 - [Returns to Buying Winners and Selling Losers](https://www.jstor.org/stable/2328882), Narasimhan Jegadeesh and Sheridan Titman, The Journal of Finance 48(1), 1993, accessed 2026-10-16 - [Bollinger Bands](https://www.bollingerbands.com/bollinger-bands), John Bollinger, accessed 2026-10-16 - [Strategy builder guide](https://tactfolio.com/docs/builder), Tactfolio, accessed 2026-10-16 --- # Risk parity portfolio: what it is and how it works > Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. Risk parity is a way to build a portfolio so each asset adds about the same amount of risk. It balances risk instead of money. Because bonds swing far less than stocks, a risk parity portfolio holds much more in bonds than in stocks. Big funds often add borrowed money to lift returns, and the approach can struggle when stocks and bonds fall together, as they did in 2022. ## Key points - A normal 60/40 mix of stocks and bonds looks balanced in dollars, but stocks drive most of its ups and downs. - Risk parity sizes each asset by how much it swings. Calmer assets get more money. - Without borrowing, a risk parity portfolio is calmer than 60/40 but usually earns less. - Large risk parity funds use leverage, meaning borrowed money or futures, to reach a higher target. - It works best when its assets do not fall at the same time. In 2022, stocks and bonds both fell. > **Risk note.** Leverage makes losses bigger as well as gains. You can lose more than you put in. ## What is a risk parity portfolio? A risk parity portfolio is one where each asset class contributes about the same share of the portfolio's total risk. "Parity" means equal. "Risk" here usually means **volatility**, how much an asset's price swings up and down in a year. Because it follows fixed rules, it is a common building block in [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md) and long-term investing. The idea starts with a problem in the classic 60/40 portfolio. In 2005, Edward Qian of PanAgora Asset Management looked at US stocks and bonds from 1983 to 2004. He found that in a 60/40 mix, stocks made up about 93% of the risk ([PanAgora](https://www.panagora.com/assets/PanAgora-Risk-Parity-Portfolios-Efficient-Portfolios-Through-True-Diversification.pdf)). So a "balanced" portfolio was really a stock portfolio with some bonds on the side. ## Equal risk vs equal dollars: a worked example Say you have two assets: - **Stocks**, which swing about 16% a year. - **Bonds**, which swing about 5% a year. These are round numbers for the example. A rough way to size each asset's risk is its weight times its volatility. | Portfolio | Stocks | Bonds | Stock risk (weight × 16%) | Bond risk (weight × 5%) | | --- | --- | --- | --- | --- | | 60/40 | 60% | 40% | 9.6 | 2.0 | | Equal dollars (50/50) | 50% | 50% | 8.0 | 2.5 | | Risk parity | 24% | 76% | 3.8 | 3.8 | In the 60/40 mix, stocks bring almost five times as much risk as bonds. In the risk parity mix, each brings the same amount. How do you get 24% and 76%? Give each asset a weight in proportion to 1 divided by its volatility. That is 1/16 for stocks and 1/5 for bonds. Bonds get about 3 times as much money because they swing about a third as much. This simple version is called **inverse volatility weighting**. Now put $10,000 in. The risk parity mix holds about $2,400 in stocks and $7,600 in bonds. ## Why does risk parity use leverage? Risk parity uses leverage because a bond-heavy portfolio is calm, and calm portfolios usually earn less. To reach the return investors want, big funds borrow to own more of the whole mix. In our example, the risk parity mix swings about half as much as the 60/40 mix. To match 60/40's swings, a fund would need to hold about $1.80 of assets for every $1 of its own money. Large funds often do this with futures, which are contracts that give exposure without paying the full price up front. Clifford Asness, Andrea Frazzini and Lasse Pedersen explained why this might pay. In a 2012 paper in the *Financial Analysts Journal*, they argued that many investors cannot or will not borrow ([AQR](https://www.aqr.com/Insights/Research/Journal-Article/Leverage-Aversion-and-Risk-Parity)). To get more return, those investors pile into risky assets like stocks instead. That can leave safer assets with better return for their risk. Risk parity uses leverage to take advantage of that. The authors note that leverage brings its own risks, and that they work at a firm that offers risk parity funds. Our guide to [leverage](https://tactfolio.com/learn/leverage-explained.md) covers how borrowing makes both gains and losses larger. ## What is the Bridgewater All Weather story? Bridgewater Associates launched its All Weather strategy in 1996, first for Ray Dalio's family trust ([Bridgewater](https://www.bridgewater.com/research-and-insights/the-all-weather-story)). The goal was a portfolio that does not depend on guessing the economy. Dalio's team split the world into four settings: growth higher or lower than expected, and inflation higher or lower than expected. Each asset tends to do well in some settings and badly in others. All Weather puts about equal risk on each setting. Bridgewater's fund uses leverage, inflation-linked bonds and many markets. A simple version reached the public in Tony Robbins's 2014 book *Money: Master the Game*. It holds 30% stocks, 55% Treasuries, and 15% gold and commodities, with no borrowing. You can see it as the [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md). ## How have risk parity strategies done? The table shows four classic portfolios built around balance or risk parity. The figures are from hypothetical backtests as of September 25, 2026. They use daily prices with dividends reinvested and a 0.05% cost per trade. | Strategy | Test starts | Yearly return | Worst drawdown | 2022 | | --- | --- | --- | --- | --- | | All Weather Portfolio | Early 2006 | About 6% | About 24% | −19% | | [US Risk Parity Trend-Following](https://tactfolio.com/strategies/us-risk-parity-trend-following.md) | Mid-2007 | About 4.2% | About 11% | −6.5% | | [Global Risk Parity Trend-Following](https://tactfolio.com/strategies/global-risk-parity-trend-following.md) | January 2013 | About 3% | About 12% | Lost money | | [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md) | Late 2004 | About 8% | About 20% | −13% | A **drawdown** is a fall from a high point to a later low. For comparison, the S&P 500 returned about 11% a year from the mid-2000s, with a worst drawdown of about 55%. The two trend-following versions add a rule on top of risk parity. They move any asset below its 10-month average into Treasury bills. That is [trend following](https://tactfolio.com/learn/trend-following.md), and it is why the US version lost much less in 2022. The Golden Butterfly is not strict risk parity. It holds a fixed fifth in each of five assets, but shares the goal of balance. ## What went wrong in 2022? Risk parity depends on stocks and bonds not falling at the same time. In 2022, inflation jumped and interest rates rose fast. Bond prices fall when rates rise, so stocks and bonds fell together. That hurt most where bonds were biggest. The All Weather Portfolio lost 19% in 2022, slightly more than the S&P 500. Its drawdown ran from November 2021 to October 2022, and it did not get back to its old high until August 2025. Funds using leverage on top of bonds felt the fall even more. ## Common mistakes - **Thinking low swings mean low risk.** Bonds can fall hard when rates rise, as 2022 showed. - **Copying a fund's leverage at home.** Borrowing on margin can force you to sell at the worst time. - **Using too short a window.** Volatility measured over a calm year can make an asset look safer than it is. - **Expecting stock-like returns without leverage.** An unlevered risk parity mix usually earns less than stocks. ## Try it on Tactfolio Tactfolio can build unlevered risk parity, but it cannot borrow. In the [strategy builder](https://tactfolio.com/builder), a Weight block set to **Inverse vol** gives calmer holdings more money, exactly as in the example above. You can also open the classic strategies in the table, read their rules, and copy one to change the funds. Strategies are long only, with no margin or short selling. [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md) can be held like any other fund. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. The leverage parts of this page are education only. To mix risk parity with signals, see [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md). ## Common questions ### What is a risk parity portfolio? It is a portfolio where each asset class adds about the same share of total risk. Because bonds swing less than stocks, it holds more bonds than stocks. Many professional versions add leverage to raise returns. ### Is the All Weather portfolio risk parity? Bridgewater's All Weather fund is one of the best-known risk parity strategies. The simple version from Tony Robbins's book is a fixed, unlevered mix inspired by it. It holds more bonds than stocks, as risk parity does, but its weights are set by hand rather than calculated. ### Does risk parity work? It has given smoother results than stock-heavy portfolios in many periods, but it is not a sure thing. Asness, Frazzini and Pedersen tested a leveraged risk parity mix of US stocks and bonds. It beat a 60/40 mix from 1926 to 2010. They also wrote that this history alone may not settle the question. It struggled in 2022 when stocks and bonds fell together. ### Why did risk parity do badly in 2022? Inflation and fast rate rises pushed stocks and bonds down at the same time. Risk parity holds a lot of bonds, and many funds use leverage on them. That made losses larger than many investors expected. ### What is inverse volatility weighting? It gives each asset a weight in proportion to 1 divided by its volatility, so calmer assets get more money. It is the simplest form of risk parity. It ignores how assets move together, which full risk parity models include. ## The details Full risk parity sets each asset's risk contribution equal. An asset's contribution is its weight times its covariance with the portfolio, divided by the portfolio's volatility. With two assets and zero correlation, this gives the same answer as inverse volatility weights. With correlation, the weights must be solved for, usually with a numerical method. In the example, with zero correlation, the risk parity mix swings about 5.4% a year, and the 60/40 mix about 9.8%. Matching 60/40's swings takes roughly 1.8 times leverage, before borrowing costs. ## Put it into practice - [Asset correlation tool](https://tactfolio.com/trading-tools/asset-correlation.md): See how up to 8 US stocks or ETFs moved together, as a correlation grid from real monthly returns. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [Rebalancing bot](https://tactfolio.com/bots/rebalancing-bot.md): Run a 60/40 or Golden Butterfly rebalancing bot. See the rules and backtests, then run it on paper or in your own Alpaca account. - [TLT: iShares 20+ Year Treasury Bond ETF](https://tactfolio.com/etf/tlt.md): What TLT holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [GLD: SPDR Gold Shares](https://tactfolio.com/etf/gld.md): What GLD holds, its 0.4% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Risk Parity Portfolios: Efficient Portfolios Through True Diversification](https://www.panagora.com/assets/PanAgora-Risk-Parity-Portfolios-Efficient-Portfolios-Through-True-Diversification.pdf), Edward Qian, PanAgora Asset Management, September 2005, accessed 2026-10-16 - [Leverage Aversion and Risk Parity](https://www.aqr.com/Insights/Research/Journal-Article/Leverage-Aversion-and-Risk-Parity), Clifford Asness, Andrea Frazzini and Lasse Pedersen, Financial Analysts Journal 68(1), 2012, AQR, accessed 2026-10-16 - [The All Weather Story](https://www.bridgewater.com/research-and-insights/the-all-weather-story), Bridgewater Associates, accessed 2026-10-16 - [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [US Risk Parity Trend-Following](https://tactfolio.com/strategies/us-risk-parity-trend-following), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Global Risk Parity Trend-Following](https://tactfolio.com/strategies/global-risk-parity-trend-following), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 --- # Markov regime model: how regime switching works in markets > How Markov chains and hidden Markov models describe calm and stormy market regimes, what Hamilton's model showed, and simpler rules you can test. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A Markov regime model treats the market as switching between a few hidden "moods", such as a calm rising market and a stormy falling one. It estimates how likely each mood is today and how likely the market is to switch tomorrow. Traders use these models to decide when to take more risk or less, but the moods are only clear in hindsight. ## Key points - A **regime** is a stretch of time when markets behave in a similar way, such as calm and rising or wild and falling. - A **Markov chain** says the chance of moving to the next regime depends only on the regime you are in now. - A **hidden Markov model** adds that you cannot see the regime directly. You guess it from returns. - James Hamilton's 1989 paper made this approach popular in economics. - Simple rules, like trend filters and "canary" assets, try to answer the same question with less math. ## What is a market regime? A market regime is a period when prices behave in a fairly steady way, different from other periods. Spotting regimes is a common goal in [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md). The simplest split has two regimes: | | Calm bull | Volatile bear | | --- | --- | --- | | Prices | Tend to rise | Tend to fall | | Daily swings | Small | Large | | Stocks and other assets | Move more on their own | Often fall together | | How long it lasts | Often years | Often months | The last two rows matter most for investors. Ang and Bekaert found that bear markets come with higher swings and with stocks in different countries moving together more ([NBER](https://www.nber.org/papers/w10080)). So spreading money across countries helps least right when you need it most. ## How does a Markov chain work? A Markov chain is a model where tomorrow's state depends only on today's state, not on the longer past. It is described by a **transition table**: the chance of moving from each state to each other state. Here is a made-up example with round numbers. Each row is where the market is this month. Each column is where it goes next month. | This month | Next month: calm bull | Next month: volatile bear | | --- | --- | --- | | Calm bull | 95% | 5% | | Volatile bear | 20% | 80% | Read the first row like this: if the market is calm now, there is a 95% chance it stays calm next month and a 5% chance it turns stormy. This small table tells you a lot: - **How long regimes last.** A 5% chance of leaving each month means a calm stretch lasts about 20 months on average (1 divided by 0.05). A stormy one lasts about 5 months (1 divided by 0.20). - **How much time each regime gets.** Over the long run, this market is calm about 80% of the time and stormy about 20%. - **Regimes are sticky.** Today's mood is the best single guess for next month's mood. These numbers are an example only. Real tables come from fitting a model to data, and they change a lot with the data you pick. ## What is a hidden Markov model in trading? A hidden Markov model is a Markov chain where you cannot see the state. You only see returns, and you work backward to guess which state probably produced them. Say the model has learned two things. Calm months tend to bring returns near +1% with small swings. Stormy months tend to bring returns near −2% with big swings. Then a month with a −6% return makes the stormy state much more likely. A quiet +1% month makes the calm state more likely. The model never says for sure that a bear market has started. Instead it gives a chance, such as a 70% chance of the stormy state. A trading rule then turns that into an action. For example, it might cut stocks to half whenever the stormy chance is above 50%. ## Where did regime-switching models come from? The modern approach comes from economist James Hamilton. In 1989 he published "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle" in *Econometrica* ([Econometric Society](https://www.econometricsociety.org/publications/econometrica/1989/03/01/new-approach-economic-analysis-nonstationary-time-series-and)). He modeled US economic growth as switching between a growing state and a shrinking state that nobody sees directly. His model's shifts from growth to decline lined up with US recessions so well that he suggested they could help define them. Finance researchers then used the same idea for investing. Andrew Ang and Geert Bekaert built regime-switching models for asset allocation, which means deciding how much to put in stocks, bonds and cash. In their 2003 study, choosing between stocks, bonds and cash by regime added real value. When a lasting bear market hit, the model moved mostly to cash ([NBER](https://www.nber.org/papers/w10080)). Their work was later published in the *Financial Analysts Journal* in 2004. ## What are the limits of Markov regime models? The biggest limit is timing. A model learns that the regime changed only after some bad months have already happened. By then part of the loss is done. Other problems: - **Hindsight looks perfect.** When you fit a model on 30 years of data, it "knows" where every crash was. In real time, its guesses are much less sure. - **Many choices.** Two regimes or three? Monthly data or daily? Each choice changes the answer, and each one is a chance to fit noise. Our guide to [backtesting](https://tactfolio.com/learn/backtesting-explained.md) explains why that matters. - **Whipsaws.** If the model flips often, you trade often, pay costs and can sell near lows. - **The past may not repeat.** The table is fitted on history. A new kind of crisis can behave differently. ## Simpler regime rules you can test You do not need a hidden Markov model to ask whether the market is calm or stormy. Many classic strategies use plain rules that act as rough regime signals. **Trend filters.** A fund above its long-term average is treated as "calm." Below it is treated as "stormy." This is the core of [trend following](https://tactfolio.com/learn/trend-following.md). The [Faber 10-month moving average](https://tactfolio.com/strategies/faber-10-month-moving-average.md) rule holds the S&P 500 above its 10-month average and Treasury bills below it. **Canary assets.** Some assets tend to weaken early in a sell-off, like a canary in a coal mine. [Defensive Asset Allocation](https://tactfolio.com/strategies/defensive-asset-allocation.md) watches emerging-market stocks and US bonds. When one weakens, it moves half of the money to safer bonds. When both weaken, it goes fully defensive. [Vigilant Asset Allocation](https://tactfolio.com/strategies/vigilant-asset-allocation.md) goes fully defensive if even one of its four assets turns negative. **Economic data.** [Growth-Trend Timing with unemployment](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md) leaves the S&P 500 only when two warnings agree. The unemployment rate must be above its 12-month average, and the index must be below its 10-month average. The [original Growth-Trend Timing](https://tactfolio.com/strategies/growth-trend-timing.md) uses retail sales and industrial production instead. These rules are cruder than a Markov model, but you can read every step. Many [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md) strategies are built this way. ## Try it on Tactfolio Tactfolio's builder cannot run a Markov or hidden Markov model today. It has no block that estimates hidden states or transition chances. What you can build in the [strategy builder](https://tactfolio.com/builder) are the simpler regime rules above. These include trend filters, canary checks and conditions on US economic data from FRED. Our guide to [common patterns](https://tactfolio.com/docs/patterns.md) shows how trend filters and canaries are built. Open any of the classic strategies linked above to see the rules, then copy one and change a signal. Every backtest is hypothetical and uses daily prices. ## Common questions ### What is a hidden Markov model in trading? It is a model that assumes the market switches between a few unseen states, such as calm and stormy. It uses past returns to estimate the chance of being in each state today. A trading rule then changes how much risk to take based on those chances. ### Do Markov regime models predict crashes? No. They estimate which regime the market is probably in now, using data that has already happened. They tend to recognize a stormy regime after it has started, not before. ### What is a regime switching model? A regime switching model is any model where the rules of the data change between a few states. Each state has its own average return and size of swings. Hamilton's 1989 Markov switching model is the best-known example. ### How many regimes should a model have? Most investing studies use two or three. More regimes fit the past better but are harder to estimate and easier to overfit. Two regimes, calm and stormy, is a common place to start. ### Can I build a Markov model in Python? Yes. Statistics libraries such as [statsmodels](https://www.statsmodels.org/stable/examples/notebooks/generated/markov_regression.html) include Markov switching models. Fitting one takes only a few lines of code. Testing it honestly, on data it was not fitted on, is the hard part. ## The details In a two-state chain with a chance *p* of leaving state 1 and a chance *q* of leaving state 2 each period, the average stay in state 1 is 1/*p* periods. The long-run share of time in state 1 is *q* / (*p* + *q*). In the example above, *p* = 0.05 and *q* = 0.20, so the calm share is 0.20 / 0.25 = 80%. A hidden Markov model adds an output rule for each state, often a normal distribution of returns with its own mean and volatility. The model is usually fitted by maximum likelihood. A filter then updates the chance of each state as each new return arrives. Using "smoothed" chances, which look at the whole sample, in a backtest is a form of look-ahead bias. ## Put it into practice - [Quant trading](https://tactfolio.com/quant-trading.md): An algo trading platform for daily rules: build them from blocks, backtest with costs and reality checks, and run them in Alpaca. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. ## Sources - [A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle](https://www.econometricsociety.org/publications/econometrica/1989/03/01/new-approach-economic-analysis-nonstationary-time-series-and), James D. Hamilton, Econometrica 57(2), 1989, The Econometric Society, accessed 2026-10-16 - [How Do Regimes Affect Asset Allocation?](https://www.nber.org/papers/w10080), Andrew Ang and Geert Bekaert, NBER Working Paper 10080, 2003, accessed 2026-10-16 - [Markov switching dynamic regression models](https://www.statsmodels.org/stable/examples/notebooks/generated/markov_regression.html), statsmodels documentation, accessed 2026-10-16 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation), Tactfolio, accessed 2026-10-16 - [Growth-Trend Timing with unemployment (GTT-UE)](https://tactfolio.com/strategies/growth-trend-timing-unemployment), Tactfolio, accessed 2026-10-16 --- # Sharpe ratio: formula, examples and what is a good one > The Sharpe ratio measures return per unit of risk. Learn the formula, work through an example, see what counts as good, and know its limits. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. The Sharpe ratio measures how much return an investment earned for each unit of risk it took. You take the return, subtract what cash would have paid, and divide by how much the returns swung up and down. A higher Sharpe ratio means a smoother ride for the same reward. A past Sharpe ratio does not predict the next one. ## Key points - Sharpe ratio = (return − T-bill rate) ÷ volatility. - **Volatility** is how much returns swing around their average, usually measured over a year. - The **T-bill rate** is what you could earn with almost no risk, from short-term US Treasury bills. Textbooks call it the risk free rate. - Economist William Sharpe created it in 1966. He first called it the "reward-to-variability ratio." - There is no official "good" number. A high Sharpe ratio in a backtest is often partly luck. ## How do you calculate the Sharpe ratio? You calculate the Sharpe ratio in three steps: 1. Find the yearly return of the investment. 2. Subtract the T-bill rate for the same period. What is left is the **excess return**, the extra you earned for taking risk. 3. Divide the excess return by the yearly volatility. **Sharpe ratio formula:** Sharpe ratio = (portfolio return − T-bill rate) ÷ standard deviation of returns **Standard deviation** is the math behind volatility. It measures how far returns usually land from their average. ## A worked example Say you compare two portfolios over the same years. Treasury bills paid 4% a year. | | Portfolio A | Portfolio B | | --- | --- | --- | | Yearly return | 10% | 7% | | Minus T-bills | 4% | 4% | | Excess return | 6% | 3% | | Volatility | 15% | 5% | | Sharpe ratio | 6 ÷ 15 = 0.40 | 3 ÷ 5 = 0.60 | Portfolio A earned more. Portfolio B earned more for each bump along the way. If you only care about the final number, A looks better. If you care about how hard the ride was, B looks better. Neither answer is "right." The Sharpe ratio helps you see the trade-off. It does not make the choice for you. ## What is a good Sharpe ratio? There is no official cutoff for a good Sharpe ratio. It depends on the time period, the kind of investment and whether the number is real or from a backtest. A few honest guidelines: - **Compare like with like.** Compare two strategies over the same dates, with the same T-bill rate. - **Long periods matter more.** A high Sharpe ratio over 2 years can be luck. One over 20 years, through several bad markets, means more. - **Be wary of backtests.** In a 2014 paper, Bailey and co-authors showed how fast luck creeps in. With 2 years of data, trying only 7 versions of a strategy can produce one with a Sharpe ratio of 1 on paper. Its true expected Sharpe ratio would be zero ([Notices of the AMS](https://www.davidhbailey.com/dhbpapers/backtest-pseudo.pdf)). Harvey and Liu made a related point in 2015. Some people cut a backtest's Sharpe ratio in half to allow for data mining. They showed the cut should depend on how many ideas were tested. Middling results deserve bigger cuts than very strong ones ([Journal of Portfolio Management](https://people.duke.edu/~charvey/Research/Published_Papers/P120_Backtesting.PDF)). Our guide to [backtesting](https://tactfolio.com/learn/backtesting-explained.md) explains how to test a strategy without fooling yourself. ## Where did the Sharpe ratio come from? William Sharpe introduced the measure in a 1966 paper, "Mutual Fund Performance," in the *Journal of Business* ([JSTOR](https://www.jstor.org/stable/2351741)). He used it to compare mutual funds. Today it is one of the first numbers people check in [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md) and fund research. Sharpe later shared the 1990 Nobel Prize in economics for his work on how assets are priced ([Nobel Prize](https://www.nobelprize.org/prizes/economic-sciences/1990/summary/)). In 1994 he wrote "The Sharpe Ratio" for the *Journal of Portfolio Management* ([Stanford](https://web.stanford.edu/~wfsharpe/art/sr/sr.htm)). In it he noted that his name for it, "reward-to-variability ratio," never caught on. He also explained the difference between a Sharpe ratio measured on past results and one built on forecasts. Most numbers you see online are the first kind. ## What are the limits of the Sharpe ratio? The Sharpe ratio is useful, but people often misread it. It has five main blind spots. - **It treats gains and losses the same.** A sudden jump up counts as "risk," the same as a sudden drop. - **It hides big crashes.** A strategy can show a smooth record for years and then lose a lot at once. Check the [max drawdown](https://tactfolio.com/learn/max-drawdown.md), the biggest fall from a high point, next to it. The [Calmar ratio](https://tactfolio.com/learn/calmar-ratio.md) divides yearly return by that drop instead of by volatility. - **It assumes swings are fairly normal.** Strategies that sell insurance-like bets can look smooth until one bad event. - **It depends on the period.** The same fund can show very different Sharpe ratios over different years. - **Leverage does not change it much.** Borrowing to double a position roughly doubles both the excess return and the volatility, so the ratio barely moves. A high Sharpe ratio does not mean a strategy is safe to borrow against. [Risk parity](https://tactfolio.com/learn/risk-parity.md) funds lean on this idea. They aim for a high ratio first and then use leverage to reach the return they want. ## Sharpe ratio on Tactfolio Every Tactfolio backtest shows two Sharpe figures. The main one divides the average yearly return by volatility, measured from zero, so it does not subtract the T-bill rate. The one labeled **over T-bills** subtracts the 13-week Treasury bill return first, as the standard Sharpe ratio does. When you compare with other websites, use the over T-bills figure. Our guide on [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) shows where it fits among the other numbers. ## Try it on Tactfolio Open any of the 75 [classic strategies](https://tactfolio.com/strategies/classics.md) to see its Sharpe ratio next to its return and worst drawdown, compared with the S&P 500. Each figure comes from a hypothetical backtest on daily prices with dividends reinvested and a 0.05% cost per trade. You can then copy a strategy into the [builder](https://tactfolio.com/builder), change one rule, and see whether the Sharpe ratio holds up. ## Common questions ### What does the Sharpe ratio tell you? It tells you how much extra return an investment earned for each unit of volatility it took. A higher number means more reward per bump. It does not tell you how big the worst loss was. ### What is a good Sharpe ratio? There is no official cutoff. Over long periods, compare a strategy with a simple benchmark, like the S&P 500 or a 60/40 mix, over the same dates. Treat very high Sharpe ratios in short backtests with suspicion, because they are often luck. ### Can a Sharpe ratio be negative? Yes. If an investment earned less than the T-bill rate, its excess return is negative, so its Sharpe ratio is too. That means you would have done better holding Treasury bills. ### What is the difference between the Sharpe ratio and the Sortino ratio? The Sortino ratio divides by downside volatility only, so upward jumps do not count as risk. The Sharpe ratio counts all swings. Sortino can make strategies with big gains look better than Sharpe does. ### How do you annualize a Sharpe ratio? If you work from daily returns, multiply the daily Sharpe ratio by the square root of 252. That is about the number of trading days in a year. For monthly returns, multiply by the square root of 12. This assumes returns from one day to the next are not linked. ## The details Written out, the ex post Sharpe ratio is S = (R̄ₚ − R̄f) ÷ σ, where R̄ₚ is the average portfolio return, R̄f is the average T-bill return, and σ is the standard deviation of the excess returns. Sharpe's 1994 article defines it on the series of differences between the two returns. Annualizing with √252 assumes returns are independent from day to day. When returns are linked from one period to the next, the simple scaling can overstate or understate the yearly figure. ## Put it into practice - [Efficient frontier tool](https://tactfolio.com/trading-tools/efficient-frontier.md): Draw the efficient frontier for up to 8 US stocks or ETFs from real past prices. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. - [Backtesting](https://tactfolio.com/backtesting.md): Free backtesting software for stocks, ETFs, and crypto perps. ## Sources - [Mutual Fund Performance](https://www.jstor.org/stable/2351741), William F. Sharpe, The Journal of Business 39(1), 1966, accessed 2026-10-16 - [The Sharpe Ratio](https://web.stanford.edu/~wfsharpe/art/sr/sr.htm), William F. Sharpe, The Journal of Portfolio Management, Fall 1994 (author's copy, Stanford University), accessed 2026-10-16 - [Pseudo-Mathematics and Financial Charlatanism](https://www.davidhbailey.com/dhbpapers/backtest-pseudo.pdf), Bailey, Borwein, López de Prado and Zhu, Notices of the American Mathematical Society, 2014, accessed 2026-10-16 - [Backtesting](https://people.duke.edu/~charvey/Research/Published_Papers/P120_Backtesting.PDF), Campbell R. Harvey and Yan Liu, Journal of Portfolio Management 42(1), 2015, accessed 2026-10-16 - [The Sveriges Riksbank Prize in Economic Sciences 1990](https://www.nobelprize.org/prizes/economic-sciences/1990/summary/), NobelPrize.org, accessed 2026-10-16 - [What a backtest simulates](https://tactfolio.com/docs/backtests), Tactfolio, accessed 2026-10-16 --- # Max drawdown: what it is and how to calculate it > Max drawdown is the biggest fall from a peak to a low. Learn the formula, the recovery math, and the S&P 500's worst drops in 2008 and 2020. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. Max drawdown is the biggest drop an investment suffered from a high point to a later low, before it climbed to a new high. It is shown as a percentage, such as −30%. It answers a plain question: what is the worst loss you would have had to sit through? ## Key points - A **drawdown** is any fall from a previous high. The **max drawdown** is the largest one over a period. - Formula: (lowest value − peak value) ÷ peak value. - Losses need bigger gains to recover. A 50% loss needs a 100% gain to get back to even. - The S&P 500 fell about 57% from October 2007 to March 2009, and about 34% in five weeks in 2020. - Max drawdown shows the size of the worst loss, not how long it lasted or how often it happens. ## What is max drawdown? Max drawdown is the largest percentage fall from a peak to a trough in an investment's history. A **peak** is a high point. A **trough** is the lowest point before the next new high. It is one of the most important numbers in [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md) and investing, because it shows pain in a way averages do not. A strategy can average 10% a year and still have lost half its value at some point. The max drawdown tells you that. ## How do you calculate max drawdown? You calculate max drawdown by finding every peak, the lowest point after each one, and the percentage drop between them. The biggest of those drops is the max drawdown. **Formula:** Drawdown = (trough value − peak value) ÷ peak value **Example.** Say you invest $10,000. Here is what happens over a few years: | Point | Value | Note | | --- | --- | --- | | Start | $10,000 | | | Peak 1 | $13,000 | New high | | Trough 1 | $9,100 | ($9,100 − $13,000) ÷ $13,000 = −30% | | Peak 2 | $14,000 | New high, the first drawdown is over | | Trough 2 | $11,900 | ($11,900 − $14,000) ÷ $14,000 = −15% | | End | $15,000 | | There were two drawdowns, −30% and −15%. The max drawdown is −30%. Notice that the drop from $13,000 to $9,100 ended below your $10,000 start. Max drawdown is measured from the peak, whatever you first put in. You lost $3,900 from the high, even though you had only $900 less than you started with. ## Why do bigger losses need even bigger gains? Bigger losses need bigger gains because the recovery starts from a smaller amount. If $100 falls 50% to $50, a 50% gain only gets you to $75. You need 100% to get back to $100. | Loss | Gain needed to get back to even | | --- | --- | | −10% | +11% | | −20% | +25% | | −30% | +43% | | −40% | +67% | | −50% | +100% | | −60% | +150% | | −75% | +300% | | −90% | +900% | This is why many investors read the max drawdown before the return. ## What were the S&P 500's biggest drawdowns? Two recent drawdowns show how different they can be. **2007 to 2009.** The S&P 500 fell 57% from its October 2007 peak to its low in March 2009 ([Federal Reserve History](https://www.federalreservehistory.org/essays/great-recession-of-200709)). That is a price-only figure. With dividends reinvested, an S&P 500 fund's worst fall since 2002 was about 55%, in a Tactfolio backtest as of September 25, 2026. **2020.** The index closed at 3,386.15 on February 19, 2020, and at 2,237.40 on March 23. That is a drop of about 34% in about five weeks. It closed above its old high again on August 18, 2020 ([FRED](https://fred.stlouisfed.org/series/SP500)). Both were deep. But one took years to play out, and the other was over in months. That is why max drawdown should be read next to how long the drawdown lasted. ## Max drawdown vs other risk measures Max drawdown is one view of risk. Other numbers show different sides. | Measure | What it shows | What it misses | | --- | --- | --- | | Max drawdown | The single worst fall | How often falls happen, and how long they last | | Volatility | How much returns swing in a normal year | Rare, large crashes | | [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md) | Return for each unit of volatility | The size of the worst loss | | [Calmar ratio](https://tactfolio.com/learn/calmar-ratio.md) | Yearly return divided by max drawdown | Everything except that one worst fall | Max drawdown has its own weak spot. It is one event. A long test that includes 2008 will show a bigger number than a short test that does not, even for the same strategy. Always check the dates. ## How do strategies compare on max drawdown? Here are hypothetical backtests from Tactfolio's classic strategies, as of September 25, 2026. They use daily prices with dividends reinvested and a 0.05% cost per trade. | Strategy | Test starts | Worst drawdown | S&P 500 worst drawdown over the same test | | --- | --- | --- | --- | | [60/40 Portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) | Mid-2002 | About 33% | About 55% | | [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md) | Late 2004 | About 20% | About 55% | | [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md) | Mid-2007 | About 22% | About 55% | Smaller drawdowns usually come with lower returns. The 60/40 portfolio returned about 8% a year over its test, against about 11% for the S&P 500. A smaller drop is only worth it if the return you give up is a trade you are happy with. ## Common mistakes - **Judging by return alone.** A high return with a 60% drawdown may be one you could not have held through. - **Using a short test.** Five calm years can hide how bad a strategy gets. Our [backtesting guide](https://tactfolio.com/learn/backtesting-explained.md) explains why longer tests matter. - **Ignoring time to recover.** A 25% drop that takes five years to recover can hurt more than a 35% drop that recovers in one. - **Thinking the past max is the worst case.** The next drawdown can be bigger than any in the test. ## Try it on Tactfolio Every Tactfolio backtest shows the max drawdown and a drawdown chart, with how long each recovery took. Our guide on [how to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) suggests reading drawdown first. You can also use drawdown inside a rule. The [builder](https://tactfolio.com/builder) has a Maximum drawdown reading and a rolling-high ratio, which compares today's close with the highest close in a window. With the ratio, a strategy could step into bonds when a fund closes more than 10% below its recent high. All backtests are hypothetical, and real drawdowns can be deeper. ## Common questions ### What is max drawdown in trading? It is the largest drop in an account or strategy from a high point to a later low, as a percentage. Traders use it to see the worst loss a strategy has had. It is often read alongside return and the Sharpe ratio. ### What is a good max drawdown? There is no single good number. It depends on what you hold and how much loss you can live with. For context, a 60/40 stock and bond mix had a worst drawdown of about 33% since 2002. The S&P 500 had about 55%. Both figures are from hypothetical backtests as of September 25, 2026. ### How long does it take to recover from a drawdown? It varies a lot. The S&P 500 got back to its February 2020 high by August 2020. Recoveries after deeper, longer falls, such as 2007 to 2009, have taken years. ### Is drawdown the same as a loss? Not quite. A drawdown is measured from the highest value, so you can be in a drawdown even if you are still above what you put in. A loss is usually measured from what you paid. ### What does drawdown mean in retirement? In retirement planning, "drawdown" often means withdrawing money from your savings over time. That is a different idea from max drawdown, which measures the size of a fall in value. ## Put it into practice - [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md): Run 10,000 random futures for your savings and see the chance your money lasts, with a bad case and a good case. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [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. - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [The Great Recession](https://www.federalreservehistory.org/essays/great-recession-of-200709), Federal Reserve History, accessed 2026-10-16 - [S&P 500 (SP500)](https://fred.stlouisfed.org/series/SP500), S&P Dow Jones Indices via FRED, Federal Reserve Bank of St. Louis, accessed 2026-10-16 - [60/40 Portfolio](https://tactfolio.com/strategies/60-40-portfolio), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [200-Day Moving Average Strategy](https://tactfolio.com/strategies/200-day-moving-average), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest), Tactfolio, accessed 2026-10-16 --- # Calmar ratio: what it is and how to calculate it > The Calmar ratio divides yearly growth by the worst drop. Formula, a worked example, its 1991 origin, and how it compares with Sharpe and Sortino. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. The Calmar ratio compares how fast an investment grew with how far it fell at its worst. You divide the yearly growth rate by the biggest drop from a high point, usually over the last 36 months. A higher number means more growth for each point of pain along the way. ## Key points - Calmar ratio = yearly growth rate divided by the worst drop. - The classic version looks at the last 36 months, or three years. - Terry W. Young created it in 1991 to rate managers who trade futures. - A higher Calmar is better. A negative Calmar means the investment lost money. - It only sees the single worst drop, so it works best next to other measures. ## What is the Calmar ratio? The Calmar ratio is a score for return per unit of drawdown. It is one of several ratios that people use in [algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md) and fund research to compare strategies. The top of the ratio is the **CAGR**, or compound annual growth rate. That is the steady yearly rate that would turn your starting money into your ending money. You can work it out with a [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md). The bottom is the **maximum drawdown**. A drawdown is how far a portfolio falls from its last high point. The maximum drawdown is the deepest of those falls. Our guide to [max drawdown](https://tactfolio.com/learn/max-drawdown.md) explains it in more detail. Here is the formula: > Calmar ratio = CAGR ÷ maximum drawdown Both parts are written as positive percentages. So a fund that grew 10% a year and fell 20% at its worst has a Calmar of 10 ÷ 20 = 0.5. ## Where does the name Calmar come from? Terry W. Young made the Calmar ratio. He ran a firm called California Managed Accounts, which put out a newsletter called CMA Reports. "Calmar" comes from the first letters of those words: **CAL**ifornia **M**anaged **A**ccounts **R**eports. Young first wrote about it in an article called "Calmar Ratio: A Smoother Tool". It ran in *Futures* magazine in October 1991. The article does not appear to be online, so we rely on the summary in the [Wikipedia entry on the Calmar ratio](https://en.wikipedia.org/wiki/Calmar_ratio), which quotes it. Young built his ratio from an older one, the Sterling ratio. He used the last 36 months and updated the number every month. He wrote that this made it change slowly and smooth out a manager's lucky and unlucky stretches. ## How to calculate the Calmar ratio: an example Say you are looking at two strategies over the same three years. | | Strategy A | Strategy B | | --- | --- | --- | | Growth per year (CAGR) | 12% | 8% | | Worst drop (max drawdown) | 30% | 10% | | Calmar ratio | 12 ÷ 30 = 0.4 | 8 ÷ 10 = 0.8 | Strategy A grew faster. But to get that growth, you had to sit through a 30% fall. On $10,000, that means watching your account sink to $7,000. Strategy B grew more slowly. Its worst fall took $10,000 down to $9,000. Its Calmar is twice as high, so it earned more growth for each point of drop. The Calmar ratio does not tell you which one to pick. It tells you what each one asked of you. A strategy you quit in its worst year earns you nothing, so a high Calmar can mean a plan that is easier to stick with. ## What is a good Calmar ratio? There is no official cutoff. A Calmar above 1 means the yearly growth was larger than the worst drop. Over long periods that include a crash, stock-heavy portfolios often land well below 1. Here is a real case. Tactfolio tracks the [Faber sector rotation](https://tactfolio.com/strategies/faber-sector-rotation.md), which holds the three strongest US stock sectors. Its page gives rounded figures for a hypothetical backtest from mid-2007 to September 25, 2026. A [backtest](https://tactfolio.com/learn/backtesting-explained.md) replays rules on past prices. It is not a record of real trades. | Portfolio (mid-2007 to Sept. 25, 2026) | Growth per year | Worst drop | Rough Calmar | | --- | --- | --- | --- | | Faber sector rotation | a bit under 8% | about 22% | about 0.35 | | S&P 500 | about 11% | more than 50% | about 0.2 or less | | 60/40 stocks and bonds | about 8% | about 33% | about 0.24 | We worked out the last column from the rounded numbers on the page, so treat it as rough. The rotation grew more slowly than the S&P 500. But its Calmar was higher, because its worst fall was far smaller. Note that this covers about 19 years, not 36 months. Over a longer window, the worst drop tends to be deeper, so the Calmar tends to be lower. ## Calmar vs Sharpe, Sortino and MAR ratio All four ratios divide some kind of return by some kind of risk. The difference is how they define risk and how much history they use. | Ratio | Top of the ratio | Bottom of the ratio | Period | What it catches | What it misses | | --- | --- | --- | --- | --- | --- | | Calmar | Yearly growth (CAGR) | Worst drop | Usually last 36 months | The one deepest loss | How often smaller drops happen | | MAR | Yearly growth (CAGR) | Worst drop | From the very start | Deepest loss over the full record | Recent changes, since old data counts the same | | Sharpe | Return minus the cash rate | Volatility (all swings) | Any | How bumpy the ride was | Rare deep crashes, and it counts gains as risk too | | Sortino | Return minus a target | Downside swings only | Any | Bumpiness on the way down | The single worst loss | **Volatility** means how much returns swing up and down around their average. The [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md) uses all of those swings. The Sortino ratio counts only the swings below a target, so big jumps up do not count against you. Morningstar's [list of fund measures](https://morningstardirect.morningstar.com/clientcomm/customcalculations.pdf) defines Sharpe, Sortino and Calmar side by side. The MAR ratio is the one most often mixed up with Calmar. It came from a rival newsletter, Managed Account Reports. It uses the same math but over the whole history, from the day the fund began. So a Calmar figure computed over 15 years is really closer to a MAR ratio. ## Common mistakes with the Calmar ratio - **Comparing different periods.** A three-year Calmar and a ten-year Calmar are not the same thing. Compare strategies only over the same start and end dates. - **Trusting a short window.** Three calm years can show a huge Calmar because no crash happened. Check whether the period holds a bad market, such as 2008, 2020 or 2022. - **Forgetting it sees one drop.** Two strategies can share the same worst drop. One may have fallen that far once, and the other five times. - **Mixing daily and monthly data.** Young used monthly figures. Daily prices catch lows inside a month, so the worst drop looks deeper and the Calmar looks lower. - **Reading it as a forecast.** A past Calmar says what happened. It does not say what the next drop will be. ## Try it on Tactfolio Every Tactfolio backtest shows a Calmar figure, worked out as CAGR divided by the size of the max drawdown. It sits next to CAGR, Sharpe and max drawdown, over whatever window you pick. Choose the 3Y window to get close to Young's 36-month version, or Max to see the full history. Open a [classic strategy](https://tactfolio.com/strategies/classics.md) in the [strategy builder](https://tactfolio.com/builder), change one rule, and watch how the Calmar moves. Our guide to [reading a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains which number to read first. ## Common questions ### How do you calculate the Calmar ratio? Divide the compound annual growth rate by the maximum drawdown, both as positive numbers. A fund that grew 9% a year and fell 18% at its worst has a Calmar of 0.5. The classic version uses the last 36 months of monthly data. ### Is a higher Calmar ratio better? Yes. A higher Calmar means more yearly growth for each point of the worst drop. It does not mean the strategy will do well from here, and it only compares fairly over the same dates. ### What is the difference between the Calmar ratio and the Sharpe ratio? The Sharpe ratio divides return by volatility, which counts every swing up or down. The Calmar ratio divides growth by the single deepest drop. Sharpe tells you how bumpy the ride was. Calmar tells you how bad the worst stretch got. ### Is the Calmar ratio the same as the MAR ratio? No, though people often treat them as the same. Both divide yearly growth by the worst drop. Calmar uses the last 36 months, while MAR uses the whole history from the start. ### Can the Calmar ratio be negative? Yes. If the investment lost money over the period, its growth rate is below zero, so the Calmar is negative. A negative Calmar tells you the strategy did not earn back its worst drop. ## The details Young's 1991 version uses the average annual return over the last 36 months, divided by the maximum drawdown over the same 36 months, recalculated each month. Later writers have subtracted a cash rate, such as the Treasury bill yield, from the top, which turns it into a Sharpe-style ratio. Tactfolio's figure uses the backtest's CAGR divided by the absolute value of its max drawdown, measured on daily closing prices with dividends reinvested and a 0.05% cost per trade. The window is whatever you choose, so it equals the classic Calmar only on a 3-year window and is a MAR-style ratio on longer ones. Discover lists Calmar over up to ten years. The [Tactfolio Score](https://tactfolio.com/docs/concepts/tactfolio-score.md) uses an expected Calmar ratio as one of its three parts, after discounting what a backtest may owe to hindsight. ## Put it into practice - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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.md): Free backtesting software for stocks, ETFs, and crypto perps. ## Sources - [Calmar ratio](https://en.wikipedia.org/wiki/Calmar_ratio), Wikipedia (summary of Terry W. Young, "Calmar Ratio: A Smoother Tool", Futures, October 1991), accessed 2026-10-16 - [Custom Calculation Data Points](https://morningstardirect.morningstar.com/clientcomm/customcalculations.pdf), Morningstar, October 2016, accessed 2026-10-16 - [The Sharpe Ratio](https://web.stanford.edu/~wfsharpe/art/sr/sr.htm), William F. Sharpe, Stanford University, accessed 2026-10-16 - [Faber sector rotation](https://tactfolio.com/strategies/faber-sector-rotation), Tactfolio, figures as of September 25, 2026, accessed 2026-10-16 - [What a backtest simulates](https://tactfolio.com/docs/backtests), Tactfolio, accessed 2026-10-16 --- # Can ChatGPT or Claude backtest a trading strategy? > Yes, with one catch. How to use ChatGPT, Claude or another AI assistant to build and backtest a strategy on real prices, and which results to trust. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Yes, you can use ChatGPT or Claude to build and backtest a trading strategy, with one catch. On its own, a chat assistant can explain a strategy and write backtest code. It should never be trusted to make up results from memory. The numbers need to come from real prices and a real test. The safest way is to connect the assistant to a backtesting tool, so it builds the rules and the tool runs the test. ## Key points - A [backtest](https://tactfolio.com/learn/backtesting-explained.md) replays a rule on past prices. An AI assistant cannot do that from memory. - An assistant can write Python code that runs a backtest on price data you give it. You then have to check the data and the code. - Through MCP, an assistant can use a real backtesting tool for you. MCP is a standard way for AI assistants to use other apps. - On Tactfolio, an AI assistant connected through MCP can build, test and save strategies in your account for free. Setup steps cover nine assistants, including Claude, ChatGPT and Codex. - An AI can try many versions of a rule very fast. That raises the odds of finding a rule that fits the past by luck. ## Can ChatGPT backtest a trading strategy? ChatGPT can help you backtest a trading strategy, but it cannot do it alone in a plain chat. A language model writes the most likely next words. It does not look up prices or run the trades unless it has a tool for that. So if you ask a plain chat "how did dual momentum do since 2008?", the answer may sound exact and still be wrong. The model may mix up dates, funds or numbers it saw in its training text. Treat any return figure from a chat with no tool as a guess. The same is true for Claude, Gemini and every other assistant. What matters is the tool the assistant uses, not the brand of the assistant. ## Three ways to backtest with an AI assistant There are three ways people use AI for backtesting. They differ in where the numbers come from. | Way | What the AI does | Where the numbers come from | Main risk | | --- | --- | --- | --- | | Ask in a plain chat | Describes the strategy and guesses results | The model's memory | Made-up or outdated figures | | Ask it to write code | Writes Python, and may run it on a file you upload | The price file you supply | Bad data, bugs and look-ahead errors you must catch | | Connect it to a backtester | Builds the rules and asks the tool to test them | The tool's price data and test engine | Testing too many versions and fooling yourself | ### 1. Ask in a plain chat This is fine for learning. Ask the assistant to explain a strategy, list its rules or name the paper it came from. Then check the source yourself. Do not use the numbers. ### 2. Ask it to write backtest code Both ChatGPT and Claude can write and run Python code on a file you upload. You can download daily prices, upload them, and ask for a backtest. This works, but you own every step. Check that prices include dividends and that trading costs are counted. Also check that the rule only uses data it could have known that day. One wrong line can make a weak rule look great. ### 3. Connect the assistant to a backtesting tool This is the most reliable way. The assistant writes the rules in the tool's own format, and the tool runs the test on its own data. You get the same numbers you would get by clicking through the tool yourself. MCP, short for [Model Context Protocol](https://modelcontextprotocol.io/), is the open standard that makes this possible. ## How to backtest a strategy with Claude on Tactfolio Tactfolio has an MCP server, so an AI assistant can work in your account. Here is how it goes. 1. **Connect your assistant.** Add Tactfolio's address, https://tactfolio.com/mcp, to your assistant. [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md) has the steps for each one. Claude, Cursor and VS Code have one-click buttons. 2. **Approve access.** Your browser opens Tactfolio and asks you to allow it. There is no API key to copy. 3. **Describe your idea in plain words.** For example: "Hold QQQ while it is above its 50-day average and the VIX is under 25. Otherwise split between IEF and BIL. Backtest it from 2010 and save it as a draft." 4. **Read the result.** The assistant builds the strategy, runs the backtest and saves a draft. 5. **Check it yourself.** Open the draft in the [builder](https://tactfolio.com/builder). Read every rule and look at the worst drop, not only the final return. Backtests on Tactfolio use daily prices of US-listed stocks and ETFs, with dividends reinvested and a 0.05% cost on every trade. The assistant uses the same builder and the same backtests as you do. [AI trading on Tactfolio](https://tactfolio.com/ai-trading.md) explains what the assistant can and cannot do. ## Which AI assistants work with Tactfolio? Any assistant that can add a remote MCP server with browser sign-in can work with Tactfolio. [Our setup guide](https://tactfolio.com/docs/mcp.md) has steps for nine assistants. This is what we checked as of October 16, 2026: | Assistant | Status on Tactfolio | | --- | --- | | Claude Code (Anthropic) | Setup steps tested | | Codex (OpenAI) | Setup steps tested | | OpenCode | Setup steps tested | | Claude app (custom connector) | Sign-in checked | | ChatGPT app (custom connector) | Sign-in checked | | Cursor, VS Code and Gemini CLI | Sign-in checked | | Cline | Setup steps listed, not yet checked by us | "Sign-in checked" means Tactfolio accepts the app and sends you to sign in. We have not yet run a full session in each of those apps. Anthropic says the Claude app can add custom connectors that use remote MCP on its Free, Pro, Max, Team and Enterprise plans. Free users can add one. See [Anthropic's help page](https://support.claude.com/en/articles/11175166-getting-started-with-custom-connectors-using-remote-mcp) for the current rules. ## Why an AI makes overfitting easier An AI assistant can test fifty versions of a rule in the time you test one. That speed is useful. It also raises the odds of finding a rule that fit the past by luck. This is called overfitting, or curve fitting. Here is a simple guard. Tell the assistant to tune the rule on older years only. Then test the winner once on recent years it has not seen. This is called an out-of-sample test. Our guide to [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) covers this and other traps. A good prompt also says why the rule should work. "Bonds should do better when stocks trend down" gives the assistant an idea to test. "Find the best moving average" asks it to fit noise. ## Common mistakes when an AI builds your strategy - **Trusting a number the AI wrote without a tool.** Ask where the figure came from. If the answer is "my knowledge", do not use it. - **Not reading the rules.** An assistant may change a detail you did not ask for, like the rebalance day. Open the strategy and read it. - **Looking only at the return.** Check the [maximum drawdown](https://tactfolio.com/learn/max-drawdown.md) and the bad years too. - **Skipping costs.** A rule that trades every day can look great before costs and poor after them. - **Letting it trade real money first.** Run a new strategy on [paper trading](https://tactfolio.com/paper-trading.md) before you use real money. Regulators also warn about AI hype in investing. A joint alert from the SEC, NASAA and FINRA warns about claims that AI can guarantee big returns. As [FINRA's alert](https://www.finra.org/investors/insights/artificial-intelligence-and-investment-fraud) puts it: "Investment claims that sound too good to be true usually are." A backtest, made by you or by an AI, is hypothetical. ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and try a starter pattern to see a backtest without an account. When you are ready, [connect an AI assistant](https://tactfolio.com/docs/mcp.md) and ask it to rebuild a strategy you like, such as [dual momentum](https://tactfolio.com/strategies/dual-momentum.md). Then compare its draft with the original. ## Common questions ### Can ChatGPT predict stock prices? No. ChatGPT and other assistants cannot see the future, and their training text ends at a past date. They can help you write and test rules. They cannot tell you what a stock will do next. ### Is it safe to let an AI trade for me? On Tactfolio, the AI does not trade. It writes and tests rules, and you decide what runs. A strategy you choose to run then follows its fixed rules once a day, in a paper account or your own Alpaca account. ### Do I need to code to backtest with AI? No. With Tactfolio, you describe the idea in plain words and the assistant builds it from the same blocks you would click. If you ask a plain chat to write Python instead, you will need to read and check the code. ### Is backtesting with an AI assistant free? Tactfolio's MCP server is free with your account while we build. Your assistant may have its own price. Check the plan you use with Claude, Codex or another assistant. ### Can ChatGPT connect to Tactfolio? Yes, as a custom connector with the address https://tactfolio.com/mcp. On October 16, 2026, we checked that ChatGPT reaches Tactfolio's sign-in page. We have not yet run a full session in ChatGPT. [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md) has the ChatGPT steps. Whether you can add a custom connector depends on your ChatGPT plan and settings. ## Put it into practice - [QQQ: Invesco QQQ Trust, Series 1](https://tactfolio.com/etf/qqq.md): What QQQ holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [IEF: iShares 7-10 Year Treasury Bond ETF](https://tactfolio.com/etf/ief.md): What IEF holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF](https://tactfolio.com/etf/bil.md): What BIL holds, its 0.1353% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [What is the Model Context Protocol (MCP)?](https://modelcontextprotocol.io/docs/getting-started/intro), Model Context Protocol, accessed 2026-10-16 - [Getting started with custom connectors using remote MCP](https://support.claude.com/en/articles/11175166-getting-started-with-custom-connectors-using-remote-mcp), Anthropic, accessed 2026-10-16 - [Create and edit files with Claude](https://support.claude.com/en/articles/12111783-create-and-edit-files-with-claude), Anthropic, accessed 2026-10-16 - [Artificial Intelligence (AI) and Investment Fraud](https://www.finra.org/investors/insights/artificial-intelligence-and-investment-fraud), SEC, NASAA and FINRA, accessed 2026-10-16 - [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp), Tactfolio, accessed 2026-10-16 - [What a backtest simulates](https://tactfolio.com/docs/backtests), Tactfolio, accessed 2026-10-16 --- # Tactfolio vs Composer: features, pricing, and fit > Tactfolio and Composer both automate rules-based portfolios. Compare their builders, backtests, AI tools, brokers, and pricing, with sources. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Composer and Tactfolio both let you build rules-based stock and ETF strategies without code, backtest them, and [trade them automatically](https://tactfolio.com/automated-trading.md). The biggest difference is where your money sits. Composer is a broker, so your money is held in a Composer account. Tactfolio is software that trades your own Alpaca account with your own API keys. ## Key points - Both use no-code visual builders and backtest on daily closing prices. - Composer, now part of SoFi, holds your account. Tactfolio never holds your money. - Composer has a built-in AI chat. Tactfolio works with the AI assistant you already use, through MCP. - Composer's free Starter plan automates one strategy, and so does Tactfolio's Free plan. Tactfolio Plus runs 10 for $12 a month, and every feature is free until billing opens. - You can bring a Composer strategy into Tactfolio by pasting its JSON. ## Tactfolio vs Composer at a glance Composer facts were checked on its own website and help center on October 16, 2026. Links are in the sources at the end. | | Tactfolio | Composer | | --- | --- | --- | | What it is | Research and automation software | A broker-dealer with a strategy app | | Who holds your money | Alpaca, in your own account | Composer, carried by Alpaca or Apex | | How you build | Visual blocks, or your own AI assistant | Visual editor, or Composer's AI chat | | Markets in strategies | US-listed stocks and ETFs, plus crypto perps on Hyperliquid, long only | US-listed stocks and ETFs | | Backtest data | Daily prices, plus labeled simulated history | Daily adjusted closes, up to 30 years in the editor | | Default trading cost in backtests | 0.05% per trade, same for every strategy | 0.01% slippage, which you can change | | When trades happen | Once a day, near the close | Once a day, 3:45 to 4:00 PM ET | | Ready-made strategies | 60+ classic strategies with sources, and Discover | 2,000+ community symphonies | | Retirement accounts | Depends on the Alpaca account you connect | Traditional and Roth IRA | | Who can trade live | Anyone Alpaca accepts | US residents | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | Starter $0, Advanced $10 a month, Pro $40 a month | ## What is Composer? Composer is an app for building trading strategies, called symphonies, and running them automatically. You build with a no-code editor or by chatting with its AI. Composer says its AI uses Claude and GPT models. SoFi bought Composer's broker-dealer and relaunched it as "Composer by SoFi" in June 2026. Composer Securities LLC is a registered broker-dealer and a FINRA and SIPC member. Your account is carried by Alpaca or Apex Clearing. You cannot connect a broker from outside Composer. ## What is Tactfolio? 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](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Tactfolio is not a broker. Your money stays in your Alpaca account. A Tactfolio strategy trades only the starting balance you give it. It never touches the other things you hold there. ## How you build a strategy The two builders are close cousins. Both use blocks for tickers, weights, if/else conditions, and picking the top few assets by a score. Composer calls that last block "filter". Tactfolio calls it "rank". The [builder guide](https://tactfolio.com/docs/builder.md) lists every Tactfolio block. The AI works in different ways. Composer's AI lives inside its app. Its usage is capped by a weekly allowance that grows with your plan. Tactfolio has no built-in chat. Instead, you connect an assistant you already use, such as Claude Code or Codex, through MCP. MCP is a standard way for AI assistants to use other apps. Your assistant then builds the strategy, runs backtests, and saves a draft for you to check. See [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). ## Backtests Both tools test rules on daily closing prices, with dividends reinvested. A [backtest](https://tactfolio.com/learn/backtesting-explained.md) is a test of rules on past prices. For stocks and ETFs, neither tests intraday trading. Tactfolio charges 0.05% on every trade in every backtest, so results compare fairly. Composer's default slippage is 0.01%, and you can change it. Tactfolio also draws a second line that trades at the next day's open. It adds "reality checks" at higher costs too. These show how much a result depends on perfect timing and cheap trades. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. Composer's editor reaches back up to 30 years. Tactfolio uses each fund's real history. For young funds, it can add a clearly labeled simulated history that reaches further back. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you trust any backtest, on either site. ## Live trading Both tools trade once a day, near the close. Composer trades between 3:45 and 4:00 PM Eastern time. Tactfolio makes its trading decision at 3:45 PM Eastern time and sends market orders. With Composer, you open a Composer brokerage account. It needs a $50 deposit and at least $50 per symphony. Composer suggests $2,500 or more. Some funds can't be bought in fractions, and a small account may leave cash idle. Live trading is for US residents. With Tactfolio, you connect an Alpaca account you already have, paper or live, with your own API keys. You can also run a strategy in a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) with pretend money. ## Community strategies Composer has a library of more than 2,000 community symphonies you can copy and edit. Tactfolio has 60+ [classic strategies](https://tactfolio.com/strategies/classics.md), each built from its author's paper or book and tested every day. Members also publish their own strategies to [Discover](https://tactfolio.com/strategies), ranked by the Tactfolio Score. That score tries to discount what a backtest owes to luck and hindsight. See [how the Tactfolio Score works](https://tactfolio.com/docs/concepts/tactfolio-score.md). ## Pricing Composer has four plans, as of October 16, 2026: | Plan | Price | Automated strategies | | --- | --- | --- | | Starter | $0 | 1 | | Advanced | $10 a month | Up to 5 | | Pro | $40 a month, or $384 a year | Up to 500 | | Business | Contact sales | Not stated | Building and backtesting are free on every Composer plan. Composer has no free trial of Advanced or Pro. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). On yearly billing, Tactfolio's paid plans cost less than Composer's. Tactfolio Plus works out to $8.25 a month and runs 10 live strategies. Composer Advanced costs $10 a month for 5. Tactfolio Pro works out to $20.75 a month, against $32 a month for Composer Pro billed yearly. On monthly billing, Composer Advanced costs less than Plus. ## Moving from Composer to Tactfolio You can bring a symphony with you. In Composer, use **Copy Symphony JSON**. In the Tactfolio builder, paste it under **Import a strategy**. It opens as a private draft with its backtest ready. An import either reads the same as the original or tells you what is different. If a symphony uses something Tactfolio can't express yet, nothing is saved, and every such part is listed. Tactfolio never fetches anything from Composer. It reads only the JSON you paste. [Import and export strategies](https://tactfolio.com/docs/import.md) has the details. ## Is Composer worth it? Composer is worth it if you live in the US and want one app that builds, tests and trades stock and ETF strategies for you. The free Starter plan lets you build, backtest without limits and automate one symphony. So you can try it before you pay. The $40 Pro plan makes sense once you run many symphonies or want its API. It is less worth it if you want your money at your own broker, live outside the US, or need options or crypto. Composer holds your money in its own brokerage. Its options are closed to new users, and it ended crypto on January 31, 2026. SoFi bought Composer in June 2026 and says Composer will join the SoFi platform over time, so terms may change. To see how Composer compares with other tools, read [Composer vs Option Alpha](https://tactfolio.com/comparisons/composer-vs-option-alpha.md) and [the best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md). ## Where Composer is the better pick - You want one app that holds your account and trades for you. - You want to automate a Traditional or Roth [IRA](https://tactfolio.com/learn/ira-vs-401k.md). - You want an AI chat built into the app, with nothing to set up. - You don't have, or don't want, an Alpaca account. ## Where Tactfolio is the better pick - You want to keep your money in your own Alpaca account. - You already use an AI assistant like Claude Code and want it to build strategies for you. - You want stricter backtests: a fixed 0.05% cost, a next-day-open line, and reality checks. - You want to start from classic strategies with their sources, such as [dual momentum](https://tactfolio.com/strategies/dual-momentum.md). - You want to test a Composer symphony somewhere else before you trust it. ## Who should pick which If you are a US investor who wants a simple, all-in-one app, including for an IRA, Composer fits well. Tactfolio fits better if you want your money to stay with your own broker. It also fits if you want your own AI assistant to do the building. Since Tactfolio imports Composer JSON, you can check one tool against the other at no cost. For more options, see our list of [Composer alternatives](https://tactfolio.com/comparisons/composer-alternatives.md), or read [Composer vs QuantConnect](https://tactfolio.com/comparisons/composer-vs-quantconnect.md). ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns. You can see their backtests without an account. If you use Composer today, paste one of your symphonies and compare the two backtests. ## Common questions ### Is Composer a broker? Yes. Composer Securities LLC is a registered broker-dealer and a member of FINRA and SIPC. Accounts are carried by Alpaca or Apex Clearing. Tactfolio is not a broker. It trades your own Alpaca account with your API keys. ### How much does Composer cost? As of October 16, 2026, Composer's Starter plan is free and automates one symphony. Advanced costs $10 a month for up to five. Pro costs $40 a month, or $384 a year, for up to 500. Composer used to sell a single Trading Pass at $40 a month. ### Can I import my Composer symphonies into Tactfolio? Yes. Copy the symphony's JSON in Composer and paste it into Tactfolio's builder. It opens as a private draft. Any part Tactfolio can't express yet is listed, and nothing is saved in that case. ### Does Composer support crypto or options? Not for new users. Composer ended crypto support on January 31, 2026. Its September 2026 Form CRS says it is not onboarding new customers for options. Tactfolio has no options. It can backtest crypto perpetual futures on Hyperliquid, but those don't trade real money yet. ### Is there a Composer alternative that keeps my own broker? Yes. Tactfolio is one. It runs your strategy in your own Alpaca account, with your own API keys. It only trades the balance you give it. Alpaca is the only broker Tactfolio supports today. ## Sources - [Composer homepage](https://www.composer.trade/), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer AI page](https://www.composer.trade/ai), accessed 2026-10-16 - [Composer disclosures](https://www.composer.trade/disclosures), accessed 2026-10-16 - [Composer what’s new](https://www.composer.trade/whats-new), accessed 2026-10-16 - [SoFi press release, June 23, 2026](https://s27.q4cdn.com/749715820/files/doc_news/Introducing-Composer-by-SoFi-AI-Powered-Investing-From-Idea-to-Execution-2026.pdf), accessed 2026-10-16 - [Composer Form CRS, September 2026](https://storage.googleapis.com/www.investcomposer.com/docs/form-crs.pdf), accessed 2026-10-16 - [FINRA BrokerCheck: Composer Securities LLC](https://brokercheck.finra.org/firm/summary/325118), accessed 2026-10-16 - [Composer help: plans and billing](https://help.composer.trade/article/226-manage-your-trading-pass), accessed 2026-10-16 - [Composer help: trade with AI](https://help.composer.trade/article/254-what-is-trade-with-ai), accessed 2026-10-16 - [Composer help: backtest basics](https://help.composer.trade/article/67-backtest-basics), accessed 2026-10-16 - [Composer help: data sources](https://help.composer.trade/article/29-what-data-sources-does-composer-use), accessed 2026-10-16 - [Composer help: slippage and fees](https://help.composer.trade/article/78-slippage-and-fees), accessed 2026-10-16 - [Composer help: trading period](https://help.composer.trade/article/63-trading-period), accessed 2026-10-16 - [Composer help: how Composer uses Alpaca](https://help.composer.trade/article/79-how-we-use-alpaca), accessed 2026-10-16 - [Composer help: other apps](https://help.composer.trade/article/184-can-i-connect-my-composer-account-to-other-apps), accessed 2026-10-16 - [Composer help: international users](https://help.composer.trade/article/62-international-users), accessed 2026-10-16 - [Composer help: minimum to invest](https://help.composer.trade/article/74-minimum-to-invest), accessed 2026-10-16 - [Composer retirement accounts](https://www.composer.trade/retirement), accessed 2026-10-16 --- # Tactfolio vs Portfolio Visualizer: backtest and automate > Looking for a Portfolio Visualizer alternative? Compare its monthly backtests and analysis tools with Tactfolio’s custom rules, daily data, and automation. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Portfolio Visualizer is a website for analyzing portfolios. It backtests mixes of funds and asset classes on monthly data, and it adds tools like [Monte Carlo](https://tactfolio.com/trading-tools/monte-carlo-simulation.md) and portfolio optimization. Tactfolio is a builder for your own rules-based strategies, tested on daily prices. It can also run them in your own Alpaca account. Pick Portfolio Visualizer to study a fixed mix in depth. Pick Tactfolio to build custom rules and then run them. ## Key points - Portfolio Visualizer is for analysis only. It does not trade, and it does not connect to brokers. Tactfolio can run a strategy in a [paper account](https://tactfolio.com/paper-trading.md) or in your own Alpaca account. - Portfolio Visualizer backtests use monthly returns. [Tactfolio backtests](https://tactfolio.com/backtesting.md) use daily prices. - Portfolio Visualizer offers preset tactical models, like [dual momentum](https://tactfolio.com/learn/momentum-strategy.md), with settings you can change. Tactfolio lets you write your own rules from blocks. - Portfolio Visualizer has deeper analysis tools, including factor regression, which Tactfolio does not have. Tactfolio has simpler free tools for Monte Carlo, efficient frontiers, and optimization. - Portfolio Visualizer has a free plan with limits, and paid plans from $30 a month, billed yearly. Tactfolio has a Free plan. Plus costs $12 a month and Pro costs $29 a month, and every feature is free until billing opens. ## Tactfolio vs Portfolio Visualizer at a glance Portfolio Visualizer facts were checked on its own website on October 16, 2026. Links are in the sources at the end. | | Tactfolio | Portfolio Visualizer | | --- | --- | --- | | Main job | Build, backtest, and run rules-based strategies | Analyze and backtest portfolios | | How you build | Visual blocks for your own rules | Forms: pick funds, weights, and settings | | Custom rules | Yes, with if/else, rank, and filters | Preset tactical models only | | Data detail | Daily prices | Monthly returns for most backtests | | History | Each fund's real prices, plus optional simulated history | Asset classes from 1972, tickers from 1985 | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid | US and Canadian stocks, funds, and ETFs | | Monte Carlo and optimization | Free separate tools | Yes, built into its backtests | | Trading | Paper accounts, or your own Alpaca account | None | | AI assistant | MCP server, free with your account | None found | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | Free plan. Paid plans $30 or $55 a month, billed yearly | ## What is Portfolio Visualizer? Portfolio Visualizer is a set of online tools for investors and financial advisers. You can backtest a portfolio, run Monte Carlo simulations, find an efficient frontier, and check a fund's factor exposure. Factor exposure means how much a fund behaves like groups such as small or cheap stocks. Its homepage claims 5.1 million visits a year and 187,650 securities. Those are its own numbers, from October 16, 2026. The site is run by a company called SRL Global. Its terms say it is not a broker or an investment adviser, and that it does not place trades. ## What is Tactfolio? Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy is a small tree of blocks. One block might say "hold [SPY](https://tactfolio.com/etf/spy.md) while it is above its [200-day average](https://tactfolio.com/learn/moving-average.md), else hold bonds." The [builder guide](https://tactfolio.com/docs/builder.md) shows every block. ## How you build a strategy On Portfolio Visualizer, you fill in forms. You type tickers or pick asset classes, set weights, and choose options from menus. For timing ideas, it has preset models: moving averages, momentum, dual momentum, adaptive allocation, valuation, seasonal, and target volatility. You can change their settings, but you cannot write new logic. On Tactfolio, you click blocks together. You can nest if/else conditions, rank funds by any [indicator](https://tactfolio.com/learn/best-indicators-for-trading.md), and mix several ideas in one strategy. The backtest runs again each time you change a rule. So the question is how custom your idea is. If it fits a preset model, Portfolio Visualizer can test it in a few clicks. If it needs its own rules, Tactfolio is built for that. ## Backtests and data Portfolio Visualizer has long asset-class data. Its asset-class backtests and tactical models start in 1972. Ticker backtests start in 1985. Most of its backtests use monthly returns. It can also model regular deposits, withdrawals, and adviser fees. Its disclosures say backtests may leave out trading costs like commissions and slippage. Tactfolio uses daily prices for US-listed stocks and funds, with dividends reinvested. Every trade pays a cost of 0.05%. Each backtest also shows a second line that trades at the next day's open, plus "reality checks" at higher costs. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. Many funds are young, so Tactfolio has an optional [simulated history](https://tactfolio.com/docs/simulated-history.md). It extends a fund backwards with modelled values, clearly labeled. Real prices are always the default. ## Trading and automation Portfolio Visualizer does not trade. Paid plans show trade [signals](https://tactfolio.com/learn/trading-signals.md) for its tactical models. You would place those trades yourself, at your own broker. Tactfolio can run a strategy for you. Trade runs it in a paper account with pretend money, or in your own Alpaca account with your own API keys. Each strategy trades only the starting balance you give it. Tactfolio places its trades once a day, near the market close. ## Pricing Portfolio Visualizer has three plans. The free plan allows up to 15 assets, with limited history and no saving or export. Basic costs $30 a month and Pro costs $55 a month. Both are billed yearly, so about $360 and $660 a year. Pro adds branded PDF reports and use for business. There is a 14-day free trial. These are its prices as of October 16, 2026. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). ## Where Portfolio Visualizer is the better pick - You want factor regression, or Monte Carlo and optimization tied to your backtests. - You want to test a fixed mix of asset classes back to 1972. - You are an adviser who needs branded PDF reports or fee modeling. - You hold Canadian stocks or funds. - You only want to analyze, not trade. ## Where Tactfolio is the better pick - Your idea needs its own rules, not a preset model. - You want daily data, so a rule can react within days, not only at month end. - You want the strategy to run on its own, in a paper account or your Alpaca account. - You want an AI assistant to build and test strategies at no cost. - You want to start from tested ideas, like the [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md) or [dual momentum](https://tactfolio.com/strategies/dual-momentum.md). There are 60+ [classic strategies](https://tactfolio.com/strategies/classics.md) with sources. ## Who should pick which If you plan a long-term mix and want deep analysis, pick Portfolio Visualizer. If you want to build custom rules and run them, pick Tactfolio. Many people use both: Portfolio Visualizer to study an asset mix, and Tactfolio to add rules and automate it. For more options, see our list of [Portfolio Visualizer alternatives](https://tactfolio.com/comparisons/portfolio-visualizer-alternatives.md). ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and pick one of the starter patterns. You can see its backtest without an account. To learn why a good backtest can still fail, read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md). ## Common questions ### Is Portfolio Visualizer free? Portfolio Visualizer has a free plan with all its core tools. It allows up to 15 assets, with limited history and no saving. Paid plans cost $30 or $55 a month, billed yearly. These prices were checked on October 16, 2026. ### Can Portfolio Visualizer trade for me? No. Its disclosures say it does not place trades or hold client money. Paid plans show trade signals, but you place the trades yourself. Tactfolio can run a strategy in your own Alpaca account. ### Does Tactfolio have Monte Carlo or portfolio optimization? Yes, as free tools apart from the builder. The [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md) plays out 10,000 random paths for your savings. The [portfolio optimizer](https://tactfolio.com/trading-tools/portfolio-optimizer.md) and [efficient frontier](https://tactfolio.com/trading-tools/efficient-frontier.md) work on real past prices. Portfolio Visualizer goes deeper, with factor regression and more settings. ### Why do the two sites show different backtest results? They use different data and assumptions. Portfolio Visualizer mostly uses monthly returns. Tactfolio uses daily prices and charges a small cost on every trade. Start dates and [rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md) days can differ too. ### Is there a Portfolio Visualizer alternative that runs strategies automatically? Yes. Tactfolio is one. You build rules from visual blocks, backtest them on daily prices, and can run them in your own Alpaca account. It runs long-only strategies on US-listed stocks and ETFs. ## Sources - [Portfolio Visualizer homepage](https://www.portfoliovisualizer.com/), accessed 2026-10-16 - [Portfolio Visualizer pricing](https://www.portfoliovisualizer.com/pricing), accessed 2026-10-16 - [Portfolio Visualizer sign up](https://www.portfoliovisualizer.com/sign-up), accessed 2026-10-16 - [Portfolio Visualizer FAQ](https://www.portfoliovisualizer.com/faq), accessed 2026-10-16 - [Portfolio Visualizer backtest portfolio](https://www.portfoliovisualizer.com/backtest-portfolio), accessed 2026-10-16 - [Portfolio Visualizer asset class backtest](https://www.portfoliovisualizer.com/backtest-asset-class-allocation), accessed 2026-10-16 - [Portfolio Visualizer tactical models](https://www.portfoliovisualizer.com/tactical-asset-allocation-model), accessed 2026-10-16 - [Portfolio Visualizer disclosures](https://www.portfoliovisualizer.com/global-disclosures), accessed 2026-10-16 - [Portfolio Visualizer terms of service](https://www.portfoliovisualizer.com/terms-of-service), accessed 2026-10-16 --- # Tactfolio vs Autopilot: copy trading vs your own rules > Autopilot copies politicians’ and fund managers’ portfolios. Tactfolio runs rules you can read and backtest. Compare features, brokers, and pricing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Autopilot is an app that copies ready-made portfolios into your own brokerage account. Many of them follow the trades of politicians, famous investors, and hedge funds. Tactfolio is a builder where you write your own investing rules, test them on past prices, and run them in your own Alpaca account. Pick Autopilot if you want to follow someone else's picks. Pick Tactfolio if you want rules you can read and test first. ## Key points - Autopilot copies portfolios you choose from its marketplace. Tactfolio runs rules that you build or copy and can change. - Autopilot has no backtests. Tactfolio shows every strategy's backtest before you run it. - Portfolios based on public filings can lag the real trade. Autopilot's own filing warns about this. - Autopilot works with brokers such as Robinhood, Schwab, and Public. Tactfolio works with Alpaca. - Autopilot is a registered adviser. Tactfolio is software for research and automation, not an adviser. ## Tactfolio vs Autopilot at a glance Autopilot facts were checked on October 16, 2026, in its SEC filings and its App Store listing. Links are in the sources at the end. | | Tactfolio | Autopilot | | --- | --- | --- | | Main job | Build, test, and run your own rules | Copy ready-made portfolios | | Where ideas come from | You, an AI assistant, or 60+ classic strategies | Politicians, famous investors, hedge fund filings, and other managers | | Backtests | Yes, on daily prices | None found | | Can you change the rules? | Yes | You can leave out single stocks | | Brokers | Alpaca | Robinhood, Schwab, Public, and others | | Paper trading | Yes | None found | | What it is legally | Software, not an adviser | An SEC-registered investment adviser | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | Basic free. Premium $29.99 to $199.99 a quarter per portfolio leader | ## What is Autopilot? Autopilot is a phone app for copy investing. You link a broker account you already have. Then you pick portfolios to copy. Its marketplace has portfolios based on Nancy Pelosi, Warren Buffett, Ray Dalio, hedge fund filings, AI themes, and other managers. Autopilot calls the person or fund behind each portfolio a "Pilot." Autopilot Advisers, LLC has been registered with the SEC as an investment adviser since July 2024. Its filing says it managed about $892 million across 103,270 accounts at the end of 2025. Your money stays at your own broker. ## What is Tactfolio? 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](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy is a set of rules. Here is one: "Hold the [S&P 500](https://tactfolio.com/learn/sp500-index.md) while it is above its [10-month average](https://tactfolio.com/learn/moving-average.md). Else, hold Treasury bills." It is [Faber's timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), one of the classics you can open, test, and copy. ## Copying people vs following rules This is the main difference. On Autopilot, you trust a person or fund and copy what they hold. You don't see a rule, and you can't test how the portfolio would have done. On Tactfolio, every strategy is a written rule. You can read it, change it, and see its backtest first. You can also [copy a public strategy](https://tactfolio.com/copy-trading.md) and run your own copy. A [backtest](https://tactfolio.com/learn/backtesting-explained.md) is a test of rules on past prices. It shows how a rule would have done, not how it will do. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the limits. ## The delay in copied trades Members of Congress and big funds report their trades after the fact. Autopilot's filing warns that by the time a trade is reported and copied, it "may turn out to be far less advantageous." Its portfolios also leave out short sales, options, and stocks you can't buy in fractions. So a copied portfolio can differ from what the Pilot really holds. Tactfolio has no such delay. Its rules use prices, not someone else's reports. Stock and ETF strategies decide once a day, near the market close. ## Brokers and trading Autopilot names Robinhood, Charles Schwab, and Public, "and more." Its filing says that at some brokers it can't trade for you, so you confirm each trade in the app. It also says Public pays Autopilot $50 to $5,000 for each referred account. The minimum is $500 per portfolio. Tactfolio connects to Alpaca, paper or live, with your own API keys. Each strategy trades only the starting balance you give it, which can be as small as $1. You can also use a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) with pretend money first. ## Pricing Autopilot's Basic tier is free. It buys a portfolio once and alerts you when it changes, but it doesn't [rebalance](https://tactfolio.com/learn/portfolio-rebalancing.md) for you. Premium also keeps your copy up to date for you. Its filing lists Premium at $29.99 to $199.99 a quarter, or $99.99 to $699.99 a year, for each Pilot. Autopilot takes no yearly fee on your money today. Its filing says it plans to add one of 0.25% to 1% later. These are the terms in its March 2026 filing. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). ## Where Autopilot is the better pick - You want to follow a politician, famous investor, or fund without building anything. - You already use Robinhood, Schwab, or Public. - You want an app that a registered adviser runs. - You don't want to look at rules or backtests. ## Where Tactfolio is the better pick - You want to know the exact rule behind every trade. - You want to test a strategy on past prices before you put money in. - You want to change the rules, or build your own from blocks. - You want to start from published research, like [dual momentum](https://tactfolio.com/strategies/dual-momentum.md) or the [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md). - You use Alpaca, or want to try with pretend money first. ## Who should pick which If you want someone else to choose and you follow along, Autopilot fits. If you want to understand and test your strategy, Tactfolio fits. The two can sit side by side, in different accounts. ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns and their backtests. No account is needed to look. Or browse 60+ [classic strategies](https://tactfolio.com/strategies/classics.md), each with its rules and sources. ## Common questions ### Is Autopilot free? Autopilot's Basic tier is free, but it doesn't rebalance for you. Premium, which keeps your copy up to date, costs $29.99 to $199.99 a quarter per Pilot, as listed in its March 2026 SEC filing. ### Is Autopilot safe and regulated? Autopilot Advisers, LLC is registered with the SEC as an investment adviser, CRD 331749. Your money stays at your own broker. Being registered does not mean the SEC approves it. Copied portfolios can still lose money. ### Does copying Nancy Pelosi's trades work? No one can promise that. Members of Congress report their trades late. So a copy buys later, often at a different price. Autopilot's own filing warns about this delay. ### Can Tactfolio copy politicians' trades? No. Tactfolio doesn't copy people. Its strategies follow rules based on prices and economic data, which you can read and test. ### Is there an Autopilot alternative where I can see the rules? Yes. Tactfolio is one. Every strategy shows its rules and its backtest, and you can run it in your own Alpaca account. It runs long-only strategies on US-listed stocks and ETFs. ## Sources - [Autopilot Advisers Form ADV Part 2A brochure, March 2026](https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1039494), accessed 2026-10-16 - [Autopilot Advisers Form ADV Part 1](https://reports.adviserinfo.sec.gov/reports/ADV/331749/PDF/331749.pdf), accessed 2026-10-16 - [SEC Investment Adviser Public Disclosure: Autopilot Advisers, LLC](https://adviserinfo.sec.gov/firm/summary/331749), accessed 2026-10-16 - [Autopilot on the App Store](https://apps.apple.com/us/app/autopilot-automated-investing/id1613625799), accessed 2026-10-16 --- # Tactfolio vs Option Alpha: which automation tool fits? > Option Alpha automates options trading bots. Tactfolio automates long-only stock and ETF portfolios. Compare features, brokers, and pricing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Option Alpha and Tactfolio both run automated trading bots in your own broker account, with no code. They automate very different things. Option Alpha is built for [options](https://tactfolio.com/learn/put-vs-call.md) trades, such as credit spreads and iron condors, that it opens and manages during the day. Tactfolio is built for long-only stock and ETF portfolios that [rebalance](https://tactfolio.com/learn/portfolio-rebalancing.md) once a day. ## Key points - Option Alpha is options first. Tactfolio does not trade options at all. - Option Alpha bots can check the market every minute. Tactfolio's stock and ETF strategies decide once a day, near the close. - Option Alpha works with Tradier, TradeStation, tastytrade, and Schwab. Tactfolio works with Alpaca. - Option Alpha Pro costs $99 to $149 a month, or $0 with a qualifying broker account. Tactfolio has a Free plan. Plus costs $12 a month and Pro costs $29 a month, and every feature is free until billing opens. - Tactfolio lets an AI assistant build and test strategies through MCP. We found no AI builder or MCP server at Option Alpha. ## Tactfolio vs Option Alpha at a glance Option Alpha facts were checked on its own website and docs on October 16, 2026. Links are in the sources at the end. | | Tactfolio | Option Alpha | | --- | --- | --- | | What it automates | Long-only stock and ETF portfolios | Options spreads and long stock | | How you build | Visual blocks, or your own AI assistant | Visual bot editor with decision recipes | | How often it acts | Once a day for stocks and ETFs, near the close | As often as every minute | | Backtest data | Daily prices for US-listed stocks and ETFs | 1-minute options data, mainly SPX, SPY, QQQ, IWM, and XSP | | Brokers | Alpaca | Tradier, TradeStation, tastytrade, Schwab | | Paper trading | Yes | Yes | | Community | 60+ classic strategies and Discover | Shared bot templates and leaderboards | | AI assistant | MCP server for Claude Code, Codex, and others | Copy and paste backtests into an AI tool | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | Pro $149 a month, $99 a month yearly, or $0 with some brokers | ## What is Option Alpha? Option Alpha is a no-code platform for finding options trades, backtesting them, and running them with bots. A bot scans for trades, opens positions, and closes them by your rules, such as a profit target or a [stop loss](https://tactfolio.com/learn/stop-loss.md). On October 16, 2026, its site said it had more than 10,000 traders and over 100,000 active bots. Option Alpha, LLC is based in St. Petersburg, Florida, and was founded in 2010. It says it is not a broker or a registered investment adviser. Your money stays at your broker. ## What is Tactfolio? Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy decides what to hold. Here is one: "Hold the [S&P 500](https://tactfolio.com/learn/sp500-index.md) while it is above its [10-month average](https://tactfolio.com/learn/moving-average.md). Else, hold Treasury bills." It is [Faber's timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), one of the classics you can open and copy. ## What each one trades This is the main difference. Option Alpha trades options on about 350 liquid US stocks and ETFs. It supports long stock, debit spreads, credit spreads, iron condors, and iron butterflies. Its FAQ says calendars, diagonals, straddles, and strangles are not supported. An option is a contract that gives the right to buy or sell a stock at a set price before a set date. Options can expire worthless. Selling options can lose far more than the premium you collect. Tactfolio strategies hold US-listed stocks, ETFs, and cash. They can't trade options, sell short, or borrow. They can hold leveraged and inverse ETFs like any other fund. Those funds reset daily, so held for longer their returns can differ a lot from the multiple in their name. Tactfolio can also backtest crypto perpetual futures on Hyperliquid, but those don't trade real money yet. ## How you build Both are no-code. Option Alpha bots are lists of steps, called automations. They run on a schedule, on a button click, or when a webhook from a tool like TradingView fires. A Tactfolio strategy is a tree of blocks: tickers, weights, if/else conditions, and rank. The backtest runs again each time you change a rule. You can also ask an AI assistant to build it for you through MCP, a standard way for AI assistants to use other apps. See [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). ## Backtests Option Alpha's backtester uses 1-minute options data. Since June 2026 it reaches back to 2013 and tests trades up to 45 days to expiration. Its FAQ lists SPX, [SPY](https://tactfolio.com/etf/spy.md), [QQQ](https://tactfolio.com/etf/qqq.md), [IWM](https://tactfolio.com/etf/iwm.md), and XSP. You set slippage yourself, and assignment is not modelled. Bots can't be backtested directly. Only the strategy types the backtester supports can. [Tactfolio backtests](https://tactfolio.com/backtesting.md) whole strategies on daily prices with dividends reinvested. Every trade pays 0.05%. A second line trades at the next day's open, so you see how much timing matters. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. ## Brokers and live trading Option Alpha connects to Tradier, TradeStation, tastytrade, and Charles Schwab. Its docs say Schwab needs you to sign in again every 7 days. Interactive Brokers, Fidelity, E*TRADE, and Robinhood are not supported. Live trading is not available in Canada. Tactfolio connects to Alpaca, paper or live, with your own API keys. Each strategy trades only the starting balance you give it. You can also use a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) with pretend money. ## Pricing Option Alpha has one paid plan, Pro, as of October 16, 2026: | Option | Price | Catch | | --- | --- | --- | | Pro, monthly | $149 a month | Any supported broker | | Pro, yearly | $99 a month ($1,188 a year) | Any supported broker | | Pro through TradeStation | $0 | $10,000 minimum balance, TradeStation only | | Pro through Tradier | $0 | Fund $5,000 and keep $3,000, Tradier only | | Pro through tastytrade | $0 | $5,000 minimum balance, tastytrade only | Option Alpha offers a 30-day free trial with no credit card. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). Price is not the main reason to pick one over the other. Option Alpha is built for options, and Tactfolio does not trade options. ## What are the best Option Alpha alternatives? The best Option Alpha alternative depends on whether you want to keep trading options. Facts were checked on each tool's own pages on October 16, 2026. - **For options research and backtests: ORATS.** ORATS sells options backtesters, scanners and an AI agent called Otto, from $99 a month. You send orders to Interactive Brokers, TradeStation or Tradier yourself. It does not run hands-off bots. See [Tactfolio vs ORATS](https://tactfolio.com/comparisons/tactfolio-vs-orats.md). - **For coded options strategies: QuantConnect.** You write Python or C#. It has US equity options data from 2010 and connects to about 20 brokers. See [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md). - **For stock and ETF strategies instead: Composer or Tactfolio.** Both build without code. Composer holds your money in its own brokerage. Tactfolio runs in your own Alpaca account and has a Free plan. See [Composer vs Option Alpha](https://tactfolio.com/comparisons/composer-vs-option-alpha.md). ## Where Option Alpha is the better pick - You trade options and want bots to open and manage spreads. - You want trades during the day, including same-day (0DTE) options. - You use Tradier, TradeStation, tastytrade, or Schwab. - You want options lessons and a community of options traders. ## Where Tactfolio is the better pick - You invest in stocks and ETFs and don't want options risk. - You want a portfolio rule that runs once a day, such as [trend following](https://tactfolio.com/learn/trend-following.md) or [momentum](https://tactfolio.com/strategies/dual-momentum.md). - You want to start from published research, with 60+ [classic strategies](https://tactfolio.com/strategies/classics.md). - You want an AI assistant to build and backtest strategies for you. - You use Alpaca. ## Who should pick which If you trade options, pick Option Alpha. Tactfolio can't place an options trade. If you want an [automated](https://tactfolio.com/automated-trading.md) stock and ETF portfolio that you can read, test, and leave alone, pick Tactfolio. A few people use both: Option Alpha for an options sleeve, Tactfolio for the core portfolio. ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns and their backtests. No account is needed to look. New to this? Start with [what rules-based asset allocation is](https://tactfolio.com/docs/concepts/rules-based-allocation.md). ## Common questions ### Is Option Alpha free? Option Alpha Pro is free if you trade through a qualifying TradeStation, Tradier, or tastytrade account, with that broker's minimum balance. Otherwise it costs $149 a month, or $99 a month billed yearly. It has a 30-day free trial. Prices were checked on October 16, 2026. ### Can Tactfolio trade options like Option Alpha? No. Tactfolio has no options. Its strategies hold stocks, ETFs, cash, or crypto perps, long only. If you want to automate options, Option Alpha is built for that. ### Which brokers work with Option Alpha? Tradier, TradeStation, tastytrade, and Charles Schwab, as of October 16, 2026. Webull and Public are listed as coming soon. Tactfolio works with Alpaca only. ### Does Option Alpha have an AI strategy builder? We found none on its site on October 16, 2026. Its June 2026 update lets you copy backtest results into an AI tool. Tactfolio has an MCP server, so assistants like Claude Code or Codex can build, backtest, and save strategies in your account. ### Is there an Option Alpha alternative for stocks and ETFs? Yes. Tactfolio automates long-only stock and ETF strategies in your own Alpaca account, with a no-code builder. It does not trade options. ## Sources - [Option Alpha homepage](https://optionalpha.com/), accessed 2026-10-16 - [Option Alpha pricing](https://optionalpha.com/pricing), accessed 2026-10-16 - [Option Alpha FAQ](https://optionalpha.com/faqs), accessed 2026-10-16 - [Option Alpha integrations](https://optionalpha.com/integrations), accessed 2026-10-16 - [Option Alpha backtester](https://optionalpha.com/backtester), accessed 2026-10-16 - [Option Alpha backtester upgrade, June 2026](https://optionalpha.com/changelog/huge-backtester-upgrade-including-up-to-45-dte-new-position-exit-rules-ai-friendly-copy-paste-and-many-more-new-features), accessed 2026-10-16 - [Option Alpha about us](https://optionalpha.com/about-us), accessed 2026-10-16 - [Option Alpha risk disclosure](https://optionalpha.com/legal/risk-disclosure-agreement), accessed 2026-10-16 - [Option Alpha bots docs](https://docs.optionalpha.com/tools/bots), accessed 2026-10-16 - [Option Alpha webhooks docs](https://docs.optionalpha.com/tools/bots/webhooks), accessed 2026-10-16 - [Option Alpha backtesting best practices](https://docs.optionalpha.com/tools/backtesting/best-practices), accessed 2026-10-16 - [Option Alpha supported symbols](https://docs.optionalpha.com/technical-documentation/platform/supported-ticker-symbols), accessed 2026-10-16 --- # Tactfolio vs QuantConnect: no-code vs code compared > QuantConnect is a code-first algorithmic trading platform. Tactfolio is a visual, no-code builder. Compare data, brokers, AI, and pricing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. QuantConnect is a platform for writing trading algorithms in code, Python or C#. Tactfolio is a visual builder for rules-based stock and ETF portfolios, with no code needed. Pick QuantConnect if you program and need options, futures, forex, live crypto trading, or minute-level data. Pick Tactfolio if you want to build, test, and automate a long-only portfolio without writing code. ## Key points - QuantConnect is code first. You write each strategy in Python or C#. Tactfolio uses blocks you click together. - QuantConnect covers many markets: stocks, options, futures, forex, [CFDs](https://tactfolio.com/learn/cfd-trading.md), and crypto. Tactfolio covers US-listed stocks and ETFs, and it can backtest crypto perps on Hyperliquid. - QuantConnect connects to about 20 brokers. Tactfolio trades through one broker, Alpaca. - Both let an AI assistant build and test strategies. Tactfolio's assistant access is free. QuantConnect's MCP server needs a paid agent node. - Tactfolio's Free plan includes 1 live strategy. QuantConnect has a free plan, but live trading starts with paid plans. ## Tactfolio vs QuantConnect at a glance QuantConnect facts were checked on its own website on October 16, 2026. Links are in the sources at the end. | | Tactfolio | QuantConnect | | --- | --- | --- | | How you build | Visual blocks, no code | Python or C# code | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid (no real-money trading yet) | Stocks, options, futures, forex, CFDs, crypto | | Data detail | Daily for stocks and ETFs, hourly or daily for crypto perps | Tick, second, minute, hour, and daily | | Strategy direction | Long only (no short selling or margin) | Long and short, with margin models | | Live trading | Your own Alpaca account, paper or live | About 20 brokers, plus its own paper trading | | AI assistant | MCP server, free with your account | Mia agent and an MCP server (paid agent node) | | Ready-made strategies | 60+ classic strategies, plus member strategies in Discover | Community strategies to clone in Strategy Explorer | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | Free plan. Paid seats from $10 a month, bundles from $84 a month | ## What is QuantConnect? QuantConnect is a cloud platform where you write, backtest, and run trading algorithms in code. A [backtest](https://tactfolio.com/learn/backtesting-explained.md) is a test of rules on past prices. QuantConnect's engine is called LEAN, and it is open source. You can run it in your browser or on your own computer. QuantConnect says it has a community of 554,000 [quants](https://tactfolio.com/learn/quantitative-trading.md). It also says more than 375,000 live strategies have run on it since 2012. Those are its own numbers, from its homepage on October 16, 2026. ## What is Tactfolio? 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](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy is a small tree of blocks, so you can do [quant trading without code](https://tactfolio.com/quant-trading.md). One block might say "hold [SPY](https://tactfolio.com/etf/spy.md) while it is above its [200-day average](https://tactfolio.com/learn/moving-average.md), else hold bonds." The [builder guide](https://tactfolio.com/docs/builder.md) shows every block. ## How you build a strategy On QuantConnect, you write code. You need to know Python or C#, and you work in a code editor in the browser or on your computer. This gives you full control. You can model almost any idea, if you can code it. On Tactfolio, you click blocks together. Four kinds cover most ideas: tickers, weights, if/else conditions, and rank. The backtest runs again each time you change a rule. You never write code. So the real question is whether you code. If you do, QuantConnect can do more. If you don't, QuantConnect is hard to start with, and Tactfolio is built for you. ## Backtests and data QuantConnect has deeper data. Its US stock data starts in January 1998 and goes down to single trades (tick data). It also has options data from 2010 and futures data from 2009. Its models cover fills, slippage, fees, [margin](https://tactfolio.com/learn/margin-trading.md), and short selling. Second and tick data need a paid plan. Tactfolio uses daily prices for US-listed stocks and funds, with dividends reinvested. Every trade pays a cost of 0.05%. Each backtest also shows a second line that trades at the next day's open, plus "reality checks" at higher costs. Crypto perps on Hyperliquid use Hyperliquid's own hourly or daily prices, with funding included. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. For young funds, an optional, clearly labeled simulated history reaches further back. ## Live trading and brokers QuantConnect is not a broker. It connects your code to a broker you choose. Its docs list about 20, including Interactive Brokers, Charles Schwab, Tastytrade, Alpaca, Webull, Coinbase, and Kraken. Live trading needs a live node, and the free plan has none. Tactfolio is not a broker either. Trade runs a strategy in a [paper account](https://tactfolio.com/paper-trading.md) with pretend money, or in your own Alpaca account with your own API keys. Each strategy trades only the starting balance you give it. It never touches the other things you hold there. Tactfolio places its trades once a day, near the market close. ## AI assistants Both platforms let an AI assistant do the building. QuantConnect has Mia, an AI agent that writes code, runs backtests, and fixes errors. It also has an MCP server for tools like Claude Code and Cursor. MCP is a standard way for AI assistants to use other apps. QuantConnect's MCP server needs a paid agent node, from $24 a month. Tactfolio's MCP server is free with your account. You describe an idea in a sentence. Your assistant builds the strategy, runs backtests, and saves a draft you can check in the builder. Setup steps are in [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). ## Pricing QuantConnect has a free plan with one backtest node and no live trading. Paid seats cost $10 to $96 a month. Most people also pay for compute nodes. Its ready-made bundles cost $84 a month for one researcher and $168 for a team. Some data sets cost extra. These are its prices as of October 16, 2026. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). Price is not the main reason to pick one over the other. QuantConnect is built for people who write code, and Tactfolio is a no-code builder. ## What are the best QuantConnect alternatives for people who don't code? If you don't code, these tools let you build and test strategies without Python or C#. Facts were checked on each tool's own pages on October 16, 2026. | Alternative | Good for | Live trading | | --- | --- | --- | | Tactfolio | Long-only stock and ETF strategies from blocks or your AI assistant | Your own Alpaca account. Free plan, paid plans from $12 a month | | Composer | No-code stock and ETF strategies with built-in AI | In a Composer brokerage account, free for 1 strategy | | QuantMage | No-code stock and ETF strategies | Your own Alpaca account, on the $400 to $500 a month plan | | TrendSpider | Chart-based strategies on many markets, built point and click | Many brokers through webhooks, from $54 a month | | Option Alpha | Options bots | Tradier, TradeStation, tastytrade or Schwab, from $99 a month | For more detail, read [the best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md). ## Where QuantConnect is the better pick - You code in Python or C# and want full control of every detail. - You trade options, futures, forex, or CFDs, or want live crypto trading. - You need intraday data, down to the minute or the tick. - You want to short stocks or use margin. - Your broker is not Alpaca. ## Where Tactfolio is the better pick - You don't code, or you would rather not. - You want to test ideas like [trend following](https://tactfolio.com/learn/trend-following.md) or [dual momentum](https://tactfolio.com/strategies/dual-momentum.md) on stocks and ETFs. - You want to start from tested ideas. There are 60+ [classic strategies](https://tactfolio.com/strategies/classics.md) with sources, and member strategies in [Discover](https://tactfolio.com/strategies). - You want an AI assistant to build strategies at no cost. - You want simple, honest backtest numbers you can read in a minute. ## Who should pick which If you are a programmer, or you trade more than stocks and ETFs, pick QuantConnect. If you are a do-it-yourself investor who wants rules-based portfolios without code, pick Tactfolio. Some people use both: Tactfolio to sketch an idea fast, QuantConnect to code a version with more detail. Choosing between Composer and QuantConnect? Read [Composer vs QuantConnect](https://tactfolio.com/comparisons/composer-vs-quantconnect.md). ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and pick one of the starter patterns. You can see its backtest without an account. To learn why a good backtest can still fail, read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md). ## Common questions ### Is QuantConnect free? QuantConnect has a free plan with backtesting and research. It does not include live trading. Paid seats start at $10 a month, and most users also pay for compute nodes. These prices were checked on October 16, 2026. ### Do I need to code to use QuantConnect? Yes. QuantConnect strategies are written in Python or C#. Its AI agent, Mia, can write the code for you, but you still work with code. Tactfolio needs no code at all. ### Can Tactfolio trade options or crypto like QuantConnect? Not options. Tactfolio can backtest crypto perpetual futures on Hyperliquid, but it doesn't trade them with real money yet. If you need options, futures, forex, or live crypto trading, QuantConnect is the better fit. ### Which brokers does each one support? QuantConnect lists about 20 brokers, including Interactive Brokers, Schwab, and Alpaca. For stocks and ETFs, Tactfolio supports Alpaca only, in a paper or live account with your own API keys. ### Is there a QuantConnect alternative without code? Yes. Tactfolio is one. You build strategies from visual blocks, backtest them on daily prices, and can run them in your own Alpaca account. It covers long-only stock and ETF strategies, not every market QuantConnect covers. ## Sources - [QuantConnect homepage](https://www.quantconnect.com/), accessed 2026-10-16 - [QuantConnect pricing](https://www.quantconnect.com/pricing/), accessed 2026-10-16 - [QuantConnect tier features](https://www.quantconnect.com/docs/v2/cloud-platform/organizations/tier-features), accessed 2026-10-16 - [QuantConnect brokerages](https://www.quantconnect.com/docs/v2/cloud-platform/live-trading/brokerages), accessed 2026-10-16 - [QuantConnect getting started](https://www.quantconnect.com/docs/v2/writing-algorithms/key-concepts/getting-started), accessed 2026-10-16 - [QuantConnect US equities data](https://www.quantconnect.com/docs/v2/writing-algorithms/datasets/algoseek/us-equities), accessed 2026-10-16 - [QuantConnect reality modeling](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/key-concepts), accessed 2026-10-16 - [QuantConnect Mia agent](https://www.quantconnect.com/docs/v2/ai-assistance/predefined-agents/mia), accessed 2026-10-16 - [QuantConnect MCP server](https://www.quantconnect.com/docs/v2/ai-assistance/mcp-server/key-concepts), accessed 2026-10-16 - [LEAN on GitHub](https://github.com/QuantConnect/Lean), accessed 2026-10-16 --- # Tactfolio vs TrendSpider: portfolios vs chart trading > TrendSpider is a charting and trading platform for active traders. Tactfolio runs rules-based stock and ETF portfolios. Compare features and pricing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. TrendSpider is a charting and trading platform for active traders. It draws trendlines for you, finds chart patterns, scans the market, and can send trades from bots during the day. Tactfolio is a builder for rules-based portfolios of stocks and ETFs that [rebalance](https://tactfolio.com/learn/portfolio-rebalancing.md) once a day. Pick TrendSpider if you trade single stocks off charts. Pick Tactfolio if you want a portfolio rule that runs on its own. ## Key points - TrendSpider is built around charts and single symbols. Tactfolio is built around portfolios that hold several funds at once. - TrendSpider bots can act on 5-minute bars. Tactfolio's stock and ETF strategies decide once a day, near the close. - TrendSpider covers stocks, ETFs, options, futures, forex, and crypto. Tactfolio covers US-listed stocks and ETFs, plus crypto perps on Hyperliquid. - TrendSpider sends bot orders through webhooks, mainly SignalStack, to about 30 brokers. Tactfolio trades your own Alpaca account directly. - TrendSpider has no free plan. Paid plans start at $82 a month. Tactfolio has a Free plan, and its paid plans start at $12 a month. ## Tactfolio vs TrendSpider at a glance TrendSpider facts were checked on its own website on October 16, 2026. Links are in the sources at the end. | | Tactfolio | TrendSpider | | --- | --- | --- | | Main job | Build, test, and run portfolio rules | Chart, scan, and trade single symbols | | How you build | Visual blocks, or your own AI assistant | Menus, plain English, JavaScript, or its Sidekick AI | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid | Stocks, ETFs, options, futures, forex, crypto | | Smallest bar | Daily for stocks and ETFs, hourly for crypto perps | 1 minute for charts and backtests, 5 minutes for bots | | Trading | Your own Alpaca account, or a paper account | About 30 brokers, through SignalStack or other webhook tools | | Automated orders | Included | 5 a month included, more with a paid SignalStack plan | | AI assistant | MCP server, free with your account | Sidekick, 25 free messages a month, paid tiers from $49 a month | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | From $82 a month, no free plan | ## What is TrendSpider? TrendSpider is a cloud platform for technical traders. It draws trendlines and Fibonacci levels for you and spots chart patterns as they form. It also has scanners, alerts, a no-code strategy tester, machine learning models, and trading bots. TrendSpider LLC was founded in 2016 and is based in Illinois. TrendSpider says it is not a broker. Its pricing page claims more than 20,000 customers, as of October 16, 2026. Its own guide for AI tools says it is not for passive buy-and-hold investors or complete beginners. ## What is Tactfolio? Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy decides what mix of funds to hold. Here is one: "Hold the [S&P 500](https://tactfolio.com/learn/sp500-index.md) while it is above its [10-month average](https://tactfolio.com/learn/moving-average.md). Else, hold Treasury bills." It is [Faber's timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), one of the classics you can open and copy. ## Different jobs The two tools answer different questions. TrendSpider asks "should I trade this symbol now?" Its strategies watch one symbol on one timeframe and fire buy and sell [signals](https://tactfolio.com/learn/trading-signals.md). You can test a strategy on up to 510 symbols at once, but each bot trades one symbol. Tactfolio asks "what should my whole portfolio hold?" A strategy can compare many funds, [rank them by momentum](https://tactfolio.com/strategies/dual-momentum.md), and split the money between the winners. It then rebalances the whole mix. ## How you build a strategy TrendSpider gives you many ways in. You can pick conditions from menus, type them in plain English, or write indicators in JavaScript. Its Sidekick AI can also build and test strategies for you. TrendSpider says Sidekick runs on models from Anthropic, Google, and OpenAI. On Tactfolio, you click blocks together: tickers, weights, if/else conditions, and rank. The backtest runs again each time you change a rule. You can also connect an AI assistant you already use, such as Claude Code or Codex, through MCP. MCP is a standard way for AI assistants to use other apps. See [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). ## Backtests TrendSpider's Strategy Tester runs on bars from 1 minute to yearly. Its site says it stores up to 50 years of history for symbols that have it. Each test is capped by bar count, so a 1-minute test covers far less time than a daily one. Lower plans have tighter caps. You set your own trading cost. Tactfolio tests whole portfolios on daily prices, with dividends reinvested. Crypto perps can also use hourly bars. Every trade pays 0.05%. A second line trades at the next day's open, so you see how much timing matters. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. ## Trading and brokers TrendSpider is not a broker. Its bots send a webhook when a bar closes, 40 to 60 seconds later. SignalStack, a TrendSpider company, turns that into an order at your broker. Its directory lists about 30 brokers and exchanges, including Interactive Brokers, Schwab, Alpaca, Tradier, and Coinbase. Every plan includes 5 automated orders a month through SignalStack. More need a paid SignalStack plan. Tactfolio connects straight to Alpaca, paper or live, with your own API keys. Each strategy trades only the starting balance you give it. You can also run a strategy in a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) with pretend money. ## Pricing TrendSpider has four plans for individuals, as of October 16, 2026. All plans have the same features, with different limits. | Plan | Monthly | Yearly | Bots | | --- | --- | --- | --- | | Standard | $82 | $648 | 5 | | Premium | $137 | $1,092 | 10 | | Enhanced | $183 | $1,464 | 50 | | Advanced | $321 | $2,568 | 100 | These are the prices when you pay up front. A 14-day trial costs $19 to $49, and the plan then renews at a slightly higher price. Real-time futures and options data cost extra. A Business plan starts at $399 a month. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). Price is not the main reason to pick one over the other. TrendSpider is built around charts and scanners, and Tactfolio is built around rules-based portfolios. ## Where TrendSpider is the better pick - You trade single stocks or other assets off charts and patterns. - You want intraday bars, scanners, and alerts in one place. - You trade options, futures, or forex, or want live crypto trading. - You use a broker other than Alpaca. - You want to write custom indicators in JavaScript. ## Where Tactfolio is the better pick - You want a portfolio rule, like [trend following](https://tactfolio.com/learn/trend-following.md) or [momentum](https://tactfolio.com/learn/momentum-strategy.md) across several funds. - You want the strategy to rebalance once a day without watching charts. - You want to start from published research, with 60+ [classic strategies](https://tactfolio.com/strategies/classics.md). - You want an AI assistant to build and test strategies at no cost. - You want to start on a free plan. ## Who should pick which If you are an active trader who lives in charts, pick TrendSpider. If you are a long-term investor who wants a rules-based portfolio that runs itself, pick Tactfolio. Some people use both: TrendSpider for short-term trades, Tactfolio for the core portfolio. ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns and their backtests. No account is needed to look. New to this? Start with [what rules-based asset allocation is](https://tactfolio.com/docs/concepts/rules-based-allocation.md). ## Common questions ### Is TrendSpider free? No. TrendSpider has no free plan. Plans start at $82 a month, or $648 a year, paid up front. A 14-day trial costs $19 or more. These prices were checked on October 16, 2026. ### Can TrendSpider trade automatically? Yes, through webhooks. A bot sends a signal when a bar closes, and SignalStack or a similar tool places the order at your broker. Five automated orders a month are included. Bots run on 5-minute to daily bars. ### Does TrendSpider work with Alpaca? Alpaca is in TrendSpider's broker directory, so you can route bot orders there through SignalStack. Tactfolio connects to Alpaca directly, with your own API keys. ### Can Tactfolio trade intraday like TrendSpider? Not for stocks. Tactfolio's stock and ETF strategies decide once a day, near the close. Crypto perp strategies on Hyperliquid can use hourly bars, but they don't trade real money yet. For intraday stock trading, TrendSpider is the better fit. ### Is there a TrendSpider alternative for long-term investors? Yes. Tactfolio is built for rules-based portfolios that rebalance daily, weekly, or monthly. It has a Free plan, and it runs strategies in your own Alpaca account. ## Sources - [TrendSpider homepage](https://trendspider.com/), accessed 2026-10-16 - [TrendSpider pricing](https://trendspider.com/pricing/), accessed 2026-10-16 - [TrendSpider Standard plan checkout](https://trendspider.com/pricing/signup/standard-ind/), accessed 2026-10-16 - [TrendSpider guide for AI tools (llms.txt)](https://trendspider.com/llms.txt), accessed 2026-10-16 - [TrendSpider about us](https://trendspider.com/about/), accessed 2026-10-16 - [TrendSpider terms of service](https://trendspider.com/terms-of-service/), accessed 2026-10-16 - [TrendSpider charting and markets](https://trendspider.com/product/analyze-and-chart-any-market-asset/), accessed 2026-10-16 - [TrendSpider strategy tester](https://trendspider.com/product/strategy-development-and-backtesting-tools/), accessed 2026-10-16 - [TrendSpider Sidekick AI](https://trendspider.com/product/sidekick-ai-trading-assistant/), accessed 2026-10-16 - [TrendSpider brokers directory](https://trendspider.com/brokers-directory/), accessed 2026-10-16 - [TrendSpider help: trading bots](https://help.trendspider.com/kb/trading-bots/trading-bots), accessed 2026-10-16 - [SignalStack, a TrendSpider company](https://signalstack.com/), accessed 2026-10-16 --- # Tactfolio vs QuantMage: features, pricing, and fit > Tactfolio and QuantMage both build no-code strategies and trade through Alpaca. Compare their builders, backtests, data, and the price of automation. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. QuantMage and Tactfolio are close cousins. Both let you build rules-based stock and ETF strategies from blocks, backtest them on daily prices, and trade them once a day in your own Alpaca account. The biggest difference is the price of automation. QuantMage charges $400 to $500 a month for it. Tactfolio's Free plan automates 1 strategy, and Plus automates 10 for $12 a month. ## Key points - Both use no-code blocks, daily closing prices, and Alpaca. Neither one is a broker. - QuantMage automates trading only on its Mage plan, at $500 a month or $400 a month billed yearly. Tactfolio's Free plan automates 1 strategy, and Plus automates 10 for $12 a month ($99 a year). - Both can read economic data from FRED. Tactfolio counts each figure only from the day it was published. QuantMage adds market series like MOVE and the dollar index. - Tactfolio works with your AI assistant through MCP. We found no AI features at QuantMage. - Tactfolio charges 0.05% on every backtest trade and adds a next-day-open line. QuantMage's docs describe no trading cost in backtests. - You can bring a QuantMage spell into Tactfolio by uploading its exported JSON file. ## Tactfolio vs QuantMage at a glance QuantMage facts were checked on its own website and docs on October 16, 2026. Links are in the sources at the end. | | Tactfolio | QuantMage | | --- | --- | --- | | What it is | Research and automation software | Research and automation software | | How you build | Visual blocks, or your own AI assistant | Visual blocks, called incantations | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid, long only | US stocks and ETFs | | Backtest data | Daily prices, plus labeled simulated history | Daily closing prices, all the history its data source has | | Trading cost in backtests | 0.05% per trade, plus a next-day-open line | None described | | Market and economic data in rules | VIX and FRED series, each dated by its release day | VIX, MOVE, DXY, breadth, and FRED series | | Broker | Alpaca, with your own API keys | Alpaca, linked by sign-in | | When trades happen | Once a day, near the close | Once a day, near the close | | AI assistant | MCP server, free with your account | None found | | Price for automation | Free for 1 strategy. Plus $12 a month ($99 a year) for 10. Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | $500 a month, or $400 a month billed yearly | ## What is QuantMage? QuantMage is a no-code platform for building and backtesting investing strategies. It calls a strategy a "spell" and its editor "Grimoire." Its blocks include weights, if/else, filters, switches, and enter/exit rules. Its homepage claims more than 10,000 strategies written and more than $15 million invested in them, as of October 16, 2026. QuantMage LLC runs it from the US. Its FAQ says it is not a broker-dealer or an investment adviser. It names no founder on its site. Its changelog starts in October 2023. ## What is Tactfolio? 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](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Tactfolio is not a broker. Your money stays in your Alpaca account. A Tactfolio strategy trades only the starting balance you give it. It never touches the other things you hold there. ## How you build a strategy The two builders work in much the same way. Both use blocks for tickers, weights, if/else conditions, and picking the top few funds by a score. QuantMage calls that last block "Filtered." Tactfolio calls it "rank." The [builder guide](https://tactfolio.com/docs/builder.md) lists every Tactfolio block. Both can read the VIX and economic data from the Federal Reserve's FRED database, such as Treasury yields and their spreads. Tactfolio is strict about dates. A figure counts only from the day it was published, so a backtest never uses news before it came out. QuantMage reads more market series, such as the MOVE bond index, the dollar index, and market breadth. It also has Mixed blocks and a tool to edit matching blocks all at once. Tactfolio has no built-in chat, and neither does QuantMage. But Tactfolio lets you connect an assistant you already use, such as Claude Code or Codex, through MCP. MCP is a standard way for AI assistants to use other apps. Your assistant can build a strategy, run backtests, and save a draft for you to check. See [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). ## Backtests Both tools test rules on daily closing prices, with dividends reinvested. A [backtest](https://tactfolio.com/learn/backtesting-explained.md) is a test of rules on past prices. QuantMage says its backtests run in under 300 milliseconds and assume fractional shares. Its docs do not describe any trading cost or slippage. Tactfolio charges 0.05% on every trade in every backtest. It also draws a second line that trades at the next day's open, and it adds "reality checks" at higher costs. These show how much a result depends on perfect timing and cheap trades. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. QuantMage has one feature worth copying. Since June 2025, it records when you last changed a spell's logic. So you can see how a spell has done since then, on data it never saw. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you trust any backtest, on either site. ## Live trading Both tools trade through Alpaca, once a day, near the close. Both work with Alpaca paper accounts. QuantMage links your Alpaca account by signing in, and it supports taxable and [IRA](https://tactfolio.com/learn/ira-vs-401k.md) accounts there. Tactfolio uses your own Alpaca API keys, paper or live. You can also run a strategy in a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) with pretend money. ## Pricing QuantMage has two plans, as of October 16, 2026: | Plan | Monthly | Billed yearly | What you get | | --- | --- | --- | --- | | Apprentice | $10 a month | $8 a month | Building, backtesting, and analytics | | Mage | $500 a month | $400 a month | Adds automated and paper trading, a dashboard, and founder sessions | QuantMage has a 14-day free trial with no credit card, but no free plan. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). Automated trading on QuantMage starts at $400 a month, billed yearly. On Tactfolio it starts at $0 for 1 strategy. ## Moving from QuantMage to Tactfolio You can bring a spell with you. In QuantMage's Grimoire, choose **Export** to save a JSON file. In the Tactfolio builder, upload or paste it under **Import a strategy**. It opens as a private draft with its backtest ready. An import either reads the same as the original or tells you what is different. Some QuantMage parts can't be imported yet, such as Mixed blocks and the MACD indicator. In that case, nothing is saved, and every such part is listed. [Import and export strategies](https://tactfolio.com/docs/import.md) has the full list. ## Where QuantMage is the better pick - You want market series like MOVE, the dollar index, or breadth in your rules. - You want Mixed blocks or MACD, which Tactfolio lacks. - You only need cheap backtesting, at $8 to $10 a month, and will trade by hand. - You want monthly sessions with its founder and a private community. ## Where Tactfolio is the better pick - You want to automate trading in Alpaca without paying $400 to $500 a month. - You want backtests that charge a trading cost on every trade. - You want your own AI assistant to build and test strategies for you. - You want to start from 60+ [classic strategies](https://tactfolio.com/strategies/classics.md) with sources, such as [dual momentum](https://tactfolio.com/strategies/dual-momentum.md). - You want to test a QuantMage spell somewhere else before you trust it. ## Who should pick which If you need QuantMage's extra indicators and market series, and the price fits your account size, QuantMage is a strong tool. If you want the same kind of builder with automation on a free plan, Tactfolio fits better. Since Tactfolio imports QuantMage spells, you can test one against the other at no cost. For more options, see our list of [QuantMage alternatives](https://tactfolio.com/comparisons/quantmage-alternatives.md). ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns. You can see their backtests without an account. If you use QuantMage today, export one of your spells, import it, and compare the two backtests. ## Common questions ### How much does QuantMage cost? As of October 16, 2026, QuantMage's Apprentice plan costs $10 a month, or $8 a month billed yearly. It covers building and backtesting. Automated trading needs the Mage plan, at $500 a month or $400 a month billed yearly. ### Is QuantMage free? No. QuantMage has a 14-day free trial, but no free plan. Tactfolio has a Free plan, and it includes 1 [automated strategy](https://tactfolio.com/automated-trading.md). ### Can I import my QuantMage spells into Tactfolio? Yes. Export the spell from QuantMage's Grimoire as a JSON file, then upload it in Tactfolio's builder. It opens as a private draft. Any part Tactfolio can't express yet is listed, and nothing is saved in that case. ### Does QuantMage support crypto or options? No. QuantMage's FAQ says it supports neither. Tactfolio has no options either. It can backtest crypto perpetual futures on Hyperliquid, but those don't trade real money yet. ### Is there a QuantMage alternative with free automated trading? Yes. Tactfolio is one. It runs your strategy in your own Alpaca account, the same broker QuantMage uses. Its Free plan automates 1 strategy, and Plus automates 10 for $12 a month. ## Sources - [QuantMage homepage](https://quantmage.app/), accessed 2026-10-16 - [QuantMage pricing](https://quantmage.app/pricing.html), accessed 2026-10-16 - [QuantMage FAQ](https://quantmage.app/library/guides/faq/), accessed 2026-10-16 - [QuantMage terms and conditions](https://quantmage.app/terms_and_conditions.html), accessed 2026-10-16 - [QuantMage changelog](https://quantmage.app/library/reference/changelog/), accessed 2026-10-16 - [QuantMage indicators](https://quantmage.app/library/reference/indicators/), accessed 2026-10-16 - [QuantMage: get started](https://quantmage.app/library/guides/get_started/), accessed 2026-10-16 - [QuantMage: link your Alpaca account](https://quantmage.app/library/guides/alpaca_link/), accessed 2026-10-16 --- # Tactfolio vs Collective2: copy traders or own your rules > Collective2 copies trades from strategy managers. Tactfolio runs rules you can read and backtest. Compare track records, markets, brokers, and pricing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Collective2 is a marketplace where you pay to follow trading strategies run by other people. Their trades are copied into your own broker account. Tactfolio is a builder where you write your own investing rules, test them on past prices, and run them in your own Alpaca account. Pick Collective2 to follow a manager with a live track record. Pick Tactfolio to own rules you can read, change, and test. ## Key points - Collective2 copies trades from managers. Tactfolio runs rules that you build or copy and can change. - Collective2 shows only results recorded after a strategy went live. It shows no backtests on purpose. Tactfolio shows a backtest for every strategy. - Collective2 covers stocks, options, futures, and forex, traded in real time. Tactfolio's stock and ETF strategies decide once a day. - Collective2 works with brokers such as Interactive Brokers, Tradier, and Tradovate. Tactfolio works with Alpaca. - Following on Collective2 costs a plan fee plus each strategy's own fee. Tactfolio has a Free plan. Plus costs $12 a month and Pro costs $29 a month, and every feature is free until billing opens. ## Tactfolio vs Collective2 at a glance Collective2 facts were checked on its own website on October 16, 2026. Links are in the sources at the end. | | Tactfolio | Collective2 | | --- | --- | --- | | Main job | Build, test, and run your own rules | Follow strategies run by other traders | | Where strategies come from | You, an AI assistant, or 60+ classic strategies | Managers who sell subscriptions | | Can you see the rules? | Yes, every rule | No, you see trades and results | | Backtests | Yes, on daily prices | None shown, only results since going live | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid | Stocks, options, futures, and forex | | Trade timing | Once a day for stocks and ETFs, near the close | In real time, when the manager trades | | Brokers | Alpaca | More than 10, including Interactive Brokers, Tradier, and Tradovate | | What it is legally | Software, not an adviser | An NFA member, registered with the CFTC | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | $49 to $299 a month, plus each strategy's fee | ## What is Collective2? Collective2 is a marketplace for trading strategies. Strategy managers publish their trades as they happen. You pick a strategy, pay its monthly fee, and Collective2's "AutoTrade" places the same trades in your broker account. You set the size and can pause or stop at any time. Collective2 LLC was founded in 2001 and is based in New York. Its founder and CEO is Matthew Klein. It says it is a member of the National Futures Association, and that it and an affiliate are registered with the CFTC. It does not hold your money. Your money stays at your broker. ## What is Tactfolio? 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](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy is a set of rules. Here is one: "Hold the [S&P 500](https://tactfolio.com/learn/sp500-index.md) while it is above its [10-month average](https://tactfolio.com/learn/moving-average.md). Else, hold Treasury bills." It is [Faber's timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), one of the classics you can open, test, and copy. ## Track records vs backtests This is the main difference. Collective2 argues that a backtest can be tuned until it looks good. So it shows only results recorded after a strategy went live, and managers can't delete trades. When subscribers copy a trade, the record uses their real average fill price. That is a strong way to keep a track record honest. The catch is that you can't see why a manager trades. You see results, not rules. A good record can still end, and Collective2's own risk page says its results are hypothetical and real results will differ. On Tactfolio, every strategy is a written rule. You can read it and see its backtest first. You can also [copy a public strategy](https://tactfolio.com/copy-trading.md) and run your own copy. A [backtest](https://tactfolio.com/learn/backtesting-explained.md) is a test of rules on past prices. It can be fooled by luck and hindsight, so Tactfolio charges 0.05% on every trade and adds a next-day-open line. Public strategies are ranked by the [Tactfolio Score](https://tactfolio.com/docs/concepts/tactfolio-score.md), which tries to discount what a backtest owes to luck. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the limits. ## Markets and timing Collective2 strategies can trade stocks, options on stocks and ETFs, futures, and forex. Trades are copied within seconds of the manager's signal. What you can follow depends on your broker and account. Tactfolio strategies hold US-listed stocks, ETFs, and cash, long only. Stock and ETF strategies decide once a day, at 3:45 PM Eastern time. Tactfolio can also backtest crypto perpetual futures on Hyperliquid, but those don't trade real money yet. ## Brokers Collective2's broker list includes Interactive Brokers, Tradier, AMP Clearing, NinjaTrader, Tradovate, IG, and StoneX. Schwab, Fidelity, and Robinhood are not on it. Collective2 charges no fee per copied trade, but your broker's commissions apply. Tactfolio connects to Alpaca, paper or live, with your own API keys. Each strategy trades only the starting balance you give it. You can also use a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) with pretend money first. ## Pricing Following on Collective2 has two costs. First, an AutoTrade plan, as of October 16, 2026: | Plan | Monthly | Yearly | Strategies you can follow | | --- | --- | --- | --- | | Solo | $49 | $390 | 1 | | Standard | $99 | $795 | Up to 3 | | Portfolio | $199 | $1,599 | Up to 5 | | Portfolio Plus | $299 | $2,399 | No limit | Second, each strategy has its own monthly fee, set by its manager. Collective2 says most fall between $49 and $199 a month. A free account lets you browse strategies and records. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). ## Where Collective2 is the better pick - You want to follow an experienced trader instead of building anything. - You want a live track record that can't be edited. - You trade futures, forex, or options. - You use Interactive Brokers, Tradovate, or another broker on its list. - You trade yourself and want to sell your signals to others. ## Where Tactfolio is the better pick - You want to know the exact rule behind every trade. - You want to test a strategy on past prices before you put money in. - You want to change the rules, or build your own from blocks. - You want to start from published research, like [dual momentum](https://tactfolio.com/strategies/dual-momentum.md) or the [All Weather Portfolio](https://tactfolio.com/strategies/all-weather-portfolio.md). - You want to avoid monthly fees while you learn. ## Who should pick which If you want someone else to trade and you follow along, Collective2 fits. If you want to understand and test your own strategy, Tactfolio fits. The two can sit side by side, in different accounts. ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns and their backtests. No account is needed to look. Or browse 60+ [classic strategies](https://tactfolio.com/strategies/classics.md), each with its rules and sources. ## Common questions ### How much does Collective2 cost? As of October 16, 2026, AutoTrade plans cost $49 to $299 a month, or $390 to $2,399 a year. Each strategy you follow also charges its own monthly fee. Browsing is free. ### Is Collective2 regulated? Collective2 LLC says it is a member of the National Futures Association and is registered with the CFTC. It does not hold your money. Being registered does not mean a regulator approves any strategy. Copied strategies can still lose money. ### Why doesn't Collective2 show backtests? It says a backtest can be tuned until it looks good. So it shows only results recorded after a strategy went live. Tactfolio does show backtests, with trading costs, a next-day-open line, and a score that discounts luck. ### Can Tactfolio copy other traders? No. Tactfolio doesn't copy people. You can copy a public strategy's rules into your own account and run them there. You see every rule before you do. ### Is there a Collective2 alternative where I can see the rules? Yes. Tactfolio is one. Every strategy shows its rules and its backtest, and you can run it in your own Alpaca account. It runs long-only strategies on US-listed stocks and ETFs. ## Sources - [Collective2 homepage](https://collective2.com/), accessed 2026-10-16 - [Collective2 about us](https://trade.collective2.com/about.html), accessed 2026-10-16 - [Collective2 people](https://trade.collective2.com/people.html), accessed 2026-10-16 - [Collective2: about AutoTrading](https://collective2.com/about-autotrading), accessed 2026-10-16 - [Collective2 supported brokers](https://trade.collective2.com/supported-brokers), accessed 2026-10-16 - [Collective2 AutoTrade plans](https://collective2.com/autotrade-plans), accessed 2026-10-16 - [Collective2 strategy manager plans](https://collective2.com/billboard/choose-plan), accessed 2026-10-16 - [Collective2 FAQ](https://collective2.com/faq), accessed 2026-10-16 - [Collective2 risk disclosure](https://collective2.com/risks), accessed 2026-10-16 --- # Tactfolio vs Portfolio123: stock picking vs fund rules > Portfolio123 ranks stocks by company data. Tactfolio runs rules that rotate between funds. Compare data, backtests, brokers, and pricing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Portfolio123 and Tactfolio both let you build rules-based strategies without code, backtest them, and send trades to a broker. They are built for different ideas. Portfolio123 is for picking single stocks by company data, such as earnings, value, and growth. Tactfolio is for portfolio rules that decide which funds to hold, such as [trend following](https://tactfolio.com/learn/trend-following.md) and [momentum](https://tactfolio.com/learn/momentum-strategy.md). Pick Portfolio123 to rank stocks by their numbers. Pick Tactfolio to rotate between funds by price rules. ## Key points - Portfolio123 ranks stocks by more than 4,300 company data factors. Tactfolio's rules read prices, [indicators](https://tactfolio.com/learn/best-indicators-for-trading.md), and US economic data. - Portfolio123 covers US, Canadian, and European stocks. Tactfolio covers US-listed stocks and ETFs, plus crypto perps on Hyperliquid. - Portfolio123 sends orders to Interactive Brokers or Tradier. Tactfolio trades through Alpaca. - Portfolio123's paid plans cost $35 to $278 a month, and backtest depth grows with the plan. Tactfolio has a Free plan. Plus costs $12 a month and Pro costs $29 a month, and every feature is free until billing opens. - Tactfolio works with your AI assistant through MCP. We found no MCP server at Portfolio123. ## Tactfolio vs Portfolio123 at a glance Portfolio123 facts were checked on its own website and help center on October 16, 2026. Links are in the sources at the end. | | Tactfolio | Portfolio123 | | --- | --- | --- | | Main job | Portfolio rules across funds | Picking stocks by company data | | How you build | Visual blocks, or your own AI assistant | Screens and ranking formulas | | What rules can read | Prices, indicators, VIX, and US economic data | 4,300+ company data factors and prices | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid | US, Canadian, and European stocks and ETFs | | Backtest history | Each fund's real history, plus labeled simulated history | 5 to 20 years for stocks, by plan, and ETFs from 1999 | | Trading cost in backtests | 0.05% per trade, plus a next-day-open line | Slippage and commissions you set | | Brokers | Alpaca | Interactive Brokers (PRO accounts) and Tradier | | Strategy marketplace | Free member strategies in Discover | Paid Designer Models, priced by each designer | | AI assistant | MCP server, free with your account | API and a Python library, no MCP server found | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | Free tier, paid plans $35 to $278 a month | ## What is Portfolio123? Portfolio123 is a platform for building stock strategies from company data. You write screens that filter stocks and ranking systems that sort them, using spreadsheet-like formulas. Then you backtest and run them. It also offers AI Factor, a no-code way to train machine learning models on company data, for an extra fee. Portfolio123 is run by Prism Research Inc. in Chicago. Its founder and CEO is Marco Salerno. Its terms say it is not a broker or a financial adviser. Its about page says users have run more than 50 million simulations. ## What is Tactfolio? Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy decides what mix of funds to hold. Here is one: "Hold the [S&P 500](https://tactfolio.com/learn/sp500-index.md) while it is above its [10-month average](https://tactfolio.com/learn/moving-average.md). Else, hold Treasury bills." It is [Faber's timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), one of the classics you can open and copy. ## Stock picking vs fund rotation This is the main difference. Portfolio123 asks "which stocks look best by their numbers?" A ranking system might score every US stock on value, quality, and earnings growth, then buy the top 20. That needs company data for thousands of stocks, which Portfolio123 has and Tactfolio does not. Tactfolio asks "what should my whole portfolio hold right now?" A strategy might [rank a few funds by momentum](https://tactfolio.com/strategies/dual-momentum.md), or step aside to bonds when stocks fall below their average. Its rules read prices, the VIX, and US economic data such as unemployment and Treasury yields. ## Backtests and data Portfolio123 uses point-in-time data, so a backtest only sees numbers that were public on each date. Its company data comes from FactSet and its prices from ICE. Its own help center notes that FactSet sometimes fills in old data later, but says its tests found little effect. Stock backtests reach back 5, 10, 15, or 20 years, depending on your plan. You can add slippage and commissions. [Tactfolio backtests](https://tactfolio.com/backtesting.md) on daily prices with dividends reinvested. Every trade pays 0.05%, and a second line trades at the next day's open. Economic data counts only from the day it was published. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. ## Trading and brokers Portfolio123 is not a broker. When you [rebalance](https://tactfolio.com/learn/portfolio-rebalancing.md) a live strategy, it can send the orders to Interactive Brokers or Tradier. For Interactive Brokers, it needs an IB PRO account. Tactfolio connects to Alpaca, paper or live, with your own API keys. Each strategy trades only the starting balance you give it. It decides once a day, at 3:45 PM Eastern time. You can also run a strategy in a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) with pretend money. ## Pricing Portfolio123 has a free tier with 30 days of screening and backtesting, then basic tools. Paid plans for individuals cost, as of October 16, 2026: | Plan | Monthly | Yearly | Stock backtest history | | --- | --- | --- | --- | | Screener | $35 | $300 | 5 years | | Backtest | $116 | $1,000 | 10 years | | Portfolio | $174 | $1,500 | 15 years | | Ultimate | $278 | $2,400 | 20 years | A second data region, such as Europe, adds 40%. AI Factor training is billed by the hour on top. Professional plans cost more. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). Price is not the main reason to pick one over the other. Portfolio123 is built for stock factor research, and Tactfolio is built for rules that rotate between funds. ## What are the best Portfolio123 alternatives? The right Portfolio123 alternative depends on whether you pick single stocks or build portfolios of funds. Facts were checked on each tool's own pages on October 16, 2026. - **For coded stock picking: QuantConnect.** You write Python or C#, and its data market includes company fundamentals. It connects to about 20 brokers. See [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md). - **For fund rotation without code: Tactfolio, Composer or QuantMage.** All three build long-only stock and ETF rules from blocks. Tactfolio runs in your own Alpaca account and has a Free plan. See [the best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md). - **For portfolio analysis without trading: Portfolio Visualizer.** It backtests and analyzes mixes of funds on monthly data. See [Tactfolio vs Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md). ## Where Portfolio123 is the better pick - You want to pick single stocks by earnings, value, or other company data. - You invest in Canadian or European stocks. - You want machine learning on company data without writing code. - You use Interactive Brokers or Tradier. - You want to sell your strategy to subscribers as a Designer Model. ## Where Tactfolio is the better pick - You want rules that rotate between funds, like trend following or momentum. - You want rules that read the VIX or the economy. - You use Alpaca, or want to try with pretend money first. - You want your own AI assistant to build and test strategies. - You want to start from 60+ [classic strategies](https://tactfolio.com/strategies/classics.md) with sources, at no cost. ## Who should pick which If you think in company numbers and want to rank stocks, Portfolio123 is built for that. If you think in funds and want a rule that decides what to hold, Tactfolio fits better. Some people use both: Portfolio123 for a stock-picking sleeve, Tactfolio for the core portfolio. ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns and their backtests. No account is needed to look. New to this? Start with [what rules-based asset allocation is](https://tactfolio.com/docs/concepts/rules-based-allocation.md). ## Common questions ### How much does Portfolio123 cost? As of October 16, 2026, Portfolio123's plans for individuals cost $35 to $278 a month, or $300 to $2,400 a year. Longer stock backtests need higher plans. The free tier includes 30 days of screening and backtesting. ### Does Portfolio123 trade automatically? It sends orders to Interactive Brokers or Tradier when you rebalance a strategy. Tactfolio runs a strategy in your own Alpaca account on its schedule. ### Can Tactfolio rank stocks by earnings or value? No. Tactfolio has no company data such as earnings or book value. Its rules read prices, indicators, the VIX, and US economic data. For stock picking by company data, Portfolio123 is the better tool. ### Is there a Portfolio123 alternative for ETF strategies? Yes. Tactfolio is built for rules that rotate between ETFs, such as trend following and momentum. It has a Free plan, and it runs strategies in your own Alpaca account. ## Sources - [Portfolio123 homepage](https://www.portfolio123.com/), accessed 2026-10-16 - [Portfolio123 plans](https://www.portfolio123.com/sv/register), accessed 2026-10-16 - [Portfolio123 research](https://www.portfolio123.com/research), accessed 2026-10-16 - [Portfolio123 about](https://www.portfolio123.com/about), accessed 2026-10-16 - [Portfolio123 terms](https://www.portfolio123.com/doc/p123_terms.html), accessed 2026-10-16 - [Portfolio123 AI Factor](https://www.portfolio123.com/ai-factor), accessed 2026-10-16 - [Portfolio123 help: data providers](https://portfolio123.customerly.help/en/articles/19806-our-financial-data-providers-and-approach-to-historical-data-accuracy), accessed 2026-10-16 - [Portfolio123 help: linking your broker](https://portfolio123.customerly.help/en/articles/47515-linking-your-portfolio123-account-to-your-broker), accessed 2026-10-16 - [Portfolio123 help: AI Factor costs](https://portfolio123.customerly.help/en/articles/35810-costs-associated-with-using-aifactor), accessed 2026-10-16 --- # Tactfolio vs TuringTrader: follow signals or run rules > TuringTrader sends rebalance signals for ready-made tactical portfolios. Tactfolio lets you change the rules and trades them for you. Compare both. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. TuringTrader publishes ready-made tactical portfolios and tells you when to [rebalance](https://tactfolio.com/learn/portfolio-rebalancing.md) them. You place the trades yourself. Tactfolio is a builder where you write or copy rules, test them on past prices, and run them in your own Alpaca account. Pick TuringTrader to follow tested portfolios by hand. Pick Tactfolio to change the rules and have them trade for you. ## Key points - TuringTrader gives you more than three dozen ready-made portfolios. Tactfolio gives you 60+ classic strategies you can open, change, and run. - You can't change TuringTrader's rules on its site. On Tactfolio, every rule can be edited. - TuringTrader sends alerts with exact share counts, and you trade at your own broker. Tactfolio trades for you in Alpaca. - TuringTrader's backtests start in 2007 and charge a commission per share. Tactfolio uses each fund's full history and charges 0.05% a trade. - TuringTrader's Basic plan is free, and Premium costs $49.95 a month. Tactfolio has a Free plan. Plus costs $12 a month and Pro costs $29 a month, and every feature is free until billing opens. ## Tactfolio vs TuringTrader at a glance TuringTrader facts were checked on its own website and help center on October 16, 2026. Links are in the sources at the end. | | Tactfolio | TuringTrader | | --- | --- | --- | | Main job | Build, test, and run your own rules | Follow ready-made tactical portfolios | | Strategies | 60+ classic strategies, plus your own | More than three dozen portfolios | | Can you change the rules? | Yes | No, not on the site | | Trades for you? | Yes, in your Alpaca account | No, you place the trades | | Brokers | Alpaca | Any, since you trade by hand | | Backtests | Each fund's history, daily prices, 0.05% a trade | From 2007, $0.015 a share, filled at the next open | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid | US stocks and ETFs, including leveraged and Bitcoin ETFs | | AI assistant | MCP server, free with your account | None found | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | Basic free, Premium $49.95 a month, Infinite $79.95 a month | ## What is TuringTrader? TuringTrader is a [signal](https://tactfolio.com/learn/trading-signals.md) service for do-it-yourself investors. It runs tactical portfolios built from [momentum](https://tactfolio.com/learn/momentum-strategy.md), [mean reversion](https://tactfolio.com/learn/mean-reversion.md), and volatility rules. Each night it posts new allocations, and its rebalancing tool turns them into exact share counts for your account. You then place the orders at your broker. Its Basic portfolios come from published books and papers. Premium portfolios are its own research, and "All-Stars" portfolios combine several of them. It is run by Bertram Enterprises LLC in Kirkland, Washington. It says it never holds your money and cannot trade for you. ## What is Tactfolio? Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Its [classic strategies](https://tactfolio.com/strategies/classics.md) include Faber's [GTAA](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), Antonacci's [dual momentum](https://tactfolio.com/strategies/dual-momentum.md), and Keller's [BAA](https://tactfolio.com/strategies/bold-asset-allocation.md). Each is built from its source and tested on daily prices. ## Following vs building This is the main difference. TuringTrader is built for following. You pick a portfolio, often with its Portfolio Wizard, and copy its trades. You can read how its Basic portfolios work, since their code is open source. But you can't change a rule on the site. Tactfolio is built for changing things. You can copy a classic strategy, swap a fund, change a lookback, and see the new backtest at once. Or you can build from blocks, or ask your AI assistant to build it through MCP. See [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). ## Backtests TuringTrader's backtests aim to start in January 2007. They use Norgate data, include stocks that were later delisted, and extend young ETFs with stand-ins. They charge $0.015 a share and fill at the next day's open. They don't model slippage. [Tactfolio backtests](https://tactfolio.com/backtesting.md) on daily prices with dividends reinvested, using each fund's real history. Every trade pays 0.05%. A second line trades at the next day's open, so you see how much timing matters. Young funds can get a clearly labeled [simulated history](https://tactfolio.com/docs/simulated-history.md). [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. ## Trading TuringTrader posts its final allocations around 4 AM New York time. Its results assume you trade at the 9:30 AM open. It works with any broker, but it suggests a [margin account](https://tactfolio.com/learn/margin-trading.md) so sales settle in time for buys. Its Infinite plan has an API you can wire to your own broker code. Tactfolio trades for you. It decides at 3:45 PM Eastern time and sends orders to your Alpaca account, paper or live. Each strategy trades only the starting balance you give it. ## Pricing TuringTrader has three plans, as of October 16, 2026: | Plan | Monthly | Yearly | What you get | | --- | --- | --- | --- | | Basic | Free | Free | Portfolios from books and papers | | Premium | $49.95 | $498 | Adds its own portfolios and email rebalance alerts | | Infinite | $79.95 | $798 | Adds account grouping and API access | Premium has a 14-day free trial with no credit card. Some portfolios need large accounts. All-Stars XL lists a $180,000 minimum. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). ## Is TuringTrader any good? TuringTrader is a good fit if you want ready-made tactical portfolios and are happy to place the trades yourself. It publishes signals for more than three dozen portfolios. The Basic portfolios, taken from books and papers, are free. Its founder built an open-source backtesting engine, and the site shows how each portfolio did. It is less useful if you want to change the rules or have trades placed for you. ## What are the best TuringTrader alternatives? Facts were checked on each tool's own pages on October 16, 2026. - **AllocateSmartly** tracks 87 published tactical strategies and emails their signals, for $49 a month or $399 a year. You trade by hand. See [AllocateSmartly alternatives](https://tactfolio.com/comparisons/allocatesmartly-alternatives.md). - **Portfolio Visualizer** backtests tactical models, and its paid plan shows forward trade signals, from $30 a month billed yearly. You trade by hand. - **Tactfolio** lets you open a classic strategy, change its rules, and run it in your own Alpaca account. It has a Free plan. For a side-by-side table, see [the best tactical asset allocation tools](https://tactfolio.com/comparisons/best-tactical-asset-allocation-tools.md). ## Where TuringTrader is the better pick - You want ready-made portfolios and don't want to build anything. - You want strategies beyond [trend following](https://tactfolio.com/learn/trend-following.md), such as mean reversion and volatility targeting. - You want to trade at your own broker, whichever it is. - You code in C# and want to read or extend its open-source engine. ## Where Tactfolio is the better pick - You want to change the rules, or build your own. - You want trades placed for you, without waking up for a 4 AM signal. - You use Alpaca, or want to try with [pretend money](https://tactfolio.com/paper-trading.md) first. - You want your own AI assistant to build and test strategies. - You want to start at no cost. ## Who should pick which If you want a menu of tested portfolios and don't mind placing trades, TuringTrader fits. If you want to edit the rules and let them run, Tactfolio fits better. For more options, see our list of the [best tactical asset allocation tools](https://tactfolio.com/comparisons/best-tactical-asset-allocation-tools.md). ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns and their backtests. No account is needed to look. Or browse 60+ [classic strategies](https://tactfolio.com/strategies/classics.md), each with its rules and sources. ## Common questions ### How much does TuringTrader cost? As of October 16, 2026, TuringTrader's Basic plan is free. Premium costs $49.95 a month or $498 a year. Infinite costs $79.95 a month or $798 a year. ### Can TuringTrader trade for me? No. TuringTrader sends signals and share counts, and you place the trades. Its Infinite plan has an API you can connect to your own broker code. Tactfolio places the trades for you in your Alpaca account. ### Can I change a TuringTrader portfolio's rules? Not on its website. Its Basic portfolios are open source, so a C# coder can change them in its engine. On Tactfolio, you can edit any rule in the visual builder. ### Is there a TuringTrader alternative that trades automatically? Yes. Tactfolio runs tactical strategies in your own Alpaca account, with rules you can read and change. It has a Free plan, and every feature is free until billing opens. ## Sources - [TuringTrader homepage](https://www.turingtrader.com/), accessed 2026-10-16 - [TuringTrader plans](https://www.turingtrader.com/sign-up/), accessed 2026-10-16 - [TuringTrader portfolios](https://www.turingtrader.com/portfolios/), accessed 2026-10-16 - [TuringTrader All-Stars XL](https://www.turingtrader.com/portfolios/tt-all-stars-xl/), accessed 2026-10-16 - [TuringTrader: backtesting](https://www.turingtrader.com/2020/06/backtesting/), accessed 2026-10-16 - [TuringTrader contact](https://www.turingtrader.com/company/contact/), accessed 2026-10-16 - [TuringTrader: our selection of portfolios](http://help.turingtrader.com/support/kb/articles/7maRwKQE/our-selection-of-portfolios), accessed 2026-10-16 - [TuringTrader: can you trade for me?](http://help.turingtrader.com/support/kb/articles/NmddK1m0/can-you-trade-for-me), accessed 2026-10-16 - [TuringTrader: when do I rebalance?](http://help.turingtrader.com/support/kb/articles/amRyxZWJ/when-do-i-rebalance), accessed 2026-10-16 - [TuringTrader: brokerage accounts](http://help.turingtrader.com/support/kb/articles/DQ2vlnQV/brokerage-accounts), accessed 2026-10-16 - [TuringTrader: API access](http://help.turingtrader.com/support/kb/articles/L9nxEOmZ/api-access), accessed 2026-10-16 --- # Tactfolio vs ZuluTrade: copy trading vs your own rules > ZuluTrade copies forex and CFD traders into your broker account. Tactfolio runs long-only stock and ETF rules you can test. Compare risk and price. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. ZuluTrade is a copy trading platform. You pick traders it calls Leaders, and their forex and [CFD](https://tactfolio.com/learn/cfd-trading.md) trades are copied into your broker account. Tactfolio is a builder where you write your own investing rules for stocks and ETFs, test them on past prices, and run them in your own Alpaca account. Pick ZuluTrade to copy forex traders. Pick Tactfolio to own long-only rules you can read and test. ## Key points - ZuluTrade copies other traders. Tactfolio runs rules that you build or copy and can change. - ZuluTrade is mainly for forex and CFDs, which use [leverage](https://tactfolio.com/learn/leverage-explained.md). Tactfolio is for long-only stocks and ETFs, with no borrowing. - ZuluTrade's own warning says 74% to 89% of retail CFD accounts lose money, citing the EU regulator ESMA. - ZuluTrade works with many forex brokers, and its US availability is unclear. Tactfolio works with Alpaca. - ZuluTrade costs $0 with some brokers or about $10 a month per Leader. Tactfolio has a Free plan. Plus costs $12 a month and Pro costs $29 a month, and every feature is free until billing opens. ## Tactfolio vs ZuluTrade at a glance ZuluTrade facts were checked on its own website on October 16, 2026. Links are in the sources at the end. | | Tactfolio | ZuluTrade | | --- | --- | --- | | Main job | Build, test, and run your own rules | Copy trades from ranked Leaders | | Can you see the rules? | Yes, every rule | No, you see a Leader's results | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid | Forex, plus CFDs on commodities, indices, stocks, and crypto | | Leverage | None, long only | Yes, through CFDs and forex | | Backtests | Yes, on daily prices | Leader history, plus a backtest and simulation tool | | Brokers | Alpaca | Many forex and CFD brokers, or MT4, MT5, and others | | US residents | Yes, through Alpaca | Unclear | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | $0 with some brokers, or $8.30 to $10 a month per Leader | ## What is ZuluTrade? ZuluTrade calls itself a social trading platform. Leaders trade forex and CFDs, and ZuluTrade ranks them with a score called ZuluRank. You choose Leaders, and their trades are copied into your account automatically. A tool called ZuluGuard can cut a Leader off if losses pass a limit you set. ZuluTrade was founded in 2007 and is part of the Finvasia Group. Its main offices are in Greece and Cyprus. It lists licenses in Greece, Japan, Mauritius, and South Africa. ## What is Tactfolio? 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](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy is a set of rules. Here is one: "Hold the [S&P 500](https://tactfolio.com/learn/sp500-index.md) while it is above its [10-month average](https://tactfolio.com/learn/moving-average.md). Else, hold Treasury bills." It is [Faber's timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), one of the classics you can open, test, and copy. ## Copy trading vs rules This is the main difference. On ZuluTrade, you trust a Leader's track record. You don't see why they trade, and a good run can end. By default, Leaders are paid for each lot their followers trade. On Tactfolio, every strategy is a written rule. You can read it and see its backtest first. You can also [copy a public strategy](https://tactfolio.com/copy-trading.md) and run your own copy. A [backtest](https://tactfolio.com/learn/backtesting-explained.md) is a test of rules on past prices. It shows how a rule would have done, not how it will do. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the limits. ## Risk ZuluTrade's markets are mostly CFDs and forex from forex brokers. These use leverage, so losses can grow fast. ZuluTrade's own site warns that 74% to 89% of retail CFD accounts lose money, citing ESMA, the EU markets regulator. Tactfolio strategies are long only. They hold stocks, ETFs, and cash, with no borrowing or short selling. Any strategy can still lose money, especially one that holds [leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs.md). ## Brokers ZuluTrade isn't the broker. You open an account with one of its partner brokers, or link an MT4, MT5, ActTrader, or X Open Hub account. Many of its listed brokers are regulated offshore, and minimum deposits run from $50 to $500. We found no clear statement that it serves US residents today. Tactfolio connects to Alpaca, paper or live, with your own API keys. Each strategy trades only the starting balance you give it. You can also use a Tactfolio [paper account](https://tactfolio.com/paper-trading.md) with pretend money first. ## Pricing ZuluTrade is free with some partner brokers, which pay through the spread on your trades. Otherwise, you pay per Leader you copy, as of October 16, 2026: $10 a month, or $8.30 a month on a 12-month plan. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). Price is not the main reason to pick one over the other. ZuluTrade copies other traders, mostly in forex, and Tactfolio runs rules you can read and test. ## What are the best ZuluTrade alternatives? ZuluTrade alternatives fall into three groups, by what you copy. Facts were checked on each tool's own pages on October 16, 2026. | Alternative | What you copy | Where trades go | | --- | --- | --- | | Collective2 | Trades of strategy managers, on a live record | Your own account at a supported broker | | Autopilot | Portfolios inspired by politicians, famous investors and funds | Your own account at brokers such as Robinhood, Schwab and Public | | Tactfolio | A published set of rules for stocks and ETFs, which you can read and test | Your own Alpaca account, run by you | A strategy's past results are not a promise. The author is not your adviser and does not know your situation. Read [Tactfolio vs Collective2](https://tactfolio.com/comparisons/tactfolio-vs-collective2.md), [Tactfolio vs Autopilot](https://tactfolio.com/comparisons/tactfolio-vs-autopilot.md) and [how copying a strategy works on Tactfolio](https://tactfolio.com/copy-trading.md). ## Where ZuluTrade is the better pick - You trade forex or CFDs and want to copy other traders. - You live outside the US and use an MT4 or MT5 broker. - You trade yourself and want to earn from followers as a Leader. ## Where Tactfolio is the better pick - You want to invest in stocks and ETFs without leverage. - You want to know the exact rule behind every trade. - You want to test a strategy on past prices before you put money in. - You live in the US and use Alpaca, or want to try with pretend money first. - You want to start from 60+ [classic strategies](https://tactfolio.com/strategies/classics.md) with sources. ## Who should pick which If you trade forex and want to follow other traders, ZuluTrade is built for that. If you want a long-term stock and ETF portfolio run by rules you understand, Tactfolio fits better. ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns and their backtests. No account is needed to look. New to this? Start with [what rules-based asset allocation is](https://tactfolio.com/docs/concepts/rules-based-allocation.md). ## Common questions ### How much does ZuluTrade cost? It is free with some partner brokers, which earn from the spread on your trades. Otherwise it costs $10 a month per Leader you copy, or $8.30 a month on a 12-month plan, as of October 16, 2026. ### Is ZuluTrade available in the US? We found no clear statement on ZuluTrade's site that it serves US residents today. Check with ZuluTrade before you sign up. ### Is copy trading safe? Copy trading carries the same risks as the trades you copy, plus the risk that a Leader changes style. With leveraged CFDs, losses can be large. ZuluTrade's own warning says most retail CFD accounts lose money. ### Is there a ZuluTrade alternative for stocks and ETFs? Yes. Tactfolio runs long-only stock and ETF strategies in your own Alpaca account, with rules you can read and test. It has a Free plan, and every feature is free until billing opens. ## Sources - [ZuluTrade homepage](https://www.zulutrade.com/), accessed 2026-10-16 - [ZuluTrade about](https://www.zulutrade.com/about), accessed 2026-10-16 - [ZuluTrade pricing](https://www.zulutrade.com/pricing), accessed 2026-10-16 - [ZuluTrade terms of service](https://www.zulutrade.com/terms-of-service), accessed 2026-10-16 - [ZuluTrade leader guide](https://www.zulutrade.com/leader-guide), accessed 2026-10-16 - [ZuluTrade affiliate guide](https://www.zulutrade.com/affiliate-guide), accessed 2026-10-16 - [ZuluGuard guide](https://www.zulutrade.com/zuluguard-guide), accessed 2026-10-16 --- # Tactfolio vs ORATS: options research vs portfolio rules > ORATS sells options backtests, scanners, and data. Tactfolio builds and runs long-only stock and ETF strategies. Compare what each one is for. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. ORATS is an [options](https://tactfolio.com/learn/put-vs-call.md) research company. It sells options backtesters, scanners, an AI agent called Otto, and options data. Tactfolio is a builder for long-only stock and ETF strategies that you can test and run in your own Alpaca account. They serve different traders. Pick ORATS if you trade options. Pick Tactfolio if you want an automated stock and ETF portfolio. ## Key points - ORATS is built for options. Tactfolio does not trade options at all. - ORATS has hundreds of millions of ready-made options backtests, with daily data back to 2007. [Tactfolio backtests](https://tactfolio.com/backtesting.md) whole portfolios on daily prices. - ORATS sends orders you place to Interactive Brokers, TradeStation, or Tradier. Tactfolio trades for you in Alpaca. - Both work with AI assistants. ORATS has Otto in its app and a command-line tool for agents. Tactfolio has an MCP server. - ORATS tools cost $99 a month for individuals. Tactfolio has a Free plan. Plus costs $12 a month and Pro costs $29 a month, and every feature is free until billing opens. ## Tactfolio vs ORATS at a glance ORATS facts were checked on its own website and SEC filing on October 16, 2026. Links are in the sources at the end. | | Tactfolio | ORATS | | --- | --- | --- | | Main job | Build, test, and run portfolio rules | Research, test, and find options trades | | Markets | US-listed stocks and ETFs, plus crypto perps on Hyperliquid | Options on 5,000+ US stocks and ETFs | | Backtests | Whole portfolios on daily prices | 45 options strategies, daily from 2007, 1-minute from 2020 | | Trades for you? | Yes, in your Alpaca account | No, you send each order | | Brokers | Alpaca | Interactive Brokers, TradeStation, Tradier | | AI | MCP server, free with your account | Otto agent, plus a command-line tool for AI agents | | What it is legally | Software, not an adviser | An SEC-registered investment adviser | | Price | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | $99 a month for individuals, $199 for professionals | ## What is ORATS? ORATS stands for Option Research & Technology Services. It was founded in 2001 by Matt Amberson, a former options market maker, and is based in New Hampshire. It is registered with the SEC as an investment adviser. Its filing says it has no access to customer accounts. Its tools include an options backtester, an intraday backtester for same-day (0DTE) options, option and stock scanners, and trade ideas. Its AI agent, Otto, can run backtests and explain results in plain English. ORATS also sells options data through an API and data files. ## What is Tactfolio? Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). A Tactfolio strategy decides what mix of funds to hold. Here is one: "Hold the [S&P 500](https://tactfolio.com/learn/sp500-index.md) while it is above its [10-month average](https://tactfolio.com/learn/moving-average.md). Else, hold Treasury bills." It is [Faber's timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), one of the classics you can open and copy. ## Options vs portfolios This is the main difference. ORATS helps you find and test options trades, such as selling puts or buying spreads. An option is a contract that gives the right to buy or sell a stock at a set price before a set date. Options can expire worthless, and selling them can lose far more than you collect. Tactfolio strategies hold US-listed stocks, ETFs, and cash, long only. They decide once a day, at 3:45 PM Eastern time. Tactfolio can also backtest crypto perpetual futures on Hyperliquid, but those don't trade real money yet. ## Backtests ORATS lets you browse more than 300 million ready-made options backtests, or run your own across 45 strategy types. Its daily data starts in 2007 and its 1-minute data in 2020. Each test shows 37 measures and a trade log. Tactfolio backtests whole strategies on daily prices with dividends reinvested. Every trade pays 0.05%, and a second line trades at the next day's open. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption. ## Pricing ORATS Trading Tools cost $99 a month for individuals and $199 a month per professional user, as of October 16, 2026. Students pay $49. There is no free trial, but ORATS refunds you in full if you cancel within 24 hours. Its data API is a separate plan, from $199 a month. Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See [Tactfolio pricing](https://tactfolio.com/pricing.md). Price is not the main reason to pick one over the other. ORATS sells options data and tools, and Tactfolio does not trade options. ## What are the best ORATS alternatives for options backtesting? Two tools on our list backtest options. Facts were checked on each tool's own pages on October 16, 2026. - **Option Alpha** backtests options trades on 1-minute data from January 2013, for symbols such as SPX, SPY, QQQ and IWM. You can turn a backtest into a bot that trades in your own account. Pro costs $99 to $149 a month, or $0 with a qualifying account at some brokers. See [Tactfolio vs Option Alpha](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md). - **QuantConnect** has US equity options data from 2010 and index options from 2012. You write the strategy in Python or C#. It has a free plan for backtests. See [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md). Tactfolio is not an ORATS alternative for options. It tests and runs long-only stock and ETF strategies. ## Where ORATS is the better pick - You trade options and want deep options backtests and [volatility data](https://tactfolio.com/learn/implied-volatility.md). - You trade same-day (0DTE) options and need 1-minute tests. - You use Interactive Brokers, TradeStation, or Tradier. - You build your own tools and need clean options data by API. ## Where Tactfolio is the better pick - You invest in stocks and ETFs and don't want options risk. - You want a portfolio rule that runs once a day, such as [trend following](https://tactfolio.com/learn/trend-following.md) or [momentum](https://tactfolio.com/strategies/dual-momentum.md). - You want trades placed for you in your Alpaca account. - You want to start from 60+ [classic strategies](https://tactfolio.com/strategies/classics.md) at no cost. ## Who should pick which If you trade options, ORATS is built for you, and Tactfolio can't place an options trade. If you want an [automated](https://tactfolio.com/automated-trading.md) stock and ETF portfolio, Tactfolio fits. To compare more options tools, read [Tactfolio vs Option Alpha](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md). ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and look at the starter patterns and their backtests. No account is needed to look. New to this? Start with [what rules-based asset allocation is](https://tactfolio.com/docs/concepts/rules-based-allocation.md). ## Common questions ### How much does ORATS cost? As of October 16, 2026, ORATS Trading Tools cost $99 a month for individuals, $199 a month per professional user, and $49 for students. Data API plans start at $199 a month. ### Can Tactfolio backtest options? No. Tactfolio has no options. Its strategies hold stocks, ETFs, cash, or crypto perps, long only. For options backtests, ORATS or Option Alpha are built for that. ### Does ORATS trade automatically? ORATS lets you send orders to a connected broker and manage them in the app. We found no hands-off trading bot on its site. Tactfolio places trades for you in your Alpaca account. ### Is there an ORATS alternative for stocks and ETFs? Yes. Tactfolio builds, tests, and runs long-only stock and ETF strategies in your own Alpaca account. It has a Free plan, and every feature is free until billing opens. ## Sources - [ORATS homepage](https://orats.com/), accessed 2026-10-16 - [ORATS about](https://orats.com/about), accessed 2026-10-16 - [ORATS trading tools](https://orats.com/trading-tools), accessed 2026-10-16 - [ORATS data API](https://orats.com/data-api), accessed 2026-10-16 - [ORATS for AI agents](https://orats.com/ai-agents), accessed 2026-10-16 - [ORATS student pricing](https://orats.com/student), accessed 2026-10-16 - [ORATS Form ADV Part 2A brochure, March 2026](https://orats.com/ADV%20Part%202A%20Brochure.pdf), accessed 2026-10-16 --- # Best portfolio backtesting tools: 8 compared and tested > We ran the same portfolio on several backtesting tools. Compare Portfolio Visualizer, testfol.io, Tactfolio, Composer, QuantConnect, and more. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. A portfolio backtesting tool shows how a mix of investments would have done in the past. We compared eight of them. For testing a fixed mix for free, Portfolio Visualizer and testfol.io are hard to beat. If you want to write your own rules and then run them, look at Tactfolio. We make Tactfolio, so read our notes with that in mind. Every fact about the other tools comes from their own websites, checked on October 16, 2026. ## How we tested On October 16, 2026, we ran the same two tests on the tools that let anyone run them for free. We set every tool the same way and wrote down what it showed. **Test 1: a 60/40 portfolio.** We put $10,000 in 60% [SPY](https://tactfolio.com/etf/spy.md) and 40% [AGG](https://tactfolio.com/etf/agg.md), [rebalanced](https://tactfolio.com/learn/portfolio-rebalancing.md) once a year, from January 2017 to December 2025. We used this window because Portfolio Visualizer's free plan shows only 10 years. | Tool | Data | End balance | Yearly growth (CAGR) | Worst drop | | --- | --- | --- | --- | --- | | Portfolio Visualizer | Monthly | $23,433 | 9.92% | -20.11% | | testfol.io | Daily | $23,433 | 9.92% | -20.99% | Both tools agree to the dollar on growth. You can check a yearly growth rate with our [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md). The [worst drop](https://tactfolio.com/learn/max-drawdown.md) is deeper on daily data. The 2020 crash hit bottom on March 23, in the middle of a month, and monthly data can't see that day. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains drawdown. **Test 2: a timing rule.** We ran Mebane Faber's 10-month rule over the same years. It holds SPY while SPY is above its [10-month average](https://tactfolio.com/learn/moving-average.md), and [BIL](https://tactfolio.com/etf/bil.md), a Treasury bill fund, when it is not. Portfolio Visualizer runs this as a preset model. Tactfolio runs it as a [classic strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md). | Year | Portfolio Visualizer | Tactfolio | | --- | --- | --- | | 2017 | 21.7% | 21.7% | | 2018 | -6.1% | -6.4% | | 2019 | 10.6% | 10.3% | | 2020 | 14.7% | 14.5% | | 2021 | 28.8% | 28.7% | | 2022 | -20.1% | -20.5% | | 2023 | 9.6% | 9.3% | | 2024 | 24.9% | 24.9% | | 2025 | 12.5% | 12.3% | The two tools agree within half a point every year. Tactfolio comes out a little lower in years when the rule switched. That is its trading cost. Tactfolio charges 0.05% on every trade, and Portfolio Visualizer's model has no cost setting. What we did not test: Composer, Portfolio123, and QuantConnect need an account, and QuantConnect and Backtrader need code. For those, we read their own pages and help docs. Tactfolio needs a free account to run a custom mix, so it is not in test 1. To test your own mix there, start with our [portfolio backtest](https://tactfolio.com/trading-tools/backtest-portfolio.md) form, which opens it in the builder. ## The 8 tools at a glance | Tool | Best for | Data | Your own rules? | Trades for you? | Price | | --- | --- | --- | --- | --- | --- | | Portfolio Visualizer | Deep analysis of a fixed mix | Monthly, asset classes from 1972 | Preset models only | No | Free plan with 10 years, paid $30 or $55 a month, billed yearly | | testfol.io | Free daily backtests with long history | Daily, simulated back to 1885 | Signal rules | No | Free, paid from $15 a month | | Tactfolio | Writing your own rules and running them | Daily, or hourly for crypto perps | Yes, visual blocks | Yes, in your Alpaca account | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | PortfolioCharts | Long-term planning for simple portfolios | Yearly, asset classes from 1970 | No | No | Free | | Composer | No-code strategies in one app that is also your broker | Daily, up to 30 years | Yes, visual blocks | Yes, as your broker | Free to build and backtest | | Portfolio123 | Picking stocks by company data | Point-in-time company data | Screens and ranking rules | Yes, at Interactive Brokers or Tradier | Free tier, paid from $35 a month | | QuantConnect | Programmers who want every market | Down to single trades | Yes, Python or C# | Yes, about 20 brokers | Free plan, paid seats from $10 a month | | Backtrader | Python coders who want a free library | Whatever data you bring | Yes, Python | Through your own code | Free and open source | ## Portfolio Visualizer Portfolio Visualizer is the classic tool for testing a mix of funds or asset classes. It also has [Monte Carlo](https://tactfolio.com/trading-tools/monte-carlo-simulation.md), optimization, efficient frontiers, and factor regression. Its asset-class data starts in 1972. Most of its backtests use monthly returns. It has preset timing models, like moving averages and dual momentum, but you can't write new rules. The free plan allows up to 15 assets and shows 10 years. Paid plans cost $30 or $55 a month, billed yearly. It does not trade. Read [Tactfolio vs Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md). ## testfol.io testfol.io is a newer backtesting site that runs on daily data. Its free tools show the full history of every fund, and simulated tickers reach far back, such as SPY to 1885. A free account adds a tactical backtester, factor regression, and more. Paid plans cost $15, $30, or $100 a month. They raise the limits on optimizers and Monte Carlo runs and add email alerts. The $100 plan includes an MCP server, so an AI assistant can run its tools. It does not trade, and the site does not name the company behind it. Read [testfol.io alternatives](https://tactfolio.com/comparisons/testfolio-alternatives.md). ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). [Tactfolio backtests](https://tactfolio.com/backtesting.md) on daily prices and charges 0.05% on every trade. Each backtest also shows a line that trades at the next day's open, so you can see how much timing matters. Young funds can get a clearly labeled [simulated history](https://tactfolio.com/docs/simulated-history.md). Its free tools include a [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md), an [efficient frontier](https://tactfolio.com/trading-tools/efficient-frontier.md), and a [portfolio optimizer](https://tactfolio.com/trading-tools/portfolio-optimizer.md). It runs long-only strategies on US-listed stocks and ETFs, and it can also backtest crypto perps on Hyperliquid. It has a Free plan, and every feature is free until billing opens. ## PortfolioCharts PortfolioCharts is a free site by one independent investor who goes by Tyler. It studies simple, long-term portfolios with yearly returns for asset classes, back to 1970, in 12 home countries. Its charts focus on what a saver would live through, such as the worst stretch to wait out and safe withdrawal rates. It does not test single funds or timing rules. Its own FAQ notes that yearly data shows milder drops than daily data, which matches our test 1. ## Composer Composer is a no-code app for building and trading strategies. You build with blocks or by chatting with its AI. Backtests use daily adjusted closes, up to 30 years back in the editor. Building and backtesting are free on every plan. To trade, you open a Composer brokerage account, because Composer is also the broker. Live trading is for US residents. Read [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md). ## Portfolio123 Portfolio123 is built for picking stocks by company data, like earnings and value. You build screens and ranking systems with no code, then backtest them on point-in-time data. That means the backtest only sees numbers that were public on each date. It covers US, Canadian, and European stocks. Paid plans run from $35 to $278 a month. It can send orders to Interactive Brokers or Tradier. ## QuantConnect QuantConnect is a cloud platform where you write strategies in Python or C#. It covers stocks, options, futures, forex, and crypto, with data down to single trades. The free plan includes backtesting but not live trading. Paid seats start at $10 a month, and most people also pay for computing time. It connects to about 20 brokers. Read [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md). ## Backtrader Backtrader is a free, open-source Python library for backtesting. You bring your own price data and write every rule in code. Its docs cover live trading through Interactive Brokers, Oanda, and Visual Chart. Its last release on PyPI came out in April 2023, so expect to fix things yourself. It suits Python coders who want full control at no cost. ## How to choose - To study a fixed mix in depth, with Monte Carlo and optimizers, try Portfolio Visualizer. - For free daily backtests with long history, try testfol.io. - To write your own rules and have them trade, try Tactfolio. - To plan a lazy portfolio for decades, try PortfolioCharts. - For one app that builds, tests, and holds your money, try Composer. - To rank single stocks by company data, try Portfolio123. - If you code, try QuantConnect, or Backtrader for a free library. Whatever you pick, a backtest only shows the past. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what to watch for. ## Common questions ### Is there a free portfolio backtesting tool? Yes, several. For a fixed mix, testfol.io is free with daily data and full history. Portfolio Visualizer's free plan has more analysis tools but shows only 10 years. For your own rules, Tactfolio has a Free plan with unlimited backtests. ### Why do backtesting tools show different results? They use different data, costs, and timing. In our test, two tools agreed on growth to the dollar. But the worst drop differed by almost a point, because one uses monthly data and the other daily. Trading costs also lower a result a little each time a strategy trades. ### Is monthly or daily data better for a backtest? Daily data shows the real worst drop, because it sees every low point. Monthly data is fine for long-term growth, but it can make drops look smaller. In our 60/40 test, the worst drop was -20.11% on monthly data and -20.99% on daily data. ### Can a backtesting tool also trade for me? Some can. Tactfolio runs a strategy in your own Alpaca account. Composer trades as your broker. Portfolio123 and QuantConnect can send orders to outside brokers. Portfolio Visualizer, testfol.io, and PortfolioCharts are for research only. ## Sources - [Portfolio Visualizer backtest portfolio](https://www.portfoliovisualizer.com/backtest-portfolio), accessed 2026-10-16 - [Portfolio Visualizer tactical models](https://www.portfoliovisualizer.com/tactical-asset-allocation-model), accessed 2026-10-16 - [Portfolio Visualizer pricing](https://www.portfoliovisualizer.com/pricing), accessed 2026-10-16 - [testfol.io homepage](https://testfol.io/), accessed 2026-10-16 - [testfol.io pricing](https://testfol.io/pricing), accessed 2026-10-16 - [testfol.io help](https://testfol.io/help), accessed 2026-10-16 - [testfol.io MCP](https://testfol.io/mcp), accessed 2026-10-16 - [PortfolioCharts methodology](https://portfoliocharts.com/user-guide/methodology/), accessed 2026-10-16 - [PortfolioCharts data sources](https://portfoliocharts.com/user-guide/data-sources/), accessed 2026-10-16 - [PortfolioCharts FAQ](https://portfoliocharts.com/user-guide/faq/), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer help: backtest basics](https://help.composer.trade/article/67-backtest-basics), accessed 2026-10-16 - [Portfolio123 research](https://www.portfolio123.com/research), accessed 2026-10-16 - [Portfolio123 plans](https://www.portfolio123.com/sv/register), accessed 2026-10-16 - [QuantConnect pricing](https://www.quantconnect.com/pricing/), accessed 2026-10-16 - [QuantConnect brokerages](https://www.quantconnect.com/docs/v2/cloud-platform/live-trading/brokerages), accessed 2026-10-16 - [Backtrader live trading docs](https://www.backtrader.com/docu/live/live/), accessed 2026-10-16 - [Backtrader on PyPI](https://pypi.org/project/backtrader/), accessed 2026-10-16 --- # Best tactical asset allocation tools: 7 compared > Compare AllocateSmartly, Tactfolio, Portfolio Visualizer, testfol.io, TuringTrader, Composer, and QuantMage for testing and following TAA strategies. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md), or TAA, means changing what you hold by a written rule, such as moving to cash when stocks fall below their average. We compared seven tools that help you test or follow TAA strategies. AllocateSmartly is the largest library of published strategies to follow by hand. Tactfolio is the pick if you want to change the rules and have them trade for you. We make Tactfolio, so read our notes with that in mind. Every fact about the other tools comes from their own websites, checked on October 16, 2026. ## How we tested On October 16, 2026, we ran one well-known TAA rule on two tools that can both run it: Portfolio Visualizer and Tactfolio. The rule is Mebane Faber's 10-month timing model. It holds [SPY](https://tactfolio.com/etf/spy.md) while SPY is above its [10-month average](https://tactfolio.com/learn/moving-average.md), and [BIL](https://tactfolio.com/etf/bil.md), a Treasury bill fund, when it is not. It checks once a month. We used January 2017 to December 2025, because Portfolio Visualizer's free plan shows only 10 years. | Year | Portfolio Visualizer | Tactfolio | | --- | --- | --- | | 2017 | 21.7% | 21.7% | | 2018 | -6.1% | -6.4% | | 2019 | 10.6% | 10.3% | | 2020 | 14.7% | 14.5% | | 2021 | 28.8% | 28.7% | | 2022 | -20.1% | -20.5% | | 2023 | 9.6% | 9.3% | | 2024 | 24.9% | 24.9% | | 2025 | 12.5% | 12.3% | The two agree within half a point every year. Tactfolio is a little lower in years when the rule switched, because it charges 0.05% on every trade. Portfolio Visualizer's model has no cost setting. Over the nine years, Portfolio Visualizer shows 9.67% a year. Tactfolio's yearly figures compound to about 9.5% a year. What we did not test: AllocateSmartly and TuringTrader publish their own backtests, and members can't change the rules. testfol.io's tactical tool, Composer, and QuantMage need an account. For those, we read their own pages and help docs. ## The 7 tools at a glance | Tool | Best for | Change the rules? | Trades for you? | Price | | --- | --- | --- | --- | --- | | AllocateSmartly | Following 100+ published strategies by hand | No | No, email alerts | Free for 3 strategies, $49 a month or $399 a year | | Tactfolio | Changing classic rules and running them | Yes | Yes, in your Alpaca account | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | Portfolio Visualizer | Testing preset models on long data | Settings only | No | Free plan with 10 years, paid from $30 a month, billed yearly | | testfol.io | Free daily tests of your own signals | Yes | No | Free account, paid from $15 a month | | TuringTrader | Ready-made portfolios with share counts | No | No, email alerts | Free basic plan, paid from $49.95 a month | | Composer | Building and trading in one app that is also your broker | Yes | Yes, as your broker | Free for one strategy, paid from $10 a month | | QuantMage | Composer-style building with more indicators | Yes | Yes, through Alpaca on the $500 plan | From $10 a month | ## AllocateSmartly AllocateSmartly tracks published TAA strategies from books and papers. It says it tracks more than 100. You see each strategy's backtest and current signal. You can combine whole strategies into a "Model Portfolio" and get email alerts when a trade is due. You can't change a strategy's rules, and you place every trade yourself. The free tier shows 3 strategies. Full access costs $49 a month or $399 a year. Read [AllocateSmartly alternatives](https://tactfolio.com/comparisons/allocatesmartly-alternatives.md). ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Its 60+ [classic strategies](https://tactfolio.com/strategies/classics.md) include Faber's [GTAA](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), Antonacci's [dual momentum](https://tactfolio.com/strategies/dual-momentum.md), and Keller's [BAA](https://tactfolio.com/strategies/bold-asset-allocation.md). Each one is built from its source and tested on daily prices every day. You can copy one, change a rule, and run it in a [paper account](https://tactfolio.com/paper-trading.md) or your own Alpaca account. Tactfolio runs long-only strategies on US-listed stocks and ETFs, and it can also backtest crypto perps on Hyperliquid. ## Portfolio Visualizer Portfolio Visualizer has preset tactical models: moving averages, relative strength, [dual momentum](https://tactfolio.com/learn/momentum-strategy.md), adaptive allocation, target volatility, and more. You pick the funds and change the settings. Its tests run on monthly data, with asset classes back to 1972. Paid plans show the next trade signal. It does not trade. Read [Tactfolio vs Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md). ## testfol.io testfol.io has a tactical allocation backtester that a free account can use. You set signals, such as a moving average, and choose what to hold based on them. It runs on daily data with long simulated histories. Paid plans add a tactical optimizer and email alerts. It does not trade. ## TuringTrader TuringTrader publishes more than three dozen ready-made tactical portfolios. Its Basic portfolios come from books and papers and are free. Premium, at $49.95 a month, adds its own portfolios and rebalance alerts with exact share counts. You place the trades yourself. Its backtests aim to start in 2007 and include a commission per share. ## Composer Composer is a no-code app for building and trading strategies. Its blocks can express most TAA rules, and its community shares more than 2,000 strategies. To trade, you open a Composer brokerage account, because Composer is also the broker. Its Starter plan automates one strategy for free. Read [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md). ## QuantMage QuantMage is a no-code builder in the style of Composer, with many [indicators](https://tactfolio.com/learn/best-indicators-for-trading.md). It can import Composer strategies. Building and backtesting cost $10 a month. Automated trading through Alpaca needs the Mage plan, at $500 a month or $400 a month billed yearly. Read [QuantMage alternatives](https://tactfolio.com/comparisons/quantmage-alternatives.md). ## How to choose - To follow many published strategies by hand, try AllocateSmartly. - To change classic rules and have them trade, try Tactfolio. - To test preset models on long monthly data, try Portfolio Visualizer. - For free daily tests of your own signals, try testfol.io. Our [testfol.io alternatives](https://tactfolio.com/comparisons/testfolio-alternatives.md) page compares it with other tools. - To follow ready-made portfolios with share counts, try TuringTrader. - For one app that builds, trades, and holds your money, try Composer. TAA rules can lag in fast markets and trail the market in long rallies. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what to watch for, and [what rules-based asset allocation is](https://tactfolio.com/docs/concepts/rules-based-allocation.md) covers the basics. ## Common questions ### What is tactical asset allocation? It is a way of investing where a written rule decides what you hold. A common rule holds stocks while they are above their long-term average and moves to bonds or cash when they are not. Another holds whatever has risen most lately, which is a [momentum strategy](https://tactfolio.com/learn/momentum-strategy.md). The goal is to step aside during the worst of long declines. It will trail the market in some years. ### Is there a free tactical asset allocation tool? Yes. Tactfolio has a Free plan that includes 1 [automated strategy](https://tactfolio.com/automated-trading.md) in your own Alpaca account, and every feature is free until billing opens. testfol.io's tactical backtester is free with an account. TuringTrader's Basic plan and AllocateSmartly's free tier are free too, with fewer strategies. ### Can I automate a TAA strategy? Yes. Tactfolio runs TAA strategies in your own Alpaca account. Composer trades them as your broker. QuantMage automates through Alpaca on its $500 a month plan. AllocateSmartly, TuringTrader, Portfolio Visualizer, and testfol.io send signals or alerts, and you place the trades. ### Do different tools give the same results for the same TAA rule? Close, but not exactly. In our test, Portfolio Visualizer and Tactfolio agreed within half a point each year on Faber's 10-month rule. The small gaps came from trading costs. Data, timing, and costs always differ a little between tools. ## Sources - [AllocateSmartly: what we do](https://allocatesmartly.com/what-we-do/), accessed 2026-10-16 - [AllocateSmartly pricing](https://allocatesmartly.com/pricing/), accessed 2026-10-16 - [AllocateSmartly FAQ](https://allocatesmartly.com/faqs/), accessed 2026-10-16 - [AllocateSmartly: the wisdom of 100+ strategies](https://allocatesmartly.com/the-wisdom-of-100-strategies-using-aggregate-taa-allocation-as-a-trading-signal/), accessed 2026-10-16 - [Portfolio Visualizer tactical models](https://www.portfoliovisualizer.com/tactical-asset-allocation-model), accessed 2026-10-16 - [Portfolio Visualizer pricing](https://www.portfoliovisualizer.com/pricing), accessed 2026-10-16 - [testfol.io pricing](https://testfol.io/pricing), accessed 2026-10-16 - [TuringTrader homepage](https://www.turingtrader.com/), accessed 2026-10-16 - [TuringTrader plans](https://www.turingtrader.com/sign-up/), accessed 2026-10-16 - [TuringTrader: our selection of portfolios](http://help.turingtrader.com/support/kb/articles/7maRwKQE/our-selection-of-portfolios), accessed 2026-10-16 - [TuringTrader: backtesting](https://www.turingtrader.com/2020/06/backtesting/), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer disclosures](https://www.composer.trade/disclosures), accessed 2026-10-16 - [QuantMage pricing](https://quantmage.app/pricing.html), accessed 2026-10-16 - [QuantMage FAQ](https://quantmage.app/library/guides/faq/), accessed 2026-10-16 --- # Best no-code backtesting tools: 7 compared > Test a trading idea without writing code. Compare Tactfolio, Composer, QuantMage, Portfolio123, TrendSpider, Option Alpha, and Portfolio Visualizer. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. A no-code backtesting tool lets you test a trading or investing idea on past prices without writing a program. You click blocks, fill in forms, or type the rule in plain English. We compared seven of them. Each one fits a different kind of idea, so the right pick depends on what you want to test. We make Tactfolio, so read our notes with that in mind. Every fact about the other tools comes from their own websites, checked on October 16, 2026. ## How we compared We read each tool's own pages, help docs, and pricing pages. We looked at five things. What kind of idea does it test? How do you build? What data does it use? Can it trade for you? What does it cost? For two of these tools, we also ran the same strategy side by side. Portfolio Visualizer and Tactfolio agreed within half a point a year on Faber's 10-month rule. [Best portfolio backtesting tools](https://tactfolio.com/comparisons/best-portfolio-backtesting-tools.md) shows the full results. ## The 7 tools at a glance | Tool | Best for | How you build | Data | Trades for you? | Price | | --- | --- | --- | --- | --- | --- | | Tactfolio | Portfolio rules you can run in your own Alpaca account | Visual blocks, or your own AI assistant | Daily, or hourly for crypto perps | Yes, through Alpaca | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | Composer | One app that builds, tests, and holds your money | Visual editor, or its AI chat | Daily, up to 30 years | Yes, as your broker | Free to build and backtest | | QuantMage | Composer-style rules with more market series | Visual blocks | Daily | Yes, through Alpaca on the $500 plan | From $10 a month | | Portfolio123 | Picking stocks by company data | Screens and ranking formulas | Point-in-time company data | Yes, at Interactive Brokers or Tradier | Free tier, paid from $35 a month | | TrendSpider | Chart-based trades on single symbols | Menus, plain English, or its AI | 1 minute to yearly bars | Through webhooks to about 30 brokers | From $82 a month | | Option Alpha | Options trades run by bots | Visual bot editor | 1-minute options data | Yes, at 4 brokers | $99 to $149 a month, or $0 with some brokers | | Portfolio Visualizer | Testing a fixed mix or preset timing model | Forms and menus | Monthly, asset classes from 1972 | No | Free plan, paid from $30 a month, billed yearly | ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). You click blocks together: tickers, weights, if/else conditions, and rank. Rules can read prices, [indicators](https://tactfolio.com/learn/best-indicators-for-trading.md), the VIX, and US economic data. Every [Tactfolio backtest](https://tactfolio.com/backtesting.md) charges 0.05% a trade and shows a second line that trades at the next day's open. Stock and ETF strategies are long only and trade once a day. Tactfolio can also backtest crypto perps on Hyperliquid, but those don't trade real money yet. You can import Composer and QuantMage strategies. ## Composer Composer is a no-code app for building and trading stock and ETF strategies. You build with blocks or by chatting with its AI. Backtests use daily adjusted closes, up to 30 years back in the editor. Building and backtesting are free on every plan. To trade, you open a Composer brokerage account, because Composer is also the broker. Read [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md). ## QuantMage QuantMage is a block builder much like Composer's. Its rules can read many market series, such as the MOVE bond index, the dollar index, and market breadth. Building and backtesting cost $10 a month, or $8 billed yearly. Automated trading through Alpaca needs the Mage plan, at $500 a month or $400 a month billed yearly. Read [QuantMage alternatives](https://tactfolio.com/comparisons/quantmage-alternatives.md). ## Portfolio123 Portfolio123 is built for picking stocks by company data, like earnings and value. You write screens and ranking rules as spreadsheet-like formulas, with no code. It has more than 4,300 ready-made factors. Backtests use point-in-time data, so they only see numbers that were public on each date. It covers US, Canadian, and European stocks. Paid plans run from $35 to $278 a month. ## TrendSpider TrendSpider is a charting platform for active traders. Its Strategy Tester lets you pick conditions from menus or type them in plain English. Tests run on bars from 1 minute to yearly, on one symbol or up to 510 at once. You set your own trading cost. Bots send orders through webhooks, mainly SignalStack. There is no free plan. Read [Tactfolio vs TrendSpider](https://tactfolio.com/comparisons/tactfolio-vs-trendspider.md). ## Option Alpha Option Alpha is a no-code platform for options bots. Its backtester uses 1-minute options data back to 2013, mainly on SPX, [SPY](https://tactfolio.com/etf/spy.md), [QQQ](https://tactfolio.com/etf/qqq.md), [IWM](https://tactfolio.com/etf/iwm.md), and XSP. Bots open and manage spreads during the day at Tradier, TradeStation, tastytrade, or Schwab. Pro costs $149 a month, $99 a month billed yearly, or $0 with a qualifying broker account. Read [Tactfolio vs Option Alpha](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md). ## Portfolio Visualizer Portfolio Visualizer is a research site. You fill in forms to test a fixed mix of funds or asset classes, or a preset timing model like [dual momentum](https://tactfolio.com/learn/momentum-strategy.md). Most tests use monthly data, with asset classes back to 1972. It also has [Monte Carlo](https://tactfolio.com/trading-tools/monte-carlo-simulation.md) and optimizers. You can't write new rules, and it does not trade. Read [Tactfolio vs Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md). ## How to choose - To build portfolio rules and run them in your own broker account, try Tactfolio. - For one app that builds, trades, and holds your money, try Composer. - For block rules that read many market series, try QuantMage. - To rank single stocks by company data, try Portfolio123. - To test chart setups on short bars, try TrendSpider. - To test and automate options trades, try Option Alpha. - To study a fixed mix in depth, try Portfolio Visualizer. Whatever you pick, a backtest only shows the past. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what to watch for. ## Common questions ### Can I backtest a strategy without coding? Yes. All seven tools on this page work without code. Tactfolio, Composer, and QuantMage use blocks. Portfolio123 uses formulas. TrendSpider lets you type a rule in plain English. Portfolio Visualizer uses forms. ### Is there a free no-code backtesting tool? Yes. Tactfolio has a Free plan that includes 1 [automated strategy](https://tactfolio.com/automated-trading.md), and every feature is free until billing opens. Composer lets you build and backtest for free. Portfolio Visualizer has a free plan with limits. Portfolio123's free tier includes 30 days of backtesting. ### Can a no-code tool trade my strategy automatically? Some can. Tactfolio trades in your own Alpaca account. Composer trades as your broker. QuantMage, Portfolio123, TrendSpider, and Option Alpha can send orders on some plans. Portfolio Visualizer is for research only. ### Are no-code backtests less accurate than coded ones? Not by themselves. Accuracy depends on the data, trading costs, and timing a tool assumes, not on how you build the rule. Check whether a tool charges a cost on each trade and when it assumes you trade. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists Tactfolio's assumptions. ## Sources - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer help: backtest basics](https://help.composer.trade/article/67-backtest-basics), accessed 2026-10-16 - [QuantMage homepage](https://quantmage.app/), accessed 2026-10-16 - [QuantMage pricing](https://quantmage.app/pricing.html), accessed 2026-10-16 - [Portfolio123 research](https://www.portfolio123.com/research), accessed 2026-10-16 - [Portfolio123 plans](https://www.portfolio123.com/sv/register), accessed 2026-10-16 - [Portfolio123 help: linking your broker](https://portfolio123.customerly.help/en/articles/47515-linking-your-portfolio123-account-to-your-broker), accessed 2026-10-16 - [TrendSpider strategy development and backtesting](https://trendspider.com/product/strategy-development-and-backtesting-tools/), accessed 2026-10-16 - [TrendSpider pricing](https://trendspider.com/pricing/), accessed 2026-10-16 - [Option Alpha pricing](https://optionalpha.com/pricing), accessed 2026-10-16 - [Option Alpha backtester](https://optionalpha.com/backtester), accessed 2026-10-16 - [Portfolio Visualizer pricing](https://www.portfoliovisualizer.com/pricing), accessed 2026-10-16 - [Portfolio Visualizer tactical models](https://www.portfoliovisualizer.com/tactical-asset-allocation-model), accessed 2026-10-16 --- # Best algo trading platforms for retail investors > Seven algo trading platforms for retail investors compared: QuantConnect, Composer, Tactfolio, QuantMage, Option Alpha, TrendSpider and Portfolio123. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. The best algo trading platform for a retail investor depends on two things: whether you write code, and what you trade. QuantConnect is the strongest choice if you code. Composer, QuantMage and Tactfolio are the main no-code choices for stock and ETF strategies. Option Alpha is built for options bots, TrendSpider for chart-based day trading, and Portfolio123 for picking stocks by company data. We make Tactfolio, so read our notes with that in mind. ## Key points - An algo trading platform lets you write trading rules, test them on past prices, and have software place the trades. - If you code in Python or C#, QuantConnect covers the most markets. It connects to about 20 brokers. - For no-code stock and ETF strategies, compare Composer, QuantMage and Tactfolio. The big differences are price and where your money sits. - For options bots, Option Alpha is the specialist. For day trading off charts, look at TrendSpider. - Every fact about another platform comes from its own pages, checked on October 16, 2026. ## How we compared We read each platform's own product pages, help pages and pricing on October 16, 2026. We looked at five things: how you build a strategy, what you can trade, how backtests work, how live trading works, and the price. We did not open paid accounts on every platform, so we do not rate speed or support. We list what each one does better than Tactfolio as plainly as what Tactfolio does better. ## The 7 platforms at a glance | Platform | Best for | What it trades | Live trading | Price (Oct 16, 2026) | | --- | --- | --- | --- | --- | | QuantConnect | Programmers, many markets | Stocks, options, futures, forex, CFDs, crypto | About 20 brokers | Free plan without live trading. Paid from $10 a month plus nodes. | | Composer | No-code ETF strategies in one app | US stocks and ETFs | Composer is the broker | Free for 1 strategy. $10 or $40 a month. | | Tactfolio | No-code ETF strategies in your own account | US stocks and ETFs (crypto perps: backtest and paper or testnet only) | Your own Alpaca account | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | QuantMage | No-code ETF strategies with deep logic | US stocks and ETFs | Your own Alpaca account | $10 a month to test. $400 to $500 a month to automate. | | Option Alpha | Options bots | Options and long stock | Tradier, TradeStation, tastytrade, Schwab | $99 to $149 a month, or $0 with some brokers | | TrendSpider | Chart-based active trading | Stocks, ETFs, options, futures, forex, crypto | Many brokers through webhooks | From $54 a month billed yearly. No free plan. | | Portfolio123 | Stock picking by company data | Stocks and ETFs in the US, Canada and Europe | Interactive Brokers and Tradier | Free plan. Paid from $25 a month billed yearly, or $35 monthly. | ## QuantConnect QuantConnect is a cloud platform for writing, testing and running trading algorithms in code. You write Python or C#. Its AI agent, Mia, can write the code for you. It has the most detailed data on this list. Paid plans go down to single trades for US stocks from 1998. It connects to about 20 brokers, including Interactive Brokers, Schwab and Alpaca. - **Better than Tactfolio at:** options, futures, forex and live crypto, intraday data, short selling, and broker choice. - **Watch out for:** you must code, and the free plan has no live trading. Real cost depends on the seats and compute nodes you add. - Compare: [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md) and [Composer vs QuantConnect](https://tactfolio.com/comparisons/composer-vs-quantconnect.md). ## Composer Composer is an app where you build strategies with AI or a no-code editor and run them automatically. Composer is also the broker, so your money sits in a Composer account. Trades run once a day, between 3:45 and 4:00 pm New York time. Composer says more than 175,000 investors use it. - **Better than Tactfolio at:** a built-in brokerage with IRA accounts, a large community of shared strategies, and an AI helper inside the app. - **Watch out for:** live trading is for US residents, you cannot connect another broker, and the free plan automates one strategy. - Compare: [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md), [Composer vs QuantConnect](https://tactfolio.com/comparisons/composer-vs-quantconnect.md) and [Composer vs Option Alpha](https://tactfolio.com/comparisons/composer-vs-option-alpha.md). ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/backtesting.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Backtests use daily prices with dividends reinvested and a 0.05% cost on every trade. More than 60 [classic strategies](https://tactfolio.com/strategies/classics.md) are ready to copy. - **Better than the others at:** a free plan that trades in your own account, free AI assistant access through MCP, and honest backtests with a next-day-open line and higher-cost checks. - **Watch out for:** long only, daily prices, Alpaca only, and no options, futures or forex. - Read [the facts about Tactfolio](https://tactfolio.com/about/facts.md). ## QuantMage QuantMage is a no-code builder for rules-based stock and ETF strategies, called spells, that trade through Alpaca. It is the closest tool to Tactfolio. Trades go in near the close, at most once a day. - **Better than Tactfolio at:** a longer track record as a product, and a paid plan with founder sessions and a private community. - **Watch out for:** automated trading is only on the Mage plan, at $400 a month billed yearly or $500 monthly. - Compare: [Tactfolio vs QuantMage](https://tactfolio.com/comparisons/tactfolio-vs-quantmage.md). ## Option Alpha Option Alpha is a no-code platform for options bots that trade in your own broker account. Bots can check the market as often as every minute and manage exits for you. It backtests options on 1-minute data from January 2013. - **Better than Tactfolio at:** anything with options, and trading during the day. - **Watch out for:** a small list of symbols, about 350, and a paid plan unless a broker covers it. - Compare: [Tactfolio vs Option Alpha](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md) and [Composer vs Option Alpha](https://tactfolio.com/comparisons/composer-vs-option-alpha.md). ## TrendSpider TrendSpider is a charting and research platform for active traders. It draws trendlines, finds chart patterns and scans the market. Its Strategy Tester backtests without code. The smallest timeframe depends on the plan. It is 2 hours on Standard and 1 minute on Enhanced and Advanced. Bots send orders to brokers through webhooks. - **Better than Tactfolio at:** charts, intraday strategies, scanners and broker choice. - **Watch out for:** there is no free plan, and only 5 automated orders a month are included before you pay for its order-routing tool. - Compare: [Tactfolio vs TrendSpider](https://tactfolio.com/comparisons/tactfolio-vs-trendspider.md). ## Portfolio123 Portfolio123 is a web platform for picking stocks by company data, such as earnings and value, using screens and ranking systems. It covers more than 15,000 US, Canadian and European stocks. Orders go to Interactive Brokers or Tradier when a strategy rebalances. - **Better than Tactfolio at:** stock picking by fundamentals, non-US stocks, and long and short strategies. - **Watch out for:** live and simulated strategies need the Portfolio plan, $174 a month or $1,500 a year. - Compare: [Tactfolio vs Portfolio123](https://tactfolio.com/comparisons/tactfolio-vs-portfolio123.md). ## What is the best automated trading platform for stocks and ETFs? For long-only stock and ETF strategies, the three main choices are Composer, QuantMage and Tactfolio. All three build without code and trade once a day near the close. Composer holds your money in its own brokerage. QuantMage and Tactfolio trade in your own Alpaca account. Tactfolio's Free plan automates 1 strategy, and Plus automates 10 for $12 a month. See [pricing](https://tactfolio.com/pricing.md). Read [how automated trading works on Tactfolio](https://tactfolio.com/automated-trading.md). ## What are the best platforms for rules-based systematic investing? Rules-based, or systematic, investing means you follow written rules instead of gut feeling. For portfolio rules, such as [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md) and [trend following](https://tactfolio.com/learn/trend-following.md), look at Tactfolio, Composer and QuantMage. For stock-picking rules based on company data, look at Portfolio123. If you only want to follow published rules and place trades yourself, see [the best tactical asset allocation tools](https://tactfolio.com/comparisons/best-tactical-asset-allocation-tools.md). ## What is the best no-code trading bot builder? For stock and ETF bots, Composer, QuantMage and Tactfolio all build without code. For options bots, Option Alpha. For chart-based bots that trade during the day, TrendSpider. A trading bot here means a set of fixed rules that software follows for you. Our [trading bot templates](https://tactfolio.com/bots.md) are a place to start. For testing only, see [the best no-code backtesting tools](https://tactfolio.com/comparisons/best-no-code-backtesting-tools.md). ## What is the best options trading bot? Option Alpha is the specialist for options bots on this list. QuantConnect can also trade options if you write the code. Composer, QuantMage and Tactfolio do not run options strategies. Options can expire worthless. Selling options can lose far more than the premium you collect. ## What is the best trading software for beginners? For a beginner who wants to invest by rules, start with a tool that needs no code and shows every rule. Composer and Tactfolio both do this, and both let you start free. Begin on [paper trading](https://tactfolio.com/paper-trading.md) with pretend money before you use real money. Read [what algorithmic trading is](https://tactfolio.com/learn/algorithmic-trading.md) first if the idea is new to you. ## Which algo trading platforms are free? Tactfolio's Free plan includes 1 automated strategy, and every feature is free until billing opens. For the others, as of October 16, 2026: Composer's free plan automates one strategy. QuantConnect's free plan backtests but cannot trade live. Portfolio123 has a free plan with 30 days of screening and backtesting. Option Alpha has a 30-day free trial, and Pro is $0 at some brokers if you keep a set minimum balance. QuantMage has a 14-day free trial but no free plan. TrendSpider has no free plan. ## How to choose 1. **Decide if you will code.** If yes, start with QuantConnect. If no, keep reading. 2. **Decide what you trade.** Options point to Option Alpha. Day trading off charts points to TrendSpider. Stock and ETF portfolios point to Composer, QuantMage or Tactfolio. 3. **Decide where your money should sit.** Composer holds it. QuantMage and Tactfolio use your own Alpaca account. 4. **Test before you trust.** Read the backtest's worst drop, then run the strategy on paper first. ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) and pick a starter pattern to see a backtest without an account. Or open a classic like [dual momentum](https://tactfolio.com/strategies/dual-momentum.md), copy it, and run it in a paper account. ## Common questions ### What is an algo trading platform? An algo trading platform is software where you write trading rules and test them on past prices. Then the software places trades when the rules say so. "Algo" is short for algorithm, which here means a set of exact rules. See [quantitative trading](https://tactfolio.com/learn/quantitative-trading.md) for more. ### Is algo trading profitable? It can be, and it can lose money too. A good backtest does not promise good future results. Costs, bad years and rules that fit the past by luck all hurt real results. ### Can I do algo trading without coding? Yes. Composer, QuantMage, Option Alpha, TrendSpider, Portfolio123 and Tactfolio all let you build without code. QuantConnect needs code. ### Which algo trading platform works with my own broker? QuantConnect, Option Alpha and TrendSpider work with several brokers. Portfolio123 works with Interactive Brokers and Tradier. QuantMage and Tactfolio work with Alpaca. Composer is its own broker. ### Is algo trading legal for retail investors? Yes. In the US it is legal to trade your own account with rules and software. You still follow your broker's rules and the market's rules. ## Sources - [QuantConnect homepage](https://www.quantconnect.com/), accessed 2026-10-16 - [QuantConnect pricing](https://www.quantconnect.com/pricing/), accessed 2026-10-16 - [QuantConnect brokerages](https://www.quantconnect.com/docs/v2/cloud-platform/live-trading/brokerages), accessed 2026-10-16 - [Composer homepage](https://www.composer.trade/), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer help: trading period](https://help.composer.trade/article/63-trading-period), accessed 2026-10-16 - [Composer help: international users](https://help.composer.trade/article/62-international-users), accessed 2026-10-16 - [QuantMage homepage](https://quantmage.app/), accessed 2026-10-16 - [QuantMage pricing](https://quantmage.app/pricing.html), accessed 2026-10-16 - [QuantMage FAQ](https://quantmage.app/library/guides/faq/), accessed 2026-10-16 - [Option Alpha pricing](https://optionalpha.com/pricing), accessed 2026-10-16 - [Option Alpha FAQ](https://optionalpha.com/faqs), accessed 2026-10-16 - [Option Alpha integrations](https://optionalpha.com/integrations), accessed 2026-10-16 - [Option Alpha backtester upgrade, June 2026](https://optionalpha.com/changelog/huge-backtester-upgrade-including-up-to-45-dte-new-position-exit-rules-ai-friendly-copy-paste-and-many-more-new-features), accessed 2026-10-16 - [TrendSpider pricing](https://trendspider.com/pricing/), accessed 2026-10-16 - [TrendSpider strategy development and backtesting](https://trendspider.com/product/strategy-development-and-backtesting-tools/), accessed 2026-10-16 - [TrendSpider markets](https://trendspider.com/product/analyze-and-chart-any-market-asset/), accessed 2026-10-16 - [Portfolio123 plans](https://www.portfolio123.com/sv/register), accessed 2026-10-16 - [Portfolio123 research](https://www.portfolio123.com/research), accessed 2026-10-16 - [Portfolio123 help: linking your broker](https://portfolio123.customerly.help/en/articles/47515-linking-your-portfolio123-account-to-your-broker), accessed 2026-10-16 --- # Composer vs Option Alpha: which should you use? > Composer automates stock and ETF portfolios. Option Alpha runs options bots in your own broker account. Compare markets, backtests, brokers and pricing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Use Composer if you want stock and ETF strategies that rebalance once a day without code. Use Option Alpha if you want bots that trade [options](https://tactfolio.com/learn/put-vs-call.md) spreads during the day in your own broker account. They automate very different things. Composer is a broker with a no-code editor and AI. Option Alpha is options software that connects to brokers such as Schwab and tastytrade. We make Tactfolio, so read our notes with that in mind. Every fact below was checked on each company's own pages on October 16, 2026. ## Key points - Composer is for stock and ETF portfolios. Option Alpha is built for options trades, such as credit spreads and iron condors. - Composer is the broker, so your money sits at Composer. Option Alpha is not a broker. Your money stays at Tradier, TradeStation, tastytrade or Schwab. - Composer trades once a day near the close. Option Alpha bots can check the market as often as every minute. - Composer has a free plan that can run one live strategy. Option Alpha Pro costs $99 to $149 a month, or $0 with a qualifying account at some brokers. - Neither one is a good fit if you want to keep your money at Alpaca and run ETF rules. That is what Tactfolio does. ## Composer vs Option Alpha at a glance | | Composer | Option Alpha | | --- | --- | --- | | What it automates | Stock and ETF portfolios ("symphonies") | Options bots, plus long stock | | How you build | No-code editor, plus AI from plain English | No-code bot editor with decision blocks | | Options | Trade by hand only. Closed to new users. | Spreads, iron condors and iron butterflies, run by bots | | Trade timing | Once a day, 3:45 to 4:00 pm New York time | Bots can scan as often as every minute | | Backtest data | Daily closing prices, up to 30 years | 1-minute options data from January 2013 | | Where your money sits | Your Composer brokerage account | Your account at Tradier, TradeStation, tastytrade or Schwab | | Paper trading | "Watch" a symphony with a pretend $1,000 | Yes, without limits, with live data | | Free plan | Yes. Automate 1 symphony. | 30-day free trial. Pro is $0 with a qualifying broker account. | | Paid plans | $10 or $40 a month | $99 a month billed yearly, or $149 billed monthly | ## What is Composer? Composer is an app where you build trading strategies with AI or a no-code editor, backtest them, and run them automatically. Composer calls a strategy a symphony. It holds US stocks and ETFs and rebalances on a schedule you pick, from daily to yearly. Composer is also the broker. Composer Securities LLC is an SEC-registered broker-dealer and a member of FINRA and SIPC. SoFi bought it in June 2026. Composer's Form CRS says it "will not offer recommendations to retail investors". ## What is Option Alpha? Option Alpha is a no-code platform to find options trades, backtest options strategies, and run trading bots in your own brokerage account. It was founded in 2010 and is based in St. Petersburg, Florida. It says more than 10,000 traders use it. Option Alpha is not a broker or an adviser. Its bots send orders through your broker's connection. Its FAQ lists what bots can trade: long stock, plus "risk-defined options strategies" such as debit spreads, credit spreads, iron condors and iron butterflies. ## What each one trades This is the real choice. Composer holds a mix of stocks and funds and changes the mix by rules, such as "hold the strongest of these three ETFs". It does not run options inside a strategy. It stopped crypto on January 31, 2026. Option Alpha is about options. A typical bot sells a credit spread on SPY at a set time, then closes it at a profit target or a stop. It does not trade futures, forex or crypto. Options carry their own risks. Options can expire worthless. Selling options can lose far more than the premium you collect. ## Backtests Composer backtests use daily closing prices with dividends reinvested. Its default slippage is 0.01% per trade, and you can change it. You can backtest without limits on every plan. Option Alpha backtests options trades on 1-minute data from January 2013 (XSP from January 2015). Its backtester covers a small set of symbols, such as SPX, SPY, QQQ and IWM, and set position types. It does not model assignment, and bots themselves cannot be backtested directly. ## Brokers and where your money sits With Composer, you open and fund a Composer account. It supports taxable accounts and IRAs. You cannot connect another broker. With Option Alpha, you connect a broker you already use. It works with Tradier, TradeStation, tastytrade and Charles Schwab. Schwab needs you to sign in again every 7 days, or bots stop managing positions. Interactive Brokers, Fidelity, E\*TRADE and Robinhood are not supported. ## Pricing Prices were checked on each company's pricing page on October 16, 2026. | Plan | Composer | Option Alpha | | --- | --- | --- | | Free | $0: automate 1 symphony | 30-day free trial, no card needed | | Paid | Advanced $10 a month (5 symphonies), Pro $40 a month or $384 a year (500) | Pro $149 a month, or $99 a month billed yearly | | Broker-paid | None | $0 with a qualifying account at TradeStation, Tradier or tastytrade | | Trading costs | Stock and ETF trades are included. Options are $0.65 a contract. | Set by your broker | ## Which is better for an options trading bot? Option Alpha. It is built to open and manage options trades automatically, during the day, with exits you set. Composer's options trade by hand only, and its Form CRS says it is "not currently onboarding new customers for options". ## Which is better for ETF rotation and rebalancing? Composer. It is built to hold and rotate a mix of stocks and ETFs on a schedule, with no code. Option Alpha can hold long stock, but it is not made for portfolio rules. ## Who should pick which - **Pick Composer** if you are in the US and want no-code stock and ETF strategies that run in one app. - **Pick Option Alpha** if you trade options spreads and want bots in your own account at a supported broker. If you write code and trade more than options, read [Composer vs QuantConnect](https://tactfolio.com/comparisons/composer-vs-quantconnect.md). ## Where Tactfolio fits Tactfolio is closer to Composer than to Option Alpha. It is a no-code builder for long-only stock and ETF strategies. The difference is where your money sits: Tactfolio runs strategies in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md), and it has a [Free plan](https://tactfolio.com/pricing.md). Tactfolio does not trade options. See [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md) and [Tactfolio vs Option Alpha](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md). ## Try it on Tactfolio Open the [builder](https://tactfolio.com/builder) to see a strategy and its backtest without an account. If you use Composer, you can [import a symphony](https://tactfolio.com/docs/import.md) and test it on Tactfolio. ## Common questions ### Is Composer or Option Alpha better for beginners? For a beginner who invests in ETFs, Composer is easier. Options bots on Option Alpha need you to understand spreads, strikes and expiry dates first. Our guide to [put vs call options](https://tactfolio.com/learn/put-vs-call.md) covers the basics. ### Can Composer trade options automatically? No. Composer's options trade by hand from an options chain, not inside symphonies. New users cannot open options trading right now. ### Is Option Alpha a broker? No. Option Alpha says it is not a broker or an adviser. Its bots trade through your account at Tradier, TradeStation, tastytrade or Schwab. ### Which one is cheaper? Composer, for most people. Its free plan can run one strategy, and paid plans are $10 or $40 a month. Option Alpha Pro costs $99 to $149 a month, unless a qualifying broker account covers it. ### Is there an alternative that keeps my money in my own account and trades ETFs? Yes. [Tactfolio](https://tactfolio.com/about/facts.md) runs long-only stock and ETF strategies in your own Alpaca account, and it has a [Free plan](https://tactfolio.com/pricing.md). See all [Composer alternatives](https://tactfolio.com/comparisons/composer-alternatives.md). ## Sources - [Composer homepage](https://www.composer.trade/), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer disclosures](https://www.composer.trade/disclosures), accessed 2026-10-16 - [Composer what’s new](https://www.composer.trade/whats-new), accessed 2026-10-16 - [Composer Form CRS, September 2026](https://storage.googleapis.com/www.investcomposer.com/docs/form-crs.pdf), accessed 2026-10-16 - [Composer help: backtest basics](https://help.composer.trade/article/67-backtest-basics), accessed 2026-10-16 - [Composer help: slippage and fees](https://help.composer.trade/article/78-slippage-and-fees), accessed 2026-10-16 - [Composer help: trading period](https://help.composer.trade/article/63-trading-period), accessed 2026-10-16 - [Composer help: discover and watch](https://help.composer.trade/article/55-discover-tutorial), accessed 2026-10-16 - [Composer help: other apps](https://help.composer.trade/article/184-can-i-connect-my-composer-account-to-other-apps), accessed 2026-10-16 - [Composer help: options chain](https://help.composer.trade/article/242-composers-options-chain), accessed 2026-10-16 - [Composer help: options fees](https://help.composer.trade/article/243-trading-fees-for-options), accessed 2026-10-16 - [Option Alpha homepage](https://optionalpha.com/), accessed 2026-10-16 - [Option Alpha about](https://optionalpha.com/about-us), accessed 2026-10-16 - [Option Alpha FAQ](https://optionalpha.com/faqs), accessed 2026-10-16 - [Option Alpha pricing](https://optionalpha.com/pricing), accessed 2026-10-16 - [Option Alpha integrations](https://optionalpha.com/integrations), accessed 2026-10-16 - [Option Alpha backtester](https://optionalpha.com/backtester), accessed 2026-10-16 - [Option Alpha backtester upgrade, June 2026](https://optionalpha.com/changelog/huge-backtester-upgrade-including-up-to-45-dte-new-position-exit-rules-ai-friendly-copy-paste-and-many-more-new-features), accessed 2026-10-16 - [Option Alpha docs: bots](https://docs.optionalpha.com/tools/bots), accessed 2026-10-16 - [Option Alpha docs: backtesting best practices](https://docs.optionalpha.com/tools/backtesting/best-practices), accessed 2026-10-16 --- # Composer alternatives: 5 tools compared > Looking for a Composer alternative? Compare Tactfolio, QuantMage, Portfolio123, QuantConnect, and Option Alpha on brokers, building, and price. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Composer is a no-code app and broker for automated stock and ETF strategies. Good Composer alternatives include Tactfolio, QuantMage, Portfolio123, QuantConnect, and Option Alpha. Each one fits a different need. We make Tactfolio, so read our notes with that in mind. Every fact about the other tools comes from their own websites, checked on October 16, 2026. ## Composer alternatives at a glance | Tool | Best for | Builds with | Brokers | Price | | --- | --- | --- | --- | --- | | Tactfolio | Keeping your money at your own broker | Visual blocks or your AI assistant | Alpaca | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | QuantMage | More indicators, Composer-style | Visual blocks | Alpaca | $10 a month, $500 with automation | | Portfolio123 | Picking stocks by company data | Screens and ranking rules | Interactive Brokers, Tradier | Free tier, paid from $35 a month | | QuantConnect | Programmers | Python or C# code | About 20 | Free tier, paid seats from $10 a month plus compute | | Option Alpha | Options traders | Visual bot editor | Tradier, TradeStation, tastytrade, Schwab | $99 to $149 a month, or $0 with some brokers | ## Why people look for a Composer alternative Composer is a broker, so your money must sit in a Composer account. Some people want to keep their own broker. Others want different backtest settings, more [indicators](https://tactfolio.com/learn/best-indicators-for-trading.md), or an AI assistant they already use. Composer is also US-only for live trading. ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Its blocks work much like Composer's. You can paste a Composer symphony's JSON into the builder and get a private draft with its backtest. Backtests charge 0.05% on every trade and show a next-day-open line. Tactfolio has a Free plan, and paid plans start at $12 a month. Every feature is free until billing opens. It trades real money only through Alpaca, and only long positions in US-listed stocks and ETFs. Read the full [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md) comparison. ## QuantMage QuantMage is a no-code builder for rules-based stock and ETF strategies, which it calls spells. It has many indicators and can import Composer strategies. It trades once a day near the close, through Alpaca, including Alpaca [IRAs](https://tactfolio.com/learn/ira-vs-401k.md). The Apprentice plan costs $10 a month and covers building and backtesting. Automated trading needs the Mage plan, at $500 a month or $400 a month billed yearly. ## Portfolio123 Portfolio123 is for people who pick stocks by company data, like earnings and value. You build screens and ranking systems, then backtest them, with no code. It also has machine learning tools. It covers US, Canadian, and European stocks. Paid plans run from $35 to $278 a month. It sends orders to Interactive Brokers or Tradier. ## QuantConnect QuantConnect is a code-first platform. You write strategies in Python or C#. It covers stocks, options, futures, forex, and crypto, with data down to the tick. It connects to about 20 brokers. It suits programmers, not people who want to avoid code. Read [Composer vs QuantConnect](https://tactfolio.com/comparisons/composer-vs-quantconnect.md) or [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md). ## Option Alpha Option Alpha automates options trades, such as credit spreads and iron condors, with no code. Its bots can check the market every minute. If you used Composer for stocks and ETFs, this is a different kind of tool. Read [Tactfolio vs Option Alpha](https://tactfolio.com/comparisons/tactfolio-vs-option-alpha.md). ## How to choose - To keep Composer's style but use your own broker, try Tactfolio or QuantMage. Both trade through Alpaca. - To pick single stocks by company data, try Portfolio123. - If you code and want every market, try QuantConnect. - If you trade options, try Option Alpha. To weigh two of these head to head, read [Composer vs Option Alpha](https://tactfolio.com/comparisons/composer-vs-option-alpha.md). For the whole field, see [the best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md). Whatever you pick, test the same strategy in two places. Backtests can differ because of costs, data, and timing. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what to watch for. ## Common questions ### Is there a free alternative to Composer? It depends on what you need. Tactfolio's Free plan automates 1 strategy in your own Alpaca account, and every feature is free until billing opens. Composer's own Starter plan is also free for one automated strategy. ### Can I move my Composer symphonies to another platform? Yes, to some. Tactfolio and QuantMage both import Composer JSON. In Composer, copy the symphony's JSON, then paste it into the other tool. ### Is there a Composer alternative that works with Schwab or Fidelity? QuantConnect and Option Alpha connect to Charles Schwab. Option Alpha says it does not support Fidelity. Tactfolio and QuantMage trade real money only through Alpaca. ## Sources - [QuantMage homepage](https://quantmage.app/), accessed 2026-10-16 - [QuantMage pricing](https://quantmage.app/pricing.html), accessed 2026-10-16 - [QuantMage FAQ](https://quantmage.app/library/guides/faq/), accessed 2026-10-16 - [Portfolio123 research](https://www.portfolio123.com/research), accessed 2026-10-16 - [Portfolio123 plans](https://www.portfolio123.com/sv/register), accessed 2026-10-16 - [Portfolio123 help: linking your broker](https://portfolio123.customerly.help/en/articles/47515-linking-your-portfolio123-account-to-your-broker), accessed 2026-10-16 - [QuantConnect pricing](https://www.quantconnect.com/pricing/), accessed 2026-10-16 - [QuantConnect brokerages](https://www.quantconnect.com/docs/v2/cloud-platform/live-trading/brokerages), accessed 2026-10-16 - [Option Alpha pricing](https://optionalpha.com/pricing), accessed 2026-10-16 - [Option Alpha integrations](https://optionalpha.com/integrations), accessed 2026-10-16 --- # Portfolio Visualizer alternatives: 4 tools compared > Looking for a Portfolio Visualizer alternative? Compare testfolio, Tactfolio, AllocateSmartly, and Portfolio123 on data, trading, and price. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Portfolio Visualizer is a website for backtesting and analyzing portfolios on monthly data. Good Portfolio Visualizer alternatives include testfolio, Tactfolio, AllocateSmartly, and Portfolio123. Each one fits a different need. We make Tactfolio, so read our notes with that in mind. Every fact about the other tools comes from their own websites, checked on October 16, 2026. ## Portfolio Visualizer alternatives at a glance | Tool | Best for | Data | Trades for you? | Price | | --- | --- | --- | --- | --- | | testfolio | Free daily backtests and research tools | Daily, with simulated history back to 1885 | No | Free tiers, paid from $15 a month | | Tactfolio | Building your own rules and running them | Daily, with optional simulated history | Yes, in your Alpaca account | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | AllocateSmartly | Following published tactical strategies | Backtests and signals for 100+ published strategies | No | Free limited access, $49 a month or $399 a year | | Portfolio123 | Picking stocks by company data | Point-in-time company data | Yes, at Interactive Brokers or Tradier | Free tier, paid from $35 a month | ## Why people look for a Portfolio Visualizer alternative Portfolio Visualizer's free plan allows up to 15 assets with limited history. Its paid plans are billed yearly, at $30 or $55 a month. Most of its backtests use monthly returns. Its tactical models are presets, so you can't write your own rules. And it does not trade. Read the full [Tactfolio vs Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md) comparison. ## testfolio testfol.io is a backtesting and research site with daily data. Its free tiers include the portfolio backtester with full history. A free account adds a tactical backtester, simulated tickers, and factor regression. Paid plans cost $15, $30, or $100 a month, and they add optimizers, [Monte Carlo](https://tactfolio.com/trading-tools/monte-carlo-simulation.md), and more. The $100 Max plan includes an MCP server for AI assistants. It does not trade. Tactfolio uses a frozen copy of testfol.io's simulated tickers for part of its [simulated history](https://tactfolio.com/docs/simulated-history.md). Read [testfol.io alternatives](https://tactfolio.com/comparisons/testfolio-alternatives.md) to compare it with other tools. ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Unlike Portfolio Visualizer, you write your own rules from blocks: if/else conditions, rank, and filters. Backtests use daily prices and charge 0.05% on every trade. Its free tools include a [Monte Carlo simulator](https://tactfolio.com/trading-tools/monte-carlo-simulation.md) and a [portfolio optimizer](https://tactfolio.com/trading-tools/portfolio-optimizer.md), but it has no factor regression. It covers long-only strategies on US-listed stocks and ETFs. ## AllocateSmartly AllocateSmartly tracks published [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md) strategies, from authors like Faber, Antonacci, and Keller. You see each strategy's backtest and current signal, combine strategies, and get email alerts. You can't build your own strategies, and you place the trades yourself. It costs $49 a month or $399 a year. ## Portfolio123 Portfolio123 is for picking stocks by company data, like earnings and value. You build screens and ranking systems with no code, then backtest them. It covers US, Canadian, and European stocks. Paid plans run from $35 to $278 a month. It can send orders to Interactive Brokers or Tradier. ## How to choose - For free, daily backtests of a fixed mix, try testfolio. - To build your own rules and have them trade, try Tactfolio. - To follow well-known tactical strategies by hand, try AllocateSmartly. - To screen and rank single stocks, try Portfolio123. Whatever you pick, results will differ a little between sites. Data, costs, and [rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md) days are never quite the same. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what to watch for. ## Common questions ### Is there a free alternative to Portfolio Visualizer? Yes. testfolio's free tiers include daily backtests with full history. Tactfolio has a Free plan, and it includes 1 [automated strategy](https://tactfolio.com/automated-trading.md) in your own Alpaca account. ### Which Portfolio Visualizer alternative can trade for me? Tactfolio can run a strategy in your own Alpaca account. Portfolio123 can send orders to Interactive Brokers or Tradier. testfolio and AllocateSmartly do not trade. ### Which alternative has Monte Carlo simulations? testfolio has Monte Carlo tools, with more on its paid plans. Tactfolio has a free Monte Carlo simulator that plays out 10,000 random paths for your savings. ## Sources - [Portfolio Visualizer pricing](https://www.portfoliovisualizer.com/pricing), accessed 2026-10-16 - [Portfolio Visualizer tactical models](https://www.portfoliovisualizer.com/tactical-asset-allocation-model), accessed 2026-10-16 - [testfol.io homepage](https://testfol.io/), accessed 2026-10-16 - [testfol.io pricing](https://testfol.io/pricing), accessed 2026-10-16 - [AllocateSmartly pricing](https://allocatesmartly.com/pricing/), accessed 2026-10-16 - [AllocateSmartly: what we do](https://allocatesmartly.com/what-we-do/), accessed 2026-10-16 - [AllocateSmartly FAQ](https://allocatesmartly.com/faqs/), accessed 2026-10-16 - [Portfolio123 research](https://www.portfolio123.com/research), accessed 2026-10-16 - [Portfolio123 plans](https://www.portfolio123.com/sv/register), accessed 2026-10-16 - [Portfolio123 help: linking your broker](https://portfolio123.customerly.help/en/articles/47515-linking-your-portfolio123-account-to-your-broker), accessed 2026-10-16 --- # AllocateSmartly alternatives: 5 tools compared > Looking for an AllocateSmartly alternative? Compare Tactfolio, TuringTrader, Portfolio Visualizer, testfolio, and Composer on automation and price. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. AllocateSmartly tracks published [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md) strategies and emails you their [signals](https://tactfolio.com/learn/trading-signals.md). Good AllocateSmartly alternatives include Tactfolio, TuringTrader, Portfolio Visualizer, testfolio, and Composer. Each one fits a different need. We make Tactfolio, so read our notes with that in mind. Every fact about the other tools comes from their own websites, checked on October 16, 2026. ## AllocateSmartly alternatives at a glance | Tool | Best for | Build your own? | Trades for you? | Price | | --- | --- | --- | --- | --- | | Tactfolio | Running classic strategies automatically | Yes | Yes, in your Alpaca account | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | TuringTrader | Ready-made portfolios with share counts | No | No | Free basic plan, paid from $49.95 a month | | Portfolio Visualizer | Testing preset tactical models | Settings only | No | Free plan, paid from $30 a month, billed yearly | | testfolio | Free daily backtests of tactical rules | Yes | No | Free tiers, paid from $15 a month | | Composer | An all-in-one app that also holds your account | Yes | Yes, as your broker | Free for one strategy, paid from $10 a month | ## Why people look for an AllocateSmartly alternative AllocateSmartly is a signal service. You can combine its strategies, but you can't write your own. You also place every trade yourself. It costs $49 a month or $399 a year after a free limited tier. Some people want to automate the trades, change a rule, or pay less. ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Its 60+ [classic strategies](https://tactfolio.com/strategies/classics.md) come from many of the same authors AllocateSmartly credits. Examples are Mebane Faber's [GTAA](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), Gary Antonacci's [dual momentum](https://tactfolio.com/strategies/dual-momentum.md), and Wouter Keller's [BAA](https://tactfolio.com/strategies/bold-asset-allocation.md). Each one is built from its source, tested every day, and ready to copy and change. You can then run it in a [paper account](https://tactfolio.com/paper-trading.md) or your own Alpaca account. Tactfolio covers long-only strategies on US-listed stocks and ETFs. ## TuringTrader TuringTrader publishes rule-based tactical portfolios and emails rebalance alerts with exact share counts. You place the trades yourself. The Basic plan is free and includes portfolios from books and papers. Premium costs $49.95 a month and adds its own portfolios and alerts. Infinite costs $79.95 a month and adds API access. ## Portfolio Visualizer Portfolio Visualizer has preset tactical models, such as [moving averages](https://tactfolio.com/learn/moving-average.md), [dual momentum](https://tactfolio.com/learn/momentum-strategy.md), and adaptive allocation. You can change their settings and backtest them on monthly data back to 1972. Paid plans show the next trade signal. It does not trade. Read [Tactfolio vs Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md). ## testfolio testfol.io is a backtesting site with daily data. A free account includes a tactical allocation backtester and simulated tickers with long histories. Paid plans add optimizers and email alerts. It does not trade. ## Composer Composer is a no-code app and broker. You can build tactical strategies, copy community ones, and have Composer trade them. Your money sits in a Composer account, and live trading is for US residents. Read [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md). ## How to choose - To run classic strategies automatically at your own broker, try Tactfolio. - To follow ready-made portfolios with share counts by hand, try TuringTrader. - To test preset models on long monthly data, try Portfolio Visualizer. - For free daily backtests of your own tactical rules, try testfolio. Read [testfol.io alternatives](https://tactfolio.com/comparisons/testfolio-alternatives.md) for more. - For one app that holds the money and trades, try Composer. A strategy can do worse after it is published than in its backtest. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains why. ## Common questions ### Is there a free alternative to AllocateSmartly? Yes. Tactfolio has a Free plan, and every feature is free until billing opens. Its classic strategies come from many of the same authors. TuringTrader's Basic plan and testfolio's free tiers are free too. ### Can I automate AllocateSmartly strategies? AllocateSmartly itself does not trade. On Tactfolio, you can copy a classic strategy, such as dual momentum, and run it in your own Alpaca account. ### Which alternative lets me change a strategy's rules? Tactfolio, testfolio, and Composer let you change the rules or build your own. TuringTrader and AllocateSmartly give you finished strategies. ## Sources - [AllocateSmartly pricing](https://allocatesmartly.com/pricing/), accessed 2026-10-16 - [AllocateSmartly: what we do](https://allocatesmartly.com/what-we-do/), accessed 2026-10-16 - [AllocateSmartly FAQ](https://allocatesmartly.com/faqs/), accessed 2026-10-16 - [TuringTrader homepage](https://www.turingtrader.com/), accessed 2026-10-16 - [TuringTrader plans](https://www.turingtrader.com/sign-up/), accessed 2026-10-16 - [Portfolio Visualizer pricing](https://www.portfoliovisualizer.com/pricing), accessed 2026-10-16 - [Portfolio Visualizer tactical models](https://www.portfoliovisualizer.com/tactical-asset-allocation-model), accessed 2026-10-16 - [testfol.io homepage](https://testfol.io/), accessed 2026-10-16 - [testfol.io pricing](https://testfol.io/pricing), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer disclosures](https://www.composer.trade/disclosures), accessed 2026-10-16 --- # QuantMage alternatives: 4 tools compared > Looking for a QuantMage alternative? Compare Tactfolio, Composer, testfol.io, and QuantConnect on automated trading, brokers, and price. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. QuantMage is a no-code builder for rules-based stock and ETF strategies that can trade through Alpaca. Good QuantMage alternatives include Tactfolio, Composer, testfol.io, and QuantConnect. Each one fits a different need. We make Tactfolio, so read our notes with that in mind. Every fact about the other tools comes from their own websites, checked on October 16, 2026. ## QuantMage alternatives at a glance | Tool | Best for | Builds with | Automated trading | Price | | --- | --- | --- | --- | --- | | Tactfolio | Automating on a free plan in your own Alpaca account | Visual blocks or your AI assistant | Yes, Alpaca | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | Composer | One app that also holds your account | Visual editor or its AI chat | Yes, as your broker | Free for one strategy, paid from $10 a month | | testfol.io | Free daily backtests and research tools | Forms and signal rules | No | Free tiers, paid from $15 a month | | QuantConnect | Programmers who want every market | Python or C# code | Yes, about 20 brokers | Free tier, paid seats from $10 a month plus compute | ## Why people look for a QuantMage alternative QuantMage's Apprentice plan costs $10 a month, or $8 billed yearly, and covers building and backtesting. Automated trading needs the Mage plan, at $500 a month or $400 a month billed yearly. There is a 14-day trial but no free plan. People who want to automate a few strategies often look for a cheaper way. ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). Like QuantMage, Tactfolio trades once a day near the close, through Alpaca. You can export a QuantMage spell as a JSON file and import it into the builder. It opens as a private draft with its backtest. Any part Tactfolio can't express yet is listed, and nothing is saved in that case. [Import and export strategies](https://tactfolio.com/docs/import.md) has the details. Tactfolio's Free plan automates 1 strategy, and Plus automates 10 for $12 a month. Read [Tactfolio vs QuantMage](https://tactfolio.com/comparisons/tactfolio-vs-quantmage.md). ## Composer Composer is a no-code app and broker. Its blocks are close to QuantMage's. It has a library of more than 2,000 community strategies and a built-in AI chat. Your money sits in a Composer account, carried by Alpaca or Apex. Live trading is for US residents. Read [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md). ## testfol.io testfol.io is a backtesting and research site with daily data. Its free tiers include the portfolio backtester, and a free account adds a tactical allocation backtester. Paid plans add optimizers, [Monte Carlo](https://tactfolio.com/trading-tools/monte-carlo-simulation.md), and alerts. It does not trade, so you would place trades yourself. ## QuantConnect QuantConnect is a code-first platform. You write strategies in Python or C#, with data down to the tick. It covers stocks, options, futures, forex, and crypto, and connects to about 20 brokers, including Alpaca. It suits programmers. Read [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md). ## How to choose - To keep trading through Alpaca without the $500 plan, try Tactfolio. - For one app that holds the money and trades, try Composer. - For research only, with free daily backtests, try testfol.io. See [testfol.io alternatives](https://tactfolio.com/comparisons/testfolio-alternatives.md) for more like it. - If you code and want more markets, try QuantConnect. Before you switch, run the same strategy on both tools and compare. Small differences in data and trading costs can change a backtest. [What a backtest simulates](https://tactfolio.com/docs/backtests.md) lists every assumption Tactfolio makes. ## Common questions ### Can I move my QuantMage spells to Tactfolio? Yes. Export the spell from QuantMage's Grimoire as a JSON file, then upload it in Tactfolio's builder. It opens as a private draft with its backtest ready. ### Is there a free alternative to QuantMage with automated trading? Yes. Tactfolio has a Free plan that includes 1 [automated strategy](https://tactfolio.com/automated-trading.md) in your own Alpaca account, and every feature is free until billing opens. Composer's Starter plan is free for one automated strategy. ### Does QuantMage work with brokers other than Alpaca? No. QuantMage trades only through Alpaca, in taxable, paper, or [IRA](https://tactfolio.com/learn/ira-vs-401k.md) accounts. Tactfolio also trades real money only through Alpaca. ## Sources - [QuantMage homepage](https://quantmage.app/), accessed 2026-10-16 - [QuantMage pricing](https://quantmage.app/pricing.html), accessed 2026-10-16 - [QuantMage FAQ](https://quantmage.app/library/guides/faq/), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer disclosures](https://www.composer.trade/disclosures), accessed 2026-10-16 - [testfol.io homepage](https://testfol.io/), accessed 2026-10-16 - [testfol.io pricing](https://testfol.io/pricing), accessed 2026-10-16 - [QuantConnect pricing](https://www.quantconnect.com/pricing/), accessed 2026-10-16 - [QuantConnect brokerages](https://www.quantconnect.com/docs/v2/cloud-platform/live-trading/brokerages), accessed 2026-10-16 --- # Testfol.io alternatives: 5 tools compared > Looking for a testfol.io alternative? Compare Portfolio Visualizer, Tactfolio, PortfolioCharts, AllocateSmartly, and Composer on data, trading, and price. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Testfolio (testfol.io) is a free website for backtesting portfolios on daily data. Good testfol.io alternatives are Portfolio Visualizer, Tactfolio, PortfolioCharts, AllocateSmartly, and Composer. Pick Portfolio Visualizer for deep analysis of a fixed mix. Pick Tactfolio or Composer if you want a strategy to trade for you. We make Tactfolio, so read our notes with that in mind. Every fact about the other tools comes from their own websites, checked on October 16, 2026. ## Key points - Testfolio is research only. It does not trade, and the site does not name the company behind it. - Portfolio Visualizer is the closest match. It has more analysis tools, but most of its backtests use monthly data. - Tactfolio and Composer can run a strategy for you. Tactfolio trades in your own Alpaca account. Composer is itself the broker. - PortfolioCharts and AllocateSmartly are for planning and following published strategies, not for building your own. - Testfolio's AI access (MCP) comes only with its $100 a month Max plan. Tactfolio's is free with an account. ## Testfol.io alternatives at a glance | Tool | Best for | Data | Trades for you? | Price | | --- | --- | --- | --- | --- | | Testfolio | Free daily backtests and research tools | Daily, simulated back to 1885 | No | Free tiers, paid $15, $30, or $100 a month | | Portfolio Visualizer | Deep analysis of a fixed mix | Mostly monthly, asset classes from 1972 | No | Free plan, paid $30 or $55 a month, billed yearly | | Tactfolio | Building your own rules and running them | Daily, with labeled simulated history | Yes, in your Alpaca account | Free, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. [See pricing](https://tactfolio.com/pricing.md) | | PortfolioCharts | Planning a simple portfolio for decades | Yearly, asset classes from 1970 | No | Free | | AllocateSmartly | Following published tactical strategies | 100+ published strategies with signals | No | Free limited access, $49 a month or $399 a year | | Composer | No-code strategies in one app that is also your broker | Daily, up to 30 years in the editor | Yes, as your broker | Free to build and backtest, paid from $10 a month | ## What Testfolio does well Testfolio is hard to beat for a free backtest. Its free tools use daily data and the full history of every fund. Its simulated tickers reach far back, such as SPY to 1885. A free account adds a tactical backtester, factor regression, and leveraged ETF tools. Paid plans cost $15, $30, or $100 a month, or less if you pay yearly. They raise the limits on optimizers and [Monte Carlo](https://tactfolio.com/trading-tools/monte-carlo-simulation.md) runs and add email alerts. Tactfolio uses a frozen copy of Testfolio's simulated tickers for part of its [simulated history](https://tactfolio.com/docs/simulated-history.md). We think it is a good tool. ## Why people look for a testfol.io alternative - **It does not trade.** We found no broker link or paper trading on the site. Its terms say its AI tools do not place trades or move money. You place every trade yourself. - **You can't write any rule you like.** Its tactical tools use forms with signals and ranked lists. There is no visual builder or code. - **AI access costs $100 a month.** Its MCP server, which lets an AI assistant run its tools, is only on the Max plan. - **The company is not named.** The terms point to Illinois law, but the site gives no company name or address. - **Prices may rise.** Its Pro prices are "early member" rates, and the site says new members should expect higher rates. ## Portfolio Visualizer Portfolio Visualizer is the classic tool for testing a mix of funds or asset classes. It has backtests, Monte Carlo, optimization, efficient frontiers, factor regression, and preset timing models. Its asset-class data starts in 1972. Most backtests use monthly returns, so the [worst drop](https://tactfolio.com/learn/max-drawdown.md) can look a little milder than on daily data. The free plan allows up to 15 assets with limited history. Paid plans cost $30 or $55 a month, billed yearly. It does not trade. Read [Tactfolio vs Portfolio Visualizer](https://tactfolio.com/comparisons/tactfolio-vs-portfolio-visualizer.md). ## Tactfolio Tactfolio is a platform where you build rules-based investing strategies, [backtest](https://tactfolio.com/learn/backtesting-explained.md) them on decades of real prices, share them, and run them automatically in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md). You can build by hand in a visual builder or by asking an [AI assistant](https://tactfolio.com/ai-trading.md). The main difference from Testfolio is that you write any rule you want from blocks: if/else conditions, rank, and filters. Then Tactfolio can [trade the rule for you](https://tactfolio.com/automated-trading.md), once a day near the close. Backtests use daily prices and charge 0.05% on every trade. It covers long-only strategies on US-listed stocks and ETFs. It has free tools for [Monte Carlo](https://tactfolio.com/trading-tools/monte-carlo-simulation.md), the [efficient frontier](https://tactfolio.com/trading-tools/efficient-frontier.md), and a [portfolio optimizer](https://tactfolio.com/trading-tools/portfolio-optimizer.md). Testfolio has more research tools, such as tax and factor reports. To test a fixed mix first, try our [portfolio backtest](https://tactfolio.com/trading-tools/backtest-portfolio.md) form. It opens the mix in the builder. ## PortfolioCharts PortfolioCharts is a free site by one independent investor who goes by Tyler. It studies simple, long-term portfolios with yearly returns for asset classes, back to 1970, in 12 home countries. Its charts focus on what a saver would live through, such as the worst stretch to wait out and safe withdrawal rates. It does not test single funds or timing rules, and it does not trade. ## AllocateSmartly AllocateSmartly tracks published [tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md) strategies, from authors like Faber, Antonacci, and Keller. It says it tracks more than 100. You see each strategy's backtest and current signal, combine strategies, and get email alerts. You can't build your own strategies, and you place the trades yourself. It costs $49 a month or $399 a year, with a free limited view of 3 strategies. Read [AllocateSmartly alternatives](https://tactfolio.com/comparisons/allocatesmartly-alternatives.md). ## Composer Composer is a no-code app for building and trading strategies, which it calls symphonies. You build with blocks or by chatting with its AI. Backtests use daily adjusted closes, up to 30 years back in the editor. Building and backtesting are free on every plan. To trade, you open a Composer brokerage account, because Composer is also the broker. The free Starter plan automates one strategy. Live trading is for US residents. Read [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md). ## How to choose - For free daily backtests with long history, stay with Testfolio. - To study a fixed mix in depth, try Portfolio Visualizer. - To write your own rules and have them trade in your own broker account, try Tactfolio. - To plan a lazy portfolio for decades, try PortfolioCharts. - To follow well-known tactical strategies by hand, try AllocateSmartly. - For one app that builds, tests, and holds your money, try Composer. Results will differ a little from site to site. Data, costs, and [rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md) days are never quite the same. In our own test of a 60/40 portfolio, Testfolio and Portfolio Visualizer agreed on growth to the dollar but not on the worst drop. Our [portfolio backtesting tools guide](https://tactfolio.com/comparisons/best-portfolio-backtesting-tools.md) shows the numbers. ## Common questions ### Is testfol.io free? Yes, mostly. The portfolio backtester works with no account. A free account adds more tools. Paid plans cost $15, $30, or $100 a month, as of October 16, 2026. Paying yearly costs less, such as $150 a year for Pro. ### Can Testfolio trade for me? No. Testfolio is for research only. It has email alerts for drift and rebalance dates, but you place the trades. Tactfolio can run a strategy in your own Alpaca account, and Composer trades as your broker. ### Which testfol.io alternative is free? PortfolioCharts is free. Portfolio Visualizer has a free plan. Tactfolio has a Free plan with 3 [paper strategies](https://tactfolio.com/paper-trading.md) and 1 automated strategy in your own Alpaca account. Composer's Starter plan is free for one automated strategy. ### Is Portfolio Visualizer better than Testfolio? It depends on what you need. Portfolio Visualizer has more analysis tools and a longer record. Testfolio uses daily data and shows full history for free. Neither one trades. ### Does any alternative work with ChatGPT or Claude? Yes. Tactfolio has a free MCP server, so an AI assistant can build and backtest strategies for you. Testfolio has one on its $100 Max plan. Composer has its own AI chat inside the app. ## Sources - [testfol.io homepage](https://testfol.io/), accessed 2026-10-16 - [testfol.io pricing](https://testfol.io/pricing), accessed 2026-10-16 - [testfol.io help](https://testfol.io/help), accessed 2026-10-16 - [testfol.io MCP](https://testfol.io/mcp), accessed 2026-10-16 - [testfol.io terms](https://testfol.io/terms), accessed 2026-10-16 - [testfol.io privacy policy](https://testfol.io/privacy), accessed 2026-10-16 - [Portfolio Visualizer pricing](https://www.portfoliovisualizer.com/pricing), accessed 2026-10-16 - [Portfolio Visualizer FAQ](https://www.portfoliovisualizer.com/faq), accessed 2026-10-16 - [Portfolio Visualizer asset class backtest](https://www.portfoliovisualizer.com/backtest-asset-class-allocation), accessed 2026-10-16 - [PortfolioCharts methodology](https://portfoliocharts.com/user-guide/methodology/), accessed 2026-10-16 - [PortfolioCharts data sources](https://portfoliocharts.com/user-guide/data-sources/), accessed 2026-10-16 - [AllocateSmartly: what we do](https://allocatesmartly.com/what-we-do/), accessed 2026-10-16 - [AllocateSmartly pricing](https://allocatesmartly.com/pricing/), accessed 2026-10-16 - [AllocateSmartly: the wisdom of 100+ strategies](https://allocatesmartly.com/the-wisdom-of-100-strategies-using-aggregate-taa-allocation-as-a-trading-signal/), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer disclosures](https://www.composer.trade/disclosures), accessed 2026-10-16 - [Composer help: backtest basics](https://help.composer.trade/article/67-backtest-basics), accessed 2026-10-16 - [Composer help: international users](https://help.composer.trade/article/62-international-users), accessed 2026-10-16 --- # Composer vs QuantConnect: which one fits you? > Composer is a no-code app that is also your broker. QuantConnect is a code platform for many markets and brokers. Compare data, AI, and pricing. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-17. Which is better, Composer or QuantConnect? It depends on whether you code. Composer is a no-code app for building stock and ETF strategies, and it is also the broker that holds your money. QuantConnect is a platform for writing trading algorithms in Python or C#, for many markets and about 20 brokers. Pick Composer if you don't code and want one simple app for US stocks and ETFs. Pick QuantConnect if you code, or need options, futures, forex, crypto, or intraday data. We make Tactfolio, a third tool, so read our notes with that in mind. Every fact about Composer and QuantConnect comes from their own websites, checked on October 16, 2026. ## Key points - Composer needs no code. You build with visual blocks or by chatting with its AI. QuantConnect strategies are code, in Python or C#. - Composer covers US-listed stocks and ETFs. QuantConnect covers stocks, options, futures, forex, CFDs, and crypto. - Composer backtests on daily closing prices. QuantConnect has data down to single trades (tick data). - Composer is your broker, and live trading is for US residents. QuantConnect is not a broker. It connects to about 20 brokers you choose. - Composer's free plan can automate one strategy. QuantConnect's free plan has no live trading. ## Composer vs QuantConnect at a glance | | Composer | QuantConnect | | --- | --- | --- | | How you build | Visual editor, or Composer's AI chat | Python or C# code, or its AI agent Mia writes the code | | Markets in strategies | US-listed stocks and ETFs | Stocks, ETFs, options, futures, forex, CFDs, crypto | | Backtest data | Daily adjusted closes, up to 30 years in the editor | Tick, second, minute, hour, and daily, US stocks from 1998 | | When trades happen | Once a day, 3:45 to 4:00 PM ET | Any time the market is open, as your code decides | | Who holds your money | Composer, carried by Alpaca or Apex | Your own broker, from about 20 choices | | Who can trade live | US residents | No country limit found on its pages | | Ready-made strategies | 2,000+ community symphonies | Community strategies to clone in Strategy Explorer | | AI help | Built-in AI chat, using Claude and GPT models | Mia agent, plus an MCP server on a paid agent node | | Price | Starter $0, Advanced $10 a month, Pro $40 a month | Free plan, paid seats from $10 a month, plus compute nodes | ## What is Composer? Composer is an app for building trading strategies, which it calls symphonies, and running them automatically. It was founded in 2020. SoFi bought its broker-dealer and relaunched it as "Composer by SoFi" in June 2026. Composer says more than 175,000 investors use it. Composer Securities LLC is a registered broker-dealer and a FINRA and SIPC member. Your account is carried by Alpaca or Apex Clearing, and you can't connect an outside broker. Composer supports taxable accounts and Traditional and Roth IRAs. ## What is QuantConnect? QuantConnect is a cloud platform where you write, [backtest](https://tactfolio.com/learn/backtesting-explained.md), and run trading algorithms in code. Its engine, LEAN, is open source, and you can run it on your own computer too. QuantConnect says it has a community of 554,000 [quants](https://tactfolio.com/learn/quantitative-trading.md), and that more than 375,000 live strategies have run on it since 2012. QuantConnect is not a broker or an investment adviser. Your money stays at the broker you connect. ## How you build a strategy This is the biggest difference. On Composer, you click blocks together: assets, weights, if/else conditions, and sort and filter steps. You can also describe an idea in plain English, and its AI builds a draft for you to check. You never write code. On QuantConnect, every strategy is a program in Python or C#. You work in a code editor in the browser or on your own computer. Its AI agent, Mia, can write code, run backtests, and fix errors, but the result is still code you need to read. So ask yourself one question: do you code? If not, Composer is far quicker to start with. If you do, QuantConnect can model almost any idea. ## Markets Composer strategies trade US-listed stocks and ETFs. Composer also has a manual options chain, but its September 2026 filing says it is not taking new options customers. It ended crypto support on January 31, 2026. QuantConnect covers many more markets: stocks, ETFs, equity and index options, futures, forex, [CFDs](https://tactfolio.com/learn/cfd-trading.md), and crypto. It can go long or short and model [margin](https://tactfolio.com/learn/margin-trading.md). ## Backtests and data Composer backtests use daily adjusted closing prices, with dividends reinvested. The editor goes back 30 years. Its default cost is a slippage of 0.01% a trade, which you can change. Backtesting is unlimited on every plan, including the free one. QuantConnect has much deeper data. Its US stock data starts in January 1998 and goes down to single trades. Options data starts in 2010 and futures in 2009. Its models cover fills, slippage, fees, margin, and short selling. Second and tick data need a paid plan. Its own docs warn that the default models assume you trade very liquid assets. ## Live trading and brokers Composer runs your symphonies once a day, between 3:45 and 4:00 PM Eastern time. You need at least $50 to start, and Composer suggests $2,500 or more so less cash sits idle. Live trading is for US residents. QuantConnect runs your code on a live server all day, so it can trade intraday. Its docs list about 20 brokers, including Interactive Brokers, Charles Schwab, Tastytrade, Alpaca, Webull, Coinbase, and Kraken. It also has its own paper trading. Live trading needs a paid seat and a live node. ## AI assistants Composer has a built-in AI chat. Composer says it uses Claude by Anthropic and GPT by OpenAI. You review each strategy before anything trades. AI use has a weekly allowance that grows with your plan. QuantConnect has Mia, an AI agent that writes and tests code, plus other agents for research and live monitoring. It also has an MCP server, which lets tools like Claude Code and Cursor use QuantConnect. MCP is a standard way for AI assistants to use other apps. The MCP server needs a paid agent node, from $24 a month. ## Pricing Composer's plans, as of October 16, 2026: - **Starter**, $0: automate one symphony, unlimited backtests. - **Advanced**, $10 a month: automate up to 5 symphonies. - **Pro**, $40 a month, or $384 a year: automate up to 500 symphonies, plus an API. QuantConnect's prices, as of October 16, 2026: - **Free**, $0: backtesting and research, but no live trading. - **Paid seats**, $10 to $96 a month each. Most people also pay for compute nodes. - **Live nodes** start at $24 a month. Its Researcher Pack bundle costs $84 a month. - Some data sets cost extra. For one simple stock and ETF strategy, Composer costs less. For a team of coders trading many markets, QuantConnect's modular prices can make more sense. ## Where Composer is the better pick - You don't code and don't want to learn. - You want rules-based ETF rotation, such as [trend following](https://tactfolio.com/learn/trend-following.md) or [momentum](https://tactfolio.com/learn/momentum-strategy.md), run for you. - You want one app that builds, tests, and holds your money, including an IRA. - You want to start free with one automated strategy. ## Where QuantConnect is the better pick - You code in Python or C# and want full control. - You trade options, futures, forex, CFDs, or crypto. - You need intraday data, down to the minute or the tick. - You want to choose your own broker, or you live outside the US. - You want to short stocks or use margin. ## A third option: Tactfolio Tactfolio sits between the two. Like Composer, it is a no-code visual builder for long-only stock and ETF strategies. Like QuantConnect, it is not a broker. It trades in your own [Alpaca account](https://tactfolio.com/alpaca-trading.md), once a day near the close. Its MCP server is free, so you can [build strategies with an AI assistant](https://tactfolio.com/ai-trading.md) such as Claude or ChatGPT. It has a Free plan, and paid plans start at $12 a month. See [pricing](https://tactfolio.com/pricing.md). Tactfolio does not cover options, futures, or forex, and it has no intraday data for stocks. You can paste a Composer symphony's JSON into its builder to test it. Read [Tactfolio vs Composer](https://tactfolio.com/comparisons/tactfolio-vs-composer.md) and [Tactfolio vs QuantConnect](https://tactfolio.com/comparisons/tactfolio-vs-quantconnect.md). For more tools like these, see [the best algo trading platforms](https://tactfolio.com/comparisons/best-algo-trading-platforms.md). ## Who should pick which If you are a US investor who wants a simple, no-code app for stock and ETF strategies, Composer fits. If you are a programmer, or you trade more than stocks and ETFs, QuantConnect fits. If you want no code but your money in your own broker account, look at Tactfolio. Whatever you pick, a backtest only shows the past. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains what to watch for. ## Common questions ### Is Composer better than QuantConnect? Neither is better for everyone. Composer is better for no-code stock and ETF strategies in one app. QuantConnect is better for programmers and for markets beyond stocks and ETFs. ### Is Composer or QuantConnect better for beginners? Composer is easier for beginners, because you need no code. You can build with blocks or ask its AI. QuantConnect needs Python or C#, even when its AI agent writes the first draft. ### Can Composer trade options or crypto? Not inside strategies. Composer has a manual options chain, but it is not taking new options customers as of September 2026. It ended crypto support on January 31, 2026. QuantConnect can trade options, futures, forex, and crypto through supported brokers. ### Is QuantConnect free? QuantConnect has a free plan with backtesting and research. It does not include live trading. Paid seats start at $10 a month, and live nodes at $24 a month, as of October 16, 2026. ### Which is cheaper, Composer or QuantConnect? For one automated stock or ETF strategy, Composer is cheaper. Its Starter plan is free. QuantConnect needs a paid seat and a live node to trade live. For many strategies across many markets, compare the full setup you need on each pricing page. ### Can I use Composer outside the US? Not for individual live trading. Composer says live trading is not available to users outside the US. Non-US residents can open a business account if they have a US company. QuantConnect states no country limit on the pages we checked, but your broker may have one. ### Is there a no-code option that uses my own broker? Yes. Tactfolio is a no-code builder that trades in your own Alpaca account. QuantMage also trades through Alpaca, on its top plan. Read our [Composer alternatives](https://tactfolio.com/comparisons/composer-alternatives.md) for more. ## Sources - [Composer homepage](https://www.composer.trade/), accessed 2026-10-16 - [Composer pricing](https://www.composer.trade/pricing), accessed 2026-10-16 - [Composer AI page](https://www.composer.trade/ai), accessed 2026-10-16 - [Composer disclosures](https://www.composer.trade/disclosures), accessed 2026-10-16 - [Composer what’s new](https://www.composer.trade/whats-new), accessed 2026-10-16 - [Composer Form CRS, September 2026](https://storage.googleapis.com/www.investcomposer.com/docs/form-crs.pdf), accessed 2026-10-16 - [Composer help: trade with AI](https://help.composer.trade/article/254-what-is-trade-with-ai), accessed 2026-10-16 - [Composer help: backtest basics](https://help.composer.trade/article/67-backtest-basics), accessed 2026-10-16 - [Composer help: data sources](https://help.composer.trade/article/29-what-data-sources-does-composer-use), accessed 2026-10-16 - [Composer help: slippage and fees](https://help.composer.trade/article/78-slippage-and-fees), accessed 2026-10-16 - [Composer help: trading period](https://help.composer.trade/article/63-trading-period), accessed 2026-10-16 - [Composer help: other apps](https://help.composer.trade/article/184-can-i-connect-my-composer-account-to-other-apps), accessed 2026-10-16 - [Composer help: international users](https://help.composer.trade/article/62-international-users), accessed 2026-10-16 - [Composer help: minimum to invest](https://help.composer.trade/article/74-minimum-to-invest), accessed 2026-10-16 - [QuantConnect homepage](https://www.quantconnect.com/), accessed 2026-10-16 - [QuantConnect pricing](https://www.quantconnect.com/pricing/), accessed 2026-10-16 - [QuantConnect tier features](https://www.quantconnect.com/docs/v2/cloud-platform/organizations/tier-features), accessed 2026-10-16 - [QuantConnect brokerages](https://www.quantconnect.com/docs/v2/cloud-platform/live-trading/brokerages), accessed 2026-10-16 - [QuantConnect getting started](https://www.quantconnect.com/docs/v2/writing-algorithms/key-concepts/getting-started), accessed 2026-10-16 - [QuantConnect US equities data](https://www.quantconnect.com/docs/v2/writing-algorithms/datasets/algoseek/us-equities), accessed 2026-10-16 - [QuantConnect reality modeling](https://www.quantconnect.com/docs/v2/writing-algorithms/reality-modeling/key-concepts), accessed 2026-10-16 - [QuantConnect Mia agent](https://www.quantconnect.com/docs/v2/ai-assistance/predefined-agents/mia), accessed 2026-10-16 - [QuantConnect MCP server](https://www.quantconnect.com/docs/v2/ai-assistance/mcp-server/key-concepts), accessed 2026-10-16 - [QuantConnect terms](https://www.quantconnect.com/terms/), accessed 2026-10-16 - [LEAN on GitHub](https://github.com/QuantConnect/Lean), accessed 2026-10-16 --- # AI trading bot: build one by asking an AI assistant > Describe a rule to an AI assistant and it builds and backtests the bot in Tactfolio. You check it, then run it on paper or with Alpaca. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. An AI trading bot is a program that uses artificial intelligence to help decide what to buy and sell. On Tactfolio, the AI has a smaller job that you can check. An AI assistant writes and backtests the rules. The bot then follows those fixed rules every day. ## Key points - You describe a trading rule to an AI assistant in plain words. - The assistant builds the strategy in Tactfolio and runs the backtest. - You read the rules and the results yourself before anything trades. - Trade runs the saved strategy on paper or in your own Alpaca account. - The AI cannot trade, and nothing here can promise a profit. ## What is an AI trading bot? An AI trading bot is software that uses AI to make or help make trading decisions. The term covers two very different things. 1. **Bots where the AI decides on its own.** A model reads data and places trades, often without showing why. You have to trust what you cannot see. 2. **Bots where the AI helps you write the rules.** The AI turns your idea into exact rules and tests them. The bot then follows those rules, and you can read every one. Tactfolio is the second kind. US regulators warn about the first kind when it comes with big promises. The CFTC says that AI "can't predict the future or sudden market changes." FINRA, the SEC and NASAA tell investors to be wary of claims that AI can guarantee returns. ## What the AI does on Tactfolio, and what it does not The assistant connects to your account through MCP (Model Context Protocol), a standard way for AI assistants to use outside tools. Our guide to [backtesting with ChatGPT or Claude](https://tactfolio.com/learn/backtest-with-chatgpt.md) compares this with asking a plain chat. | The AI assistant can | The AI assistant cannot | | --- | --- | | Build a strategy from the same blocks as the [builder](https://tactfolio.com/builder) | Place trades or move money | | Run backtests and compare up to 12 variations | Publish a strategy for others | | Save drafts and new revisions in your account | Change your account settings | | Explain where a rule did worst | Choose investments for you on its own | A bot on Tactfolio is a saved strategy that Trade runs for you. Stock and ETF bots use daily prices and trade through Alpaca. Every bot is long only, which means it buys and holds and never sells short or borrows. ## How to build an AI trading bot on Tactfolio Five steps take you from one sentence to a bot running on paper. 1. **Connect your assistant.** Follow the setup steps in [Use Tactfolio from your AI assistant](https://tactfolio.com/docs/mcp.md). Claude, Cursor and VS Code have one-click buttons. There is no API key to copy. 2. **Describe your rule in one sentence.** Say what to hold, when to switch, and how often to check. Name your tickers and your dates. 3. **Check the rules and the backtest.** Open the saved strategy in the builder. Read the tree, the worst drawdown and the costs. A drawdown is how far a portfolio falls from its last high point. 4. **Run it on paper first.** In Trade, a [paper account](https://tactfolio.com/paper-trading.md) runs the strategy with pretend money at real market prices. It emails you a summary after each close. 5. **Connect Alpaca when you are ready.** Add your own [Alpaca account](https://tactfolio.com/alpaca-trading.md), paper or live, with your own API keys. The bot trades only the starting balance you give it. For a tour of the AI tools themselves, see [AI trading on Tactfolio](https://tactfolio.com/ai-trading.md). ## An example: one sentence to a tested bot Here is a sentence from our [AI assistant guide](https://tactfolio.com/docs/mcp.md) that you can paste as it is: > I read about a rule that holds SPY when it is above its 10-month moving average and otherwise holds IEF, checked monthly. Build it in Tactfolio, backtest it from 2005, and tell me where it did worst. The assistant builds a tree with one If block. A moving average is the average price over a set time, here 10 months. If SPY is above it at a month end, the bot holds SPY. If not, it holds IEF, a fund of US Treasury bonds. This is close to [Faber's 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), one of our classic strategies, which uses Treasury bills instead of IEF. You then read the backtest and decide. Nothing trades until you save the strategy and start it in Trade yourself. ## What can go wrong with an AI trading bot? The biggest risk is a rule that fits the past by luck. An assistant can try fifty variations in the time it takes you to try one. The best of fifty past results is often just the luckiest. - **Say why the idea should work**, not only the rule. "Find the best moving average" invites the AI to fit noise. - **Test on dates it has not seen.** Tune on older years and check the winner once on recent years. - **Ask for the uncomfortable numbers**: higher trading costs and the worst drawdown. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains these traps in more detail. Every backtest is hypothetical. It shows how rules would have done on past prices, not how they will do. ## Common questions ### Do AI trading bots work? Some rules have done well on past prices and some have not. No AI can predict sudden market changes, as the CFTC warns. What an AI assistant does well is build and test many ideas fast, so you can see the risks before you trade. ### Is there a free AI trading bot? Tactfolio is free while we build, including the AI assistant connection, backtests and paper trading. You need your own AI assistant that supports MCP, and an Alpaca account if you want to trade with real money. ### Can the AI trade for me? No. The assistant can build, test and save strategies, but it cannot place trades, publish or change your settings. You start a saved strategy in Trade yourself. ### Which AI assistants work with Tactfolio? Any assistant that supports remote MCP servers with sign-in works. [The setup guide](https://tactfolio.com/docs/mcp.md) has steps for nine assistants, including Claude, ChatGPT, Cursor and VS Code. We tested setup in Claude Code, Codex and OpenCode. For Claude, ChatGPT, Cursor, VS Code and Gemini CLI, we checked that sign-in reaches Tactfolio. ### Can an AI trading bot trade crypto or options here? Options, no. Most bots hold US-listed stocks and ETFs. A strategy can also hold Hyperliquid perpetual futures, such as the BTC perp. Those run only on paper or the Hyperliquid testnet for now, because real money on Hyperliquid is off. ### Can I use a ready-made strategy instead? Yes. Every [classic strategy](https://tactfolio.com/strategies/classics.md) is live, with its rules and backtest. Copy one to your account, ask your assistant to change it, and run your copy in Trade. ## The ideas behind this bot - [Algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md): What algorithmic trading is, the main types of trading algorithms, who uses them, the 2010 flash crash, and how US regulators oversee algo trading. - [Trading signals](https://tactfolio.com/learn/trading-signals.md): What a trading signal is, how rule-based signals differ from paid tip services, and what the CFTC and SEC warn about signal sellers and pump and dumps. - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [IEF: iShares 7-10 Year Treasury Bond ETF](https://tactfolio.com/etf/ief.md): What IEF holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Customer Advisory: AI Won’t Turn Trading Bots into Money Machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html), U.S. Commodity Futures Trading Commission, accessed 2026-10-16 - [Artificial Intelligence (AI) and Investment Fraud](https://www.finra.org/investors/insights/artificial-intelligence-and-investment-fraud), FINRA, the SEC Office of Investor Education and Advocacy, and NASAA, accessed 2026-10-16 - [Paper Trading](https://docs.alpaca.markets/docs/trading/paper-trading/), Alpaca, accessed 2026-10-16 --- # Stock trading bot: rules for US stocks and ETFs > Build a stock trading bot from rules you can read, backtest it on decades of US prices, and run it daily on paper or in your own Alpaca account. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. A stock trading bot is a program that buys and sells stocks or funds for you by following set rules. On Tactfolio you build those rules in a visual builder, or start from a published strategy. You test them on decades of real prices, then run them on paper or in your own Alpaca account. ## Key points - Tactfolio stock bots trade US-listed stocks and ETFs, once a day, long only. - Every rule is visible as a tree of blocks you can read and change. - You see the backtest, with its worst drawdown and trading costs, before you run it. - Bots trade through your own Alpaca account, paper or live, or a Tactfolio paper account. - A bot follows its rules. It cannot know what the market will do next. ## What is a stock trading bot? A stock trading bot is software that places stock trades automatically when its rules say so. Some bots trade many times a minute. Others, like Tactfolio's, check once a day and change holdings only when a rule calls for it. Daily, rules-based bots suit investors who want a plan they can follow without watching the screen. They are not built to catch small moves within the day. ## What can a Tactfolio stock trading bot do? A Tactfolio bot is built from four kinds of blocks. You can combine them to express most allocation ideas. | Block | What it does | Example | | --- | --- | --- | | Ticker | Holds one US-listed stock or ETF | Hold SPY | | Weight | Splits money between blocks | 60% SPY, 40% IEF | | If / Else | Checks a condition and picks a branch | Hold SPY if it is above its 10-month average, else BIL | | Rank | Scores a list and keeps the best few | Hold the 3 funds with the highest 6-month return | Conditions can use prices, moving averages, momentum and US economic data from the Federal Reserve Bank of St. Louis. The [builder guide](https://tactfolio.com/docs/builder.md) lists every block and indicator. A stock bot cannot sell short, borrow on margin, or trade options. ## Stock trading bot templates These bots are built from published strategies, each with its own rules and backtest: - [Trend following bot](https://tactfolio.com/bots/trend-following-bot.md): holds the S&P 500 above its 10-month moving average, Treasury bills below it. - [Dual momentum bot](https://tactfolio.com/bots/dual-momentum-bot.md): holds US stocks, foreign stocks or bonds, by 12-month returns. - [Rebalancing bot](https://tactfolio.com/bots/rebalancing-bot.md): keeps a fixed mix such as 60/40 on a schedule. - [AI trading bot](https://tactfolio.com/bots/ai-trading-bot.md): describe a rule to an AI assistant and it builds the bot for you. You can also start from any of the [classic strategies](https://tactfolio.com/strategies/classics.md) or a community strategy in Discover. ## How to set up a stock trading bot on Tactfolio Five steps take you from an idea to a running bot. 1. **Start from a template or a blank strategy.** Open a template above, a classic, or a new strategy in the [builder](https://tactfolio.com/builder). 2. **Write or change the rules.** Add tickers, weights, conditions and rankings. The backtest reruns as you edit. 3. **Check the backtest.** Look at the worst drawdown first, then the return and the costs. A drawdown is how far a portfolio falls from its last high point. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) walks through it. 4. **Run it on paper.** In Trade, a [paper account](https://tactfolio.com/paper-trading.md) runs the bot with pretend money at real market prices and emails you a summary after each close. 5. **Connect Alpaca when you are ready.** Use your own [Alpaca account](https://tactfolio.com/alpaca-trading.md), paper or live, with your own API keys. The bot trades only the starting balance you give it, and never touches anything else you hold there. To see every way to put a portfolio on autopilot, read [automated trading on Tactfolio](https://tactfolio.com/automated-trading.md). ## What are the risks of a stock trading bot? - **Rules that fit the past by luck.** Testing many variations and keeping the best one often finds noise. See [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md). - **Fast markets.** A daily bot reacts once a day, not during the day. - **Leveraged ETFs.** A bot can hold them like any other fund. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. ## Common questions ### What is the best stock trading bot? No bot is best for everyone. Look for rules you can read, a backtest that includes costs, and a worst drawdown you could live through. Every Tactfolio bot shows all three. ### Is there a free stock trading bot? Yes. Everything on Tactfolio is free while we build, including the builder, backtests, paper trading and running a bot in your own Alpaca account. ### Can a stock trading bot day trade? Not on Tactfolio. Bots run on daily prices, so they suit plans that check once a day, once a month or once a year. ### Which brokers work with Tactfolio bots? Alpaca only, with your own API keys, in a paper or live account. Tactfolio is not a broker, and your money stays with Alpaca. ### Do I need to know how to code? No. You build a bot from blocks in a visual builder. You can also ask an AI assistant to build it for you. ## The ideas behind this bot - [Algorithmic trading](https://tactfolio.com/learn/algorithmic-trading.md): What algorithmic trading is, the main types of trading algorithms, who uses them, the 2010 flash crash, and how US regulators oversee algo trading. - [Backtesting](https://tactfolio.com/learn/backtesting-explained.md): What backtesting is, how to backtest a trading strategy step by step, the biases that fool people, and why out-of-sample testing matters. - [Position size calculator](https://tactfolio.com/trading-tools/position-size-calculator.md): Find how many shares or lots to trade so that hitting your stop-loss costs only the share of your account you choose. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [IEF: iShares 7-10 Year Treasury Bond ETF](https://tactfolio.com/etf/ief.md): What IEF holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF](https://tactfolio.com/etf/bil.md): What BIL holds, its 0.1353% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Paper Trading](https://docs.alpaca.markets/docs/trading/paper-trading/), Alpaca, accessed 2026-10-16 - [Customer Advisory: AI Won’t Turn Trading Bots into Money Machines](https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/AITradingBots.html), U.S. Commodity Futures Trading Commission, accessed 2026-10-16 --- # Rebalancing bot: keep your portfolio at its target mix > Run a 60/40 or Golden Butterfly rebalancing bot. See the rules and backtests, then run it on paper or in your own Alpaca account. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. A rebalancing bot keeps a portfolio at its target mix by trading back to set weights on a schedule. On Tactfolio you can start from three ready-made mixes: the 60/40 portfolio, the Golden Butterfly and the Three-Fund Portfolio. Test them on decades of prices, then run them on paper or in your own Alpaca account. ## Key points - A rebalancing bot sells some of what went up and buys what went down, back to your targets. - It has no signals. It only keeps the mix you chose. - The 60/40 template rebalances every month. The Golden Butterfly and the Three-Fund Portfolio rebalance once a year. - In the backtests, all three mixes fell less than the S&P 500 in their worst crash, but all three lost money in 2022. - You can change the funds, the weights and the schedule before you run it. ## What is portfolio rebalancing? Rebalancing means trading a portfolio back to its target weights. Say your plan is 60% stocks and 40% bonds. After a strong year for stocks, you might hold 70% stocks. Rebalancing sells stocks and buys bonds until you are back at 60/40. The point is to keep your risk where you chose it. Without rebalancing, a portfolio drifts toward whatever has risen most. A bot does this for you on a fixed date, so you never skip it or second-guess it. ## The three rebalancing bot templates | Template | What it holds | Worst drawdown | | --- | --- | --- | | [60/40 portfolio](https://tactfolio.com/strategies/60-40-portfolio.md) | 60% SPY (US stocks), 40% IEF (Treasury bonds) | About 33% | | [Golden Butterfly](https://tactfolio.com/strategies/golden-butterfly-portfolio.md) | 20% each in VTI, VBR, TLT, SHY and GLD | About 20% | | [Three-Fund Portfolio](https://tactfolio.com/strategies/three-fund-portfolio.md) | 64% VTI (US stocks), 16% VXUS (world stocks), 20% BND (bonds) | About 28% | A drawdown is how far a portfolio falls from its last high point. The worst drawdowns above come from each backtest that uses real ETF prices. For comparison, the S&P 500's worst drawdown was about 55% over the longer 60/40 and Golden Butterfly backtests, and about 34% over the Three-Fund backtest, which starts in 2011. ## How did these rebalancing bots do in the backtest? All three mixes earned less than the S&P 500 and fell less. These figures come from each strategy's article. The 60/40 and Golden Butterfly figures were measured on prices through September 25, 2026, and the Three-Fund figures through October 15, 2026. - **60/40 portfolio.** From mid-2002 it returned about 8% a year, against 11% for the S&P 500. In 2008 it lost 18% while the S&P 500 lost 37%. In 2022 it lost 17%, nearly as much as the S&P 500, because stocks and bonds fell together. - **Golden Butterfly.** From late 2004 it returned about 8% a year. In 2008 it lost about 5% while the S&P 500 lost 37%. In 2022 it lost 13%. It lagged most in strong stock years, gaining about 6% in 2013 while the S&P 500 rose 32%. - **Three-Fund Portfolio.** From early 2011 it returned about 10.5% a year, against 14% for the S&P 500. Its worst drawdown was about 28%, in the COVID crash of 2020. In 2022 it lost about 18%, close to the S&P 500, because its bond fund fell too. These are hypothetical backtests on past prices with a 0.05% cost on every trade. They are not a track record, and the future can look very different. Read [why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) before you rely on any of them. ## How to run a rebalancing bot on Tactfolio You can go from a template to a running bot in five steps. 1. **Open a template.** Open the [live 60/40 strategy](https://tactfolio.com/s/tactfolio/classic-60-40), the [live Golden Butterfly strategy](https://tactfolio.com/s/tactfolio/tyler-golden-butterfly) or the [live Three-Fund strategy](https://tactfolio.com/s/tactfolio/larimore-three-fund). 2. **Copy it to your account.** Sign up for free and copy the strategy. Your copy is yours to change. 3. **Change the mix if you want.** In the [builder](https://tactfolio.com/builder), swap a fund, change a weight, or pick a different rebalance schedule. The backtest reruns as you edit. 4. **Run it on paper.** In Trade, a paper account runs the bot with pretend money at real market prices and emails you a summary after each close. 5. **Connect Alpaca when you are ready.** Use your own Alpaca account, paper or live, with your own API keys. The bot trades only the starting balance you give it. ## When does a rebalancing bot struggle? - **Stocks and bonds falling together.** When rates rise fast, as in 2022, bonds stop cushioning stock losses. - **Strong stock markets.** A mix with bonds or gold trails an all-stock portfolio when stocks rise quickly. - **Small accounts and frequent trades.** Each rebalance trades a little, and costs add up. Rebalancing less often trades less. ## Common questions ### What does a rebalancing bot do? It trades your portfolio back to its target weights on a schedule. It sells some of what has grown too large and buys what has shrunk. It does not try to predict the market. ### How often should a portfolio be rebalanced? Common choices are monthly, quarterly or yearly. The 60/40 template rebalances monthly. The Golden Butterfly and the Three-Fund Portfolio rebalance once a year. Rebalancing less often means fewer trades. ### Can I build my own rebalancing mix? Yes. Start a blank strategy in the builder, add your funds inside a Weight block, set the percentages, and choose how often to rebalance. Then check the backtest before you run it. ### Is a rebalancing bot free? Yes. Everything on Tactfolio is free while we build, including backtests, paper trading and running a bot in your own Alpaca account. ### Can a rebalancing bot use leveraged ETFs? A strategy can hold leveraged and inverse ETFs like any other fund. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. ## The ideas behind this bot - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing.md): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [Risk parity](https://tactfolio.com/learn/risk-parity.md): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [IEF: iShares 7-10 Year Treasury Bond ETF](https://tactfolio.com/etf/ief.md): What IEF holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [VTI: Vanguard Morningstar Total Stock Market ETF](https://tactfolio.com/etf/vti.md): What VTI holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Golden Butterfly Portfolio](https://portfoliocharts.com/portfolios/golden-butterfly-portfolio/), Portfolio Charts, accessed 2026-10-16 - [Paper Trading](https://docs.alpaca.markets/docs/trading/paper-trading/), Alpaca, accessed 2026-10-16 --- # Dual momentum bot: run Antonacci’s GEM automatically > Run Gary Antonacci’s dual momentum rules as a bot: SPY, VEU or AGG, checked once a month. See the backtest, then run it on paper or with Alpaca. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. A dual momentum bot runs Gary Antonacci's Global Equities Momentum (GEM) rules for you. Once a month it holds one fund: US stocks, stocks outside the US, or bonds. On Tactfolio you can read every rule, check the backtest, and run it on paper or in your own Alpaca account. ## Key points - The bot checks once a month and holds one of SPY, VEU or AGG. - It holds stocks only while US stocks have beaten Treasury bills over 12 months. - It usually switches only a few times a year. - Its worst backtest loss came in the fast 2020 crash, about a third. - You run your own copy, and you choose the balance it trades. ## What does the dual momentum bot do? The dual momentum bot follows two tests from Antonacci's 2014 book *Dual Momentum Investing*. Momentum means assets that have risen lately tend to keep rising for a while. - **Absolute momentum:** have US stocks (SPY) beaten Treasury bills (BIL) over the past 12 months? If not, hold US bonds (AGG). - **Relative momentum:** if they have, hold whichever did better over 12 months, US stocks (SPY) or stocks outside the US (VEU). Each 12-month return is measured from month-end closes, as the book does. The full rules, sources and yearly results are in the [dual momentum strategy guide](https://tactfolio.com/strategies/dual-momentum.md). ## How did dual momentum do in the backtest? These figures come from the strategy's article and were measured on prices through September 25, 2026. - Over the ETF era, from August 2008, it returned less than the S&P 500 with a smaller worst drawdown. A drawdown is how far a portfolio falls from its last high point. - From early August 2008 to the end of that year it gained about 5%, while the S&P 500 lost more than a quarter. - It was fully in stocks in the February and March 2020 crash. It lost about a third and took until early 2021 to recover. - In 2022 it lost 17%, almost as much as the S&P 500. These results are hypothetical, from past prices after trading costs. They are not a track record. [How to read a backtest](https://tactfolio.com/docs/concepts/reading-a-backtest.md) explains each number. ## How to run the dual momentum bot on Tactfolio Five steps take you from the rules to a running bot. 1. **Open the live strategy.** Open the [live dual momentum strategy](https://tactfolio.com/s/tactfolio/antonacci-gem) to see its rules and its daily-updated backtest. 2. **Copy it to your account.** Sign up for free and copy it. Your copy is yours to change. 3. **Change it if you want.** In the [builder](https://tactfolio.com/builder), try a shorter lookback, a different bond fund, or Treasury bills as the safe asset. The backtest reruns as you edit. 4. **Run it on paper.** In Trade, a paper account runs the bot with pretend money at real market prices and emails you a summary after each close. 5. **Connect Alpaca when you are ready.** Use your own Alpaca account, paper or live, with your own API keys. The bot trades only the starting balance you give it. ## When does the dual momentum bot struggle? - **Sudden crashes.** A 12-month signal checked once a month cannot react to a fall that happens within weeks. - **Falling bonds.** When stocks and bonds fall together, the bond fallback does not protect you. - **Leadership changes.** When US and foreign stocks trade places often, it can switch late each time. ## Common questions ### How often does the dual momentum bot trade? It checks at each month end and trades only when the winning fund changes. That usually happens only a few times a year. ### What ETFs does the dual momentum bot use? It holds SPY for US stocks, VEU for stocks outside the US, and AGG for US bonds. It compares against BIL, a Treasury bill fund, for the absolute momentum test. ### Can I change the dual momentum rules? Yes. Copy the strategy and change the lookback, the funds or the safe asset. You can also look at [Accelerating Dual Momentum](https://tactfolio.com/strategies/accelerating-dual-momentum.md), which uses shorter lookbacks. ### Does dual momentum still work? Since the book came out in late 2014 it has made money but trailed the S&P 500. Its sharpest loss came in 2020. The live record on the strategy page shows how it is doing now. ## The ideas behind this bot - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy.md): A momentum strategy buys recent winners by a written rule. - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation.md): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [VEU: Vanguard FTSE All-World ex-US ETF](https://tactfolio.com/etf/veu.md): What VEU holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [AGG: iShares Core U.S. Aggregate Bond ETF](https://tactfolio.com/etf/agg.md): What AGG holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [Risk Premia Harvesting Through Dual Momentum (2012)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2042750), Gary Antonacci, SSRN, accessed 2026-10-16 - [Paper Trading](https://docs.alpaca.markets/docs/trading/paper-trading/), Alpaca, accessed 2026-10-16 --- # Trend following bot: Faber’s 10-month moving average > A trend following bot that holds SPY above its 10-month moving average and Treasury bills below. See the backtest, then run it on paper or with Alpaca. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16, data as of 2026-09-25. A trend following bot holds an asset while its price trend is up and steps aside when it turns down. This template runs Mebane Faber's 10-month moving average rule on the S&P 500: hold SPY above the average, hold Treasury bills below it. You can read every rule, check the backtest, and run it on paper or in your own Alpaca account. ## Key points - The bot checks once a month and holds either SPY or BIL, a Treasury bill fund. - It holds stocks while the S&P 500 is above its 10-month moving average. - In the backtest it cut the S&P 500's worst drawdown by more than half. - It finished 2008 slightly positive, but lost to the market in choppy years like 2010. - You run your own copy, and you choose the balance it trades. ## What does the trend following bot do? The bot follows one rule from Faber's 2007 paper, "A Quantitative Approach to Tactical Asset Allocation". A **moving average** is the average price over a set time. Here it is the average of the last ten month-end closes. At the close of the last trading day of each month: - If SPY is above its 10-month moving average, hold SPY. - If it is below, hold BIL. The rule does not try to predict anything. It accepts that it will sell late and buy back late. The goal is to miss the middle of a long decline. The full rules, sources and yearly results are in [Faber's 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md). ## How did trend following do in the backtest? These figures come from the strategy's article and were measured on prices through September 25, 2026. - Over the ETF era it compounded at about 8% a year, the same as a 60/40 portfolio. - It cut the S&P 500's worst drawdown by more than half. A drawdown is how far a portfolio falls from its last high point. - It finished 2008 slightly positive after leaving stocks early in the year, while the S&P 500 lost more than a third. - In 2010 it lost about 2% while the S&P 500 gained 15%, because prices kept crossing the average. - It also fell far behind in 2019 and 2023, when it sold into a decline and bought back after much of the rebound. These are hypothetical backtests on past prices after trading costs, not a track record. [Why past results mislead](https://tactfolio.com/docs/concepts/why-past-results-mislead.md) explains the traps. ## How to run the trend following bot on Tactfolio Five steps take you from the rule to a running bot. 1. **Open the live strategy.** Open the [live trend following strategy](https://tactfolio.com/s/tactfolio/faber-sp500-timing) to see its rule and its daily-updated backtest. 2. **Copy it to your account.** Sign up for free and copy it. Your copy is yours to change. 3. **Change it if you want.** In the [builder](https://tactfolio.com/builder), try a different average length or a different market. The backtest reruns as you edit. 4. **Run it on paper.** In Trade, a paper account runs the bot with pretend money at real market prices and emails you a summary after each close. 5. **Connect Alpaca when you are ready.** Use your own Alpaca account, paper or live, with your own API keys. The bot trades only the starting balance you give it. ## When does the trend following bot struggle? - **Fast crashes and rebounds.** A monthly check on a slow average reacts too late to a crash that reverses within weeks. - **Sideways markets.** Prices crossing back and forth around the average cause repeated small losses, called whipsaws. ## Common questions ### What is a trend following bot? It is a bot that holds an asset while its trend is up and moves to cash when the trend turns down. This one uses a 10-month moving average on the S&P 500. ### Is the 10-month moving average the same as the 200-day? Not quite. Faber's average uses one price per month, while the [200-day moving average](https://tactfolio.com/strategies/200-day-moving-average.md) uses 200 daily closes. They look back over a similar stretch, but the 10-month version changes only at month end. ### How often does the trend following bot trade? It checks once a month and trades only when the price has crossed the average since the last check. In a steady trend it can hold the same fund for years. ### Can I use trend following on other funds? Yes. Copy the strategy and swap SPY for another fund. Faber also applied the same rule to five asset classes in his [Global Tactical Asset Allocation](https://tactfolio.com/strategies/global-tactical-asset-allocation.md) portfolio. ## The ideas behind this bot - [Trend following](https://tactfolio.com/learn/trend-following.md): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [Moving averages](https://tactfolio.com/learn/moving-average.md): What a moving average is, SMA vs EMA with a 5-day example, the 200-day average, golden and death crosses, and dated backtests of classic rules. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. - [SPY: State Street SPDR S&P 500 ETF Trust](https://tactfolio.com/etf/spy.md): What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. - [BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF](https://tactfolio.com/etf/bil.md): What BIL holds, its 0.1353% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. ## Sources - [A Quantitative Approach to Tactical Asset Allocation (2007, updated 2013)](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=962461), Mebane Faber, SSRN, accessed 2026-10-16 - [Paper Trading](https://docs.alpaca.markets/docs/trading/paper-trading/), Alpaca, accessed 2026-10-16 --- # Risk disclaimer > Tactfolio is software, not a broker or an adviser. Backtests are hypothetical, community strategies are unchecked, and trading can lose money. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Last updated October 16, 2026. > **In short: this is 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. This page is the full version of the short note at the bottom of every Tactfolio page. It applies to the whole site, the app, our emails and our AI assistant tools. Please read it before you use Tactfolio to make decisions about your money. ## Tactfolio is not an adviser or a broker Tactfolio is software. It is not a registered investment adviser, a broker-dealer, a bank or a fund. Nothing on Tactfolio is a recommendation to buy, sell or hold any security or to follow any strategy. We do not know your goals, your income, your taxes or how much risk you can take. So nothing on the site is advice that fits you. Before you invest, think about talking to a licensed financial adviser who knows your situation. ## Everything here is for education Our guides, strategy articles, ETF pages, comparisons and calculators explain how things work. They are general information. They may not be complete, and they may not fit your case. Some pages explain products that Tactfolio does not offer, such as options, forex or CFDs. Those pages and their calculators are for learning only. Tactfolio does not trade them. ## Backtests are hypothetical A backtest shows how a set of rules would have done on past prices. No real money was traded. Hypothetical results have limits that real results do not have: - **They are built with hindsight.** Rules are often chosen after looking at the same past prices they are tested on. - **They leave out real-world costs.** Our backtests charge a set cost per trade. They do not include taxes, commissions or every fee. - **They assume trades fill at the price shown.** Real orders can fill at worse prices, fill in part, or fail. - **They only include survivors.** The ticker list holds only stocks and funds that still trade today. Ones that failed are missing. - **They cannot show the future.** Markets change. A rule that worked before can stop working. Past results, real or simulated, do not promise future results. [Our methodology](https://tactfolio.com/about/methodology.md) lists every assumption our backtests make. ## Simulated history is an estimate Some backtests reach back before a fund existed by using simulated history. These are modelled values, not real prices. No one could have traded at them. Results that depend on simulated history deserve extra care. ## Community strategies are not checked by us Members publish strategies in [Discover](https://tactfolio.com/strategies) on their own. We do not review, check or approve them. A strategy's past results are not a promise. The author is not your adviser and does not know your situation. The [Tactfolio Score](https://tactfolio.com/docs/concepts/tactfolio-score.md) ranks public strategies by a fixed set of rules. A high score is not a recommendation and not a forecast. ## Trading with Tactfolio is your decision Tactfolio can run a strategy in a paper account, with pretend money. It can also place real orders in your own Alpaca account, using API keys you give it. If you choose to do this: - You decide which strategy runs and how much money it uses. - Your money stays with Alpaca, a separate company. Tactfolio never holds it. - Alpaca has not approved or endorsed Tactfolio. - Orders can fail, fill late or fill at a different price. Software, data and connections can break. - You can lose money, including all the money you give a strategy. Watch your account and stop a strategy if it does something you do not expect. ## Leveraged and inverse funds carry extra risk Strategies can hold leveraged and inverse funds. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. Losses can be large and fast. ## Crypto perpetual futures carry extra risk Strategies can hold perpetual futures on Hyperliquid, a crypto exchange. Crypto prices can move very fast, day and night. Funding fees can add to losses. Today Tactfolio runs these strategies only in backtests and with pretend money on Hyperliquid's test network. ## AI assistants can make mistakes You can connect an AI assistant to build and test strategies in your account. The assistant can misread your request, build the wrong rule or explain a result badly. Check what it builds before you rely on it. Tactfolio does not control the assistant you choose. ## Data can be wrong or late We work to keep prices and economic data correct. Data can still have errors, gaps or delays. A wrong price can change a backtest or a trade. We fix errors when we find them, and results can change after a fix. ## Links to other sites We link to other websites for sources and context. We do not control them and are not responsible for what they say. ## Changes to this page We may update this page. The date at the top shows the latest version. If you have a question about it, write to us from the [Support page](https://tactfolio.com/support). --- # Privacy policy > What Tactfolio collects, why, who it shares it with, how long it keeps it, and how to see, export or delete your data. No ads and no tracking cookies. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Last updated October 16, 2026. > **In short:** we collect what Tactfolio needs to run your account, your strategies and your trading. We do not sell your data, show ads or use tracking cookies. You can ask us to delete your account and everything in it at any time. This policy covers tactfolio.com, the Tactfolio app, our emails and the Tactfolio MCP server that AI assistants such as Claude and ChatGPT connect to. "We" means the Tactfolio team. ## What we collect **Your account.** Your email address and a password, which we store only as a salted hash. We also store the public handle you choose, such as the one in your strategy links. **What you build.** Your strategies, every saved revision, backtest settings, and anything you import from Composer, QuantMage or a JSON file. Strategies stay private until you publish them. **Trading connections.** If you connect Alpaca, we store your Alpaca account id and API keys. If you connect Hyperliquid, we store your wallet address and the agent key you create for Tactfolio. Secret keys are encrypted with AES-256-GCM before they are stored. We also store your strategy's orders, positions, balances and daily results, so Trade can show them and email you a summary. **AI assistants.** When you connect an assistant, we store the assistant's name and web address as it registered them, the access you approved, and short-lived access tokens. While the assistant works, we keep its working drafts for up to 7 days. If the assistant sends us a problem report with the `send_feedback` tool, we store what it wrote, the tool involved, and the assistant's name, model and version. We do not receive or store your conversations with your assistant. We only see the requests it sends to Tactfolio's tools, such as "backtest this strategy". **Support.** The messages you send us from the Support page and the email address we reply to. **Technical data.** When you sign in, we store your IP address and browser type with your session, so you can see and end your sessions and we can spot abuse. Support requests store the IP address they came from, to limit spam. Our servers keep request logs, which include IP addresses, for a short time to find and fix problems. ## Cookies We use one kind of cookie: the sign-in cookie that keeps you signed in. We do not use advertising or analytics cookies, and we do not track you across other sites. The app saves a few settings, such as panel sizes and where to return after you sign in, in your browser's local storage. They never leave your device. ## How we use your data - To run Tactfolio: save your strategies, run backtests and run the strategies you choose to trade. - To send emails you need: sign-up and password links, trading summaries, problems with your strategies, and replies to your support requests. - To keep Tactfolio safe: stop abuse, protect accounts and find bugs. - To improve Tactfolio: fix what assistants and members report. We do not sell your data. We do not use it for advertising. We do not use your private strategies to train AI models. ## Who we share it with We share data only with the services that run Tactfolio, and only what each one needs: - **Railway** hosts our servers and database, in the Netherlands. - **Cloudflare** carries traffic to tactfolio.com and sends our emails. - **Alpaca**, if you connect it. Your strategy sends orders and reads your account with your own keys. - **Hyperliquid**, if you connect it. Your strategy signs orders with the agent key you created. When you publish a strategy, its rules, backtest and your public handle become visible to everyone. Anyone can view and copy a published version. We may share data if the law requires it, or to protect our members or Tactfolio from fraud or harm. ## How long we keep it - Your account, strategies and trading history: until you delete them or ask us to delete your account. - Assistant drafts: deleted after 7 days without use. - Assistant access: an access token lasts one hour. A refresh token lasts 30 days, and you can revoke an assistant at any time on the [MCP page](https://tactfolio.com/connect). - Sign-in sessions: until you sign out or they expire. - Server request logs: a short time, usually a few weeks. When we delete your account, we delete your strategies, trading connections, keys, drafts and sessions. A strategy version you published may stay in other members' copies, because they copied the rules, not your account. ## Your choices and rights - **See and change your data.** Your strategies are in your workspace, and your email and password are in Settings. - **Remove an assistant.** Revoke it on the [MCP page](https://tactfolio.com/connect). - **Disconnect a broker.** Disconnect it in Trade. This deletes its stored secret key. - **Delete your account.** Ask us from the [Support page](https://tactfolio.com/support). We confirm by email and delete it within 30 days. - **Get a copy.** Ask us for a copy of your data. You can also export any strategy as a JSON file from the builder. Depending on where you live, laws such as the GDPR give you more rights, such as objecting to how we use your data or complaining to a data protection authority. Write to us and we will help. ## Security Passwords are hashed. Broker and wallet keys are encrypted. All traffic uses HTTPS. Assistants get tokens that work only for Tactfolio's MCP server and only for the access you approved. No system is perfectly safe, so tell us at once if you think your account was misused. ## Children Tactfolio is not for children. You must be 18 or older to create an account. ## Changes to this policy When we change this policy, we update the date at the top. If a change matters for how we use your data, we will tell members by email before it takes effect. ## Contact Write to us from the [Support page](https://tactfolio.com/support). You do not need an account, and we reply by email. --- # Terms of service > The rules for using Tactfolio: who can sign up, trading through your own broker, AI assistants, publishing strategies, fair use and our limits. Written by [Tactfolio research team](https://tactfolio.com/about/editorial-policy.md), published 2026-10-16, updated 2026-10-16. Last updated October 16, 2026. > **In short:** Tactfolio is software you use to build, test and run your own investing rules. It is not a broker or an adviser. You are responsible for what you trade. Use it fairly, keep your keys safe, and read the [risk disclaimer](https://tactfolio.com/disclaimer.md). These terms apply when you use tactfolio.com, the Tactfolio app, or the Tactfolio MCP server through an AI assistant. By creating an account or using Tactfolio, you agree to them. "We" means the Tactfolio team. ## Who can use Tactfolio You must be 18 or older to create an account. You need a working email address, and you are responsible for everything done with your account, including by any AI assistant you connect to it. Keep your password safe and tell us at once if you think someone else used your account. ## What Tactfolio is Tactfolio is a research and automation tool. It is not a broker, a bank, a fund or an investment adviser, and nothing on Tactfolio is advice. The [risk disclaimer](https://tactfolio.com/disclaimer.md) is part of these terms. Please read it. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. ## Trading through your own broker If you connect Alpaca or Hyperliquid, Tactfolio places orders in your own account, with keys you give us, following the strategy you chose. You decide which strategy runs and how much money it uses. You can stop it at any time. Your broker is a separate company with its own terms. It holds your money, not us. Orders can fail, fill late or fill at a different price. Software, data and connections can break. You accept these risks when you start trading, and you are responsible for the trades your strategy makes. ## AI assistants You can connect an AI assistant, such as Claude or ChatGPT, through our MCP server. The assistant acts for you, with the access you approved. It can build, test, save and delete strategies in your account. It cannot publish strategies, trade or change your account settings. Assistants can make mistakes. Check what an assistant builds before you rely on it. We do not control the assistant you choose, and its maker's terms also apply. ## Your strategies and content What you create stays yours. Your strategies are private until you publish them. When you publish a strategy, you allow anyone to view it, and Tactfolio members to copy it, change it, combine it with other strategies and trade it. This permission covers the published version and lasts after you stop sharing it, for copies already made. You also allow us to show, rank, store and share it on Tactfolio and in search results. Only publish what you have the right to share. Do not publish someone else's work as your own, or anything unlawful, misleading or harmful. ## Fair use Please do not: - break the law or anyone's rights with Tactfolio; - try to get into accounts or systems that are not yours; - overload, scrape or attack Tactfolio, or get around its limits; - resell Tactfolio's market data or backtests as your own data service; - use Tactfolio to mislead others, for example by passing off a backtest as real results. We may limit, suspend or close an account that breaks these terms or puts other members at risk. ## Data and availability We work to keep prices, economic data and backtests correct and Tactfolio running. Data can still have errors, gaps or delays, and Tactfolio can be down. Results can change after we fix a data error. We provide Tactfolio "as is", without any promise that it will be correct, complete or always available. ## Price Tactfolio is free while we build. If we start charging for something, we will tell you before it applies to you, and you can choose whether to pay. ## Limits on our responsibility As far as the law allows, we are not responsible for investment losses, missed gains, trading losses, lost data, or indirect losses that come from using Tactfolio, its backtests, its data, an AI assistant or a broker. Nothing in these terms limits a right you have under the law that cannot be limited. ## Closing your account You can stop using Tactfolio at any time and ask us to delete your account from the [Support page](https://tactfolio.com/support). The [privacy policy](https://tactfolio.com/privacy.md) explains what we delete. Stop your live strategies first: closing your account does not close positions at your broker. ## Changes to these terms When we change these terms, we update the date at the top. If a change matters, we will tell members by email before it takes effect. If you keep using Tactfolio after that, the new terms apply. ## Contact Write to us from the [Support page](https://tactfolio.com/support). You do not need an account, and we reply by email. --- # ETF list: fees, returns and drawdowns for 162 funds > What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. Updated after each US close. An ETF (exchange-traded fund) is a basket of investments you can buy in one trade, like a single stock. This list covers 162 ETFs, including every fund Tactfolio's classic strategies hold. Each page shows what the fund holds, its yearly fee, its returns by year and its worst drop. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts come from each issuer and carry the date we checked them. Prices update after each US market close. ## Key points - Fees, start dates and indexes come from each fund issuer, with the date we checked. - Returns and drops use daily prices with dividends reinvested. - Every page lists the Tactfolio strategies that hold the fund. - Popular pairs, such as VOO vs VTI, are compared side by side in [ETF comparisons](https://tactfolio.com/etf-comparisons.md). - Funds that can stand in for each other are listed in [ETF alternatives](https://tactfolio.com/alternatives.md). - To filter and sort every fund by fee, return or worst drop, use the [ETF screener](https://tactfolio.com/screener.md). ## US stocks | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [AVUV](https://tactfolio.com/etf/avuv.md) | Avantis U.S. Small Cap Value ETF | 0.25% | Avantis Investors (American Century) | | [DGRO](https://tactfolio.com/etf/dgro.md) | iShares Core Dividend Growth ETF | 0.08% | iShares (BlackRock) | | [DGRW](https://tactfolio.com/etf/dgrw.md) | WisdomTree U.S. Quality Dividend Growth Fund | 0.28% | WisdomTree | | [DIA](https://tactfolio.com/etf/dia.md) | State Street SPDR Dow Jones Industrial Average ETF Trust | 0.16% | SPDR (State Street) | | [DIVO](https://tactfolio.com/etf/divo.md) | Amplify CWP Enhanced Dividend Income ETF | 0.56% | Amplify ETFs | | [DVY](https://tactfolio.com/etf/dvy.md) | iShares Select Dividend ETF | 0.38% | iShares (BlackRock) | | [FTEC](https://tactfolio.com/etf/ftec.md) | Fidelity MSCI Information Technology Index ETF | 0.084% | Fidelity | | [GPIX](https://tactfolio.com/etf/gpix.md) | Goldman Sachs S&P 500 Premium Income ETF | 0.29% | Goldman Sachs Asset Management | | [HDV](https://tactfolio.com/etf/hdv.md) | iShares Core High Dividend ETF | 0.08% | iShares (BlackRock) | | [IGV](https://tactfolio.com/etf/igv.md) | iShares Expanded Tech-Software Sector ETF | 0.38% | iShares (BlackRock) | | [IJH](https://tactfolio.com/etf/ijh.md) | iShares Core S&P Mid-Cap ETF | 0.05% | iShares (BlackRock) | | [IJR](https://tactfolio.com/etf/ijr.md) | iShares Core S&P Small-Cap ETF | 0.06% | iShares (BlackRock) | | [IJS](https://tactfolio.com/etf/ijs.md) | iShares S&P Small-Cap 600 Value ETF | 0.18% | iShares (BlackRock) | | [IJT](https://tactfolio.com/etf/ijt.md) | iShares S&P Small-Cap 600 Growth ETF | 0.18% | iShares (BlackRock) | | [ITOT](https://tactfolio.com/etf/itot.md) | iShares Core S&P Total U.S. Stock Market ETF | 0.03% | iShares (BlackRock) | | [IVE](https://tactfolio.com/etf/ive.md) | iShares S&P 500 Value ETF | 0.18% | iShares (BlackRock) | | [IVV](https://tactfolio.com/etf/ivv.md) | iShares Core S&P 500 ETF | 0.03% | iShares (BlackRock) | | [IVW](https://tactfolio.com/etf/ivw.md) | iShares S&P 500 Growth ETF | 0.18% | iShares (BlackRock) | | [IWB](https://tactfolio.com/etf/iwb.md) | iShares Russell 1000 ETF | 0.15% | iShares (BlackRock) | | [IWD](https://tactfolio.com/etf/iwd.md) | iShares Russell 1000 Value ETF | 0.18% | iShares (BlackRock) | | [IWF](https://tactfolio.com/etf/iwf.md) | iShares Russell 1000 Growth ETF | 0.18% | iShares (BlackRock) | | [IWM](https://tactfolio.com/etf/iwm.md) | iShares Russell 2000 ETF | 0.19% | iShares (BlackRock) | | [IWN](https://tactfolio.com/etf/iwn.md) | iShares Russell 2000 Value ETF | 0.24% | iShares (BlackRock) | | [IWR](https://tactfolio.com/etf/iwr.md) | iShares Russell Mid-Cap ETF | 0.18% | iShares (BlackRock) | | [IYW](https://tactfolio.com/etf/iyw.md) | iShares U.S. Technology ETF | 0.37% | iShares (BlackRock) | | [JEPI](https://tactfolio.com/etf/jepi.md) | JPMorgan Equity Premium Income ETF | 0.35% | J.P. Morgan Asset Management | | [JEPQ](https://tactfolio.com/etf/jepq.md) | JPMorgan Nasdaq Equity Premium Income ETF | 0.35% | J.P. Morgan Asset Management | | [MDY](https://tactfolio.com/etf/mdy.md) | State Street SPDR S&P MidCap 400 ETF Trust | 0.23% | SPDR (State Street) | | [MGK](https://tactfolio.com/etf/mgk.md) | Vanguard Morningstar Mega Cap Growth ETF | 0.05% | Vanguard | | [MTUM](https://tactfolio.com/etf/mtum.md) | iShares MSCI USA Momentum Factor ETF | 0.15% | iShares (BlackRock) | | [NOBL](https://tactfolio.com/etf/nobl.md) | ProShares S&P 500 Dividend Aristocrats ETF | 0.35% | ProShares | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Fidelity Nasdaq Composite Index ETF | 0.21% | Fidelity | | [PDP](https://tactfolio.com/etf/pdp.md) | Invesco Dorsey Wright Momentum ETF | 0.62% | Invesco | | [QMOM](https://tactfolio.com/etf/qmom.md) | Alpha Architect U.S. Quantitative Momentum ETF | 0.28% | Alpha Architect | | [QQEW](https://tactfolio.com/etf/qqew.md) | First Trust Nasdaq-100 Select Equal Weight ETF | 0.55% | First Trust | | [QQQ](https://tactfolio.com/etf/qqq.md) | Invesco QQQ Trust, Series 1 | 0.18% | Invesco | | [QQQI](https://tactfolio.com/etf/qqqi.md) | NEOS Nasdaq-100 High Income ETF | 0.68% | NEOS | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Invesco NASDAQ 100 ETF | 0.15% | Invesco | | [QUAL](https://tactfolio.com/etf/qual.md) | iShares MSCI USA Quality Factor ETF | 0.15% | iShares (BlackRock) | | [QVAL](https://tactfolio.com/etf/qval.md) | Alpha Architect U.S. Quantitative Value ETF | 0.28% | Alpha Architect | | [QYLD](https://tactfolio.com/etf/qyld.md) | Global X NASDAQ 100 Covered Call ETF | 0.6% | Global X (Mirae Asset) | | [RSP](https://tactfolio.com/etf/rsp.md) | Invesco S&P 500 Equal Weight ETF | 0.2% | Invesco | | [SCHA](https://tactfolio.com/etf/scha.md) | Schwab U.S. Small-Cap ETF | 0.03% | Schwab | | [SCHB](https://tactfolio.com/etf/schb.md) | Schwab U.S. Broad Market ETF | 0.03% | Schwab | | [SCHD](https://tactfolio.com/etf/schd.md) | Schwab U.S. Dividend Equity ETF | 0.06% | Schwab | | [SCHG](https://tactfolio.com/etf/schg.md) | Schwab U.S. Large-Cap Growth ETF | 0.04% | Schwab | | [SCHM](https://tactfolio.com/etf/schm.md) | Schwab U.S. Mid-Cap ETF | 0.03% | Schwab | | [SCHV](https://tactfolio.com/etf/schv.md) | Schwab U.S. Large-Cap Value ETF | 0.04% | Schwab | | [SCHX](https://tactfolio.com/etf/schx.md) | Schwab U.S. Large-Cap ETF | 0.03% | Schwab | | [SDY](https://tactfolio.com/etf/sdy.md) | State Street SPDR S&P Dividend ETF | 0.35% | SPDR (State Street) | | [SMH](https://tactfolio.com/etf/smh.md) | VanEck Semiconductor ETF | 0.35% | VanEck | | [SOXX](https://tactfolio.com/etf/soxx.md) | iShares Semiconductor ETF | 0.33% | iShares (BlackRock) | | [SPHD](https://tactfolio.com/etf/sphd.md) | Invesco S&P 500 High Dividend Low Volatility ETF | 0.3% | Invesco | | [SPY](https://tactfolio.com/etf/spy.md) | State Street SPDR S&P 500 ETF Trust | 0.0945% | SPDR (State Street) | | [SPYD](https://tactfolio.com/etf/spyd.md) | State Street SPDR Portfolio S&P 500 High Dividend ETF | 0.07% | SPDR (State Street) | | [SPYG](https://tactfolio.com/etf/spyg.md) | State Street SPDR Portfolio S&P 500 Growth ETF | 0.04% | SPDR (State Street) | | [SPYI](https://tactfolio.com/etf/spyi.md) | NEOS S&P 500 High Income ETF | 0.68% | NEOS | | [SPYM](https://tactfolio.com/etf/spym.md) | State Street SPDR Portfolio S&P 500 ETF | 0.02% | SPDR (State Street) | | [SPYV](https://tactfolio.com/etf/spyv.md) | State Street SPDR Portfolio S&P 500 Value ETF | 0.04% | SPDR (State Street) | | [USMV](https://tactfolio.com/etf/usmv.md) | iShares MSCI USA Min Vol Factor ETF | 0.15% | iShares (BlackRock) | | [VAW](https://tactfolio.com/etf/vaw.md) | Vanguard Materials ETF | 0.09% | Vanguard | | [VB](https://tactfolio.com/etf/vb.md) | Vanguard Morningstar Small-Cap ETF | 0.03% | Vanguard | | [VBR](https://tactfolio.com/etf/vbr.md) | Vanguard Morningstar Small-Cap Value ETF | 0.05% | Vanguard | | [VCR](https://tactfolio.com/etf/vcr.md) | Vanguard Consumer Discretionary ETF | 0.09% | Vanguard | | [VDC](https://tactfolio.com/etf/vdc.md) | Vanguard Consumer Staples ETF | 0.09% | Vanguard | | [VDE](https://tactfolio.com/etf/vde.md) | Vanguard Energy ETF | 0.09% | Vanguard | | [VFH](https://tactfolio.com/etf/vfh.md) | Vanguard Financials ETF | 0.09% | Vanguard | | [VGT](https://tactfolio.com/etf/vgt.md) | Vanguard Information Technology ETF | 0.09% | Vanguard | | [VHT](https://tactfolio.com/etf/vht.md) | Vanguard Health Care ETF | 0.09% | Vanguard | | [VIG](https://tactfolio.com/etf/vig.md) | Vanguard Dividend Appreciation ETF | 0.04% | Vanguard | | [VIS](https://tactfolio.com/etf/vis.md) | Vanguard Industrials ETF | 0.09% | Vanguard | | [VO](https://tactfolio.com/etf/vo.md) | Vanguard Morningstar Mid-Cap ETF | 0.03% | Vanguard | | [VONG](https://tactfolio.com/etf/vong.md) | Vanguard Russell 1000 Growth ETF | 0.06% | Vanguard | | [VOO](https://tactfolio.com/etf/voo.md) | Vanguard S&P 500 ETF | 0.03% | Vanguard | | [VOOG](https://tactfolio.com/etf/voog.md) | Vanguard S&P 500 Growth ETF | 0.07% | Vanguard | | [VOX](https://tactfolio.com/etf/vox.md) | Vanguard Communication Services ETF | 0.09% | Vanguard | | [VPU](https://tactfolio.com/etf/vpu.md) | Vanguard Utilities ETF | 0.09% | Vanguard | | [VTI](https://tactfolio.com/etf/vti.md) | Vanguard Morningstar Total Stock Market ETF | 0.03% | Vanguard | | [VTV](https://tactfolio.com/etf/vtv.md) | Vanguard Morningstar Value ETF | 0.03% | Vanguard | | [VUG](https://tactfolio.com/etf/vug.md) | Vanguard Morningstar Growth ETF | 0.03% | Vanguard | | [VV](https://tactfolio.com/etf/vv.md) | Vanguard Morningstar Large-Cap ETF | 0.03% | Vanguard | | [VYM](https://tactfolio.com/etf/vym.md) | Vanguard High Dividend Yield ETF | 0.04% | Vanguard | | [XLB](https://tactfolio.com/etf/xlb.md) | State Street Materials Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLC](https://tactfolio.com/etf/xlc.md) | State Street Communication Services Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLE](https://tactfolio.com/etf/xle.md) | State Street Energy Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLF](https://tactfolio.com/etf/xlf.md) | State Street Financial Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLI](https://tactfolio.com/etf/xli.md) | State Street Industrial Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLK](https://tactfolio.com/etf/xlk.md) | State Street Technology Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLP](https://tactfolio.com/etf/xlp.md) | State Street Consumer Staples Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLU](https://tactfolio.com/etf/xlu.md) | State Street Utilities Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLV](https://tactfolio.com/etf/xlv.md) | State Street Health Care Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XLY](https://tactfolio.com/etf/xly.md) | State Street Consumer Discretionary Select Sector SPDR ETF | 0.08% | SPDR (State Street) | | [XYLD](https://tactfolio.com/etf/xyld.md) | Global X S&P 500 Covered Call ETF | 0.6% | Global X (Mirae Asset) | ## International stocks | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [EFA](https://tactfolio.com/etf/efa.md) | iShares MSCI EAFE ETF | 0.32% | iShares (BlackRock) | | [EFV](https://tactfolio.com/etf/efv.md) | iShares MSCI EAFE Value ETF | 0.31% | iShares (BlackRock) | | [EWJ](https://tactfolio.com/etf/ewj.md) | iShares MSCI Japan ETF | 0.49% | iShares (BlackRock) | | [IEFA](https://tactfolio.com/etf/iefa.md) | iShares Core MSCI EAFE ETF | 0.07% | iShares (BlackRock) | | [IMOM](https://tactfolio.com/etf/imom.md) | Alpha Architect International Quantitative Momentum ETF | 0.38% | Alpha Architect | | [IVAL](https://tactfolio.com/etf/ival.md) | Alpha Architect International Quantitative Value ETF | 0.38% | Alpha Architect | | [IXUS](https://tactfolio.com/etf/ixus.md) | iShares Core MSCI Total International Stock ETF | 0.07% | iShares (BlackRock) | | [SCHF](https://tactfolio.com/etf/schf.md) | Schwab International Equity ETF | 0.03% | Schwab | | [SCZ](https://tactfolio.com/etf/scz.md) | iShares MSCI EAFE Small-Cap ETF | 0.4% | iShares (BlackRock) | | [VEA](https://tactfolio.com/etf/vea.md) | Vanguard FTSE Developed Markets ETF | 0.03% | Vanguard | | [VEU](https://tactfolio.com/etf/veu.md) | Vanguard FTSE All-World ex-US ETF | 0.04% | Vanguard | | [VGK](https://tactfolio.com/etf/vgk.md) | Vanguard FTSE Europe ETF | 0.06% | Vanguard | | [VXUS](https://tactfolio.com/etf/vxus.md) | Vanguard Total International Stock ETF | 0.05% | Vanguard | ## Emerging market stocks | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [EEM](https://tactfolio.com/etf/eem.md) | iShares MSCI Emerging Markets ETF | 0.72% | iShares (BlackRock) | | [IEMG](https://tactfolio.com/etf/iemg.md) | iShares Core MSCI Emerging Markets ETF | 0.09% | iShares (BlackRock) | | [SCHE](https://tactfolio.com/etf/sche.md) | Schwab Emerging Markets Equity ETF | 0.06% | Schwab | | [VWO](https://tactfolio.com/etf/vwo.md) | Vanguard FTSE Emerging Markets ETF | 0.06% | Vanguard | ## Global stocks | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [ACWI](https://tactfolio.com/etf/acwi.md) | iShares MSCI ACWI ETF | 0.32% | iShares (BlackRock) | | [AVGE](https://tactfolio.com/etf/avge.md) | Avantis All Equity Markets ETF | 0.23% | Avantis Investors (American Century) | | [URTH](https://tactfolio.com/etf/urth.md) | iShares MSCI World ETF | 0.24% | iShares (BlackRock) | | [VT](https://tactfolio.com/etf/vt.md) | Vanguard Total World Stock ETF | 0.06% | Vanguard | ## US bonds | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [AGG](https://tactfolio.com/etf/agg.md) | iShares Core U.S. Aggregate Bond ETF | 0.03% | iShares (BlackRock) | | [BND](https://tactfolio.com/etf/bnd.md) | Vanguard Total Bond Market ETF | 0.03% | Vanguard | | [EDV](https://tactfolio.com/etf/edv.md) | Vanguard Extended Duration Treasury ETF | 0.05% | Vanguard | | [HYG](https://tactfolio.com/etf/hyg.md) | iShares iBoxx $ High Yield Corporate Bond ETF | 0.49% | iShares (BlackRock) | | [IEF](https://tactfolio.com/etf/ief.md) | iShares 7-10 Year Treasury Bond ETF | 0.15% | iShares (BlackRock) | | [IUSB](https://tactfolio.com/etf/iusb.md) | iShares Core Universal USD Bond ETF | 0.06% | iShares (BlackRock) | | [JNK](https://tactfolio.com/etf/jnk.md) | State Street SPDR Bloomberg High Yield Bond ETF | 0.4% | SPDR (State Street) | | [LQD](https://tactfolio.com/etf/lqd.md) | iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.14% | iShares (BlackRock) | | [SCHP](https://tactfolio.com/etf/schp.md) | Schwab U.S. TIPS ETF | 0.03% | Schwab | | [SCHZ](https://tactfolio.com/etf/schz.md) | Schwab U.S. Aggregate Bond ETF | 0.03% | Schwab | | [SHY](https://tactfolio.com/etf/shy.md) | iShares 1-3 Year Treasury Bond ETF | 0.15% | iShares (BlackRock) | | [TIP](https://tactfolio.com/etf/tip.md) | iShares TIPS Bond ETF | 0.18% | iShares (BlackRock) | | [TLT](https://tactfolio.com/etf/tlt.md) | iShares 20+ Year Treasury Bond ETF | 0.15% | iShares (BlackRock) | | [USHY](https://tactfolio.com/etf/ushy.md) | iShares Broad USD High Yield Corporate Bond ETF | 0.08% | iShares (BlackRock) | | [VCIT](https://tactfolio.com/etf/vcit.md) | Vanguard Intermediate-Term Corporate Bond ETF | 0.03% | Vanguard | | [VGIT](https://tactfolio.com/etf/vgit.md) | Vanguard Intermediate-Term Treasury ETF | 0.03% | Vanguard | | [VGLT](https://tactfolio.com/etf/vglt.md) | Vanguard Long-Term Treasury ETF | 0.03% | Vanguard | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Vanguard Short-Term Treasury ETF | 0.03% | Vanguard | | [VTIP](https://tactfolio.com/etf/vtip.md) | Vanguard Short-Term Inflation-Protected Securities ETF | 0.03% | Vanguard | ## International bonds | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [BNDX](https://tactfolio.com/etf/bndx.md) | Vanguard Total International Bond ETF | 0.07% | Vanguard | | [BWX](https://tactfolio.com/etf/bwx.md) | State Street SPDR Bloomberg International Treasury Bond ETF | 0.35% | SPDR (State Street) | | [EMB](https://tactfolio.com/etf/emb.md) | iShares J.P. Morgan USD Emerging Markets Bond ETF | 0.39% | iShares (BlackRock) | | [IGOV](https://tactfolio.com/etf/igov.md) | iShares International Treasury Bond ETF | 0.35% | iShares (BlackRock) | ## Cash and T-bills | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [BIL](https://tactfolio.com/etf/bil.md) | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 0.1353% | SPDR (State Street) | | [SGOV](https://tactfolio.com/etf/sgov.md) | iShares 0-3 Month Treasury Bond ETF | 0.09% | iShares (BlackRock) | | [SHV](https://tactfolio.com/etf/shv.md) | iShares 0-1 Year Treasury Bond ETF | 0.15% | iShares (BlackRock) | | [TFLO](https://tactfolio.com/etf/tflo.md) | iShares Treasury Floating Rate Bond ETF | 0.15% | iShares (BlackRock) | | [USFR](https://tactfolio.com/etf/usfr.md) | WisdomTree Floating Rate Treasury Fund | 0.15% | WisdomTree | ## Real estate | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [IYR](https://tactfolio.com/etf/iyr.md) | iShares U.S. Real Estate ETF | 0.37% | iShares (BlackRock) | | [REM](https://tactfolio.com/etf/rem.md) | iShares Mortgage Real Estate ETF | 0.48% | iShares (BlackRock) | | [RWO](https://tactfolio.com/etf/rwo.md) | State Street SPDR Dow Jones Global Real Estate ETF | 0.5% | SPDR (State Street) | | [RWX](https://tactfolio.com/etf/rwx.md) | State Street SPDR Dow Jones International Real Estate ETF | 0.59% | SPDR (State Street) | | [SCHH](https://tactfolio.com/etf/schh.md) | Schwab U.S. REIT ETF | 0.07% | Schwab | | [VNQ](https://tactfolio.com/etf/vnq.md) | Vanguard Real Estate ETF | 0.13% | Vanguard | | [XLRE](https://tactfolio.com/etf/xlre.md) | State Street Real Estate Select Sector SPDR ETF | 0.08% | SPDR (State Street) | ## Commodities | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [DBC](https://tactfolio.com/etf/dbc.md) | Invesco DB Commodity Index Tracking Fund | 0.85% | Invesco | | [DJP](https://tactfolio.com/etf/djp.md) | iPath Bloomberg Commodity Index Total Return ETN | 0.7% | iPath (Barclays) | | [GSG](https://tactfolio.com/etf/gsg.md) | iShares S&P GSCI Commodity-Indexed Trust | 0.75% | iShares (BlackRock) | ## Gold | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [AAAU](https://tactfolio.com/etf/aaau.md) | Goldman Sachs Physical Gold ETF | 0.18% | Goldman Sachs Asset Management | | [BAR](https://tactfolio.com/etf/bar.md) | GraniteShares Gold Trust | 0.1749% | GraniteShares | | [GLD](https://tactfolio.com/etf/gld.md) | SPDR Gold Shares | 0.4% | SPDR (State Street) | | [GLDM](https://tactfolio.com/etf/gldm.md) | SPDR Gold MiniShares | 0.1% | SPDR (State Street) | | [IAU](https://tactfolio.com/etf/iau.md) | iShares Gold Trust | 0.25% | iShares (BlackRock) | | [SGOL](https://tactfolio.com/etf/sgol.md) | abrdn Physical Gold Shares ETF | 0.17% | abrdn (Aberdeen) | ## Currency | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [UUP](https://tactfolio.com/etf/uup.md) | Invesco DB US Dollar Index Bullish Fund | 0.75% | Invesco | ## Leveraged | Fund | Name | Yearly fee | Issuer | | --- | --- | --- | --- | | [SSO](https://tactfolio.com/etf/sso.md) | ProShares Ultra S&P500 | 0.84% | ProShares | | [TQQQ](https://tactfolio.com/etf/tqqq.md) | ProShares UltraPro QQQ | 0.78% | ProShares | | [UPRO](https://tactfolio.com/etf/upro.md) | ProShares UltraPro S&P500 | 0.88% | ProShares | ## Popular ETF comparisons - [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md): the S&P 500 against the whole US stock market. - [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md): two S&P 500 funds with different fees and structures. - [QQQ vs VOO](https://tactfolio.com/etf-comparisons/qqq-vs-voo.md): the Nasdaq-100 against the S&P 500. - [IVV vs VOO](https://tactfolio.com/etf-comparisons/ivv-vs-voo.md): two low-cost S&P 500 funds from iShares and Vanguard. - [QQQ vs SPY](https://tactfolio.com/etf-comparisons/qqq-vs-spy.md): the Nasdaq-100 against the S&P 500, from the two oldest big index ETFs. - [QQQ vs QQQM](https://tactfolio.com/etf-comparisons/qqq-vs-qqqm.md): the same Nasdaq-100 index in two Invesco funds with different fees. - [VT vs VTI](https://tactfolio.com/etf-comparisons/vt-vs-vti.md): the whole world stock market against the whole US market. - [SCHD vs VYM](https://tactfolio.com/etf-comparisons/schd-vs-vym.md): two dividend stock funds that pick companies in different ways. See [all ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## Use these funds in a strategy 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. Start from a [classic strategy](https://tactfolio.com/strategies/classics) or open the [builder](https://tactfolio.com/builder) and pick your own funds. ## Common questions ### What is an ETF? An ETF, or exchange-traded fund, is a fund that trades on a stock exchange like a single stock. One share gives you a small piece of everything the fund holds, such as 500 companies or a pile of government bonds. ### What is an expense ratio? An expense ratio is the yearly fee a fund charges, shown as a percent of what you hold. A 0.10% fee costs about $10 a year on $10,000. The fund takes it out of its own value, so you never get a bill. ### Where do these numbers come from? Fees, start dates and indexes come from each fund issuer, and each page shows the date we checked them. Returns and drops come from daily prices adjusted for splits, with dividends reinvested, updated after each US market close. ### Does Tactfolio sell these ETFs? No. Tactfolio is not a broker. You can test rules that hold these funds, and run a strategy in your own Alpaca account if you choose. > 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. --- # ETF screener: filter funds by fee, return and drawdown > 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. This free ETF screener lists 162 US-listed funds with their fees and past returns. Pick a ready-made screen or set your own filters, then sort by any column. Tick up to four funds to compare them side by side. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy.md). Fund facts come from each issuer, checked between October 16, 2026 and October 17, 2026. Prices run to the close of October 16, 2026, with dividends reinvested. ## All funds in the screener Returns over 3, 5 and 10 years and since start are per year. Figures run to October 16, 2026. ### US stocks | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [SPYM](https://tactfolio.com/etf/spym.md) | State Street SPDR Portfolio S&P 500 ETF | S&P 500 | 0.02% | 16.8% | 22.1% | 12.9% | 15.5% | 11.2% since 2005 | −54.5% | 18.3% | 0 | | [ITOT](https://tactfolio.com/etf/itot.md) | iShares Core S&P Total U.S. Stock Market ETF | US total market | 0.03% | 16.1% | 21.6% | 11.7% | 14.9% | 10.6% since 2004 | −55.2% | 18.6% | 0 | | [IVV](https://tactfolio.com/etf/ivv.md) | iShares Core S&P 500 ETF | S&P 500 | 0.03% | 16.8% | 22.1% | 12.9% | 15.5% | 8.5% since 2000 | −55.3% | 18.9% | 0 | | [SCHA](https://tactfolio.com/etf/scha.md) | Schwab U.S. Small-Cap ETF | US small caps | 0.03% | 16.1% | 17.9% | 5.9% | 10.1% | 11.8% since 2009 | −42.4% | 21.6% | 0 | | [SCHB](https://tactfolio.com/etf/schb.md) | Schwab U.S. Broad Market ETF | US total market | 0.03% | 16.1% | 21.6% | 11.7% | 14.9% | 14.2% since 2009 | −35.3% | 17.4% | 0 | | [SCHM](https://tactfolio.com/etf/schm.md) | Schwab U.S. Mid-Cap ETF | US mid caps | 0.03% | 17.5% | 16.7% | 6.7% | 10.9% | 10.9% since 2011 | −42.4% | 19.5% | 0 | | [SCHX](https://tactfolio.com/etf/schx.md) | Schwab U.S. Large-Cap ETF | US large companies | 0.03% | 16.0% | 21.9% | 12.2% | 15.3% | 14.4% since 2009 | −34.3% | 17.1% | 0 | | [VB](https://tactfolio.com/etf/vb.md) | Vanguard Morningstar Small-Cap ETF | US small caps | 0.03% | 13.8% | 16.6% | 6.2% | 10.7% | 9.6% since 2004 | −59.6% | 22.4% | 0 | | [VO](https://tactfolio.com/etf/vo.md) | Vanguard Morningstar Mid-Cap ETF | US mid caps | 0.03% | 12.6% | 17.1% | 7.0% | 11.5% | 10.2% since 2004 | −58.9% | 20.3% | 0 | | [VOO](https://tactfolio.com/etf/voo.md) | Vanguard S&P 500 ETF | S&P 500 | 0.03% | 16.8% | 22.1% | 12.9% | 15.5% | 14.8% since 2010 | −34.0% | 16.9% | 0 | | [VTI](https://tactfolio.com/etf/vti.md) | Vanguard Morningstar Total Stock Market ETF | US total market | 0.03% | 16.1% | 21.6% | 11.7% | 14.9% | 9.7% since 2001 | −55.5% | 19.0% | 5 | | [VTV](https://tactfolio.com/etf/vtv.md) | Vanguard Morningstar Value ETF | US large value | 0.03% | 23.4% | 19.9% | 12.3% | 12.8% | 9.7% since 2004 | −59.3% | 18.4% | 1 | | [VUG](https://tactfolio.com/etf/vug.md) | Vanguard Morningstar Growth ETF | US large growth | 0.03% | 11.3% | 23.9% | 12.4% | 17.9% | 12.1% since 2004 | −50.7% | 20.0% | 1 | | [VV](https://tactfolio.com/etf/vv.md) | Vanguard Morningstar Large-Cap ETF | US large companies | 0.03% | 16.5% | 22.3% | 12.5% | 15.5% | 11.0% since 2004 | −54.8% | 18.6% | 0 | | [SCHG](https://tactfolio.com/etf/schg.md) | Schwab U.S. Large-Cap Growth ETF | US large growth | 0.04% | 11.4% | 23.6% | 13.3% | 18.6% | 16.1% since 2010 | −34.6% | 19.7% | 0 | | [SCHV](https://tactfolio.com/etf/schv.md) | Schwab U.S. Large-Cap Value ETF | US large value | 0.04% | 20.8% | 19.3% | 10.4% | 11.4% | 11.5% since 2009 | −37.1% | 16.2% | 0 | | [SPYG](https://tactfolio.com/etf/spyg.md) | State Street SPDR Portfolio S&P 500 Growth ETF | US large growth | 0.04% | 16.6% | 26.2% | 13.5% | 17.8% | 7.5% since 2000 | −67.6% | 21.6% | 0 | | [SPYV](https://tactfolio.com/etf/spyv.md) | State Street SPDR Portfolio S&P 500 Value ETF | US large value | 0.04% | 17.1% | 17.1% | 11.5% | 12.2% | 7.9% since 2000 | −58.5% | 18.4% | 0 | | [VIG](https://tactfolio.com/etf/vig.md) | Vanguard Dividend Appreciation ETF | US dividend growth | 0.04% | 14.2% | 17.4% | 10.6% | 13.5% | 10.2% since 2006 | −46.8% | 16.9% | 0 | | [VYM](https://tactfolio.com/etf/vym.md) | Vanguard High Dividend Yield ETF | US dividend | 0.04% | 17.7% | 18.9% | 11.5% | 11.8% | 9.3% since 2006 | −57.0% | 18.0% | 0 | | [IJH](https://tactfolio.com/etf/ijh.md) | iShares Core S&P Mid-Cap ETF | US mid caps | 0.05% | 13.9% | 15.0% | 7.2% | 10.7% | 9.6% since 2000 | −55.1% | 21.4% | 0 | | [MGK](https://tactfolio.com/etf/mgk.md) | Vanguard Morningstar Mega Cap Growth ETF | US large growth | 0.05% | 12.8% | 24.6% | 13.6% | 18.8% | 13.5% since 2007 | −48.0% | 21.1% | 0 | | [VBR](https://tactfolio.com/etf/vbr.md) | Vanguard Morningstar Small-Cap Value ETF | US small value | 0.05% | 17.5% | 16.8% | 8.3% | 10.4% | 9.4% since 2004 | −62.0% | 22.7% | 1 | | [IJR](https://tactfolio.com/etf/ijr.md) | iShares Core S&P Small-Cap ETF | US small caps | 0.06% | 16.9% | 15.3% | 5.6% | 10.1% | 9.8% since 2000 | −58.1% | 22.9% | 1 | | [SCHD](https://tactfolio.com/etf/schd.md) | Schwab U.S. Dividend Equity ETF | US dividend | 0.06% | 33.8% | 17.3% | 9.8% | 13.3% | 13.5% since 2011 | −33.4% | 15.3% | 0 | | [VONG](https://tactfolio.com/etf/vong.md) | Vanguard Russell 1000 Growth ETF | US large growth | 0.06% | 5.0% | 21.5% | 12.0% | 17.9% | 16.4% since 2010 | −32.7% | 19.1% | 0 | | [SPYD](https://tactfolio.com/etf/spyd.md) | State Street SPDR Portfolio S&P 500 High Dividend ETF | US dividend | 0.07% | 14.7% | 15.6% | 7.7% | 8.4% | 8.9% since 2015 | −46.4% | 19.4% | 0 | | [VOOG](https://tactfolio.com/etf/voog.md) | Vanguard S&P 500 Growth ETF | US large growth | 0.07% | 16.6% | 26.2% | 13.4% | 17.8% | 16.6% since 2010 | −32.7% | 18.9% | 0 | | [DGRO](https://tactfolio.com/etf/dgro.md) | iShares Core Dividend Growth ETF | US dividend growth | 0.08% | 19.2% | 19.1% | 11.2% | 13.9% | 12.4% since 2014 | −35.1% | 16.0% | 0 | | [HDV](https://tactfolio.com/etf/hdv.md) | iShares Core High Dividend ETF | US dividend | 0.08% | 28.1% | 19.1% | 13.1% | 10.4% | 11.0% since 2011 | −37.0% | 14.5% | 0 | | [XLB](https://tactfolio.com/etf/xlb.md) | State Street Materials Select Sector SPDR ETF | Materials | 0.08% | 17.8% | 11.2% | 6.0% | 10.4% | 8.2% since 1998 | −59.8% | 23.5% | 1 | | [XLC](https://tactfolio.com/etf/xlc.md) | State Street Communication Services Select Sector SPDR ETF | Communication services | 0.08% | −2.2% | 18.8% | 7.7% | n/a | 11.1% since 2018 | −46.7% | 22.1% | 0 | | [XLE](https://tactfolio.com/etf/xle.md) | State Street Energy Select Sector SPDR ETF | Energy | 0.08% | 64.6% | 18.5% | 23.2% | 11.4% | 9.4% since 1998 | −71.3% | 28.5% | 2 | | [XLF](https://tactfolio.com/etf/xlf.md) | State Street Financial Select Sector SPDR ETF | Financials | 0.08% | 9.0% | 20.1% | 8.9% | 13.1% | 6.0% since 1998 | −82.7% | 28.2% | 1 | | [XLI](https://tactfolio.com/etf/xli.md) | State Street Industrial Select Sector SPDR ETF | Industrials | 0.08% | 11.9% | 19.4% | 11.9% | 13.3% | 9.2% since 1998 | −62.3% | 21.0% | 1 | | [XLK](https://tactfolio.com/etf/xlk.md) | State Street Technology Select Sector SPDR ETF | US technology | 0.08% | 29.6% | 30.0% | 19.6% | 24.0% | 10.3% since 1998 | −82.0% | 26.0% | 2 | | [XLP](https://tactfolio.com/etf/xlp.md) | State Street Consumer Staples Select Sector SPDR ETF | Consumer staples | 0.08% | 14.4% | 12.1% | 7.1% | 8.2% | 6.9% since 1998 | −35.9% | 15.2% | 2 | | [XLU](https://tactfolio.com/etf/xlu.md) | State Street Utilities Select Sector SPDR ETF | Utilities | 0.08% | −5.5% | 15.5% | 8.4% | 9.3% | 7.4% since 1998 | −52.3% | 19.2% | 3 | | [XLV](https://tactfolio.com/etf/xlv.md) | State Street Health Care Select Sector SPDR ETF | Health care | 0.08% | 26.2% | 12.3% | 8.4% | 11.6% | 8.9% since 1998 | −39.2% | 17.8% | 1 | | [XLY](https://tactfolio.com/etf/xly.md) | State Street Consumer Discretionary Select Sector SPDR ETF | Consumer discretionary | 0.08% | −2.4% | 12.6% | 4.4% | 12.2% | 9.4% since 1998 | −59.1% | 22.6% | 1 | | [FTEC](https://tactfolio.com/etf/ftec.md) | Fidelity MSCI Information Technology Index ETF | US technology | 0.084% | 27.3% | 31.4% | 18.7% | 23.9% | 21.7% since 2013 | −34.9% | 23.3% | 0 | | [VAW](https://tactfolio.com/etf/vaw.md) | Vanguard Materials ETF | Materials | 0.09% | 12.7% | 11.4% | 5.9% | 10.0% | 8.9% since 2004 | −62.2% | 23.5% | 0 | | [VCR](https://tactfolio.com/etf/vcr.md) | Vanguard Consumer Discretionary ETF | Consumer discretionary | 0.09% | −1.4% | 12.6% | 3.9% | 13.0% | 10.6% since 2004 | −61.5% | 21.7% | 0 | | [VDC](https://tactfolio.com/etf/vdc.md) | Vanguard Consumer Staples ETF | Consumer staples | 0.09% | 13.0% | 12.6% | 7.8% | 8.5% | 9.5% since 2004 | −34.2% | 14.1% | 0 | | [VDE](https://tactfolio.com/etf/vde.md) | Vanguard Energy ETF | Energy | 0.09% | 61.9% | 18.1% | 22.7% | 10.8% | 8.8% since 2004 | −74.7% | 29.6% | 0 | | [VFH](https://tactfolio.com/etf/vfh.md) | Vanguard Financials ETF | Financials | 0.09% | 9.1% | 20.6% | 8.8% | 12.8% | 6.7% since 2004 | −78.6% | 26.4% | 0 | | [VGT](https://tactfolio.com/etf/vgt.md) | Vanguard Information Technology ETF | US technology | 0.09% | 27.3% | 31.2% | 18.5% | 24.2% | 14.8% since 2004 | −54.6% | 22.8% | 0 | | [VHT](https://tactfolio.com/etf/vht.md) | Vanguard Health Care ETF | Health care | 0.09% | 24.9% | 12.9% | 7.2% | 11.5% | 10.1% since 2004 | −39.1% | 16.9% | 0 | | [VIS](https://tactfolio.com/etf/vis.md) | Vanguard Industrials ETF | Industrials | 0.09% | 10.2% | 19.0% | 11.6% | 13.1% | 10.5% since 2004 | −63.5% | 21.3% | 0 | | [VOX](https://tactfolio.com/etf/vox.md) | Vanguard Communication Services ETF | Communication services | 0.09% | 3.5% | 21.5% | 6.9% | 8.9% | 8.6% since 2004 | −57.2% | 20.5% | 0 | | [VPU](https://tactfolio.com/etf/vpu.md) | Vanguard Utilities ETF | Utilities | 0.09% | −5.9% | 15.5% | 8.1% | 9.1% | 9.4% since 2004 | −46.3% | 18.2% | 0 | | [SPY](https://tactfolio.com/etf/spy.md) | State Street SPDR S&P 500 ETF Trust | S&P 500 | 0.0945% | 16.8% | 22.0% | 12.8% | 15.4% | 10.8% since 1993 | −55.2% | 18.5% | 47 | | [IWB](https://tactfolio.com/etf/iwb.md) | iShares Russell 1000 ETF | US large companies | 0.15% | 16.1% | 21.6% | 12.0% | 15.1% | 8.5% since 2000 | −55.4% | 19.0% | 1 | | [MTUM](https://tactfolio.com/etf/mtum.md) | iShares MSCI USA Momentum Factor ETF | US momentum | 0.15% | 16.7% | 28.2% | 11.0% | 15.8% | 15.2% since 2013 | −34.1% | 20.2% | 0 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Invesco NASDAQ 100 ETF | Nasdaq-100 | 0.15% | 18.9% | 25.1% | 14.7% | n/a | 16.5% since 2020 | −35.0% | 22.2% | 0 | | [QUAL](https://tactfolio.com/etf/qual.md) | iShares MSCI USA Quality Factor ETF | US quality and low volatility | 0.15% | 18.1% | 19.4% | 11.7% | 14.6% | 13.6% since 2013 | −34.1% | 17.0% | 0 | | [USMV](https://tactfolio.com/etf/usmv.md) | iShares MSCI USA Min Vol Factor ETF | US quality and low volatility | 0.15% | 10.1% | 13.0% | 7.7% | 10.5% | 11.7% since 2011 | −33.1% | 13.3% | 0 | | [DIA](https://tactfolio.com/etf/dia.md) | State Street SPDR Dow Jones Industrial Average ETF Trust | US large companies | 0.16% | 14.6% | 17.0% | 9.9% | 13.3% | 9.0% since 1998 | −51.9% | 18.5% | 0 | | [IJS](https://tactfolio.com/etf/ijs.md) | iShares S&P Small-Cap 600 Value ETF | US small value | 0.18% | 19.2% | 15.7% | 6.1% | 9.5% | 9.7% since 2000 | −60.1% | 23.7% | 1 | | [IJT](https://tactfolio.com/etf/ijt.md) | iShares S&P Small-Cap 600 Growth ETF | US small growth | 0.18% | 14.1% | 14.5% | 4.7% | 10.1% | 9.2% since 2000 | −57.6% | 22.9% | 1 | | [IVE](https://tactfolio.com/etf/ive.md) | iShares S&P 500 Value ETF | US large value | 0.18% | 17.0% | 17.0% | 11.4% | 12.0% | 7.7% since 2000 | −61.3% | 19.1% | 0 | | [IVW](https://tactfolio.com/etf/ivw.md) | iShares S&P 500 Growth ETF | US large growth | 0.18% | 16.4% | 26.0% | 13.3% | 17.7% | 8.9% since 2000 | −57.3% | 20.0% | 0 | | [IWD](https://tactfolio.com/etf/iwd.md) | iShares Russell 1000 Value ETF | US large value | 0.18% | 28.7% | 21.1% | 11.6% | 11.8% | 8.3% since 2000 | −60.1% | 18.9% | 5 | | [IWF](https://tactfolio.com/etf/iwf.md) | iShares Russell 1000 Growth ETF | US large growth | 0.18% | 4.9% | 21.4% | 11.9% | 17.8% | 8.3% since 2000 | −64.2% | 20.8% | 0 | | [IWR](https://tactfolio.com/etf/iwr.md) | iShares Russell Mid-Cap ETF | US mid caps | 0.18% | 15.5% | 17.6% | 7.3% | 11.5% | 9.9% since 2001 | −58.8% | 20.1% | 0 | | [QQQ](https://tactfolio.com/etf/qqq.md) | Invesco QQQ Trust, Series 1 | Nasdaq-100 | 0.18% | 18.9% | 25.0% | 14.7% | 20.5% | 10.7% since 1999 | −83.0% | 26.9% | 9 | | [IWM](https://tactfolio.com/etf/iwm.md) | iShares Russell 2000 ETF | US small caps | 0.19% | 11.5% | 17.3% | 5.0% | 9.8% | 8.4% since 2000 | −58.6% | 23.8% | 9 | | [RSP](https://tactfolio.com/etf/rsp.md) | Invesco S&P 500 Equal Weight ETF | US equal weight | 0.2% | 16.3% | 16.5% | 8.4% | 12.0% | 11.2% since 2003 | −59.9% | 19.7% | 0 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Fidelity Nasdaq Composite Index ETF | Nasdaq-100 | 0.21% | 16.8% | 25.3% | 13.0% | 18.6% | 13.2% since 2003 | −55.1% | 20.8% | 0 | | [MDY](https://tactfolio.com/etf/mdy.md) | State Street SPDR S&P MidCap 400 ETF Trust | US mid caps | 0.23% | 13.5% | 14.7% | 7.0% | 10.4% | 11.0% since 1995 | −55.3% | 21.4% | 0 | | [IWN](https://tactfolio.com/etf/iwn.md) | iShares Russell 2000 Value ETF | US small value | 0.24% | 20.0% | 18.2% | 6.7% | 9.4% | 9.2% since 2000 | −61.6% | 23.6% | 4 | | [AVUV](https://tactfolio.com/etf/avuv.md) | Avantis U.S. Small Cap Value ETF | US small value | 0.25% | 25.3% | 17.9% | 10.7% | n/a | 15.0% since 2019 | −49.4% | 27.7% | 0 | | [DGRW](https://tactfolio.com/etf/dgrw.md) | WisdomTree U.S. Quality Dividend Growth Fund | US dividend growth | 0.28% | 13.8% | 17.0% | 12.0% | 14.2% | 13.0% since 2013 | −32.0% | 15.4% | 0 | | [QMOM](https://tactfolio.com/etf/qmom.md) | Alpha Architect U.S. Quantitative Momentum ETF | US momentum | 0.28% | 11.7% | 20.0% | 8.2% | 12.2% | 10.7% since 2015 | −39.1% | 26.2% | 2 | | [QVAL](https://tactfolio.com/etf/qval.md) | Alpha Architect U.S. Quantitative Value ETF | US value factor | 0.28% | 38.3% | 21.5% | 13.8% | 12.5% | 9.7% since 2014 | −51.5% | 21.9% | 2 | | [GPIX](https://tactfolio.com/etf/gpix.md) | Goldman Sachs S&P 500 Premium Income ETF | Covered call income | 0.29% | 17.4% | n/a | n/a | n/a | 22.5% since 2023 | −17.5% | 13.5% | 0 | | [SPHD](https://tactfolio.com/etf/sphd.md) | Invesco S&P 500 High Dividend Low Volatility ETF | US dividend | 0.3% | 10.4% | 13.6% | 7.4% | 7.2% | 9.4% since 2012 | −41.4% | 16.2% | 0 | | [SOXX](https://tactfolio.com/etf/soxx.md) | iShares Semiconductor ETF | Semiconductors | 0.33% | 71.3% | 46.0% | 27.6% | 31.0% | 13.6% since 2001 | −70.2% | 33.6% | 0 | | [JEPI](https://tactfolio.com/etf/jepi.md) | JPMorgan Equity Premium Income ETF | Covered call income | 0.35% | 9.3% | 10.3% | 7.5% | n/a | 11.1% since 2020 | −13.7% | 10.6% | 0 | | [JEPQ](https://tactfolio.com/etf/jepq.md) | JPMorgan Nasdaq Equity Premium Income ETF | Covered call income | 0.35% | 15.7% | 19.6% | n/a | n/a | 15.3% since 2022 | −20.1% | 16.6% | 0 | | [NOBL](https://tactfolio.com/etf/nobl.md) | ProShares S&P 500 Dividend Aristocrats ETF | US dividend growth | 0.35% | 15.1% | 11.4% | 6.7% | 10.4% | 10.5% since 2013 | −35.4% | 15.8% | 0 | | [SDY](https://tactfolio.com/etf/sdy.md) | State Street SPDR S&P Dividend ETF | US dividend | 0.35% | 15.0% | 13.5% | 7.7% | 9.7% | 8.9% since 2005 | −54.8% | 18.9% | 0 | | [SMH](https://tactfolio.com/etf/smh.md) | VanEck Semiconductor ETF | Semiconductors | 0.35% | 57.7% | 53.9% | 33.5% | 33.2% | 10.2% since 2000 | −85.9% | 35.0% | 0 | | [IYW](https://tactfolio.com/etf/iyw.md) | iShares U.S. Technology ETF | US technology | 0.37% | 28.0% | 32.3% | 19.2% | 24.6% | 9.4% since 2000 | −81.9% | 27.2% | 0 | | [DVY](https://tactfolio.com/etf/dvy.md) | iShares Select Dividend ETF | US dividend | 0.38% | 18.4% | 18.0% | 9.9% | 10.5% | 8.9% since 2003 | −62.6% | 18.6% | 0 | | [IGV](https://tactfolio.com/etf/igv.md) | iShares Expanded Tech-Software Sector ETF | Software | 0.38% | −7.5% | 13.9% | 4.3% | 16.8% | 9.8% since 2001 | −62.2% | 26.6% | 0 | | [QQEW](https://tactfolio.com/etf/qqew.md) | First Trust Nasdaq-100 Select Equal Weight ETF | Nasdaq-100 | 0.55% | 10.1% | 14.1% | 6.8% | 13.8% | 11.2% since 2006 | −58.2% | 21.5% | 0 | | [DIVO](https://tactfolio.com/etf/divo.md) | Amplify CWP Enhanced Dividend Income ETF | Covered call income | 0.56% | 16.4% | 17.0% | 11.2% | n/a | 12.7% since 2016 | −30.0% | 14.7% | 0 | | [QYLD](https://tactfolio.com/etf/qyld.md) | Global X NASDAQ 100 Covered Call ETF | Covered call income | 0.6% | 20.1% | 15.2% | 8.4% | 9.8% | 8.5% since 2013 | −24.8% | 14.7% | 0 | | [XYLD](https://tactfolio.com/etf/xyld.md) | Global X S&P 500 Covered Call ETF | Covered call income | 0.6% | 17.9% | 13.5% | 7.6% | 8.6% | 8.5% since 2013 | −33.5% | 13.5% | 0 | | [PDP](https://tactfolio.com/etf/pdp.md) | Invesco Dorsey Wright Momentum ETF | US momentum | 0.62% | 12.2% | 19.9% | 8.0% | 12.7% | 9.5% since 2007 | −59.3% | 22.5% | 4 | | [QQQI](https://tactfolio.com/etf/qqqi.md) | NEOS Nasdaq-100 High Income ETF | Covered call income | 0.68% | 14.1% | n/a | n/a | n/a | 18.2% since 2024 | −20.0% | 17.5% | 0 | | [SPYI](https://tactfolio.com/etf/spyi.md) | NEOS S&P 500 High Income ETF | Covered call income | 0.68% | 15.9% | 17.1% | n/a | n/a | 14.7% since 2022 | −16.5% | 12.7% | 0 | ### International stocks | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [SCHF](https://tactfolio.com/etf/schf.md) | Schwab International Equity ETF | International developed | 0.03% | 18.0% | 20.2% | 9.6% | 9.9% | 7.5% since 2009 | −34.9% | 18.1% | 0 | | [VEA](https://tactfolio.com/etf/vea.md) | Vanguard FTSE Developed Markets ETF | International developed | 0.03% | 17.6% | 20.3% | 9.3% | 9.8% | 5.1% since 2007 | −60.7% | 21.5% | 3 | | [VEU](https://tactfolio.com/etf/veu.md) | Vanguard FTSE All-World ex-US ETF | International total | 0.04% | 15.8% | 19.7% | 8.6% | 9.4% | 5.3% since 2007 | −61.5% | 21.8% | 2 | | [VXUS](https://tactfolio.com/etf/vxus.md) | Vanguard Total International Stock ETF | International total | 0.05% | 15.3% | 19.4% | 8.3% | 9.2% | 6.5% since 2011 | −36.0% | 17.7% | 1 | | [VGK](https://tactfolio.com/etf/vgk.md) | Vanguard FTSE Europe ETF | Europe | 0.06% | 11.4% | 18.1% | 8.5% | 9.8% | 6.3% since 2005 | −63.6% | 22.7% | 6 | | [IEFA](https://tactfolio.com/etf/iefa.md) | iShares Core MSCI EAFE ETF | International developed | 0.07% | 13.6% | 18.4% | 8.4% | 9.3% | 8.3% since 2012 | −34.8% | 16.6% | 0 | | [IXUS](https://tactfolio.com/etf/ixus.md) | iShares Core MSCI Total International Stock ETF | International total | 0.07% | 15.4% | 19.7% | 8.3% | 9.3% | 7.7% since 2012 | −36.2% | 16.4% | 0 | | [EFV](https://tactfolio.com/etf/efv.md) | iShares MSCI EAFE Value ETF | International value | 0.31% | 22.4% | 22.9% | 13.7% | 10.1% | 6.0% since 2005 | −63.9% | 21.8% | 1 | | [EFA](https://tactfolio.com/etf/efa.md) | iShares MSCI EAFE ETF | International developed | 0.32% | 13.5% | 18.2% | 8.7% | 9.2% | 6.4% since 2001 | −61.0% | 20.7% | 14 | | [IMOM](https://tactfolio.com/etf/imom.md) | Alpha Architect International Quantitative Momentum ETF | International momentum | 0.38% | 10.2% | 20.3% | 5.7% | 6.7% | 6.1% since 2015 | −45.7% | 20.4% | 2 | | [IVAL](https://tactfolio.com/etf/ival.md) | Alpha Architect International Quantitative Value ETF | International value | 0.38% | 24.9% | 20.5% | 11.1% | 8.0% | 6.7% since 2014 | −46.1% | 18.6% | 2 | | [SCZ](https://tactfolio.com/etf/scz.md) | iShares MSCI EAFE Small-Cap ETF | International small caps | 0.4% | 12.7% | 18.7% | 5.0% | 8.0% | 5.4% since 2007 | −61.9% | 20.8% | 1 | | [EWJ](https://tactfolio.com/etf/ewj.md) | iShares MSCI Japan ETF | Japan | 0.49% | 21.3% | 20.1% | 9.1% | 8.9% | 3.0% since 1996 | −58.9% | 22.6% | 6 | ### Emerging market stocks | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [SCHE](https://tactfolio.com/etf/sche.md) | Schwab Emerging Markets Equity ETF | Emerging markets | 0.06% | 9.3% | 17.7% | 5.5% | 7.6% | 4.6% since 2010 | −36.2% | 20.2% | 0 | | [VWO](https://tactfolio.com/etf/vwo.md) | Vanguard FTSE Emerging Markets ETF | Emerging markets | 0.06% | 8.9% | 17.1% | 5.4% | 7.4% | 6.7% since 2005 | −67.7% | 26.0% | 8 | | [IEMG](https://tactfolio.com/etf/iemg.md) | iShares Core MSCI Emerging Markets ETF | Emerging markets | 0.09% | 17.6% | 20.6% | 6.9% | 8.4% | 6.0% since 2012 | −38.7% | 19.8% | 0 | | [EEM](https://tactfolio.com/etf/eem.md) | iShares MSCI Emerging Markets ETF | Emerging markets | 0.72% | 18.3% | 21.0% | 6.4% | 7.8% | 9.7% since 2003 | −66.4% | 27.1% | 12 | ### Global stocks | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [VT](https://tactfolio.com/etf/vt.md) | Vanguard Total World Stock ETF | Global stocks | 0.06% | 15.8% | 20.8% | 10.4% | 12.5% | 8.8% since 2008 | −50.3% | 20.4% | 0 | | [AVGE](https://tactfolio.com/etf/avge.md) | Avantis All Equity Markets ETF | Global stocks | 0.23% | 21.6% | 21.0% | n/a | n/a | 20.3% since 2022 | −17.1% | 14.9% | 0 | | [URTH](https://tactfolio.com/etf/urth.md) | iShares MSCI World ETF | Global stocks | 0.24% | 15.8% | 21.0% | 11.3% | 13.2% | 12.1% since 2012 | −34.0% | 16.9% | 1 | | [ACWI](https://tactfolio.com/etf/acwi.md) | iShares MSCI ACWI ETF | Global stocks | 0.32% | 16.0% | 21.0% | 10.7% | 12.6% | 8.4% since 2008 | −56.3% | 20.1% | 1 | ### US bonds | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [AGG](https://tactfolio.com/etf/agg.md) | iShares Core U.S. Aggregate Bond ETF | US total bond | 0.03% | −1.8% | 4.8% | −0.4% | 1.3% | 3.0% since 2003 | −18.4% | 5.2% | 5 | | [BND](https://tactfolio.com/etf/bnd.md) | Vanguard Total Bond Market ETF | US total bond | 0.03% | −1.7% | 4.7% | −0.4% | 1.4% | 2.9% since 2007 | −18.6% | 5.2% | 6 | | [SCHP](https://tactfolio.com/etf/schp.md) | Schwab U.S. TIPS ETF | Inflation-protected bonds | 0.03% | −1.4% | 4.3% | 0.1% | 2.3% | 2.6% since 2010 | −14.3% | 5.5% | 0 | | [SCHZ](https://tactfolio.com/etf/schz.md) | Schwab U.S. Aggregate Bond ETF | US total bond | 0.03% | −1.8% | 4.7% | −0.4% | 1.3% | 1.9% since 2011 | −18.7% | 4.8% | 0 | | [VCIT](https://tactfolio.com/etf/vcit.md) | Vanguard Intermediate-Term Corporate Bond ETF | Corporate bonds | 0.03% | −2.0% | 6.4% | 0.7% | 2.5% | 4.0% since 2009 | −20.6% | 5.7% | 1 | | [VGIT](https://tactfolio.com/etf/vgit.md) | Vanguard Intermediate-Term Treasury ETF | Intermediate Treasury | 0.03% | −1.9% | 4.0% | −0.1% | 1.1% | 2.0% since 2009 | −16.1% | 4.4% | 0 | | [VGLT](https://tactfolio.com/etf/vglt.md) | Vanguard Long-Term Treasury ETF | Long Treasury | 0.03% | −7.2% | 2.7% | −6.8% | −1.5% | 2.4% since 2010 | −46.2% | 13.4% | 0 | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Vanguard Short-Term Treasury ETF | Short Treasury | 0.03% | 1.6% | 4.2% | 2.0% | 1.8% | 1.4% since 2009 | −5.7% | 1.4% | 0 | | [VTIP](https://tactfolio.com/etf/vtip.md) | Vanguard Short-Term Inflation-Protected Securities ETF | Inflation-protected bonds | 0.03% | 1.8% | 4.9% | 3.0% | 3.0% | 2.2% since 2012 | −6.3% | 2.5% | 0 | | [EDV](https://tactfolio.com/etf/edv.md) | Vanguard Extended Duration Treasury ETF | Long Treasury | 0.05% | −13.7% | −0.3% | −12.5% | −4.0% | 2.0% since 2008 | −60.4% | 22.2% | 0 | | [IUSB](https://tactfolio.com/etf/iusb.md) | iShares Core Universal USD Bond ETF | US total bond | 0.06% | −1.4% | 5.2% | 0.0% | 1.6% | 2.0% since 2014 | −17.9% | 4.8% | 0 | | [USHY](https://tactfolio.com/etf/ushy.md) | iShares Broad USD High Yield Corporate Bond ETF | High-yield bonds | 0.08% | 1.6% | 8.4% | 3.6% | n/a | 4.4% since 2017 | −22.4% | 8.1% | 0 | | [LQD](https://tactfolio.com/etf/lqd.md) | iShares iBoxx $ Investment Grade Corporate Bond ETF | Corporate bonds | 0.14% | −3.6% | 5.5% | −1.0% | 2.0% | 4.4% since 2002 | −24.9% | 8.3% | 13 | | [IEF](https://tactfolio.com/etf/ief.md) | iShares 7-10 Year Treasury Bond ETF | Intermediate Treasury | 0.15% | −3.6% | 3.7% | −1.7% | 0.4% | 3.4% since 2002 | −23.9% | 6.8% | 35 | | [SHY](https://tactfolio.com/etf/shy.md) | iShares 1-3 Year Treasury Bond ETF | Short Treasury | 0.15% | 1.5% | 4.0% | 1.9% | 1.7% | 2.0% since 2002 | −5.7% | 1.5% | 8 | | [TLT](https://tactfolio.com/etf/tlt.md) | iShares 20+ Year Treasury Bond ETF | Long Treasury | 0.15% | −8.3% | 1.8% | −8.0% | −2.1% | 3.4% since 2002 | −48.4% | 14.2% | 27 | | [TIP](https://tactfolio.com/etf/tip.md) | iShares TIPS Bond ETF | Inflation-protected bonds | 0.18% | −1.6% | 4.1% | −0.1% | 2.2% | 3.4% since 2003 | −14.5% | 6.1% | 7 | | [JNK](https://tactfolio.com/etf/jnk.md) | State Street SPDR Bloomberg High Yield Bond ETF | High-yield bonds | 0.4% | 1.6% | 8.1% | 3.1% | 4.2% | 4.8% since 2007 | −38.5% | 11.4% | 1 | | [HYG](https://tactfolio.com/etf/hyg.md) | iShares iBoxx $ High Yield Corporate Bond ETF | High-yield bonds | 0.49% | 1.3% | 8.1% | 3.2% | 4.2% | 4.8% since 2007 | −34.3% | 10.8% | 6 | ### International bonds | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [BNDX](https://tactfolio.com/etf/bndx.md) | Vanguard Total International Bond ETF | International bonds | 0.07% | −1.1% | 4.2% | 0.1% | 1.5% | 2.2% since 2013 | −16.2% | 3.9% | 2 | | [BWX](https://tactfolio.com/etf/bwx.md) | State Street SPDR Bloomberg International Treasury Bond ETF | International bonds | 0.35% | −5.3% | 2.4% | −4.0% | −1.3% | 0.4% since 2007 | −34.0% | 8.9% | 5 | | [IGOV](https://tactfolio.com/etf/igov.md) | iShares International Treasury Bond ETF | International bonds | 0.35% | −5.1% | 3.2% | −4.4% | −1.5% | 0.0% since 2009 | −35.9% | 8.7% | 1 | | [EMB](https://tactfolio.com/etf/emb.md) | iShares J.P. Morgan USD Emerging Markets Bond ETF | Emerging market bonds | 0.39% | 0.7% | 9.7% | 1.4% | 2.5% | 4.4% since 2007 | −34.7% | 10.7% | 2 | ### Cash and T-bills | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [SGOV](https://tactfolio.com/etf/sgov.md) | iShares 0-3 Month Treasury Bond ETF | Treasury bills | 0.09% | 3.8% | 4.5% | 3.8% | n/a | 3.0% since 2020 | 0.0% | 0.2% | 0 | | [BIL](https://tactfolio.com/etf/bil.md) | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | Treasury bills | 0.1353% | 3.7% | 4.5% | 3.7% | 2.3% | 1.4% since 2007 | −0.8% | 0.5% | 39 | | [SHV](https://tactfolio.com/etf/shv.md) | iShares 0-1 Year Treasury Bond ETF | Treasury bills | 0.15% | 3.6% | 4.5% | 3.6% | 2.3% | 1.6% since 2007 | −0.4% | 0.4% | 2 | | [TFLO](https://tactfolio.com/etf/tflo.md) | iShares Treasury Floating Rate Bond ETF | Treasury bills | 0.15% | 4.0% | 4.6% | 4.0% | 2.5% | 2.0% since 2014 | −5.0% | 1.9% | 0 | | [USFR](https://tactfolio.com/etf/usfr.md) | WisdomTree Floating Rate Treasury Fund | Treasury bills | 0.15% | 4.1% | 4.6% | 3.9% | 2.5% | 2.0% since 2014 | −2.2% | 1.4% | 0 | ### Real estate | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [SCHH](https://tactfolio.com/etf/schh.md) | Schwab U.S. REIT ETF | US real estate | 0.07% | 8.3% | 11.2% | 1.8% | 3.9% | 6.6% since 2011 | −44.2% | 20.0% | 0 | | [XLRE](https://tactfolio.com/etf/xlre.md) | State Street Real Estate Select Sector SPDR ETF | US real estate | 0.08% | 4.5% | 10.4% | 1.6% | 6.6% | 6.7% since 2015 | −38.8% | 20.2% | 0 | | [VNQ](https://tactfolio.com/etf/vnq.md) | Vanguard Real Estate ETF | US real estate | 0.13% | 5.1% | 10.6% | 0.9% | 5.1% | 7.3% since 2004 | −73.1% | 28.2% | 21 | | [IYR](https://tactfolio.com/etf/iyr.md) | iShares U.S. Real Estate ETF | US real estate | 0.37% | 3.6% | 9.9% | 0.7% | 5.3% | 8.1% since 2000 | −74.1% | 25.7% | 0 | | [REM](https://tactfolio.com/etf/rem.md) | iShares Mortgage Real Estate ETF | Mortgage REITs | 0.48% | −12.9% | 1.7% | −6.1% | 0.4% | −2.2% since 2007 | −74.7% | 28.4% | 1 | | [RWO](https://tactfolio.com/etf/rwo.md) | State Street SPDR Dow Jones Global Real Estate ETF | Global real estate | 0.5% | 6.4% | 10.9% | 0.9% | 3.5% | 3.6% since 2008 | −67.7% | 23.0% | 1 | | [RWX](https://tactfolio.com/etf/rwx.md) | State Street SPDR Dow Jones International Real Estate ETF | Global real estate | 0.59% | −4.5% | 6.6% | −2.9% | 0.7% | 0.4% since 2006 | −73.6% | 20.5% | 2 | ### Commodities | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [DJP](https://tactfolio.com/etf/djp.md) | iPath Bloomberg Commodity Index Total Return ETN | Commodities | 0.7% | 46.3% | 17.8% | 11.5% | 8.3% | 0.4% since 2006 | −78.3% | 18.0% | 1 | | [GSG](https://tactfolio.com/etf/gsg.md) | iShares S&P GSCI Commodity-Indexed Trust | Commodities | 0.75% | 64.6% | 18.8% | 15.7% | 9.3% | −1.4% since 2006 | −89.6% | 23.5% | 13 | | [DBC](https://tactfolio.com/etf/dbc.md) | Invesco DB Commodity Index Tracking Fund | Commodities | 0.85% | 57.5% | 15.9% | 12.3% | 10.1% | 2.8% since 2006 | −76.4% | 19.3% | 10 | ### Gold | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [GLDM](https://tactfolio.com/etf/gldm.md) | SPDR Gold MiniShares | Gold | 0.1% | −3.3% | 29.4% | 18.6% | n/a | 15.3% since 2018 | −26.3% | 17.3% | 0 | | [SGOL](https://tactfolio.com/etf/sgol.md) | abrdn Physical Gold Shares ETF | Gold | 0.17% | −3.4% | 29.3% | 18.5% | 12.5% | 8.5% since 2009 | −45.5% | 16.8% | 0 | | [BAR](https://tactfolio.com/etf/bar.md) | GraniteShares Gold Trust | Gold | 0.1749% | −3.4% | 29.3% | 18.5% | n/a | 13.2% since 2017 | −26.3% | 16.8% | 0 | | [AAAU](https://tactfolio.com/etf/aaau.md) | Goldman Sachs Physical Gold ETF | Gold | 0.18% | −3.4% | 29.3% | 18.5% | n/a | 16.6% since 2018 | −26.3% | 17.4% | 0 | | [IAU](https://tactfolio.com/etf/iau.md) | iShares Gold Trust | Gold | 0.25% | −3.5% | 29.2% | 18.4% | 12.5% | 10.8% since 2005 | −45.1% | 18.3% | 2 | | [GLD](https://tactfolio.com/etf/gld.md) | SPDR Gold Shares | Gold | 0.4% | −3.6% | 29.0% | 18.2% | 12.3% | 10.3% since 2004 | −45.6% | 18.3% | 22 | ### Currency | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [UUP](https://tactfolio.com/etf/uup.md) | Invesco DB US Dollar Index Bullish Fund | US dollar | 0.75% | 7.9% | 3.7% | 5.9% | 3.2% | 1.8% since 2007 | −22.2% | 8.1% | 1 | ### Leveraged | Fund | Name | Category | Yearly fee | 1 yr | 3 yr | 5 yr | 10 yr | Since start | Worst drop | Volatility | Classic strategies | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [TQQQ](https://tactfolio.com/etf/tqqq.md) | ProShares UltraPro QQQ | Leveraged Nasdaq-100 | 0.78% | 34.7% | 53.9% | 16.2% | 39.5% | 41.6% since 2010 | −81.7% | 61.1% | 0 | | [SSO](https://tactfolio.com/etf/sso.md) | ProShares Ultra S&P500 | Leveraged S&P 500 | 0.84% | 27.0% | 36.9% | 17.2% | 23.8% | 15.6% since 2006 | −84.7% | 38.0% | 1 | | [UPRO](https://tactfolio.com/etf/upro.md) | ProShares UltraPro S&P500 | Leveraged S&P 500 | 0.88% | 36.9% | 51.4% | 19.1% | 29.4% | 32.5% since 2009 | −76.8% | 51.0% | 1 | ## How to use the ETF screener 1. **Start with a screen or your own filters.** Pick a fund type, a category such as S&P 500 or Gold, an issuer, a fee limit or how many years of prices a fund must have. You can also search by ticker, name or index. 2. **Sort by what matters to you.** Press a column name, such as 10 yr or Worst drop. Press it again to flip the order. 3. **Tick up to four funds and press Compare.** You see them side by side, with the lowest fee and the best recent returns marked, and a link to each fund's alternatives. 4. **Test them together.** Backtest the funds as an equal mix and get a result page with a link to share, no account needed. The [backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md) tool lets you set your own split, and the [builder](https://tactfolio.com/builder) adds rules. 5. **Keep your screen.** The page address holds your filters, so you can bookmark it or share it. Download the results as a CSV file for a spreadsheet. ## Ready-made screens - [S&P 500 funds](https://tactfolio.com/screener?screen=sp500): Funds built on the S&P 500 or a part of it, such as its growth or dividend stocks, cheapest first. - [US bond funds](https://tactfolio.com/screener?screen=bonds): Treasury and other US bond funds, cheapest first. - [Stocks outside the US](https://tactfolio.com/screener?screen=world): Funds that own companies in other rich countries, cheapest first. - [Best 10 years](https://tactfolio.com/screener?screen=ten-year): Funds with at least 10 years of prices, by their return per year over the last 10 years. - [Smallest drops](https://tactfolio.com/screener?screen=steady): Funds with at least 10 years of prices, by the smallest fall from a high. - [Dividend funds](https://tactfolio.com/screener?screen=dividend): Funds built to pay dividends, from high payers to companies that raise them every year, cheapest first. - [Gold funds](https://tactfolio.com/screener?screen=gold): Funds that hold gold bullion, cheapest first. - [Used in strategies](https://tactfolio.com/screener?screen=classics): Funds the classic strategies hold, by how many of them hold each one. ## What the numbers show today - The lowest yearly fee is 0.02%, charged by [SPYM](https://tactfolio.com/etf/spym.md). - Leaving out leveraged funds, the best return per year over the last 10 years came from [SMH](https://tactfolio.com/etf/smh.md), at 33.2%. - Among stock funds with at least 10 years of prices, [QYLD](https://tactfolio.com/etf/qyld.md) had the smallest worst drop, −24.8% from a high. - The deepest worst drop belongs to [GSG](https://tactfolio.com/etf/gsg.md), which fell 89.6% from a high. - 67 of the 162 funds are held by at least one classic strategy. [SPY](https://tactfolio.com/etf/spy.md) is held by the most, 47 of them. These figures run to the close of October 16, 2026. They change after every US market close. ## The cheapest fund of each type Fees come straight off your return every year, so two funds that hold the same things can end up far apart. This table shows the lowest fee in each group. | Type | Cheapest | Yearly fee | Funds listed | | --- | --- | --- | --- | | US stocks | [SPYM](https://tactfolio.com/etf/spym.md) | 0.02% | 93 | | International stocks | [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md) | 0.03% | 13 | | Emerging market stocks | [SCHE](https://tactfolio.com/etf/sche.md), [VWO](https://tactfolio.com/etf/vwo.md) | 0.06% | 4 | | Global stocks | [VT](https://tactfolio.com/etf/vt.md) | 0.06% | 4 | | US bonds | [AGG](https://tactfolio.com/etf/agg.md), [BND](https://tactfolio.com/etf/bnd.md), [SCHP](https://tactfolio.com/etf/schp.md), [SCHZ](https://tactfolio.com/etf/schz.md), [VCIT](https://tactfolio.com/etf/vcit.md), [VGIT](https://tactfolio.com/etf/vgit.md), [VGLT](https://tactfolio.com/etf/vglt.md), [VGSH](https://tactfolio.com/etf/vgsh.md), [VTIP](https://tactfolio.com/etf/vtip.md) | 0.03% | 19 | | International bonds | [BNDX](https://tactfolio.com/etf/bndx.md) | 0.07% | 4 | | Cash and T-bills | [SGOV](https://tactfolio.com/etf/sgov.md) | 0.09% | 5 | | Real estate | [SCHH](https://tactfolio.com/etf/schh.md) | 0.07% | 7 | | Commodities | [DJP](https://tactfolio.com/etf/djp.md) | 0.7% | 3 | | Gold | [GLDM](https://tactfolio.com/etf/gldm.md) | 0.1% | 6 | | Currency | [UUP](https://tactfolio.com/etf/uup.md) | 0.75% | 1 | | Leveraged | [TQQQ](https://tactfolio.com/etf/tqqq.md) | 0.78% | 3 | Read [what an expense ratio is](https://tactfolio.com/learn/etf-expense-ratio.md) to see how a small fee adds up over the years. ## What each column means - **Fee** is the expense ratio: what the fund charges each year, as a percent of what you hold. A 0.10% fee costs about $10 a year on $10,000. [More on fees](https://tactfolio.com/learn/etf-expense-ratio.md). - **1 yr** is the return over the last 12 months, with dividends reinvested. - **3 yr, 5 yr and 10 yr** are returns per year over those periods, also called CAGR. A per-year figure lets you compare periods of different lengths. Try the [CAGR calculator](https://tactfolio.com/trading-tools/cagr-calculator.md). - **Since start** is the return per year since the fund's prices begin, with that year shown below it. - **Worst drop** is the biggest fall from a high to a low, also called the maximum drawdown. It shows how much pain holding the fund took. [More on drawdowns](https://tactfolio.com/learn/max-drawdown.md). - **Volatility** is how much the fund's price swings in a year. Higher means a bumpier ride. The [Sharpe ratio](https://tactfolio.com/learn/sharpe-ratio.md) weighs return against it. - **Strategies** counts the [classic strategies](https://tactfolio.com/strategies/classics.md) that hold the fund. Each fund page lists them. ## Where the data comes from Each fund's fee, start date, index and number of holdings come from the issuer's own fund page or its SEC filing. Every fund page shows the day we checked them and links to the source. Returns, worst drops and volatility come from daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or trading costs. Read [our methodology](https://tactfolio.com/about/methodology.md) and [how backtests work](https://tactfolio.com/docs/backtests.md) for the details. ## Why the screener lists 162 funds Big screeners list thousands of funds. This one is smaller on purpose. We add a fund only after we check its facts on the issuer's own page, and we keep its full price history so every figure can be traced. It covers every fund the classic strategies hold, plus the most popular index funds of each type. The list grows over time. If a fund you want is missing, you can still test it by ticker in the [builder](https://tactfolio.com/builder). ## From a screen to a strategy A screen tells you what a fund did. A strategy decides when to hold it. Many [classic strategies](https://tactfolio.com/strategies/classics.md), such as [dual momentum](https://tactfolio.com/strategies/dual-momentum.md), move between a few of these funds by simple rules. Compare two funds in full on the [ETF comparisons](https://tactfolio.com/etf-comparisons.md) pages, find [alternatives](https://tactfolio.com/alternatives.md) that hold much the same as a fund you own, test a mix with [backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md), then try it with pretend money in [paper trading](https://tactfolio.com/paper-trading.md). When you are ready, a strategy can run [automatically](https://tactfolio.com/automated-trading.md) in your own Alpaca account. ## Research and test funds - [Every ETF, with fees and returns](https://tactfolio.com/etf.md): What each ETF holds, what it costs, how it did year by year, its worst drop, and which Tactfolio strategies hold it. - [ETF pairs compared](https://tactfolio.com/etf-comparisons.md): Popular ETF pairs such as VOO vs VTI and QQQ vs QQQM, compared on fees, holdings, returns and drawdowns over the same dates. - [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio.md): 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. - [ETF alternatives: find similar ETFs](https://tactfolio.com/alternatives.md): The closest alternatives to 158 popular ETFs: funds on the same index first, then the same kind of fund, with fees and returns on the same dates. - [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio.md): 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. - [Max drawdown](https://tactfolio.com/learn/max-drawdown.md): Max drawdown is the biggest fall from a peak to a low. ## Common questions ### What is an ETF screener? An ETF screener is a tool that sorts and filters exchange-traded funds by facts such as fees, fund type and past returns. It helps you narrow a long list down to a few funds worth a closer look. ### Is this ETF screener free? Yes. You can use the screener and compare funds without an account. Backtesting the funds you pick as a mix is free too, and you get a link to share the result. ### How often is the data updated? Prices update after each US market close. Fees and fund facts come from each issuer, and each fund page shows the day we checked them. ### How do I compare two ETFs? Tick two to four funds in the screener and press Compare. Popular pairs, such as VOO vs VTI, also have a full page in [ETF comparisons](https://tactfolio.com/etf-comparisons.md). ### Why are 3, 5 and 10 year returns shown per year? A return per year, also called CAGR, lets you compare periods of different lengths fairly. A fund that doubled in 10 years returned about 7.2% a year. ### Does a high past return mean a fund will do well? No. Past returns do not tell you what happens next. A fund that led for ten years can lag for the next ten. Look at what it holds, what it costs and its worst drop too. ## Sources - [Investor.gov (SEC): Exchange-Traded Funds (ETFs)](https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-2) - [Investor.gov (SEC): Expense ratio](https://www.investor.gov/introduction-investing/investing-basics/glossary/expense-ratio) - [FINRA: Exchange-Traded Funds and Products](https://www.finra.org/investors/investing/investment-products/exchange-traded-funds-and-products) > 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. --- # AVUV ETF: fees, returns, drawdowns and holdings > What AVUV holds, its 0.25% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Avantis U.S. Small Cap Value ETF (AVUV) is an exchange-traded fund (ETF) run by Avantis Investors (American Century). This fund owns hundreds of small US companies whose stocks look cheap and that make good profits. It charges 0.25% a year. From September 2019 to October 2026 it returned about 15.0% a year, and its worst drop was −49.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.25% a year (about $25 on $10,000). - Started trading on September 24, 2019. - Worst drop since 2019: −49.4%. - No Tactfolio classic strategies hold it. ## What does AVUV hold? This fund owns hundreds of small US companies whose stocks look cheap and that make good profits. Managers pick the stocks using set rules instead of copying an index. Small company stocks can swing more than big ones. It does not track an index. Its managers choose what it holds. It had 794 holdings as of September 30, 2026, according to Avantis Investors (American Century). | Fact | AVUV | | --- | --- | | Full name | Avantis U.S. Small Cap Value ETF | | Issuer | Avantis Investors (American Century) | | Expense ratio | 0.25% a year | | Started trading | September 24, 2019 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Holdings | 794 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Avantis Investors (American Century) fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) | ## What is the AVUV expense ratio? AVUV charges 0.25% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.25% fee comes to about $25 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has AVUV done since 2019? From September 2019 to October 2026, AVUV returned about 15.0% a year. Say you put in $10,000 at the start. It would have been worth about $26,765 at the end, with every dividend reinvested. | Measure | AVUV | | --- | --- | | Total return | 167.7% | | Return per year (CAGR) | 15.0% | | Worst drop from a high | −49.4% | | Volatility (how much it swings) | 27.7% | | Last 12 months | 25.3% | | Last 3 years, per year | 17.9% | | Last 5 years, per year | 10.7% | 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. ## AVUV returns by year | Year | AVUV return | | --- | --- | | 2026 (part of the year) | 18.9% | | 2025 | 7.4% | | 2024 | 9.3% | | 2023 | 22.8% | | 2022 | −4.9% | | 2021 | 42.2% | | 2020 | 6.4% | | 2019 (part of the year) | 8.5% | ## What was AVUV's worst drop? A drawdown is how far a fund falls from its last high point. AVUV's worst fall was −49.4%, from December 19, 2019 to March 23, 2020. It got back to that high on November 23, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold AVUV? No classic strategy holds AVUV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does AVUV compare with similar ETFs? Funds that can stand in for AVUV: - [VBR](https://tactfolio.com/etf/vbr.md): Vanguard Morningstar Small-Cap Value ETF, 0.05% a year - [IJS](https://tactfolio.com/etf/ijs.md): iShares S&P Small-Cap 600 Value ETF, 0.18% a year - [IWN](https://tactfolio.com/etf/iwn.md): iShares Russell 2000 Value ETF, 0.24% a year - [SCHA](https://tactfolio.com/etf/scha.md): Schwab U.S. Small-Cap ETF, 0.03% a year See [all 8 AVUV alternatives](https://tactfolio.com/alternatives/avuv.md), compared on the same dates as AVUV. ## Test AVUV 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 AVUV, 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 AVUV. 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. Fund facts come from Avantis Investors (American Century). We checked them on October 17, 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 AVUV? AVUV charges 0.25% a year, according to Avantis Investors (American Century) as of October 17, 2026. That is about $25 a year for every $10,000 you hold. ### When did AVUV start trading? AVUV started trading on September 24, 2019. It is run by Avantis Investors (American Century). ### What does AVUV track? AVUV does not track an index. Its managers choose what it holds. ### How much has AVUV returned per year? From September 2019 to October 2026, AVUV returned about 15.0% a year with dividends reinvested. Its worst drop was −49.4%. Past returns do not tell you what it will do next. ### Which strategies use AVUV? None of Tactfolio's classic strategies hold AVUV yet. You can test it in your own rules in the builder. ## Sources - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) > 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. --- # DGRO ETF: fees, returns, drawdowns and holdings > What DGRO holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core Dividend Growth ETF (DGRO) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns US companies that have raised their dividends year after year. It charges 0.08% a year. From June 2014 to October 2026 it returned about 12.4% a year, and its worst drop was −35.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.08% a year (about $8 on $10,000). - Started trading on June 10, 2014. - Worst drop since 2014: −35.1%. - No Tactfolio classic strategies hold it. ## What does DGRO hold? This fund owns US companies that have raised their dividends year after year. A dividend is cash a company pays to its owners. The fund pays out that cash every three months, but its price still goes up and down with stocks. It tracks the Morningstar US Dividend Growth Index. It had 391 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | DGRO | | --- | --- | | Full name | iShares Core Dividend Growth ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.08% a year | | Started trading | June 10, 2014 | | Tracks | Morningstar US Dividend Growth Index | | Type | US stocks, ETF | | Holdings | 391 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) | ## What is the DGRO expense ratio? DGRO charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has DGRO done since 2014? From June 2014 to October 2026, DGRO returned about 12.4% a year. Say you put in $10,000 at the start. It would have been worth about $42,218 at the end, with every dividend reinvested. | Measure | DGRO | | --- | --- | | Total return | 322.2% | | Return per year (CAGR) | 12.4% | | Worst drop from a high | −35.1% | | Volatility (how much it swings) | 16.0% | | Last 12 months | 19.2% | | Last 3 years, per year | 19.1% | | Last 5 years, per year | 11.2% | | Last 10 years, per year | 13.9% | 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. ## DGRO returns by year | Year | DGRO return | | --- | --- | | 2026 (part of the year) | 15.2% | | 2025 | 15.7% | | 2024 | 16.6% | | 2023 | 10.5% | | 2022 | −7.9% | | 2021 | 26.7% | | 2020 | 9.5% | | 2019 | 29.9% | | 2018 | −2.4% | | 2017 | 23.0% | | 2016 | 14.5% | | 2015 | −0.7% | | 2014 (part of the year) | 8.6% | ## What was DGRO's worst drop? A drawdown is how far a fund falls from its last high point. DGRO's worst fall was −35.1%, from February 12, 2020 to March 23, 2020. It got back to that high on November 9, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold DGRO? No classic strategy holds DGRO yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does DGRO compare with similar ETFs? Funds that can stand in for DGRO: - [VIG](https://tactfolio.com/etf/vig.md): Vanguard Dividend Appreciation ETF, 0.04% a year - [DGRW](https://tactfolio.com/etf/dgrw.md): WisdomTree U.S. Quality Dividend Growth Fund, 0.28% a year - [NOBL](https://tactfolio.com/etf/nobl.md): ProShares S&P 500 Dividend Aristocrats ETF, 0.35% a year - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year See [all 8 DGRO alternatives](https://tactfolio.com/alternatives/dgro.md), compared on the same dates as DGRO. ## Test DGRO 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 DGRO, 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 DGRO. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 DGRO? DGRO charges 0.08% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $8 a year for every $10,000 you hold. ### When did DGRO start trading? DGRO started trading on June 10, 2014. It is run by iShares (BlackRock). ### What does DGRO track? DGRO tracks the Morningstar US Dividend Growth Index. This fund owns US companies that have raised their dividends year after year. ### How much has DGRO returned per year? From June 2014 to October 2026, DGRO returned about 12.4% a year with dividends reinvested. Its worst drop was −35.1%. Past returns do not tell you what it will do next. ### Which strategies use DGRO? None of Tactfolio's classic strategies hold DGRO yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) > 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. --- # DGRW ETF: fees, returns, drawdowns and holdings > What DGRW holds, its 0.28% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. WisdomTree U.S. Quality Dividend Growth Fund (DGRW) is an exchange-traded fund (ETF) run by WisdomTree. This fund owns US companies that pay dividends and look likely to keep raising them. It charges 0.28% a year. From May 2013 to October 2026 it returned about 13.0% a year, and its worst drop was −32.0%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.28% a year (about $28 on $10,000). - Started trading on May 22, 2013. - Worst drop since 2013: −32.0%. - No Tactfolio classic strategies hold it. ## What does DGRW hold? This fund owns US companies that pay dividends and look likely to keep raising them. It favors profitable firms with strong growth. Big technology companies make up a large part of it. It tracks the WisdomTree U.S. Quality Dividend Growth Index. It had 199 holdings as of March 31, 2026, according to WisdomTree. | Fact | DGRW | | --- | --- | | Full name | WisdomTree U.S. Quality Dividend Growth Fund | | Issuer | WisdomTree | | Expense ratio | 0.28% a year | | Started trading | May 22, 2013 | | Tracks | WisdomTree U.S. Quality Dividend Growth Index | | Type | US stocks, ETF | | Holdings | 199 holdings as of March 31, 2026 | | Facts checked | October 17, 2026 on the [WisdomTree fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012361/dgrw926497k.htm) | ## What is the DGRW expense ratio? DGRW charges 0.28% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.28% fee comes to about $28 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has DGRW done since 2013? From May 2013 to October 2026, DGRW returned about 13.0% a year. Say you put in $10,000 at the start. It would have been worth about $51,173 at the end, with every dividend reinvested. | Measure | DGRW | | --- | --- | | Total return | 411.7% | | Return per year (CAGR) | 13.0% | | Worst drop from a high | −32.0% | | Volatility (how much it swings) | 15.4% | | Last 12 months | 13.8% | | Last 3 years, per year | 17.0% | | Last 5 years, per year | 12.0% | | Last 10 years, per year | 14.2% | 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. ## DGRW returns by year | Year | DGRW return | | --- | --- | | 2026 (part of the year) | 11.5% | | 2025 | 12.2% | | 2024 | 17.0% | | 2023 | 18.7% | | 2022 | −6.3% | | 2021 | 24.5% | | 2020 | 13.8% | | 2019 | 29.5% | | 2018 | −5.4% | | 2017 | 26.9% | | 2016 | 12.1% | | 2015 | −1.1% | | 2014 | 13.8% | | 2013 (part of the year) | 13.2% | ## What was DGRW's worst drop? A drawdown is how far a fund falls from its last high point. DGRW's worst fall was −32.0%, from January 17, 2020 to March 23, 2020. It got back to that high on August 10, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold DGRW? No classic strategy holds DGRW yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does DGRW compare with similar ETFs? Funds that can stand in for DGRW: - [VIG](https://tactfolio.com/etf/vig.md): Vanguard Dividend Appreciation ETF, 0.04% a year - [DGRO](https://tactfolio.com/etf/dgro.md): iShares Core Dividend Growth ETF, 0.08% a year - [NOBL](https://tactfolio.com/etf/nobl.md): ProShares S&P 500 Dividend Aristocrats ETF, 0.35% a year - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year See [all 8 DGRW alternatives](https://tactfolio.com/alternatives/dgrw.md), compared on the same dates as DGRW. ## Test DGRW 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 DGRW, 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 DGRW. 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. Fund facts come from WisdomTree. We checked them on October 17, 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 DGRW? DGRW charges 0.28% a year, according to WisdomTree as of October 17, 2026. That is about $28 a year for every $10,000 you hold. ### When did DGRW start trading? DGRW started trading on May 22, 2013. It is run by WisdomTree. ### What does DGRW track? DGRW tracks the WisdomTree U.S. Quality Dividend Growth Index. This fund owns US companies that pay dividends and look likely to keep raising them. ### How much has DGRW returned per year? From May 2013 to October 2026, DGRW returned about 13.0% a year with dividends reinvested. Its worst drop was −32.0%. Past returns do not tell you what it will do next. ### Which strategies use DGRW? None of Tactfolio's classic strategies hold DGRW yet. You can test it in your own rules in the builder. ## Sources - [WisdomTree: WisdomTree U.S. Quality Dividend Growth Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012361/dgrw926497k.htm) > 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. --- # DIA ETF: fees, returns, drawdowns and holdings > What DIA holds, its 0.16% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the 30 well known US companies in the Dow Jones Industrial Average. It charges 0.16% a year. From January 1998 to October 2026 it returned about 9.0% a year, and its worst drop was −51.9%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.16% a year (about $16 on $10,000). - Started trading on January 14, 1998. - Worst drop since 1998: −51.9%. - No Tactfolio classic strategies hold it. ## What does DIA hold? This fund owns the 30 well known US companies in the Dow Jones Industrial Average. The index gives more weight to stocks with higher share prices, not bigger companies. With only 30 stocks, it is less spread out than the S&P 500. It tracks the Dow Jones Industrial Average. It had 30 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | DIA | | --- | --- | | Full name | State Street SPDR Dow Jones Industrial Average ETF Trust | | Issuer | SPDR (State Street) | | Expense ratio | 0.16% a year | | Started trading | January 14, 1998 | | Tracks | Dow Jones Industrial Average | | Type | US stocks, ETF | | Holdings | 30 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-industrial-average-etf-trust-dia) | ## What is the DIA expense ratio? DIA charges 0.16% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.16% fee comes to about $16 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has DIA done since 1998? From January 1998 to October 2026, DIA returned about 9.0% a year. Say you put in $10,000 at the start. It would have been worth about $119,764 at the end, with every dividend reinvested. | Measure | DIA | | --- | --- | | Total return | 1,098% | | Return per year (CAGR) | 9.0% | | Worst drop from a high | −51.9% | | Volatility (how much it swings) | 18.5% | | Last 12 months | 14.6% | | Last 3 years, per year | 17.0% | | Last 5 years, per year | 9.9% | | Last 10 years, per year | 13.3% | 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. ## DIA returns by year | Year | DIA return | | --- | --- | | 2026 (part of the year) | 9.2% | | 2025 | 14.7% | | 2024 | 14.8% | | 2023 | 16.0% | | 2022 | −7.0% | | 2021 | 20.8% | | 2020 | 9.6% | | 2019 | 25.0% | | 2018 | −3.7% | | 2017 | 28.1% | | 2016 | 16.4% | | 2015 | 0.1% | | 2014 | 9.7% | | 2013 | 29.6% | | 2012 | 9.9% | | 2011 | 8.1% | | 2010 | 14.0% | | 2009 | 22.7% | | 2008 | −32.1% | | 2007 | 8.8% | | 2006 | 18.9% | | 2005 | 1.6% | | 2004 | 5.0% | | 2003 | 27.9% | | 2002 | −14.7% | | 2001 | −5.0% | | 2000 | −6.0% | | 1999 | 27.7% | | 1998 (part of the year) | 17.8% | ## What was DIA's worst drop? A drawdown is how far a fund falls from its last high point. DIA's worst fall was −51.9%, from October 9, 2007 to March 9, 2009. It got back to that high on January 19, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold DIA? No classic strategy holds DIA yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does DIA compare with similar ETFs? Funds that can stand in for DIA: - [SCHX](https://tactfolio.com/etf/schx.md): Schwab U.S. Large-Cap ETF, 0.03% a year - [VV](https://tactfolio.com/etf/vv.md): Vanguard Morningstar Large-Cap ETF, 0.03% a year - [IWB](https://tactfolio.com/etf/iwb.md): iShares Russell 1000 ETF, 0.15% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year See [all 8 DIA alternatives](https://tactfolio.com/alternatives/dia.md), compared on the same dates as DIA. ## Test DIA 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 DIA, 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 DIA. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 DIA? DIA charges 0.16% a year, according to SPDR (State Street) as of October 17, 2026. That is about $16 a year for every $10,000 you hold. ### When did DIA start trading? DIA started trading on January 14, 1998. It is run by SPDR (State Street). ### What does DIA track? DIA tracks the Dow Jones Industrial Average. This fund owns the 30 well known US companies in the Dow Jones Industrial Average. ### How much has DIA returned per year? From January 1998 to October 2026, DIA returned about 9.0% a year with dividends reinvested. Its worst drop was −51.9%. Past returns do not tell you what it will do next. ### Which strategies use DIA? None of Tactfolio's classic strategies hold DIA yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street SPDR Dow Jones Industrial Average ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-industrial-average-etf-trust-dia) > 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. --- # DIVO ETF: fees, returns, drawdowns and holdings > What DIVO holds, its 0.56% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Amplify CWP Enhanced Dividend Income ETF (DIVO) is an exchange-traded fund (ETF) run by Amplify ETFs. This fund owns a small group of large US companies that pay dividends, picked by its managers. It charges 0.56% a year. From December 2016 to October 2026 it returned about 12.7% a year, and its worst drop was −30.0%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.56% a year (about $56 on $10,000). - Started trading on December 13, 2016. - Worst drop since 2016: −30.0%. - No Tactfolio classic strategies hold it. ## What does DIVO hold? This fund owns a small group of large US companies that pay dividends, picked by its managers. It sometimes sells options on those stocks to earn extra income. With about 30 holdings, it is less spread out than an index fund. It does not track an index. Its managers choose what it holds. It had 30 holdings as of October 16, 2026, according to Amplify ETFs. | Fact | DIVO | | --- | --- | | Full name | Amplify CWP Enhanced Dividend Income ETF | | Issuer | Amplify ETFs | | Expense ratio | 0.56% a year | | Started trading | December 13, 2016 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Holdings | 30 holdings as of October 16, 2026 | | Facts checked | October 17, 2026 on the [Amplify ETFs fund page](https://amplifyetfs.com/divo/) | ## What is the DIVO expense ratio? DIVO charges 0.56% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.56% fee comes to about $56 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has DIVO done since 2016? From December 2016 to October 2026, DIVO returned about 12.7% a year. Say you put in $10,000 at the start. It would have been worth about $32,326 at the end, with every dividend reinvested. | Measure | DIVO | | --- | --- | | Total return | 223.3% | | Return per year (CAGR) | 12.7% | | Worst drop from a high | −30.0% | | Volatility (how much it swings) | 14.7% | | Last 12 months | 16.4% | | Last 3 years, per year | 17.0% | | Last 5 years, per year | 11.2% | 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. ## DIVO returns by year | Year | DIVO return | | --- | --- | | 2026 (part of the year) | 11.4% | | 2025 | 17.4% | | 2024 | 16.2% | | 2023 | 7.0% | | 2022 | −1.5% | | 2021 | 22.9% | | 2020 | 12.4% | | 2019 | 24.9% | | 2018 | −3.2% | | 2017 | 21.4% | | 2016 (part of the year) | −0.5% | ## What was DIVO's worst drop? A drawdown is how far a fund falls from its last high point. DIVO's worst fall was −30.0%, from January 17, 2020 to March 23, 2020. It got back to that high on August 12, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold DIVO? No classic strategy holds DIVO yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does DIVO compare with similar ETFs? Funds that can stand in for DIVO: - [GPIX](https://tactfolio.com/etf/gpix.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year - [JEPI](https://tactfolio.com/etf/jepi.md): JPMorgan Equity Premium Income ETF, 0.35% a year - [JEPQ](https://tactfolio.com/etf/jepq.md): JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year - [QYLD](https://tactfolio.com/etf/qyld.md): Global X NASDAQ 100 Covered Call ETF, 0.6% a year See [all 8 DIVO alternatives](https://tactfolio.com/alternatives/divo.md), compared on the same dates as DIVO. ## Test DIVO 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 DIVO, 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 DIVO. 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. Fund facts come from Amplify ETFs. We checked them on October 17, 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 DIVO? DIVO charges 0.56% a year, according to Amplify ETFs as of October 17, 2026. That is about $56 a year for every $10,000 you hold. ### When did DIVO start trading? DIVO started trading on December 13, 2016. It is run by Amplify ETFs. ### What does DIVO track? DIVO does not track an index. Its managers choose what it holds. ### How much has DIVO returned per year? From December 2016 to October 2026, DIVO returned about 12.7% a year with dividends reinvested. Its worst drop was −30.0%. Past returns do not tell you what it will do next. ### Which strategies use DIVO? None of Tactfolio's classic strategies hold DIVO yet. You can test it in your own rules in the builder. ## Sources - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) > 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. --- # DVY ETF: fees, returns, drawdowns and holdings > What DVY holds, its 0.38% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Select Dividend ETF (DVY) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 100 US companies that pay high dividends. It charges 0.38% a year. From November 2003 to October 2026 it returned about 8.9% a year, and its worst drop was −62.6%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.38% a year (about $38 on $10,000). - Started trading on November 3, 2003. - Worst drop since 2003: −62.6%. - No Tactfolio classic strategies hold it. ## What does DVY hold? This fund owns about 100 US companies that pay high dividends. A dividend is cash a company pays to its owners. Many of its companies are banks, utilities and energy firms, so it is not spread evenly across the market. It tracks the Dow Jones U.S. Select Dividend Index. It had 98 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | DVY | | --- | --- | | Full name | iShares Select Dividend ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.38% a year | | Started trading | November 3, 2003 | | Tracks | Dow Jones U.S. Select Dividend Index | | Type | US stocks, ETF | | Holdings | 98 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) | ## What is the DVY expense ratio? DVY charges 0.38% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.38% fee comes to about $38 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has DVY done since 2003? From November 2003 to October 2026, DVY returned about 8.9% a year. Say you put in $10,000 at the start. It would have been worth about $71,285 at the end, with every dividend reinvested. | Measure | DVY | | --- | --- | | Total return | 612.9% | | Return per year (CAGR) | 8.9% | | Worst drop from a high | −62.6% | | Volatility (how much it swings) | 18.6% | | Last 12 months | 18.4% | | Last 3 years, per year | 18.0% | | Last 5 years, per year | 9.9% | | Last 10 years, per year | 10.5% | 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. ## DVY returns by year | Year | DVY return | | --- | --- | | 2026 (part of the year) | 15.5% | | 2025 | 11.6% | | 2024 | 16.2% | | 2023 | 1.1% | | 2022 | 1.8% | | 2021 | 31.7% | | 2020 | −4.9% | | 2019 | 22.6% | | 2018 | −6.4% | | 2017 | 14.8% | | 2016 | 21.6% | | 2015 | −2.1% | | 2014 | 14.9% | | 2013 | 28.9% | | 2012 | 10.5% | | 2011 | 11.8% | | 2010 | 17.8% | | 2009 | 11.2% | | 2008 | −32.9% | | 2007 | −5.7% | | 2006 | 19.4% | | 2005 | 2.8% | | 2004 | 17.9% | | 2003 (part of the year) | 7.1% | ## What was DVY's worst drop? A drawdown is how far a fund falls from its last high point. DVY's worst fall was −62.6%, from May 22, 2007 to March 9, 2009. It got back to that high on January 29, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold DVY? No classic strategy holds DVY yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does DVY compare with similar ETFs? Funds that can stand in for DVY: - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year - [SCHD](https://tactfolio.com/etf/schd.md): Schwab U.S. Dividend Equity ETF, 0.06% a year - [SPYD](https://tactfolio.com/etf/spyd.md): State Street SPDR Portfolio S&P 500 High Dividend ETF, 0.07% a year - [HDV](https://tactfolio.com/etf/hdv.md): iShares Core High Dividend ETF, 0.08% a year See [all 8 DVY alternatives](https://tactfolio.com/alternatives/dvy.md), compared on the same dates as DVY. ## Test DVY 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 DVY, 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 DVY. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 DVY? DVY charges 0.38% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $38 a year for every $10,000 you hold. ### When did DVY start trading? DVY started trading on November 3, 2003. It is run by iShares (BlackRock). ### What does DVY track? DVY tracks the Dow Jones U.S. Select Dividend Index. This fund owns about 100 US companies that pay high dividends. ### How much has DVY returned per year? From November 2003 to October 2026, DVY returned about 8.9% a year with dividends reinvested. Its worst drop was −62.6%. Past returns do not tell you what it will do next. ### Which strategies use DVY? None of Tactfolio's classic strategies hold DVY yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Select Dividend ETF fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) > 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. --- # FTEC ETF: fees, returns, drawdowns and holdings > What FTEC holds, its 0.084% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Fidelity MSCI Information Technology Index ETF (FTEC) is an exchange-traded fund (ETF) run by Fidelity. This fund owns US technology companies of all sizes, such as makers of chips, software and computers. It charges 0.084% a year. From October 2013 to October 2026 it returned about 21.7% a year, and its worst drop was −34.9%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.084% a year (about $8.40 on $10,000). - Started trading on October 21, 2013. - Worst drop since 2013: −34.9%. - No Tactfolio classic strategies hold it. ## What does FTEC hold? This fund owns US technology companies of all sizes, such as makers of chips, software and computers. Because it holds only one sector, its price can swing a lot. It tracks the MSCI USA IMI Information Technology 25/50 Index. It had 282 holdings as of July 31, 2026, according to Fidelity. | Fact | FTEC | | --- | --- | | Full name | Fidelity MSCI Information Technology Index ETF | | Issuer | Fidelity | | Expense ratio | 0.084% a year | | Started trading | October 21, 2013 | | Tracks | MSCI USA IMI Information Technology 25/50 Index | | Type | US stocks, ETF | | Holdings | 282 holdings as of July 31, 2026 | | Facts checked | October 17, 2026 on the [Fidelity fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) | ## What is the FTEC expense ratio? FTEC charges 0.084% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.084% fee comes to about $8.40 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has FTEC done since 2013? From October 2013 to October 2026, FTEC returned about 21.7% a year. Say you put in $10,000 at the start. It would have been worth about $127,306 at the end, with every dividend reinvested. | Measure | FTEC | | --- | --- | | Total return | 1,173% | | Return per year (CAGR) | 21.7% | | Worst drop from a high | −34.9% | | Volatility (how much it swings) | 23.3% | | Last 12 months | 27.3% | | Last 3 years, per year | 31.4% | | Last 5 years, per year | 18.7% | | Last 10 years, per year | 23.9% | 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. ## FTEC returns by year | Year | FTEC return | | --- | --- | | 2026 (part of the year) | 26.6% | | 2025 | 22.1% | | 2024 | 29.4% | | 2023 | 53.3% | | 2022 | −29.6% | | 2021 | 30.5% | | 2020 | 45.8% | | 2019 | 48.9% | | 2018 | −0.4% | | 2017 | 36.8% | | 2016 | 13.5% | | 2015 | 5.0% | | 2014 | 18.3% | | 2013 (part of the year) | 8.3% | ## What was FTEC's worst drop? A drawdown is how far a fund falls from its last high point. FTEC's worst fall was −34.9%, from December 27, 2021 to October 14, 2022. It got back to that high on November 20, 2023. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold FTEC? No classic strategy holds FTEC yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does FTEC compare with similar ETFs? Funds that can stand in for FTEC: - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year - [VGT](https://tactfolio.com/etf/vgt.md): Vanguard Information Technology ETF, 0.09% a year - [IYW](https://tactfolio.com/etf/iyw.md): iShares U.S. Technology ETF, 0.37% a year - [QQQM](https://tactfolio.com/etf/qqqm.md): Invesco NASDAQ 100 ETF, 0.15% a year See [all 8 FTEC alternatives](https://tactfolio.com/alternatives/ftec.md), compared on the same dates as FTEC. ## Test FTEC 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 FTEC, 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 FTEC. 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. Fund facts come from Fidelity. We checked them on October 17, 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 FTEC? FTEC charges 0.084% a year, according to Fidelity as of October 17, 2026. That is about $8.40 a year for every $10,000 you hold. ### When did FTEC start trading? FTEC started trading on October 21, 2013. It is run by Fidelity. ### What does FTEC track? FTEC tracks the MSCI USA IMI Information Technology 25/50 Index. This fund owns US technology companies of all sizes, such as makers of chips, software and computers. ### How much has FTEC returned per year? From October 2013 to October 2026, FTEC returned about 21.7% a year with dividends reinvested. Its worst drop was −34.9%. Past returns do not tell you what it will do next. ### Which strategies use FTEC? None of Tactfolio's classic strategies hold FTEC yet. You can test it in your own rules in the builder. ## Sources - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) > 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. --- # GPIX ETF: fees, returns, drawdowns and holdings > What GPIX holds, its 0.29% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Goldman Sachs S&P 500 Premium Income ETF (GPIX) is an exchange-traded fund (ETF) run by Goldman Sachs Asset Management. This fund owns mostly stocks from the S&P 500 and sells call options to earn extra cash for monthly payouts. It charges 0.29% a year. From October 2023 to October 2026 it returned about 22.5% a year, and its worst drop was −17.5%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.29% a year (about $29 on $10,000). - Started trading on October 24, 2023. - Worst drop since 2023: −17.5%. - No Tactfolio classic strategies hold it. ## What does GPIX hold? This fund owns mostly stocks from the S&P 500 and sells call options to earn extra cash for monthly payouts. Its managers choose the stocks and decide how many options to sell. Selling options means it may trail the stock market when prices rise quickly. It does not track an index. Its managers choose what it holds. It had 492 holdings as of June 30, 2026, according to Goldman Sachs Asset Management. | Fact | GPIX | | --- | --- | | Full name | Goldman Sachs S&P 500 Premium Income ETF | | Issuer | Goldman Sachs Asset Management | | Expense ratio | 0.29% a year | | Started trading | October 24, 2023 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Holdings | 492 holdings as of June 30, 2026 | | Facts checked | October 17, 2026 on the [Goldman Sachs Asset Management fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) | ## What is the GPIX expense ratio? GPIX charges 0.29% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.29% fee comes to about $29 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has GPIX done since 2023? From October 2023 to October 2026, GPIX returned about 22.5% a year. Say you put in $10,000 at the start. It would have been worth about $18,264 at the end, with every dividend reinvested. | Measure | GPIX | | --- | --- | | Total return | 82.6% | | Return per year (CAGR) | 22.5% | | Worst drop from a high | −17.5% | | Volatility (how much it swings) | 13.5% | | Last 12 months | 17.4% | 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. ## GPIX returns by year | Year | GPIX return | | --- | --- | | 2026 (part of the year) | 13.1% | | 2025 | 16.3% | | 2024 | 21.8% | | 2023 (part of the year) | 14.1% | ## What was GPIX's worst drop? A drawdown is how far a fund falls from its last high point. GPIX's worst fall was −17.5%, from February 19, 2025 to April 8, 2025. It got back to that high on June 26, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold GPIX? No classic strategy holds GPIX yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does GPIX compare with similar ETFs? Funds that can stand in for GPIX: - [JEPI](https://tactfolio.com/etf/jepi.md): JPMorgan Equity Premium Income ETF, 0.35% a year - [JEPQ](https://tactfolio.com/etf/jepq.md): JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year - [DIVO](https://tactfolio.com/etf/divo.md): Amplify CWP Enhanced Dividend Income ETF, 0.56% a year - [QYLD](https://tactfolio.com/etf/qyld.md): Global X NASDAQ 100 Covered Call ETF, 0.6% a year See [all 8 GPIX alternatives](https://tactfolio.com/alternatives/gpix.md), compared on the same dates as GPIX. ## Test GPIX 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 GPIX, 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 GPIX. 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. Fund facts come from Goldman Sachs Asset Management. We checked them on October 17, 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 GPIX? GPIX charges 0.29% a year, according to Goldman Sachs Asset Management as of October 17, 2026. That is about $29 a year for every $10,000 you hold. ### When did GPIX start trading? GPIX started trading on October 24, 2023. It is run by Goldman Sachs Asset Management. ### What does GPIX track? GPIX does not track an index. Its managers choose what it holds. ### How much has GPIX returned per year? From October 2023 to October 2026, GPIX returned about 22.5% a year with dividends reinvested. Its worst drop was −17.5%. Past returns do not tell you what it will do next. ### Which strategies use GPIX? None of Tactfolio's classic strategies hold GPIX yet. You can test it in your own rules in the builder. ## Sources - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) > 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. --- # HDV ETF: fees, returns, drawdowns and holdings > What HDV holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core High Dividend ETF (HDV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 75 US companies that pay large dividends. It charges 0.08% a year. From March 2011 to October 2026 it returned about 11.0% a year, and its worst drop was −37.0%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.08% a year (about $8 on $10,000). - Started trading on March 29, 2011. - Worst drop since 2011: −37.0%. - No Tactfolio classic strategies hold it. ## What does HDV hold? This fund owns about 75 US companies that pay large dividends. A dividend is cash a company pays to its owners. Because it holds fewer companies, its top ten make up more than half of the fund. It tracks the Morningstar Dividend Yield Focus Index. It had 74 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | HDV | | --- | --- | | Full name | iShares Core High Dividend ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.08% a year | | Started trading | March 29, 2011 | | Tracks | Morningstar Dividend Yield Focus Index | | Type | US stocks, ETF | | Holdings | 74 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) | ## What is the HDV expense ratio? HDV charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has HDV done since 2011? From March 2011 to October 2026, HDV returned about 11.0% a year. Say you put in $10,000 at the start. It would have been worth about $50,919 at the end, with every dividend reinvested. | Measure | HDV | | --- | --- | | Total return | 409.2% | | Return per year (CAGR) | 11.0% | | Worst drop from a high | −37.0% | | Volatility (how much it swings) | 14.5% | | Last 12 months | 28.1% | | Last 3 years, per year | 19.1% | | Last 5 years, per year | 13.1% | | Last 10 years, per year | 10.4% | 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. ## HDV returns by year | Year | HDV return | | --- | --- | | 2026 (part of the year) | 26.2% | | 2025 | 11.9% | | 2024 | 14.2% | | 2023 | 1.7% | | 2022 | 7.0% | | 2021 | 19.4% | | 2020 | −6.5% | | 2019 | 20.2% | | 2018 | −3.0% | | 2017 | 13.4% | | 2016 | 15.8% | | 2015 | −0.3% | | 2014 | 12.6% | | 2013 | 23.6% | | 2012 | 9.7% | | 2011 (part of the year) | 11.4% | ## What was HDV's worst drop? A drawdown is how far a fund falls from its last high point. HDV's worst fall was −37.0%, from December 23, 2019 to March 23, 2020. It got back to that high on March 8, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold HDV? No classic strategy holds HDV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does HDV compare with similar ETFs? Funds that can stand in for HDV: - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year - [SCHD](https://tactfolio.com/etf/schd.md): Schwab U.S. Dividend Equity ETF, 0.06% a year - [SPYD](https://tactfolio.com/etf/spyd.md): State Street SPDR Portfolio S&P 500 High Dividend ETF, 0.07% a year - [SPHD](https://tactfolio.com/etf/sphd.md): Invesco S&P 500 High Dividend Low Volatility ETF, 0.3% a year See [all 8 HDV alternatives](https://tactfolio.com/alternatives/hdv.md), compared on the same dates as HDV. ## Test HDV 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 HDV, 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 HDV. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 HDV? HDV charges 0.08% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $8 a year for every $10,000 you hold. ### When did HDV start trading? HDV started trading on March 29, 2011. It is run by iShares (BlackRock). ### What does HDV track? HDV tracks the Morningstar Dividend Yield Focus Index. This fund owns about 75 US companies that pay large dividends. ### How much has HDV returned per year? From March 2011 to October 2026, HDV returned about 11.0% a year with dividends reinvested. Its worst drop was −37.0%. Past returns do not tell you what it will do next. ### Which strategies use HDV? None of Tactfolio's classic strategies hold HDV yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) > 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. --- # IGV ETF: fees, returns, drawdowns and holdings > What IGV holds, its 0.38% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Expanded Tech-Software Sector ETF (IGV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns software companies in North America, plus some video game and online media companies. It charges 0.38% a year. From July 2001 to October 2026 it returned about 9.8% a year, and its worst drop was −62.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.38% a year (about $38 on $10,000). - Started trading on July 10, 2001. - Worst drop since 2001: −62.2%. - No Tactfolio classic strategies hold it. ## What does IGV hold? This fund owns software companies in North America, plus some video game and online media companies. It sticks to a small corner of the market. Its price can rise and fall more than the overall stock market. It tracks the S&P North American Expanded Technology Software Index. It had 106 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IGV | | --- | --- | | Full name | iShares Expanded Tech-Software Sector ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.38% a year | | Started trading | July 10, 2001 | | Tracks | S&P North American Expanded Technology Software Index | | Type | US stocks, ETF | | Holdings | 106 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239771/ishares-expanded-tech-software-sector-etf) | ## What is the IGV expense ratio? IGV charges 0.38% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.38% fee comes to about $38 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IGV done since 2001? From July 2001 to October 2026, IGV returned about 9.8% a year. Say you put in $10,000 at the start. It would have been worth about $107,082 at the end, with every dividend reinvested. | Measure | IGV | | --- | --- | | Total return | 970.8% | | Return per year (CAGR) | 9.8% | | Worst drop from a high | −62.2% | | Volatility (how much it swings) | 26.6% | | Last 12 months | −7.5% | | Last 3 years, per year | 13.9% | | Last 5 years, per year | 4.3% | | Last 10 years, per year | 16.8% | 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. ## IGV returns by year | Year | IGV return | | --- | --- | | 2026 (part of the year) | −1.3% | | 2025 | 5.6% | | 2024 | 23.4% | | 2023 | 58.6% | | 2022 | −35.6% | | 2021 | 12.3% | | 2020 | 52.9% | | 2019 | 34.3% | | 2018 | 12.4% | | 2017 | 42.2% | | 2016 | 5.8% | | 2015 | 12.1% | | 2014 | 13.4% | | 2013 | 30.7% | | 2012 | 16.8% | | 2011 | −7.3% | | 2010 | 24.6% | | 2009 | 47.5% | | 2008 | −38.4% | | 2007 | 15.8% | | 2006 | 10.8% | | 2005 | −5.5% | | 2004 | 13.8% | | 2003 | 50.0% | | 2002 | −44.7% | | 2001 (part of the year) | −10.1% | ## What was IGV's worst drop? A drawdown is how far a fund falls from its last high point. IGV's worst fall was −62.2%, from July 17, 2001 to October 7, 2002. It got back to that high on October 1, 2007. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IGV? No classic strategy holds IGV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IGV compare with similar ETFs? Funds that can stand in for IGV: - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year - [FTEC](https://tactfolio.com/etf/ftec.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year - [VGT](https://tactfolio.com/etf/vgt.md): Vanguard Information Technology ETF, 0.09% a year - [IYW](https://tactfolio.com/etf/iyw.md): iShares U.S. Technology ETF, 0.37% a year See [all 8 IGV alternatives](https://tactfolio.com/alternatives/igv.md), compared on the same dates as IGV. ## Test IGV 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 IGV, 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 IGV. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 IGV? IGV charges 0.38% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $38 a year for every $10,000 you hold. ### When did IGV start trading? IGV started trading on July 10, 2001. It is run by iShares (BlackRock). ### What does IGV track? IGV tracks the S&P North American Expanded Technology Software Index. This fund owns software companies in North America, plus some video game and online media companies. ### How much has IGV returned per year? From July 2001 to October 2026, IGV returned about 9.8% a year with dividends reinvested. Its worst drop was −62.2%. Past returns do not tell you what it will do next. ### Which strategies use IGV? None of Tactfolio's classic strategies hold IGV yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Expanded Tech-Software Sector ETF fund page](https://www.ishares.com/us/products/239771/ishares-expanded-tech-software-sector-etf) > 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. --- # IJH ETF: fees, returns, drawdowns and holdings > What IJH holds, its 0.05% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core S&P Mid-Cap ETF (IJH) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 400 medium-sized US companies in the S&P MidCap 400 index. It charges 0.05% a year. From May 2000 to October 2026 it returned about 9.6% a year, and its worst drop was −55.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.05% a year (about $5 on $10,000). - Started trading on May 22, 2000. - Worst drop since 2000: −55.1%. - No Tactfolio classic strategies hold it. ## What does IJH hold? This fund owns about 400 medium-sized US companies in the S&P MidCap 400 index. Mid-sized companies can grow faster than giant ones. Their stock prices can also move up and down more. It tracks the S&P MidCap 400 Index. It had 408 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IJH | | --- | --- | | Full name | iShares Core S&P Mid-Cap ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.05% a year | | Started trading | May 22, 2000 | | Tracks | S&P MidCap 400 Index | | Type | US stocks, ETF | | Holdings | 408 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) | ## What is the IJH expense ratio? IJH charges 0.05% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.05% fee comes to about $5 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IJH done since 2000? From May 2000 to October 2026, IJH returned about 9.6% a year. Say you put in $10,000 at the start. It would have been worth about $112,504 at the end, with every dividend reinvested. | Measure | IJH | | --- | --- | | Total return | 1,025% | | Return per year (CAGR) | 9.6% | | Worst drop from a high | −55.1% | | Volatility (how much it swings) | 21.4% | | Last 12 months | 13.9% | | Last 3 years, per year | 15.0% | | Last 5 years, per year | 7.2% | | Last 10 years, per year | 10.7% | 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. ## IJH returns by year | Year | IJH return | | --- | --- | | 2026 (part of the year) | 10.5% | | 2025 | 7.4% | | 2024 | 13.9% | | 2023 | 16.4% | | 2022 | −13.1% | | 2021 | 24.7% | | 2020 | 13.6% | | 2019 | 26.1% | | 2018 | −11.2% | | 2017 | 16.3% | | 2016 | 20.7% | | 2015 | −2.3% | | 2014 | 9.7% | | 2013 | 33.5% | | 2012 | 17.8% | | 2011 | −2.2% | | 2010 | 26.7% | | 2009 | 37.8% | | 2008 | −36.2% | | 2007 | 7.3% | | 2006 | 9.7% | | 2005 | 12.9% | | 2004 | 16.1% | | 2003 | 35.2% | | 2002 | −14.2% | | 2001 | −1.3% | | 2000 (part of the year) | 13.9% | ## What was IJH's worst drop? A drawdown is how far a fund falls from its last high point. IJH's worst fall was −55.1%, from June 4, 2007 to March 9, 2009. It got back to that high on December 2, 2010. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IJH? No classic strategy holds IJH yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IJH compare with similar ETFs? Funds that can stand in for IJH: - [MDY](https://tactfolio.com/etf/mdy.md): State Street SPDR S&P MidCap 400 ETF Trust, 0.23% a year - [SCHM](https://tactfolio.com/etf/schm.md): Schwab U.S. Mid-Cap ETF, 0.03% a year - [VO](https://tactfolio.com/etf/vo.md): Vanguard Morningstar Mid-Cap ETF, 0.03% a year - [IWR](https://tactfolio.com/etf/iwr.md): iShares Russell Mid-Cap ETF, 0.18% a year See [all 8 IJH alternatives](https://tactfolio.com/alternatives/ijh.md), compared on the same dates as IJH. ## Test IJH 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 IJH, 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 IJH. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 IJH? IJH charges 0.05% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $5 a year for every $10,000 you hold. ### When did IJH start trading? IJH started trading on May 22, 2000. It is run by iShares (BlackRock). ### What does IJH track? IJH tracks the S&P MidCap 400 Index. This fund owns about 400 medium-sized US companies in the S&P MidCap 400 index. ### How much has IJH returned per year? From May 2000 to October 2026, IJH returned about 9.6% a year with dividends reinvested. Its worst drop was −55.1%. Past returns do not tell you what it will do next. ### Which strategies use IJH? None of Tactfolio's classic strategies hold IJH yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) > 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. --- # IJR ETF: fees, returns, drawdowns and holdings > What IJR holds, its 0.06% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core S&P Small-Cap ETF (IJR) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 600 small US companies picked by S&P. It charges 0.06% a year. From May 2000 to October 2026 it returned about 9.8% a year, and its worst drop was −58.1%. 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: 0.06% a year (about $6 on $10,000). - Started trading on May 22, 2000. - Worst drop since 2000: −58.1%. - 1 Tactfolio classic strategy holds it. ## What does IJR hold? This fund owns about 600 small US companies picked by S&P. Small companies can grow faster than big ones, but their prices often swing more. The fund lets you own all of them in one share. It tracks the S&P SmallCap 600 Index. It had 643 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IJR | | --- | --- | | Full name | iShares Core S&P Small-Cap ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.06% a year | | Started trading | May 22, 2000 | | Tracks | S&P SmallCap 600 Index | | Type | US stocks, ETF | | Holdings | 643 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) | ## What is the IJR expense ratio? IJR charges 0.06% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.06% fee comes to about $6 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IJR done since 2000? From May 2000 to October 2026, IJR returned about 9.8% a year. Say you put in $10,000 at the start. It would have been worth about $118,093 at the end, with every dividend reinvested. | Measure | IJR | | --- | --- | | Total return | 1,081% | | Return per year (CAGR) | 9.8% | | Worst drop from a high | −58.1% | | Volatility (how much it swings) | 22.9% | | Last 12 months | 16.9% | | Last 3 years, per year | 15.3% | | Last 5 years, per year | 5.6% | | Last 10 years, per year | 10.1% | 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. ## IJR returns by year | Year | IJR return | | --- | --- | | 2026 (part of the year) | 14.0% | | 2025 | 5.9% | | 2024 | 8.6% | | 2023 | 16.1% | | 2022 | −16.2% | | 2021 | 26.6% | | 2020 | 11.3% | | 2019 | 22.8% | | 2018 | −8.5% | | 2017 | 13.2% | | 2016 | 26.6% | | 2015 | −2.1% | | 2014 | 5.9% | | 2013 | 41.3% | | 2012 | 16.3% | | 2011 | 0.8% | | 2010 | 26.6% | | 2009 | 25.9% | | 2008 | −31.5% | | 2007 | −0.5% | | 2006 | 15.1% | | 2005 | 7.5% | | 2004 | 22.4% | | 2003 | 38.5% | | 2002 | −14.3% | | 2001 | 6.4% | | 2000 (part of the year) | 14.4% | ## What was IJR's worst drop? A drawdown is how far a fund falls from its last high point. IJR's worst fall was −58.1%, from July 19, 2007 to March 9, 2009. It got back to that high on February 7, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IJR? One classic strategy holds IJR at least some of the time. Each is a set of written rules you can open, test and copy. - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 ## How does IJR compare with similar ETFs? Funds that can stand in for IJR: - [SCHA](https://tactfolio.com/etf/scha.md): Schwab U.S. Small-Cap ETF, 0.03% a year - [VB](https://tactfolio.com/etf/vb.md): Vanguard Morningstar Small-Cap ETF, 0.03% a year - [IWM](https://tactfolio.com/etf/iwm.md): iShares Russell 2000 ETF, 0.19% a year - [VBR](https://tactfolio.com/etf/vbr.md): Vanguard Morningstar Small-Cap Value ETF, 0.05% a year See [all 8 IJR alternatives](https://tactfolio.com/alternatives/ijr.md), compared on the same dates as IJR. ## Test IJR 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 IJR, 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 IJR. 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. Fund facts come from iShares (BlackRock). 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 IJR? IJR charges 0.06% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $6 a year for every $10,000 you hold. ### When did IJR start trading? IJR started trading on May 22, 2000. It is run by iShares (BlackRock). ### What does IJR track? IJR tracks the S&P SmallCap 600 Index. This fund owns about 600 small US companies picked by S&P. ### How much has IJR returned per year? From May 2000 to October 2026, IJR returned about 9.8% a year with dividends reinvested. Its worst drop was −58.1%. Past returns do not tell you what it will do next. ### Which strategies use IJR? One of Tactfolio's classic strategies hold IJR, including Mama Bear Portfolio (Muscular Portfolios). ## Sources - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) > 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. --- # IJS ETF: fees, returns, drawdowns and holdings > What IJS holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares S&P Small-Cap 600 Value ETF (IJS) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns small US companies that look cheap compared with their earnings, sales and book value. It charges 0.18% a year. From July 2000 to October 2026 it returned about 9.7% a year, and its worst drop was −60.1%. 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: 0.18% a year (about $18 on $10,000). - Started trading on July 24, 2000. - Worst drop since 2000: −60.1%. - 1 Tactfolio classic strategy holds it. ## What does IJS hold? This fund owns small US companies that look cheap compared with their earnings, sales and book value. These are called value stocks. Small company prices can rise and fall a lot. It tracks the S&P SmallCap 600 Value Index. It had 480 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IJS | | --- | --- | | Full name | iShares S&P Small-Cap 600 Value ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.18% a year | | Started trading | July 24, 2000 | | Tracks | S&P SmallCap 600 Value Index | | Type | US stocks, ETF | | Holdings | 480 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) | ## What is the IJS expense ratio? IJS charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IJS done since 2000? From July 2000 to October 2026, IJS returned about 9.7% a year. Say you put in $10,000 at the start. It would have been worth about $112,120 at the end, with every dividend reinvested. | Measure | IJS | | --- | --- | | Total return | 1,021% | | Return per year (CAGR) | 9.7% | | Worst drop from a high | −60.1% | | Volatility (how much it swings) | 23.7% | | Last 12 months | 19.2% | | Last 3 years, per year | 15.7% | | Last 5 years, per year | 6.1% | | Last 10 years, per year | 9.5% | 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. ## IJS returns by year | Year | IJS return | | --- | --- | | 2026 (part of the year) | 14.5% | | 2025 | 6.5% | | 2024 | 7.3% | | 2023 | 14.7% | | 2022 | −11.3% | | 2021 | 30.5% | | 2020 | 2.6% | | 2019 | 24.1% | | 2018 | −12.8% | | 2017 | 11.3% | | 2016 | 31.2% | | 2015 | −6.9% | | 2014 | 7.6% | | 2013 | 39.4% | | 2012 | 18.3% | | 2011 | −1.6% | | 2010 | 24.7% | | 2009 | 22.4% | | 2008 | −29.4% | | 2007 | −5.6% | | 2006 | 19.4% | | 2005 | 6.0% | | 2004 | 22.6% | | 2003 | 39.8% | | 2002 | −14.0% | | 2001 | 11.7% | | 2000 (part of the year) | 15.8% | ## What was IJS's worst drop? A drawdown is how far a fund falls from its last high point. IJS's worst fall was −60.1%, from June 4, 2007 to March 9, 2009. It got back to that high on February 1, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IJS? One classic strategy holds IJS 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 IJS compare with similar ETFs? Funds that can stand in for IJS: - [VBR](https://tactfolio.com/etf/vbr.md): Vanguard Morningstar Small-Cap Value ETF, 0.05% a year - [IWN](https://tactfolio.com/etf/iwn.md): iShares Russell 2000 Value ETF, 0.24% a year - [AVUV](https://tactfolio.com/etf/avuv.md): Avantis U.S. Small Cap Value ETF, 0.25% a year - [SCHA](https://tactfolio.com/etf/scha.md): Schwab U.S. Small-Cap ETF, 0.03% a year See [all 8 IJS alternatives](https://tactfolio.com/alternatives/ijs.md), compared on the same dates as IJS. ## Test IJS 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 IJS, 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 IJS. 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. Fund facts come from iShares (BlackRock). 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 IJS? IJS charges 0.18% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $18 a year for every $10,000 you hold. ### When did IJS start trading? IJS started trading on July 24, 2000. It is run by iShares (BlackRock). ### What does IJS track? IJS tracks the S&P SmallCap 600 Value Index. This fund owns small US companies that look cheap compared with their earnings, sales and book value. ### How much has IJS returned per year? From July 2000 to October 2026, IJS returned about 9.7% a year with dividends reinvested. Its worst drop was −60.1%. Past returns do not tell you what it will do next. ### Which strategies use IJS? One of Tactfolio's classic strategies hold IJS, including Papa Bear Portfolio (Muscular Portfolios). ## Sources - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) > 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. --- # IJT ETF: fees, returns, drawdowns and holdings > What IJT holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares S&P Small-Cap 600 Growth ETF (IJT) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns small US companies whose earnings and sales have been growing faster than average. It charges 0.18% a year. From July 2000 to October 2026 it returned about 9.2% a year, and its worst drop was −57.6%. 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: 0.18% a year (about $18 on $10,000). - Started trading on July 24, 2000. - Worst drop since 2000: −57.6%. - 1 Tactfolio classic strategy holds it. ## What does IJT hold? This fund owns small US companies whose earnings and sales have been growing faster than average. These are called growth stocks. Small company prices can rise and fall a lot. It tracks the S&P SmallCap 600 Growth Index. It had 372 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IJT | | --- | --- | | Full name | iShares S&P Small-Cap 600 Growth ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.18% a year | | Started trading | July 24, 2000 | | Tracks | S&P SmallCap 600 Growth Index | | Type | US stocks, ETF | | Holdings | 372 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239773/ishares-s-p-small-cap-600-growth-etf) | ## What is the IJT expense ratio? IJT charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IJT done since 2000? From July 2000 to October 2026, IJT returned about 9.2% a year. Say you put in $10,000 at the start. It would have been worth about $100,284 at the end, with every dividend reinvested. | Measure | IJT | | --- | --- | | Total return | 902.8% | | Return per year (CAGR) | 9.2% | | Worst drop from a high | −57.6% | | Volatility (how much it swings) | 22.9% | | Last 12 months | 14.1% | | Last 3 years, per year | 14.5% | | Last 5 years, per year | 4.7% | | Last 10 years, per year | 10.1% | 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. ## IJT returns by year | Year | IJT return | | --- | --- | | 2026 (part of the year) | 13.2% | | 2025 | 5.3% | | 2024 | 9.3% | | 2023 | 17.1% | | 2022 | −21.3% | | 2021 | 22.4% | | 2020 | 19.2% | | 2019 | 21.0% | | 2018 | −4.4% | | 2017 | 14.5% | | 2016 | 22.1% | | 2015 | 2.7% | | 2014 | 4.0% | | 2013 | 42.3% | | 2012 | 14.5% | | 2011 | 3.3% | | 2010 | 28.2% | | 2009 | 28.8% | | 2008 | −33.4% | | 2007 | 5.7% | | 2006 | 10.5% | | 2005 | 9.0% | | 2004 | 21.2% | | 2003 | 37.0% | | 2002 | −15.1% | | 2001 | −1.8% | | 2000 (part of the year) | 1.7% | ## What was IJT's worst drop? A drawdown is how far a fund falls from its last high point. IJT's worst fall was −57.6%, from October 10, 2007 to March 9, 2009. It got back to that high on December 21, 2010. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IJT? One classic strategy holds IJT 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 IJT compare with similar ETFs? Funds that can stand in for IJT: - [SCHA](https://tactfolio.com/etf/scha.md): Schwab U.S. Small-Cap ETF, 0.03% a year - [VB](https://tactfolio.com/etf/vb.md): Vanguard Morningstar Small-Cap ETF, 0.03% a year - [IJR](https://tactfolio.com/etf/ijr.md): iShares Core S&P Small-Cap ETF, 0.06% a year - [IWM](https://tactfolio.com/etf/iwm.md): iShares Russell 2000 ETF, 0.19% a year See [all 8 IJT alternatives](https://tactfolio.com/alternatives/ijt.md), compared on the same dates as IJT. ## Test IJT 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 IJT, 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 IJT. 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. Fund facts come from iShares (BlackRock). 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 IJT? IJT charges 0.18% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $18 a year for every $10,000 you hold. ### When did IJT start trading? IJT started trading on July 24, 2000. It is run by iShares (BlackRock). ### What does IJT track? IJT tracks the S&P SmallCap 600 Growth Index. This fund owns small US companies whose earnings and sales have been growing faster than average. ### How much has IJT returned per year? From July 2000 to October 2026, IJT returned about 9.2% a year with dividends reinvested. Its worst drop was −57.6%. Past returns do not tell you what it will do next. ### Which strategies use IJT? One of Tactfolio's classic strategies hold IJT, including Papa Bear Portfolio (Muscular Portfolios). ## Sources - [iShares (BlackRock): iShares S&P Small-Cap 600 Growth ETF fund page](https://www.ishares.com/us/products/239773/ishares-s-p-small-cap-600-growth-etf) > 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. --- # ITOT ETF: fees, returns, drawdowns and holdings > What ITOT holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core S&P Total U.S. Stock Market ETF (ITOT) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns shares in thousands of US companies, from very large to very small. It charges 0.03% a year. From January 2004 to October 2026 it returned about 10.6% a year, and its worst drop was −55.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on January 20, 2004. - Worst drop since 2004: −55.2%. - No Tactfolio classic strategies hold it. ## What does ITOT hold? This fund owns shares in thousands of US companies, from very large to very small. It tries to cover almost the whole US stock market in one fund. Its value rises and falls with US stocks overall. It tracks the S&P Total Market Index (TMI). It had 2,446 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | ITOT | | --- | --- | | Full name | iShares Core S&P Total U.S. Stock Market ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.03% a year | | Started trading | January 20, 2004 | | Tracks | S&P Total Market Index (TMI) | | Type | US stocks, ETF | | Holdings | 2,446 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) | ## What is the ITOT expense ratio? ITOT 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has ITOT done since 2004? From January 2004 to October 2026, ITOT returned about 10.6% a year. Say you put in $10,000 at the start. It would have been worth about $99,204 at the end, with every dividend reinvested. | Measure | ITOT | | --- | --- | | Total return | 892.0% | | Return per year (CAGR) | 10.6% | | Worst drop from a high | −55.2% | | Volatility (how much it swings) | 18.6% | | Last 12 months | 16.1% | | Last 3 years, per year | 21.6% | | Last 5 years, per year | 11.7% | | Last 10 years, per year | 14.9% | 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. ## ITOT returns by year | Year | ITOT return | | --- | --- | | 2026 (part of the year) | 12.5% | | 2025 | 17.0% | | 2024 | 23.8% | | 2023 | 26.1% | | 2022 | −19.5% | | 2021 | 25.7% | | 2020 | 20.7% | | 2019 | 30.7% | | 2018 | −5.3% | | 2017 | 21.4% | | 2016 | 12.6% | | 2015 | 0.9% | | 2014 | 13.5% | | 2013 | 33.3% | | 2012 | 15.8% | | 2011 | 1.8% | | 2010 | 16.2% | | 2009 | 26.6% | | 2008 | −36.5% | | 2007 | 5.1% | | 2006 | 15.1% | | 2005 | 5.3% | | 2004 (part of the year) | 8.9% | ## What was ITOT's worst drop? A drawdown is how far a fund falls from its last high point. ITOT's worst fall was −55.2%, from October 9, 2007 to March 9, 2009. It got back to that high on March 16, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold ITOT? No classic strategy holds ITOT yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does ITOT compare with similar ETFs? Funds that can stand in for ITOT: - [SCHB](https://tactfolio.com/etf/schb.md): Schwab U.S. Broad Market ETF, 0.03% a year - [VTI](https://tactfolio.com/etf/vti.md): Vanguard Morningstar Total Stock Market ETF, 0.03% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year See [all 8 ITOT alternatives](https://tactfolio.com/alternatives/itot.md), compared on the same dates as ITOT. ## Test ITOT 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 ITOT, 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 ITOT. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 ITOT? ITOT charges 0.03% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did ITOT start trading? ITOT started trading on January 20, 2004. It is run by iShares (BlackRock). ### What does ITOT track? ITOT tracks the S&P Total Market Index (TMI). This fund owns shares in thousands of US companies, from very large to very small. ### How much has ITOT returned per year? From January 2004 to October 2026, ITOT returned about 10.6% a year with dividends reinvested. Its worst drop was −55.2%. Past returns do not tell you what it will do next. ### Which strategies use ITOT? None of Tactfolio's classic strategies hold ITOT yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) > 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. --- # IVE ETF: fees, returns, drawdowns and holdings > What IVE holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares S&P 500 Value ETF (IVE) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns the companies in the S&P 500 that look cheap compared with their earnings, sales and book value. It charges 0.18% a year. From May 2000 to October 2026 it returned about 7.7% a year, and its worst drop was −61.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.18% a year (about $18 on $10,000). - Started trading on May 22, 2000. - Worst drop since 2000: −61.3%. - No Tactfolio classic strategies hold it. ## What does IVE hold? This fund owns the companies in the S&P 500 that look cheap compared with their earnings, sales and book value. These are called value stocks. Its value goes up and down with the US stock market. It tracks the S&P 500 Value Index. It had 436 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IVE | | --- | --- | | Full name | iShares S&P 500 Value ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.18% a year | | Started trading | May 22, 2000 | | Tracks | S&P 500 Value Index | | Type | US stocks, ETF | | Holdings | 436 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) | ## What is the IVE expense ratio? IVE charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IVE done since 2000? From May 2000 to October 2026, IVE returned about 7.7% a year. Say you put in $10,000 at the start. It would have been worth about $70,590 at the end, with every dividend reinvested. | Measure | IVE | | --- | --- | | Total return | 605.9% | | Return per year (CAGR) | 7.7% | | Worst drop from a high | −61.3% | | Volatility (how much it swings) | 19.1% | | Last 12 months | 17.0% | | Last 3 years, per year | 17.0% | | Last 5 years, per year | 11.4% | | Last 10 years, per year | 12.0% | 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. ## IVE returns by year | Year | IVE return | | --- | --- | | 2026 (part of the year) | 12.3% | | 2025 | 13.0% | | 2024 | 12.0% | | 2023 | 22.1% | | 2022 | −5.4% | | 2021 | 24.7% | | 2020 | 1.2% | | 2019 | 31.6% | | 2018 | −9.2% | | 2017 | 15.3% | | 2016 | 17.3% | | 2015 | −3.3% | | 2014 | 12.2% | | 2013 | 31.6% | | 2012 | 17.6% | | 2011 | −0.7% | | 2010 | 14.9% | | 2009 | 20.9% | | 2008 | −38.9% | | 2007 | 1.5% | | 2006 | 20.6% | | 2005 | 5.6% | | 2004 | 15.6% | | 2003 | 31.5% | | 2002 | −20.8% | | 2001 | −11.5% | | 2000 (part of the year) | 7.9% | ## What was IVE's worst drop? A drawdown is how far a fund falls from its last high point. IVE's worst fall was −61.3%, from October 9, 2007 to March 9, 2009. It got back to that high on March 7, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IVE? No classic strategy holds IVE yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IVE compare with similar ETFs? Funds that can stand in for IVE: - [SPYV](https://tactfolio.com/etf/spyv.md): State Street SPDR Portfolio S&P 500 Value ETF, 0.04% a year - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% a year - [SCHV](https://tactfolio.com/etf/schv.md): Schwab U.S. Large-Cap Value ETF, 0.04% a year - [IWD](https://tactfolio.com/etf/iwd.md): iShares Russell 1000 Value ETF, 0.18% a year See [all 8 IVE alternatives](https://tactfolio.com/alternatives/ive.md), compared on the same dates as IVE. ## Test IVE 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 IVE, 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 IVE. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 IVE? IVE charges 0.18% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $18 a year for every $10,000 you hold. ### When did IVE start trading? IVE started trading on May 22, 2000. It is run by iShares (BlackRock). ### What does IVE track? IVE tracks the S&P 500 Value Index. This fund owns the companies in the S&P 500 that look cheap compared with their earnings, sales and book value. ### How much has IVE returned per year? From May 2000 to October 2026, IVE returned about 7.7% a year with dividends reinvested. Its worst drop was −61.3%. Past returns do not tell you what it will do next. ### Which strategies use IVE? None of Tactfolio's classic strategies hold IVE yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) > 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. --- # IVV ETF: fees, returns, drawdowns and holdings > What IVV holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core S&P 500 ETF (IVV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of the roughly 500 large US companies in the S&P 500 index. It charges 0.03% a year. From May 2000 to October 2026 it returned about 8.5% a year, and its worst drop was −55.3%. 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 May 15, 2000. - Worst drop since 2000: −55.3%. - No Tactfolio classic strategies hold it. ## What does IVV hold? This fund holds stocks of the roughly 500 large US companies in the S&P 500 index. Its value goes up and down with the US stock market. One share gives you a small piece of all these companies at once. It tracks the S&P 500 Index. It had 505 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IVV | | --- | --- | | Full name | iShares Core S&P 500 ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.03% a year | | Started trading | May 15, 2000 | | Tracks | S&P 500 Index | | Type | US stocks, ETF | | Holdings | 505 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) | ## What is the IVV expense ratio? IVV 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IVV done since 2000? From May 2000 to October 2026, IVV returned about 8.5% a year. Say you put in $10,000 at the start. It would have been worth about $87,042 at the end, with every dividend reinvested. | Measure | IVV | | --- | --- | | Total return | 770.4% | | Return per year (CAGR) | 8.5% | | Worst drop from a high | −55.3% | | Volatility (how much it swings) | 18.9% | | Last 12 months | 16.8% | | Last 3 years, per year | 22.1% | | Last 5 years, per year | 12.9% | | Last 10 years, per year | 15.5% | 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. ## IVV returns by year | Year | IVV return | | --- | --- | | 2026 (part of the year) | 12.9% | | 2025 | 17.8% | | 2024 | 24.9% | | 2023 | 26.3% | | 2022 | −18.2% | | 2021 | 28.8% | | 2020 | 18.4% | | 2019 | 31.3% | | 2018 | −4.5% | | 2017 | 21.8% | | 2016 | 11.5% | | 2015 | 1.3% | | 2014 | 13.6% | | 2013 | 32.3% | | 2012 | 16.1% | | 2011 | 1.9% | | 2010 | 15.1% | | 2009 | 26.6% | | 2008 | −37.0% | | 2007 | 5.3% | | 2006 | 15.9% | | 2005 | 4.9% | | 2004 | 10.8% | | 2003 | 28.5% | | 2002 | −21.5% | | 2001 | −12.0% | | 2000 (part of the year) | −6.1% | ## What was IVV's worst drop? A drawdown is how far a fund falls from its last high point. IVV's worst fall was −55.3%, from October 9, 2007 to March 9, 2009. It got back to that high on August 16, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IVV? No classic strategy holds IVV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IVV compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [IVV vs VOO](https://tactfolio.com/etf-comparisons/ivv-vs-voo.md): two low-cost S&P 500 funds from iShares and Vanguard. Funds that can stand in for IVV: - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [VOO](https://tactfolio.com/etf/voo.md): Vanguard S&P 500 ETF, 0.03% a year - [SPY](https://tactfolio.com/etf/spy.md): State Street SPDR S&P 500 ETF Trust, 0.0945% a year - [ITOT](https://tactfolio.com/etf/itot.md): iShares Core S&P Total U.S. Stock Market ETF, 0.03% a year See [all 8 IVV alternatives](https://tactfolio.com/alternatives/ivv.md), compared on the same dates as IVV. ## Test IVV 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 IVV, 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 IVV. 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. Fund facts come from iShares (BlackRock). 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 funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### What is the expense ratio of IVV? IVV charges 0.03% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $3 a year for every $10,000 you hold. ### When did IVV start trading? IVV started trading on May 15, 2000. It is run by iShares (BlackRock). ### What does IVV track? IVV tracks the S&P 500 Index. This fund holds stocks of the roughly 500 large US companies in the S&P 500 index. ### How much has IVV returned per year? From May 2000 to October 2026, IVV returned about 8.5% a year with dividends reinvested. Its worst drop was −55.3%. Past returns do not tell you what it will do next. ### Which strategies use IVV? None of Tactfolio's classic strategies hold IVV yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) > 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. --- # IVW ETF: fees, returns, drawdowns and holdings > What IVW holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares S&P 500 Growth ETF (IVW) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns the companies in the S&P 500 that are growing the fastest. It charges 0.18% a year. From May 2000 to October 2026 it returned about 8.9% a year, and its worst drop was −57.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.18% a year (about $18 on $10,000). - Started trading on May 22, 2000. - Worst drop since 2000: −57.3%. - No Tactfolio classic strategies hold it. ## What does IVW hold? This fund owns the companies in the S&P 500 that are growing the fastest. Many of them are big technology companies. A few very large companies make up a big part of the fund. It tracks the S&P 500 Growth Index. It had 152 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IVW | | --- | --- | | Full name | iShares S&P 500 Growth ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.18% a year | | Started trading | May 22, 2000 | | Tracks | S&P 500 Growth Index | | Type | US stocks, ETF | | Holdings | 152 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) | ## What is the IVW expense ratio? IVW charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IVW done since 2000? From May 2000 to October 2026, IVW returned about 8.9% a year. Say you put in $10,000 at the start. It would have been worth about $94,213 at the end, with every dividend reinvested. | Measure | IVW | | --- | --- | | Total return | 842.1% | | Return per year (CAGR) | 8.9% | | Worst drop from a high | −57.3% | | Volatility (how much it swings) | 20.0% | | Last 12 months | 16.4% | | Last 3 years, per year | 26.0% | | Last 5 years, per year | 13.3% | | Last 10 years, per year | 17.7% | 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. ## IVW returns by year | Year | IVW return | | --- | --- | | 2026 (part of the year) | 13.0% | | 2025 | 21.9% | | 2024 | 35.8% | | 2023 | 29.8% | | 2022 | −29.5% | | 2021 | 31.8% | | 2020 | 33.2% | | 2019 | 30.8% | | 2018 | −0.2% | | 2017 | 27.2% | | 2016 | 6.8% | | 2015 | 5.4% | | 2014 | 14.6% | | 2013 | 32.5% | | 2012 | 14.4% | | 2011 | 4.4% | | 2010 | 14.9% | | 2009 | 31.1% | | 2008 | −34.8% | | 2007 | 8.8% | | 2006 | 10.9% | | 2005 | 4.0% | | 2004 | 5.7% | | 2003 | 25.3% | | 2002 | −23.5% | | 2001 | −12.5% | | 2000 (part of the year) | −15.4% | ## What was IVW's worst drop? A drawdown is how far a fund falls from its last high point. IVW's worst fall was −57.3%, from July 17, 2000 to March 9, 2009. It got back to that high on February 8, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IVW? No classic strategy holds IVW yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IVW compare with similar ETFs? Funds that can stand in for IVW: - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year - [VOOG](https://tactfolio.com/etf/voog.md): Vanguard S&P 500 Growth ETF, 0.07% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year See [all 8 IVW alternatives](https://tactfolio.com/alternatives/ivw.md), compared on the same dates as IVW. ## Test IVW 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 IVW, 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 IVW. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 IVW? IVW charges 0.18% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $18 a year for every $10,000 you hold. ### When did IVW start trading? IVW started trading on May 22, 2000. It is run by iShares (BlackRock). ### What does IVW track? IVW tracks the S&P 500 Growth Index. This fund owns the companies in the S&P 500 that are growing the fastest. ### How much has IVW returned per year? From May 2000 to October 2026, IVW returned about 8.9% a year with dividends reinvested. Its worst drop was −57.3%. Past returns do not tell you what it will do next. ### Which strategies use IVW? None of Tactfolio's classic strategies hold IVW yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) > 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. --- # IWB ETF: fees, returns, drawdowns and holdings > What IWB holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Russell 1000 ETF (IWB) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 1,000 of the largest companies in the United States. It charges 0.15% a year. From May 2000 to October 2026 it returned about 8.5% a year, and its worst drop was −55.4%. 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: 0.15% a year (about $15 on $10,000). - Started trading on May 15, 2000. - Worst drop since 2000: −55.4%. - 1 Tactfolio classic strategy holds it. ## What does IWB hold? This fund owns about 1,000 of the largest companies in the United States. That covers big and medium sized companies across many kinds of businesses. Its value goes up and down with the US stock market. It tracks the Russell 1000 Index. It had 1,023 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IWB | | --- | --- | | Full name | iShares Russell 1000 ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | May 15, 2000 | | Tracks | Russell 1000 Index | | Type | US stocks, ETF | | Holdings | 1,023 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239707/ishares-russell-1000-etf) | ## What is the IWB expense ratio? IWB charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IWB done since 2000? From May 2000 to October 2026, IWB returned about 8.5% a year. Say you put in $10,000 at the start. It would have been worth about $87,148 at the end, with every dividend reinvested. | Measure | IWB | | --- | --- | | Total return | 771.5% | | Return per year (CAGR) | 8.5% | | Worst drop from a high | −55.4% | | Volatility (how much it swings) | 19.0% | | Last 12 months | 16.1% | | Last 3 years, per year | 21.6% | | Last 5 years, per year | 12.0% | | Last 10 years, per year | 15.1% | 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. ## IWB returns by year | Year | IWB return | | --- | --- | | 2026 (part of the year) | 12.4% | | 2025 | 17.2% | | 2024 | 24.3% | | 2023 | 26.4% | | 2022 | −19.2% | | 2021 | 26.3% | | 2020 | 20.8% | | 2019 | 31.1% | | 2018 | −4.9% | | 2017 | 21.5% | | 2016 | 12.0% | | 2015 | 0.8% | | 2014 | 13.1% | | 2013 | 32.8% | | 2012 | 16.5% | | 2011 | 1.2% | | 2010 | 16.1% | | 2009 | 28.3% | | 2008 | −37.4% | | 2007 | 5.3% | | 2006 | 15.4% | | 2005 | 6.3% | | 2004 | 11.0% | | 2003 | 30.1% | | 2002 | −22.3% | | 2001 | −12.1% | | 2000 (part of the year) | −5.0% | ## What was IWB's worst drop? A drawdown is how far a fund falls from its last high point. IWB's worst fall was −55.4%, from October 9, 2007 to March 9, 2009. It got back to that high on March 19, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IWB? One classic strategy holds IWB at least some of the time. Each is a set of written rules you can open, test and copy. - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 ## How does IWB compare with similar ETFs? Funds that can stand in for IWB: - [SCHX](https://tactfolio.com/etf/schx.md): Schwab U.S. Large-Cap ETF, 0.03% a year - [VV](https://tactfolio.com/etf/vv.md): Vanguard Morningstar Large-Cap ETF, 0.03% a year - [DIA](https://tactfolio.com/etf/dia.md): State Street SPDR Dow Jones Industrial Average ETF Trust, 0.16% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year See [all 8 IWB alternatives](https://tactfolio.com/alternatives/iwb.md), compared on the same dates as IWB. ## Test IWB 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 IWB, 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 IWB. 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. Fund facts come from iShares (BlackRock). 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 IWB? IWB charges 0.15% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $15 a year for every $10,000 you hold. ### When did IWB start trading? IWB started trading on May 15, 2000. It is run by iShares (BlackRock). ### What does IWB track? IWB tracks the Russell 1000 Index. This fund owns about 1,000 of the largest companies in the United States. ### How much has IWB returned per year? From May 2000 to October 2026, IWB returned about 8.5% a year with dividends reinvested. Its worst drop was −55.4%. Past returns do not tell you what it will do next. ### Which strategies use IWB? One of Tactfolio's classic strategies hold IWB, including Mama Bear Portfolio (Muscular Portfolios). ## Sources - [iShares (BlackRock): iShares Russell 1000 ETF fund page](https://www.ishares.com/us/products/239707/ishares-russell-1000-etf) > 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. --- # IWD ETF: fees, returns, drawdowns and holdings > What IWD holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Russell 1000 Value ETF (IWD) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of large and mid sized US companies that look cheaper compared with things like their earnings or book value. It charges 0.18% a year. From May 2000 to October 2026 it returned about 8.3% a year, and its worst drop was −60.1%. 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: 0.18% a year (about $18 on $10,000). - Started trading on May 22, 2000. - Worst drop since 2000: −60.1%. - 5 Tactfolio classic strategies hold it. ## What does IWD hold? This fund holds stocks of large and mid sized US companies that look cheaper compared with things like their earnings or book value. These are called value stocks. Its value goes up and down with those stocks. It tracks the Russell 1000 Value Index. It had 870 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IWD | | --- | --- | | Full name | iShares Russell 1000 Value ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.18% a year | | Started trading | May 22, 2000 | | Tracks | Russell 1000 Value Index | | Type | US stocks, ETF | | Holdings | 870 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) | ## What is the IWD expense ratio? IWD charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IWD done since 2000? From May 2000 to October 2026, IWD returned about 8.3% a year. Say you put in $10,000 at the start. It would have been worth about $82,354 at the end, with every dividend reinvested. | Measure | IWD | | --- | --- | | Total return | 723.5% | | Return per year (CAGR) | 8.3% | | Worst drop from a high | −60.1% | | Volatility (how much it swings) | 18.9% | | Last 12 months | 28.7% | | Last 3 years, per year | 21.1% | | Last 5 years, per year | 11.6% | | Last 10 years, per year | 11.8% | 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. ## IWD returns by year | Year | IWD return | | --- | --- | | 2026 (part of the year) | 22.9% | | 2025 | 15.7% | | 2024 | 14.2% | | 2023 | 11.3% | | 2022 | −7.8% | | 2021 | 24.9% | | 2020 | 2.7% | | 2019 | 26.1% | | 2018 | −8.5% | | 2017 | 13.5% | | 2016 | 17.3% | | 2015 | −4.0% | | 2014 | 13.2% | | 2013 | 32.1% | | 2012 | 17.5% | | 2011 | 0.1% | | 2010 | 15.5% | | 2009 | 19.1% | | 2008 | −36.5% | | 2007 | −0.7% | | 2006 | 22.5% | | 2005 | 6.6% | | 2004 | 16.1% | | 2003 | 30.7% | | 2002 | −15.6% | | 2001 | −6.2% | | 2000 (part of the year) | 9.0% | ## What was IWD's worst drop? A drawdown is how far a fund falls from its last high point. IWD's worst fall was −60.1%, from June 4, 2007 to March 9, 2009. It got back to that high on February 1, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IWD? 5 classic strategies hold IWD at least some of the time. Each is a set of written rules you can open, test and copy. - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 ## How does IWD compare with similar ETFs? Funds that can stand in for IWD: - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% a year - [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 See [all 8 IWD alternatives](https://tactfolio.com/alternatives/iwd.md), compared on the same dates as IWD. ## Test IWD 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 IWD, 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 IWD. 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. Fund facts come from iShares (BlackRock). 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 IWD? IWD charges 0.18% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $18 a year for every $10,000 you hold. ### When did IWD start trading? IWD started trading on May 22, 2000. It is run by iShares (BlackRock). ### What does IWD track? IWD tracks the Russell 1000 Value Index. This fund holds stocks of large and mid sized US companies that look cheaper compared with things like their earnings or book value. ### How much has IWD returned per year? From May 2000 to October 2026, IWD returned about 8.3% a year with dividends reinvested. Its worst drop was −60.1%. Past returns do not tell you what it will do next. ### Which strategies use IWD? 5 of Tactfolio's classic strategies hold IWD, including GTAA 13: Faber’s 13-asset tactical allocation, GTAA Aggressive 3 (Faber GTAA AGG3), GTAA Aggressive 6 (Faber GTAA AGG6). ## Sources - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) > 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. --- # IWF ETF: fees, returns, drawdowns and holdings > What IWF holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Russell 1000 Growth ETF (IWF) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns large and medium sized US companies that are growing faster than average. It charges 0.18% a year. From May 2000 to October 2026 it returned about 8.3% a year, and its worst drop was −64.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.18% a year (about $18 on $10,000). - Started trading on May 22, 2000. - Worst drop since 2000: −64.2%. - No Tactfolio classic strategies hold it. ## What does IWF hold? This fund owns large and medium sized US companies that are growing faster than average. Many of them are big technology companies. A few very large companies make up a big part of the fund. It tracks the Russell 1000 Growth Index. It had 372 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IWF | | --- | --- | | Full name | iShares Russell 1000 Growth ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.18% a year | | Started trading | May 22, 2000 | | Tracks | Russell 1000 Growth Index | | Type | US stocks, ETF | | Holdings | 372 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) | ## What is the IWF expense ratio? IWF charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IWF done since 2000? From May 2000 to October 2026, IWF returned about 8.3% a year. Say you put in $10,000 at the start. It would have been worth about $81,534 at the end, with every dividend reinvested. | Measure | IWF | | --- | --- | | Total return | 715.3% | | Return per year (CAGR) | 8.3% | | Worst drop from a high | −64.2% | | Volatility (how much it swings) | 20.8% | | Last 12 months | 4.9% | | Last 3 years, per year | 21.4% | | Last 5 years, per year | 11.9% | | Last 10 years, per year | 17.8% | 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. ## IWF returns by year | Year | IWF return | | --- | --- | | 2026 (part of the year) | 2.9% | | 2025 | 18.3% | | 2024 | 33.1% | | 2023 | 42.6% | | 2022 | −29.3% | | 2021 | 27.4% | | 2020 | 38.3% | | 2019 | 35.9% | | 2018 | −1.7% | | 2017 | 29.9% | | 2016 | 7.0% | | 2015 | 5.5% | | 2014 | 12.8% | | 2013 | 33.1% | | 2012 | 15.2% | | 2011 | 2.3% | | 2010 | 16.5% | | 2009 | 36.7% | | 2008 | −38.2% | | 2007 | 11.5% | | 2006 | 8.9% | | 2005 | 4.8% | | 2004 | 6.2% | | 2003 | 30.1% | | 2002 | −28.1% | | 2001 | −20.8% | | 2000 (part of the year) | −17.1% | ## What was IWF's worst drop? A drawdown is how far a fund falls from its last high point. IWF's worst fall was −64.2%, from July 17, 2000 to March 9, 2009. It got back to that high on September 18, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IWF? No classic strategy holds IWF yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IWF compare with similar ETFs? Funds that can stand in for IWF: - [VONG](https://tactfolio.com/etf/vong.md): Vanguard Russell 1000 Growth ETF, 0.06% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year See [all 8 IWF alternatives](https://tactfolio.com/alternatives/iwf.md), compared on the same dates as IWF. ## Test IWF 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 IWF, 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 IWF. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 IWF? IWF charges 0.18% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $18 a year for every $10,000 you hold. ### When did IWF start trading? IWF started trading on May 22, 2000. It is run by iShares (BlackRock). ### What does IWF track? IWF tracks the Russell 1000 Growth Index. This fund owns large and medium sized US companies that are growing faster than average. ### How much has IWF returned per year? From May 2000 to October 2026, IWF returned about 8.3% a year with dividends reinvested. Its worst drop was −64.2%. Past returns do not tell you what it will do next. ### Which strategies use IWF? None of Tactfolio's classic strategies hold IWF yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) > 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. --- # IWM ETF: fees, returns, drawdowns and holdings > What IWM holds, its 0.19% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Russell 2000 ETF (IWM) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of about 2,000 small US companies. It charges 0.19% a year. From May 2000 to October 2026 it returned about 8.4% a year, and its worst drop was −58.6%. 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: 0.19% a year (about $19 on $10,000). - Started trading on May 22, 2000. - Worst drop since 2000: −58.6%. - 9 Tactfolio classic strategies hold it. ## What does IWM hold? This fund holds stocks of about 2,000 small US companies. Small company stocks can grow faster than big ones, but their prices often move up and down more. One share gives you a small piece of many companies at once. It tracks the Russell 2000 Index. It had 1,983 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IWM | | --- | --- | | Full name | iShares Russell 2000 ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.19% a year | | Started trading | May 22, 2000 | | Tracks | Russell 2000 Index | | Type | US stocks, ETF | | Holdings | 1,983 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) | ## What is the IWM expense ratio? IWM charges 0.19% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.19% fee comes to about $19 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IWM done since 2000? From May 2000 to October 2026, IWM returned about 8.4% a year. Say you put in $10,000 at the start. It would have been worth about $83,198 at the end, with every dividend reinvested. | Measure | IWM | | --- | --- | | Total return | 732.0% | | Return per year (CAGR) | 8.4% | | Worst drop from a high | −58.6% | | Volatility (how much it swings) | 23.8% | | Last 12 months | 11.5% | | Last 3 years, per year | 17.3% | | Last 5 years, per year | 5.0% | | Last 10 years, per year | 9.8% | 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. ## IWM returns by year | Year | IWM return | | --- | --- | | 2026 (part of the year) | 10.6% | | 2025 | 12.7% | | 2024 | 11.4% | | 2023 | 16.8% | | 2022 | −20.5% | | 2021 | 14.5% | | 2020 | 20.0% | | 2019 | 25.4% | | 2018 | −11.1% | | 2017 | 14.6% | | 2016 | 21.6% | | 2015 | −4.5% | | 2014 | 5.0% | | 2013 | 38.7% | | 2012 | 16.7% | | 2011 | −4.4% | | 2010 | 26.9% | | 2009 | 28.5% | | 2008 | −34.1% | | 2007 | −1.8% | | 2006 | 18.3% | | 2005 | 4.5% | | 2004 | 18.1% | | 2003 | 47.9% | | 2002 | −20.4% | | 2001 | 1.8% | | 2000 (part of the year) | 5.6% | ## What was IWM's worst drop? A drawdown is how far a fund falls from its last high point. IWM's worst fall was −58.6%, from July 13, 2007 to March 9, 2009. It got back to that high on February 8, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IWM? 9 classic strategies hold IWM at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 ## How does IWM compare with similar ETFs? Funds that can stand in for IWM: - [SCHA](https://tactfolio.com/etf/scha.md): Schwab U.S. Small-Cap ETF, 0.03% a year - [VB](https://tactfolio.com/etf/vb.md): Vanguard Morningstar Small-Cap ETF, 0.03% a year - [IJR](https://tactfolio.com/etf/ijr.md): iShares Core S&P Small-Cap ETF, 0.06% a year - [VBR](https://tactfolio.com/etf/vbr.md): Vanguard Morningstar Small-Cap Value ETF, 0.05% a year See [all 8 IWM alternatives](https://tactfolio.com/alternatives/iwm.md), compared on the same dates as IWM. ## Test IWM 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 IWM, 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 IWM. 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. Fund facts come from iShares (BlackRock). 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 IWM? IWM charges 0.19% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $19 a year for every $10,000 you hold. ### When did IWM start trading? IWM started trading on May 22, 2000. It is run by iShares (BlackRock). ### What does IWM track? IWM tracks the Russell 2000 Index. This fund holds stocks of about 2,000 small US companies. ### How much has IWM returned per year? From May 2000 to October 2026, IWM returned about 8.4% a year with dividends reinvested. Its worst drop was −58.6%. Past returns do not tell you what it will do next. ### Which strategies use IWM? 9 of Tactfolio's classic strategies hold IWM, including Hybrid Asset Allocation (HAA), Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA). ## Sources - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) > 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. --- # IWN ETF: fees, returns, drawdowns and holdings > What IWN holds, its 0.24% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Russell 2000 Value ETF (IWN) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of small US companies that look cheaper compared with things like their earnings or book value. It charges 0.24% a year. From July 2000 to October 2026 it returned about 9.2% a year, and its worst drop was −61.6%. 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: 0.24% a year (about $24 on $10,000). - Started trading on July 24, 2000. - Worst drop since 2000: −61.6%. - 4 Tactfolio classic strategies hold it. ## What does IWN hold? This fund holds stocks of small US companies that look cheaper compared with things like their earnings or book value. Small company stocks often move up and down more than big company stocks. One share gives you a small piece of many companies. It tracks the Russell 2000 Value Index. It had 1,410 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IWN | | --- | --- | | Full name | iShares Russell 2000 Value ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.24% a year | | Started trading | July 24, 2000 | | Tracks | Russell 2000 Value Index | | Type | US stocks, ETF | | Holdings | 1,410 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) | ## What is the IWN expense ratio? IWN charges 0.24% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.24% fee comes to about $24 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IWN done since 2000? From July 2000 to October 2026, IWN returned about 9.2% a year. Say you put in $10,000 at the start. It would have been worth about $100,474 at the end, with every dividend reinvested. | Measure | IWN | | --- | --- | | Total return | 904.7% | | Return per year (CAGR) | 9.2% | | Worst drop from a high | −61.6% | | Volatility (how much it swings) | 23.6% | | Last 12 months | 20.0% | | Last 3 years, per year | 18.2% | | Last 5 years, per year | 6.7% | | Last 10 years, per year | 9.4% | 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. ## IWN returns by year | Year | IWN return | | --- | --- | | 2026 (part of the year) | 16.4% | | 2025 | 12.4% | | 2024 | 7.6% | | 2023 | 14.6% | | 2022 | −14.8% | | 2021 | 28.0% | | 2020 | 4.7% | | 2019 | 22.0% | | 2018 | −13.0% | | 2017 | 7.7% | | 2016 | 32.0% | | 2015 | −7.7% | | 2014 | 4.1% | | 2013 | 34.4% | | 2012 | 18.1% | | 2011 | −5.8% | | 2010 | 24.7% | | 2009 | 20.5% | | 2008 | −28.7% | | 2007 | −10.3% | | 2006 | 23.5% | | 2005 | 4.4% | | 2004 | 22.1% | | 2003 | 46.4% | | 2002 | −11.4% | | 2001 | 12.9% | | 2000 (part of the year) | 13.8% | ## What was IWN's worst drop? A drawdown is how far a fund falls from its last high point. IWN's worst fall was −61.6%, from June 4, 2007 to March 9, 2009. It got back to that high on December 20, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IWN? 4 classic strategies hold IWN at least some of the time. Each is a set of written rules you can open, test and copy. - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 ## How does IWN compare with similar ETFs? Funds that can stand in for IWN: - [VBR](https://tactfolio.com/etf/vbr.md): Vanguard Morningstar Small-Cap Value ETF, 0.05% a year - [IJS](https://tactfolio.com/etf/ijs.md): iShares S&P Small-Cap 600 Value ETF, 0.18% a year - [AVUV](https://tactfolio.com/etf/avuv.md): Avantis U.S. Small Cap Value ETF, 0.25% a year - [SCHA](https://tactfolio.com/etf/scha.md): Schwab U.S. Small-Cap ETF, 0.03% a year See [all 8 IWN alternatives](https://tactfolio.com/alternatives/iwn.md), compared on the same dates as IWN. ## Test IWN 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 IWN, 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 IWN. 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. Fund facts come from iShares (BlackRock). 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 IWN? IWN charges 0.24% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $24 a year for every $10,000 you hold. ### When did IWN start trading? IWN started trading on July 24, 2000. It is run by iShares (BlackRock). ### What does IWN track? IWN tracks the Russell 2000 Value Index. This fund holds stocks of small US companies that look cheaper compared with things like their earnings or book value. ### How much has IWN returned per year? From July 2000 to October 2026, IWN returned about 9.2% a year with dividends reinvested. Its worst drop was −61.6%. Past returns do not tell you what it will do next. ### Which strategies use IWN? 4 of Tactfolio's classic strategies hold IWN, including GTAA 13: Faber’s 13-asset tactical allocation, GTAA Aggressive 3 (Faber GTAA AGG3), GTAA Aggressive 6 (Faber GTAA AGG6). ## Sources - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) > 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. --- # IWR ETF: fees, returns, drawdowns and holdings > What IWR holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Russell Mid-Cap ETF (IWR) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 800 medium sized US companies. It charges 0.18% a year. From August 2001 to October 2026 it returned about 9.9% a year, and its worst drop was −58.8%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.18% a year (about $18 on $10,000). - Started trading on July 17, 2001. - Worst drop since 2001: −58.8%. - No Tactfolio classic strategies hold it. ## What does IWR hold? This fund owns about 800 medium sized US companies. These companies are smaller than the giants but bigger than small companies. Their prices can swing more than the biggest companies. It tracks the Russell MidCap Index. It had 822 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IWR | | --- | --- | | Full name | iShares Russell Mid-Cap ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.18% a year | | Started trading | July 17, 2001 | | Tracks | Russell MidCap Index | | Type | US stocks, ETF | | Holdings | 822 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf) | ## What is the IWR expense ratio? IWR charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IWR done since 2001? From August 2001 to October 2026, IWR returned about 9.9% a year. Say you put in $10,000 at the start. It would have been worth about $107,922 at the end, with every dividend reinvested. | Measure | IWR | | --- | --- | | Total return | 979.2% | | Return per year (CAGR) | 9.9% | | Worst drop from a high | −58.8% | | Volatility (how much it swings) | 20.1% | | Last 12 months | 15.5% | | Last 3 years, per year | 17.6% | | Last 5 years, per year | 7.3% | | Last 10 years, per year | 11.5% | 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. ## IWR returns by year | Year | IWR return | | --- | --- | | 2026 (part of the year) | 13.7% | | 2025 | 10.4% | | 2024 | 15.2% | | 2023 | 17.1% | | 2022 | −17.5% | | 2021 | 22.4% | | 2020 | 16.9% | | 2019 | 30.2% | | 2018 | −9.1% | | 2017 | 18.3% | | 2016 | 13.7% | | 2015 | −2.6% | | 2014 | 13.1% | | 2013 | 34.5% | | 2012 | 17.1% | | 2011 | −1.8% | | 2010 | 25.4% | | 2009 | 40.6% | | 2008 | −41.4% | | 2007 | 5.1% | | 2006 | 15.1% | | 2005 | 12.5% | | 2004 | 19.6% | | 2003 | 40.1% | | 2002 | −16.6% | | 2001 (part of the year) | 1.3% | ## What was IWR's worst drop? A drawdown is how far a fund falls from its last high point. IWR's worst fall was −58.8%, from July 13, 2007 to March 9, 2009. It got back to that high on February 7, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IWR? No classic strategy holds IWR yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IWR compare with similar ETFs? Funds that can stand in for IWR: - [SCHM](https://tactfolio.com/etf/schm.md): Schwab U.S. Mid-Cap ETF, 0.03% a year - [VO](https://tactfolio.com/etf/vo.md): Vanguard Morningstar Mid-Cap ETF, 0.03% a year - [IJH](https://tactfolio.com/etf/ijh.md): iShares Core S&P Mid-Cap ETF, 0.05% a year - [MDY](https://tactfolio.com/etf/mdy.md): State Street SPDR S&P MidCap 400 ETF Trust, 0.23% a year See [all 8 IWR alternatives](https://tactfolio.com/alternatives/iwr.md), compared on the same dates as IWR. ## Test IWR 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 IWR, 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 IWR. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 IWR? IWR charges 0.18% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $18 a year for every $10,000 you hold. ### When did IWR start trading? IWR started trading on July 17, 2001. It is run by iShares (BlackRock). ### What does IWR track? IWR tracks the Russell MidCap Index. This fund owns about 800 medium sized US companies. ### How much has IWR returned per year? From August 2001 to October 2026, IWR returned about 9.9% a year with dividends reinvested. Its worst drop was −58.8%. Past returns do not tell you what it will do next. ### Which strategies use IWR? None of Tactfolio's classic strategies hold IWR yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf) > 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. --- # IYW ETF: fees, returns, drawdowns and holdings > What IYW holds, its 0.37% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares U.S. Technology ETF (IYW) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns US technology companies, such as makers of computer chips, software and phones. It charges 0.37% a year. From May 2000 to October 2026 it returned about 9.4% a year, and its worst drop was −81.9%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.37% a year (about $37 on $10,000). - Started trading on May 15, 2000. - Worst drop since 2000: −81.9%. - No Tactfolio classic strategies hold it. ## What does IYW hold? This fund owns US technology companies, such as makers of computer chips, software and phones. A few very large companies make up a big part of the fund. Because it sticks to one industry, its price can swing a lot. It tracks the Russell 1000 Technology RIC 22.5/45 Capped Index. It had 148 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IYW | | --- | --- | | Full name | iShares U.S. Technology ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.37% a year | | Started trading | May 15, 2000 | | Tracks | Russell 1000 Technology RIC 22.5/45 Capped Index | | Type | US stocks, ETF | | Holdings | 148 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) | ## What is the IYW expense ratio? IYW charges 0.37% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.37% fee comes to about $37 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IYW done since 2000? From May 2000 to October 2026, IYW returned about 9.4% a year. Say you put in $10,000 at the start. It would have been worth about $106,638 at the end, with every dividend reinvested. | Measure | IYW | | --- | --- | | Total return | 966.4% | | Return per year (CAGR) | 9.4% | | Worst drop from a high | −81.9% | | Volatility (how much it swings) | 27.2% | | Last 12 months | 28.0% | | Last 3 years, per year | 32.3% | | Last 5 years, per year | 19.2% | | Last 10 years, per year | 24.6% | 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. ## IYW returns by year | Year | IYW return | | --- | --- | | 2026 (part of the year) | 25.9% | | 2025 | 25.4% | | 2024 | 30.3% | | 2023 | 65.8% | | 2022 | −34.8% | | 2021 | 35.4% | | 2020 | 47.4% | | 2019 | 46.6% | | 2018 | −0.9% | | 2017 | 36.6% | | 2016 | 13.7% | | 2015 | 3.7% | | 2014 | 19.5% | | 2013 | 26.6% | | 2012 | 11.7% | | 2011 | −0.1% | | 2010 | 12.4% | | 2009 | 63.8% | | 2008 | −43.1% | | 2007 | 15.0% | | 2006 | 10.0% | | 2005 | 2.8% | | 2004 | 1.3% | | 2003 | 49.3% | | 2002 | −38.9% | | 2001 | −28.6% | | 2000 (part of the year) | −32.1% | ## What was IYW's worst drop? A drawdown is how far a fund falls from its last high point. IYW's worst fall was −81.9%, from July 17, 2000 to October 9, 2002. It got back to that high on January 11, 2017. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IYW? No classic strategy holds IYW yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IYW compare with similar ETFs? Funds that can stand in for IYW: - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year - [FTEC](https://tactfolio.com/etf/ftec.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year - [VGT](https://tactfolio.com/etf/vgt.md): Vanguard Information Technology ETF, 0.09% a year - [QQQM](https://tactfolio.com/etf/qqqm.md): Invesco NASDAQ 100 ETF, 0.15% a year See [all 8 IYW alternatives](https://tactfolio.com/alternatives/iyw.md), compared on the same dates as IYW. ## Test IYW 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 IYW, 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 IYW. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 IYW? IYW charges 0.37% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $37 a year for every $10,000 you hold. ### When did IYW start trading? IYW started trading on May 15, 2000. It is run by iShares (BlackRock). ### What does IYW track? IYW tracks the Russell 1000 Technology RIC 22.5/45 Capped Index. This fund owns US technology companies, such as makers of computer chips, software and phones. ### How much has IYW returned per year? From May 2000 to October 2026, IYW returned about 9.4% a year with dividends reinvested. Its worst drop was −81.9%. Past returns do not tell you what it will do next. ### Which strategies use IYW? None of Tactfolio's classic strategies hold IYW yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) > 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. --- # JEPI ETF: fees, returns, drawdowns and holdings > What JEPI holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. JPMorgan Equity Premium Income ETF (JEPI) is an exchange-traded fund (ETF) run by J.P. Morgan Asset Management. This fund owns a group of large US stocks picked by its managers and also sells options on the S&P 500 to collect extra cash it can pay out as monthly income. It charges 0.35% a year. From May 2020 to October 2026 it returned about 11.1% a year, and its worst drop was −13.7%. 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: 0.35% a year (about $35 on $10,000). - Started trading on May 20, 2020. - Worst drop since 2020: −13.7%. - No Tactfolio classic strategies hold it. ## What does JEPI hold? This fund owns a group of large US stocks picked by its managers and also sells options on the S&P 500 to collect extra cash it can pay out as monthly income. Selling those options means the fund gives up some of the gain when stocks climb fast, so it can trail the market in strong years. It still owns stocks, so its price can fall when the stock market falls. It does not track an index. Its managers choose what it holds. It had 135 holdings as of October 15, 2026, according to J.P. Morgan Asset Management. | Fact | JEPI | | --- | --- | | Full name | JPMorgan Equity Premium Income ETF | | Issuer | J.P. Morgan Asset Management | | Expense ratio | 0.35% a year | | Started trading | May 20, 2020 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Holdings | 135 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [J.P. Morgan Asset Management fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) | ## What is the JEPI expense ratio? JEPI charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has JEPI done since 2020? From May 2020 to October 2026, JEPI returned about 11.1% a year. Say you put in $10,000 at the start. It would have been worth about $19,668 at the end, with every dividend reinvested. | Measure | JEPI | | --- | --- | | Total return | 96.7% | | Return per year (CAGR) | 11.1% | | Worst drop from a high | −13.7% | | Volatility (how much it swings) | 10.6% | | Last 12 months | 9.3% | | Last 3 years, per year | 10.3% | | Last 5 years, per year | 7.5% | 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. ## JEPI returns by year | Year | JEPI return | | --- | --- | | 2026 (part of the year) | 5.8% | | 2025 | 8.1% | | 2024 | 12.6% | | 2023 | 9.8% | | 2022 | −3.5% | | 2021 | 21.5% | | 2020 (part of the year) | 18.6% | ## What was JEPI's worst drop? A drawdown is how far a fund falls from its last high point. JEPI's worst fall was −13.7%, from April 20, 2022 to September 30, 2022. It got back to that high on June 15, 2023. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold JEPI? No classic strategy holds JEPI yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does JEPI compare with similar ETFs? Funds that can stand in for JEPI: - [GPIX](https://tactfolio.com/etf/gpix.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year - [JEPQ](https://tactfolio.com/etf/jepq.md): JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year - [DIVO](https://tactfolio.com/etf/divo.md): Amplify CWP Enhanced Dividend Income ETF, 0.56% a year - [QYLD](https://tactfolio.com/etf/qyld.md): Global X NASDAQ 100 Covered Call ETF, 0.6% a year See [all 8 JEPI alternatives](https://tactfolio.com/alternatives/jepi.md), compared on the same dates as JEPI. ## Test JEPI 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 JEPI, 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 JEPI. 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. Fund facts come from J.P. Morgan Asset Management. 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 - [Covered calls](https://tactfolio.com/learn/covered-call): A covered call means owning 100 shares and selling a call option on them for income. - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [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. ## Common questions ### What is the expense ratio of JEPI? JEPI charges 0.35% a year, according to J.P. Morgan Asset Management as of October 16, 2026. That is about $35 a year for every $10,000 you hold. ### When did JEPI start trading? JEPI started trading on May 20, 2020. It is run by J.P. Morgan Asset Management. ### What does JEPI track? JEPI does not track an index. Its managers choose what it holds. ### How much has JEPI returned per year? From May 2020 to October 2026, JEPI returned about 11.1% a year with dividends reinvested. Its worst drop was −13.7%. Past returns do not tell you what it will do next. ### Which strategies use JEPI? None of Tactfolio's classic strategies hold JEPI yet. You can test it in your own rules in the builder. ## Sources - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) > 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. --- # JEPQ ETF: fees, returns, drawdowns and holdings > What JEPQ holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is an exchange-traded fund (ETF) run by J.P. Morgan Asset Management. This fund owns Nasdaq-100 stocks picked by its managers. It charges 0.35% a year. From May 2022 to October 2026 it returned about 15.3% a year, and its worst drop was −20.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.35% a year (about $35 on $10,000). - Started trading on May 3, 2022. - Worst drop since 2022: −20.1%. - No Tactfolio classic strategies hold it. ## What does JEPQ hold? This fund owns Nasdaq-100 stocks picked by its managers. It also sells options to collect extra cash for monthly income. That means it gives up some gains when stocks rise fast, and it can still fall when tech stocks drop. It does not track an index. Its managers choose what it holds. It had 110 holdings as of October 16, 2026, according to J.P. Morgan Asset Management. | Fact | JEPQ | | --- | --- | | Full name | JPMorgan Nasdaq Equity Premium Income ETF | | Issuer | J.P. Morgan Asset Management | | Expense ratio | 0.35% a year | | Started trading | May 3, 2022 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Holdings | 110 holdings as of October 16, 2026 | | Facts checked | October 17, 2026 on the [J.P. Morgan Asset Management fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) | ## What is the JEPQ expense ratio? JEPQ charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has JEPQ done since 2022? From May 2022 to October 2026, JEPQ returned about 15.3% a year. Say you put in $10,000 at the start. It would have been worth about $18,888 at the end, with every dividend reinvested. | Measure | JEPQ | | --- | --- | | Total return | 88.9% | | Return per year (CAGR) | 15.3% | | Worst drop from a high | −20.1% | | Volatility (how much it swings) | 16.6% | | Last 12 months | 15.7% | | Last 3 years, per year | 19.6% | 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. ## JEPQ returns by year | Year | JEPQ return | | --- | --- | | 2026 (part of the year) | 10.7% | | 2025 | 15.2% | | 2024 | 24.9% | | 2023 | 36.3% | | 2022 (part of the year) | −12.9% | ## What was JEPQ's worst drop? A drawdown is how far a fund falls from its last high point. JEPQ's worst fall was −20.1%, from February 19, 2025 to April 8, 2025. It got back to that high on August 8, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold JEPQ? No classic strategy holds JEPQ yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does JEPQ compare with similar ETFs? Funds that can stand in for JEPQ: - [GPIX](https://tactfolio.com/etf/gpix.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year - [JEPI](https://tactfolio.com/etf/jepi.md): JPMorgan Equity Premium Income ETF, 0.35% a year - [DIVO](https://tactfolio.com/etf/divo.md): Amplify CWP Enhanced Dividend Income ETF, 0.56% a year - [QYLD](https://tactfolio.com/etf/qyld.md): Global X NASDAQ 100 Covered Call ETF, 0.6% a year See [all 8 JEPQ alternatives](https://tactfolio.com/alternatives/jepq.md), compared on the same dates as JEPQ. ## Test JEPQ 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 JEPQ, 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 JEPQ. 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. Fund facts come from J.P. Morgan Asset Management. We checked them on October 17, 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 JEPQ? JEPQ charges 0.35% a year, according to J.P. Morgan Asset Management as of October 17, 2026. That is about $35 a year for every $10,000 you hold. ### When did JEPQ start trading? JEPQ started trading on May 3, 2022. It is run by J.P. Morgan Asset Management. ### What does JEPQ track? JEPQ does not track an index. Its managers choose what it holds. ### How much has JEPQ returned per year? From May 2022 to October 2026, JEPQ returned about 15.3% a year with dividends reinvested. Its worst drop was −20.1%. Past returns do not tell you what it will do next. ### Which strategies use JEPQ? None of Tactfolio's classic strategies hold JEPQ yet. You can test it in your own rules in the builder. ## Sources - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) > 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. --- # MDY ETF: fees, returns, drawdowns and holdings > What MDY holds, its 0.23% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR S&P MidCap 400 ETF Trust (MDY) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the 400 medium-sized US companies in the S&P MidCap 400 index. It charges 0.23% a year. From May 1995 to October 2026 it returned about 11.0% a year, and its worst drop was −55.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.23% a year (about $23 on $10,000). - Started trading on May 4, 1995. - Worst drop since 1995: −55.3%. - No Tactfolio classic strategies hold it. ## What does MDY hold? This fund owns the 400 medium-sized US companies in the S&P MidCap 400 index. It started in 1995 and is one of the oldest ETFs. Its yearly fee is higher than some newer funds that follow the same index. It tracks the S&P MidCap 400 Index. It had 400 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | MDY | | --- | --- | | Full name | State Street SPDR S&P MidCap 400 ETF Trust | | Issuer | SPDR (State Street) | | Expense ratio | 0.23% a year | | Started trading | May 4, 1995 | | Tracks | S&P MidCap 400 Index | | Type | US stocks, ETF | | Holdings | 400 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy) | ## What is the MDY expense ratio? MDY charges 0.23% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.23% fee comes to about $23 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has MDY done since 1995? From May 1995 to October 2026, MDY returned about 11.0% a year. Say you put in $10,000 at the start. It would have been worth about $265,693 at the end, with every dividend reinvested. | Measure | MDY | | --- | --- | | Total return | 2,557% | | Return per year (CAGR) | 11.0% | | Worst drop from a high | −55.3% | | Volatility (how much it swings) | 21.4% | | Last 12 months | 13.5% | | Last 3 years, per year | 14.7% | | Last 5 years, per year | 7.0% | | Last 10 years, per year | 10.4% | 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. ## MDY returns by year | Year | MDY return | | --- | --- | | 2026 (part of the year) | 10.2% | | 2025 | 7.2% | | 2024 | 13.6% | | 2023 | 16.1% | | 2022 | −13.3% | | 2021 | 24.2% | | 2020 | 13.5% | | 2019 | 25.8% | | 2018 | −11.3% | | 2017 | 15.9% | | 2016 | 20.5% | | 2015 | −2.5% | | 2014 | 9.4% | | 2013 | 33.1% | | 2012 | 17.8% | | 2011 | −2.1% | | 2010 | 26.3% | | 2009 | 37.6% | | 2008 | −36.4% | | 2007 | 7.2% | | 2006 | 10.0% | | 2005 | 12.5% | | 2004 | 15.9% | | 2003 | 35.3% | | 2002 | −14.5% | | 2001 | −0.9% | | 2000 | 17.3% | | 1999 | 15.5% | | 1998 | 17.2% | | 1997 | 31.1% | | 1996 | 15.5% | | 1995 (part of the year) | 16.9% | ## What was MDY's worst drop? A drawdown is how far a fund falls from its last high point. MDY's worst fall was −55.3%, from July 13, 2007 to March 9, 2009. It got back to that high on December 6, 2010. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold MDY? No classic strategy holds MDY yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does MDY compare with similar ETFs? Funds that can stand in for MDY: - [IJH](https://tactfolio.com/etf/ijh.md): iShares Core S&P Mid-Cap ETF, 0.05% a year - [SCHM](https://tactfolio.com/etf/schm.md): Schwab U.S. Mid-Cap ETF, 0.03% a year - [VO](https://tactfolio.com/etf/vo.md): Vanguard Morningstar Mid-Cap ETF, 0.03% a year - [IWR](https://tactfolio.com/etf/iwr.md): iShares Russell Mid-Cap ETF, 0.18% a year See [all 8 MDY alternatives](https://tactfolio.com/alternatives/mdy.md), compared on the same dates as MDY. ## Test MDY 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 MDY, 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 MDY. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 MDY? MDY charges 0.23% a year, according to SPDR (State Street) as of October 17, 2026. That is about $23 a year for every $10,000 you hold. ### When did MDY start trading? MDY started trading on May 4, 1995. It is run by SPDR (State Street). ### What does MDY track? MDY tracks the S&P MidCap 400 Index. This fund owns the 400 medium-sized US companies in the S&P MidCap 400 index. ### How much has MDY returned per year? From May 1995 to October 2026, MDY returned about 11.0% a year with dividends reinvested. Its worst drop was −55.3%. Past returns do not tell you what it will do next. ### Which strategies use MDY? None of Tactfolio's classic strategies hold MDY yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street SPDR S&P MidCap 400 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy) > 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. --- # MGK ETF: fees, returns, drawdowns and holdings > What MGK holds, its 0.05% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Morningstar Mega Cap Growth ETF (MGK) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 50 very large US companies that are growing fast. It charges 0.05% a year. From December 2007 to October 2026 it returned about 13.5% a year, and its worst drop was −48.0%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.05% a year (about $5 on $10,000). - Started trading on December 17, 2007. - Worst drop since 2007: −48.0%. - No Tactfolio classic strategies hold it. ## What does MGK hold? This fund owns shares of about 50 very large US companies that are growing fast. Because it holds so few stocks, a handful of tech giants make up much of its value. It can swing more than a fund that owns the whole market. It tracks the Morningstar US Mega Cap Growth Index. It had 52 holdings as of September 30, 2026, according to Vanguard. | Fact | MGK | | --- | --- | | Full name | Vanguard Morningstar Mega Cap Growth ETF | | Issuer | Vanguard | | Expense ratio | 0.05% a year | | Started trading | December 17, 2007 | | Tracks | Morningstar US Mega Cap Growth Index | | Type | US stocks, ETF | | Holdings | 52 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) | ## What is the MGK expense ratio? MGK charges 0.05% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.05% fee comes to about $5 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has MGK done since 2007? From December 2007 to October 2026, MGK returned about 13.5% a year. Say you put in $10,000 at the start. It would have been worth about $107,839 at the end, with every dividend reinvested. | Measure | MGK | | --- | --- | | Total return | 978.4% | | Return per year (CAGR) | 13.5% | | Worst drop from a high | −48.0% | | Volatility (how much it swings) | 21.1% | | Last 12 months | 12.8% | | Last 3 years, per year | 24.6% | | Last 5 years, per year | 13.6% | | Last 10 years, per year | 18.8% | 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. ## MGK returns by year | Year | MGK return | | --- | --- | | 2026 (part of the year) | 9.2% | | 2025 | 20.7% | | 2024 | 32.9% | | 2023 | 51.7% | | 2022 | −33.6% | | 2021 | 28.6% | | 2020 | 41.0% | | 2019 | 37.4% | | 2018 | −2.9% | | 2017 | 29.5% | | 2016 | 6.6% | | 2015 | 3.6% | | 2014 | 13.2% | | 2013 | 32.6% | | 2012 | 17.2% | | 2011 | 3.1% | | 2010 | 14.5% | | 2009 | 35.0% | | 2008 | −36.3% | | 2007 (part of the year) | −1.1% | ## What was MGK's worst drop? A drawdown is how far a fund falls from its last high point. MGK's worst fall was −48.0%, from December 27, 2007 to March 9, 2009. It got back to that high on January 14, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold MGK? No classic strategy holds MGK yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does MGK compare with similar ETFs? Funds that can stand in for MGK: - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year - [VONG](https://tactfolio.com/etf/vong.md): Vanguard Russell 1000 Growth ETF, 0.06% a year See [all 8 MGK alternatives](https://tactfolio.com/alternatives/mgk.md), compared on the same dates as MGK. ## Test MGK 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 MGK, 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 MGK. 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. Fund facts come from Vanguard. We checked them on October 17, 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 MGK? MGK charges 0.05% a year, according to Vanguard as of October 17, 2026. That is about $5 a year for every $10,000 you hold. ### When did MGK start trading? MGK started trading on December 17, 2007. It is run by Vanguard. ### What does MGK track? MGK tracks the Morningstar US Mega Cap Growth Index. This fund owns shares of about 50 very large US companies that are growing fast. ### How much has MGK returned per year? From December 2007 to October 2026, MGK returned about 13.5% a year with dividends reinvested. Its worst drop was −48.0%. Past returns do not tell you what it will do next. ### Which strategies use MGK? None of Tactfolio's classic strategies hold MGK yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) > 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. --- # MTUM ETF: fees, returns, drawdowns and holdings > What MTUM holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI USA Momentum Factor ETF (MTUM) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns large and medium sized US companies whose stock prices have been rising faster than others. It charges 0.15% a year. From April 2013 to October 2026 it returned about 15.2% a year, and its worst drop was −34.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.15% a year (about $15 on $10,000). - Started trading on April 16, 2013. - Worst drop since 2013: −34.1%. - No Tactfolio classic strategies hold it. ## What does MTUM hold? This fund owns large and medium sized US companies whose stock prices have been rising faster than others. Its list of companies changes as those price trends shift. Stocks that rose fast can also fall fast. It tracks the MSCI USA Momentum SR Variant Index. It had 125 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | MTUM | | --- | --- | | Full name | iShares MSCI USA Momentum Factor ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | April 16, 2013 | | Tracks | MSCI USA Momentum SR Variant Index | | Type | US stocks, ETF | | Holdings | 125 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/251614/ishares-msci-usa-momentum-factor-etf) | ## What is the MTUM expense ratio? MTUM charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has MTUM done since 2013? From April 2013 to October 2026, MTUM returned about 15.2% a year. Say you put in $10,000 at the start. It would have been worth about $67,386 at the end, with every dividend reinvested. | Measure | MTUM | | --- | --- | | Total return | 573.9% | | Return per year (CAGR) | 15.2% | | Worst drop from a high | −34.1% | | Volatility (how much it swings) | 20.2% | | Last 12 months | 16.7% | | Last 3 years, per year | 28.2% | | Last 5 years, per year | 11.0% | | Last 10 years, per year | 15.8% | 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. ## MTUM returns by year | Year | MTUM return | | --- | --- | | 2026 (part of the year) | 17.6% | | 2025 | 22.1% | | 2024 | 32.9% | | 2023 | 9.2% | | 2022 | −18.3% | | 2021 | 13.4% | | 2020 | 29.9% | | 2019 | 27.3% | | 2018 | −1.7% | | 2017 | 37.5% | | 2016 | 5.0% | | 2015 | 8.9% | | 2014 | 14.6% | | 2013 (part of the year) | 19.2% | ## What was MTUM's worst drop? A drawdown is how far a fund falls from its last high point. MTUM's worst fall was −34.1%, from February 19, 2020 to March 23, 2020. It got back to that high on July 6, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold MTUM? No classic strategy holds MTUM yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does MTUM compare with similar ETFs? Funds that can stand in for MTUM: - [QMOM](https://tactfolio.com/etf/qmom.md): Alpha Architect U.S. Quantitative Momentum ETF, 0.28% a year - [PDP](https://tactfolio.com/etf/pdp.md): Invesco Dorsey Wright Momentum ETF, 0.62% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year See [all 8 MTUM alternatives](https://tactfolio.com/alternatives/mtum.md), compared on the same dates as MTUM. ## Test MTUM 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 MTUM, 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 MTUM. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 MTUM? MTUM charges 0.15% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $15 a year for every $10,000 you hold. ### When did MTUM start trading? MTUM started trading on April 16, 2013. It is run by iShares (BlackRock). ### What does MTUM track? MTUM tracks the MSCI USA Momentum SR Variant Index. This fund owns large and medium sized US companies whose stock prices have been rising faster than others. ### How much has MTUM returned per year? From April 2013 to October 2026, MTUM returned about 15.2% a year with dividends reinvested. Its worst drop was −34.1%. Past returns do not tell you what it will do next. ### Which strategies use MTUM? None of Tactfolio's classic strategies hold MTUM yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares MSCI USA Momentum Factor ETF fund page](https://www.ishares.com/us/products/251614/ishares-msci-usa-momentum-factor-etf) > 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. --- # NOBL ETF: fees, returns, drawdowns and holdings > What NOBL holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. ProShares S&P 500 Dividend Aristocrats ETF (NOBL) is an exchange-traded fund (ETF) run by ProShares. This fund owns S&P 500 companies that have raised their dividends every year for at least 25 years. It charges 0.35% a year. From October 2013 to October 2026 it returned about 10.5% a year, and its worst drop was −35.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.35% a year (about $35 on $10,000). - Started trading on October 9, 2013. - Worst drop since 2013: −35.4%. - No Tactfolio classic strategies hold it. ## What does NOBL hold? This fund owns S&P 500 companies that have raised their dividends every year for at least 25 years. Each company gets about the same weight. It still goes up and down with the stock market. It tracks the S&P 500 Dividend Aristocrats Index. It had 71 holdings as of August 31, 2026, according to ProShares. | Fact | NOBL | | --- | --- | | Full name | ProShares S&P 500 Dividend Aristocrats ETF | | Issuer | ProShares | | Expense ratio | 0.35% a year | | Started trading | October 9, 2013 | | Tracks | S&P 500 Dividend Aristocrats Index | | Type | US stocks, ETF | | Holdings | 71 holdings as of August 31, 2026 | | Facts checked | October 17, 2026 on the [ProShares fund page](https://www.proshares.com/our-etfs/strategic/nobl) | ## What is the NOBL expense ratio? NOBL charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has NOBL done since 2013? From October 2013 to October 2026, NOBL returned about 10.5% a year. Say you put in $10,000 at the start. It would have been worth about $36,658 at the end, with every dividend reinvested. | Measure | NOBL | | --- | --- | | Total return | 266.6% | | Return per year (CAGR) | 10.5% | | Worst drop from a high | −35.4% | | Volatility (how much it swings) | 15.8% | | Last 12 months | 15.1% | | Last 3 years, per year | 11.4% | | Last 5 years, per year | 6.7% | | Last 10 years, per year | 10.4% | 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. ## NOBL returns by year | Year | NOBL return | | --- | --- | | 2026 (part of the year) | 11.5% | | 2025 | 6.8% | | 2024 | 6.7% | | 2023 | 8.1% | | 2022 | −6.5% | | 2021 | 25.5% | | 2020 | 8.3% | | 2019 | 27.4% | | 2018 | −3.3% | | 2017 | 21.0% | | 2016 | 11.7% | | 2015 | 0.4% | | 2014 | 15.6% | | 2013 (part of the year) | 8.6% | ## What was NOBL's worst drop? A drawdown is how far a fund falls from its last high point. NOBL's worst fall was −35.4%, from January 17, 2020 to March 23, 2020. It got back to that high on October 8, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold NOBL? No classic strategy holds NOBL yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does NOBL compare with similar ETFs? Funds that can stand in for NOBL: - [VIG](https://tactfolio.com/etf/vig.md): Vanguard Dividend Appreciation ETF, 0.04% a year - [DGRO](https://tactfolio.com/etf/dgro.md): iShares Core Dividend Growth ETF, 0.08% a year - [DGRW](https://tactfolio.com/etf/dgrw.md): WisdomTree U.S. Quality Dividend Growth Fund, 0.28% a year - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year See [all 8 NOBL alternatives](https://tactfolio.com/alternatives/nobl.md), compared on the same dates as NOBL. ## Test NOBL 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 NOBL, 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 NOBL. 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. Fund facts come from ProShares. We checked them on October 17, 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 NOBL? NOBL charges 0.35% a year, according to ProShares as of October 17, 2026. That is about $35 a year for every $10,000 you hold. ### When did NOBL start trading? NOBL started trading on October 9, 2013. It is run by ProShares. ### What does NOBL track? NOBL tracks the S&P 500 Dividend Aristocrats Index. This fund owns S&P 500 companies that have raised their dividends every year for at least 25 years. ### How much has NOBL returned per year? From October 2013 to October 2026, NOBL returned about 10.5% a year with dividends reinvested. Its worst drop was −35.4%. Past returns do not tell you what it will do next. ### Which strategies use NOBL? None of Tactfolio's classic strategies hold NOBL yet. You can test it in your own rules in the builder. ## Sources - [ProShares: ProShares S&P 500 Dividend Aristocrats ETF fund page](https://www.proshares.com/our-etfs/strategic/nobl) > 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. --- # ONEQ ETF: fees, returns, drawdowns and holdings > What ONEQ holds, its 0.21% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Fidelity Nasdaq Composite Index ETF (ONEQ) is an exchange-traded fund (ETF) run by Fidelity. This fund owns about 1,000 companies listed on the Nasdaq stock market. It charges 0.21% a year. From October 2003 to October 2026 it returned about 13.2% a year, and its worst drop was −55.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.21% a year (about $21 on $10,000). - Started trading on September 25, 2003. - Worst drop since 2003: −55.1%. - No Tactfolio classic strategies hold it. ## What does ONEQ hold? This fund owns about 1,000 companies listed on the Nasdaq stock market. More than half of the fund is in technology companies. A few very large companies make up a big share, so its price can swing a lot. It tracks the Nasdaq Composite Index. It had 1,032 holdings as of September 30, 2026, according to Fidelity. | Fact | ONEQ | | --- | --- | | Full name | Fidelity Nasdaq Composite Index ETF | | Issuer | Fidelity | | Expense ratio | 0.21% a year | | Started trading | September 25, 2003 | | Tracks | Nasdaq Composite Index | | Type | US stocks, ETF | | Holdings | 1,032 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Fidelity fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) | ## What is the ONEQ expense ratio? ONEQ charges 0.21% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.21% fee comes to about $21 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has ONEQ done since 2003? From October 2003 to October 2026, ONEQ returned about 13.2% a year. Say you put in $10,000 at the start. It would have been worth about $172,354 at the end, with every dividend reinvested. | Measure | ONEQ | | --- | --- | | Total return | 1,624% | | Return per year (CAGR) | 13.2% | | Worst drop from a high | −55.1% | | Volatility (how much it swings) | 20.8% | | Last 12 months | 16.8% | | Last 3 years, per year | 25.3% | | Last 5 years, per year | 13.0% | | Last 10 years, per year | 18.6% | 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. ## ONEQ returns by year | Year | ONEQ return | | --- | --- | | 2026 (part of the year) | 13.1% | | 2025 | 20.9% | | 2024 | 29.3% | | 2023 | 45.7% | | 2022 | −32.1% | | 2021 | 22.1% | | 2020 | 44.9% | | 2019 | 37.1% | | 2018 | −3.2% | | 2017 | 29.3% | | 2016 | 8.8% | | 2015 | 6.7% | | 2014 | 14.7% | | 2013 | 39.9% | | 2012 | 16.2% | | 2011 | −0.8% | | 2010 | 17.8% | | 2009 | 45.2% | | 2008 | −39.8% | | 2007 | 9.9% | | 2006 | 10.3% | | 2005 | 1.9% | | 2004 | 8.9% | | 2003 (part of the year) | 9.2% | ## What was ONEQ's worst drop? A drawdown is how far a fund falls from its last high point. ONEQ's worst fall was −55.1%, from October 31, 2007 to March 9, 2009. It got back to that high on February 7, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold ONEQ? No classic strategy holds ONEQ yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does ONEQ compare with similar ETFs? Funds that can stand in for ONEQ: - [QQQM](https://tactfolio.com/etf/qqqm.md): Invesco NASDAQ 100 ETF, 0.15% a year - [QQQ](https://tactfolio.com/etf/qqq.md): Invesco QQQ Trust, Series 1, 0.18% a year - [QQEW](https://tactfolio.com/etf/qqew.md): First Trust Nasdaq-100 Select Equal Weight ETF, 0.55% a year - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year See [all 8 ONEQ alternatives](https://tactfolio.com/alternatives/oneq.md), compared on the same dates as ONEQ. ## Test ONEQ 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 ONEQ, 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 ONEQ. 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. Fund facts come from Fidelity. We checked them on October 17, 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 ONEQ? ONEQ charges 0.21% a year, according to Fidelity as of October 17, 2026. That is about $21 a year for every $10,000 you hold. ### When did ONEQ start trading? ONEQ started trading on September 25, 2003. It is run by Fidelity. ### What does ONEQ track? ONEQ tracks the Nasdaq Composite Index. This fund owns about 1,000 companies listed on the Nasdaq stock market. ### How much has ONEQ returned per year? From October 2003 to October 2026, ONEQ returned about 13.2% a year with dividends reinvested. Its worst drop was −55.1%. Past returns do not tell you what it will do next. ### Which strategies use ONEQ? None of Tactfolio's classic strategies hold ONEQ yet. You can test it in your own rules in the builder. ## Sources - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) > 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. --- # PDP ETF: fees, returns, drawdowns and holdings > What PDP holds, its 0.62% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Invesco Dorsey Wright Momentum ETF (PDP) is an exchange-traded fund (ETF) run by Invesco. This fund owns about 100 large and mid-size US stocks that a set of rules picks for strong recent price gains, which is called momentum. It charges 0.62% a year. From March 2007 to October 2026 it returned about 9.5% 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: 0.62% a year (about $62 on $10,000). - Started trading on March 1, 2007. - Worst drop since 2007: −59.3%. - 4 Tactfolio classic strategies hold it. ## What does PDP hold? This fund owns about 100 large and mid-size US stocks that a set of rules picks for strong recent price gains, which is called momentum. The list of stocks can change as prices move, so what it owns can shift over time. It tracks the Dorsey Wright Technical Leaders Index. | Fact | PDP | | --- | --- | | Full name | Invesco Dorsey Wright Momentum ETF | | Issuer | Invesco | | Expense ratio | 0.62% a year | | Started trading | March 1, 2007 | | Tracks | Dorsey Wright Technical Leaders Index | | Type | US stocks, ETF | | Facts checked | October 16, 2026 on the [Invesco fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372133/d177078d497k.htm) | ## What is the PDP expense ratio? PDP charges 0.62% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.62% fee comes to about $62 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has PDP done since 2007? From March 2007 to October 2026, PDP returned about 9.5% a year. Say you put in $10,000 at the start. It would have been worth about $59,273 at the end, with every dividend reinvested. | Measure | PDP | | --- | --- | | Total return | 492.7% | | Return per year (CAGR) | 9.5% | | Worst drop from a high | −59.3% | | Volatility (how much it swings) | 22.5% | | Last 12 months | 12.2% | | Last 3 years, per year | 19.9% | | Last 5 years, per year | 8.0% | | Last 10 years, per year | 12.7% | 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. ## PDP returns by year | Year | PDP return | | --- | --- | | 2026 (part of the year) | 15.0% | | 2025 | 8.4% | | 2024 | 26.1% | | 2023 | 20.9% | | 2022 | −24.5% | | 2021 | 7.7% | | 2020 | 36.6% | | 2019 | 33.1% | | 2018 | −6.0% | | 2017 | 23.3% | | 2016 | 2.3% | | 2015 | 1.1% | | 2014 | 12.2% | | 2013 | 31.7% | | 2012 | 18.2% | | 2011 | 1.5% | | 2010 | 26.6% | | 2009 | 28.0% | | 2008 | −46.2% | | 2007 (part of the year) | 13.8% | ## What was PDP's worst drop? A drawdown is how far a fund falls from its last high point. PDP's worst fall was −59.3%, from December 10, 2007 to March 9, 2009. It got back to that high on April 3, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold PDP? 4 classic strategies hold PDP at least some of the time. Each is a set of written rules you can open, test and copy. - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 ## How does PDP compare with similar ETFs? Funds that can stand in for PDP: - [MTUM](https://tactfolio.com/etf/mtum.md): iShares MSCI USA Momentum Factor ETF, 0.15% a year - [QMOM](https://tactfolio.com/etf/qmom.md): Alpha Architect U.S. Quantitative Momentum ETF, 0.28% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year See [all 8 PDP alternatives](https://tactfolio.com/alternatives/pdp.md), compared on the same dates as PDP. ## Test PDP 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 PDP, 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 PDP. 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. Fund facts come from Invesco. 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 PDP? PDP charges 0.62% a year, according to Invesco as of October 16, 2026. That is about $62 a year for every $10,000 you hold. ### When did PDP start trading? PDP started trading on March 1, 2007. It is run by Invesco. ### What does PDP track? PDP tracks the Dorsey Wright Technical Leaders Index. This fund owns about 100 large and mid-size US stocks that a set of rules picks for strong recent price gains, which is called momentum. ### How much has PDP returned per year? From March 2007 to October 2026, PDP returned about 9.5% a year with dividends reinvested. Its worst drop was −59.3%. Past returns do not tell you what it will do next. ### Which strategies use PDP? 4 of Tactfolio's classic strategies hold PDP, including GTAA 13: Faber’s 13-asset tactical allocation, GTAA Aggressive 3 (Faber GTAA AGG3), GTAA Aggressive 6 (Faber GTAA AGG6). ## Sources - [Invesco: Invesco Dorsey Wright Momentum ETF fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372133/d177078d497k.htm) > 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. --- # QMOM ETF: fees, returns, drawdowns and holdings > What QMOM holds, its 0.28% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Alpha Architect U.S. Quantitative Momentum ETF (QMOM) is an exchange-traded fund (ETF) run by Alpha Architect. This fund owns a small group of US stocks, recently about 64, that a set of rules picks for strong price gains over the past year, which is called momentum. It charges 0.28% a year. From December 2015 to October 2026 it returned about 10.7% a year, and its worst drop was −39.1%. 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: 0.28% a year (about $28 on $10,000). - Started trading on December 1, 2015. - Worst drop since 2015: −39.1%. - 2 Tactfolio classic strategies hold it. ## What does QMOM hold? This fund owns a small group of US stocks, recently about 64, that a set of rules picks for strong price gains over the past year, which is called momentum. Its mix can look very different from the S&P 500. Its results can differ a lot from the overall market. It does not track an index. Its managers choose what it holds. It had 64 holdings as of October 16, 2026, according to Alpha Architect. | Fact | QMOM | | --- | --- | | Full name | Alpha Architect U.S. Quantitative Momentum ETF | | Issuer | Alpha Architect | | Expense ratio | 0.28% a year | | Started trading | December 1, 2015 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Holdings | 64 holdings as of October 16, 2026 | | Facts checked | October 16, 2026 on the [Alpha Architect fund page](https://funds.alphaarchitect.com/qmom/) | ## What is the QMOM expense ratio? QMOM charges 0.28% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.28% fee comes to about $28 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has QMOM done since 2015? From December 2015 to October 2026, QMOM returned about 10.7% a year. Say you put in $10,000 at the start. It would have been worth about $30,171 at the end, with every dividend reinvested. | Measure | QMOM | | --- | --- | | Total return | 201.7% | | Return per year (CAGR) | 10.7% | | Worst drop from a high | −39.1% | | Volatility (how much it swings) | 26.2% | | Last 12 months | 11.7% | | Last 3 years, per year | 20.0% | | Last 5 years, per year | 8.2% | | Last 10 years, per year | 12.2% | 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. ## QMOM returns by year | Year | QMOM return | | --- | --- | | 2026 (part of the year) | 9.3% | | 2025 | 2.4% | | 2024 | 30.4% | | 2023 | 9.5% | | 2022 | −7.0% | | 2021 | −4.1% | | 2020 | 61.9% | | 2019 | 28.4% | | 2018 | −11.8% | | 2017 | 15.9% | | 2016 | 4.9% | | 2015 (part of the year) | −5.1% | ## What was QMOM's worst drop? A drawdown is how far a fund falls from its last high point. QMOM's worst fall was −39.1%, from February 19, 2020 to March 23, 2020. It got back to that high on July 6, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold QMOM? 2 classic strategies hold QMOM at least some of the time. Each is a set of written rules you can open, test and copy. - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 ## How does QMOM compare with similar ETFs? Funds that can stand in for QMOM: - [MTUM](https://tactfolio.com/etf/mtum.md): iShares MSCI USA Momentum Factor ETF, 0.15% a year - [PDP](https://tactfolio.com/etf/pdp.md): Invesco Dorsey Wright Momentum ETF, 0.62% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year See [all 8 QMOM alternatives](https://tactfolio.com/alternatives/qmom.md), compared on the same dates as QMOM. ## Test QMOM 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 QMOM, 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 QMOM. 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. Fund facts come from Alpha Architect. 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 - [Momentum stocks](https://tactfolio.com/learn/momentum-stocks): Momentum stocks are recent winners that tend to keep winning for a while. - [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. ## Common questions ### What is the expense ratio of QMOM? QMOM charges 0.28% a year, according to Alpha Architect as of October 16, 2026. That is about $28 a year for every $10,000 you hold. ### When did QMOM start trading? QMOM started trading on December 1, 2015. It is run by Alpha Architect. ### What does QMOM track? QMOM does not track an index. Its managers choose what it holds. ### How much has QMOM returned per year? From December 2015 to October 2026, QMOM returned about 10.7% a year with dividends reinvested. Its worst drop was −39.1%. Past returns do not tell you what it will do next. ### Which strategies use QMOM? 2 of Tactfolio's classic strategies hold QMOM, including Robust Asset Allocation Balanced (Alpha Architect RAA), Robust Asset Allocation Aggressive (Alpha Architect RAA). ## Sources - [Alpha Architect: Alpha Architect U.S. Quantitative Momentum ETF fund page](https://funds.alphaarchitect.com/qmom/) > 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. --- # QQEW ETF: fees, returns, drawdowns and holdings > What QQEW holds, its 0.55% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. First Trust Nasdaq-100 Select Equal Weight ETF (QQEW) is an exchange-traded fund (ETF) run by First Trust. This fund picks 50 companies from the Nasdaq-100 that score well on growth and profits. It charges 0.55% a year. From May 2006 to October 2026 it returned about 11.2% a year, and its worst drop was −58.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.55% a year (about $55 on $10,000). - Started trading on April 19, 2006. - Worst drop since 2006: −58.2%. - No Tactfolio classic strategies hold it. ## What does QQEW hold? This fund picks 50 companies from the Nasdaq-100 that score well on growth and profits. It gives each company about the same weight. Most of the fund is in technology, so it can rise and fall a lot. It tracks the Nasdaq-100 Select Equal Weight Index. It had 50 holdings as of October 16, 2026, according to First Trust. | Fact | QQEW | | --- | --- | | Full name | First Trust Nasdaq-100 Select Equal Weight ETF | | Issuer | First Trust | | Expense ratio | 0.55% a year | | Started trading | April 19, 2006 | | Tracks | Nasdaq-100 Select Equal Weight Index | | Type | US stocks, ETF | | Holdings | 50 holdings as of October 16, 2026 | | Facts checked | October 17, 2026 on the [First Trust fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) | ## What is the QQEW expense ratio? QQEW charges 0.55% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.55% fee comes to about $55 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has QQEW done since 2006? From May 2006 to October 2026, QQEW returned about 11.2% a year. Say you put in $10,000 at the start. It would have been worth about $87,227 at the end, with every dividend reinvested. | Measure | QQEW | | --- | --- | | Total return | 772.3% | | Return per year (CAGR) | 11.2% | | Worst drop from a high | −58.2% | | Volatility (how much it swings) | 21.5% | | Last 12 months | 10.1% | | Last 3 years, per year | 14.1% | | Last 5 years, per year | 6.8% | | Last 10 years, per year | 13.8% | 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. ## QQEW returns by year | Year | QQEW return | | --- | --- | | 2026 (part of the year) | 8.8% | | 2025 | 14.2% | | 2024 | 7.0% | | 2023 | 33.3% | | 2022 | −24.6% | | 2021 | 17.8% | | 2020 | 37.3% | | 2019 | 35.9% | | 2018 | −5.3% | | 2017 | 26.0% | | 2016 | 7.1% | | 2015 | 2.1% | | 2014 | 19.1% | | 2013 | 39.9% | | 2012 | 15.1% | | 2011 | −2.8% | | 2010 | 20.8% | | 2009 | 58.9% | | 2008 | −43.6% | | 2007 | 9.6% | | 2006 (part of the year) | 2.8% | ## What was QQEW's worst drop? A drawdown is how far a fund falls from its last high point. QQEW's worst fall was −58.2%, from October 12, 2007 to November 20, 2008. It got back to that high on January 5, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold QQEW? No classic strategy holds QQEW yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does QQEW compare with similar ETFs? Funds that can stand in for QQEW: - [QQQM](https://tactfolio.com/etf/qqqm.md): Invesco NASDAQ 100 ETF, 0.15% a year - [QQQ](https://tactfolio.com/etf/qqq.md): Invesco QQQ Trust, Series 1, 0.18% a year - [ONEQ](https://tactfolio.com/etf/oneq.md): Fidelity Nasdaq Composite Index ETF, 0.21% a year - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year See [all 8 QQEW alternatives](https://tactfolio.com/alternatives/qqew.md), compared on the same dates as QQEW. ## Test QQEW 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 QQEW, 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 QQEW. 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. Fund facts come from First Trust. We checked them on October 17, 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 QQEW? QQEW charges 0.55% a year, according to First Trust as of October 17, 2026. That is about $55 a year for every $10,000 you hold. ### When did QQEW start trading? QQEW started trading on April 19, 2006. It is run by First Trust. ### What does QQEW track? QQEW tracks the Nasdaq-100 Select Equal Weight Index. This fund picks 50 companies from the Nasdaq-100 that score well on growth and profits. ### How much has QQEW returned per year? From May 2006 to October 2026, QQEW returned about 11.2% a year with dividends reinvested. Its worst drop was −58.2%. Past returns do not tell you what it will do next. ### Which strategies use QQEW? None of Tactfolio's classic strategies hold QQEW yet. You can test it in your own rules in the builder. ## Sources - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) > 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. --- # QQQ ETF: fees, returns, drawdowns and holdings > What QQQ holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Invesco QQQ Trust, Series 1 (QQQ) is an exchange-traded fund (ETF) run by Invesco. This fund owns the stocks in the Nasdaq-100, which is 100 of the largest companies listed on the Nasdaq that are not banks or other financial firms. It charges 0.18% a year. From March 1999 to October 2026 it returned about 10.7% a year, and its worst drop was −83.0%. 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: 0.18% a year (about $18 on $10,000). - Started trading on March 10, 1999. - Worst drop since 1999: −83.0%. - 9 Tactfolio classic strategies hold it. ## What does QQQ hold? This fund owns the stocks in the Nasdaq-100, which is 100 of the largest companies listed on the Nasdaq that are not banks or other financial firms. Many of them are big technology companies. Its value goes up and down with those stocks. It tracks the Nasdaq-100 Index. | Fact | QQQ | | --- | --- | | Full name | Invesco QQQ Trust, Series 1 | | Issuer | Invesco | | Expense ratio | 0.18% a year | | Started trading | March 10, 1999 | | Tracks | Nasdaq-100 Index | | Type | US stocks, ETF | | Facts checked | October 16, 2026 on the [Invesco fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) | ## What is the QQQ expense ratio? QQQ charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has QQQ done since 1999? From March 1999 to October 2026, QQQ returned about 10.7% a year. Say you put in $10,000 at the start. It would have been worth about $165,138 at the end, with every dividend reinvested. | Measure | QQQ | | --- | --- | | Total return | 1,551% | | Return per year (CAGR) | 10.7% | | Worst drop from a high | −83.0% | | Volatility (how much it swings) | 26.9% | | Last 12 months | 18.9% | | Last 3 years, per year | 25.0% | | Last 5 years, per year | 14.7% | | Last 10 years, per year | 20.5% | 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. ## QQQ returns by year | Year | QQQ return | | --- | --- | | 2026 (part of the year) | 15.9% | | 2025 | 20.8% | | 2024 | 25.6% | | 2023 | 54.9% | | 2022 | −32.6% | | 2021 | 27.4% | | 2020 | 48.4% | | 2019 | 39.0% | | 2018 | −0.1% | | 2017 | 32.7% | | 2016 | 7.1% | | 2015 | 9.4% | | 2014 | 19.2% | | 2013 | 36.6% | | 2012 | 18.1% | | 2011 | 3.5% | | 2010 | 20.1% | | 2009 | 54.7% | | 2008 | −41.7% | | 2007 | 19.0% | | 2006 | 7.1% | | 2005 | 1.6% | | 2004 | 10.5% | | 2003 | 49.7% | | 2002 | −37.4% | | 2001 | −33.3% | | 2000 | −36.1% | | 1999 (part of the year) | 79.0% | ## What was QQQ's worst drop? A drawdown is how far a fund falls from its last high point. QQQ's worst fall was −83.0%, from March 27, 2000 to October 9, 2002. It got back to that high on February 20, 2015. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold QQQ? 9 classic strategies hold QQQ at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 ## How does QQQ compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [QQQ vs VOO](https://tactfolio.com/etf-comparisons/qqq-vs-voo.md): the Nasdaq-100 against the S&P 500. - [QQQ vs SPY](https://tactfolio.com/etf-comparisons/qqq-vs-spy.md): the Nasdaq-100 against the S&P 500, from the two oldest big index ETFs. - [QQQ vs QQQM](https://tactfolio.com/etf-comparisons/qqq-vs-qqqm.md): the same Nasdaq-100 index in two Invesco funds with different fees. - [QQQ vs VGT](https://tactfolio.com/etf-comparisons/qqq-vs-vgt.md): the Nasdaq-100 against a pure technology fund. - [QQQ vs TQQQ](https://tactfolio.com/etf-comparisons/qqq-vs-tqqq.md): the Nasdaq-100 against a fund that aims for 3 times its daily move. Funds that can stand in for QQQ: - [QQQM](https://tactfolio.com/etf/qqqm.md): Invesco NASDAQ 100 ETF, 0.15% a year - [ONEQ](https://tactfolio.com/etf/oneq.md): Fidelity Nasdaq Composite Index ETF, 0.21% a year - [QQEW](https://tactfolio.com/etf/qqew.md): First Trust Nasdaq-100 Select Equal Weight ETF, 0.55% a year - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year See [all 8 QQQ alternatives](https://tactfolio.com/alternatives/qqq.md), compared on the same dates as QQQ. ## Test QQQ 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 QQQ, 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 QQQ. 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. Fund facts come from Invesco. 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 QQQ? QQQ charges 0.18% a year, according to Invesco as of October 16, 2026. That is about $18 a year for every $10,000 you hold. ### When did QQQ start trading? QQQ started trading on March 10, 1999. It is run by Invesco. ### What does QQQ track? QQQ tracks the Nasdaq-100 Index. This fund owns the stocks in the Nasdaq-100, which is 100 of the largest companies listed on the Nasdaq that are not banks or other financial firms. ### How much has QQQ returned per year? From March 1999 to October 2026, QQQ returned about 10.7% a year with dividends reinvested. Its worst drop was −83.0%. Past returns do not tell you what it will do next. ### Which strategies use QQQ? 9 of Tactfolio's classic strategies hold QQQ, including Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA). ## Sources - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) > 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. --- # QQQI ETF: fees, returns, drawdowns and holdings > What QQQI holds, its 0.68% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. NEOS Nasdaq-100 High Income ETF (QQQI) is an exchange-traded fund (ETF) run by NEOS. This fund owns the big companies in the Nasdaq-100. It charges 0.68% a year. From January 2024 to October 2026 it returned about 18.2% a year, and its worst drop was −20.0%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.68% a year (about $68 on $10,000). - Started trading on January 29, 2024. - Worst drop since 2024: −20.0%. - No Tactfolio classic strategies hold it. ## What does QQQI hold? This fund owns the big companies in the Nasdaq-100. It also sells options on that index to collect cash for monthly income. Selling options means it gives up some gains when stocks jump, and it still falls when stocks fall. It does not track an index. Its managers choose what it holds. | Fact | QQQI | | --- | --- | | Full name | NEOS Nasdaq-100 High Income ETF | | Issuer | NEOS | | Expense ratio | 0.68% a year | | Started trading | January 29, 2024 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Facts checked | October 17, 2026 on the [NEOS fund page](https://neosfunds.com/qqqi/) | ## What is the QQQI expense ratio? QQQI charges 0.68% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.68% fee comes to about $68 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has QQQI done since 2024? From January 2024 to October 2026, QQQI returned about 18.2% a year. Say you put in $10,000 at the start. It would have been worth about $15,732 at the end, with every dividend reinvested. | Measure | QQQI | | --- | --- | | Total return | 57.3% | | Return per year (CAGR) | 18.2% | | Worst drop from a high | −20.0% | | Volatility (how much it swings) | 17.5% | | Last 12 months | 14.1% | 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. ## QQQI returns by year | Year | QQQI return | | --- | --- | | 2026 (part of the year) | 10.7% | | 2025 | 18.6% | | 2024 (part of the year) | 19.8% | ## What was QQQI's worst drop? A drawdown is how far a fund falls from its last high point. QQQI's worst fall was −20.0%, from February 19, 2025 to April 8, 2025. It got back to that high on June 24, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold QQQI? No classic strategy holds QQQI yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does QQQI compare with similar ETFs? Funds that can stand in for QQQI: - [GPIX](https://tactfolio.com/etf/gpix.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year - [JEPI](https://tactfolio.com/etf/jepi.md): JPMorgan Equity Premium Income ETF, 0.35% a year - [JEPQ](https://tactfolio.com/etf/jepq.md): JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year - [DIVO](https://tactfolio.com/etf/divo.md): Amplify CWP Enhanced Dividend Income ETF, 0.56% a year See [all 8 QQQI alternatives](https://tactfolio.com/alternatives/qqqi.md), compared on the same dates as QQQI. ## Test QQQI 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 QQQI, 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 QQQI. 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. Fund facts come from NEOS. We checked them on October 17, 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 QQQI? QQQI charges 0.68% a year, according to NEOS as of October 17, 2026. That is about $68 a year for every $10,000 you hold. ### When did QQQI start trading? QQQI started trading on January 29, 2024. It is run by NEOS. ### What does QQQI track? QQQI does not track an index. Its managers choose what it holds. ### How much has QQQI returned per year? From January 2024 to October 2026, QQQI returned about 18.2% a year with dividends reinvested. Its worst drop was −20.0%. Past returns do not tell you what it will do next. ### Which strategies use QQQI? None of Tactfolio's classic strategies hold QQQI yet. You can test it in your own rules in the builder. ## Sources - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) > 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. --- # QQQM ETF: fees, returns, drawdowns and holdings > What QQQM holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Invesco NASDAQ 100 ETF (QQQM) is an exchange-traded fund (ETF) run by Invesco. This fund owns the stocks in the Nasdaq-100, which is 100 of the largest companies listed on the Nasdaq that are not banks or other financial firms. It charges 0.15% a year. From October 2020 to October 2026 it returned about 16.5% a year, and its worst drop was −35.0%. 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: 0.15% a year (about $15 on $10,000). - Started trading on October 13, 2020. - Worst drop since 2020: −35.0%. - No Tactfolio classic strategies hold it. ## What does QQQM hold? This fund owns the stocks in the Nasdaq-100, which is 100 of the largest companies listed on the Nasdaq that are not banks or other financial firms. It follows the same index as QQQ with a lower yearly fee. Its value goes up and down with those stocks. It tracks the Nasdaq-100 Index. | Fact | QQQM | | --- | --- | | Full name | Invesco NASDAQ 100 ETF | | Issuer | Invesco | | Expense ratio | 0.15% a year | | Started trading | October 13, 2020 | | Tracks | Nasdaq-100 Index | | Type | US stocks, ETF | | Facts checked | October 16, 2026 on the [Invesco fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) | ## What is the QQQM expense ratio? QQQM charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has QQQM done since 2020? From October 2020 to October 2026, QQQM returned about 16.5% a year. Say you put in $10,000 at the start. It would have been worth about $25,048 at the end, with every dividend reinvested. | Measure | QQQM | | --- | --- | | Total return | 150.5% | | Return per year (CAGR) | 16.5% | | Worst drop from a high | −35.0% | | Volatility (how much it swings) | 22.2% | | Last 12 months | 18.9% | | Last 3 years, per year | 25.1% | | Last 5 years, per year | 14.7% | 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. ## QQQM returns by year | Year | QQQM return | | --- | --- | | 2026 (part of the year) | 16.0% | | 2025 | 20.8% | | 2024 | 25.7% | | 2023 | 55.0% | | 2022 | −32.5% | | 2021 | 27.5% | | 2020 (part of the year) | 6.7% | ## What was QQQM's worst drop? A drawdown is how far a fund falls from its last high point. QQQM's worst fall was −35.0%, from November 19, 2021 to November 3, 2022. It got back to that high on December 12, 2023. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold QQQM? No classic strategy holds QQQM yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does QQQM compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [QQQ vs QQQM](https://tactfolio.com/etf-comparisons/qqq-vs-qqqm.md): the same Nasdaq-100 index in two Invesco funds with different fees. Funds that can stand in for QQQM: - [QQQ](https://tactfolio.com/etf/qqq.md): Invesco QQQ Trust, Series 1, 0.18% a year - [ONEQ](https://tactfolio.com/etf/oneq.md): Fidelity Nasdaq Composite Index ETF, 0.21% a year - [QQEW](https://tactfolio.com/etf/qqew.md): First Trust Nasdaq-100 Select Equal Weight ETF, 0.55% a year - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year See [all 8 QQQM alternatives](https://tactfolio.com/alternatives/qqqm.md), compared on the same dates as QQQM. ## Test QQQM 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 QQQM, 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 QQQM. 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. Fund facts come from Invesco. 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 QQQM? QQQM charges 0.15% a year, according to Invesco as of October 16, 2026. That is about $15 a year for every $10,000 you hold. ### When did QQQM start trading? QQQM started trading on October 13, 2020. It is run by Invesco. ### What does QQQM track? QQQM tracks the Nasdaq-100 Index. This fund owns the stocks in the Nasdaq-100, which is 100 of the largest companies listed on the Nasdaq that are not banks or other financial firms. ### How much has QQQM returned per year? From October 2020 to October 2026, QQQM returned about 16.5% a year with dividends reinvested. Its worst drop was −35.0%. Past returns do not tell you what it will do next. ### Which strategies use QQQM? None of Tactfolio's classic strategies hold QQQM yet. You can test it in your own rules in the builder. ## Sources - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) > 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. --- # QUAL ETF: fees, returns, drawdowns and holdings > What QUAL holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI USA Quality Factor ETF (QUAL) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns large and medium sized US companies with strong profits, steady earnings and low debt. It charges 0.15% a year. From July 2013 to October 2026 it returned about 13.6% a year, and its worst drop was −34.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.15% a year (about $15 on $10,000). - Started trading on July 16, 2013. - Worst drop since 2013: −34.1%. - No Tactfolio classic strategies hold it. ## What does QUAL hold? This fund owns large and medium sized US companies with strong profits, steady earnings and low debt. It keeps its mix of industries close to the overall market. Its value still goes up and down with US stocks. It tracks the MSCI USA Sector Neutral Quality Index. It had 118 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | QUAL | | --- | --- | | Full name | iShares MSCI USA Quality Factor ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | July 16, 2013 | | Tracks | MSCI USA Sector Neutral Quality Index | | Type | US stocks, ETF | | Holdings | 118 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/256101/ishares-msci-usa-quality-factor-etf) | ## What is the QUAL expense ratio? QUAL charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has QUAL done since 2013? From July 2013 to October 2026, QUAL returned about 13.6% a year. Say you put in $10,000 at the start. It would have been worth about $54,193 at the end, with every dividend reinvested. | Measure | QUAL | | --- | --- | | Total return | 441.9% | | Return per year (CAGR) | 13.6% | | Worst drop from a high | −34.1% | | Volatility (how much it swings) | 17.0% | | Last 12 months | 18.1% | | Last 3 years, per year | 19.4% | | Last 5 years, per year | 11.7% | | Last 10 years, per year | 14.6% | 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. ## QUAL returns by year | Year | QUAL return | | --- | --- | | 2026 (part of the year) | 13.9% | | 2025 | 12.7% | | 2024 | 22.3% | | 2023 | 30.9% | | 2022 | −20.5% | | 2021 | 26.9% | | 2020 | 17.0% | | 2019 | 33.9% | | 2018 | −5.7% | | 2017 | 22.3% | | 2016 | 8.7% | | 2015 | 5.5% | | 2014 | 11.3% | | 2013 (part of the year) | 13.5% | ## What was QUAL's worst drop? A drawdown is how far a fund falls from its last high point. QUAL's worst fall was −34.1%, from February 19, 2020 to March 23, 2020. It got back to that high on August 12, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold QUAL? No classic strategy holds QUAL yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does QUAL compare with similar ETFs? Funds that can stand in for QUAL: - [USMV](https://tactfolio.com/etf/usmv.md): iShares MSCI USA Min Vol Factor ETF, 0.15% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year - [VOO](https://tactfolio.com/etf/voo.md): Vanguard S&P 500 ETF, 0.03% a year See [all 8 QUAL alternatives](https://tactfolio.com/alternatives/qual.md), compared on the same dates as QUAL. ## Test QUAL 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 QUAL, 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 QUAL. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 QUAL? QUAL charges 0.15% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $15 a year for every $10,000 you hold. ### When did QUAL start trading? QUAL started trading on July 16, 2013. It is run by iShares (BlackRock). ### What does QUAL track? QUAL tracks the MSCI USA Sector Neutral Quality Index. This fund owns large and medium sized US companies with strong profits, steady earnings and low debt. ### How much has QUAL returned per year? From July 2013 to October 2026, QUAL returned about 13.6% a year with dividends reinvested. Its worst drop was −34.1%. Past returns do not tell you what it will do next. ### Which strategies use QUAL? None of Tactfolio's classic strategies hold QUAL yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares MSCI USA Quality Factor ETF fund page](https://www.ishares.com/us/products/256101/ishares-msci-usa-quality-factor-etf) > 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. --- # QVAL ETF: fees, returns, drawdowns and holdings > What QVAL holds, its 0.28% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Alpha Architect U.S. Quantitative Value ETF (QVAL) is an exchange-traded fund (ETF) run by Alpha Architect. This fund owns about 50 US stocks that a set of rules picks because they look cheap compared with their business profits. It charges 0.28% a year. From October 2014 to October 2026 it returned about 9.7% a year, and its worst drop was −51.5%. 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: 0.28% a year (about $28 on $10,000). - Started trading on October 21, 2014. - Worst drop since 2014: −51.5%. - 2 Tactfolio classic strategies hold it. ## What does QVAL hold? This fund owns about 50 US stocks that a set of rules picks because they look cheap compared with their business profits. Because it owns a small, picked group, its mix can look very different from the S&P 500 and its results can differ a lot from the overall market. It does not track an index. Its managers choose what it holds. It had 50 holdings as of October 16, 2026, according to Alpha Architect. | Fact | QVAL | | --- | --- | | Full name | Alpha Architect U.S. Quantitative Value ETF | | Issuer | Alpha Architect | | Expense ratio | 0.28% a year | | Started trading | October 21, 2014 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Holdings | 50 holdings as of October 16, 2026 | | Facts checked | October 16, 2026 on the [Alpha Architect fund page](https://funds.alphaarchitect.com/qval/) | ## What is the QVAL expense ratio? QVAL charges 0.28% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.28% fee comes to about $28 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has QVAL done since 2014? From October 2014 to October 2026, QVAL returned about 9.7% a year. Say you put in $10,000 at the start. It would have been worth about $30,446 at the end, with every dividend reinvested. | Measure | QVAL | | --- | --- | | Total return | 204.5% | | Return per year (CAGR) | 9.7% | | Worst drop from a high | −51.5% | | Volatility (how much it swings) | 21.9% | | Last 12 months | 38.3% | | Last 3 years, per year | 21.5% | | Last 5 years, per year | 13.8% | | Last 10 years, per year | 12.5% | 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. ## QVAL returns by year | Year | QVAL return | | --- | --- | | 2026 (part of the year) | 29.2% | | 2025 | 11.0% | | 2024 | 12.2% | | 2023 | 28.4% | | 2022 | −11.8% | | 2021 | 34.4% | | 2020 | −5.9% | | 2019 | 24.1% | | 2018 | −17.3% | | 2017 | 25.6% | | 2016 | 12.6% | | 2015 | −13.5% | | 2014 (part of the year) | 5.3% | ## What was QVAL's worst drop? A drawdown is how far a fund falls from its last high point. QVAL's worst fall was −51.5%, from January 26, 2018 to March 23, 2020. It got back to that high on March 12, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold QVAL? 2 classic strategies hold QVAL at least some of the time. Each is a set of written rules you can open, test and copy. - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 ## How does QVAL compare with similar ETFs? Funds that can stand in for QVAL: - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% a year - [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 See [all 8 QVAL alternatives](https://tactfolio.com/alternatives/qval.md), compared on the same dates as QVAL. ## Test QVAL 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 QVAL, 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 QVAL. 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. Fund facts come from Alpha Architect. 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 QVAL? QVAL charges 0.28% a year, according to Alpha Architect as of October 16, 2026. That is about $28 a year for every $10,000 you hold. ### When did QVAL start trading? QVAL started trading on October 21, 2014. It is run by Alpha Architect. ### What does QVAL track? QVAL does not track an index. Its managers choose what it holds. ### How much has QVAL returned per year? From October 2014 to October 2026, QVAL returned about 9.7% a year with dividends reinvested. Its worst drop was −51.5%. Past returns do not tell you what it will do next. ### Which strategies use QVAL? 2 of Tactfolio's classic strategies hold QVAL, including Robust Asset Allocation Balanced (Alpha Architect RAA), Robust Asset Allocation Aggressive (Alpha Architect RAA). ## Sources - [Alpha Architect: Alpha Architect U.S. Quantitative Value ETF fund page](https://funds.alphaarchitect.com/qval/) > 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. --- # QYLD ETF: fees, returns, drawdowns and holdings > What QYLD holds, its 0.6% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Global X NASDAQ 100 Covered Call ETF (QYLD) is an exchange-traded fund (ETF) run by Global X (Mirae Asset). This fund owns the Nasdaq-100 stocks and sells call options on that index every month to earn extra income. It charges 0.6% a year. From December 2013 to October 2026 it returned about 8.5% a year, and its worst drop was −24.8%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.6% a year (about $60 on $10,000). - Started trading on December 11, 2013. - Worst drop since 2013: −24.8%. - No Tactfolio classic strategies hold it. ## What does QYLD hold? This fund owns the Nasdaq-100 stocks and sells call options on that index every month to earn extra income. In return, it gives up much of the gains when stocks rise. It can still lose value when stocks fall. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index. It had 102 holdings as of October 16, 2026, according to Global X (Mirae Asset). | Fact | QYLD | | --- | --- | | Full name | Global X NASDAQ 100 Covered Call ETF | | Issuer | Global X (Mirae Asset) | | Expense ratio | 0.6% a year | | Started trading | December 11, 2013 | | Tracks | Cboe NASDAQ-100 BuyWrite V2 Index | | Type | US stocks, ETF | | Holdings | 102 holdings as of October 16, 2026 | | Facts checked | October 17, 2026 on the [Global X (Mirae Asset) fund page](https://www.globalxetfs.com/funds/qyld/) | ## What is the QYLD expense ratio? QYLD charges 0.6% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.6% fee comes to about $60 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has QYLD done since 2013? From December 2013 to October 2026, QYLD returned about 8.5% a year. Say you put in $10,000 at the start. It would have been worth about $28,650 at the end, with every dividend reinvested. | Measure | QYLD | | --- | --- | | Total return | 186.5% | | Return per year (CAGR) | 8.5% | | Worst drop from a high | −24.8% | | Volatility (how much it swings) | 14.7% | | Last 12 months | 20.1% | | Last 3 years, per year | 15.2% | | Last 5 years, per year | 8.4% | | Last 10 years, per year | 9.8% | 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. ## QYLD returns by year | Year | QYLD return | | --- | --- | | 2026 (part of the year) | 13.4% | | 2025 | 9.3% | | 2024 | 19.4% | | 2023 | 22.8% | | 2022 | −19.1% | | 2021 | 10.4% | | 2020 | 8.7% | | 2019 | 22.7% | | 2018 | −3.1% | | 2017 | 18.1% | | 2016 | 3.0% | | 2015 | 6.5% | | 2014 | 3.4% | | 2013 (part of the year) | 2.0% | ## What was QYLD's worst drop? A drawdown is how far a fund falls from its last high point. QYLD's worst fall was −24.8%, from February 20, 2020 to March 16, 2020. It got back to that high on November 5, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold QYLD? No classic strategy holds QYLD yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does QYLD compare with similar ETFs? Funds that can stand in for QYLD: - [GPIX](https://tactfolio.com/etf/gpix.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year - [JEPI](https://tactfolio.com/etf/jepi.md): JPMorgan Equity Premium Income ETF, 0.35% a year - [JEPQ](https://tactfolio.com/etf/jepq.md): JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year - [DIVO](https://tactfolio.com/etf/divo.md): Amplify CWP Enhanced Dividend Income ETF, 0.56% a year See [all 8 QYLD alternatives](https://tactfolio.com/alternatives/qyld.md), compared on the same dates as QYLD. ## Test QYLD 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 QYLD, 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 QYLD. 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. Fund facts come from Global X (Mirae Asset). We checked them on October 17, 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 QYLD? QYLD charges 0.6% a year, according to Global X (Mirae Asset) as of October 17, 2026. That is about $60 a year for every $10,000 you hold. ### When did QYLD start trading? QYLD started trading on December 11, 2013. It is run by Global X (Mirae Asset). ### What does QYLD track? QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. This fund owns the Nasdaq-100 stocks and sells call options on that index every month to earn extra income. ### How much has QYLD returned per year? From December 2013 to October 2026, QYLD returned about 8.5% a year with dividends reinvested. Its worst drop was −24.8%. Past returns do not tell you what it will do next. ### Which strategies use QYLD? None of Tactfolio's classic strategies hold QYLD yet. You can test it in your own rules in the builder. ## Sources - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) > 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. --- # RSP ETF: fees, returns, drawdowns and holdings > What RSP holds, its 0.2% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Invesco S&P 500 Equal Weight ETF (RSP) is an exchange-traded fund (ETF) run by Invesco. This fund owns the same 500 or so companies as the S&P 500, but puts the same amount of money in each one. It charges 0.2% a year. From May 2003 to October 2026 it returned about 11.2% a year, and its worst drop was −59.9%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.2% a year (about $20 on $10,000). - Started trading on April 24, 2003. - Worst drop since 2003: −59.9%. - No Tactfolio classic strategies hold it. ## What does RSP hold? This fund owns the same 500 or so companies as the S&P 500, but puts the same amount of money in each one. Smaller companies count as much as the giants. It can do better or worse than the regular S&P 500. It tracks the S&P 500 Equal Weight Index. | Fact | RSP | | --- | --- | | Full name | Invesco S&P 500 Equal Weight ETF | | Issuer | Invesco | | Expense ratio | 0.2% a year | | Started trading | April 24, 2003 | | Tracks | S&P 500 Equal Weight Index | | Type | US stocks, ETF | | Facts checked | October 17, 2026 on the [Invesco fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372163/d177078d497k.htm) | ## What is the RSP expense ratio? RSP charges 0.2% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.2% fee comes to about $20 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has RSP done since 2003? From May 2003 to October 2026, RSP returned about 11.2% a year. Say you put in $10,000 at the start. It would have been worth about $120,473 at the end, with every dividend reinvested. | Measure | RSP | | --- | --- | | Total return | 1,105% | | Return per year (CAGR) | 11.2% | | Worst drop from a high | −59.9% | | Volatility (how much it swings) | 19.7% | | Last 12 months | 16.3% | | Last 3 years, per year | 16.5% | | Last 5 years, per year | 8.4% | | Last 10 years, per year | 12.0% | 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. ## RSP returns by year | Year | RSP return | | --- | --- | | 2026 (part of the year) | 13.1% | | 2025 | 11.2% | | 2024 | 12.8% | | 2023 | 13.7% | | 2022 | −11.6% | | 2021 | 29.4% | | 2020 | 12.7% | | 2019 | 28.9% | | 2018 | −7.8% | | 2017 | 18.5% | | 2016 | 14.5% | | 2015 | −2.7% | | 2014 | 14.1% | | 2013 | 35.5% | | 2012 | 17.2% | | 2011 | −0.7% | | 2010 | 21.4% | | 2009 | 44.6% | | 2008 | −40.1% | | 2007 | 0.9% | | 2006 | 15.5% | | 2005 | 7.4% | | 2004 | 16.5% | | 2003 (part of the year) | 33.9% | ## What was RSP's worst drop? A drawdown is how far a fund falls from its last high point. RSP's worst fall was −59.9%, from July 19, 2007 to March 9, 2009. It got back to that high on February 8, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold RSP? No classic strategy holds RSP yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does RSP compare with similar ETFs? Funds that can stand in for RSP: - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year - [VOO](https://tactfolio.com/etf/voo.md): Vanguard S&P 500 ETF, 0.03% a year - [SPY](https://tactfolio.com/etf/spy.md): State Street SPDR S&P 500 ETF Trust, 0.0945% a year See [all 8 RSP alternatives](https://tactfolio.com/alternatives/rsp.md), compared on the same dates as RSP. ## Test RSP 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 RSP, 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 RSP. 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. Fund facts come from Invesco. We checked them on October 17, 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 RSP? RSP charges 0.2% a year, according to Invesco as of October 17, 2026. That is about $20 a year for every $10,000 you hold. ### When did RSP start trading? RSP started trading on April 24, 2003. It is run by Invesco. ### What does RSP track? RSP tracks the S&P 500 Equal Weight Index. This fund owns the same 500 or so companies as the S&P 500, but puts the same amount of money in each one. ### How much has RSP returned per year? From May 2003 to October 2026, RSP returned about 11.2% a year with dividends reinvested. Its worst drop was −59.9%. Past returns do not tell you what it will do next. ### Which strategies use RSP? None of Tactfolio's classic strategies hold RSP yet. You can test it in your own rules in the builder. ## Sources - [Invesco: Invesco S&P 500 Equal Weight ETF fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372163/d177078d497k.htm) > 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. --- # SCHA ETF: fees, returns, drawdowns and holdings > What SCHA holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. Small-Cap ETF (SCHA) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 1,700 smaller US companies. It charges 0.03% a year. From November 2009 to October 2026 it returned about 11.8% a year, and its worst drop was −42.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on November 3, 2009. - Worst drop since 2009: −42.4%. - No Tactfolio classic strategies hold it. ## What does SCHA hold? This fund owns shares of about 1,700 smaller US companies. Small companies can grow fast, but their stock prices often jump around more than big companies do. It tracks the Dow Jones U.S. Small-Cap Total Stock Market Index. It had 1,721 holdings as of February 28, 2026, according to Schwab. | Fact | SCHA | | --- | --- | | Full name | Schwab U.S. Small-Cap ETF | | Issuer | Schwab | | Expense ratio | 0.03% a year | | Started trading | November 3, 2009 | | Tracks | Dow Jones U.S. Small-Cap Total Stock Market Index | | Type | US stocks, ETF | | Holdings | 1,721 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) | ## What is the SCHA expense ratio? SCHA 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHA done since 2009? From November 2009 to October 2026, SCHA returned about 11.8% a year. Say you put in $10,000 at the start. It would have been worth about $65,837 at the end, with every dividend reinvested. | Measure | SCHA | | --- | --- | | Total return | 558.4% | | Return per year (CAGR) | 11.8% | | Worst drop from a high | −42.4% | | Volatility (how much it swings) | 21.6% | | Last 12 months | 16.1% | | Last 3 years, per year | 17.9% | | Last 5 years, per year | 5.9% | | Last 10 years, per year | 10.1% | 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. ## SCHA returns by year | Year | SCHA return | | --- | --- | | 2026 (part of the year) | 13.1% | | 2025 | 11.6% | | 2024 | 11.2% | | 2023 | 18.5% | | 2022 | −19.8% | | 2021 | 16.4% | | 2020 | 19.3% | | 2019 | 26.5% | | 2018 | −11.8% | | 2017 | 14.9% | | 2016 | 20.0% | | 2015 | −4.2% | | 2014 | 6.6% | | 2013 | 39.5% | | 2012 | 18.3% | | 2011 | −3.1% | | 2010 | 28.6% | | 2009 (part of the year) | 9.9% | ## What was SCHA's worst drop? A drawdown is how far a fund falls from its last high point. SCHA's worst fall was −42.4%, from January 16, 2020 to March 23, 2020. It got back to that high on November 9, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHA? No classic strategy holds SCHA yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHA compare with similar ETFs? Funds that can stand in for SCHA: - [VB](https://tactfolio.com/etf/vb.md): Vanguard Morningstar Small-Cap ETF, 0.03% a year - [IJR](https://tactfolio.com/etf/ijr.md): iShares Core S&P Small-Cap ETF, 0.06% a year - [IWM](https://tactfolio.com/etf/iwm.md): iShares Russell 2000 ETF, 0.19% a year - [VBR](https://tactfolio.com/etf/vbr.md): Vanguard Morningstar Small-Cap Value ETF, 0.05% a year See [all 8 SCHA alternatives](https://tactfolio.com/alternatives/scha.md), compared on the same dates as SCHA. ## Test SCHA 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 SCHA, 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 SCHA. 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. Fund facts come from Schwab. We checked them on October 17, 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 SCHA? SCHA charges 0.03% a year, according to Schwab as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did SCHA start trading? SCHA started trading on November 3, 2009. It is run by Schwab. ### What does SCHA track? SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index. This fund owns shares of about 1,700 smaller US companies. ### How much has SCHA returned per year? From November 2009 to October 2026, SCHA returned about 11.8% a year with dividends reinvested. Its worst drop was −42.4%. Past returns do not tell you what it will do next. ### Which strategies use SCHA? None of Tactfolio's classic strategies hold SCHA yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) > 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. --- # SCHB ETF: fees, returns, drawdowns and holdings > What SCHB holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. Broad Market ETF (SCHB) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 2,400 US companies of all sizes. It charges 0.03% a year. From November 2009 to October 2026 it returned about 14.2% a year, and its worst drop was −35.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on November 3, 2009. - Worst drop since 2009: −35.3%. - No Tactfolio classic strategies hold it. ## What does SCHB hold? This fund owns shares of about 2,400 US companies of all sizes. It follows an index of the largest 2,500 US stocks. Its value rises and falls with the US stock market as a whole. It tracks the Dow Jones U.S. Broad Stock Market Index. It had 2,409 holdings as of February 28, 2026, according to Schwab. | Fact | SCHB | | --- | --- | | Full name | Schwab U.S. Broad Market ETF | | Issuer | Schwab | | Expense ratio | 0.03% a year | | Started trading | November 3, 2009 | | Tracks | Dow Jones U.S. Broad Stock Market Index | | Type | US stocks, ETF | | Holdings | 2,409 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) | ## What is the SCHB expense ratio? SCHB 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHB done since 2009? From November 2009 to October 2026, SCHB returned about 14.2% a year. Say you put in $10,000 at the start. It would have been worth about $94,836 at the end, with every dividend reinvested. | Measure | SCHB | | --- | --- | | Total return | 848.4% | | Return per year (CAGR) | 14.2% | | Worst drop from a high | −35.3% | | Volatility (how much it swings) | 17.4% | | Last 12 months | 16.1% | | Last 3 years, per year | 21.6% | | Last 5 years, per year | 11.7% | | Last 10 years, per year | 14.9% | 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. ## SCHB returns by year | Year | SCHB return | | --- | --- | | 2026 (part of the year) | 12.5% | | 2025 | 16.9% | | 2024 | 23.9% | | 2023 | 26.2% | | 2022 | −19.5% | | 2021 | 25.8% | | 2020 | 20.8% | | 2019 | 30.8% | | 2018 | −5.3% | | 2017 | 21.2% | | 2016 | 12.1% | | 2015 | 0.4% | | 2014 | 12.7% | | 2013 | 33.2% | | 2012 | 16.4% | | 2011 | 1.4% | | 2010 | 17.1% | | 2009 (part of the year) | 7.5% | ## What was SCHB's worst drop? A drawdown is how far a fund falls from its last high point. SCHB's worst fall was −35.3%, from February 19, 2020 to March 23, 2020. It got back to that high on August 12, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHB? No classic strategy holds SCHB yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHB compare with similar ETFs? Funds that can stand in for SCHB: - [ITOT](https://tactfolio.com/etf/itot.md): iShares Core S&P Total U.S. Stock Market ETF, 0.03% a year - [VTI](https://tactfolio.com/etf/vti.md): Vanguard Morningstar Total Stock Market ETF, 0.03% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year See [all 8 SCHB alternatives](https://tactfolio.com/alternatives/schb.md), compared on the same dates as SCHB. ## Test SCHB 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 SCHB, 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 SCHB. 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. Fund facts come from Schwab. We checked them on October 17, 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 SCHB? SCHB charges 0.03% a year, according to Schwab as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did SCHB start trading? SCHB started trading on November 3, 2009. It is run by Schwab. ### What does SCHB track? SCHB tracks the Dow Jones U.S. Broad Stock Market Index. This fund owns shares of about 2,400 US companies of all sizes. ### How much has SCHB returned per year? From November 2009 to October 2026, SCHB returned about 14.2% a year with dividends reinvested. Its worst drop was −35.3%. Past returns do not tell you what it will do next. ### Which strategies use SCHB? None of Tactfolio's classic strategies hold SCHB yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) > 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. --- # SCHD ETF: fees, returns, drawdowns and holdings > What SCHD holds, its 0.06% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. Dividend Equity ETF (SCHD) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 100 US companies that have paid dividends for at least 10 years in a row. It charges 0.06% a year. From October 2011 to October 2026 it returned about 13.5% a year, and its worst drop was −33.4%. 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: 0.06% a year (about $6 on $10,000). - Started trading on October 20, 2011. - Worst drop since 2011: −33.4%. - No Tactfolio classic strategies hold it. ## What does SCHD hold? This fund owns shares of about 100 US companies that have paid dividends for at least 10 years in a row. The index picks them using measures like debt, profits, dividend size, and how fast dividends have grown. Dividends are cash payments that companies share with their owners. It tracks the Dow Jones U.S. Dividend 100 Index. It had 98 holdings as of February 28, 2026, according to Schwab. | Fact | SCHD | | --- | --- | | Full name | Schwab U.S. Dividend Equity ETF | | Issuer | Schwab | | Expense ratio | 0.06% a year | | Started trading | October 20, 2011 | | Tracks | Dow Jones U.S. Dividend 100 Index | | Type | US stocks, ETF | | Holdings | 98 holdings as of February 28, 2026 | | Facts checked | October 16, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) | ## What is the SCHD expense ratio? SCHD charges 0.06% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.06% fee comes to about $6 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHD done since 2011? From October 2011 to October 2026, SCHD returned about 13.5% a year. Say you put in $10,000 at the start. It would have been worth about $66,323 at the end, with every dividend reinvested. | Measure | SCHD | | --- | --- | | Total return | 563.2% | | Return per year (CAGR) | 13.5% | | Worst drop from a high | −33.4% | | Volatility (how much it swings) | 15.3% | | Last 12 months | 33.8% | | Last 3 years, per year | 17.3% | | Last 5 years, per year | 9.8% | | Last 10 years, per year | 13.3% | 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. ## SCHD returns by year | Year | SCHD return | | --- | --- | | 2026 (part of the year) | 28.3% | | 2025 | 4.3% | | 2024 | 11.7% | | 2023 | 4.5% | | 2022 | −3.3% | | 2021 | 29.9% | | 2020 | 15.0% | | 2019 | 27.3% | | 2018 | −5.6% | | 2017 | 20.8% | | 2016 | 16.4% | | 2015 | −0.3% | | 2014 | 11.7% | | 2013 | 32.9% | | 2012 | 11.4% | | 2011 (part of the year) | 5.3% | ## What was SCHD's worst drop? A drawdown is how far a fund falls from its last high point. SCHD's worst fall was −33.4%, from January 23, 2020 to March 23, 2020. It got back to that high on September 2, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHD? No classic strategy holds SCHD yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHD compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [SCHD vs VYM](https://tactfolio.com/etf-comparisons/schd-vs-vym.md): two dividend stock funds that pick companies in different ways. Funds that can stand in for SCHD: - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year - [SPYD](https://tactfolio.com/etf/spyd.md): State Street SPDR Portfolio S&P 500 High Dividend ETF, 0.07% a year - [HDV](https://tactfolio.com/etf/hdv.md): iShares Core High Dividend ETF, 0.08% a year - [SPHD](https://tactfolio.com/etf/sphd.md): Invesco S&P 500 High Dividend Low Volatility ETF, 0.3% a year See [all 8 SCHD alternatives](https://tactfolio.com/alternatives/schd.md), compared on the same dates as SCHD. ## Test SCHD 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 SCHD, 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 SCHD. 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. Fund facts come from Schwab. 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 - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [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. ## Common questions ### What is the expense ratio of SCHD? SCHD charges 0.06% a year, according to Schwab as of October 16, 2026. That is about $6 a year for every $10,000 you hold. ### When did SCHD start trading? SCHD started trading on October 20, 2011. It is run by Schwab. ### What does SCHD track? SCHD tracks the Dow Jones U.S. Dividend 100 Index. This fund owns shares of about 100 US companies that have paid dividends for at least 10 years in a row. ### How much has SCHD returned per year? From October 2011 to October 2026, SCHD returned about 13.5% a year with dividends reinvested. Its worst drop was −33.4%. Past returns do not tell you what it will do next. ### Which strategies use SCHD? None of Tactfolio's classic strategies hold SCHD yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) > 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. --- # SCHG ETF: fees, returns, drawdowns and holdings > What SCHG holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. Large-Cap Growth ETF (SCHG) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 200 large US companies picked as growth stocks. It charges 0.04% a year. From January 2010 to October 2026 it returned about 16.1% a year, and its worst drop was −34.6%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.04% a year (about $4 on $10,000). - Started trading on December 11, 2009. - Worst drop since 2010: −34.6%. - No Tactfolio classic strategies hold it. ## What does SCHG hold? This fund owns shares of about 200 large US companies picked as growth stocks. Growth stocks can rise fast. They can also fall hard when the market drops. It tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It had 195 holdings as of February 28, 2026, according to Schwab. | Fact | SCHG | | --- | --- | | Full name | Schwab U.S. Large-Cap Growth ETF | | Issuer | Schwab | | Expense ratio | 0.04% a year | | Started trading | December 11, 2009 | | Tracks | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | Type | US stocks, ETF | | Holdings | 195 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) | ## What is the SCHG expense ratio? SCHG charges 0.04% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.04% fee comes to about $4 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHG done since 2010? From January 2010 to October 2026, SCHG returned about 16.1% a year. Say you put in $10,000 at the start. It would have been worth about $122,590 at the end, with every dividend reinvested. | Measure | SCHG | | --- | --- | | Total return | 1,126% | | Return per year (CAGR) | 16.1% | | Worst drop from a high | −34.6% | | Volatility (how much it swings) | 19.7% | | Last 12 months | 11.4% | | Last 3 years, per year | 23.6% | | Last 5 years, per year | 13.3% | | Last 10 years, per year | 18.6% | 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. ## SCHG returns by year | Year | SCHG return | | --- | --- | | 2026 (part of the year) | 8.3% | | 2025 | 17.5% | | 2024 | 35.0% | | 2023 | 50.1% | | 2022 | −31.8% | | 2021 | 28.1% | | 2020 | 39.1% | | 2019 | 36.0% | | 2018 | −1.4% | | 2017 | 28.1% | | 2016 | 6.6% | | 2015 | 3.2% | | 2014 | 15.8% | | 2013 | 34.0% | | 2012 | 16.9% | | 2011 | −0.7% | | 2010 | 14.9% | ## What was SCHG's worst drop? A drawdown is how far a fund falls from its last high point. SCHG's worst fall was −34.6%, from November 19, 2021 to January 5, 2023. It got back to that high on December 18, 2023. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHG? No classic strategy holds SCHG yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHG compare with similar ETFs? Funds that can stand in for SCHG: - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year - [MGK](https://tactfolio.com/etf/mgk.md): Vanguard Morningstar Mega Cap Growth ETF, 0.05% a year - [VONG](https://tactfolio.com/etf/vong.md): Vanguard Russell 1000 Growth ETF, 0.06% a year See [all 8 SCHG alternatives](https://tactfolio.com/alternatives/schg.md), compared on the same dates as SCHG. ## Test SCHG 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 SCHG, 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 SCHG. 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. Fund facts come from Schwab. We checked them on October 17, 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 SCHG? SCHG charges 0.04% a year, according to Schwab as of October 17, 2026. That is about $4 a year for every $10,000 you hold. ### When did SCHG start trading? SCHG started trading on December 11, 2009. It is run by Schwab. ### What does SCHG track? SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. This fund owns shares of about 200 large US companies picked as growth stocks. ### How much has SCHG returned per year? From January 2010 to October 2026, SCHG returned about 16.1% a year with dividends reinvested. Its worst drop was −34.6%. Past returns do not tell you what it will do next. ### Which strategies use SCHG? None of Tactfolio's classic strategies hold SCHG yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) > 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. --- # SCHM ETF: fees, returns, drawdowns and holdings > What SCHM holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. Mid-Cap ETF (SCHM) is an exchange-traded fund (ETF) run by Schwab. This fund owns about 500 medium-sized US companies. It charges 0.03% a year. From January 2011 to October 2026 it returned about 10.9% a year, and its worst drop was −42.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on January 13, 2011. - Worst drop since 2011: −42.4%. - No Tactfolio classic strategies hold it. ## What does SCHM hold? This fund owns about 500 medium-sized US companies. It follows a Dow Jones index of companies ranked roughly 501 to 1,000 by size. Mid-sized company stocks can move up and down more than the biggest ones. It tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. It had 497 holdings as of February 28, 2026, according to Schwab. | Fact | SCHM | | --- | --- | | Full name | Schwab U.S. Mid-Cap ETF | | Issuer | Schwab | | Expense ratio | 0.03% a year | | Started trading | January 13, 2011 | | Tracks | Dow Jones U.S. Mid-Cap Total Stock Market Index | | Type | US stocks, ETF | | Holdings | 497 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm) | ## What is the SCHM expense ratio? SCHM 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHM done since 2011? From January 2011 to October 2026, SCHM returned about 10.9% a year. Say you put in $10,000 at the start. It would have been worth about $51,397 at the end, with every dividend reinvested. | Measure | SCHM | | --- | --- | | Total return | 414.0% | | Return per year (CAGR) | 10.9% | | Worst drop from a high | −42.4% | | Volatility (how much it swings) | 19.5% | | Last 12 months | 17.5% | | Last 3 years, per year | 16.7% | | Last 5 years, per year | 6.7% | | Last 10 years, per year | 10.9% | 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. ## SCHM returns by year | Year | SCHM return | | --- | --- | | 2026 (part of the year) | 14.6% | | 2025 | 10.2% | | 2024 | 12.0% | | 2023 | 16.7% | | 2022 | −17.1% | | 2021 | 19.4% | | 2020 | 15.3% | | 2019 | 27.5% | | 2018 | −8.8% | | 2017 | 19.6% | | 2016 | 14.5% | | 2015 | 0.0% | | 2014 | 10.3% | | 2013 | 36.3% | | 2012 | 17.5% | | 2011 (part of the year) | −2.9% | ## What was SCHM's worst drop? A drawdown is how far a fund falls from its last high point. SCHM's worst fall was −42.4%, from February 20, 2020 to March 23, 2020. It got back to that high on November 9, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHM? No classic strategy holds SCHM yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHM compare with similar ETFs? Funds that can stand in for SCHM: - [VO](https://tactfolio.com/etf/vo.md): Vanguard Morningstar Mid-Cap ETF, 0.03% a year - [IJH](https://tactfolio.com/etf/ijh.md): iShares Core S&P Mid-Cap ETF, 0.05% a year - [IWR](https://tactfolio.com/etf/iwr.md): iShares Russell Mid-Cap ETF, 0.18% a year - [MDY](https://tactfolio.com/etf/mdy.md): State Street SPDR S&P MidCap 400 ETF Trust, 0.23% a year See [all 8 SCHM alternatives](https://tactfolio.com/alternatives/schm.md), compared on the same dates as SCHM. ## Test SCHM 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 SCHM, 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 SCHM. 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. Fund facts come from Schwab. We checked them on October 17, 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 SCHM? SCHM charges 0.03% a year, according to Schwab as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did SCHM start trading? SCHM started trading on January 13, 2011. It is run by Schwab. ### What does SCHM track? SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. This fund owns about 500 medium-sized US companies. ### How much has SCHM returned per year? From January 2011 to October 2026, SCHM returned about 10.9% a year with dividends reinvested. Its worst drop was −42.4%. Past returns do not tell you what it will do next. ### Which strategies use SCHM? None of Tactfolio's classic strategies hold SCHM yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm) > 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. --- # SCHV ETF: fees, returns, drawdowns and holdings > What SCHV holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. Large-Cap Value ETF (SCHV) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 550 large US companies picked as value stocks. It charges 0.04% a year. From December 2009 to October 2026 it returned about 11.5% a year, and its worst drop was −37.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.04% a year (about $4 on $10,000). - Started trading on December 11, 2009. - Worst drop since 2009: −37.1%. - No Tactfolio classic strategies hold it. ## What does SCHV hold? This fund owns shares of about 550 large US companies picked as value stocks. Value stocks often look cheap compared with their profits. The fund's price still rises and falls with the stock market. It tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index. It had 555 holdings as of February 28, 2026, according to Schwab. | Fact | SCHV | | --- | --- | | Full name | Schwab U.S. Large-Cap Value ETF | | Issuer | Schwab | | Expense ratio | 0.04% a year | | Started trading | December 11, 2009 | | Tracks | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | Type | US stocks, ETF | | Holdings | 555 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) | ## What is the SCHV expense ratio? SCHV charges 0.04% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.04% fee comes to about $4 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHV done since 2009? From December 2009 to October 2026, SCHV returned about 11.5% a year. Say you put in $10,000 at the start. It would have been worth about $62,069 at the end, with every dividend reinvested. | Measure | SCHV | | --- | --- | | Total return | 520.7% | | Return per year (CAGR) | 11.5% | | Worst drop from a high | −37.1% | | Volatility (how much it swings) | 16.2% | | Last 12 months | 20.8% | | Last 3 years, per year | 19.3% | | Last 5 years, per year | 10.4% | | Last 10 years, per year | 11.4% | 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. ## SCHV returns by year | Year | SCHV return | | --- | --- | | 2026 (part of the year) | 17.0% | | 2025 | 16.0% | | 2024 | 14.1% | | 2023 | 8.9% | | 2022 | −7.6% | | 2021 | 25.6% | | 2020 | 2.6% | | 2019 | 25.9% | | 2018 | −7.3% | | 2017 | 16.6% | | 2016 | 15.7% | | 2015 | −1.1% | | 2014 | 10.9% | | 2013 | 31.0% | | 2012 | 15.1% | | 2011 | 3.6% | | 2010 | 14.8% | | 2009 (part of the year) | −0.2% | ## What was SCHV's worst drop? A drawdown is how far a fund falls from its last high point. SCHV's worst fall was −37.1%, from January 17, 2020 to March 23, 2020. It got back to that high on December 4, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHV? No classic strategy holds SCHV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHV compare with similar ETFs? Funds that can stand in for SCHV: - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% 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 SCHV alternatives](https://tactfolio.com/alternatives/schv.md), compared on the same dates as SCHV. ## Test SCHV 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 SCHV, 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 SCHV. 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. Fund facts come from Schwab. We checked them on October 17, 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 SCHV? SCHV charges 0.04% a year, according to Schwab as of October 17, 2026. That is about $4 a year for every $10,000 you hold. ### When did SCHV start trading? SCHV started trading on December 11, 2009. It is run by Schwab. ### What does SCHV track? SCHV tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index. This fund owns shares of about 550 large US companies picked as value stocks. ### How much has SCHV returned per year? From December 2009 to October 2026, SCHV returned about 11.5% a year with dividends reinvested. Its worst drop was −37.1%. Past returns do not tell you what it will do next. ### Which strategies use SCHV? None of Tactfolio's classic strategies hold SCHV yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) > 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. --- # SCHX ETF: fees, returns, drawdowns and holdings > What SCHX holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. Large-Cap ETF (SCHX) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 750 of the biggest companies in the United States. It charges 0.03% a year. From November 2009 to October 2026 it returned about 14.4% a year, and its worst drop was −34.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on November 3, 2009. - Worst drop since 2009: −34.3%. - No Tactfolio classic strategies hold it. ## What does SCHX hold? This fund owns shares of about 750 of the biggest companies in the United States. Its value goes up and down with large US stocks. A handful of giant companies make up a big part of the fund. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index. It had 749 holdings as of February 28, 2026, according to Schwab. | Fact | SCHX | | --- | --- | | Full name | Schwab U.S. Large-Cap ETF | | Issuer | Schwab | | Expense ratio | 0.03% a year | | Started trading | November 3, 2009 | | Tracks | Dow Jones U.S. Large-Cap Total Stock Market Index | | Type | US stocks, ETF | | Holdings | 749 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) | ## What is the SCHX expense ratio? SCHX 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHX done since 2009? From November 2009 to October 2026, SCHX returned about 14.4% a year. Say you put in $10,000 at the start. It would have been worth about $97,667 at the end, with every dividend reinvested. | Measure | SCHX | | --- | --- | | Total return | 876.7% | | Return per year (CAGR) | 14.4% | | Worst drop from a high | −34.3% | | Volatility (how much it swings) | 17.1% | | Last 12 months | 16.0% | | Last 3 years, per year | 21.9% | | Last 5 years, per year | 12.2% | | Last 10 years, per year | 15.3% | 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. ## SCHX returns by year | Year | SCHX return | | --- | --- | | 2026 (part of the year) | 12.4% | | 2025 | 17.5% | | 2024 | 24.9% | | 2023 | 26.8% | | 2022 | −19.4% | | 2021 | 26.8% | | 2020 | 20.8% | | 2019 | 31.2% | | 2018 | −4.5% | | 2017 | 21.9% | | 2016 | 11.3% | | 2015 | 1.1% | | 2014 | 13.3% | | 2013 | 32.4% | | 2012 | 16.1% | | 2011 | 1.5% | | 2010 | 15.9% | | 2009 (part of the year) | 7.3% | ## What was SCHX's worst drop? A drawdown is how far a fund falls from its last high point. SCHX's worst fall was −34.3%, from February 19, 2020 to March 23, 2020. It got back to that high on August 6, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHX? No classic strategy holds SCHX yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHX compare with similar ETFs? Funds that can stand in for SCHX: - [VV](https://tactfolio.com/etf/vv.md): Vanguard Morningstar Large-Cap ETF, 0.03% a year - [IWB](https://tactfolio.com/etf/iwb.md): iShares Russell 1000 ETF, 0.15% a year - [DIA](https://tactfolio.com/etf/dia.md): State Street SPDR Dow Jones Industrial Average ETF Trust, 0.16% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year See [all 8 SCHX alternatives](https://tactfolio.com/alternatives/schx.md), compared on the same dates as SCHX. ## Test SCHX 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 SCHX, 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 SCHX. 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. Fund facts come from Schwab. We checked them on October 17, 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 SCHX? SCHX charges 0.03% a year, according to Schwab as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did SCHX start trading? SCHX started trading on November 3, 2009. It is run by Schwab. ### What does SCHX track? SCHX tracks the Dow Jones U.S. Large-Cap Total Stock Market Index. This fund owns shares of about 750 of the biggest companies in the United States. ### How much has SCHX returned per year? From November 2009 to October 2026, SCHX returned about 14.4% a year with dividends reinvested. Its worst drop was −34.3%. Past returns do not tell you what it will do next. ### Which strategies use SCHX? None of Tactfolio's classic strategies hold SCHX yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) > 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. --- # SDY ETF: fees, returns, drawdowns and holdings > What SDY holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR S&P Dividend ETF (SDY) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns US companies that have raised their dividends every year for at least 20 years in a row. It charges 0.35% a year. From November 2005 to October 2026 it returned about 8.9% a year, and its worst drop was −54.8%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.35% a year (about $35 on $10,000). - Started trading on November 8, 2005. - Worst drop since 2005: −54.8%. - No Tactfolio classic strategies hold it. ## What does SDY hold? This fund owns US companies that have raised their dividends every year for at least 20 years in a row. It gives more weight to the ones that pay the most. Its value still rises and falls with the stock market. It tracks the S&P High Yield Dividend Aristocrats Index. It had 155 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | SDY | | --- | --- | | Full name | State Street SPDR S&P Dividend ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.35% a year | | Started trading | November 8, 2005 | | Tracks | S&P High Yield Dividend Aristocrats Index | | Type | US stocks, ETF | | Holdings | 155 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) | ## What is the SDY expense ratio? SDY charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SDY done since 2005? From November 2005 to October 2026, SDY returned about 8.9% a year. Say you put in $10,000 at the start. It would have been worth about $60,067 at the end, with every dividend reinvested. | Measure | SDY | | --- | --- | | Total return | 500.7% | | Return per year (CAGR) | 8.9% | | Worst drop from a high | −54.8% | | Volatility (how much it swings) | 18.9% | | Last 12 months | 15.0% | | Last 3 years, per year | 13.5% | | Last 5 years, per year | 7.7% | | Last 10 years, per year | 9.7% | 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. ## SDY returns by year | Year | SDY return | | --- | --- | | 2026 (part of the year) | 13.5% | | 2025 | 8.2% | | 2024 | 8.5% | | 2023 | 2.6% | | 2022 | −0.5% | | 2021 | 24.6% | | 2020 | 1.7% | | 2019 | 23.3% | | 2018 | −2.7% | | 2017 | 15.8% | | 2016 | 20.3% | | 2015 | −0.8% | | 2014 | 13.8% | | 2013 | 30.1% | | 2012 | 11.6% | | 2011 | 7.1% | | 2010 | 16.4% | | 2009 | 19.2% | | 2008 | −22.8% | | 2007 | −6.7% | | 2006 | 17.7% | | 2005 (part of the year) | 1.1% | ## What was SDY's worst drop? A drawdown is how far a fund falls from its last high point. SDY's worst fall was −54.8%, from June 1, 2007 to March 9, 2009. It got back to that high on April 28, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SDY? No classic strategy holds SDY yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SDY compare with similar ETFs? Funds that can stand in for SDY: - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year - [SCHD](https://tactfolio.com/etf/schd.md): Schwab U.S. Dividend Equity ETF, 0.06% a year - [SPYD](https://tactfolio.com/etf/spyd.md): State Street SPDR Portfolio S&P 500 High Dividend ETF, 0.07% a year - [HDV](https://tactfolio.com/etf/hdv.md): iShares Core High Dividend ETF, 0.08% a year See [all 8 SDY alternatives](https://tactfolio.com/alternatives/sdy.md), compared on the same dates as SDY. ## Test SDY 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 SDY, 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 SDY. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 SDY? SDY charges 0.35% a year, according to SPDR (State Street) as of October 17, 2026. That is about $35 a year for every $10,000 you hold. ### When did SDY start trading? SDY started trading on November 8, 2005. It is run by SPDR (State Street). ### What does SDY track? SDY tracks the S&P High Yield Dividend Aristocrats Index. This fund owns US companies that have raised their dividends every year for at least 20 years in a row. ### How much has SDY returned per year? From November 2005 to October 2026, SDY returned about 8.9% a year with dividends reinvested. Its worst drop was −54.8%. Past returns do not tell you what it will do next. ### Which strategies use SDY? None of Tactfolio's classic strategies hold SDY yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street SPDR S&P Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) > 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. --- # SMH ETF: fees, returns, drawdowns and holdings > What SMH holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. VanEck Semiconductor ETF (SMH) is an exchange-traded fund (ETF) run by VanEck. This fund owns about 25 of the largest companies that design and make computer chips. It charges 0.35% a year. From June 2000 to October 2026 it returned about 10.2% a year, and its worst drop was −85.9%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.35% a year (about $35 on $10,000). - Started trading on December 20, 2011. - Worst drop since 2000: −85.9%. - No Tactfolio classic strategies hold it. ## What does SMH hold? This fund owns about 25 of the largest companies that design and make computer chips. Some are based outside the US but trade on US exchanges. With so few stocks in one industry, its price can rise and fall sharply. It tracks the MVIS US Listed Semiconductor 25 Index. It had 26 holdings as of September 30, 2026, according to VanEck. | Fact | SMH | | --- | --- | | Full name | VanEck Semiconductor ETF | | Issuer | VanEck | | Expense ratio | 0.35% a year | | Started trading | December 20, 2011 | | Tracks | MVIS US Listed Semiconductor 25 Index | | Type | US stocks, ETF | | Holdings | 26 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [VanEck fund page](https://www.vaneck.com/us/en/investments/semiconductor-etf-smh/overview/) | ## What is the SMH expense ratio? SMH charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SMH done since 2000? From June 2000 to October 2026, SMH returned about 10.2% a year. Say you put in $10,000 at the start. It would have been worth about $128,825 at the end, with every dividend reinvested. | Measure | SMH | | --- | --- | | Total return | 1,188% | | Return per year (CAGR) | 10.2% | | Worst drop from a high | −85.9% | | Volatility (how much it swings) | 35.0% | | Last 12 months | 57.7% | | Last 3 years, per year | 53.9% | | Last 5 years, per year | 33.5% | | Last 10 years, per year | 33.2% | 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. ## SMH returns by year | Year | SMH return | | --- | --- | | 2026 (part of the year) | 49.9% | | 2025 | 49.2% | | 2024 | 39.1% | | 2023 | 73.4% | | 2022 | −33.5% | | 2021 | 42.1% | | 2020 | 55.5% | | 2019 | 64.5% | | 2018 | −9.0% | | 2017 | 38.5% | | 2016 | 35.5% | | 2015 | −0.3% | | 2014 | 30.2% | | 2013 | 33.3% | | 2012 | 8.6% | | 2011 | −6.5% | | 2010 | 16.5% | | 2009 | 58.6% | | 2008 | −45.8% | | 2007 | −3.5% | | 2006 | −8.2% | | 2005 | 9.8% | | 2004 | −19.6% | | 2003 | 87.3% | | 2002 | −47.1% | | 2001 | −14.6% | | 2000 (part of the year) | −50.3% | ## What was SMH's worst drop? A drawdown is how far a fund falls from its last high point. SMH's worst fall was −85.9%, from June 21, 2000 to November 20, 2008. It got back to that high on October 11, 2017. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SMH? No classic strategy holds SMH yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SMH compare with similar ETFs? Funds that can stand in for SMH: - [SOXX](https://tactfolio.com/etf/soxx.md): iShares Semiconductor ETF, 0.33% a year - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year - [FTEC](https://tactfolio.com/etf/ftec.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year - [VGT](https://tactfolio.com/etf/vgt.md): Vanguard Information Technology ETF, 0.09% a year See [all 8 SMH alternatives](https://tactfolio.com/alternatives/smh.md), compared on the same dates as SMH. ## Test SMH 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 SMH, 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 SMH. 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. Fund facts come from VanEck. We checked them on October 17, 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 SMH? SMH charges 0.35% a year, according to VanEck as of October 17, 2026. That is about $35 a year for every $10,000 you hold. ### When did SMH start trading? SMH started trading on December 20, 2011. It is run by VanEck. ### What does SMH track? SMH tracks the MVIS US Listed Semiconductor 25 Index. This fund owns about 25 of the largest companies that design and make computer chips. ### How much has SMH returned per year? From June 2000 to October 2026, SMH returned about 10.2% a year with dividends reinvested. Its worst drop was −85.9%. Past returns do not tell you what it will do next. ### Which strategies use SMH? None of Tactfolio's classic strategies hold SMH yet. You can test it in your own rules in the builder. ## Sources - [VanEck: VanEck Semiconductor ETF fund page](https://www.vaneck.com/us/en/investments/semiconductor-etf-smh/overview/) > 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. --- # SOXX ETF: fees, returns, drawdowns and holdings > What SOXX holds, its 0.33% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Semiconductor ETF (SOXX) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 30 companies that design or make computer chips. It charges 0.33% a year. From July 2001 to October 2026 it returned about 13.6% a year, and its worst drop was −70.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.33% a year (about $33 on $10,000). - Started trading on July 10, 2001. - Worst drop since 2001: −70.2%. - No Tactfolio classic strategies hold it. ## What does SOXX hold? This fund owns about 30 companies that design or make computer chips. Because it holds only one industry and few companies, its price can rise and fall sharply. A handful of companies make up a large part of the fund. It tracks the NYSE Semiconductor Index. It had 30 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | SOXX | | --- | --- | | Full name | iShares Semiconductor ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.33% a year | | Started trading | July 10, 2001 | | Tracks | NYSE Semiconductor Index | | Type | US stocks, ETF | | Holdings | 30 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239705/ishares-semiconductor-etf) | ## What is the SOXX expense ratio? SOXX charges 0.33% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.33% fee comes to about $33 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SOXX done since 2001? From July 2001 to October 2026, SOXX returned about 13.6% a year. Say you put in $10,000 at the start. It would have been worth about $248,283 at the end, with every dividend reinvested. | Measure | SOXX | | --- | --- | | Total return | 2,383% | | Return per year (CAGR) | 13.6% | | Worst drop from a high | −70.2% | | Volatility (how much it swings) | 33.6% | | Last 12 months | 71.3% | | Last 3 years, per year | 46.0% | | Last 5 years, per year | 27.6% | | Last 10 years, per year | 31.0% | 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. ## SOXX returns by year | Year | SOXX return | | --- | --- | | 2026 (part of the year) | 64.1% | | 2025 | 40.7% | | 2024 | 12.9% | | 2023 | 67.1% | | 2022 | −35.1% | | 2021 | 44.1% | | 2020 | 52.7% | | 2019 | 62.4% | | 2018 | −6.5% | | 2017 | 39.8% | | 2016 | 38.3% | | 2015 | −2.0% | | 2014 | 29.8% | | 2013 | 41.6% | | 2012 | 6.6% | | 2011 | −10.6% | | 2010 | 13.7% | | 2009 | 74.9% | | 2008 | −51.7% | | 2007 | −2.1% | | 2006 | 0.2% | | 2005 | 13.4% | | 2004 | −14.3% | | 2003 | 81.0% | | 2002 | −47.9% | | 2001 (part of the year) | −8.5% | ## What was SOXX's worst drop? A drawdown is how far a fund falls from its last high point. SOXX's worst fall was −70.2%, from August 2, 2001 to November 20, 2008. It got back to that high on February 12, 2014. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SOXX? No classic strategy holds SOXX yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SOXX compare with similar ETFs? Funds that can stand in for SOXX: - [SMH](https://tactfolio.com/etf/smh.md): VanEck Semiconductor ETF, 0.35% a year - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year - [FTEC](https://tactfolio.com/etf/ftec.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year - [VGT](https://tactfolio.com/etf/vgt.md): Vanguard Information Technology ETF, 0.09% a year See [all 8 SOXX alternatives](https://tactfolio.com/alternatives/soxx.md), compared on the same dates as SOXX. ## Test SOXX 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 SOXX, 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 SOXX. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 SOXX? SOXX charges 0.33% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $33 a year for every $10,000 you hold. ### When did SOXX start trading? SOXX started trading on July 10, 2001. It is run by iShares (BlackRock). ### What does SOXX track? SOXX tracks the NYSE Semiconductor Index. This fund owns about 30 companies that design or make computer chips. ### How much has SOXX returned per year? From July 2001 to October 2026, SOXX returned about 13.6% a year with dividends reinvested. Its worst drop was −70.2%. Past returns do not tell you what it will do next. ### Which strategies use SOXX? None of Tactfolio's classic strategies hold SOXX yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Semiconductor ETF fund page](https://www.ishares.com/us/products/239705/ishares-semiconductor-etf) > 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. --- # SPHD ETF: fees, returns, drawdowns and holdings > What SPHD holds, its 0.3% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) is an exchange-traded fund (ETF) run by Invesco. This fund owns about 50 S&P 500 stocks that pay high dividends and have had calmer price moves. It charges 0.3% a year. From October 2012 to October 2026 it returned about 9.4% a year, and its worst drop was −41.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.3% a year (about $30 on $10,000). - Started trading on October 18, 2012. - Worst drop since 2012: −41.4%. - No Tactfolio classic strategies hold it. ## What does SPHD hold? This fund owns about 50 S&P 500 stocks that pay high dividends and have had calmer price moves. Companies that pay more get a bigger share of the fund. It can trail the market when fast growing stocks lead. It tracks the S&P 500 Low Volatility High Dividend Index. | Fact | SPHD | | --- | --- | | Full name | Invesco S&P 500 High Dividend Low Volatility ETF | | Issuer | Invesco | | Expense ratio | 0.3% a year | | Started trading | October 18, 2012 | | Tracks | S&P 500 Low Volatility High Dividend Index | | Type | US stocks, ETF | | Facts checked | October 17, 2026 on the [Invesco fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) | ## What is the SPHD expense ratio? SPHD charges 0.3% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.3% fee comes to about $30 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SPHD done since 2012? From October 2012 to October 2026, SPHD returned about 9.4% a year. Say you put in $10,000 at the start. It would have been worth about $34,987 at the end, with every dividend reinvested. | Measure | SPHD | | --- | --- | | Total return | 249.9% | | Return per year (CAGR) | 9.4% | | Worst drop from a high | −41.4% | | Volatility (how much it swings) | 16.2% | | Last 12 months | 10.4% | | Last 3 years, per year | 13.6% | | Last 5 years, per year | 7.4% | | Last 10 years, per year | 7.2% | 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. ## SPHD returns by year | Year | SPHD return | | --- | --- | | 2026 (part of the year) | 9.4% | | 2025 | 3.4% | | 2024 | 18.1% | | 2023 | 1.3% | | 2022 | 0.6% | | 2021 | 24.6% | | 2020 | −10.4% | | 2019 | 20.3% | | 2018 | −6.2% | | 2017 | 11.9% | | 2016 | 21.6% | | 2015 | 5.2% | | 2014 | 20.0% | | 2013 | 20.8% | | 2012 (part of the year) | −1.7% | ## What was SPHD's worst drop? A drawdown is how far a fund falls from its last high point. SPHD's worst fall was −41.4%, from January 17, 2020 to March 23, 2020. It got back to that high on March 10, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SPHD? No classic strategy holds SPHD yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SPHD compare with similar ETFs? Funds that can stand in for SPHD: - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year - [SCHD](https://tactfolio.com/etf/schd.md): Schwab U.S. Dividend Equity ETF, 0.06% a year - [SPYD](https://tactfolio.com/etf/spyd.md): State Street SPDR Portfolio S&P 500 High Dividend ETF, 0.07% a year - [HDV](https://tactfolio.com/etf/hdv.md): iShares Core High Dividend ETF, 0.08% a year See [all 8 SPHD alternatives](https://tactfolio.com/alternatives/sphd.md), compared on the same dates as SPHD. ## Test SPHD 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 SPHD, 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 SPHD. 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. Fund facts come from Invesco. We checked them on October 17, 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 SPHD? SPHD charges 0.3% a year, according to Invesco as of October 17, 2026. That is about $30 a year for every $10,000 you hold. ### When did SPHD start trading? SPHD started trading on October 18, 2012. It is run by Invesco. ### What does SPHD track? SPHD tracks the S&P 500 Low Volatility High Dividend Index. This fund owns about 50 S&P 500 stocks that pay high dividends and have had calmer price moves. ### How much has SPHD returned per year? From October 2012 to October 2026, SPHD returned about 9.4% a year with dividends reinvested. Its worst drop was −41.4%. Past returns do not tell you what it will do next. ### Which strategies use SPHD? None of Tactfolio's classic strategies hold SPHD yet. You can test it in your own rules in the builder. ## Sources - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) > 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. --- # SPY ETF: fees, returns, drawdowns and holdings > What SPY holds, its 0.0945% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the 500 or so large US companies in the S&P 500. It charges 0.0945% a year. From January 1993 to October 2026 it returned about 10.8% a year, and its worst drop was −55.2%. 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: 0.0945% a year (about $9.45 on $10,000). - Started trading on January 22, 1993. - Worst drop since 1993: −55.2%. - 47 Tactfolio classic strategies hold it. ## What does SPY hold? This fund owns the 500 or so large US companies in the S&P 500. Started in 1993, it was the first ETF listed in the US. Its value goes up and down with big US stocks. It tracks the S&P 500 Index. It had 504 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | SPY | | --- | --- | | Full name | State Street SPDR S&P 500 ETF Trust | | Issuer | SPDR (State Street) | | Expense ratio | 0.0945% a year | | Started trading | January 22, 1993 | | Tracks | S&P 500 Index | | Type | US stocks, ETF | | Holdings | 504 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) | ## What is the SPY expense ratio? SPY charges 0.0945% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.0945% fee comes to about $9.45 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SPY done since 1993? From January 1993 to October 2026, SPY returned about 10.8% a year. Say you put in $10,000 at the start. It would have been worth about $317,313 at the end, with every dividend reinvested. | Measure | SPY | | --- | --- | | Total return | 3,073% | | Return per year (CAGR) | 10.8% | | Worst drop from a high | −55.2% | | Volatility (how much it swings) | 18.5% | | Last 12 months | 16.8% | | Last 3 years, per year | 22.0% | | Last 5 years, per year | 12.8% | | Last 10 years, per year | 15.4% | 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. ## SPY returns by year | Year | SPY return | | --- | --- | | 2026 (part of the year) | 12.8% | | 2025 | 17.7% | | 2024 | 24.9% | | 2023 | 26.2% | | 2022 | −18.2% | | 2021 | 28.7% | | 2020 | 18.3% | | 2019 | 31.2% | | 2018 | −4.6% | | 2017 | 21.7% | | 2016 | 12.0% | | 2015 | 1.2% | | 2014 | 13.5% | | 2013 | 32.3% | | 2012 | 16.0% | | 2011 | 1.9% | | 2010 | 15.1% | | 2009 | 26.4% | | 2008 | −36.8% | | 2007 | 5.1% | | 2006 | 15.8% | | 2005 | 4.8% | | 2004 | 10.7% | | 2003 | 28.2% | | 2002 | −21.6% | | 2001 | −11.8% | | 2000 | −9.7% | | 1999 | 20.4% | | 1998 | 28.7% | | 1997 | 33.5% | | 1996 | 22.5% | | 1995 | 38.0% | | 1994 | 0.4% | | 1993 (part of the year) | 8.7% | ## What was SPY's worst drop? A drawdown is how far a fund falls from its last high point. SPY's worst fall was −55.2%, from October 9, 2007 to March 9, 2009. It got back to that high on August 16, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SPY? 47 classic strategies hold SPY at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Faber’s 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), by Mebane Faber, 2007 - [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014 - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 - [US Cross-Asset Momentum (stock and Treasury timing)](https://tactfolio.com/strategies/cross-asset-momentum.md), by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016 - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 - [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md), by Nicolas Lequeux (NLX Finance), 2024 - [Paired Switching (quarterly SPY and TLT rotation)](https://tactfolio.com/strategies/paired-switching.md), by Akhilesh Maewal and Joel R. Bock, 2011 - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 - [Trending Fast and Slow (volatility-switched momentum)](https://tactfolio.com/strategies/trending-fast-and-slow.md), by Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu, and Chenfei Ma, 2022 - [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md), by Engineered Portfolio (Steve Hanly), 2018 - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 - [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019 - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009 - [60/40 Portfolio (classic stocks and bonds)](https://tactfolio.com/strategies/60-40-portfolio.md), by Traditional balanced funds - [Leverage Rotation Strategy (UPRO above the 200-day average)](https://tactfolio.com/strategies/leverage-rotation-strategy.md), by Michael Gayed and Charles Bilello, 2016 - [Leverage Rotation Strategy 2x (LRS with SSO)](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md), by Michael Gayed and Charles Bilello, 2016 - [200-Day Moving Average Strategy (S&P 500)](https://tactfolio.com/strategies/200-day-moving-average.md), by Jeremy Siegel, 1994, Michael Gayed and Charles Bilello, 2016 - [Golden Cross Strategy (50-day and 200-day moving averages)](https://tactfolio.com/strategies/golden-cross.md), by Technical analysis tradition - [Beta Rotation Strategy (utilities vs. the market)](https://tactfolio.com/strategies/beta-rotation-strategy.md), by Charles Bilello and Michael Gayed, 2014 - [Tactical Risk Rotation (TRRS)](https://tactfolio.com/strategies/tactical-risk-rotation.md), by Michael Gayed and Charles Bilello, 2014 - [Volatility-Managed Portfolio (Moreira and Muir)](https://tactfolio.com/strategies/volatility-managed-portfolio.md), by Alan Moreira and Tyler Muir, 2017 - [Growth-Trend Timing (Philosophical Economics’ GTT)](https://tactfolio.com/strategies/growth-trend-timing.md), by Jesse Livermore (Philosophical Economics), 2016 - [Growth-Trend Timing with unemployment (GTT-UE)](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md), by Jesse Livermore (Philosophical Economics), 2016 - [Growth-Trend Timing with job growth](https://tactfolio.com/strategies/growth-trend-timing-jobs.md), by Jesse Livermore (Philosophical Economics), 2016 - [Growth-Trend Timing with housing starts and income](https://tactfolio.com/strategies/growth-trend-timing-housing.md), by Jesse Livermore (Philosophical Economics), 2016 - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 - [TrendYCMacro (Quantpedia’s market timing strategy)](https://tactfolio.com/strategies/trend-yc-macro.md), by Ladislav Ďurian and Radovan Vojtko (Quantpedia), 2023 - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 ## How does SPY compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md): two S&P 500 funds with different fees and structures. - [QQQ vs SPY](https://tactfolio.com/etf-comparisons/qqq-vs-spy.md): the Nasdaq-100 against the S&P 500, from the two oldest big index ETFs. Funds that can stand in for SPY: - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year - [VOO](https://tactfolio.com/etf/voo.md): Vanguard S&P 500 ETF, 0.03% a year - [ITOT](https://tactfolio.com/etf/itot.md): iShares Core S&P Total U.S. Stock Market ETF, 0.03% a year See [all 8 SPY alternatives](https://tactfolio.com/alternatives/spy.md), compared on the same dates as SPY. ## Test SPY 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 SPY, 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 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. Fund facts come from SPDR (State Street). 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 funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### What is the expense ratio of SPY? SPY charges 0.0945% a year, according to SPDR (State Street) as of October 16, 2026. That is about $9.45 a year for every $10,000 you hold. ### When did SPY start trading? SPY started trading on January 22, 1993. It is run by SPDR (State Street). ### What does SPY track? SPY tracks the S&P 500 Index. This fund owns the 500 or so large US companies in the S&P 500. ### How much has SPY returned per year? From January 1993 to October 2026, SPY returned about 10.8% a year with dividends reinvested. Its worst drop was −55.2%. Past returns do not tell you what it will do next. ### Which strategies use SPY? 47 of Tactfolio's classic strategies hold SPY, including Hybrid Asset Allocation (HAA), HAA Simple: Hybrid Asset Allocation with one asset, Bold Asset Allocation (BAA). ## Sources - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) > 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. --- # SPYD ETF: fees, returns, drawdowns and holdings > What SPYD holds, its 0.07% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns about 80 S&P 500 companies that pay the highest dividends. It charges 0.07% a year. From October 2015 to October 2026 it returned about 8.9% a year, and its worst drop was −46.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.07% a year (about $7 on $10,000). - Started trading on October 21, 2015. - Worst drop since 2015: −46.4%. - No Tactfolio classic strategies hold it. ## What does SPYD hold? This fund owns about 80 S&P 500 companies that pay the highest dividends. It holds far fewer stocks than the S&P 500. High payouts can be cut when a company has trouble. It tracks the S&P 500 High Dividend Index. It had 78 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | SPYD | | --- | --- | | Full name | State Street SPDR Portfolio S&P 500 High Dividend ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.07% a year | | Started trading | October 21, 2015 | | Tracks | S&P 500 High Dividend Index | | Type | US stocks, ETF | | Holdings | 78 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) | ## What is the SPYD expense ratio? SPYD charges 0.07% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.07% fee comes to about $7 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SPYD done since 2015? From October 2015 to October 2026, SPYD returned about 8.9% a year. Say you put in $10,000 at the start. It would have been worth about $25,579 at the end, with every dividend reinvested. | Measure | SPYD | | --- | --- | | Total return | 155.8% | | Return per year (CAGR) | 8.9% | | Worst drop from a high | −46.4% | | Volatility (how much it swings) | 19.4% | | Last 12 months | 14.7% | | Last 3 years, per year | 15.6% | | Last 5 years, per year | 7.7% | | Last 10 years, per year | 8.4% | 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. ## SPYD returns by year | Year | SPYD return | | --- | --- | | 2026 (part of the year) | 12.8% | | 2025 | 4.7% | | 2024 | 15.3% | | 2023 | 3.9% | | 2022 | −1.2% | | 2021 | 31.4% | | 2020 | −11.6% | | 2019 | 21.2% | | 2018 | −4.9% | | 2017 | 12.7% | | 2016 | 24.6% | | 2015 (part of the year) | −2.6% | ## What was SPYD's worst drop? A drawdown is how far a fund falls from its last high point. SPYD's worst fall was −46.4%, from January 16, 2020 to March 23, 2020. It got back to that high on February 24, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SPYD? No classic strategy holds SPYD yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SPYD compare with similar ETFs? Funds that can stand in for SPYD: - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year - [SCHD](https://tactfolio.com/etf/schd.md): Schwab U.S. Dividend Equity ETF, 0.06% a year - [HDV](https://tactfolio.com/etf/hdv.md): iShares Core High Dividend ETF, 0.08% a year - [SPHD](https://tactfolio.com/etf/sphd.md): Invesco S&P 500 High Dividend Low Volatility ETF, 0.3% a year See [all 8 SPYD alternatives](https://tactfolio.com/alternatives/spyd.md), compared on the same dates as SPYD. ## Test SPYD 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 SPYD, 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 SPYD. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 SPYD? SPYD charges 0.07% a year, according to SPDR (State Street) as of October 17, 2026. That is about $7 a year for every $10,000 you hold. ### When did SPYD start trading? SPYD started trading on October 21, 2015. It is run by SPDR (State Street). ### What does SPYD track? SPYD tracks the S&P 500 High Dividend Index. This fund owns about 80 S&P 500 companies that pay the highest dividends. ### How much has SPYD returned per year? From October 2015 to October 2026, SPYD returned about 8.9% a year with dividends reinvested. Its worst drop was −46.4%. Past returns do not tell you what it will do next. ### Which strategies use SPYD? None of Tactfolio's classic strategies hold SPYD yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) > 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. --- # SPYG ETF: fees, returns, drawdowns and holdings > What SPYG holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the S&P 500 companies with the strongest growth in sales and earnings. It charges 0.04% a year. From October 2000 to October 2026 it returned about 7.5% a year, and its worst drop was −67.6%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.04% a year (about $4 on $10,000). - Started trading on September 25, 2000. - Worst drop since 2000: −67.6%. - No Tactfolio classic strategies hold it. ## What does SPYG hold? This fund owns the S&P 500 companies with the strongest growth in sales and earnings. It also looks at which stocks have been rising. Its value goes up and down with big US stocks. It tracks the S&P 500 Growth Index. It had 152 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | SPYG | | --- | --- | | Full name | State Street SPDR Portfolio S&P 500 Growth ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.04% a year | | Started trading | September 25, 2000 | | Tracks | S&P 500 Growth Index | | Type | US stocks, ETF | | Holdings | 152 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) | ## What is the SPYG expense ratio? SPYG charges 0.04% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.04% fee comes to about $4 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SPYG done since 2000? From October 2000 to October 2026, SPYG returned about 7.5% a year. Say you put in $10,000 at the start. It would have been worth about $65,774 at the end, with every dividend reinvested. | Measure | SPYG | | --- | --- | | Total return | 557.7% | | Return per year (CAGR) | 7.5% | | Worst drop from a high | −67.6% | | Volatility (how much it swings) | 21.6% | | Last 12 months | 16.6% | | Last 3 years, per year | 26.2% | | Last 5 years, per year | 13.5% | | Last 10 years, per year | 17.8% | 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. ## SPYG returns by year | Year | SPYG return | | --- | --- | | 2026 (part of the year) | 13.1% | | 2025 | 22.1% | | 2024 | 36.0% | | 2023 | 30.0% | | 2022 | −29.4% | | 2021 | 32.0% | | 2020 | 33.5% | | 2019 | 30.8% | | 2018 | −0.1% | | 2017 | 27.2% | | 2016 | 6.8% | | 2015 | 5.1% | | 2014 | 14.8% | | 2013 | 32.6% | | 2012 | 14.2% | | 2011 | 4.7% | | 2010 | 16.2% | | 2009 | 37.0% | | 2008 | −37.4% | | 2007 | 10.8% | | 2006 | 9.0% | | 2005 | 2.8% | | 2004 | 5.3% | | 2003 | 28.3% | | 2002 | −32.1% | | 2001 | −25.9% | | 2000 (part of the year) | −24.1% | ## What was SPYG's worst drop? A drawdown is how far a fund falls from its last high point. SPYG's worst fall was −67.6%, from October 2, 2000 to March 9, 2009. It got back to that high on December 23, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SPYG? No classic strategy holds SPYG yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SPYG compare with similar ETFs? Funds that can stand in for SPYG: - [VOOG](https://tactfolio.com/etf/voog.md): Vanguard S&P 500 Growth ETF, 0.07% a year - [IVW](https://tactfolio.com/etf/ivw.md): iShares S&P 500 Growth ETF, 0.18% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year See [all 8 SPYG alternatives](https://tactfolio.com/alternatives/spyg.md), compared on the same dates as SPYG. ## Test SPYG 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 SPYG, 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 SPYG. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 SPYG? SPYG charges 0.04% a year, according to SPDR (State Street) as of October 17, 2026. That is about $4 a year for every $10,000 you hold. ### When did SPYG start trading? SPYG started trading on September 25, 2000. It is run by SPDR (State Street). ### What does SPYG track? SPYG tracks the S&P 500 Growth Index. This fund owns the S&P 500 companies with the strongest growth in sales and earnings. ### How much has SPYG returned per year? From October 2000 to October 2026, SPYG returned about 7.5% a year with dividends reinvested. Its worst drop was −67.6%. Past returns do not tell you what it will do next. ### Which strategies use SPYG? None of Tactfolio's classic strategies hold SPYG yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) > 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. --- # SPYI ETF: fees, returns, drawdowns and holdings > What SPYI holds, its 0.68% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. NEOS S&P 500 High Income ETF (SPYI) is an exchange-traded fund (ETF) run by NEOS. This fund owns the stocks in the S&P 500 and trades options on the index to create monthly income. It charges 0.68% a year. From August 2022 to October 2026 it returned about 14.7% a year, and its worst drop was −16.5%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.68% a year (about $68 on $10,000). - Started trading on August 29, 2022. - Worst drop since 2022: −16.5%. - No Tactfolio classic strategies hold it. ## What does SPYI hold? This fund owns the stocks in the S&P 500 and trades options on the index to create monthly income. The options trade away some of the gains when stocks rise fast. Its price can still drop when the stock market falls. It does not track an index. Its managers choose what it holds. It had 510 holdings as of June 30, 2026, according to NEOS. | Fact | SPYI | | --- | --- | | Full name | NEOS S&P 500 High Income ETF | | Issuer | NEOS | | Expense ratio | 0.68% a year | | Started trading | August 29, 2022 | | Tracks | No index (actively managed) | | Type | US stocks, ETF | | Holdings | 510 holdings as of June 30, 2026 | | Facts checked | October 17, 2026 on the [NEOS fund page](https://neosfunds.com/spyi/) | ## What is the SPYI expense ratio? SPYI charges 0.68% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.68% fee comes to about $68 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SPYI done since 2022? From August 2022 to October 2026, SPYI returned about 14.7% a year. Say you put in $10,000 at the start. It would have been worth about $17,611 at the end, with every dividend reinvested. | Measure | SPYI | | --- | --- | | Total return | 76.1% | | Return per year (CAGR) | 14.7% | | Worst drop from a high | −16.5% | | Volatility (how much it swings) | 12.7% | | Last 12 months | 15.9% | | Last 3 years, per year | 17.1% | 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. ## SPYI returns by year | Year | SPYI return | | --- | --- | | 2026 (part of the year) | 11.2% | | 2025 | 16.7% | | 2024 | 19.0% | | 2023 | 16.9% | | 2022 (part of the year) | −2.5% | ## What was SPYI's worst drop? A drawdown is how far a fund falls from its last high point. SPYI's worst fall was −16.5%, from February 19, 2025 to April 8, 2025. It got back to that high on June 25, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SPYI? No classic strategy holds SPYI yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SPYI compare with similar ETFs? Funds that can stand in for SPYI: - [GPIX](https://tactfolio.com/etf/gpix.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year - [JEPI](https://tactfolio.com/etf/jepi.md): JPMorgan Equity Premium Income ETF, 0.35% a year - [JEPQ](https://tactfolio.com/etf/jepq.md): JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year - [DIVO](https://tactfolio.com/etf/divo.md): Amplify CWP Enhanced Dividend Income ETF, 0.56% a year See [all 8 SPYI alternatives](https://tactfolio.com/alternatives/spyi.md), compared on the same dates as SPYI. ## Test SPYI 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 SPYI, 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 SPYI. 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. Fund facts come from NEOS. We checked them on October 17, 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 SPYI? SPYI charges 0.68% a year, according to NEOS as of October 17, 2026. That is about $68 a year for every $10,000 you hold. ### When did SPYI start trading? SPYI started trading on August 29, 2022. It is run by NEOS. ### What does SPYI track? SPYI does not track an index. Its managers choose what it holds. ### How much has SPYI returned per year? From August 2022 to October 2026, SPYI returned about 14.7% a year with dividends reinvested. Its worst drop was −16.5%. Past returns do not tell you what it will do next. ### Which strategies use SPYI? None of Tactfolio's classic strategies hold SPYI yet. You can test it in your own rules in the builder. ## Sources - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) > 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. --- # SPYM ETF: fees, returns, drawdowns and holdings > What SPYM holds, its 0.02% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Portfolio S&P 500 ETF (SPYM) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the roughly 500 large US companies in the S&P 500. It charges 0.02% a year. From November 2005 to October 2026 it returned about 11.2% a year, and its worst drop was −54.5%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.02% a year (about $2 on $10,000). - Started trading on November 8, 2005. - Worst drop since 2005: −54.5%. - No Tactfolio classic strategies hold it. ## What does SPYM hold? This fund owns the roughly 500 large US companies in the S&P 500. It charges a yearly fee of just 0.02%. Its value goes up and down with big US stocks. It tracks the S&P 500 Index. It had 505 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | SPYM | | --- | --- | | Full name | State Street SPDR Portfolio S&P 500 ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.02% a year | | Started trading | November 8, 2005 | | Tracks | S&P 500 Index | | Type | US stocks, ETF | | Holdings | 505 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) | ## What is the SPYM expense ratio? SPYM charges 0.02% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.02% fee comes to about $2 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SPYM done since 2005? From November 2005 to October 2026, SPYM returned about 11.2% a year. Say you put in $10,000 at the start. It would have been worth about $92,229 at the end, with every dividend reinvested. | Measure | SPYM | | --- | --- | | Total return | 822.3% | | Return per year (CAGR) | 11.2% | | Worst drop from a high | −54.5% | | Volatility (how much it swings) | 18.3% | | Last 12 months | 16.8% | | Last 3 years, per year | 22.1% | | Last 5 years, per year | 12.9% | | Last 10 years, per year | 15.5% | 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. ## SPYM returns by year | Year | SPYM return | | --- | --- | | 2026 (part of the year) | 12.9% | | 2025 | 17.8% | | 2024 | 25.0% | | 2023 | 26.2% | | 2022 | −18.1% | | 2021 | 28.8% | | 2020 | 18.5% | | 2019 | 32.0% | | 2018 | −4.8% | | 2017 | 21.3% | | 2016 | 11.8% | | 2015 | 1.1% | | 2014 | 13.7% | | 2013 | 33.2% | | 2012 | 15.1% | | 2011 | 1.7% | | 2010 | 15.9% | | 2009 | 27.2% | | 2008 | −36.9% | | 2007 | 5.8% | | 2006 | 14.5% | | 2005 (part of the year) | 2.1% | ## What was SPYM's worst drop? A drawdown is how far a fund falls from its last high point. SPYM's worst fall was −54.5%, from October 10, 2007 to March 9, 2009. It got back to that high on March 16, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SPYM? No classic strategy holds SPYM yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SPYM compare with similar ETFs? Funds that can stand in for SPYM: - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year - [VOO](https://tactfolio.com/etf/voo.md): Vanguard S&P 500 ETF, 0.03% a year - [SPY](https://tactfolio.com/etf/spy.md): State Street SPDR S&P 500 ETF Trust, 0.0945% a year - [ITOT](https://tactfolio.com/etf/itot.md): iShares Core S&P Total U.S. Stock Market ETF, 0.03% a year See [all 8 SPYM alternatives](https://tactfolio.com/alternatives/spym.md), compared on the same dates as SPYM. ## Test SPYM 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 SPYM, 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 SPYM. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 SPYM? SPYM charges 0.02% a year, according to SPDR (State Street) as of October 17, 2026. That is about $2 a year for every $10,000 you hold. ### When did SPYM start trading? SPYM started trading on November 8, 2005. It is run by SPDR (State Street). ### What does SPYM track? SPYM tracks the S&P 500 Index. This fund owns the roughly 500 large US companies in the S&P 500. ### How much has SPYM returned per year? From November 2005 to October 2026, SPYM returned about 11.2% a year with dividends reinvested. Its worst drop was −54.5%. Past returns do not tell you what it will do next. ### Which strategies use SPYM? None of Tactfolio's classic strategies hold SPYM yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) > 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. --- # SPYV ETF: fees, returns, drawdowns and holdings > What SPYV holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Portfolio S&P 500 Value ETF (SPYV) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns S&P 500 companies whose stock prices look low compared with their earnings, sales and assets. It charges 0.04% a year. From October 2000 to October 2026 it returned about 7.9% a year, and its worst drop was −58.5%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.04% a year (about $4 on $10,000). - Started trading on September 25, 2000. - Worst drop since 2000: −58.5%. - No Tactfolio classic strategies hold it. ## What does SPYV hold? This fund owns S&P 500 companies whose stock prices look low compared with their earnings, sales and assets. It holds more than 400 companies. Its value goes up and down with big US stocks. It tracks the S&P 500 Value Index. It had 435 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | SPYV | | --- | --- | | Full name | State Street SPDR Portfolio S&P 500 Value ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.04% a year | | Started trading | September 25, 2000 | | Tracks | S&P 500 Value Index | | Type | US stocks, ETF | | Holdings | 435 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) | ## What is the SPYV expense ratio? SPYV charges 0.04% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.04% fee comes to about $4 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SPYV done since 2000? From October 2000 to October 2026, SPYV returned about 7.9% a year. Say you put in $10,000 at the start. It would have been worth about $71,947 at the end, with every dividend reinvested. | Measure | SPYV | | --- | --- | | Total return | 619.5% | | Return per year (CAGR) | 7.9% | | Worst drop from a high | −58.5% | | Volatility (how much it swings) | 18.4% | | Last 12 months | 17.1% | | Last 3 years, per year | 17.1% | | Last 5 years, per year | 11.5% | | Last 10 years, per year | 12.2% | 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. ## SPYV returns by year | Year | SPYV return | | --- | --- | | 2026 (part of the year) | 12.4% | | 2025 | 13.2% | | 2024 | 12.2% | | 2023 | 22.2% | | 2022 | −5.3% | | 2021 | 24.9% | | 2020 | 1.4% | | 2019 | 31.7% | | 2018 | −9.0% | | 2017 | 15.4% | | 2016 | 17.1% | | 2015 | −3.2% | | 2014 | 12.2% | | 2013 | 31.8% | | 2012 | 17.2% | | 2011 | −0.7% | | 2010 | 15.5% | | 2009 | 17.1% | | 2008 | −36.3% | | 2007 | 1.4% | | 2006 | 21.6% | | 2005 | 5.4% | | 2004 | 13.2% | | 2003 | 25.2% | | 2002 | −18.0% | | 2001 | −5.6% | | 2000 (part of the year) | 3.8% | ## What was SPYV's worst drop? A drawdown is how far a fund falls from its last high point. SPYV's worst fall was −58.5%, from October 9, 2007 to March 6, 2009. It got back to that high on February 12, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SPYV? No classic strategy holds SPYV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SPYV compare with similar ETFs? Funds that can stand in for SPYV: - [IVE](https://tactfolio.com/etf/ive.md): iShares S&P 500 Value ETF, 0.18% a year - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% a year - [SCHV](https://tactfolio.com/etf/schv.md): Schwab U.S. Large-Cap Value ETF, 0.04% a year - [IWD](https://tactfolio.com/etf/iwd.md): iShares Russell 1000 Value ETF, 0.18% a year See [all 8 SPYV alternatives](https://tactfolio.com/alternatives/spyv.md), compared on the same dates as SPYV. ## Test SPYV 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 SPYV, 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 SPYV. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 SPYV? SPYV charges 0.04% a year, according to SPDR (State Street) as of October 17, 2026. That is about $4 a year for every $10,000 you hold. ### When did SPYV start trading? SPYV started trading on September 25, 2000. It is run by SPDR (State Street). ### What does SPYV track? SPYV tracks the S&P 500 Value Index. This fund owns S&P 500 companies whose stock prices look low compared with their earnings, sales and assets. ### How much has SPYV returned per year? From October 2000 to October 2026, SPYV returned about 7.9% a year with dividends reinvested. Its worst drop was −58.5%. Past returns do not tell you what it will do next. ### Which strategies use SPYV? None of Tactfolio's classic strategies hold SPYV yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) > 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. --- # USMV ETF: fees, returns, drawdowns and holdings > What USMV holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI USA Min Vol Factor ETF (USMV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns US companies whose stock prices have tended to move less than the overall market. It charges 0.15% a year. From October 2011 to October 2026 it returned about 11.7% a year, and its worst drop was −33.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.15% a year (about $15 on $10,000). - Started trading on October 18, 2011. - Worst drop since 2011: −33.1%. - No Tactfolio classic strategies hold it. ## What does USMV hold? This fund owns US companies whose stock prices have tended to move less than the overall market. It aims for a smoother ride than the overall market. It can still lose money when stocks fall. It tracks the MSCI USA Minimum Volatility Index. It had 174 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | USMV | | --- | --- | | Full name | iShares MSCI USA Min Vol Factor ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | October 18, 2011 | | Tracks | MSCI USA Minimum Volatility Index | | Type | US stocks, ETF | | Holdings | 174 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) | ## What is the USMV expense ratio? USMV charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has USMV done since 2011? From October 2011 to October 2026, USMV returned about 11.7% a year. Say you put in $10,000 at the start. It would have been worth about $52,804 at the end, with every dividend reinvested. | Measure | USMV | | --- | --- | | Total return | 428.0% | | Return per year (CAGR) | 11.7% | | Worst drop from a high | −33.1% | | Volatility (how much it swings) | 13.3% | | Last 12 months | 10.1% | | Last 3 years, per year | 13.0% | | Last 5 years, per year | 7.7% | | Last 10 years, per year | 10.5% | 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. ## USMV returns by year | Year | USMV return | | --- | --- | | 2026 (part of the year) | 8.7% | | 2025 | 7.6% | | 2024 | 15.7% | | 2023 | 10.3% | | 2022 | −9.4% | | 2021 | 20.8% | | 2020 | 5.6% | | 2019 | 27.7% | | 2018 | 1.3% | | 2017 | 18.9% | | 2016 | 10.6% | | 2015 | 5.4% | | 2014 | 16.3% | | 2013 | 25.1% | | 2012 | 10.8% | | 2011 (part of the year) | 5.7% | ## What was USMV's worst drop? A drawdown is how far a fund falls from its last high point. USMV's worst fall was −33.1%, from February 14, 2020 to March 23, 2020. It got back to that high on January 8, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold USMV? No classic strategy holds USMV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does USMV compare with similar ETFs? Funds that can stand in for USMV: - [QUAL](https://tactfolio.com/etf/qual.md): iShares MSCI USA Quality Factor ETF, 0.15% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year - [VOO](https://tactfolio.com/etf/voo.md): Vanguard S&P 500 ETF, 0.03% a year See [all 8 USMV alternatives](https://tactfolio.com/alternatives/usmv.md), compared on the same dates as USMV. ## Test USMV 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 USMV, 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 USMV. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 USMV? USMV charges 0.15% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $15 a year for every $10,000 you hold. ### When did USMV start trading? USMV started trading on October 18, 2011. It is run by iShares (BlackRock). ### What does USMV track? USMV tracks the MSCI USA Minimum Volatility Index. This fund owns US companies whose stock prices have tended to move less than the overall market. ### How much has USMV returned per year? From October 2011 to October 2026, USMV returned about 11.7% a year with dividends reinvested. Its worst drop was −33.1%. Past returns do not tell you what it will do next. ### Which strategies use USMV? None of Tactfolio's classic strategies hold USMV yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares MSCI USA Min Vol Factor ETF fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) > 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. --- # VAW ETF: fees, returns, drawdowns and holdings > What VAW holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Materials ETF (VAW) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 110 US companies that make basic materials. It charges 0.09% a year. From January 2004 to October 2026 it returned about 8.9% a year, and its worst drop was −62.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on January 26, 2004. - Worst drop since 2004: −62.2%. - No Tactfolio classic strategies hold it. ## What does VAW hold? This fund owns shares of about 110 US companies that make basic materials. These include chemicals, metals, mining, building materials, and paper and packaging. Their prices often rise and fall with the economy and with prices of raw materials. It tracks the MSCI US Investable Market Materials 25/50 Index. It had 110 holdings as of September 30, 2026, according to Vanguard. | Fact | VAW | | --- | --- | | Full name | Vanguard Materials ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | January 26, 2004 | | Tracks | MSCI US Investable Market Materials 25/50 Index | | Type | US stocks, ETF | | Holdings | 110 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vaw) | ## What is the VAW expense ratio? VAW charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VAW done since 2004? From January 2004 to October 2026, VAW returned about 8.9% a year. Say you put in $10,000 at the start. It would have been worth about $68,699 at the end, with every dividend reinvested. | Measure | VAW | | --- | --- | | Total return | 587.0% | | Return per year (CAGR) | 8.9% | | Worst drop from a high | −62.2% | | Volatility (how much it swings) | 23.5% | | Last 12 months | 12.7% | | Last 3 years, per year | 11.4% | | Last 5 years, per year | 5.9% | | Last 10 years, per year | 10.0% | 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. ## VAW returns by year | Year | VAW return | | --- | --- | | 2026 (part of the year) | 9.6% | | 2025 | 12.3% | | 2024 | 0.5% | | 2023 | 13.7% | | 2022 | −11.8% | | 2021 | 27.4% | | 2020 | 19.4% | | 2019 | 23.5% | | 2018 | −17.5% | | 2017 | 23.8% | | 2016 | 21.5% | | 2015 | −10.2% | | 2014 | 4.0% | | 2013 | 24.9% | | 2012 | 17.3% | | 2011 | −9.5% | | 2010 | 24.5% | | 2009 | 51.4% | | 2008 | −46.5% | | 2007 | 26.5% | | 2006 | 19.5% | | 2005 | 3.4% | | 2004 (part of the year) | 21.6% | ## What was VAW's worst drop? A drawdown is how far a fund falls from its last high point. VAW's worst fall was −62.2%, from May 16, 2008 to March 9, 2009. It got back to that high on January 9, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VAW? No classic strategy holds VAW yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VAW compare with similar ETFs? Funds that can stand in for VAW: - [XLB](https://tactfolio.com/etf/xlb.md): State Street Materials Select Sector SPDR ETF, 0.08% a year - [XLI](https://tactfolio.com/etf/xli.md): State Street Industrial Select Sector SPDR ETF, 0.08% a year - [VIS](https://tactfolio.com/etf/vis.md): Vanguard Industrials ETF, 0.09% a year - [XLE](https://tactfolio.com/etf/xle.md): State Street Energy Select Sector SPDR ETF, 0.08% a year See [all 5 VAW alternatives](https://tactfolio.com/alternatives/vaw.md), compared on the same dates as VAW. ## Test VAW 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 VAW, 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 VAW. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VAW? VAW charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VAW start trading? VAW started trading on January 26, 2004. It is run by Vanguard. ### What does VAW track? VAW tracks the MSCI US Investable Market Materials 25/50 Index. This fund owns shares of about 110 US companies that make basic materials. ### How much has VAW returned per year? From January 2004 to October 2026, VAW returned about 8.9% a year with dividends reinvested. Its worst drop was −62.2%. Past returns do not tell you what it will do next. ### Which strategies use VAW? None of Tactfolio's classic strategies hold VAW yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Materials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vaw) > 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. --- # VB ETF: fees, returns, drawdowns and holdings > What VB holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Morningstar Small-Cap ETF (VB) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 1,300 small US companies. It charges 0.03% a year. From January 2004 to October 2026 it returned about 9.6% a year, and its worst drop was −59.6%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 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. - Worst drop since 2004: −59.6%. - No Tactfolio classic strategies hold it. ## What does VB hold? This fund owns shares of about 1,300 small US companies. Small company stocks can rise and fall more sharply than shares of big companies. Its value goes up and down with this part of the stock market. It tracks the Morningstar US Small Cap Index. It had 1,301 holdings as of September 30, 2026, according to Vanguard. | Fact | VB | | --- | --- | | Full name | Vanguard Morningstar Small-Cap ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | January 26, 2004 | | Tracks | Morningstar US Small Cap Index | | Type | US stocks, ETF | | Holdings | 1,301 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) | ## What is the VB expense ratio? VB 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VB done since 2004? From January 2004 to October 2026, VB returned about 9.6% a year. Say you put in $10,000 at the start. It would have been worth about $80,288 at the end, with every dividend reinvested. | Measure | VB | | --- | --- | | Total return | 702.9% | | Return per year (CAGR) | 9.6% | | Worst drop from a high | −59.6% | | Volatility (how much it swings) | 22.4% | | Last 12 months | 13.8% | | Last 3 years, per year | 16.6% | | Last 5 years, per year | 6.2% | | Last 10 years, per year | 10.7% | 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. ## VB returns by year | Year | VB return | | --- | --- | | 2026 (part of the year) | 11.3% | | 2025 | 8.9% | | 2024 | 14.2% | | 2023 | 18.2% | | 2022 | −17.5% | | 2021 | 17.6% | | 2020 | 19.2% | | 2019 | 27.3% | | 2018 | −9.3% | | 2017 | 16.3% | | 2016 | 18.4% | | 2015 | −3.8% | | 2014 | 7.6% | | 2013 | 37.7% | | 2012 | 18.3% | | 2011 | −2.8% | | 2010 | 28.1% | | 2009 | 36.6% | | 2008 | −36.2% | | 2007 | 1.4% | | 2006 | 15.8% | | 2005 | 7.2% | | 2004 (part of the year) | 15.9% | ## What was VB's worst drop? A drawdown is how far a fund falls from its last high point. VB's worst fall was −59.6%, from July 13, 2007 to March 9, 2009. It got back to that high on December 20, 2010. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VB? No classic strategy holds VB yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VB compare with similar ETFs? Funds that can stand in for VB: - [SCHA](https://tactfolio.com/etf/scha.md): Schwab U.S. Small-Cap ETF, 0.03% a year - [IJR](https://tactfolio.com/etf/ijr.md): iShares Core S&P Small-Cap ETF, 0.06% a year - [IWM](https://tactfolio.com/etf/iwm.md): iShares Russell 2000 ETF, 0.19% a year - [VBR](https://tactfolio.com/etf/vbr.md): Vanguard Morningstar Small-Cap Value ETF, 0.05% a year See [all 8 VB alternatives](https://tactfolio.com/alternatives/vb.md), compared on the same dates as VB. ## Test VB 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 VB, 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 VB. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VB? VB charges 0.03% a year, according to Vanguard as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did VB start trading? VB started trading on January 26, 2004. It is run by Vanguard. ### What does VB track? VB tracks the Morningstar US Small Cap Index. This fund owns shares of about 1,300 small US companies. ### How much has VB returned per year? From January 2004 to October 2026, VB returned about 9.6% a year with dividends reinvested. Its worst drop was −59.6%. Past returns do not tell you what it will do next. ### Which strategies use VB? None of Tactfolio's classic strategies hold VB yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) > 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. --- # VBR ETF: fees, returns, drawdowns and holdings > What VBR holds, its 0.05% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Morningstar Small-Cap Value ETF (VBR) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of hundreds of small US companies that look cheap compared with measures like their earnings or sales. It charges 0.05% a year. From January 2004 to October 2026 it returned about 9.4% a year, and its worst drop was −62.0%. 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: 0.05% a year (about $5 on $10,000). - Started trading on January 26, 2004. - Worst drop since 2004: −62.0%. - 1 Tactfolio classic strategy holds it. ## What does VBR hold? This fund owns shares of hundreds of small US companies that look cheap compared with measures like their earnings or sales. Small company stocks can rise and fall more than large company stocks. Its value goes up and down with this group of companies. It tracks the Morningstar US Small Cap Value Index. It had 820 holdings as of September 30, 2026, according to Vanguard. | Fact | VBR | | --- | --- | | Full name | Vanguard Morningstar Small-Cap Value ETF | | Issuer | Vanguard | | Expense ratio | 0.05% a year | | Started trading | January 26, 2004 | | Tracks | Morningstar US Small Cap Value Index | | Type | US stocks, ETF | | Holdings | 820 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) | ## What is the VBR expense ratio? VBR charges 0.05% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.05% fee comes to about $5 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VBR done since 2004? From January 2004 to October 2026, VBR returned about 9.4% a year. Say you put in $10,000 at the start. It would have been worth about $77,179 at the end, with every dividend reinvested. | Measure | VBR | | --- | --- | | Total return | 671.8% | | Return per year (CAGR) | 9.4% | | Worst drop from a high | −62.0% | | Volatility (how much it swings) | 22.7% | | Last 12 months | 17.5% | | Last 3 years, per year | 16.8% | | Last 5 years, per year | 8.3% | | Last 10 years, per year | 10.4% | 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. ## VBR returns by year | Year | VBR return | | --- | --- | | 2026 (part of the year) | 13.3% | | 2025 | 9.1% | | 2024 | 12.4% | | 2023 | 16.0% | | 2022 | −9.4% | | 2021 | 28.1% | | 2020 | 5.9% | | 2019 | 22.8% | | 2018 | −12.3% | | 2017 | 11.8% | | 2016 | 24.9% | | 2015 | −4.8% | | 2014 | 10.6% | | 2013 | 36.6% | | 2012 | 19.0% | | 2011 | −4.2% | | 2010 | 25.1% | | 2009 | 30.9% | | 2008 | −32.2% | | 2007 | −6.9% | | 2006 | 19.5% | | 2005 | 6.2% | | 2004 (part of the year) | 20.5% | ## What was VBR's worst drop? A drawdown is how far a fund falls from its last high point. VBR's worst fall was −62.0%, from June 4, 2007 to March 9, 2009. It got back to that high on February 14, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VBR? One classic strategy holds VBR at least some of the time. Each is a set of written rules you can open, test and copy. - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 ## How does VBR compare with similar ETFs? Funds that can stand in for VBR: - [IJS](https://tactfolio.com/etf/ijs.md): iShares S&P Small-Cap 600 Value ETF, 0.18% a year - [IWN](https://tactfolio.com/etf/iwn.md): iShares Russell 2000 Value ETF, 0.24% a year - [AVUV](https://tactfolio.com/etf/avuv.md): Avantis U.S. Small Cap Value ETF, 0.25% a year - [SCHA](https://tactfolio.com/etf/scha.md): Schwab U.S. Small-Cap ETF, 0.03% a year See [all 8 VBR alternatives](https://tactfolio.com/alternatives/vbr.md), compared on the same dates as VBR. ## Test VBR 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 VBR, 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 VBR. 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. 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 VBR? VBR charges 0.05% a year, according to Vanguard as of October 16, 2026. That is about $5 a year for every $10,000 you hold. ### When did VBR start trading? VBR started trading on January 26, 2004. It is run by Vanguard. ### What does VBR track? VBR tracks the Morningstar US Small Cap Value Index. This fund owns shares of hundreds of small US companies that look cheap compared with measures like their earnings or sales. ### How much has VBR returned per year? From January 2004 to October 2026, VBR returned about 9.4% a year with dividends reinvested. Its worst drop was −62.0%. Past returns do not tell you what it will do next. ### Which strategies use VBR? One of Tactfolio's classic strategies hold VBR, including Golden Butterfly Portfolio. ## Sources - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) > 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. --- # VCR ETF: fees, returns, drawdowns and holdings > What VCR holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Consumer Discretionary ETF (VCR) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 280 US companies that sell things like cars, clothes, travel, and meals out. It charges 0.09% a year. From January 2004 to October 2026 it returned about 10.6% a year, and its worst drop was −61.5%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on January 26, 2004. - Worst drop since 2004: −61.5%. - No Tactfolio classic strategies hold it. ## What does VCR hold? This fund owns shares of about 280 US companies that sell things like cars, clothes, travel, and meals out. Two very large companies make up more than a third of the fund. Its value often falls when people cut back on spending. It tracks the MSCI US Investable Market Consumer Discretionary 25/50 Index. It had 277 holdings as of September 30, 2026, according to Vanguard. | Fact | VCR | | --- | --- | | Full name | Vanguard Consumer Discretionary ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | January 26, 2004 | | Tracks | MSCI US Investable Market Consumer Discretionary 25/50 Index | | Type | US stocks, ETF | | Holdings | 277 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcr) | ## What is the VCR expense ratio? VCR charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VCR done since 2004? From January 2004 to October 2026, VCR returned about 10.6% a year. Say you put in $10,000 at the start. It would have been worth about $99,113 at the end, with every dividend reinvested. | Measure | VCR | | --- | --- | | Total return | 891.1% | | Return per year (CAGR) | 10.6% | | Worst drop from a high | −61.5% | | Volatility (how much it swings) | 21.7% | | Last 12 months | −1.4% | | Last 3 years, per year | 12.6% | | Last 5 years, per year | 3.9% | | Last 10 years, per year | 13.0% | 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. ## VCR returns by year | Year | VCR return | | --- | --- | | 2026 (part of the year) | −4.0% | | 2025 | 5.8% | | 2024 | 24.3% | | 2023 | 40.4% | | 2022 | −35.1% | | 2021 | 24.9% | | 2020 | 48.4% | | 2019 | 27.5% | | 2018 | −2.3% | | 2017 | 22.8% | | 2016 | 6.7% | | 2015 | 6.3% | | 2014 | 8.2% | | 2013 | 43.7% | | 2012 | 24.6% | | 2011 | 3.6% | | 2010 | 30.6% | | 2009 | 46.4% | | 2008 | −37.9% | | 2007 | −11.8% | | 2006 | 16.5% | | 2005 | −4.1% | | 2004 (part of the year) | 14.4% | ## What was VCR's worst drop? A drawdown is how far a fund falls from its last high point. VCR's worst fall was −61.5%, from June 4, 2007 to November 20, 2008. It got back to that high on February 7, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VCR? No classic strategy holds VCR yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VCR compare with similar ETFs? Funds that can stand in for VCR: - [XLY](https://tactfolio.com/etf/xly.md): State Street Consumer Discretionary Select Sector SPDR ETF, 0.08% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year See [all 8 VCR alternatives](https://tactfolio.com/alternatives/vcr.md), compared on the same dates as VCR. ## Test VCR 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 VCR, 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 VCR. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VCR? VCR charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VCR start trading? VCR started trading on January 26, 2004. It is run by Vanguard. ### What does VCR track? VCR tracks the MSCI US Investable Market Consumer Discretionary 25/50 Index. This fund owns shares of about 280 US companies that sell things like cars, clothes, travel, and meals out. ### How much has VCR returned per year? From January 2004 to October 2026, VCR returned about 10.6% a year with dividends reinvested. Its worst drop was −61.5%. Past returns do not tell you what it will do next. ### Which strategies use VCR? None of Tactfolio's classic strategies hold VCR yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Consumer Discretionary ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcr) > 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. --- # VDC ETF: fees, returns, drawdowns and holdings > What VDC holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Consumer Staples ETF (VDC) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 100 US companies that make or sell everyday goods, like food, drinks, and household products. It charges 0.09% a year. From January 2004 to October 2026 it returned about 9.5% a year, and its worst drop was −34.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on January 26, 2004. - Worst drop since 2004: −34.2%. - No Tactfolio classic strategies hold it. ## What does VDC hold? This fund owns shares of about 100 US companies that make or sell everyday goods, like food, drinks, and household products. People keep buying these things in good times and bad. Still, a few big companies make up much of the fund. It tracks the MSCI US Investable Market Consumer Staples 25/50 Index. It had 103 holdings as of September 30, 2026, according to Vanguard. | Fact | VDC | | --- | --- | | Full name | Vanguard Consumer Staples ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | January 26, 2004 | | Tracks | MSCI US Investable Market Consumer Staples 25/50 Index | | Type | US stocks, ETF | | Holdings | 103 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vdc) | ## What is the VDC expense ratio? VDC charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VDC done since 2004? From January 2004 to October 2026, VDC returned about 9.5% a year. Say you put in $10,000 at the start. It would have been worth about $78,893 at the end, with every dividend reinvested. | Measure | VDC | | --- | --- | | Total return | 688.9% | | Return per year (CAGR) | 9.5% | | Worst drop from a high | −34.2% | | Volatility (how much it swings) | 14.1% | | Last 12 months | 13.0% | | Last 3 years, per year | 12.6% | | Last 5 years, per year | 7.8% | | Last 10 years, per year | 8.5% | 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. ## VDC returns by year | Year | VDC return | | --- | --- | | 2026 (part of the year) | 14.2% | | 2025 | 2.2% | | 2024 | 13.3% | | 2023 | 2.4% | | 2022 | −1.8% | | 2021 | 17.6% | | 2020 | 10.9% | | 2019 | 26.1% | | 2018 | −7.8% | | 2017 | 11.8% | | 2016 | 6.3% | | 2015 | 5.8% | | 2014 | 16.0% | | 2013 | 28.0% | | 2012 | 11.0% | | 2011 | 13.6% | | 2010 | 14.6% | | 2009 | 16.6% | | 2008 | −16.6% | | 2007 | 12.7% | | 2006 | 15.9% | | 2005 | 3.8% | | 2004 (part of the year) | 9.9% | ## What was VDC's worst drop? A drawdown is how far a fund falls from its last high point. VDC's worst fall was −34.2%, from December 10, 2007 to March 9, 2009. It got back to that high on March 17, 2010. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VDC? No classic strategy holds VDC yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VDC compare with similar ETFs? Funds that can stand in for VDC: - [XLP](https://tactfolio.com/etf/xlp.md): State Street Consumer Staples Select Sector SPDR ETF, 0.08% a year - [XLU](https://tactfolio.com/etf/xlu.md): State Street Utilities Select Sector SPDR ETF, 0.08% a year - [VPU](https://tactfolio.com/etf/vpu.md): Vanguard Utilities ETF, 0.09% a year - [XLV](https://tactfolio.com/etf/xlv.md): State Street Health Care Select Sector SPDR ETF, 0.08% a year See [all 7 VDC alternatives](https://tactfolio.com/alternatives/vdc.md), compared on the same dates as VDC. ## Test VDC 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 VDC, 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 VDC. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VDC? VDC charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VDC start trading? VDC started trading on January 26, 2004. It is run by Vanguard. ### What does VDC track? VDC tracks the MSCI US Investable Market Consumer Staples 25/50 Index. This fund owns shares of about 100 US companies that make or sell everyday goods, like food, drinks, and household products. ### How much has VDC returned per year? From January 2004 to October 2026, VDC returned about 9.5% a year with dividends reinvested. Its worst drop was −34.2%. Past returns do not tell you what it will do next. ### Which strategies use VDC? None of Tactfolio's classic strategies hold VDC yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Consumer Staples ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vdc) > 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. --- # VDE ETF: fees, returns, drawdowns and holdings > What VDE holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Energy ETF (VDE) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 110 US energy companies, such as oil and gas producers and pipeline firms. It charges 0.09% a year. From September 2004 to October 2026 it returned about 8.8% a year, and its worst drop was −74.7%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on September 23, 2004. - Worst drop since 2004: −74.7%. - No Tactfolio classic strategies hold it. ## What does VDE hold? This fund owns shares of about 110 US energy companies, such as oil and gas producers and pipeline firms. A few big companies make up much of the fund. Energy stocks often swing a lot with oil and gas prices. It tracks the MSCI US Investable Market Energy 25/50 Index. It had 111 holdings as of September 30, 2026, according to Vanguard. | Fact | VDE | | --- | --- | | Full name | Vanguard Energy ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | September 23, 2004 | | Tracks | MSCI US Investable Market Energy 25/50 Index | | Type | US stocks, ETF | | Holdings | 111 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vde) | ## What is the VDE expense ratio? VDE charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VDE done since 2004? From September 2004 to October 2026, VDE returned about 8.8% a year. Say you put in $10,000 at the start. It would have been worth about $64,572 at the end, with every dividend reinvested. | Measure | VDE | | --- | --- | | Total return | 545.7% | | Return per year (CAGR) | 8.8% | | Worst drop from a high | −74.7% | | Volatility (how much it swings) | 29.6% | | Last 12 months | 61.9% | | Last 3 years, per year | 18.1% | | Last 5 years, per year | 22.7% | | Last 10 years, per year | 10.8% | 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. ## VDE returns by year | Year | VDE return | | --- | --- | | 2026 (part of the year) | 53.8% | | 2025 | 7.1% | | 2024 | 6.8% | | 2023 | 0.0% | | 2022 | 62.9% | | 2021 | 56.3% | | 2020 | −33.0% | | 2019 | 9.3% | | 2018 | −20.0% | | 2017 | −2.5% | | 2016 | 29.2% | | 2015 | −23.2% | | 2014 | −11.7% | | 2013 | 25.8% | | 2012 | 3.4% | | 2011 | 2.8% | | 2010 | 21.1% | | 2009 | 25.5% | | 2008 | −39.6% | | 2007 | 34.6% | | 2006 | 19.0% | | 2005 | 39.1% | | 2004 (part of the year) | 5.3% | ## What was VDE's worst drop? A drawdown is how far a fund falls from its last high point. VDE's worst fall was −74.7%, from June 23, 2014 to March 18, 2020. It got back to that high on April 18, 2022. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VDE? No classic strategy holds VDE yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VDE compare with similar ETFs? Funds that can stand in for VDE: - [XLE](https://tactfolio.com/etf/xle.md): State Street Energy Select Sector SPDR ETF, 0.08% a year - [XLB](https://tactfolio.com/etf/xlb.md): State Street Materials Select Sector SPDR ETF, 0.08% a year - [VAW](https://tactfolio.com/etf/vaw.md): Vanguard Materials ETF, 0.09% a year - [DJP](https://tactfolio.com/etf/djp.md): iPath Bloomberg Commodity Index Total Return ETN, 0.7% a year See [all 6 VDE alternatives](https://tactfolio.com/alternatives/vde.md), compared on the same dates as VDE. ## Test VDE 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 VDE, 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 VDE. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VDE? VDE charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VDE start trading? VDE started trading on September 23, 2004. It is run by Vanguard. ### What does VDE track? VDE tracks the MSCI US Investable Market Energy 25/50 Index. This fund owns shares of about 110 US energy companies, such as oil and gas producers and pipeline firms. ### How much has VDE returned per year? From September 2004 to October 2026, VDE returned about 8.8% a year with dividends reinvested. Its worst drop was −74.7%. Past returns do not tell you what it will do next. ### Which strategies use VDE? None of Tactfolio's classic strategies hold VDE yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Energy ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vde) > 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. --- # VFH ETF: fees, returns, drawdowns and holdings > What VFH holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Financials ETF (VFH) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 420 US financial companies, like banks and insurers. It charges 0.09% a year. From January 2004 to October 2026 it returned about 6.7% a year, and its worst drop was −78.6%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on January 26, 2004. - Worst drop since 2004: −78.6%. - No Tactfolio classic strategies hold it. ## What does VFH hold? This fund owns shares of about 420 US financial companies, like banks and insurers. It holds only one part of the stock market, so it is less spread out. Its value can drop when banks and lenders run into trouble. It tracks the MSCI US Investable Market Index (IMI)/Financials 25/50. It had 423 holdings as of September 30, 2026, according to Vanguard. | Fact | VFH | | --- | --- | | Full name | Vanguard Financials ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | January 26, 2004 | | Tracks | MSCI US Investable Market Index (IMI)/Financials 25/50 | | Type | US stocks, ETF | | Holdings | 423 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vfh) | ## What is the VFH expense ratio? VFH charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VFH done since 2004? From January 2004 to October 2026, VFH returned about 6.7% a year. Say you put in $10,000 at the start. It would have been worth about $43,632 at the end, with every dividend reinvested. | Measure | VFH | | --- | --- | | Total return | 336.3% | | Return per year (CAGR) | 6.7% | | Worst drop from a high | −78.6% | | Volatility (how much it swings) | 26.4% | | Last 12 months | 9.1% | | Last 3 years, per year | 20.6% | | Last 5 years, per year | 8.8% | | Last 10 years, per year | 12.8% | 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. ## VFH returns by year | Year | VFH return | | --- | --- | | 2026 (part of the year) | 2.3% | | 2025 | 14.9% | | 2024 | 30.4% | | 2023 | 14.2% | | 2022 | −12.3% | | 2021 | 35.2% | | 2020 | −2.0% | | 2019 | 31.6% | | 2018 | −13.5% | | 2017 | 20.0% | | 2016 | 24.9% | | 2015 | −0.6% | | 2014 | 14.1% | | 2013 | 32.8% | | 2012 | 26.2% | | 2011 | −14.3% | | 2010 | 14.8% | | 2009 | 14.3% | | 2008 | −48.9% | | 2007 | −17.6% | | 2006 | 19.4% | | 2005 | 6.1% | | 2004 (part of the year) | 10.2% | ## What was VFH's worst drop? A drawdown is how far a fund falls from its last high point. VFH's worst fall was −78.6%, from June 4, 2007 to March 6, 2009. It got back to that high on November 11, 2016. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VFH? No classic strategy holds VFH yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VFH compare with similar ETFs? Funds that can stand in for VFH: - [XLF](https://tactfolio.com/etf/xlf.md): State Street Financial Select Sector SPDR ETF, 0.08% a year - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% a year - [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 See [all 6 VFH alternatives](https://tactfolio.com/alternatives/vfh.md), compared on the same dates as VFH. ## Test VFH 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 VFH, 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 VFH. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VFH? VFH charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VFH start trading? VFH started trading on January 26, 2004. It is run by Vanguard. ### What does VFH track? VFH tracks the MSCI US Investable Market Index (IMI)/Financials 25/50. This fund owns shares of about 420 US financial companies, like banks and insurers. ### How much has VFH returned per year? From January 2004 to October 2026, VFH returned about 6.7% a year with dividends reinvested. Its worst drop was −78.6%. Past returns do not tell you what it will do next. ### Which strategies use VFH? None of Tactfolio's classic strategies hold VFH yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Financials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vfh) > 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. --- # VGT ETF: fees, returns, drawdowns and holdings > What VGT holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Information Technology ETF (VGT) is an exchange-traded fund (ETF) run by Vanguard. This fund holds US technology companies of all sizes, such as makers of software, computer chips and computer hardware. It charges 0.09% a year. From January 2004 to October 2026 it returned about 14.8% a year, and its worst drop was −54.6%. 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: 0.09% a year (about $9 on $10,000). - Started trading on January 26, 2004. - Worst drop since 2004: −54.6%. - No Tactfolio classic strategies hold it. ## What does VGT hold? This fund holds US technology companies of all sizes, such as makers of software, computer chips and computer hardware. It follows an index, so it owns about 300 tech stocks in the same mix as the index. Because it holds only one part of the market, and a few very large companies make up a big share of it, its price can rise and fall more than a broad stock fund. It tracks the MSCI US Investable Market Information Technology 25/50 Index. It had 318 holdings as of September 30, 2026, according to Vanguard. | Fact | VGT | | --- | --- | | Full name | Vanguard Information Technology ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | January 26, 2004 | | Tracks | MSCI US Investable Market Information Technology 25/50 Index | | Type | US stocks, ETF | | Holdings | 318 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) | ## What is the VGT expense ratio? VGT charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VGT done since 2004? From January 2004 to October 2026, VGT returned about 14.8% a year. Say you put in $10,000 at the start. It would have been worth about $232,245 at the end, with every dividend reinvested. | Measure | VGT | | --- | --- | | Total return | 2,222% | | Return per year (CAGR) | 14.8% | | Worst drop from a high | −54.6% | | Volatility (how much it swings) | 22.8% | | Last 12 months | 27.3% | | Last 3 years, per year | 31.2% | | Last 5 years, per year | 18.5% | | Last 10 years, per year | 24.2% | 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. ## VGT returns by year | Year | VGT return | | --- | --- | | 2026 (part of the year) | 26.5% | | 2025 | 21.8% | | 2024 | 29.3% | | 2023 | 52.7% | | 2022 | −29.7% | | 2021 | 30.4% | | 2020 | 46.0% | | 2019 | 48.6% | | 2018 | 2.5% | | 2017 | 37.1% | | 2016 | 13.8% | | 2015 | 5.1% | | 2014 | 16.7% | | 2013 | 31.0% | | 2012 | 14.0% | | 2011 | 0.5% | | 2010 | 12.8% | | 2009 | 61.9% | | 2008 | −42.8% | | 2007 | 14.8% | | 2006 | 8.8% | | 2005 | 3.0% | | 2004 (part of the year) | −2.9% | ## What was VGT's worst drop? A drawdown is how far a fund falls from its last high point. VGT's worst fall was −54.6%, from October 31, 2007 to November 20, 2008. It got back to that high on January 6, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VGT? No classic strategy holds VGT yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VGT compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [QQQ vs VGT](https://tactfolio.com/etf-comparisons/qqq-vs-vgt.md): the Nasdaq-100 against a pure technology fund. Funds that can stand in for VGT: - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year - [FTEC](https://tactfolio.com/etf/ftec.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year - [IYW](https://tactfolio.com/etf/iyw.md): iShares U.S. Technology ETF, 0.37% a year - [QQQM](https://tactfolio.com/etf/qqqm.md): Invesco NASDAQ 100 ETF, 0.15% a year See [all 8 VGT alternatives](https://tactfolio.com/alternatives/vgt.md), compared on the same dates as VGT. ## Test VGT 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 VGT, 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 VGT. 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. 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 VGT? VGT charges 0.09% a year, according to Vanguard as of October 16, 2026. That is about $9 a year for every $10,000 you hold. ### When did VGT start trading? VGT started trading on January 26, 2004. It is run by Vanguard. ### What does VGT track? VGT tracks the MSCI US Investable Market Information Technology 25/50 Index. This fund holds US technology companies of all sizes, such as makers of software, computer chips and computer hardware. ### How much has VGT returned per year? From January 2004 to October 2026, VGT returned about 14.8% a year with dividends reinvested. Its worst drop was −54.6%. Past returns do not tell you what it will do next. ### Which strategies use VGT? None of Tactfolio's classic strategies hold VGT yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) > 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. --- # VHT ETF: fees, returns, drawdowns and holdings > What VHT holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Health Care ETF (VHT) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 410 US health care companies, such as drug makers. It charges 0.09% a year. From January 2004 to October 2026 it returned about 10.1% a year, and its worst drop was −39.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on January 26, 2004. - Worst drop since 2004: −39.1%. - No Tactfolio classic strategies hold it. ## What does VHT hold? This fund owns shares of about 410 US health care companies, such as drug makers. It holds only one part of the stock market. A few big drug companies make up a large share, so news about medicines can move its value. It tracks the MSCI US Investable Market Health Care 25/50 Index. It had 412 holdings as of September 30, 2026, according to Vanguard. | Fact | VHT | | --- | --- | | Full name | Vanguard Health Care ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | January 26, 2004 | | Tracks | MSCI US Investable Market Health Care 25/50 Index | | Type | US stocks, ETF | | Holdings | 412 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vht) | ## What is the VHT expense ratio? VHT charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VHT done since 2004? From January 2004 to October 2026, VHT returned about 10.1% a year. Say you put in $10,000 at the start. It would have been worth about $89,110 at the end, with every dividend reinvested. | Measure | VHT | | --- | --- | | Total return | 791.1% | | Return per year (CAGR) | 10.1% | | Worst drop from a high | −39.1% | | Volatility (how much it swings) | 16.9% | | Last 12 months | 24.9% | | Last 3 years, per year | 12.9% | | Last 5 years, per year | 7.2% | | Last 10 years, per year | 11.5% | 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. ## VHT returns by year | Year | VHT return | | --- | --- | | 2026 (part of the year) | 14.8% | | 2025 | 15.5% | | 2024 | 2.7% | | 2023 | 2.5% | | 2022 | −5.6% | | 2021 | 20.6% | | 2020 | 18.3% | | 2019 | 21.9% | | 2018 | 5.6% | | 2017 | 23.3% | | 2016 | −3.2% | | 2015 | 7.1% | | 2014 | 24.2% | | 2013 | 42.7% | | 2012 | 19.0% | | 2011 | 10.7% | | 2010 | 5.6% | | 2009 | 21.8% | | 2008 | −23.3% | | 2007 | 7.9% | | 2006 | 6.5% | | 2005 | 8.2% | | 2004 (part of the year) | 0.7% | ## What was VHT's worst drop? A drawdown is how far a fund falls from its last high point. VHT's worst fall was −39.1%, from December 10, 2007 to March 5, 2009. It got back to that high on March 3, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VHT? No classic strategy holds VHT yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VHT compare with similar ETFs? Funds that can stand in for VHT: - [XLV](https://tactfolio.com/etf/xlv.md): State Street Health Care Select Sector SPDR ETF, 0.08% a year - [XLP](https://tactfolio.com/etf/xlp.md): State Street Consumer Staples Select Sector SPDR ETF, 0.08% a year - [VDC](https://tactfolio.com/etf/vdc.md): Vanguard Consumer Staples ETF, 0.09% a year - [QUAL](https://tactfolio.com/etf/qual.md): iShares MSCI USA Quality Factor ETF, 0.15% a year See [all 5 VHT alternatives](https://tactfolio.com/alternatives/vht.md), compared on the same dates as VHT. ## Test VHT 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 VHT, 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 VHT. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VHT? VHT charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VHT start trading? VHT started trading on January 26, 2004. It is run by Vanguard. ### What does VHT track? VHT tracks the MSCI US Investable Market Health Care 25/50 Index. This fund owns shares of about 410 US health care companies, such as drug makers. ### How much has VHT returned per year? From January 2004 to October 2026, VHT returned about 10.1% a year with dividends reinvested. Its worst drop was −39.1%. Past returns do not tell you what it will do next. ### Which strategies use VHT? None of Tactfolio's classic strategies hold VHT yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Health Care ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vht) > 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. --- # VIG ETF: fees, returns, drawdowns and holdings > What VIG holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Dividend Appreciation ETF (VIG) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 330 large US companies that keep raising their dividends. It charges 0.04% a year. From May 2006 to October 2026 it returned about 10.2% a year, and its worst drop was −46.8%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.04% a year (about $4 on $10,000). - Started trading on April 21, 2006. - Worst drop since 2006: −46.8%. - No Tactfolio classic strategies hold it. ## What does VIG hold? This fund owns shares of about 330 large US companies that keep raising their dividends. A dividend is cash a company pays to its owners. The fund still rises and falls with the stock market, and companies can cut dividends. It tracks the S&P U.S. Dividend Growers Index. It had 333 holdings as of September 30, 2026, according to Vanguard. | Fact | VIG | | --- | --- | | Full name | Vanguard Dividend Appreciation ETF | | Issuer | Vanguard | | Expense ratio | 0.04% a year | | Started trading | April 21, 2006 | | Tracks | S&P U.S. Dividend Growers Index | | Type | US stocks, ETF | | Holdings | 333 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) | ## What is the VIG expense ratio? VIG charges 0.04% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.04% fee comes to about $4 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VIG done since 2006? From May 2006 to October 2026, VIG returned about 10.2% a year. Say you put in $10,000 at the start. It would have been worth about $72,375 at the end, with every dividend reinvested. | Measure | VIG | | --- | --- | | Total return | 623.8% | | Return per year (CAGR) | 10.2% | | Worst drop from a high | −46.8% | | Volatility (how much it swings) | 16.9% | | Last 12 months | 14.2% | | Last 3 years, per year | 17.4% | | Last 5 years, per year | 10.6% | | Last 10 years, per year | 13.5% | 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. ## VIG returns by year | Year | VIG return | | --- | --- | | 2026 (part of the year) | 11.3% | | 2025 | 14.2% | | 2024 | 17.0% | | 2023 | 14.5% | | 2022 | −9.8% | | 2021 | 23.8% | | 2020 | 15.4% | | 2019 | 29.6% | | 2018 | −2.1% | | 2017 | 22.2% | | 2016 | 12.0% | | 2015 | −1.9% | | 2014 | 10.1% | | 2013 | 28.9% | | 2012 | 11.7% | | 2011 | 6.2% | | 2010 | 14.7% | | 2009 | 19.6% | | 2008 | −26.7% | | 2007 | 5.6% | | 2006 (part of the year) | 8.4% | ## What was VIG's worst drop? A drawdown is how far a fund falls from its last high point. VIG's worst fall was −46.8%, from October 9, 2007 to March 9, 2009. It got back to that high on February 16, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VIG? No classic strategy holds VIG yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VIG compare with similar ETFs? Funds that can stand in for VIG: - [DGRO](https://tactfolio.com/etf/dgro.md): iShares Core Dividend Growth ETF, 0.08% a year - [DGRW](https://tactfolio.com/etf/dgrw.md): WisdomTree U.S. Quality Dividend Growth Fund, 0.28% a year - [NOBL](https://tactfolio.com/etf/nobl.md): ProShares S&P 500 Dividend Aristocrats ETF, 0.35% a year - [VYM](https://tactfolio.com/etf/vym.md): Vanguard High Dividend Yield ETF, 0.04% a year See [all 8 VIG alternatives](https://tactfolio.com/alternatives/vig.md), compared on the same dates as VIG. ## Test VIG 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 VIG, 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 VIG. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VIG? VIG charges 0.04% a year, according to Vanguard as of October 17, 2026. That is about $4 a year for every $10,000 you hold. ### When did VIG start trading? VIG started trading on April 21, 2006. It is run by Vanguard. ### What does VIG track? VIG tracks the S&P U.S. Dividend Growers Index. This fund owns shares of about 330 large US companies that keep raising their dividends. ### How much has VIG returned per year? From May 2006 to October 2026, VIG returned about 10.2% a year with dividends reinvested. Its worst drop was −46.8%. Past returns do not tell you what it will do next. ### Which strategies use VIG? None of Tactfolio's classic strategies hold VIG yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) > 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. --- # VIS ETF: fees, returns, drawdowns and holdings > What VIS holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Industrials ETF (VIS) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 400 US industrial companies. It charges 0.09% a year. From September 2004 to October 2026 it returned about 10.5% a year, and its worst drop was −63.5%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on September 23, 2004. - Worst drop since 2004: −63.5%. - No Tactfolio classic strategies hold it. ## What does VIS hold? This fund owns shares of about 400 US industrial companies. They make things like machines and airplane parts, or run railroads, trucking, and business services. It holds only one part of the stock market, so it is less spread out than a broad fund. It tracks the MSCI US Investable Market Industrials 25/50 Index. It had 396 holdings as of September 30, 2026, according to Vanguard. | Fact | VIS | | --- | --- | | Full name | Vanguard Industrials ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | September 23, 2004 | | Tracks | MSCI US Investable Market Industrials 25/50 Index | | Type | US stocks, ETF | | Holdings | 396 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vis) | ## What is the VIS expense ratio? VIS charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VIS done since 2004? From September 2004 to October 2026, VIS returned about 10.5% a year. Say you put in $10,000 at the start. It would have been worth about $89,980 at the end, with every dividend reinvested. | Measure | VIS | | --- | --- | | Total return | 799.8% | | Return per year (CAGR) | 10.5% | | Worst drop from a high | −63.5% | | Volatility (how much it swings) | 21.3% | | Last 12 months | 10.2% | | Last 3 years, per year | 19.0% | | Last 5 years, per year | 11.6% | | Last 10 years, per year | 13.1% | 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. ## VIS returns by year | Year | VIS return | | --- | --- | | 2026 (part of the year) | 8.2% | | 2025 | 18.6% | | 2024 | 16.9% | | 2023 | 22.5% | | 2022 | −8.6% | | 2021 | 20.8% | | 2020 | 12.3% | | 2019 | 30.1% | | 2018 | −14.0% | | 2017 | 21.5% | | 2016 | 20.4% | | 2015 | −3.5% | | 2014 | 6.8% | | 2013 | 41.9% | | 2012 | 17.2% | | 2011 | −2.3% | | 2010 | 27.3% | | 2009 | 22.1% | | 2008 | −39.8% | | 2007 | 13.2% | | 2006 | 15.2% | | 2005 | 5.5% | | 2004 (part of the year) | 12.2% | ## What was VIS's worst drop? A drawdown is how far a fund falls from its last high point. VIS's worst fall was −63.5%, from October 9, 2007 to March 9, 2009. It got back to that high on December 18, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VIS? No classic strategy holds VIS yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VIS compare with similar ETFs? Funds that can stand in for VIS: - [XLI](https://tactfolio.com/etf/xli.md): State Street Industrial Select Sector SPDR ETF, 0.08% a year - [XLB](https://tactfolio.com/etf/xlb.md): State Street Materials Select Sector SPDR ETF, 0.08% a year - [VAW](https://tactfolio.com/etf/vaw.md): Vanguard Materials ETF, 0.09% a year - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% a year See [all 8 VIS alternatives](https://tactfolio.com/alternatives/vis.md), compared on the same dates as VIS. ## Test VIS 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 VIS, 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 VIS. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VIS? VIS charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VIS start trading? VIS started trading on September 23, 2004. It is run by Vanguard. ### What does VIS track? VIS tracks the MSCI US Investable Market Industrials 25/50 Index. This fund owns shares of about 400 US industrial companies. ### How much has VIS returned per year? From September 2004 to October 2026, VIS returned about 10.5% a year with dividends reinvested. Its worst drop was −63.5%. Past returns do not tell you what it will do next. ### Which strategies use VIS? None of Tactfolio's classic strategies hold VIS yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Industrials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vis) > 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. --- # VO ETF: fees, returns, drawdowns and holdings > What VO holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Morningstar Mid-Cap ETF (VO) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of a few hundred medium-sized US companies. It charges 0.03% a year. From January 2004 to October 2026 it returned about 10.2% a year, and its worst drop was −58.9%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 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. - Worst drop since 2004: −58.9%. - No Tactfolio classic strategies hold it. ## What does VO hold? This fund owns shares of a few hundred medium-sized US companies. These companies are bigger than small firms but smaller than the giants. Their prices can swing more than the prices of the largest companies. It tracks the Morningstar US Mid Cap Index. It had 271 holdings as of September 30, 2026, according to Vanguard. | Fact | VO | | --- | --- | | Full name | Vanguard Morningstar Mid-Cap ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | January 26, 2004 | | Tracks | Morningstar US Mid Cap Index | | Type | US stocks, ETF | | Holdings | 271 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo) | ## What is the VO expense ratio? VO 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VO done since 2004? From January 2004 to October 2026, VO returned about 10.2% a year. Say you put in $10,000 at the start. It would have been worth about $90,144 at the end, with every dividend reinvested. | Measure | VO | | --- | --- | | Total return | 801.4% | | Return per year (CAGR) | 10.2% | | Worst drop from a high | −58.9% | | Volatility (how much it swings) | 20.3% | | Last 12 months | 12.6% | | Last 3 years, per year | 17.1% | | Last 5 years, per year | 7.0% | | Last 10 years, per year | 11.5% | 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. ## VO returns by year | Year | VO return | | --- | --- | | 2026 (part of the year) | 11.6% | | 2025 | 11.6% | | 2024 | 15.3% | | 2023 | 16.0% | | 2022 | −18.7% | | 2021 | 24.7% | | 2020 | 18.1% | | 2019 | 31.0% | | 2018 | −9.2% | | 2017 | 19.3% | | 2016 | 11.3% | | 2015 | −1.4% | | 2014 | 13.8% | | 2013 | 35.0% | | 2012 | 16.2% | | 2011 | −2.1% | | 2010 | 25.7% | | 2009 | 40.5% | | 2008 | −41.6% | | 2007 | 5.5% | | 2006 | 13.9% | | 2005 | 14.0% | | 2004 (part of the year) | 17.5% | ## What was VO's worst drop? A drawdown is how far a fund falls from its last high point. VO's worst fall was −58.9%, from July 13, 2007 to March 9, 2009. It got back to that high on February 8, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VO? No classic strategy holds VO yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VO compare with similar ETFs? Funds that can stand in for VO: - [SCHM](https://tactfolio.com/etf/schm.md): Schwab U.S. Mid-Cap ETF, 0.03% a year - [IJH](https://tactfolio.com/etf/ijh.md): iShares Core S&P Mid-Cap ETF, 0.05% a year - [IWR](https://tactfolio.com/etf/iwr.md): iShares Russell Mid-Cap ETF, 0.18% a year - [MDY](https://tactfolio.com/etf/mdy.md): State Street SPDR S&P MidCap 400 ETF Trust, 0.23% a year See [all 8 VO alternatives](https://tactfolio.com/alternatives/vo.md), compared on the same dates as VO. ## Test VO 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 VO, 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 VO. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VO? VO charges 0.03% a year, according to Vanguard as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did VO start trading? VO started trading on January 26, 2004. It is run by Vanguard. ### What does VO track? VO tracks the Morningstar US Mid Cap Index. This fund owns shares of a few hundred medium-sized US companies. ### How much has VO returned per year? From January 2004 to October 2026, VO returned about 10.2% a year with dividends reinvested. Its worst drop was −58.9%. Past returns do not tell you what it will do next. ### Which strategies use VO? None of Tactfolio's classic strategies hold VO yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo) > 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. --- # VONG ETF: fees, returns, drawdowns and holdings > What VONG holds, its 0.06% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Russell 1000 Growth ETF (VONG) is an exchange-traded fund (ETF) run by Vanguard. This fund owns large US companies whose sales and profits have been growing fast. It charges 0.06% a year. From September 2010 to October 2026 it returned about 16.4% a year, and its worst drop was −32.7%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.06% a year (about $6 on $10,000). - Started trading on September 20, 2010. - Worst drop since 2010: −32.7%. - No Tactfolio classic strategies hold it. ## What does VONG hold? This fund owns large US companies whose sales and profits have been growing fast. It follows the Russell 1000 Growth Index. A few giant technology companies make up a large part of the fund, so it can rise and fall sharply. It tracks the Russell 1000 Growth Index. It had 371 holdings as of September 30, 2026, according to Vanguard. | Fact | VONG | | --- | --- | | Full name | Vanguard Russell 1000 Growth ETF | | Issuer | Vanguard | | Expense ratio | 0.06% a year | | Started trading | September 20, 2010 | | Tracks | Russell 1000 Growth Index | | Type | US stocks, ETF | | Holdings | 371 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) | ## What is the VONG expense ratio? VONG charges 0.06% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.06% fee comes to about $6 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VONG done since 2010? From September 2010 to October 2026, VONG returned about 16.4% a year. Say you put in $10,000 at the start. It would have been worth about $114,310 at the end, with every dividend reinvested. | Measure | VONG | | --- | --- | | Total return | 1,043% | | Return per year (CAGR) | 16.4% | | Worst drop from a high | −32.7% | | Volatility (how much it swings) | 19.1% | | Last 12 months | 5.0% | | Last 3 years, per year | 21.5% | | Last 5 years, per year | 12.0% | | Last 10 years, per year | 17.9% | 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. ## VONG returns by year | Year | VONG return | | --- | --- | | 2026 (part of the year) | 3.1% | | 2025 | 18.4% | | 2024 | 33.2% | | 2023 | 42.7% | | 2022 | −29.2% | | 2021 | 27.6% | | 2020 | 38.3% | | 2019 | 36.1% | | 2018 | −1.5% | | 2017 | 30.0% | | 2016 | 7.0% | | 2015 | 5.6% | | 2014 | 12.4% | | 2013 | 33.2% | | 2012 | 15.2% | | 2011 | 2.3% | | 2010 (part of the year) | 13.4% | ## What was VONG's worst drop? A drawdown is how far a fund falls from its last high point. VONG's worst fall was −32.7%, from December 27, 2021 to October 14, 2022. It got back to that high on December 27, 2023. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VONG? No classic strategy holds VONG yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VONG compare with similar ETFs? Funds that can stand in for VONG: - [IWF](https://tactfolio.com/etf/iwf.md): iShares Russell 1000 Growth ETF, 0.18% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year See [all 8 VONG alternatives](https://tactfolio.com/alternatives/vong.md), compared on the same dates as VONG. ## Test VONG 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 VONG, 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 VONG. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VONG? VONG charges 0.06% a year, according to Vanguard as of October 17, 2026. That is about $6 a year for every $10,000 you hold. ### When did VONG start trading? VONG started trading on September 20, 2010. It is run by Vanguard. ### What does VONG track? VONG tracks the Russell 1000 Growth Index. This fund owns large US companies whose sales and profits have been growing fast. ### How much has VONG returned per year? From September 2010 to October 2026, VONG returned about 16.4% a year with dividends reinvested. Its worst drop was −32.7%. Past returns do not tell you what it will do next. ### Which strategies use VONG? None of Tactfolio's classic strategies hold VONG yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) > 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. --- # VOO ETF: fees, returns, drawdowns and holdings > What VOO holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard S&P 500 ETF (VOO) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 500 of the biggest companies in the United States. It charges 0.03% a year. From September 2010 to October 2026 it returned about 14.8% a year, and its worst drop was −34.0%. 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 September 7, 2010. - Worst drop since 2010: −34.0%. - No Tactfolio classic strategies hold it. ## What does VOO hold? This fund owns shares of about 500 of the biggest companies in the United States. It follows the S&P 500 index, so its value goes up and down with that group of companies. A handful of very large companies make up a big part of the fund. It tracks the S&P 500 Index. It had 505 holdings as of September 30, 2026, according to Vanguard. | Fact | VOO | | --- | --- | | Full name | Vanguard S&P 500 ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | September 7, 2010 | | Tracks | S&P 500 Index | | Type | US stocks, ETF | | Holdings | 505 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) | ## What is the VOO expense ratio? VOO 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VOO done since 2010? From September 2010 to October 2026, VOO returned about 14.8% a year. Say you put in $10,000 at the start. It would have been worth about $92,175 at the end, with every dividend reinvested. | Measure | VOO | | --- | --- | | Total return | 821.7% | | Return per year (CAGR) | 14.8% | | Worst drop from a high | −34.0% | | Volatility (how much it swings) | 16.9% | | Last 12 months | 16.8% | | Last 3 years, per year | 22.1% | | Last 5 years, per year | 12.9% | | Last 10 years, per year | 15.5% | 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. ## VOO returns by year | Year | VOO return | | --- | --- | | 2026 (part of the year) | 12.8% | | 2025 | 17.8% | | 2024 | 25.0% | | 2023 | 26.3% | | 2022 | −18.2% | | 2021 | 28.8% | | 2020 | 18.3% | | 2019 | 31.4% | | 2018 | −4.5% | | 2017 | 21.8% | | 2016 | 12.2% | | 2015 | 1.3% | | 2014 | 12.9% | | 2013 | 32.4% | | 2012 | 16.0% | | 2011 | 1.9% | | 2010 (part of the year) | 14.8% | ## What was VOO's worst drop? A drawdown is how far a fund falls from its last high point. VOO's worst fall was −34.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VOO? No classic strategy holds VOO yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VOO compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md): the S&P 500 against the whole US stock market. - [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md): two S&P 500 funds with different fees and structures. - [QQQ vs VOO](https://tactfolio.com/etf-comparisons/qqq-vs-voo.md): the Nasdaq-100 against the S&P 500. - [IVV vs VOO](https://tactfolio.com/etf-comparisons/ivv-vs-voo.md): two low-cost S&P 500 funds from iShares and Vanguard. - [VOO vs VOOG](https://tactfolio.com/etf-comparisons/voo-vs-voog.md): the whole S&P 500 against its growth half. - [VOO vs VUG](https://tactfolio.com/etf-comparisons/voo-vs-vug.md): the S&P 500 against large US growth companies. Funds that can stand in for VOO: - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year - [SPY](https://tactfolio.com/etf/spy.md): State Street SPDR S&P 500 ETF Trust, 0.0945% a year - [ITOT](https://tactfolio.com/etf/itot.md): iShares Core S&P Total U.S. Stock Market ETF, 0.03% a year See [all 8 VOO alternatives](https://tactfolio.com/alternatives/voo.md), compared on the same dates as VOO. ## Test VOO 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 VOO, 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 VOO. 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. 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 funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### What is the expense ratio of VOO? VOO 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 VOO start trading? VOO started trading on September 7, 2010. It is run by Vanguard. ### What does VOO track? VOO tracks the S&P 500 Index. This fund owns shares of about 500 of the biggest companies in the United States. ### How much has VOO returned per year? From September 2010 to October 2026, VOO returned about 14.8% a year with dividends reinvested. Its worst drop was −34.0%. Past returns do not tell you what it will do next. ### Which strategies use VOO? None of Tactfolio's classic strategies hold VOO yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) > 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. --- # VOOG ETF: fees, returns, drawdowns and holdings > What VOOG holds, its 0.07% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard S&P 500 Growth ETF (VOOG) is an exchange-traded fund (ETF) run by Vanguard. This fund holds the growth stocks of the S&P 500, which are large US companies whose sales and earnings have been rising faster than average. It charges 0.07% a year. From September 2010 to October 2026 it returned about 16.6% a year, and its worst drop was −32.7%. 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: 0.07% a year (about $7 on $10,000). - Started trading on September 7, 2010. - Worst drop since 2010: −32.7%. - No Tactfolio classic strategies hold it. ## What does VOOG hold? This fund holds the growth stocks of the S&P 500, which are large US companies whose sales and earnings have been rising faster than average. It follows an index, so it owns about 150 stocks in the same mix as the index. Because it leans toward big technology and other fast growing companies, its price can swing more than the full S&P 500. It tracks the S&P 500 Growth Index. It had 152 holdings as of September 30, 2026, according to Vanguard. | Fact | VOOG | | --- | --- | | Full name | Vanguard S&P 500 Growth ETF | | Issuer | Vanguard | | Expense ratio | 0.07% a year | | Started trading | September 7, 2010 | | Tracks | S&P 500 Growth Index | | Type | US stocks, ETF | | Holdings | 152 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) | ## What is the VOOG expense ratio? VOOG charges 0.07% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.07% fee comes to about $7 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VOOG done since 2010? From September 2010 to October 2026, VOOG returned about 16.6% a year. Say you put in $10,000 at the start. It would have been worth about $119,229 at the end, with every dividend reinvested. | Measure | VOOG | | --- | --- | | Total return | 1,092% | | Return per year (CAGR) | 16.6% | | Worst drop from a high | −32.7% | | Volatility (how much it swings) | 18.9% | | Last 12 months | 16.6% | | Last 3 years, per year | 26.2% | | Last 5 years, per year | 13.4% | | Last 10 years, per year | 17.8% | 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. ## VOOG returns by year | Year | VOOG return | | --- | --- | | 2026 (part of the year) | 13.1% | | 2025 | 22.1% | | 2024 | 35.9% | | 2023 | 30.0% | | 2022 | −29.5% | | 2021 | 31.9% | | 2020 | 33.4% | | 2019 | 30.9% | | 2018 | −0.2% | | 2017 | 27.2% | | 2016 | 6.8% | | 2015 | 5.4% | | 2014 | 14.7% | | 2013 | 32.6% | | 2012 | 14.2% | | 2011 | 4.6% | | 2010 (part of the year) | 15.8% | ## What was VOOG's worst drop? A drawdown is how far a fund falls from its last high point. VOOG's worst fall was −32.7%, from December 27, 2021 to October 14, 2022. It got back to that high on March 1, 2024. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VOOG? No classic strategy holds VOOG yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VOOG compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [VOO vs VOOG](https://tactfolio.com/etf-comparisons/voo-vs-voog.md): the whole S&P 500 against its growth half. Funds that can stand in for VOOG: - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year - [IVW](https://tactfolio.com/etf/ivw.md): iShares S&P 500 Growth ETF, 0.18% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year See [all 8 VOOG alternatives](https://tactfolio.com/alternatives/voog.md), compared on the same dates as VOOG. ## Test VOOG 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 VOOG, 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 VOOG. 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. 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 VOOG? VOOG charges 0.07% a year, according to Vanguard as of October 16, 2026. That is about $7 a year for every $10,000 you hold. ### When did VOOG start trading? VOOG started trading on September 7, 2010. It is run by Vanguard. ### What does VOOG track? VOOG tracks the S&P 500 Growth Index. This fund holds the growth stocks of the S&P 500, which are large US companies whose sales and earnings have been rising faster than average. ### How much has VOOG returned per year? From September 2010 to October 2026, VOOG returned about 16.6% a year with dividends reinvested. Its worst drop was −32.7%. Past returns do not tell you what it will do next. ### Which strategies use VOOG? None of Tactfolio's classic strategies hold VOOG yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) > 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. --- # VOX ETF: fees, returns, drawdowns and holdings > What VOX holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Communication Services ETF (VOX) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 110 US companies in phone service, internet, media, and entertainment. It charges 0.09% a year. From September 2004 to October 2026 it returned about 8.6% a year, and its worst drop was −57.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on September 23, 2004. - Worst drop since 2004: −57.2%. - No Tactfolio classic strategies hold it. ## What does VOX hold? This fund owns shares of about 110 US companies in phone service, internet, media, and entertainment. Two giant internet companies make up more than 40 percent of the fund. That means a few stocks can move its value a lot. It tracks the MSCI US Investable Market Communication Services 25/50 Index. It had 111 holdings as of September 30, 2026, according to Vanguard. | Fact | VOX | | --- | --- | | Full name | Vanguard Communication Services ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | September 23, 2004 | | Tracks | MSCI US Investable Market Communication Services 25/50 Index | | Type | US stocks, ETF | | Holdings | 111 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vox) | ## What is the VOX expense ratio? VOX charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VOX done since 2004? From September 2004 to October 2026, VOX returned about 8.6% a year. Say you put in $10,000 at the start. It would have been worth about $61,212 at the end, with every dividend reinvested. | Measure | VOX | | --- | --- | | Total return | 512.1% | | Return per year (CAGR) | 8.6% | | Worst drop from a high | −57.2% | | Volatility (how much it swings) | 20.5% | | Last 12 months | 3.5% | | Last 3 years, per year | 21.5% | | Last 5 years, per year | 6.9% | | Last 10 years, per year | 8.9% | 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. ## VOX returns by year | Year | VOX return | | --- | --- | | 2026 (part of the year) | −1.7% | | 2025 | 26.3% | | 2024 | 33.1% | | 2023 | 44.8% | | 2022 | −38.9% | | 2021 | 13.8% | | 2020 | 29.1% | | 2019 | 28.0% | | 2018 | −16.8% | | 2017 | −5.5% | | 2016 | 22.8% | | 2015 | 2.7% | | 2014 | 1.3% | | 2013 | 24.3% | | 2012 | 16.6% | | 2011 | −2.2% | | 2010 | 19.5% | | 2009 | 29.5% | | 2008 | −38.6% | | 2007 | 5.1% | | 2006 | 36.7% | | 2005 | 2.0% | | 2004 (part of the year) | 12.1% | ## What was VOX's worst drop? A drawdown is how far a fund falls from its last high point. VOX's worst fall was −57.2%, from July 16, 2007 to November 20, 2008. It got back to that high on September 12, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VOX? No classic strategy holds VOX yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VOX compare with similar ETFs? Funds that can stand in for VOX: - [XLC](https://tactfolio.com/etf/xlc.md): State Street Communication Services Select Sector SPDR ETF, 0.08% a year - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year - [FTEC](https://tactfolio.com/etf/ftec.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year - [VGT](https://tactfolio.com/etf/vgt.md): Vanguard Information Technology ETF, 0.09% a year See [all 8 VOX alternatives](https://tactfolio.com/alternatives/vox.md), compared on the same dates as VOX. ## Test VOX 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 VOX, 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 VOX. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VOX? VOX charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VOX start trading? VOX started trading on September 23, 2004. It is run by Vanguard. ### What does VOX track? VOX tracks the MSCI US Investable Market Communication Services 25/50 Index. This fund owns shares of about 110 US companies in phone service, internet, media, and entertainment. ### How much has VOX returned per year? From September 2004 to October 2026, VOX returned about 8.6% a year with dividends reinvested. Its worst drop was −57.2%. Past returns do not tell you what it will do next. ### Which strategies use VOX? None of Tactfolio's classic strategies hold VOX yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Communication Services ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vox) > 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. --- # VPU ETF: fees, returns, drawdowns and holdings > What VPU holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Utilities ETF (VPU) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 70 US utility companies that provide electricity, gas, and water. It charges 0.09% a year. From January 2004 to October 2026 it returned about 9.4% a year, and its worst drop was −46.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on January 26, 2004. - Worst drop since 2004: −46.3%. - No Tactfolio classic strategies hold it. ## What does VPU hold? This fund owns shares of about 70 US utility companies that provide electricity, gas, and water. It holds only one part of the stock market. Its ten biggest companies make up about half of the fund. It tracks the MSCI US Investable Market Utilities 25/50 Index. It had 68 holdings as of September 30, 2026, according to Vanguard. | Fact | VPU | | --- | --- | | Full name | Vanguard Utilities ETF | | Issuer | Vanguard | | Expense ratio | 0.09% a year | | Started trading | January 26, 2004 | | Tracks | MSCI US Investable Market Utilities 25/50 Index | | Type | US stocks, ETF | | Holdings | 68 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) | ## What is the VPU expense ratio? VPU charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VPU done since 2004? From January 2004 to October 2026, VPU returned about 9.4% a year. Say you put in $10,000 at the start. It would have been worth about $76,341 at the end, with every dividend reinvested. | Measure | VPU | | --- | --- | | Total return | 663.4% | | Return per year (CAGR) | 9.4% | | Worst drop from a high | −46.3% | | Volatility (how much it swings) | 18.2% | | Last 12 months | −5.9% | | Last 3 years, per year | 15.5% | | Last 5 years, per year | 8.1% | | Last 10 years, per year | 9.1% | 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. ## VPU returns by year | Year | VPU return | | --- | --- | | 2026 (part of the year) | 0.6% | | 2025 | 16.5% | | 2024 | 23.0% | | 2023 | −7.4% | | 2022 | 1.1% | | 2021 | 17.4% | | 2020 | −0.7% | | 2019 | 24.9% | | 2018 | 4.4% | | 2017 | 12.4% | | 2016 | 17.6% | | 2015 | −4.8% | | 2014 | 25.9% | | 2013 | 14.9% | | 2012 | 1.8% | | 2011 | 19.0% | | 2010 | 7.1% | | 2009 | 11.3% | | 2008 | −28.0% | | 2007 | 17.0% | | 2006 | 21.7% | | 2005 | 14.6% | | 2004 (part of the year) | 20.6% | ## What was VPU's worst drop? A drawdown is how far a fund falls from its last high point. VPU's worst fall was −46.3%, from December 10, 2007 to March 9, 2009. It got back to that high on June 6, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VPU? No classic strategy holds VPU yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VPU compare with similar ETFs? Funds that can stand in for VPU: - [XLU](https://tactfolio.com/etf/xlu.md): State Street Utilities Select Sector SPDR ETF, 0.08% a year - [XLP](https://tactfolio.com/etf/xlp.md): State Street Consumer Staples Select Sector SPDR ETF, 0.08% a year - [VDC](https://tactfolio.com/etf/vdc.md): Vanguard Consumer Staples ETF, 0.09% a year - [SCHH](https://tactfolio.com/etf/schh.md): Schwab U.S. REIT ETF, 0.07% a year See [all 7 VPU alternatives](https://tactfolio.com/alternatives/vpu.md), compared on the same dates as VPU. ## Test VPU 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 VPU, 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 VPU. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VPU? VPU charges 0.09% a year, according to Vanguard as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did VPU start trading? VPU started trading on January 26, 2004. It is run by Vanguard. ### What does VPU track? VPU tracks the MSCI US Investable Market Utilities 25/50 Index. This fund owns shares of about 70 US utility companies that provide electricity, gas, and water. ### How much has VPU returned per year? From January 2004 to October 2026, VPU returned about 9.4% a year with dividends reinvested. Its worst drop was −46.3%. Past returns do not tell you what it will do next. ### Which strategies use VPU? None of Tactfolio's classic strategies hold VPU yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) > 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. --- # VTI ETF: fees, returns, drawdowns and holdings > What VTI holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Morningstar Total Stock Market ETF (VTI) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares in thousands of US companies, from very large to very small. It charges 0.03% a year. From June 2001 to October 2026 it returned about 9.7% a year, and its worst drop was −55.5%. 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 May 24, 2001. - Worst drop since 2001: −55.5%. - 5 Tactfolio classic strategies hold it. ## What does VTI hold? This fund owns shares in thousands of US companies, from very large to very small. It follows an index that tries to cover almost the whole US stock market. Its value rises and falls with US stocks overall. It tracks the Morningstar US Total Market Index. It had 3,519 holdings as of September 30, 2026, according to Vanguard. | Fact | VTI | | --- | --- | | Full name | Vanguard Morningstar Total Stock Market ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | May 24, 2001 | | Tracks | Morningstar US Total Market Index | | Type | US stocks, ETF | | Holdings | 3,519 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) | ## What is the VTI expense ratio? VTI 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VTI done since 2001? From June 2001 to October 2026, VTI returned about 9.7% a year. Say you put in $10,000 at the start. It would have been worth about $104,717 at the end, with every dividend reinvested. | Measure | VTI | | --- | --- | | Total return | 947.2% | | Return per year (CAGR) | 9.7% | | Worst drop from a high | −55.5% | | Volatility (how much it swings) | 19.0% | | Last 12 months | 16.1% | | Last 3 years, per year | 21.6% | | Last 5 years, per year | 11.7% | | Last 10 years, per year | 14.9% | 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. ## VTI returns by year | Year | VTI return | | --- | --- | | 2026 (part of the year) | 12.5% | | 2025 | 17.1% | | 2024 | 23.8% | | 2023 | 26.1% | | 2022 | −19.5% | | 2021 | 25.7% | | 2020 | 21.1% | | 2019 | 30.7% | | 2018 | −5.2% | | 2017 | 21.2% | | 2016 | 12.8% | | 2015 | 0.4% | | 2014 | 12.6% | | 2013 | 33.5% | | 2012 | 16.4% | | 2011 | 1.0% | | 2010 | 17.4% | | 2009 | 28.9% | | 2008 | −37.0% | | 2007 | 5.4% | | 2006 | 15.7% | | 2005 | 6.3% | | 2004 | 12.8% | | 2003 | 30.7% | | 2002 | −20.5% | | 2001 (part of the year) | −4.4% | ## What was VTI's worst drop? A drawdown is how far a fund falls from its last high point. VTI's worst fall was −55.5%, from October 9, 2007 to March 9, 2009. It got back to that high on March 13, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VTI? 5 classic strategies hold VTI at least some of the time. Each is a set of written rules you can open, test and copy. - [Baby Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/baby-bear-portfolio.md), by Brian Livingston, 2018 - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 - [Three-Fund Portfolio (Taylor Larimore, Bogleheads)](https://tactfolio.com/strategies/three-fund-portfolio.md), by Taylor Larimore, 2018 ## How does VTI compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md): the S&P 500 against the whole US stock market. - [VT vs VTI](https://tactfolio.com/etf-comparisons/vt-vs-vti.md): the whole world stock market against the whole US market. - [VTI vs VXUS](https://tactfolio.com/etf-comparisons/vti-vs-vxus.md): US stocks against stocks from the rest of the world. Funds that can stand in for VTI: - [ITOT](https://tactfolio.com/etf/itot.md): iShares Core S&P Total U.S. Stock Market ETF, 0.03% a year - [SCHB](https://tactfolio.com/etf/schb.md): Schwab U.S. Broad Market ETF, 0.03% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year - [IVV](https://tactfolio.com/etf/ivv.md): iShares Core S&P 500 ETF, 0.03% a year See [all 8 VTI alternatives](https://tactfolio.com/alternatives/vti.md), compared on the same dates as VTI. ## Test VTI 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 VTI, 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 VTI. 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. 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 VTI? VTI 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 VTI start trading? VTI started trading on May 24, 2001. It is run by Vanguard. ### What does VTI track? VTI tracks the Morningstar US Total Market Index. This fund owns shares in thousands of US companies, from very large to very small. ### How much has VTI returned per year? From June 2001 to October 2026, VTI returned about 9.7% a year with dividends reinvested. Its worst drop was −55.5%. Past returns do not tell you what it will do next. ### Which strategies use VTI? 5 of Tactfolio's classic strategies hold VTI, including Baby Bear Portfolio (Muscular Portfolios), All Weather Portfolio (Ray Dalio’s All Seasons), Harry Browne’s Permanent Portfolio. ## Sources - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) > 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. --- # 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. - Worst drop since 2004: −59.3%. - 1 Tactfolio classic strategy holds it. ## 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VTV done since 2004? From January 2004 to October 2026, VTV returned about 9.7% a year. Say you put in $10,000 at the start. It would have been worth about $81,766 at the end, with every dividend reinvested. | Measure | VTV | | --- | --- | | Total return | 717.7% | | Return per year (CAGR) | 9.7% | | Worst drop from a high | −59.3% | | Volatility (how much it swings) | 18.4% | | Last 12 months | 23.4% | | Last 3 years, per year | 19.9% | | Last 5 years, per year | 12.3% | | Last 10 years, per year | 12.8% | 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 year | Year | VTV return | | --- | --- | | 2026 (part of the year) | 18.8% | | 2025 | 15.3% | | 2024 | 16.0% | | 2023 | 9.3% | | 2022 | −2.1% | | 2021 | 26.5% | | 2020 | 2.3% | | 2019 | 25.7% | | 2018 | −5.5% | | 2017 | 17.1% | | 2016 | 17.1% | | 2015 | −1.0% | | 2014 | 13.2% | | 2013 | 33.1% | | 2012 | 15.2% | | 2011 | 1.1% | | 2010 | 14.5% | | 2009 | 19.9% | | 2008 | −35.9% | | 2007 | −0.1% | | 2006 | 22.4% | | 2005 | 7.2% | | 2004 (part of the year) | 13.9% | ## 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. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## 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. 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. 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. ### 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. --- # VUG ETF: fees, returns, drawdowns and holdings > What VUG holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Morningstar Growth ETF (VUG) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of large US companies whose earnings are growing, or are expected to grow, faster than average. It charges 0.03% a year. From January 2004 to October 2026 it returned about 12.1% a year, and its worst drop was −50.7%. 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. - Worst drop since 2004: −50.7%. - 1 Tactfolio classic strategy holds it. ## What does VUG hold? This fund owns shares of large US companies whose earnings are growing, or are expected to grow, faster than average. These are called growth stocks. A few very large technology companies make up a big part of the fund. It tracks the Morningstar US Large Cap Growth Index. It had 135 holdings as of September 30, 2026, according to Vanguard. | Fact | VUG | | --- | --- | | Full name | Vanguard Morningstar Growth ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | January 26, 2004 | | Tracks | Morningstar US Large Cap Growth Index | | Type | US stocks, ETF | | Holdings | 135 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) | ## What is the VUG expense ratio? VUG 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VUG done since 2004? From January 2004 to October 2026, VUG returned about 12.1% a year. Say you put in $10,000 at the start. It would have been worth about $134,384 at the end, with every dividend reinvested. | Measure | VUG | | --- | --- | | Total return | 1,244% | | Return per year (CAGR) | 12.1% | | Worst drop from a high | −50.7% | | Volatility (how much it swings) | 20.0% | | Last 12 months | 11.3% | | Last 3 years, per year | 23.9% | | Last 5 years, per year | 12.4% | | Last 10 years, per year | 17.9% | 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. ## VUG returns by year | Year | VUG return | | --- | --- | | 2026 (part of the year) | 8.5% | | 2025 | 19.4% | | 2024 | 32.7% | | 2023 | 46.8% | | 2022 | −33.2% | | 2021 | 27.4% | | 2020 | 40.3% | | 2019 | 37.0% | | 2018 | −3.3% | | 2017 | 27.7% | | 2016 | 6.3% | | 2015 | 3.2% | | 2014 | 13.6% | | 2013 | 32.5% | | 2012 | 17.0% | | 2011 | 1.8% | | 2010 | 17.2% | | 2009 | 36.1% | | 2008 | −38.0% | | 2007 | 12.5% | | 2006 | 9.2% | | 2005 | 5.0% | | 2004 (part of the year) | 5.0% | ## What was VUG's worst drop? A drawdown is how far a fund falls from its last high point. VUG's worst fall was −50.7%, from October 31, 2007 to March 9, 2009. It got back to that high on February 8, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VUG? One classic strategy holds VUG 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 VUG compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [VOO vs VUG](https://tactfolio.com/etf-comparisons/voo-vs-vug.md): the S&P 500 against large US growth companies. Funds that can stand in for VUG: - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year - [MGK](https://tactfolio.com/etf/mgk.md): Vanguard Morningstar Mega Cap Growth ETF, 0.05% a year - [VONG](https://tactfolio.com/etf/vong.md): Vanguard Russell 1000 Growth ETF, 0.06% a year See [all 8 VUG alternatives](https://tactfolio.com/alternatives/vug.md), compared on the same dates as VUG. ## Test VUG 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 VUG, 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 VUG. 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. 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 VUG? VUG 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 VUG start trading? VUG started trading on January 26, 2004. It is run by Vanguard. ### What does VUG track? VUG tracks the Morningstar US Large Cap Growth Index. This fund owns shares of large US companies whose earnings are growing, or are expected to grow, faster than average. ### How much has VUG returned per year? From January 2004 to October 2026, VUG returned about 12.1% a year with dividends reinvested. Its worst drop was −50.7%. Past returns do not tell you what it will do next. ### Which strategies use VUG? One of Tactfolio's classic strategies hold VUG, including Papa Bear Portfolio (Muscular Portfolios). ## Sources - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) > 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. --- # VV ETF: fees, returns, drawdowns and holdings > What VV holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Morningstar Large-Cap ETF (VV) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 420 large US companies. It charges 0.03% a year. From January 2004 to October 2026 it returned about 11.0% a year, and its worst drop was −54.8%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on January 27, 2004. - Worst drop since 2004: −54.8%. - No Tactfolio classic strategies hold it. ## What does VV hold? This fund owns shares of about 420 large US companies. It follows an index of the biggest firms in the US stock market. A small number of giant companies make up a big part of the fund. It tracks the Morningstar US Large Cap Index. It had 421 holdings as of September 30, 2026, according to Vanguard. | Fact | VV | | --- | --- | | Full name | Vanguard Morningstar Large-Cap ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | January 27, 2004 | | Tracks | Morningstar US Large Cap Index | | Type | US stocks, ETF | | Holdings | 421 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) | ## What is the VV expense ratio? VV 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VV done since 2004? From January 2004 to October 2026, VV returned about 11.0% a year. Say you put in $10,000 at the start. It would have been worth about $106,860 at the end, with every dividend reinvested. | Measure | VV | | --- | --- | | Total return | 968.6% | | Return per year (CAGR) | 11.0% | | Worst drop from a high | −54.8% | | Volatility (how much it swings) | 18.6% | | Last 12 months | 16.5% | | Last 3 years, per year | 22.3% | | Last 5 years, per year | 12.5% | | Last 10 years, per year | 15.5% | 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. ## VV returns by year | Year | VV return | | --- | --- | | 2026 (part of the year) | 12.7% | | 2025 | 18.1% | | 2024 | 25.3% | | 2023 | 27.2% | | 2022 | −19.9% | | 2021 | 27.4% | | 2020 | 21.0% | | 2019 | 31.3% | | 2018 | −4.5% | | 2017 | 22.0% | | 2016 | 11.8% | | 2015 | 1.0% | | 2014 | 13.4% | | 2013 | 32.7% | | 2012 | 16.2% | | 2011 | 1.4% | | 2010 | 15.9% | | 2009 | 27.4% | | 2008 | −36.7% | | 2007 | 6.2% | | 2006 | 15.5% | | 2005 | 6.0% | | 2004 (part of the year) | 9.6% | ## What was VV's worst drop? A drawdown is how far a fund falls from its last high point. VV's worst fall was −54.8%, from October 9, 2007 to March 9, 2009. It got back to that high on March 13, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VV? No classic strategy holds VV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VV compare with similar ETFs? Funds that can stand in for VV: - [SCHX](https://tactfolio.com/etf/schx.md): Schwab U.S. Large-Cap ETF, 0.03% a year - [IWB](https://tactfolio.com/etf/iwb.md): iShares Russell 1000 ETF, 0.15% a year - [DIA](https://tactfolio.com/etf/dia.md): State Street SPDR Dow Jones Industrial Average ETF Trust, 0.16% a year - [SPYM](https://tactfolio.com/etf/spym.md): State Street SPDR Portfolio S&P 500 ETF, 0.02% a year See [all 8 VV alternatives](https://tactfolio.com/alternatives/vv.md), compared on the same dates as VV. ## Test VV 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 VV, 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 VV. 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. Fund facts come from Vanguard. We checked them on October 17, 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 VV? VV charges 0.03% a year, according to Vanguard as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did VV start trading? VV started trading on January 27, 2004. It is run by Vanguard. ### What does VV track? VV tracks the Morningstar US Large Cap Index. This fund owns shares of about 420 large US companies. ### How much has VV returned per year? From January 2004 to October 2026, VV returned about 11.0% a year with dividends reinvested. Its worst drop was −54.8%. Past returns do not tell you what it will do next. ### Which strategies use VV? None of Tactfolio's classic strategies hold VV yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) > 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. --- # VYM ETF: fees, returns, drawdowns and holdings > What VYM holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard High Dividend Yield ETF (VYM) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 590 US companies that pay higher dividends than average. It charges 0.04% a year. From November 2006 to October 2026 it returned about 9.3% a year, and its worst drop was −57.0%. 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: 0.04% a year (about $4 on $10,000). - Started trading on November 10, 2006. - Worst drop since 2006: −57.0%. - No Tactfolio classic strategies hold it. ## What does VYM hold? This fund owns shares of about 590 US companies that pay higher dividends than average. Dividends are cash payments that companies share with their owners. The fund does not hold REITs and pays out dividends four times a year. It tracks the FTSE High Dividend Yield Index. It had 593 holdings as of September 30, 2026, according to Vanguard. | Fact | VYM | | --- | --- | | Full name | Vanguard High Dividend Yield ETF | | Issuer | Vanguard | | Expense ratio | 0.04% a year | | Started trading | November 10, 2006 | | Tracks | FTSE High Dividend Yield Index | | Type | US stocks, ETF | | Holdings | 593 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) | ## What is the VYM expense ratio? VYM charges 0.04% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.04% fee comes to about $4 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VYM done since 2006? From November 2006 to October 2026, VYM returned about 9.3% a year. Say you put in $10,000 at the start. It would have been worth about $58,224 at the end, with every dividend reinvested. | Measure | VYM | | --- | --- | | Total return | 482.2% | | Return per year (CAGR) | 9.3% | | Worst drop from a high | −57.0% | | Volatility (how much it swings) | 18.0% | | Last 12 months | 17.7% | | Last 3 years, per year | 18.9% | | Last 5 years, per year | 11.5% | | Last 10 years, per year | 11.8% | 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. ## VYM returns by year | Year | VYM return | | --- | --- | | 2026 (part of the year) | 13.6% | | 2025 | 15.4% | | 2024 | 17.6% | | 2023 | 6.6% | | 2022 | −0.4% | | 2021 | 26.2% | | 2020 | 1.1% | | 2019 | 24.1% | | 2018 | −5.9% | | 2017 | 16.4% | | 2016 | 17.0% | | 2015 | 0.3% | | 2014 | 13.5% | | 2013 | 30.1% | | 2012 | 12.7% | | 2011 | 10.5% | | 2010 | 14.2% | | 2009 | 17.2% | | 2008 | −31.9% | | 2007 | 1.4% | | 2006 (part of the year) | 2.8% | ## What was VYM's worst drop? A drawdown is how far a fund falls from its last high point. VYM's worst fall was −57.0%, from October 9, 2007 to March 5, 2009. It got back to that high on March 13, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VYM? No classic strategy holds VYM yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VYM compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [SCHD vs VYM](https://tactfolio.com/etf-comparisons/schd-vs-vym.md): two dividend stock funds that pick companies in different ways. Funds that can stand in for VYM: - [SCHD](https://tactfolio.com/etf/schd.md): Schwab U.S. Dividend Equity ETF, 0.06% a year - [SPYD](https://tactfolio.com/etf/spyd.md): State Street SPDR Portfolio S&P 500 High Dividend ETF, 0.07% a year - [HDV](https://tactfolio.com/etf/hdv.md): iShares Core High Dividend ETF, 0.08% a year - [SPHD](https://tactfolio.com/etf/sphd.md): Invesco S&P 500 High Dividend Low Volatility ETF, 0.3% a year See [all 8 VYM alternatives](https://tactfolio.com/alternatives/vym.md), compared on the same dates as VYM. ## Test VYM 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 VYM, 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 VYM. 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. 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 - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [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. ## Common questions ### What is the expense ratio of VYM? VYM charges 0.04% a year, according to Vanguard as of October 16, 2026. That is about $4 a year for every $10,000 you hold. ### When did VYM start trading? VYM started trading on November 10, 2006. It is run by Vanguard. ### What does VYM track? VYM tracks the FTSE High Dividend Yield Index. This fund owns shares of about 590 US companies that pay higher dividends than average. ### How much has VYM returned per year? From November 2006 to October 2026, VYM returned about 9.3% a year with dividends reinvested. Its worst drop was −57.0%. Past returns do not tell you what it will do next. ### Which strategies use VYM? None of Tactfolio's classic strategies hold VYM yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) > 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. --- # XLB ETF: fees, returns, drawdowns and holdings > What XLB holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Materials Select Sector SPDR ETF (XLB) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns stocks of the materials companies in the S&P 500, such as makers of chemicals, metals, paper and packaging. It charges 0.08% a year. From December 1998 to October 2026 it returned about 8.2% a year, and its worst drop was −59.8%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −59.8%. - 1 Tactfolio classic strategy holds it. ## What does XLB hold? This fund owns stocks of the materials companies in the S&P 500, such as makers of chemicals, metals, paper and packaging. It held 24 companies in mid October 2026, which is a small group. Its value goes up and down with that one part of the stock market. It tracks the Materials Select Sector Index. It had 24 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLB | | --- | --- | | Full name | State Street Materials Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Materials Select Sector Index | | Type | US stocks, ETF | | Holdings | 24 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-materials-select-sector-spdr-etf-xlb) | ## What is the XLB expense ratio? XLB charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLB done since 1998? From December 1998 to October 2026, XLB returned about 8.2% a year. Say you put in $10,000 at the start. It would have been worth about $89,796 at the end, with every dividend reinvested. | Measure | XLB | | --- | --- | | Total return | 798.0% | | Return per year (CAGR) | 8.2% | | Worst drop from a high | −59.8% | | Volatility (how much it swings) | 23.5% | | Last 12 months | 17.8% | | Last 3 years, per year | 11.2% | | Last 5 years, per year | 6.0% | | Last 10 years, per year | 10.4% | 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. ## XLB returns by year | Year | XLB return | | --- | --- | | 2026 (part of the year) | 13.7% | | 2025 | 9.9% | | 2024 | 0.1% | | 2023 | 12.5% | | 2022 | −12.3% | | 2021 | 27.4% | | 2020 | 20.5% | | 2019 | 24.1% | | 2018 | −14.9% | | 2017 | 24.0% | | 2016 | 16.8% | | 2015 | −8.7% | | 2014 | 7.2% | | 2013 | 26.0% | | 2012 | 14.7% | | 2011 | −10.9% | | 2010 | 20.5% | | 2009 | 48.2% | | 2008 | −44.0% | | 2007 | 22.1% | | 2006 | 18.4% | | 2005 | 4.1% | | 2004 | 13.5% | | 2003 | 37.4% | | 2002 | −5.3% | | 2001 | 2.1% | | 2000 | −16.2% | | 1999 | 22.9% | | 1998 (part of the year) | 5.3% | ## What was XLB's worst drop? A drawdown is how far a fund falls from its last high point. XLB's worst fall was −59.8%, from May 20, 2008 to March 2, 2009. It got back to that high on May 8, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLB? One classic strategy holds XLB at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 ## How does XLB compare with similar ETFs? Funds that can stand in for XLB: - [VAW](https://tactfolio.com/etf/vaw.md): Vanguard Materials ETF, 0.09% a year - [XLI](https://tactfolio.com/etf/xli.md): State Street Industrial Select Sector SPDR ETF, 0.08% a year - [VIS](https://tactfolio.com/etf/vis.md): Vanguard Industrials ETF, 0.09% a year - [XLE](https://tactfolio.com/etf/xle.md): State Street Energy Select Sector SPDR ETF, 0.08% a year See [all 5 XLB alternatives](https://tactfolio.com/alternatives/xlb.md), compared on the same dates as XLB. ## Test XLB 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 XLB, 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 XLB. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLB? XLB charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLB start trading? XLB started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLB track? XLB tracks the Materials Select Sector Index. This fund owns stocks of the materials companies in the S&P 500, such as makers of chemicals, metals, paper and packaging. ### How much has XLB returned per year? From December 1998 to October 2026, XLB returned about 8.2% a year with dividends reinvested. Its worst drop was −59.8%. Past returns do not tell you what it will do next. ### Which strategies use XLB? One of Tactfolio's classic strategies hold XLB, including Faber sector rotation (the three strongest US sectors). ## Sources - [SPDR (State Street): State Street Materials Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-materials-select-sector-spdr-etf-xlb) > 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. --- # XLC ETF: fees, returns, drawdowns and holdings > What XLC holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Communication Services Select Sector SPDR ETF (XLC) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the communication companies in the S&P 500, such as phone, media, entertainment and internet firms. It charges 0.08% a year. From June 2018 to October 2026 it returned about 11.1% a year, and its worst drop was −46.7%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.08% a year (about $8 on $10,000). - Started trading on June 18, 2018. - Worst drop since 2018: −46.7%. - No Tactfolio classic strategies hold it. ## What does XLC hold? This fund owns the communication companies in the S&P 500, such as phone, media, entertainment and internet firms. It held only 22 companies in October 2026. Because it holds only one sector, it is less spread out than the whole market. It tracks the Communication Services Select Sector Index. It had 22 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLC | | --- | --- | | Full name | State Street Communication Services Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | June 18, 2018 | | Tracks | Communication Services Select Sector Index | | Type | US stocks, ETF | | Holdings | 22 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-communication-services-select-sector-spdr-etf-xlc) | ## What is the XLC expense ratio? XLC charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLC done since 2018? From June 2018 to October 2026, XLC returned about 11.1% a year. Say you put in $10,000 at the start. It would have been worth about $23,955 at the end, with every dividend reinvested. | Measure | XLC | | --- | --- | | Total return | 139.5% | | Return per year (CAGR) | 11.1% | | Worst drop from a high | −46.7% | | Volatility (how much it swings) | 22.1% | | Last 12 months | −2.2% | | Last 3 years, per year | 18.8% | | Last 5 years, per year | 7.7% | 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. ## XLC returns by year | Year | XLC return | | --- | --- | | 2026 (part of the year) | −5.4% | | 2025 | 23.1% | | 2024 | 34.7% | | 2023 | 52.8% | | 2022 | −37.6% | | 2021 | 16.0% | | 2020 | 26.9% | | 2019 | 31.1% | | 2018 (part of the year) | −16.9% | ## What was XLC's worst drop? A drawdown is how far a fund falls from its last high point. XLC's worst fall was −46.7%, from September 1, 2021 to November 3, 2022. It got back to that high on June 4, 2024. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLC? No classic strategy holds XLC yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does XLC compare with similar ETFs? Funds that can stand in for XLC: - [VOX](https://tactfolio.com/etf/vox.md): Vanguard Communication Services ETF, 0.09% a year - [XLK](https://tactfolio.com/etf/xlk.md): State Street Technology Select Sector SPDR ETF, 0.08% a year - [FTEC](https://tactfolio.com/etf/ftec.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year - [VGT](https://tactfolio.com/etf/vgt.md): Vanguard Information Technology ETF, 0.09% a year See [all 8 XLC alternatives](https://tactfolio.com/alternatives/xlc.md), compared on the same dates as XLC. ## Test XLC 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 XLC, 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 XLC. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 XLC? XLC charges 0.08% a year, according to SPDR (State Street) as of October 17, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLC start trading? XLC started trading on June 18, 2018. It is run by SPDR (State Street). ### What does XLC track? XLC tracks the Communication Services Select Sector Index. This fund owns the communication companies in the S&P 500, such as phone, media, entertainment and internet firms. ### How much has XLC returned per year? From June 2018 to October 2026, XLC returned about 11.1% a year with dividends reinvested. Its worst drop was −46.7%. Past returns do not tell you what it will do next. ### Which strategies use XLC? None of Tactfolio's classic strategies hold XLC yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street Communication Services Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-communication-services-select-sector-spdr-etf-xlc) > 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. --- # XLE ETF: fees, returns, drawdowns and holdings > What XLE holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Energy Select Sector SPDR ETF (XLE) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the oil, gas and energy companies in the S&P 500. It charges 0.08% a year. From December 1998 to October 2026 it returned about 9.4% a year, and its worst drop was −71.3%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −71.3%. - 2 Tactfolio classic strategies hold it. ## What does XLE hold? This fund owns the oil, gas and energy companies in the S&P 500. Its price often moves with oil and gas prices. Because it holds only one sector, it is less spread out than the whole market. It tracks the Energy Select Sector Index. It had 21 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLE | | --- | --- | | Full name | State Street Energy Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Energy Select Sector Index | | Type | US stocks, ETF | | Holdings | 21 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-energy-select-sector-spdr-etf-xle) | ## What is the XLE expense ratio? XLE charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLE done since 1998? From December 1998 to October 2026, XLE returned about 9.4% a year. Say you put in $10,000 at the start. It would have been worth about $120,525 at the end, with every dividend reinvested. | Measure | XLE | | --- | --- | | Total return | 1,105% | | Return per year (CAGR) | 9.4% | | Worst drop from a high | −71.3% | | Volatility (how much it swings) | 28.5% | | Last 12 months | 64.6% | | Last 3 years, per year | 18.5% | | Last 5 years, per year | 23.2% | | Last 10 years, per year | 11.4% | 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. ## XLE returns by year | Year | XLE return | | --- | --- | | 2026 (part of the year) | 55.6% | | 2025 | 7.9% | | 2024 | 5.6% | | 2023 | −0.6% | | 2022 | 64.3% | | 2021 | 53.3% | | 2020 | −32.7% | | 2019 | 11.7% | | 2018 | −18.2% | | 2017 | −0.9% | | 2016 | 28.0% | | 2015 | −21.5% | | 2014 | −8.7% | | 2013 | 26.3% | | 2012 | 5.2% | | 2011 | 2.8% | | 2010 | 21.8% | | 2009 | 21.8% | | 2008 | −39.0% | | 2007 | 36.9% | | 2006 | 18.1% | | 2005 | 40.2% | | 2004 | 33.9% | | 2003 | 25.8% | | 2002 | −14.7% | | 2001 | −18.1% | | 2000 | 24.4% | | 1999 | 17.9% | | 1998 (part of the year) | 0.3% | ## What was XLE's worst drop? A drawdown is how far a fund falls from its last high point. XLE's worst fall was −71.3%, from June 23, 2014 to March 18, 2020. It got back to that high on March 4, 2022. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLE? 2 classic strategies hold XLE at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 ## How does XLE compare with similar ETFs? Funds that can stand in for XLE: - [VDE](https://tactfolio.com/etf/vde.md): Vanguard Energy ETF, 0.09% a year - [XLB](https://tactfolio.com/etf/xlb.md): State Street Materials Select Sector SPDR ETF, 0.08% a year - [VAW](https://tactfolio.com/etf/vaw.md): Vanguard Materials ETF, 0.09% a year - [DJP](https://tactfolio.com/etf/djp.md): iPath Bloomberg Commodity Index Total Return ETN, 0.7% a year See [all 6 XLE alternatives](https://tactfolio.com/alternatives/xle.md), compared on the same dates as XLE. ## Test XLE 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 XLE, 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 XLE. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLE? XLE charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLE start trading? XLE started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLE track? XLE tracks the Energy Select Sector Index. This fund owns the oil, gas and energy companies in the S&P 500. ### How much has XLE returned per year? From December 1998 to October 2026, XLE returned about 9.4% a year with dividends reinvested. Its worst drop was −71.3%. Past returns do not tell you what it will do next. ### Which strategies use XLE? 2 of Tactfolio's classic strategies hold XLE, including Faber sector rotation (the three strongest US sectors), Inflation Compass (Varadi’s growth and inflation model). ## Sources - [SPDR (State Street): State Street Energy Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-energy-select-sector-spdr-etf-xle) > 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. --- # XLF ETF: fees, returns, drawdowns and holdings > What XLF holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Financial Select Sector SPDR ETF (XLF) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns stocks of the financial companies in the S&P 500, such as banks, insurance companies and payment firms. It charges 0.08% a year. From December 1998 to October 2026 it returned about 6.0% a year, and its worst drop was −82.7%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −82.7%. - 1 Tactfolio classic strategy holds it. ## What does XLF hold? This fund owns stocks of the financial companies in the S&P 500, such as banks, insurance companies and payment firms. It gives investors one ticker for that whole group. Its value goes up and down with that one part of the stock market. It tracks the Financial Select Sector Index. It had 76 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLF | | --- | --- | | Full name | State Street Financial Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Financial Select Sector Index | | Type | US stocks, ETF | | Holdings | 76 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-financial-select-sector-spdr-etf-xlf) | ## What is the XLF expense ratio? XLF charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLF done since 1998? From December 1998 to October 2026, XLF returned about 6.0% a year. Say you put in $10,000 at the start. It would have been worth about $50,085 at the end, with every dividend reinvested. | Measure | XLF | | --- | --- | | Total return | 400.8% | | Return per year (CAGR) | 6.0% | | Worst drop from a high | −82.7% | | Volatility (how much it swings) | 28.2% | | Last 12 months | 9.0% | | Last 3 years, per year | 20.1% | | Last 5 years, per year | 8.9% | | Last 10 years, per year | 13.1% | 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. ## XLF returns by year | Year | XLF return | | --- | --- | | 2026 (part of the year) | 2.6% | | 2025 | 14.9% | | 2024 | 30.6% | | 2023 | 12.0% | | 2022 | −10.6% | | 2021 | 34.8% | | 2020 | −1.7% | | 2019 | 31.9% | | 2018 | −13.1% | | 2017 | 22.0% | | 2016 | 22.4% | | 2015 | −1.8% | | 2014 | 15.0% | | 2013 | 35.5% | | 2012 | 28.4% | | 2011 | −17.1% | | 2010 | 11.9% | | 2009 | 17.6% | | 2008 | −54.9% | | 2007 | −19.2% | | 2006 | 18.9% | | 2005 | 6.2% | | 2004 | 10.9% | | 2003 | 30.5% | | 2002 | −14.7% | | 2001 | −9.4% | | 2000 | 25.9% | | 1999 | 2.7% | | 1998 (part of the year) | 0.5% | ## What was XLF's worst drop? A drawdown is how far a fund falls from its last high point. XLF's worst fall was −82.7%, from June 1, 2007 to March 6, 2009. It got back to that high on July 5, 2017. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLF? One classic strategy holds XLF at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 ## How does XLF compare with similar ETFs? Funds that can stand in for XLF: - [VFH](https://tactfolio.com/etf/vfh.md): Vanguard Financials ETF, 0.09% a year - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% a year - [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 See [all 6 XLF alternatives](https://tactfolio.com/alternatives/xlf.md), compared on the same dates as XLF. ## Test XLF 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 XLF, 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 XLF. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLF? XLF charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLF start trading? XLF started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLF track? XLF tracks the Financial Select Sector Index. This fund owns stocks of the financial companies in the S&P 500, such as banks, insurance companies and payment firms. ### How much has XLF returned per year? From December 1998 to October 2026, XLF returned about 6.0% a year with dividends reinvested. Its worst drop was −82.7%. Past returns do not tell you what it will do next. ### Which strategies use XLF? One of Tactfolio's classic strategies hold XLF, including Faber sector rotation (the three strongest US sectors). ## Sources - [SPDR (State Street): State Street Financial Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-financial-select-sector-spdr-etf-xlf) > 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. --- # XLI ETF: fees, returns, drawdowns and holdings > What XLI holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Industrial Select Sector SPDR ETF (XLI) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns stocks of the industrial companies in the S&P 500, such as makers of airplanes and machines, railroads and shipping firms. It charges 0.08% a year. From December 1998 to October 2026 it returned about 9.2% a year, and its worst drop was −62.3%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −62.3%. - 1 Tactfolio classic strategy holds it. ## What does XLI hold? This fund owns stocks of the industrial companies in the S&P 500, such as makers of airplanes and machines, railroads and shipping firms. It gives investors one ticker for that whole group. Its value goes up and down with that one part of the stock market. It tracks the Industrial Select Sector Index. It had 83 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLI | | --- | --- | | Full name | State Street Industrial Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Industrial Select Sector Index | | Type | US stocks, ETF | | Holdings | 83 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-industrial-select-sector-spdr-etf-xli) | ## What is the XLI expense ratio? XLI charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLI done since 1998? From December 1998 to October 2026, XLI returned about 9.2% a year. Say you put in $10,000 at the start. It would have been worth about $116,840 at the end, with every dividend reinvested. | Measure | XLI | | --- | --- | | Total return | 1,068% | | Return per year (CAGR) | 9.2% | | Worst drop from a high | −62.3% | | Volatility (how much it swings) | 21.0% | | Last 12 months | 11.9% | | Last 3 years, per year | 19.4% | | Last 5 years, per year | 11.9% | | Last 10 years, per year | 13.3% | 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. ## XLI returns by year | Year | XLI return | | --- | --- | | 2026 (part of the year) | 9.0% | | 2025 | 19.4% | | 2024 | 17.3% | | 2023 | 18.1% | | 2022 | −5.6% | | 2021 | 21.1% | | 2020 | 10.9% | | 2019 | 29.1% | | 2018 | −13.3% | | 2017 | 24.0% | | 2016 | 20.0% | | 2015 | −4.3% | | 2014 | 10.4% | | 2013 | 40.6% | | 2012 | 14.9% | | 2011 | −1.1% | | 2010 | 27.8% | | 2009 | 22.0% | | 2008 | −38.7% | | 2007 | 13.5% | | 2006 | 13.5% | | 2005 | 2.8% | | 2004 | 17.8% | | 2003 | 31.9% | | 2002 | −24.6% | | 2001 | −10.5% | | 2000 | 6.7% | | 1999 | 21.9% | | 1998 (part of the year) | 5.5% | ## What was XLI's worst drop? A drawdown is how far a fund falls from its last high point. XLI's worst fall was −62.3%, from October 9, 2007 to March 9, 2009. It got back to that high on April 29, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLI? One classic strategy holds XLI at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 ## How does XLI compare with similar ETFs? Funds that can stand in for XLI: - [VIS](https://tactfolio.com/etf/vis.md): Vanguard Industrials ETF, 0.09% a year - [XLB](https://tactfolio.com/etf/xlb.md): State Street Materials Select Sector SPDR ETF, 0.08% a year - [VAW](https://tactfolio.com/etf/vaw.md): Vanguard Materials ETF, 0.09% a year - [VTV](https://tactfolio.com/etf/vtv.md): Vanguard Morningstar Value ETF, 0.03% a year See [all 8 XLI alternatives](https://tactfolio.com/alternatives/xli.md), compared on the same dates as XLI. ## Test XLI 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 XLI, 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 XLI. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLI? XLI charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLI start trading? XLI started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLI track? XLI tracks the Industrial Select Sector Index. This fund owns stocks of the industrial companies in the S&P 500, such as makers of airplanes and machines, railroads and shipping firms. ### How much has XLI returned per year? From December 1998 to October 2026, XLI returned about 9.2% a year with dividends reinvested. Its worst drop was −62.3%. Past returns do not tell you what it will do next. ### Which strategies use XLI? One of Tactfolio's classic strategies hold XLI, including Faber sector rotation (the three strongest US sectors). ## Sources - [SPDR (State Street): State Street Industrial Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-industrial-select-sector-spdr-etf-xli) > 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. --- # XLK ETF: fees, returns, drawdowns and holdings > What XLK holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Technology Select Sector SPDR ETF (XLK) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the technology companies in the S&P 500, such as makers of computer chips, software and devices. It charges 0.08% a year. From December 1998 to October 2026 it returned about 10.3% a year, and its worst drop was −82.0%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −82.0%. - 2 Tactfolio classic strategies hold it. ## What does XLK hold? This fund owns the technology companies in the S&P 500, such as makers of computer chips, software and devices. A few very large companies make up a big part of it. Because it holds only one sector, it is less spread out than the whole market. It tracks the Technology Select Sector Index. It had 75 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLK | | --- | --- | | Full name | State Street Technology Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Technology Select Sector Index | | Type | US stocks, ETF | | Holdings | 75 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) | ## What is the XLK expense ratio? XLK charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLK done since 1998? From December 1998 to October 2026, XLK returned about 10.3% a year. Say you put in $10,000 at the start. It would have been worth about $154,238 at the end, with every dividend reinvested. | Measure | XLK | | --- | --- | | Total return | 1,442% | | Return per year (CAGR) | 10.3% | | Worst drop from a high | −82.0% | | Volatility (how much it swings) | 26.0% | | Last 12 months | 29.6% | | Last 3 years, per year | 30.0% | | Last 5 years, per year | 19.6% | | Last 10 years, per year | 24.0% | 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. ## XLK returns by year | Year | XLK return | | --- | --- | | 2026 (part of the year) | 27.9% | | 2025 | 24.6% | | 2024 | 21.6% | | 2023 | 56.0% | | 2022 | −27.7% | | 2021 | 34.7% | | 2020 | 43.6% | | 2019 | 49.9% | | 2018 | −1.7% | | 2017 | 34.3% | | 2016 | 15.0% | | 2015 | 5.5% | | 2014 | 17.8% | | 2013 | 26.2% | | 2012 | 15.3% | | 2011 | 2.6% | | 2010 | 11.4% | | 2009 | 51.3% | | 2008 | −41.5% | | 2007 | 15.5% | | 2006 | 12.2% | | 2005 | −0.3% | | 2004 | 5.6% | | 2003 | 38.7% | | 2002 | −38.2% | | 2001 | −23.4% | | 2000 | −41.9% | | 1999 | 65.1% | | 1998 (part of the year) | 1.8% | ## What was XLK's worst drop? A drawdown is how far a fund falls from its last high point. XLK's worst fall was −82.0%, from March 27, 2000 to October 9, 2002. It got back to that high on March 1, 2017. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLK? 2 classic strategies hold XLK at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 ## How does XLK compare with similar ETFs? Funds that can stand in for XLK: - [FTEC](https://tactfolio.com/etf/ftec.md): Fidelity MSCI Information Technology Index ETF, 0.084% a year - [VGT](https://tactfolio.com/etf/vgt.md): Vanguard Information Technology ETF, 0.09% a year - [IYW](https://tactfolio.com/etf/iyw.md): iShares U.S. Technology ETF, 0.37% a year - [QQQM](https://tactfolio.com/etf/qqqm.md): Invesco NASDAQ 100 ETF, 0.15% a year See [all 8 XLK alternatives](https://tactfolio.com/alternatives/xlk.md), compared on the same dates as XLK. ## Test XLK 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 XLK, 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 XLK. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLK? XLK charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLK start trading? XLK started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLK track? XLK tracks the Technology Select Sector Index. This fund owns the technology companies in the S&P 500, such as makers of computer chips, software and devices. ### How much has XLK returned per year? From December 1998 to October 2026, XLK returned about 10.3% a year with dividends reinvested. Its worst drop was −82.0%. Past returns do not tell you what it will do next. ### Which strategies use XLK? 2 of Tactfolio's classic strategies hold XLK, including Faber sector rotation (the three strongest US sectors), Inflation Compass (Varadi’s growth and inflation model). ## Sources - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) > 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. --- # XLP ETF: fees, returns, drawdowns and holdings > What XLP holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Consumer Staples Select Sector SPDR ETF (XLP) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the S&P 500 companies that sell everyday goods like food, drinks and household products. It charges 0.08% a year. From December 1998 to October 2026 it returned about 6.9% a year, and its worst drop was −35.9%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −35.9%. - 2 Tactfolio classic strategies hold it. ## What does XLP hold? This fund owns the S&P 500 companies that sell everyday goods like food, drinks and household products. People keep buying these things in good and bad times. Because it holds only one sector, it is less spread out than the whole market. It tracks the Consumer Staples Select Sector Index. It had 35 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLP | | --- | --- | | Full name | State Street Consumer Staples Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Consumer Staples Select Sector Index | | Type | US stocks, ETF | | Holdings | 35 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-staples-select-sector-spdr-etf-xlp) | ## What is the XLP expense ratio? XLP charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLP done since 1998? From December 1998 to October 2026, XLP returned about 6.9% a year. Say you put in $10,000 at the start. It would have been worth about $63,498 at the end, with every dividend reinvested. | Measure | XLP | | --- | --- | | Total return | 535.0% | | Return per year (CAGR) | 6.9% | | Worst drop from a high | −35.9% | | Volatility (how much it swings) | 15.2% | | Last 12 months | 14.4% | | Last 3 years, per year | 12.1% | | Last 5 years, per year | 7.1% | | Last 10 years, per year | 8.2% | 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. ## XLP returns by year | Year | XLP return | | --- | --- | | 2026 (part of the year) | 15.0% | | 2025 | 1.5% | | 2024 | 12.2% | | 2023 | −0.8% | | 2022 | −0.8% | | 2021 | 17.2% | | 2020 | 10.1% | | 2019 | 27.4% | | 2018 | −8.1% | | 2017 | 13.0% | | 2016 | 5.0% | | 2015 | 6.9% | | 2014 | 15.7% | | 2013 | 26.3% | | 2012 | 10.7% | | 2011 | 14.1% | | 2010 | 13.8% | | 2009 | 14.3% | | 2008 | −15.0% | | 2007 | 12.7% | | 2006 | 14.5% | | 2005 | 2.8% | | 2004 | 7.6% | | 2003 | 11.2% | | 2002 | −20.1% | | 2001 | −9.9% | | 2000 | 25.5% | | 1999 | −14.3% | | 1998 (part of the year) | 2.5% | ## What was XLP's worst drop? A drawdown is how far a fund falls from its last high point. XLP's worst fall was −35.9%, from December 28, 2000 to March 10, 2003. It got back to that high on October 26, 2006. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLP? 2 classic strategies hold XLP at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 ## How does XLP compare with similar ETFs? Funds that can stand in for XLP: - [VDC](https://tactfolio.com/etf/vdc.md): Vanguard Consumer Staples ETF, 0.09% a year - [XLU](https://tactfolio.com/etf/xlu.md): State Street Utilities Select Sector SPDR ETF, 0.08% a year - [VPU](https://tactfolio.com/etf/vpu.md): Vanguard Utilities ETF, 0.09% a year - [XLV](https://tactfolio.com/etf/xlv.md): State Street Health Care Select Sector SPDR ETF, 0.08% a year See [all 7 XLP alternatives](https://tactfolio.com/alternatives/xlp.md), compared on the same dates as XLP. ## Test XLP 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 XLP, 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 XLP. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLP? XLP charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLP start trading? XLP started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLP track? XLP tracks the Consumer Staples Select Sector Index. This fund owns the S&P 500 companies that sell everyday goods like food, drinks and household products. ### How much has XLP returned per year? From December 1998 to October 2026, XLP returned about 6.9% a year with dividends reinvested. Its worst drop was −35.9%. Past returns do not tell you what it will do next. ### Which strategies use XLP? 2 of Tactfolio's classic strategies hold XLP, including Faber sector rotation (the three strongest US sectors), Inflation Compass (Varadi’s growth and inflation model). ## Sources - [SPDR (State Street): State Street Consumer Staples Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-staples-select-sector-spdr-etf-xlp) > 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. --- # XLU ETF: fees, returns, drawdowns and holdings > What XLU holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Utilities Select Sector SPDR ETF (XLU) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the utility companies in the S&P 500, such as electric, gas and water companies. It charges 0.08% a year. From December 1998 to October 2026 it returned about 7.4% a year, and its worst drop was −52.3%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −52.3%. - 3 Tactfolio classic strategies hold it. ## What does XLU hold? This fund owns the utility companies in the S&P 500, such as electric, gas and water companies. These businesses sell things people use every day. Because it holds only one sector, it is less spread out than the whole market. It tracks the Utilities Select Sector Index. It had 31 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLU | | --- | --- | | Full name | State Street Utilities Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Utilities Select Sector Index | | Type | US stocks, ETF | | Holdings | 31 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) | ## What is the XLU expense ratio? XLU charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLU done since 1998? From December 1998 to October 2026, XLU returned about 7.4% a year. Say you put in $10,000 at the start. It would have been worth about $73,370 at the end, with every dividend reinvested. | Measure | XLU | | --- | --- | | Total return | 633.7% | | Return per year (CAGR) | 7.4% | | Worst drop from a high | −52.3% | | Volatility (how much it swings) | 19.2% | | Last 12 months | −5.5% | | Last 3 years, per year | 15.5% | | Last 5 years, per year | 8.4% | | Last 10 years, per year | 9.3% | 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. ## XLU returns by year | Year | XLU return | | --- | --- | | 2026 (part of the year) | 0.9% | | 2025 | 16.0% | | 2024 | 23.3% | | 2023 | −7.2% | | 2022 | 1.4% | | 2021 | 17.7% | | 2020 | 0.5% | | 2019 | 25.9% | | 2018 | 3.9% | | 2017 | 12.0% | | 2016 | 16.1% | | 2015 | −4.9% | | 2014 | 28.7% | | 2013 | 13.1% | | 2012 | 1.0% | | 2011 | 19.6% | | 2010 | 5.3% | | 2009 | 11.7% | | 2008 | −28.9% | | 2007 | 18.4% | | 2006 | 20.9% | | 2005 | 16.4% | | 2004 | 23.6% | | 2003 | 26.5% | | 2002 | −28.8% | | 2001 | −13.0% | | 2000 | 22.5% | | 1999 | −4.4% | | 1998 (part of the year) | 1.4% | ## What was XLU's worst drop? A drawdown is how far a fund falls from its last high point. XLU's worst fall was −52.3%, from December 13, 2000 to October 9, 2002. It got back to that high on February 14, 2005. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLU? 3 classic strategies hold XLU at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 - [Beta Rotation Strategy (utilities vs. the market)](https://tactfolio.com/strategies/beta-rotation-strategy.md), by Charles Bilello and Michael Gayed, 2014 - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 ## How does XLU compare with similar ETFs? Funds that can stand in for XLU: - [VPU](https://tactfolio.com/etf/vpu.md): Vanguard Utilities ETF, 0.09% a year - [XLP](https://tactfolio.com/etf/xlp.md): State Street Consumer Staples Select Sector SPDR ETF, 0.08% a year - [VDC](https://tactfolio.com/etf/vdc.md): Vanguard Consumer Staples ETF, 0.09% a year - [SCHH](https://tactfolio.com/etf/schh.md): Schwab U.S. REIT ETF, 0.07% a year See [all 7 XLU alternatives](https://tactfolio.com/alternatives/xlu.md), compared on the same dates as XLU. ## Test XLU 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 XLU, 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 XLU. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLU? XLU charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLU start trading? XLU started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLU track? XLU tracks the Utilities Select Sector Index. This fund owns the utility companies in the S&P 500, such as electric, gas and water companies. ### How much has XLU returned per year? From December 1998 to October 2026, XLU returned about 7.4% a year with dividends reinvested. Its worst drop was −52.3%. Past returns do not tell you what it will do next. ### Which strategies use XLU? 3 of Tactfolio's classic strategies hold XLU, including Faber sector rotation (the three strongest US sectors), Beta Rotation Strategy (utilities vs. the market), Inflation Compass (Varadi’s growth and inflation model). ## Sources - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) > 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. --- # XLV ETF: fees, returns, drawdowns and holdings > What XLV holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Health Care Select Sector SPDR ETF (XLV) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns stocks of the health care companies in the S&P 500, such as drug makers, medical device makers and health insurers. It charges 0.08% a year. From December 1998 to October 2026 it returned about 8.9% a year, and its worst drop was −39.2%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −39.2%. - 1 Tactfolio classic strategy holds it. ## What does XLV hold? This fund owns stocks of the health care companies in the S&P 500, such as drug makers, medical device makers and health insurers. It gives investors one ticker for that whole group. Its value goes up and down with that one part of the stock market. It tracks the Health Care Select Sector Index. It had 61 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLV | | --- | --- | | Full name | State Street Health Care Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Health Care Select Sector Index | | Type | US stocks, ETF | | Holdings | 61 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-health-care-select-sector-spdr-etf-xlv) | ## What is the XLV expense ratio? XLV charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLV done since 1998? From December 1998 to October 2026, XLV returned about 8.9% a year. Say you put in $10,000 at the start. It would have been worth about $106,117 at the end, with every dividend reinvested. | Measure | XLV | | --- | --- | | Total return | 961.2% | | Return per year (CAGR) | 8.9% | | Worst drop from a high | −39.2% | | Volatility (how much it swings) | 17.8% | | Last 12 months | 26.2% | | Last 3 years, per year | 12.3% | | Last 5 years, per year | 8.4% | | Last 10 years, per year | 11.6% | 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. ## XLV returns by year | Year | XLV return | | --- | --- | | 2026 (part of the year) | 15.6% | | 2025 | 14.5% | | 2024 | 2.5% | | 2023 | 2.1% | | 2022 | −2.1% | | 2021 | 26.0% | | 2020 | 13.3% | | 2019 | 20.4% | | 2018 | 6.3% | | 2017 | 21.8% | | 2016 | −2.8% | | 2015 | 6.8% | | 2014 | 25.1% | | 2013 | 41.4% | | 2012 | 17.4% | | 2011 | 12.4% | | 2010 | 3.3% | | 2009 | 19.5% | | 2008 | −23.3% | | 2007 | 7.2% | | 2006 | 7.0% | | 2005 | 6.4% | | 2004 | 1.3% | | 2003 | 14.9% | | 2002 | −0.7% | | 2001 | −0.8% | | 2000 | −11.8% | | 1999 | 19.5% | | 1998 (part of the year) | 3.9% | ## What was XLV's worst drop? A drawdown is how far a fund falls from its last high point. XLV's worst fall was −39.2%, from December 10, 2007 to March 9, 2009. It got back to that high on April 26, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLV? One classic strategy holds XLV at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 ## How does XLV compare with similar ETFs? Funds that can stand in for XLV: - [VHT](https://tactfolio.com/etf/vht.md): Vanguard Health Care ETF, 0.09% a year - [XLP](https://tactfolio.com/etf/xlp.md): State Street Consumer Staples Select Sector SPDR ETF, 0.08% a year - [VDC](https://tactfolio.com/etf/vdc.md): Vanguard Consumer Staples ETF, 0.09% a year - [QUAL](https://tactfolio.com/etf/qual.md): iShares MSCI USA Quality Factor ETF, 0.15% a year See [all 5 XLV alternatives](https://tactfolio.com/alternatives/xlv.md), compared on the same dates as XLV. ## Test XLV 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 XLV, 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 XLV. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLV? XLV charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLV start trading? XLV started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLV track? XLV tracks the Health Care Select Sector Index. This fund owns stocks of the health care companies in the S&P 500, such as drug makers, medical device makers and health insurers. ### How much has XLV returned per year? From December 1998 to October 2026, XLV returned about 8.9% a year with dividends reinvested. Its worst drop was −39.2%. Past returns do not tell you what it will do next. ### Which strategies use XLV? One of Tactfolio's classic strategies hold XLV, including Faber sector rotation (the three strongest US sectors). ## Sources - [SPDR (State Street): State Street Health Care Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-health-care-select-sector-spdr-etf-xlv) > 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. --- # XLY ETF: fees, returns, drawdowns and holdings > What XLY holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Consumer Discretionary Select Sector SPDR ETF (XLY) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns stocks of the consumer discretionary companies in the S&P 500. It charges 0.08% a year. From December 1998 to October 2026 it returned about 9.4% a year, and its worst drop was −59.1%. 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: 0.08% a year (about $8 on $10,000). - Started trading on December 16, 1998. - Worst drop since 1998: −59.1%. - 1 Tactfolio classic strategy holds it. ## What does XLY hold? This fund owns stocks of the consumer discretionary companies in the S&P 500. These are firms that sell things people want but can skip, such as cars, clothes, travel and online shopping. Its value goes up and down with that one part of the stock market. It tracks the Consumer Discretionary Select Sector Index. It had 47 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLY | | --- | --- | | Full name | State Street Consumer Discretionary Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | December 16, 1998 | | Tracks | Consumer Discretionary Select Sector Index | | Type | US stocks, ETF | | Holdings | 47 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-discretionary-select-sector-spdr-etf-xly) | ## What is the XLY expense ratio? XLY charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLY done since 1998? From December 1998 to October 2026, XLY returned about 9.4% a year. Say you put in $10,000 at the start. It would have been worth about $120,404 at the end, with every dividend reinvested. | Measure | XLY | | --- | --- | | Total return | 1,104% | | Return per year (CAGR) | 9.4% | | Worst drop from a high | −59.1% | | Volatility (how much it swings) | 22.6% | | Last 12 months | −2.4% | | Last 3 years, per year | 12.6% | | Last 5 years, per year | 4.4% | | Last 10 years, per year | 12.2% | 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. ## XLY returns by year | Year | XLY return | | --- | --- | | 2026 (part of the year) | −5.2% | | 2025 | 7.4% | | 2024 | 26.5% | | 2023 | 39.6% | | 2022 | −36.3% | | 2021 | 27.9% | | 2020 | 29.6% | | 2019 | 28.4% | | 2018 | 1.6% | | 2017 | 22.8% | | 2016 | 6.0% | | 2015 | 9.9% | | 2014 | 9.5% | | 2013 | 42.7% | | 2012 | 23.6% | | 2011 | 6.0% | | 2010 | 27.5% | | 2009 | 40.6% | | 2008 | −33.0% | | 2007 | −13.7% | | 2006 | 18.4% | | 2005 | −6.6% | | 2004 | 12.9% | | 2003 | 37.2% | | 2002 | −18.7% | | 2001 | 12.7% | | 2000 | −16.9% | | 1999 | 19.5% | | 1998 (part of the year) | 2.6% | ## What was XLY's worst drop? A drawdown is how far a fund falls from its last high point. XLY's worst fall was −59.1%, from June 4, 2007 to March 9, 2009. It got back to that high on January 27, 2011. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLY? One classic strategy holds XLY at least some of the time. Each is a set of written rules you can open, test and copy. - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 ## How does XLY compare with similar ETFs? Funds that can stand in for XLY: - [VCR](https://tactfolio.com/etf/vcr.md): Vanguard Consumer Discretionary ETF, 0.09% a year - [VUG](https://tactfolio.com/etf/vug.md): Vanguard Morningstar Growth ETF, 0.03% a year - [SCHG](https://tactfolio.com/etf/schg.md): Schwab U.S. Large-Cap Growth ETF, 0.04% a year - [SPYG](https://tactfolio.com/etf/spyg.md): State Street SPDR Portfolio S&P 500 Growth ETF, 0.04% a year See [all 8 XLY alternatives](https://tactfolio.com/alternatives/xly.md), compared on the same dates as XLY. ## Test XLY 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 XLY, 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 XLY. 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. Fund facts come from SPDR (State Street). 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 - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What is the expense ratio of XLY? XLY charges 0.08% a year, according to SPDR (State Street) as of October 16, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLY start trading? XLY started trading on December 16, 1998. It is run by SPDR (State Street). ### What does XLY track? XLY tracks the Consumer Discretionary Select Sector Index. This fund owns stocks of the consumer discretionary companies in the S&P 500. ### How much has XLY returned per year? From December 1998 to October 2026, XLY returned about 9.4% a year with dividends reinvested. Its worst drop was −59.1%. Past returns do not tell you what it will do next. ### Which strategies use XLY? One of Tactfolio's classic strategies hold XLY, including Faber sector rotation (the three strongest US sectors). ## Sources - [SPDR (State Street): State Street Consumer Discretionary Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-discretionary-select-sector-spdr-etf-xly) > 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. --- # XYLD ETF: fees, returns, drawdowns and holdings > What XYLD holds, its 0.6% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Global X S&P 500 Covered Call ETF (XYLD) is an exchange-traded fund (ETF) run by Global X (Mirae Asset). This fund owns the S&P 500 stocks and sells call options on that index to earn extra income. It charges 0.6% a year. From June 2013 to October 2026 it returned about 8.5% a year, and its worst drop was −33.5%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.6% a year (about $60 on $10,000). - Started trading on June 21, 2013. - Worst drop since 2013: −33.5%. - No Tactfolio classic strategies hold it. ## What does XYLD hold? This fund owns the S&P 500 stocks and sells call options on that index to earn extra income. In return, it gives up much of the gains when stocks rise. It can still lose value when stocks fall. It tracks the Cboe S&P 500 BuyWrite Index. It had 505 holdings as of October 16, 2026, according to Global X (Mirae Asset). | Fact | XYLD | | --- | --- | | Full name | Global X S&P 500 Covered Call ETF | | Issuer | Global X (Mirae Asset) | | Expense ratio | 0.6% a year | | Started trading | June 21, 2013 | | Tracks | Cboe S&P 500 BuyWrite Index | | Type | US stocks, ETF | | Holdings | 505 holdings as of October 16, 2026 | | Facts checked | October 17, 2026 on the [Global X (Mirae Asset) fund page](https://www.globalxetfs.com/funds/xyld/) | ## What is the XYLD expense ratio? XYLD charges 0.6% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.6% fee comes to about $60 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XYLD done since 2013? From June 2013 to October 2026, XYLD returned about 8.5% a year. Say you put in $10,000 at the start. It would have been worth about $29,435 at the end, with every dividend reinvested. | Measure | XYLD | | --- | --- | | Total return | 194.3% | | Return per year (CAGR) | 8.5% | | Worst drop from a high | −33.5% | | Volatility (how much it swings) | 13.5% | | Last 12 months | 17.9% | | Last 3 years, per year | 13.5% | | Last 5 years, per year | 7.6% | | Last 10 years, per year | 8.6% | 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. ## XYLD returns by year | Year | XYLD return | | --- | --- | | 2026 (part of the year) | 11.3% | | 2025 | 8.0% | | 2024 | 19.5% | | 2023 | 11.1% | | 2022 | −12.0% | | 2021 | 19.6% | | 2020 | −0.6% | | 2019 | 21.4% | | 2018 | −6.1% | | 2017 | 16.5% | | 2016 | 7.6% | | 2015 | 0.6% | | 2014 | 7.6% | | 2013 (part of the year) | 14.0% | ## What was XYLD's worst drop? A drawdown is how far a fund falls from its last high point. XYLD's worst fall was −33.5%, from February 19, 2020 to March 23, 2020. It got back to that high on March 15, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XYLD? No classic strategy holds XYLD yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does XYLD compare with similar ETFs? Funds that can stand in for XYLD: - [GPIX](https://tactfolio.com/etf/gpix.md): Goldman Sachs S&P 500 Premium Income ETF, 0.29% a year - [JEPI](https://tactfolio.com/etf/jepi.md): JPMorgan Equity Premium Income ETF, 0.35% a year - [JEPQ](https://tactfolio.com/etf/jepq.md): JPMorgan Nasdaq Equity Premium Income ETF, 0.35% a year - [DIVO](https://tactfolio.com/etf/divo.md): Amplify CWP Enhanced Dividend Income ETF, 0.56% a year See [all 8 XYLD alternatives](https://tactfolio.com/alternatives/xyld.md), compared on the same dates as XYLD. ## Test XYLD 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 XYLD, 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 XYLD. 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. Fund facts come from Global X (Mirae Asset). We checked them on October 17, 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 XYLD? XYLD charges 0.6% a year, according to Global X (Mirae Asset) as of October 17, 2026. That is about $60 a year for every $10,000 you hold. ### When did XYLD start trading? XYLD started trading on June 21, 2013. It is run by Global X (Mirae Asset). ### What does XYLD track? XYLD tracks the Cboe S&P 500 BuyWrite Index. This fund owns the S&P 500 stocks and sells call options on that index to earn extra income. ### How much has XYLD returned per year? From June 2013 to October 2026, XYLD returned about 8.5% a year with dividends reinvested. Its worst drop was −33.5%. Past returns do not tell you what it will do next. ### Which strategies use XYLD? None of Tactfolio's classic strategies hold XYLD yet. You can test it in your own rules in the builder. ## Sources - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) > 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. --- # EFA ETF: fees, returns, drawdowns and holdings > What EFA holds, its 0.32% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI EAFE ETF (EFA) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada, such as Japan, the UK and much of Europe. It charges 0.32% a year. From August 2001 to October 2026 it returned about 6.4% a year, and its worst drop was −61.0%. 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: 0.32% a year (about $32 on $10,000). - Started trading on August 14, 2001. - Worst drop since 2001: −61.0%. - 14 Tactfolio classic strategies hold it. ## What does EFA hold? This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada, such as Japan, the UK and much of Europe. Its value can go up or down with those stock markets. Changes in foreign currency values can also change what the fund is worth in US dollars. It tracks the MSCI EAFE Index (Net). It had 657 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | EFA | | --- | --- | | Full name | iShares MSCI EAFE ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.32% a year | | Started trading | August 14, 2001 | | Tracks | MSCI EAFE Index (Net) | | Type | International stocks, ETF | | Holdings | 657 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) | ## What is the EFA expense ratio? EFA charges 0.32% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.32% fee comes to about $32 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has EFA done since 2001? From August 2001 to October 2026, EFA returned about 6.4% a year. Say you put in $10,000 at the start. It would have been worth about $47,378 at the end, with every dividend reinvested. | Measure | EFA | | --- | --- | | Total return | 373.8% | | Return per year (CAGR) | 6.4% | | Worst drop from a high | −61.0% | | Volatility (how much it swings) | 20.7% | | Last 12 months | 13.5% | | Last 3 years, per year | 18.2% | | Last 5 years, per year | 8.7% | | Last 10 years, per year | 9.2% | 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. ## EFA returns by year | Year | EFA return | | --- | --- | | 2026 (part of the year) | 9.5% | | 2025 | 31.6% | | 2024 | 3.5% | | 2023 | 18.4% | | 2022 | −14.4% | | 2021 | 11.5% | | 2020 | 7.6% | | 2019 | 22.0% | | 2018 | −13.8% | | 2017 | 25.1% | | 2016 | 1.4% | | 2015 | −1.0% | | 2014 | −6.2% | | 2013 | 21.4% | | 2012 | 18.8% | | 2011 | −12.2% | | 2010 | 8.2% | | 2009 | 27.0% | | 2008 | −41.0% | | 2007 | 10.0% | | 2006 | 25.8% | | 2005 | 13.3% | | 2004 | 19.0% | | 2003 | 40.3% | | 2002 | −15.4% | | 2001 (part of the year) | −7.0% | ## What was EFA's worst drop? A drawdown is how far a fund falls from its last high point. EFA's worst fall was −61.0%, from October 31, 2007 to March 9, 2009. It got back to that high on June 6, 2014. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold EFA? 14 classic strategies hold EFA at least some of the time. Each is a set of written rules you can open, test and copy. - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009 ## How does EFA compare with similar ETFs? Funds that can stand in for EFA: - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 8 EFA alternatives](https://tactfolio.com/alternatives/efa.md), compared on the same dates as EFA. ## Test EFA 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 EFA, 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 EFA. 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. Fund facts come from iShares (BlackRock). 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 EFA? EFA charges 0.32% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $32 a year for every $10,000 you hold. ### When did EFA start trading? EFA started trading on August 14, 2001. It is run by iShares (BlackRock). ### What does EFA track? EFA tracks the MSCI EAFE Index (Net). This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada, such as Japan, the UK and much of Europe. ### How much has EFA returned per year? From August 2001 to October 2026, EFA returned about 6.4% a year with dividends reinvested. Its worst drop was −61.0%. Past returns do not tell you what it will do next. ### Which strategies use EFA? 14 of Tactfolio's classic strategies hold EFA, including Vigilant Asset Allocation (VAA), Composite Dual Momentum, Global Tactical Asset Allocation (GTAA 5). ## Sources - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) > 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. --- # EFV ETF: fees, returns, drawdowns and holdings > What EFV holds, its 0.31% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI EAFE Value ETF (EFV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada that look cheaper compared with their earnings or book value. It charges 0.31% a year. From August 2005 to October 2026 it returned about 6.0% a year, and its worst drop was −63.9%. 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: 0.31% a year (about $31 on $10,000). - Started trading on August 1, 2005. - Worst drop since 2005: −63.9%. - 1 Tactfolio classic strategy holds it. ## What does EFV hold? This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada that look cheaper compared with their earnings or book value. Its value goes up and down with those stocks. Changes in foreign currency values also affect what it is worth in US dollars. It tracks the MSCI EAFE Value Index (Net). It had 395 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | EFV | | --- | --- | | Full name | iShares MSCI EAFE Value ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.31% a year | | Started trading | August 1, 2005 | | Tracks | MSCI EAFE Value Index (Net) | | Type | International stocks, ETF | | Holdings | 395 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239628/ishares-msci-eafe-value-etf) | ## What is the EFV expense ratio? EFV charges 0.31% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.31% fee comes to about $31 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has EFV done since 2005? From August 2005 to October 2026, EFV returned about 6.0% a year. Say you put in $10,000 at the start. It would have been worth about $34,271 at the end, with every dividend reinvested. | Measure | EFV | | --- | --- | | Total return | 242.7% | | Return per year (CAGR) | 6.0% | | Worst drop from a high | −63.9% | | Volatility (how much it swings) | 21.8% | | Last 12 months | 22.4% | | Last 3 years, per year | 22.9% | | Last 5 years, per year | 13.7% | | Last 10 years, per year | 10.1% | 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. ## EFV returns by year | Year | EFV return | | --- | --- | | 2026 (part of the year) | 14.1% | | 2025 | 42.2% | | 2024 | 5.3% | | 2023 | 18.9% | | 2022 | −5.2% | | 2021 | 11.1% | | 2020 | −3.0% | | 2019 | 15.8% | | 2018 | −14.7% | | 2017 | 21.2% | | 2016 | 5.1% | | 2015 | −5.9% | | 2014 | −6.8% | | 2013 | 21.9% | | 2012 | 18.8% | | 2011 | −12.4% | | 2010 | 4.5% | | 2009 | 28.4% | | 2008 | −41.6% | | 2007 | 4.3% | | 2006 | 30.3% | | 2005 (part of the year) | 10.9% | ## What was EFV's worst drop? A drawdown is how far a fund falls from its last high point. EFV's worst fall was −63.9%, from October 31, 2007 to March 9, 2009. It got back to that high on October 10, 2017. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold EFV? One classic strategy holds EFV at least some of the time. Each is a set of written rules you can open, test and copy. - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 ## How does EFV compare with similar ETFs? Funds that can stand in for EFV: - [IVAL](https://tactfolio.com/etf/ival.md): Alpha Architect International Quantitative Value ETF, 0.38% a year - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year See [all 5 EFV alternatives](https://tactfolio.com/alternatives/efv.md), compared on the same dates as EFV. ## Test EFV 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 EFV, 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 EFV. 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. Fund facts come from iShares (BlackRock). 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 EFV? EFV charges 0.31% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $31 a year for every $10,000 you hold. ### When did EFV start trading? EFV started trading on August 1, 2005. It is run by iShares (BlackRock). ### What does EFV track? EFV tracks the MSCI EAFE Value Index (Net). This fund holds stocks of large and mid sized companies in developed countries outside the US and Canada that look cheaper compared with their earnings or book value. ### How much has EFV returned per year? From August 2005 to October 2026, EFV returned about 6.0% a year with dividends reinvested. Its worst drop was −63.9%. Past returns do not tell you what it will do next. ### Which strategies use EFV? One of Tactfolio's classic strategies hold EFV, including Trinity Portfolio (Meb Faber). ## Sources - [iShares (BlackRock): iShares MSCI EAFE Value ETF fund page](https://www.ishares.com/us/products/239628/ishares-msci-eafe-value-etf) > 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. --- # EWJ ETF: fees, returns, drawdowns and holdings > What EWJ holds, its 0.49% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI Japan ETF (EWJ) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of large and mid sized companies in Japan. It charges 0.49% a year. From March 1996 to October 2026 it returned about 3.0% a year, and its worst drop was −58.9%. 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: 0.49% a year (about $49 on $10,000). - Started trading on March 12, 1996. - Worst drop since 1996: −58.9%. - 6 Tactfolio classic strategies hold it. ## What does EWJ hold? This fund holds stocks of large and mid sized companies in Japan. Its value goes up and down with the Japanese stock market. Changes in the value of the Japanese yen compared with the US dollar also affect what the fund is worth. It tracks the MSCI Japan Index (Net). It had 167 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | EWJ | | --- | --- | | Full name | iShares MSCI Japan ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.49% a year | | Started trading | March 12, 1996 | | Tracks | MSCI Japan Index (Net) | | Type | International stocks, ETF | | Holdings | 167 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239665/ishares-msci-japan-etf) | ## What is the EWJ expense ratio? EWJ charges 0.49% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.49% fee comes to about $49 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has EWJ done since 1996? From March 1996 to October 2026, EWJ returned about 3.0% a year. Say you put in $10,000 at the start. It would have been worth about $24,674 at the end, with every dividend reinvested. | Measure | EWJ | | --- | --- | | Total return | 146.7% | | Return per year (CAGR) | 3.0% | | Worst drop from a high | −58.9% | | Volatility (how much it swings) | 22.6% | | Last 12 months | 21.3% | | Last 3 years, per year | 20.1% | | Last 5 years, per year | 9.1% | | Last 10 years, per year | 8.9% | 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. ## EWJ returns by year | Year | EWJ return | | --- | --- | | 2026 (part of the year) | 18.1% | | 2025 | 25.8% | | 2024 | 7.0% | | 2023 | 20.3% | | 2022 | −17.7% | | 2021 | 1.2% | | 2020 | 15.4% | | 2019 | 19.3% | | 2018 | −14.1% | | 2017 | 24.3% | | 2016 | 2.8% | | 2015 | 9.2% | | 2014 | −6.2% | | 2013 | 26.0% | | 2012 | 9.2% | | 2011 | −14.8% | | 2010 | 13.6% | | 2009 | 3.1% | | 2008 | −27.0% | | 2007 | −5.5% | | 2006 | 5.9% | | 2005 | 24.3% | | 2004 | 13.7% | | 2003 | 38.7% | | 2002 | −9.9% | | 2001 | −30.3% | | 2000 | −26.3% | | 1999 | 60.9% | | 1998 | 4.0% | | 1997 | −24.4% | | 1996 (part of the year) | −13.3% | ## What was EWJ's worst drop? A drawdown is how far a fund falls from its last high point. EWJ's worst fall was −58.9%, from March 31, 2000 to April 25, 2003. It got back to that high on May 2, 2006. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold EWJ? 6 classic strategies hold EWJ at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 ## How does EWJ compare with similar ETFs? Funds that can stand in for EWJ: - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year - [EFA](https://tactfolio.com/etf/efa.md): iShares MSCI EAFE ETF, 0.32% a year See [all 4 EWJ alternatives](https://tactfolio.com/alternatives/ewj.md), compared on the same dates as EWJ. ## Test EWJ 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 EWJ, 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 EWJ. 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. Fund facts come from iShares (BlackRock). 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 EWJ? EWJ charges 0.49% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $49 a year for every $10,000 you hold. ### When did EWJ start trading? EWJ started trading on March 12, 1996. It is run by iShares (BlackRock). ### What does EWJ track? EWJ tracks the MSCI Japan Index (Net). This fund holds stocks of large and mid sized companies in Japan. ### How much has EWJ returned per year? From March 1996 to October 2026, EWJ returned about 3.0% a year with dividends reinvested. Its worst drop was −58.9%. Past returns do not tell you what it will do next. ### Which strategies use EWJ? 6 of Tactfolio's classic strategies hold EWJ, including Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA). ## Sources - [iShares (BlackRock): iShares MSCI Japan ETF fund page](https://www.ishares.com/us/products/239665/ishares-msci-japan-etf) > 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. --- # IEFA ETF: fees, returns, drawdowns and holdings > What IEFA holds, its 0.07% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core MSCI EAFE ETF (IEFA) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns thousands of large, medium and small companies in developed countries outside the US and Canada. It charges 0.07% a year. From October 2012 to October 2026 it returned about 8.3% a year, and its worst drop was −34.8%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.07% a year (about $7 on $10,000). - Started trading on October 18, 2012. - Worst drop since 2012: −34.8%. - No Tactfolio classic strategies hold it. ## What does IEFA hold? This fund owns thousands of large, medium and small companies in developed countries outside the US and Canada. Japan, the UK and much of Europe are big parts of it. Changes in foreign currency values can also move what it is worth in US dollars. It tracks the MSCI EAFE IMI Index (Net). It had 2,626 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IEFA | | --- | --- | | Full name | iShares Core MSCI EAFE ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.07% a year | | Started trading | October 18, 2012 | | Tracks | MSCI EAFE IMI Index (Net) | | Type | International stocks, ETF | | Holdings | 2,626 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) | ## What is the IEFA expense ratio? IEFA charges 0.07% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.07% fee comes to about $7 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IEFA done since 2012? From October 2012 to October 2026, IEFA returned about 8.3% a year. Say you put in $10,000 at the start. It would have been worth about $30,322 at the end, with every dividend reinvested. | Measure | IEFA | | --- | --- | | Total return | 203.2% | | Return per year (CAGR) | 8.3% | | Worst drop from a high | −34.8% | | Volatility (how much it swings) | 16.6% | | Last 12 months | 13.6% | | Last 3 years, per year | 18.4% | | Last 5 years, per year | 8.4% | | Last 10 years, per year | 9.3% | 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. ## IEFA returns by year | Year | IEFA return | | --- | --- | | 2026 (part of the year) | 9.7% | | 2025 | 32.1% | | 2024 | 3.3% | | 2023 | 17.9% | | 2022 | −15.2% | | 2021 | 11.6% | | 2020 | 8.2% | | 2019 | 22.6% | | 2018 | −14.1% | | 2017 | 26.6% | | 2016 | 1.6% | | 2015 | 0.7% | | 2014 | −6.3% | | 2013 | 22.5% | | 2012 (part of the year) | 7.3% | ## What was IEFA's worst drop? A drawdown is how far a fund falls from its last high point. IEFA's worst fall was −34.8%, from January 26, 2018 to March 23, 2020. It got back to that high on November 16, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IEFA? No classic strategy holds IEFA yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IEFA compare with similar ETFs? Funds that can stand in for IEFA: - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [EFA](https://tactfolio.com/etf/efa.md): iShares MSCI EAFE ETF, 0.32% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 8 IEFA alternatives](https://tactfolio.com/alternatives/iefa.md), compared on the same dates as IEFA. ## Test IEFA 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 IEFA, 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 IEFA. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 IEFA? IEFA charges 0.07% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $7 a year for every $10,000 you hold. ### When did IEFA start trading? IEFA started trading on October 18, 2012. It is run by iShares (BlackRock). ### What does IEFA track? IEFA tracks the MSCI EAFE IMI Index (Net). This fund owns thousands of large, medium and small companies in developed countries outside the US and Canada. ### How much has IEFA returned per year? From October 2012 to October 2026, IEFA returned about 8.3% a year with dividends reinvested. Its worst drop was −34.8%. Past returns do not tell you what it will do next. ### Which strategies use IEFA? None of Tactfolio's classic strategies hold IEFA yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) > 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. --- # IMOM ETF: fees, returns, drawdowns and holdings > What IMOM holds, its 0.38% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Alpha Architect International Quantitative Momentum ETF (IMOM) is an exchange-traded fund (ETF) run by Alpha Architect. This fund owns about 50 stocks from developed countries outside the US and Canada, such as Japan and countries in Europe. It charges 0.38% a year. From December 2015 to October 2026 it returned about 6.1% a year, and its worst drop was −45.7%. 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: 0.38% a year (about $38 on $10,000). - Started trading on December 22, 2015. - Worst drop since 2015: −45.7%. - 2 Tactfolio classic strategies hold it. ## What does IMOM hold? This fund owns about 50 stocks from developed countries outside the US and Canada, such as Japan and countries in Europe. A set of rules picks the ones with strong price gains over the past year, which is called momentum. Its results can differ a lot from the overall international market. It does not track an index. Its managers choose what it holds. It had 50 holdings as of October 16, 2026, according to Alpha Architect. | Fact | IMOM | | --- | --- | | Full name | Alpha Architect International Quantitative Momentum ETF | | Issuer | Alpha Architect | | Expense ratio | 0.38% a year | | Started trading | December 22, 2015 | | Tracks | No index (actively managed) | | Type | International stocks, ETF | | Holdings | 50 holdings as of October 16, 2026 | | Facts checked | October 16, 2026 on the [Alpha Architect fund page](https://funds.alphaarchitect.com/imom/) | ## What is the IMOM expense ratio? IMOM charges 0.38% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.38% fee comes to about $38 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IMOM done since 2015? From December 2015 to October 2026, IMOM returned about 6.1% a year. Say you put in $10,000 at the start. It would have been worth about $18,890 at the end, with every dividend reinvested. | Measure | IMOM | | --- | --- | | Total return | 88.9% | | Return per year (CAGR) | 6.1% | | Worst drop from a high | −45.7% | | Volatility (how much it swings) | 20.4% | | Last 12 months | 10.2% | | Last 3 years, per year | 20.3% | | Last 5 years, per year | 5.7% | | Last 10 years, per year | 6.7% | 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. ## IMOM returns by year | Year | IMOM return | | --- | --- | | 2026 (part of the year) | 1.4% | | 2025 | 47.2% | | 2024 | 5.2% | | 2023 | 9.2% | | 2022 | −21.9% | | 2021 | −0.8% | | 2020 | 28.4% | | 2019 | 18.3% | | 2018 | −23.1% | | 2017 | 34.8% | | 2016 | −9.7% | | 2015 (part of the year) | 0.0% | ## What was IMOM's worst drop? A drawdown is how far a fund falls from its last high point. IMOM's worst fall was −45.7%, from January 29, 2018 to March 18, 2020. It got back to that high on December 1, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IMOM? 2 classic strategies hold IMOM at least some of the time. Each is a set of written rules you can open, test and copy. - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 ## How does IMOM compare with similar ETFs? Funds that can stand in for IMOM: - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year - [EFA](https://tactfolio.com/etf/efa.md): iShares MSCI EAFE ETF, 0.32% a year See [all 7 IMOM alternatives](https://tactfolio.com/alternatives/imom.md), compared on the same dates as IMOM. ## Test IMOM 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 IMOM, 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 IMOM. 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. Fund facts come from Alpha Architect. 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 - [Momentum stocks](https://tactfolio.com/learn/momentum-stocks): Momentum stocks are recent winners that tend to keep winning for a while. - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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. ## Common questions ### What is the expense ratio of IMOM? IMOM charges 0.38% a year, according to Alpha Architect as of October 16, 2026. That is about $38 a year for every $10,000 you hold. ### When did IMOM start trading? IMOM started trading on December 22, 2015. It is run by Alpha Architect. ### What does IMOM track? IMOM does not track an index. Its managers choose what it holds. ### How much has IMOM returned per year? From December 2015 to October 2026, IMOM returned about 6.1% a year with dividends reinvested. Its worst drop was −45.7%. Past returns do not tell you what it will do next. ### Which strategies use IMOM? 2 of Tactfolio's classic strategies hold IMOM, including Robust Asset Allocation Balanced (Alpha Architect RAA), Robust Asset Allocation Aggressive (Alpha Architect RAA). ## Sources - [Alpha Architect: Alpha Architect International Quantitative Momentum ETF fund page](https://funds.alphaarchitect.com/imom/) > 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. --- # IVAL ETF: fees, returns, drawdowns and holdings > What IVAL holds, its 0.38% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Alpha Architect International Quantitative Value ETF (IVAL) is an exchange-traded fund (ETF) run by Alpha Architect. This fund owns about 50 stocks from developed countries outside the US and Canada, such as Japan and countries in Europe. It charges 0.38% a year. From December 2014 to October 2026 it returned about 6.7% a year, and its worst drop was −46.1%. 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: 0.38% a year (about $38 on $10,000). - Started trading on December 16, 2014. - Worst drop since 2014: −46.1%. - 2 Tactfolio classic strategies hold it. ## What does IVAL hold? This fund owns about 50 stocks from developed countries outside the US and Canada, such as Japan and countries in Europe. A set of rules picks the ones that look cheap compared with their business profits. Its results can differ a lot from the overall international market. It does not track an index. Its managers choose what it holds. It had 50 holdings as of October 16, 2026, according to Alpha Architect. | Fact | IVAL | | --- | --- | | Full name | Alpha Architect International Quantitative Value ETF | | Issuer | Alpha Architect | | Expense ratio | 0.38% a year | | Started trading | December 16, 2014 | | Tracks | No index (actively managed) | | Type | International stocks, ETF | | Holdings | 50 holdings as of October 16, 2026 | | Facts checked | October 16, 2026 on the [Alpha Architect fund page](https://funds.alphaarchitect.com/ival/) | ## What is the IVAL expense ratio? IVAL charges 0.38% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.38% fee comes to about $38 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IVAL done since 2014? From December 2014 to October 2026, IVAL returned about 6.7% a year. Say you put in $10,000 at the start. It would have been worth about $21,509 at the end, with every dividend reinvested. | Measure | IVAL | | --- | --- | | Total return | 115.1% | | Return per year (CAGR) | 6.7% | | Worst drop from a high | −46.1% | | Volatility (how much it swings) | 18.6% | | Last 12 months | 24.9% | | Last 3 years, per year | 20.5% | | Last 5 years, per year | 11.1% | | Last 10 years, per year | 8.0% | 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. ## IVAL returns by year | Year | IVAL return | | --- | --- | | 2026 (part of the year) | 19.6% | | 2025 | 34.9% | | 2024 | −0.7% | | 2023 | 20.6% | | 2022 | −10.1% | | 2021 | −0.2% | | 2020 | −4.9% | | 2019 | 21.3% | | 2018 | −22.5% | | 2017 | 31.0% | | 2016 | 9.4% | | 2015 | −3.6% | | 2014 (part of the year) | 0.4% | ## What was IVAL's worst drop? A drawdown is how far a fund falls from its last high point. IVAL's worst fall was −46.1%, from January 24, 2018 to March 23, 2020. It got back to that high on March 19, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IVAL? 2 classic strategies hold IVAL at least some of the time. Each is a set of written rules you can open, test and copy. - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 ## How does IVAL compare with similar ETFs? Funds that can stand in for IVAL: - [EFV](https://tactfolio.com/etf/efv.md): iShares MSCI EAFE Value ETF, 0.31% a year - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year See [all 5 IVAL alternatives](https://tactfolio.com/alternatives/ival.md), compared on the same dates as IVAL. ## Test IVAL 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 IVAL, 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 IVAL. 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. Fund facts come from Alpha Architect. 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 IVAL? IVAL charges 0.38% a year, according to Alpha Architect as of October 16, 2026. That is about $38 a year for every $10,000 you hold. ### When did IVAL start trading? IVAL started trading on December 16, 2014. It is run by Alpha Architect. ### What does IVAL track? IVAL does not track an index. Its managers choose what it holds. ### How much has IVAL returned per year? From December 2014 to October 2026, IVAL returned about 6.7% a year with dividends reinvested. Its worst drop was −46.1%. Past returns do not tell you what it will do next. ### Which strategies use IVAL? 2 of Tactfolio's classic strategies hold IVAL, including Robust Asset Allocation Balanced (Alpha Architect RAA), Robust Asset Allocation Aggressive (Alpha Architect RAA). ## Sources - [Alpha Architect: Alpha Architect International Quantitative Value ETF fund page](https://funds.alphaarchitect.com/ival/) > 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. --- # IXUS ETF: fees, returns, drawdowns and holdings > What IXUS holds, its 0.07% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core MSCI Total International Stock ETF (IXUS) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns thousands of companies outside the US, both big and small. It charges 0.07% a year. From October 2012 to October 2026 it returned about 7.7% a year, and its worst drop was −36.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.07% a year (about $7 on $10,000). - Started trading on October 18, 2012. - Worst drop since 2012: −36.2%. - No Tactfolio classic strategies hold it. ## What does IXUS hold? This fund owns thousands of companies outside the US, both big and small. It holds stocks from rich countries and from countries whose economies are still growing. Changes in foreign currency values can also move what the fund is worth in US dollars. It tracks the MSCI ACWI ex USA IMI Index (Net). It had 4,584 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IXUS | | --- | --- | | Full name | iShares Core MSCI Total International Stock ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.07% a year | | Started trading | October 18, 2012 | | Tracks | MSCI ACWI ex USA IMI Index (Net) | | Type | International stocks, ETF | | Holdings | 4,584 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) | ## What is the IXUS expense ratio? IXUS charges 0.07% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.07% fee comes to about $7 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IXUS done since 2012? From October 2012 to October 2026, IXUS returned about 7.7% a year. Say you put in $10,000 at the start. It would have been worth about $28,142 at the end, with every dividend reinvested. | Measure | IXUS | | --- | --- | | Total return | 181.4% | | Return per year (CAGR) | 7.7% | | Worst drop from a high | −36.2% | | Volatility (how much it swings) | 16.4% | | Last 12 months | 15.4% | | Last 3 years, per year | 19.7% | | Last 5 years, per year | 8.3% | | Last 10 years, per year | 9.3% | 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. ## IXUS returns by year | Year | IXUS return | | --- | --- | | 2026 (part of the year) | 11.8% | | 2025 | 32.4% | | 2024 | 5.2% | | 2023 | 15.8% | | 2022 | −16.5% | | 2021 | 8.9% | | 2020 | 10.8% | | 2019 | 21.7% | | 2018 | −14.4% | | 2017 | 28.1% | | 2016 | 4.7% | | 2015 | −4.7% | | 2014 | −5.0% | | 2013 | 13.7% | | 2012 (part of the year) | 7.6% | ## What was IXUS's worst drop? A drawdown is how far a fund falls from its last high point. IXUS's worst fall was −36.2%, from January 26, 2018 to March 23, 2020. It got back to that high on November 16, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IXUS? No classic strategy holds IXUS yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IXUS compare with similar ETFs? Funds that can stand in for IXUS: - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year - [VXUS](https://tactfolio.com/etf/vxus.md): Vanguard Total International Stock ETF, 0.05% a year - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year See [all 8 IXUS alternatives](https://tactfolio.com/alternatives/ixus.md), compared on the same dates as IXUS. ## Test IXUS 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 IXUS, 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 IXUS. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 IXUS? IXUS charges 0.07% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $7 a year for every $10,000 you hold. ### When did IXUS start trading? IXUS started trading on October 18, 2012. It is run by iShares (BlackRock). ### What does IXUS track? IXUS tracks the MSCI ACWI ex USA IMI Index (Net). This fund owns thousands of companies outside the US, both big and small. ### How much has IXUS returned per year? From October 2012 to October 2026, IXUS returned about 7.7% a year with dividends reinvested. Its worst drop was −36.2%. Past returns do not tell you what it will do next. ### Which strategies use IXUS? None of Tactfolio's classic strategies hold IXUS yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) > 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. --- # SCHF ETF: fees, returns, drawdowns and holdings > What SCHF holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab International Equity ETF (SCHF) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 1,500 large and medium companies in rich countries outside the United States. It charges 0.03% a year. From November 2009 to October 2026 it returned about 7.5% a year, and its worst drop was −34.9%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on November 3, 2009. - Worst drop since 2009: −34.9%. - No Tactfolio classic strategies hold it. ## What does SCHF hold? This fund owns shares of about 1,500 large and medium companies in rich countries outside the United States. Changes in foreign money values can move its price too. It tracks the FTSE Developed ex US Index. It had 1,480 holdings as of February 28, 2026, according to Schwab. | Fact | SCHF | | --- | --- | | Full name | Schwab International Equity ETF | | Issuer | Schwab | | Expense ratio | 0.03% a year | | Started trading | November 3, 2009 | | Tracks | FTSE Developed ex US Index | | Type | International stocks, ETF | | Holdings | 1,480 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) | ## What is the SCHF expense ratio? SCHF 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHF done since 2009? From November 2009 to October 2026, SCHF returned about 7.5% a year. Say you put in $10,000 at the start. It would have been worth about $34,128 at the end, with every dividend reinvested. | Measure | SCHF | | --- | --- | | Total return | 241.3% | | Return per year (CAGR) | 7.5% | | Worst drop from a high | −34.9% | | Volatility (how much it swings) | 18.1% | | Last 12 months | 18.0% | | Last 3 years, per year | 20.2% | | Last 5 years, per year | 9.6% | | Last 10 years, per year | 9.9% | 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. ## SCHF returns by year | Year | SCHF return | | --- | --- | | 2026 (part of the year) | 12.7% | | 2025 | 34.5% | | 2024 | 3.3% | | 2023 | 18.4% | | 2022 | −14.8% | | 2021 | 11.4% | | 2020 | 9.5% | | 2019 | 22.3% | | 2018 | −14.3% | | 2017 | 26.0% | | 2016 | 3.0% | | 2015 | −2.5% | | 2014 | −5.7% | | 2013 | 18.9% | | 2012 | 18.8% | | 2011 | −12.6% | | 2010 | 9.3% | | 2009 (part of the year) | 4.8% | ## What was SCHF's worst drop? A drawdown is how far a fund falls from its last high point. SCHF's worst fall was −34.9%, from January 26, 2018 to March 23, 2020. It got back to that high on November 11, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHF? No classic strategy holds SCHF yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHF compare with similar ETFs? Funds that can stand in for SCHF: - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year - [EFA](https://tactfolio.com/etf/efa.md): iShares MSCI EAFE ETF, 0.32% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 8 SCHF alternatives](https://tactfolio.com/alternatives/schf.md), compared on the same dates as SCHF. ## Test SCHF 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 SCHF, 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 SCHF. 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. Fund facts come from Schwab. We checked them on October 17, 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 SCHF? SCHF charges 0.03% a year, according to Schwab as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did SCHF start trading? SCHF started trading on November 3, 2009. It is run by Schwab. ### What does SCHF track? SCHF tracks the FTSE Developed ex US Index. This fund owns shares of about 1,500 large and medium companies in rich countries outside the United States. ### How much has SCHF returned per year? From November 2009 to October 2026, SCHF returned about 7.5% a year with dividends reinvested. Its worst drop was −34.9%. Past returns do not tell you what it will do next. ### Which strategies use SCHF? None of Tactfolio's classic strategies hold SCHF yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) > 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. --- # SCZ ETF: fees, returns, drawdowns and holdings > What SCZ holds, its 0.4% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI EAFE Small-Cap ETF (SCZ) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 2,000 small companies in developed countries outside the US and Canada, such as Japan, the UK and Australia. It charges 0.4% a year. From December 2007 to October 2026 it returned about 5.4% a year, and its worst drop was −61.9%. 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: 0.4% a year (about $40 on $10,000). - Started trading on December 10, 2007. - Worst drop since 2007: −61.9%. - 1 Tactfolio classic strategy holds it. ## What does SCZ hold? This fund owns about 2,000 small companies in developed countries outside the US and Canada, such as Japan, the UK and Australia. Small company prices can swing a lot. Changes in foreign currencies also move its value. It tracks the MSCI EAFE Small Cap Index (Net). It had 2,024 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | SCZ | | --- | --- | | Full name | iShares MSCI EAFE Small-Cap ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.4% a year | | Started trading | December 10, 2007 | | Tracks | MSCI EAFE Small Cap Index (Net) | | Type | International stocks, ETF | | Holdings | 2,024 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239627/ishares-msci-eafe-small-cap-etf) | ## What is the SCZ expense ratio? SCZ charges 0.4% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.4% fee comes to about $40 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCZ done since 2007? From December 2007 to October 2026, SCZ returned about 5.4% a year. Say you put in $10,000 at the start. It would have been worth about $27,090 at the end, with every dividend reinvested. | Measure | SCZ | | --- | --- | | Total return | 170.9% | | Return per year (CAGR) | 5.4% | | Worst drop from a high | −61.9% | | Volatility (how much it swings) | 20.8% | | Last 12 months | 12.7% | | Last 3 years, per year | 18.7% | | Last 5 years, per year | 5.0% | | Last 10 years, per year | 8.0% | 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. ## SCZ returns by year | Year | SCZ return | | --- | --- | | 2026 (part of the year) | 9.2% | | 2025 | 32.1% | | 2024 | 1.5% | | 2023 | 13.0% | | 2022 | −21.3% | | 2021 | 10.1% | | 2020 | 11.7% | | 2019 | 24.7% | | 2018 | −17.6% | | 2017 | 32.7% | | 2016 | 2.6% | | 2015 | 9.1% | | 2014 | −6.1% | | 2013 | 28.6% | | 2012 | 21.3% | | 2011 | −15.1% | | 2010 | 21.5% | | 2009 | 42.9% | | 2008 | −48.5% | | 2007 (part of the year) | −0.3% | ## What was SCZ's worst drop? A drawdown is how far a fund falls from its last high point. SCZ's worst fall was −61.9%, from December 13, 2007 to March 9, 2009. It got back to that high on April 11, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCZ? One classic strategy holds SCZ at least some of the time. Each is a set of written rules you can open, test and copy. - [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md), by Engineered Portfolio (Steve Hanly), 2018 ## How does SCZ compare with similar ETFs? Funds that can stand in for SCZ: - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year - [EFA](https://tactfolio.com/etf/efa.md): iShares MSCI EAFE ETF, 0.32% a year See [all 4 SCZ alternatives](https://tactfolio.com/alternatives/scz.md), compared on the same dates as SCZ. ## Test SCZ 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 SCZ, 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 SCZ. 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. Fund facts come from iShares (BlackRock). 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 SCZ? SCZ charges 0.4% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $40 a year for every $10,000 you hold. ### When did SCZ start trading? SCZ started trading on December 10, 2007. It is run by iShares (BlackRock). ### What does SCZ track? SCZ tracks the MSCI EAFE Small Cap Index (Net). This fund owns about 2,000 small companies in developed countries outside the US and Canada, such as Japan, the UK and Australia. ### How much has SCZ returned per year? From December 2007 to October 2026, SCZ returned about 5.4% a year with dividends reinvested. Its worst drop was −61.9%. Past returns do not tell you what it will do next. ### Which strategies use SCZ? One of Tactfolio's classic strategies hold SCZ, including Accelerating Dual Momentum (ADM). ## Sources - [iShares (BlackRock): iShares MSCI EAFE Small-Cap ETF fund page](https://www.ishares.com/us/products/239627/ishares-msci-eafe-small-cap-etf) > 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. --- # VEA ETF: fees, returns, drawdowns and holdings > What VEA holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard FTSE Developed Markets ETF (VEA) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares in thousands of companies in developed countries outside the United States, such as Japan, the United Kingdom, Canada, and countries in Europe. It charges 0.03% a year. From July 2007 to October 2026 it returned about 5.1% a year, and its worst drop was −60.7%. 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 July 20, 2007. - Worst drop since 2007: −60.7%. - 3 Tactfolio classic strategies hold it. ## What does VEA hold? This fund owns shares in thousands of companies in developed countries outside the United States, such as Japan, the United Kingdom, Canada, and countries in Europe. It does not hold US stocks or stocks from emerging markets like China and India. Its value can also change when foreign currencies rise or fall against the dollar. It tracks the FTSE Developed All Cap ex US Index. It had 3,903 holdings as of September 30, 2026, according to Vanguard. | Fact | VEA | | --- | --- | | Full name | Vanguard FTSE Developed Markets ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | July 20, 2007 | | Tracks | FTSE Developed All Cap ex US Index | | Type | International stocks, ETF | | Holdings | 3,903 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) | ## What is the VEA expense ratio? VEA 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VEA done since 2007? From July 2007 to October 2026, VEA returned about 5.1% a year. Say you put in $10,000 at the start. It would have been worth about $25,848 at the end, with every dividend reinvested. | Measure | VEA | | --- | --- | | Total return | 158.5% | | Return per year (CAGR) | 5.1% | | Worst drop from a high | −60.7% | | Volatility (how much it swings) | 21.5% | | Last 12 months | 17.6% | | Last 3 years, per year | 20.3% | | Last 5 years, per year | 9.3% | | Last 10 years, per year | 9.8% | 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. ## VEA returns by year | Year | VEA return | | --- | --- | | 2026 (part of the year) | 12.3% | | 2025 | 35.2% | | 2024 | 3.1% | | 2023 | 17.9% | | 2022 | −15.3% | | 2021 | 11.7% | | 2020 | 9.7% | | 2019 | 22.6% | | 2018 | −14.8% | | 2017 | 26.4% | | 2016 | 2.6% | | 2015 | −0.4% | | 2014 | −6.0% | | 2013 | 21.8% | | 2012 | 18.6% | | 2011 | −12.3% | | 2010 | 8.3% | | 2009 | 27.5% | | 2008 | −40.6% | | 2007 (part of the year) | 2.3% | ## What was VEA's worst drop? A drawdown is how far a fund falls from its last high point. VEA's worst fall was −60.7%, from October 31, 2007 to March 9, 2009. It got back to that high on May 27, 2014. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VEA? 3 classic strategies hold VEA at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 ## How does VEA compare with similar ETFs? Funds that can stand in for VEA: - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year - [EFA](https://tactfolio.com/etf/efa.md): iShares MSCI EAFE ETF, 0.32% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 8 VEA alternatives](https://tactfolio.com/alternatives/vea.md), compared on the same dates as VEA. ## Test VEA 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 VEA, 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 VEA. 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. 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 VEA? VEA 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 VEA start trading? VEA started trading on July 20, 2007. It is run by Vanguard. ### What does VEA track? VEA tracks the FTSE Developed All Cap ex US Index. This fund owns shares in thousands of companies in developed countries outside the United States, such as Japan, the United Kingdom, Canada, and countries in Europe. ### How much has VEA returned per year? From July 2007 to October 2026, VEA returned about 5.1% a year with dividends reinvested. Its worst drop was −60.7%. Past returns do not tell you what it will do next. ### Which strategies use VEA? 3 of Tactfolio's classic strategies hold VEA, including Hybrid Asset Allocation (HAA), Bold Asset Allocation (BAA), Bold Asset Allocation G4 (BAA aggressive). ## Sources - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) > 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. --- # VEU ETF: fees, returns, drawdowns and holdings > What VEU holds, its 0.04% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard FTSE All-World ex-US ETF (VEU) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares in thousands of large and medium-sized companies based outside the United States. It charges 0.04% a year. From March 2007 to October 2026 it returned about 5.3% a year, and its worst drop was −61.5%. 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: 0.04% a year (about $4 on $10,000). - Started trading on March 2, 2007. - Worst drop since 2007: −61.5%. - 2 Tactfolio classic strategies hold it. ## What does VEU hold? This fund owns shares in thousands of large and medium-sized companies based outside the United States. It includes developed countries, like Japan and the United Kingdom, and emerging markets, like China and India. It leaves out most small companies. It tracks the FTSE All-World ex US Index. It had 3,810 holdings as of September 30, 2026, according to Vanguard. | Fact | VEU | | --- | --- | | Full name | Vanguard FTSE All-World ex-US ETF | | Issuer | Vanguard | | Expense ratio | 0.04% a year | | Started trading | March 2, 2007 | | Tracks | FTSE All-World ex US Index | | Type | International stocks, ETF | | Holdings | 3,810 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) | ## What is the VEU expense ratio? VEU charges 0.04% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.04% fee comes to about $4 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VEU done since 2007? From March 2007 to October 2026, VEU returned about 5.3% a year. Say you put in $10,000 at the start. It would have been worth about $27,495 at the end, with every dividend reinvested. | Measure | VEU | | --- | --- | | Total return | 175.0% | | Return per year (CAGR) | 5.3% | | Worst drop from a high | −61.5% | | Volatility (how much it swings) | 21.8% | | Last 12 months | 15.8% | | Last 3 years, per year | 19.7% | | Last 5 years, per year | 8.6% | | Last 10 years, per year | 9.4% | 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. ## VEU returns by year | Year | VEU return | | --- | --- | | 2026 (part of the year) | 11.8% | | 2025 | 32.4% | | 2024 | 5.6% | | 2023 | 15.8% | | 2022 | −15.6% | | 2021 | 8.3% | | 2020 | 11.1% | | 2019 | 21.8% | | 2018 | −14.2% | | 2017 | 27.4% | | 2016 | 4.9% | | 2015 | −4.8% | | 2014 | −4.5% | | 2013 | 14.1% | | 2012 | 18.9% | | 2011 | −14.0% | | 2010 | 11.8% | | 2009 | 37.6% | | 2008 | −43.4% | | 2007 (part of the year) | 16.0% | ## What was VEU's worst drop? A drawdown is how far a fund falls from its last high point. VEU's worst fall was −61.5%, from October 31, 2007 to March 9, 2009. It got back to that high on July 1, 2014. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VEU? 2 classic strategies hold VEU at least some of the time. Each is a set of written rules you can open, test and copy. - [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014 - [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019 ## How does VEU compare with similar ETFs? Funds that can stand in for VEU: - [VXUS](https://tactfolio.com/etf/vxus.md): Vanguard Total International Stock ETF, 0.05% a year - [IXUS](https://tactfolio.com/etf/ixus.md): iShares Core MSCI Total International Stock ETF, 0.07% a year - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year See [all 8 VEU alternatives](https://tactfolio.com/alternatives/veu.md), compared on the same dates as VEU. ## Test VEU 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 VEU, 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 VEU. 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. 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 VEU? VEU charges 0.04% a year, according to Vanguard as of October 16, 2026. That is about $4 a year for every $10,000 you hold. ### When did VEU start trading? VEU started trading on March 2, 2007. It is run by Vanguard. ### What does VEU track? VEU tracks the FTSE All-World ex US Index. This fund owns shares in thousands of large and medium-sized companies based outside the United States. ### How much has VEU returned per year? From March 2007 to October 2026, VEU returned about 5.3% a year with dividends reinvested. Its worst drop was −61.5%. Past returns do not tell you what it will do next. ### Which strategies use VEU? 2 of Tactfolio's classic strategies hold VEU, including Dual Momentum: Antonacci’s Global Equities Momentum (GEM), Diversified Dual Momentum (Newfound Research). ## Sources - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) > 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. --- # VGK ETF: fees, returns, drawdowns and holdings > What VGK holds, its 0.06% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard FTSE Europe ETF (VGK) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares in about 1,200 companies based in developed countries in Europe, such as the United Kingdom, France, Germany, and Switzerland. It charges 0.06% a year. From March 2005 to October 2026 it returned about 6.3% a year, and its worst drop was −63.6%. 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: 0.06% a year (about $6 on $10,000). - Started trading on March 4, 2005. - Worst drop since 2005: −63.6%. - 6 Tactfolio classic strategies hold it. ## What does VGK hold? This fund owns shares in about 1,200 companies based in developed countries in Europe, such as the United Kingdom, France, Germany, and Switzerland. It includes large, medium, and small companies. Its value can also change when European currencies rise or fall against the dollar. It tracks the FTSE Developed Europe All Cap Index. It had 1,243 holdings as of September 30, 2026, according to Vanguard. | Fact | VGK | | --- | --- | | Full name | Vanguard FTSE Europe ETF | | Issuer | Vanguard | | Expense ratio | 0.06% a year | | Started trading | March 4, 2005 | | Tracks | FTSE Developed Europe All Cap Index | | Type | International stocks, ETF | | Holdings | 1,243 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgk) | ## What is the VGK expense ratio? VGK charges 0.06% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.06% fee comes to about $6 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VGK done since 2005? From March 2005 to October 2026, VGK returned about 6.3% a year. Say you put in $10,000 at the start. It would have been worth about $37,202 at the end, with every dividend reinvested. | Measure | VGK | | --- | --- | | Total return | 272.0% | | Return per year (CAGR) | 6.3% | | Worst drop from a high | −63.6% | | Volatility (how much it swings) | 22.7% | | Last 12 months | 11.4% | | Last 3 years, per year | 18.1% | | Last 5 years, per year | 8.5% | | Last 10 years, per year | 9.8% | 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. ## VGK returns by year | Year | VGK return | | --- | --- | | 2026 (part of the year) | 6.6% | | 2025 | 35.8% | | 2024 | 1.9% | | 2023 | 20.2% | | 2022 | −16.0% | | 2021 | 16.9% | | 2020 | 6.1% | | 2019 | 24.9% | | 2018 | −14.9% | | 2017 | 27.0% | | 2016 | −0.4% | | 2015 | −1.9% | | 2014 | −7.1% | | 2013 | 24.3% | | 2012 | 21.6% | | 2011 | −11.7% | | 2010 | 6.0% | | 2009 | 31.3% | | 2008 | −44.6% | | 2007 | 13.3% | | 2006 | 33.1% | | 2005 (part of the year) | 6.0% | ## What was VGK's worst drop? A drawdown is how far a fund falls from its last high point. VGK's worst fall was −63.6%, from October 31, 2007 to March 9, 2009. It got back to that high on April 9, 2014. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VGK? 6 classic strategies hold VGK at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 ## How does VGK compare with similar ETFs? Funds that can stand in for VGK: - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year - [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year - [EFA](https://tactfolio.com/etf/efa.md): iShares MSCI EAFE ETF, 0.32% a year See [all 4 VGK alternatives](https://tactfolio.com/alternatives/vgk.md), compared on the same dates as VGK. ## Test VGK 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 VGK, 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 VGK. 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. 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 VGK? VGK charges 0.06% a year, according to Vanguard as of October 16, 2026. That is about $6 a year for every $10,000 you hold. ### When did VGK start trading? VGK started trading on March 4, 2005. It is run by Vanguard. ### What does VGK track? VGK tracks the FTSE Developed Europe All Cap Index. This fund owns shares in about 1,200 companies based in developed countries in Europe, such as the United Kingdom, France, Germany, and Switzerland. ### How much has VGK returned per year? From March 2005 to October 2026, VGK returned about 6.3% a year with dividends reinvested. Its worst drop was −63.6%. Past returns do not tell you what it will do next. ### Which strategies use VGK? 6 of Tactfolio's classic strategies hold VGK, including Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA). ## Sources - [Vanguard: Vanguard FTSE Europe ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgk) > 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. --- # VXUS ETF: fees, returns, drawdowns and holdings > What VXUS holds, its 0.05% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Total International Stock ETF (VXUS) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares in thousands of companies based outside the United States. It charges 0.05% a year. From January 2011 to October 2026 it returned about 6.5% a year, and its worst drop was −36.0%. 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: 0.05% a year (about $5 on $10,000). - Started trading on January 26, 2011. - Worst drop since 2011: −36.0%. - 1 Tactfolio classic strategy holds it. ## What does VXUS hold? This fund owns shares in thousands of companies based outside the United States. It includes companies in established markets like Europe and Japan and in growing markets like China and India. Its value can also change when foreign currencies go up or down against the dollar. It tracks the FTSE Global All Cap ex US Index. It had 8,740 holdings as of August 31, 2026, according to Vanguard. | Fact | VXUS | | --- | --- | | Full name | Vanguard Total International Stock ETF | | Issuer | Vanguard | | Expense ratio | 0.05% a year | | Started trading | January 26, 2011 | | Tracks | FTSE Global All Cap ex US Index | | Type | International stocks, ETF | | Holdings | 8,740 holdings as of August 31, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) | ## What is the VXUS expense ratio? VXUS charges 0.05% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.05% fee comes to about $5 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VXUS done since 2011? From January 2011 to October 2026, VXUS returned about 6.5% a year. Say you put in $10,000 at the start. It would have been worth about $26,831 at the end, with every dividend reinvested. | Measure | VXUS | | --- | --- | | Total return | 168.3% | | Return per year (CAGR) | 6.5% | | Worst drop from a high | −36.0% | | Volatility (how much it swings) | 17.7% | | Last 12 months | 15.3% | | Last 3 years, per year | 19.4% | | Last 5 years, per year | 8.3% | | Last 10 years, per year | 9.2% | 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. ## VXUS returns by year | Year | VXUS return | | --- | --- | | 2026 (part of the year) | 11.4% | | 2025 | 32.4% | | 2024 | 5.1% | | 2023 | 15.9% | | 2022 | −16.1% | | 2021 | 9.0% | | 2020 | 10.7% | | 2019 | 21.8% | | 2018 | −14.4% | | 2017 | 27.5% | | 2016 | 4.8% | | 2015 | −4.2% | | 2014 | −4.7% | | 2013 | 14.6% | | 2012 | 18.6% | | 2011 (part of the year) | −14.4% | ## What was VXUS's worst drop? A drawdown is how far a fund falls from its last high point. VXUS's worst fall was −36.0%, from January 26, 2018 to March 23, 2020. It got back to that high on November 16, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VXUS? One classic strategy holds VXUS at least some of the time. Each is a set of written rules you can open, test and copy. - [Three-Fund Portfolio (Taylor Larimore, Bogleheads)](https://tactfolio.com/strategies/three-fund-portfolio.md), by Taylor Larimore, 2018 ## How does VXUS compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [VTI vs VXUS](https://tactfolio.com/etf-comparisons/vti-vs-vxus.md): US stocks against stocks from the rest of the world. Funds that can stand in for VXUS: - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year - [IXUS](https://tactfolio.com/etf/ixus.md): iShares Core MSCI Total International Stock ETF, 0.07% a year - [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year - [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year See [all 8 VXUS alternatives](https://tactfolio.com/alternatives/vxus.md), compared on the same dates as VXUS. ## Test VXUS 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 VXUS, 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 VXUS. 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. 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 VXUS? VXUS charges 0.05% a year, according to Vanguard as of October 16, 2026. That is about $5 a year for every $10,000 you hold. ### When did VXUS start trading? VXUS started trading on January 26, 2011. It is run by Vanguard. ### What does VXUS track? VXUS tracks the FTSE Global All Cap ex US Index. This fund owns shares in thousands of companies based outside the United States. ### How much has VXUS returned per year? From January 2011 to October 2026, VXUS returned about 6.5% a year with dividends reinvested. Its worst drop was −36.0%. Past returns do not tell you what it will do next. ### Which strategies use VXUS? One of Tactfolio's classic strategies hold VXUS, including Three-Fund Portfolio (Taylor Larimore, Bogleheads). ## Sources - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) > 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. --- # EEM ETF: fees, returns, drawdowns and holdings > What EEM holds, its 0.72% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI Emerging Markets ETF (EEM) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of large and mid sized companies in emerging market countries, such as China, India and Taiwan. It charges 0.72% a year. From April 2003 to October 2026 it returned about 9.7% a year, and its worst drop was −66.4%. 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: 0.72% a year (about $72 on $10,000). - Started trading on April 7, 2003. - Worst drop since 2003: −66.4%. - 12 Tactfolio classic strategies hold it. ## What does EEM hold? This fund holds stocks of large and mid sized companies in emerging market countries, such as China, India and Taiwan. These markets can rise and fall more sharply than the US market. Changes in foreign currency values can also change what the fund is worth in US dollars. It tracks the MSCI Emerging Markets Index (Net). It had 1,186 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | EEM | | --- | --- | | Full name | iShares MSCI Emerging Markets ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.72% a year | | Started trading | April 7, 2003 | | Tracks | MSCI Emerging Markets Index (Net) | | Type | Emerging market stocks, ETF | | Holdings | 1,186 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf) | ## What is the EEM expense ratio? EEM charges 0.72% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.72% fee comes to about $72 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has EEM done since 2003? From April 2003 to October 2026, EEM returned about 9.7% a year. Say you put in $10,000 at the start. It would have been worth about $87,300 at the end, with every dividend reinvested. | Measure | EEM | | --- | --- | | Total return | 773.0% | | Return per year (CAGR) | 9.7% | | Worst drop from a high | −66.4% | | Volatility (how much it swings) | 27.1% | | Last 12 months | 18.3% | | Last 3 years, per year | 21.0% | | Last 5 years, per year | 6.4% | | Last 10 years, per year | 7.8% | 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. ## EEM returns by year | Year | EEM return | | --- | --- | | 2026 (part of the year) | 15.5% | | 2025 | 34.0% | | 2024 | 6.5% | | 2023 | 8.9% | | 2022 | −20.6% | | 2021 | −3.6% | | 2020 | 17.0% | | 2019 | 18.2% | | 2018 | −15.3% | | 2017 | 37.3% | | 2016 | 10.9% | | 2015 | −16.2% | | 2014 | −3.9% | | 2013 | −3.6% | | 2012 | 19.1% | | 2011 | −18.8% | | 2010 | 16.5% | | 2009 | 69.0% | | 2008 | −48.9% | | 2007 | 33.3% | | 2006 | 31.2% | | 2005 | 32.6% | | 2004 | 24.6% | | 2003 (part of the year) | 63.1% | ## What was EEM's worst drop? A drawdown is how far a fund falls from its last high point. EEM's worst fall was −66.4%, from October 31, 2007 to November 20, 2008. It got back to that high on September 18, 2017. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold EEM? 12 classic strategies hold EEM at least some of the time. Each is a set of written rules you can open, test and copy. - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 ## How does EEM compare with similar ETFs? Funds that can stand in for EEM: - [SCHE](https://tactfolio.com/etf/sche.md): Schwab Emerging Markets Equity ETF, 0.06% a year - [VWO](https://tactfolio.com/etf/vwo.md): Vanguard FTSE Emerging Markets ETF, 0.06% a year - [IEMG](https://tactfolio.com/etf/iemg.md): iShares Core MSCI Emerging Markets ETF, 0.09% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 6 EEM alternatives](https://tactfolio.com/alternatives/eem.md), compared on the same dates as EEM. ## Test EEM 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 EEM, 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 EEM. 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. Fund facts come from iShares (BlackRock). 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 EEM? EEM charges 0.72% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $72 a year for every $10,000 you hold. ### When did EEM start trading? EEM started trading on April 7, 2003. It is run by iShares (BlackRock). ### What does EEM track? EEM tracks the MSCI Emerging Markets Index (Net). This fund holds stocks of large and mid sized companies in emerging market countries, such as China, India and Taiwan. ### How much has EEM returned per year? From April 2003 to October 2026, EEM returned about 9.7% a year with dividends reinvested. Its worst drop was −66.4%. Past returns do not tell you what it will do next. ### Which strategies use EEM? 12 of Tactfolio's classic strategies hold EEM, including Vigilant Asset Allocation (VAA), Protective Asset Allocation (PAA), Adaptive Asset Allocation (AAA). ## Sources - [iShares (BlackRock): iShares MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf) > 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. --- # IEMG ETF: fees, returns, drawdowns and holdings > What IEMG holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core MSCI Emerging Markets ETF (IEMG) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns thousands of companies in countries whose economies are still growing, such as China, India and Taiwan. It charges 0.09% a year. From October 2012 to October 2026 it returned about 6.0% a year, and its worst drop was −38.7%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on October 18, 2012. - Worst drop since 2012: −38.7%. - No Tactfolio classic strategies hold it. ## What does IEMG hold? This fund owns thousands of companies in countries whose economies are still growing, such as China, India and Taiwan. These stock markets can rise and fall a lot. Changes in foreign currency values and local politics can also move its value. It tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). It had 2,857 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IEMG | | --- | --- | | Full name | iShares Core MSCI Emerging Markets ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.09% a year | | Started trading | October 18, 2012 | | Tracks | MSCI Emerging Markets Investable Market Index (USD) (Net) | | Type | Emerging market stocks, ETF | | Holdings | 2,857 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/244050/ishares-core-msci-emerging-markets-etf) | ## What is the IEMG expense ratio? IEMG charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IEMG done since 2012? From October 2012 to October 2026, IEMG returned about 6.0% a year. Say you put in $10,000 at the start. It would have been worth about $22,531 at the end, with every dividend reinvested. | Measure | IEMG | | --- | --- | | Total return | 125.3% | | Return per year (CAGR) | 6.0% | | Worst drop from a high | −38.7% | | Volatility (how much it swings) | 19.8% | | Last 12 months | 17.6% | | Last 3 years, per year | 20.6% | | Last 5 years, per year | 6.9% | | Last 10 years, per year | 8.4% | 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. ## IEMG returns by year | Year | IEMG return | | --- | --- | | 2026 (part of the year) | 15.2% | | 2025 | 32.6% | | 2024 | 6.5% | | 2023 | 11.5% | | 2022 | −20.0% | | 2021 | −0.6% | | 2020 | 17.9% | | 2019 | 17.8% | | 2018 | −14.9% | | 2017 | 37.4% | | 2016 | 10.3% | | 2015 | −14.3% | | 2014 | −3.4% | | 2013 | −2.8% | | 2012 (part of the year) | 8.5% | ## What was IEMG's worst drop? A drawdown is how far a fund falls from its last high point. IEMG's worst fall was −38.7%, from January 26, 2018 to March 23, 2020. It got back to that high on November 16, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IEMG? No classic strategy holds IEMG yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IEMG compare with similar ETFs? Funds that can stand in for IEMG: - [SCHE](https://tactfolio.com/etf/sche.md): Schwab Emerging Markets Equity ETF, 0.06% a year - [VWO](https://tactfolio.com/etf/vwo.md): Vanguard FTSE Emerging Markets ETF, 0.06% a year - [EEM](https://tactfolio.com/etf/eem.md): iShares MSCI Emerging Markets ETF, 0.72% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 6 IEMG alternatives](https://tactfolio.com/alternatives/iemg.md), compared on the same dates as IEMG. ## Test IEMG 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 IEMG, 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 IEMG. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 IEMG? IEMG charges 0.09% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did IEMG start trading? IEMG started trading on October 18, 2012. It is run by iShares (BlackRock). ### What does IEMG track? IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). This fund owns thousands of companies in countries whose economies are still growing, such as China, India and Taiwan. ### How much has IEMG returned per year? From October 2012 to October 2026, IEMG returned about 6.0% a year with dividends reinvested. Its worst drop was −38.7%. Past returns do not tell you what it will do next. ### Which strategies use IEMG? None of Tactfolio's classic strategies hold IEMG yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/244050/ishares-core-msci-emerging-markets-etf) > 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. --- # SCHE ETF: fees, returns, drawdowns and holdings > What SCHE holds, its 0.06% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab Emerging Markets Equity ETF (SCHE) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 2,100 companies in emerging markets. It charges 0.06% a year. From January 2010 to October 2026 it returned about 4.6% a year, and its worst drop was −36.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.06% a year (about $6 on $10,000). - Started trading on January 14, 2010. - Worst drop since 2010: −36.2%. - No Tactfolio classic strategies hold it. ## What does SCHE hold? This fund owns shares of about 2,100 companies in emerging markets. These are countries whose economies are still growing. Prices there can rise and fall a lot, and their money can change in value. It tracks the FTSE Emerging Index. It had 2,137 holdings as of February 28, 2026, according to Schwab. | Fact | SCHE | | --- | --- | | Full name | Schwab Emerging Markets Equity ETF | | Issuer | Schwab | | Expense ratio | 0.06% a year | | Started trading | January 14, 2010 | | Tracks | FTSE Emerging Index | | Type | Emerging market stocks, ETF | | Holdings | 2,137 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000253/c497k.htm) | ## What is the SCHE expense ratio? SCHE charges 0.06% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.06% fee comes to about $6 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHE done since 2010? From January 2010 to October 2026, SCHE returned about 4.6% a year. Say you put in $10,000 at the start. It would have been worth about $21,376 at the end, with every dividend reinvested. | Measure | SCHE | | --- | --- | | Total return | 113.8% | | Return per year (CAGR) | 4.6% | | Worst drop from a high | −36.2% | | Volatility (how much it swings) | 20.2% | | Last 12 months | 9.3% | | Last 3 years, per year | 17.7% | | Last 5 years, per year | 5.5% | | Last 10 years, per year | 7.6% | 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. ## SCHE returns by year | Year | SCHE return | | --- | --- | | 2026 (part of the year) | 9.1% | | 2025 | 26.5% | | 2024 | 10.6% | | 2023 | 8.9% | | 2022 | −17.8% | | 2021 | −0.7% | | 2020 | 14.5% | | 2019 | 20.3% | | 2018 | −13.5% | | 2017 | 32.7% | | 2016 | 13.0% | | 2015 | −16.3% | | 2014 | 0.0% | | 2013 | −4.3% | | 2012 | 17.9% | | 2011 | −19.2% | | 2010 (part of the year) | 15.5% | ## What was SCHE's worst drop? A drawdown is how far a fund falls from its last high point. SCHE's worst fall was −36.2%, from January 26, 2018 to March 23, 2020. It got back to that high on November 9, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHE? No classic strategy holds SCHE yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHE compare with similar ETFs? Funds that can stand in for SCHE: - [VWO](https://tactfolio.com/etf/vwo.md): Vanguard FTSE Emerging Markets ETF, 0.06% a year - [IEMG](https://tactfolio.com/etf/iemg.md): iShares Core MSCI Emerging Markets ETF, 0.09% a year - [EEM](https://tactfolio.com/etf/eem.md): iShares MSCI Emerging Markets ETF, 0.72% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 6 SCHE alternatives](https://tactfolio.com/alternatives/sche.md), compared on the same dates as SCHE. ## Test SCHE 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 SCHE, 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 SCHE. 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. Fund facts come from Schwab. We checked them on October 17, 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 SCHE? SCHE charges 0.06% a year, according to Schwab as of October 17, 2026. That is about $6 a year for every $10,000 you hold. ### When did SCHE start trading? SCHE started trading on January 14, 2010. It is run by Schwab. ### What does SCHE track? SCHE tracks the FTSE Emerging Index. This fund owns shares of about 2,100 companies in emerging markets. ### How much has SCHE returned per year? From January 2010 to October 2026, SCHE returned about 4.6% a year with dividends reinvested. Its worst drop was −36.2%. Past returns do not tell you what it will do next. ### Which strategies use SCHE? None of Tactfolio's classic strategies hold SCHE yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab Emerging Markets Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000253/c497k.htm) > 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. --- # VWO ETF: fees, returns, drawdowns and holdings > What VWO holds, its 0.06% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard FTSE Emerging Markets ETF (VWO) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares in thousands of companies in emerging markets, which are countries whose economies are still growing, such as China, India, Taiwan, and Brazil. It charges 0.06% a year. From March 2005 to October 2026 it returned about 6.7% a year, and its worst drop was −67.7%. 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: 0.06% a year (about $6 on $10,000). - Started trading on March 4, 2005. - Worst drop since 2005: −67.7%. - 8 Tactfolio classic strategies hold it. ## What does VWO hold? This fund owns shares in thousands of companies in emerging markets, which are countries whose economies are still growing, such as China, India, Taiwan, and Brazil. Prices of these stocks can change a lot from year to year. The fund's value can also change when those countries' currencies go up or down against the dollar. It tracks the FTSE Emerging Markets All Cap China A Inclusion Index. It had 6,507 holdings as of September 30, 2026, according to Vanguard. | Fact | VWO | | --- | --- | | Full name | Vanguard FTSE Emerging Markets ETF | | Issuer | Vanguard | | Expense ratio | 0.06% a year | | Started trading | March 4, 2005 | | Tracks | FTSE Emerging Markets All Cap China A Inclusion Index | | Type | Emerging market stocks, ETF | | Holdings | 6,507 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vwo) | ## What is the VWO expense ratio? VWO charges 0.06% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.06% fee comes to about $6 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VWO done since 2005? From March 2005 to October 2026, VWO returned about 6.7% a year. Say you put in $10,000 at the start. It would have been worth about $40,624 at the end, with every dividend reinvested. | Measure | VWO | | --- | --- | | Total return | 306.2% | | Return per year (CAGR) | 6.7% | | Worst drop from a high | −67.7% | | Volatility (how much it swings) | 26.0% | | Last 12 months | 8.9% | | Last 3 years, per year | 17.1% | | Last 5 years, per year | 5.4% | | Last 10 years, per year | 7.4% | 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. ## VWO returns by year | Year | VWO return | | --- | --- | | 2026 (part of the year) | 8.3% | | 2025 | 25.6% | | 2024 | 10.6% | | 2023 | 9.3% | | 2022 | −18.0% | | 2021 | 1.3% | | 2020 | 15.2% | | 2019 | 20.8% | | 2018 | −14.8% | | 2017 | 31.5% | | 2016 | 12.2% | | 2015 | −15.8% | | 2014 | 0.0% | | 2013 | −4.9% | | 2012 | 19.2% | | 2011 | −18.8% | | 2010 | 19.5% | | 2009 | 76.3% | | 2008 | −52.5% | | 2007 | 37.3% | | 2006 | 29.4% | | 2005 (part of the year) | 23.5% | ## What was VWO's worst drop? A drawdown is how far a fund falls from its last high point. VWO's worst fall was −67.7%, from October 31, 2007 to November 20, 2008. It got back to that high on September 11, 2017. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VWO? 8 classic strategies hold VWO at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 ## How does VWO compare with similar ETFs? Funds that can stand in for VWO: - [SCHE](https://tactfolio.com/etf/sche.md): Schwab Emerging Markets Equity ETF, 0.06% a year - [IEMG](https://tactfolio.com/etf/iemg.md): iShares Core MSCI Emerging Markets ETF, 0.09% a year - [EEM](https://tactfolio.com/etf/eem.md): iShares MSCI Emerging Markets ETF, 0.72% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 6 VWO alternatives](https://tactfolio.com/alternatives/vwo.md), compared on the same dates as VWO. ## Test VWO 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 VWO, 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 VWO. 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. 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 - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 VWO? VWO charges 0.06% a year, according to Vanguard as of October 16, 2026. That is about $6 a year for every $10,000 you hold. ### When did VWO start trading? VWO started trading on March 4, 2005. It is run by Vanguard. ### What does VWO track? VWO tracks the FTSE Emerging Markets All Cap China A Inclusion Index. This fund owns shares in thousands of companies in emerging markets, which are countries whose economies are still growing, such as China, India, Taiwan, and Brazil. ### How much has VWO returned per year? From March 2005 to October 2026, VWO returned about 6.7% a year with dividends reinvested. Its worst drop was −67.7%. Past returns do not tell you what it will do next. ### Which strategies use VWO? 8 of Tactfolio's classic strategies hold VWO, including Hybrid Asset Allocation (HAA), Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA). ## Sources - [Vanguard: Vanguard FTSE Emerging Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vwo) > 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. --- # ACWI ETF: fees, returns, drawdowns and holdings > What ACWI holds, its 0.32% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI ACWI ETF (ACWI) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns large and medium sized companies all over the world, in both rich and emerging countries. It charges 0.32% a year. From March 2008 to October 2026 it returned about 8.4% a year, and its worst drop was −56.3%. 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: 0.32% a year (about $32 on $10,000). - Started trading on March 26, 2008. - Worst drop since 2008: −56.3%. - 1 Tactfolio classic strategy holds it. ## What does ACWI hold? This fund owns large and medium sized companies all over the world, in both rich and emerging countries. The United States is the biggest part. One share gives you a slice of the global stock market. It tracks the MSCI All Country World Index (Net). It had 2,197 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | ACWI | | --- | --- | | Full name | iShares MSCI ACWI ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.32% a year | | Started trading | March 26, 2008 | | Tracks | MSCI All Country World Index (Net) | | Type | Global stocks, ETF | | Holdings | 2,197 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239600/ishares-msci-acwi-etf) | ## What is the ACWI expense ratio? ACWI charges 0.32% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.32% fee comes to about $32 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has ACWI done since 2008? From March 2008 to October 2026, ACWI returned about 8.4% a year. Say you put in $10,000 at the start. It would have been worth about $44,511 at the end, with every dividend reinvested. | Measure | ACWI | | --- | --- | | Total return | 345.1% | | Return per year (CAGR) | 8.4% | | Worst drop from a high | −56.3% | | Volatility (how much it swings) | 20.1% | | Last 12 months | 16.0% | | Last 3 years, per year | 21.0% | | Last 5 years, per year | 10.7% | | Last 10 years, per year | 12.6% | 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. ## ACWI returns by year | Year | ACWI return | | --- | --- | | 2026 (part of the year) | 12.2% | | 2025 | 22.4% | | 2024 | 17.4% | | 2023 | 22.3% | | 2022 | −18.4% | | 2021 | 18.7% | | 2020 | 16.3% | | 2019 | 26.6% | | 2018 | −9.1% | | 2017 | 24.3% | | 2016 | 8.4% | | 2015 | −2.2% | | 2014 | 3.8% | | 2013 | 22.4% | | 2012 | 16.8% | | 2011 | −7.8% | | 2010 | 12.8% | | 2009 | 32.4% | | 2008 (part of the year) | −35.3% | ## What was ACWI's worst drop? A drawdown is how far a fund falls from its last high point. ACWI's worst fall was −56.3%, from May 16, 2008 to March 9, 2009. It got back to that high on March 6, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold ACWI? One classic strategy holds ACWI at least some of the time. Each is a set of written rules you can open, test and copy. - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 ## How does ACWI compare with similar ETFs? Funds that can stand in for ACWI: - [VT](https://tactfolio.com/etf/vt.md): Vanguard Total World Stock ETF, 0.06% a year - [AVGE](https://tactfolio.com/etf/avge.md): Avantis All Equity Markets ETF, 0.23% a year - [URTH](https://tactfolio.com/etf/urth.md): iShares MSCI World ETF, 0.24% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 8 ACWI alternatives](https://tactfolio.com/alternatives/acwi.md), compared on the same dates as ACWI. ## Test ACWI 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 ACWI, 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 ACWI. 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. Fund facts come from iShares (BlackRock). 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 - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ACWI? ACWI charges 0.32% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $32 a year for every $10,000 you hold. ### When did ACWI start trading? ACWI started trading on March 26, 2008. It is run by iShares (BlackRock). ### What does ACWI track? ACWI tracks the MSCI All Country World Index (Net). This fund owns large and medium sized companies all over the world, in both rich and emerging countries. ### How much has ACWI returned per year? From March 2008 to October 2026, ACWI returned about 8.4% a year with dividends reinvested. Its worst drop was −56.3%. Past returns do not tell you what it will do next. ### Which strategies use ACWI? One of Tactfolio's classic strategies hold ACWI, including Pragmatic Asset Allocation (Quantpedia’s PAA). ## Sources - [iShares (BlackRock): iShares MSCI ACWI ETF fund page](https://www.ishares.com/us/products/239600/ishares-msci-acwi-etf) > 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. --- # AVGE ETF: fees, returns, drawdowns and holdings > What AVGE holds, its 0.23% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Avantis All Equity Markets ETF (AVGE) is an exchange-traded fund (ETF) run by Avantis Investors (American Century). This fund owns other Avantis stock funds, which together hold shares of companies in the United States and around the world. It charges 0.23% a year. From September 2022 to October 2026 it returned about 20.3% a year, and its worst drop was −17.1%. 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: 0.23% a year (about $23 on $10,000). - Started trading on September 27, 2022. - Worst drop since 2022: −17.1%. - No Tactfolio classic strategies hold it. ## What does AVGE hold? This fund owns other Avantis stock funds, which together hold shares of companies in the United States and around the world. It is actively managed, which means its managers choose the mix instead of copying an index. The fund's results depend on the funds it holds and on how the managers weight them. It does not track an index. Its managers choose what it holds. It had 14 holdings as of September 30, 2026, according to Avantis Investors (American Century). | Fact | AVGE | | --- | --- | | Full name | Avantis All Equity Markets ETF | | Issuer | Avantis Investors (American Century) | | Expense ratio | 0.23% a year | | Started trading | September 27, 2022 | | Tracks | No index (actively managed) | | Type | Global stocks, ETF | | Holdings | 14 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Avantis Investors (American Century) fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) | ## What is the AVGE expense ratio? AVGE charges 0.23% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.23% fee comes to about $23 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has AVGE done since 2022? From September 2022 to October 2026, AVGE returned about 20.3% a year. Say you put in $10,000 at the start. It would have been worth about $21,157 at the end, with every dividend reinvested. | Measure | AVGE | | --- | --- | | Total return | 111.6% | | Return per year (CAGR) | 20.3% | | Worst drop from a high | −17.1% | | Volatility (how much it swings) | 14.9% | | Last 12 months | 21.6% | | Last 3 years, per year | 21.0% | 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. ## AVGE returns by year | Year | AVGE return | | --- | --- | | 2026 (part of the year) | 16.1% | | 2025 | 20.8% | | 2024 | 14.0% | | 2023 | 19.0% | | 2022 (part of the year) | 11.2% | ## What was AVGE's worst drop? A drawdown is how far a fund falls from its last high point. AVGE's worst fall was −17.1%, from February 18, 2025 to April 8, 2025. It got back to that high on June 6, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold AVGE? No classic strategy holds AVGE yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does AVGE compare with similar ETFs? Funds that can stand in for AVGE: - [VT](https://tactfolio.com/etf/vt.md): Vanguard Total World Stock ETF, 0.06% a year - [URTH](https://tactfolio.com/etf/urth.md): iShares MSCI World ETF, 0.24% a year - [ACWI](https://tactfolio.com/etf/acwi.md): iShares MSCI ACWI ETF, 0.32% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 8 AVGE alternatives](https://tactfolio.com/alternatives/avge.md), compared on the same dates as AVGE. ## Test AVGE 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 AVGE, 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 AVGE. 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. Fund facts come from Avantis Investors (American Century). 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 - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 AVGE? AVGE charges 0.23% a year, according to Avantis Investors (American Century) as of October 16, 2026. That is about $23 a year for every $10,000 you hold. ### When did AVGE start trading? AVGE started trading on September 27, 2022. It is run by Avantis Investors (American Century). ### What does AVGE track? AVGE does not track an index. Its managers choose what it holds. ### How much has AVGE returned per year? From September 2022 to October 2026, AVGE returned about 20.3% a year with dividends reinvested. Its worst drop was −17.1%. Past returns do not tell you what it will do next. ### Which strategies use AVGE? None of Tactfolio's classic strategies hold AVGE yet. You can test it in your own rules in the builder. ## Sources - [Avantis Investors (American Century): Avantis All Equity Markets ETF fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) > 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. --- # URTH ETF: fees, returns, drawdowns and holdings > What URTH holds, its 0.24% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares MSCI World ETF (URTH) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns large and medium sized companies in rich countries around the world, including the United States. It charges 0.24% a year. From January 2012 to October 2026 it returned about 12.1% a year, and its worst drop was −34.0%. 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: 0.24% a year (about $24 on $10,000). - Started trading on January 10, 2012. - Worst drop since 2012: −34.0%. - 1 Tactfolio classic strategy holds it. ## What does URTH hold? This fund owns large and medium sized companies in rich countries around the world, including the United States. It does not hold emerging markets like China or India. Its value also moves with foreign currencies. It tracks the MSCI World Index (Net). It had 1,252 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | URTH | | --- | --- | | Full name | iShares MSCI World ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.24% a year | | Started trading | January 10, 2012 | | Tracks | MSCI World Index (Net) | | Type | Global stocks, ETF | | Holdings | 1,252 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239696/ishares-msci-world-etf) | ## What is the URTH expense ratio? URTH charges 0.24% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.24% fee comes to about $24 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has URTH done since 2012? From January 2012 to October 2026, URTH returned about 12.1% a year. Say you put in $10,000 at the start. It would have been worth about $53,988 at the end, with every dividend reinvested. | Measure | URTH | | --- | --- | | Total return | 439.9% | | Return per year (CAGR) | 12.1% | | Worst drop from a high | −34.0% | | Volatility (how much it swings) | 16.9% | | Last 12 months | 15.8% | | Last 3 years, per year | 21.0% | | Last 5 years, per year | 11.3% | | Last 10 years, per year | 13.2% | 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. ## URTH returns by year | Year | URTH return | | --- | --- | | 2026 (part of the year) | 11.8% | | 2025 | 21.4% | | 2024 | 18.7% | | 2023 | 23.9% | | 2022 | −18.0% | | 2021 | 22.3% | | 2020 | 15.8% | | 2019 | 28.1% | | 2018 | −8.6% | | 2017 | 22.9% | | 2016 | 7.3% | | 2015 | −0.6% | | 2014 | 4.4% | | 2013 | 26.7% | | 2012 (part of the year) | 14.7% | ## What was URTH's worst drop? A drawdown is how far a fund falls from its last high point. URTH's worst fall was −34.0%, from February 12, 2020 to March 23, 2020. It got back to that high on August 24, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold URTH? One classic strategy holds URTH at least some of the time. Each is a set of written rules you can open, test and copy. - [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 ## How does URTH compare with similar ETFs? Funds that can stand in for URTH: - [VT](https://tactfolio.com/etf/vt.md): Vanguard Total World Stock ETF, 0.06% a year - [AVGE](https://tactfolio.com/etf/avge.md): Avantis All Equity Markets ETF, 0.23% a year - [ACWI](https://tactfolio.com/etf/acwi.md): iShares MSCI ACWI ETF, 0.32% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 8 URTH alternatives](https://tactfolio.com/alternatives/urth.md), compared on the same dates as URTH. ## Test URTH 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 URTH, 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 URTH. 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. Fund facts come from iShares (BlackRock). 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 - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 URTH? URTH charges 0.24% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $24 a year for every $10,000 you hold. ### When did URTH start trading? URTH started trading on January 10, 2012. It is run by iShares (BlackRock). ### What does URTH track? URTH tracks the MSCI World Index (Net). This fund owns large and medium sized companies in rich countries around the world, including the United States. ### How much has URTH returned per year? From January 2012 to October 2026, URTH returned about 12.1% a year with dividends reinvested. Its worst drop was −34.0%. Past returns do not tell you what it will do next. ### Which strategies use URTH? One of Tactfolio's classic strategies hold URTH, including Global Risk Parity Trend-Following (Clare et al.). ## Sources - [iShares (BlackRock): iShares MSCI World ETF fund page](https://www.ishares.com/us/products/239696/ishares-msci-world-etf) > 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. --- # VT ETF: fees, returns, drawdowns and holdings > What VT holds, its 0.06% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Total World Stock ETF (VT) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares in about 10,000 companies from many countries, including the United States. It charges 0.06% a year. From June 2008 to October 2026 it returned about 8.8% a year, and its worst drop was −50.3%. 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: 0.06% a year (about $6 on $10,000). - Started trading on June 24, 2008. - Worst drop since 2008: −50.3%. - No Tactfolio classic strategies hold it. ## What does VT hold? This fund owns shares in about 10,000 companies from many countries, including the United States. It holds stocks from countries with big, established economies and from countries whose economies are still growing. Its value moves with stock markets around the world and with changes in foreign currencies. It tracks the FTSE Global All Cap Index. It had 10,185 holdings as of September 30, 2026, according to Vanguard. | Fact | VT | | --- | --- | | Full name | Vanguard Total World Stock ETF | | Issuer | Vanguard | | Expense ratio | 0.06% a year | | Started trading | June 24, 2008 | | Tracks | FTSE Global All Cap Index | | Type | Global stocks, ETF | | Holdings | 10,185 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) | ## What is the VT expense ratio? VT charges 0.06% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.06% fee comes to about $6 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VT done since 2008? From June 2008 to October 2026, VT returned about 8.8% a year. Say you put in $10,000 at the start. It would have been worth about $46,414 at the end, with every dividend reinvested. | Measure | VT | | --- | --- | | Total return | 364.1% | | Return per year (CAGR) | 8.8% | | Worst drop from a high | −50.3% | | Volatility (how much it swings) | 20.4% | | Last 12 months | 15.8% | | Last 3 years, per year | 20.8% | | Last 5 years, per year | 10.4% | | Last 10 years, per year | 12.5% | 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. ## VT returns by year | Year | VT return | | --- | --- | | 2026 (part of the year) | 12.1% | | 2025 | 22.4% | | 2024 | 16.5% | | 2023 | 22.0% | | 2022 | −18.0% | | 2021 | 18.3% | | 2020 | 16.6% | | 2019 | 26.8% | | 2018 | −9.8% | | 2017 | 24.5% | | 2016 | 8.5% | | 2015 | −1.9% | | 2014 | 3.7% | | 2013 | 22.9% | | 2012 | 17.1% | | 2011 | −7.5% | | 2010 | 13.1% | | 2009 | 32.7% | | 2008 (part of the year) | −33.1% | ## What was VT's worst drop? A drawdown is how far a fund falls from its last high point. VT's worst fall was −50.3%, from June 26, 2008 to March 9, 2009. It got back to that high on December 29, 2010. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VT? No classic strategy holds VT yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VT compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [VT vs VTI](https://tactfolio.com/etf-comparisons/vt-vs-vti.md): the whole world stock market against the whole US market. Funds that can stand in for VT: - [AVGE](https://tactfolio.com/etf/avge.md): Avantis All Equity Markets ETF, 0.23% a year - [URTH](https://tactfolio.com/etf/urth.md): iShares MSCI World ETF, 0.24% a year - [ACWI](https://tactfolio.com/etf/acwi.md): iShares MSCI ACWI ETF, 0.32% a year - [VEU](https://tactfolio.com/etf/veu.md): Vanguard FTSE All-World ex-US ETF, 0.04% a year See [all 8 VT alternatives](https://tactfolio.com/alternatives/vt.md), compared on the same dates as VT. ## Test VT 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 VT, 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 VT. 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. 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 - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 VT? VT charges 0.06% a year, according to Vanguard as of October 16, 2026. That is about $6 a year for every $10,000 you hold. ### When did VT start trading? VT started trading on June 24, 2008. It is run by Vanguard. ### What does VT track? VT tracks the FTSE Global All Cap Index. This fund owns shares in about 10,000 companies from many countries, including the United States. ### How much has VT returned per year? From June 2008 to October 2026, VT returned about 8.8% a year with dividends reinvested. Its worst drop was −50.3%. Past returns do not tell you what it will do next. ### Which strategies use VT? None of Tactfolio's classic strategies hold VT yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) > 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. --- # AGG ETF: fees, returns, drawdowns and holdings > What AGG holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core U.S. Aggregate Bond ETF (AGG) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds thousands of investment grade US bonds, including government bonds, mortgage bonds and company bonds. It charges 0.03% a year. From September 2003 to October 2026 it returned about 3.0% a year, and its worst drop was −18.4%. 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 September 22, 2003. - Worst drop since 2003: −18.4%. - 5 Tactfolio classic strategies hold it. ## What does AGG hold? This fund holds thousands of investment grade US bonds, including government bonds, mortgage bonds and company bonds. It aims to match the broad US bond market. It pays out interest income each month, and its price usually falls when interest rates rise. It tracks the Bloomberg US Aggregate Bond Index. It had 13,416 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | AGG | | --- | --- | | Full name | iShares Core U.S. Aggregate Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.03% a year | | Started trading | September 22, 2003 | | Tracks | Bloomberg US Aggregate Bond Index | | Type | US bonds, ETF | | Holdings | 13,416 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) | ## What is the AGG expense ratio? AGG 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has AGG done since 2003? From September 2003 to October 2026, AGG returned about 3.0% a year. Say you put in $10,000 at the start. It would have been worth about $19,568 at the end, with every dividend reinvested. | Measure | AGG | | --- | --- | | Total return | 95.7% | | Return per year (CAGR) | 3.0% | | Worst drop from a high | −18.4% | | Volatility (how much it swings) | 5.2% | | Last 12 months | −1.8% | | Last 3 years, per year | 4.8% | | Last 5 years, per year | −0.4% | | Last 10 years, per year | 1.3% | 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. ## AGG returns by year | Year | AGG return | | --- | --- | | 2026 (part of the year) | −1.6% | | 2025 | 7.2% | | 2024 | 1.3% | | 2023 | 5.7% | | 2022 | −13.0% | | 2021 | −1.8% | | 2020 | 7.5% | | 2019 | 8.5% | | 2018 | 0.3% | | 2017 | 3.5% | | 2016 | 2.4% | | 2015 | 0.5% | | 2014 | 6.0% | | 2013 | −2.0% | | 2012 | 3.8% | | 2011 | 7.7% | | 2010 | 6.4% | | 2009 | 3.0% | | 2008 | 7.9% | | 2007 | 6.6% | | 2006 | 3.9% | | 2005 | 2.3% | | 2004 | 3.8% | | 2003 (part of the year) | 0.9% | ## What was AGG's worst drop? A drawdown is how far a fund falls from its last high point. AGG's worst fall was −18.4%, from August 4, 2020 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold AGG? 5 classic strategies hold AGG at least some of the time. Each is a set of written rules you can open, test and copy. - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 - [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 - [Baby Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/baby-bear-portfolio.md), by Brian Livingston, 2018 - [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019 ## How does AGG compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [AGG vs BND](https://tactfolio.com/etf-comparisons/agg-vs-bnd.md): two total US bond market funds. Funds that can stand in for AGG: - [SCHZ](https://tactfolio.com/etf/schz.md): Schwab U.S. Aggregate Bond ETF, 0.03% a year - [BND](https://tactfolio.com/etf/bnd.md): Vanguard Total Bond Market ETF, 0.03% a year - [IUSB](https://tactfolio.com/etf/iusb.md): iShares Core Universal USD Bond ETF, 0.06% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year See [all 7 AGG alternatives](https://tactfolio.com/alternatives/agg.md), compared on the same dates as AGG. ## Test AGG 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 AGG, 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 AGG. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 AGG? AGG charges 0.03% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $3 a year for every $10,000 you hold. ### When did AGG start trading? AGG started trading on September 22, 2003. It is run by iShares (BlackRock). ### What does AGG track? AGG tracks the Bloomberg US Aggregate Bond Index. This fund holds thousands of investment grade US bonds, including government bonds, mortgage bonds and company bonds. ### How much has AGG returned per year? From September 2003 to October 2026, AGG returned about 3.0% a year with dividends reinvested. Its worst drop was −18.4%. Past returns do not tell you what it will do next. ### Which strategies use AGG? 5 of Tactfolio's classic strategies hold AGG, including Vigilant Asset Allocation (VAA), Dual Momentum: Antonacci’s Global Equities Momentum (GEM), Papa Bear Portfolio (Muscular Portfolios). ## Sources - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) > 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. --- # BND ETF: fees, returns, drawdowns and holdings > What BND holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Total Bond Market ETF (BND) is an exchange-traded fund (ETF) run by Vanguard. This fund owns thousands of US bonds, which are loans that pay interest. It charges 0.03% a year. From April 2007 to October 2026 it returned about 2.9% a year, and its worst drop was −18.6%. 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 April 3, 2007. - Worst drop since 2007: −18.6%. - 6 Tactfolio classic strategies hold it. ## What does BND hold? This fund owns thousands of US bonds, which are loans that pay interest. They include bonds from the US government, bonds backed by home loans, and bonds from companies, all rated investment grade. Bond prices usually fall when interest rates rise and rise when interest rates fall. It tracks the Bloomberg U.S. Aggregate Float Adjusted Index. It had 11,434 holdings as of September 30, 2026, according to Vanguard. | Fact | BND | | --- | --- | | Full name | Vanguard Total Bond Market ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | April 3, 2007 | | Tracks | Bloomberg U.S. Aggregate Float Adjusted Index | | Type | US bonds, ETF | | Holdings | 11,434 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) | ## What is the BND expense ratio? BND 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has BND done since 2007? From April 2007 to October 2026, BND returned about 2.9% a year. Say you put in $10,000 at the start. It would have been worth about $17,421 at the end, with every dividend reinvested. | Measure | BND | | --- | --- | | Total return | 74.2% | | Return per year (CAGR) | 2.9% | | Worst drop from a high | −18.6% | | Volatility (how much it swings) | 5.2% | | Last 12 months | −1.7% | | Last 3 years, per year | 4.7% | | Last 5 years, per year | −0.4% | | Last 10 years, per year | 1.4% | 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. ## BND returns by year | Year | BND return | | --- | --- | | 2026 (part of the year) | −1.5% | | 2025 | 7.1% | | 2024 | 1.4% | | 2023 | 5.7% | | 2022 | −13.1% | | 2021 | −1.9% | | 2020 | 7.7% | | 2019 | 8.8% | | 2018 | 0.1% | | 2017 | 4.0% | | 2016 | 2.5% | | 2015 | 0.6% | | 2014 | 5.8% | | 2013 | −2.1% | | 2012 | 2.9% | | 2011 | 7.9% | | 2010 | 6.2% | | 2009 | 3.6% | | 2008 | 6.9% | | 2007 (part of the year) | 6.1% | ## What was BND's worst drop? A drawdown is how far a fund falls from its last high point. BND's worst fall was −18.6%, from August 6, 2020 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold BND? 6 classic strategies hold BND at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [Three-Fund Portfolio (Taylor Larimore, Bogleheads)](https://tactfolio.com/strategies/three-fund-portfolio.md), by Taylor Larimore, 2018 - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 ## How does BND compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [AGG vs BND](https://tactfolio.com/etf-comparisons/agg-vs-bnd.md): two total US bond market funds. Funds that can stand in for BND: - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year - [SCHZ](https://tactfolio.com/etf/schz.md): Schwab U.S. Aggregate Bond ETF, 0.03% a year - [IUSB](https://tactfolio.com/etf/iusb.md): iShares Core Universal USD Bond ETF, 0.06% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year See [all 7 BND alternatives](https://tactfolio.com/alternatives/bnd.md), compared on the same dates as BND. ## Test BND 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 BND, 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 BND. 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. 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 BND? BND 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 BND start trading? BND started trading on April 3, 2007. It is run by Vanguard. ### What does BND track? BND tracks the Bloomberg U.S. Aggregate Float Adjusted Index. This fund owns thousands of US bonds, which are loans that pay interest. ### How much has BND returned per year? From April 2007 to October 2026, BND returned about 2.9% a year with dividends reinvested. Its worst drop was −18.6%. Past returns do not tell you what it will do next. ### Which strategies use BND? 6 of Tactfolio's classic strategies hold BND, including Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA), Bold Asset Allocation G4 (BAA aggressive). ## Sources - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) > 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. --- # EDV ETF: fees, returns, drawdowns and holdings > What EDV holds, its 0.05% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Extended Duration Treasury ETF (EDV) is an exchange-traded fund (ETF) run by Vanguard. This fund owns Treasury STRIPS, which are pieces of US government bonds that pay no interest along the way. It charges 0.05% a year. From January 2008 to October 2026 it returned about 2.0% a year, and its worst drop was −60.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.05% a year (about $5 on $10,000). - Started trading on December 6, 2007. - Worst drop since 2008: −60.4%. - No Tactfolio classic strategies hold it. ## What does EDV hold? This fund owns Treasury STRIPS, which are pieces of US government bonds that pay no interest along the way. They pay back their money in 20 to 30 years. This makes the fund very sensitive to interest rates, so its price can swing a lot. It tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. It had 80 holdings as of September 30, 2026, according to Vanguard. | Fact | EDV | | --- | --- | | Full name | Vanguard Extended Duration Treasury ETF | | Issuer | Vanguard | | Expense ratio | 0.05% a year | | Started trading | December 6, 2007 | | Tracks | Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index | | Type | US bonds, ETF | | Holdings | 80 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/edv) | ## What is the EDV expense ratio? EDV charges 0.05% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.05% fee comes to about $5 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has EDV done since 2008? From January 2008 to October 2026, EDV returned about 2.0% a year. Say you put in $10,000 at the start. It would have been worth about $14,550 at the end, with every dividend reinvested. | Measure | EDV | | --- | --- | | Total return | 45.5% | | Return per year (CAGR) | 2.0% | | Worst drop from a high | −60.4% | | Volatility (how much it swings) | 22.2% | | Last 12 months | −13.7% | | Last 3 years, per year | −0.3% | | Last 5 years, per year | −12.5% | | Last 10 years, per year | −4.0% | 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. ## EDV returns by year | Year | EDV return | | --- | --- | | 2026 (part of the year) | −7.9% | | 2025 | 0.7% | | 2024 | −12.8% | | 2023 | 1.4% | | 2022 | −39.1% | | 2021 | −6.2% | | 2020 | 23.6% | | 2019 | 18.7% | | 2018 | −3.4% | | 2017 | 13.9% | | 2016 | 1.6% | | 2015 | −4.9% | | 2014 | 43.1% | | 2013 | −19.8% | | 2012 | 2.4% | | 2011 | 55.9% | | 2010 | 9.8% | | 2009 | −35.8% | | 2008 (part of the year) | 54.2% | ## What was EDV's worst drop? A drawdown is how far a fund falls from its last high point. EDV's worst fall was −60.4%, from March 9, 2020 to October 7, 2026. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold EDV? No classic strategy holds EDV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does EDV compare with similar ETFs? Funds that can stand in for EDV: - [VGLT](https://tactfolio.com/etf/vglt.md): Vanguard Long-Term Treasury ETF, 0.03% a year - [TLT](https://tactfolio.com/etf/tlt.md): iShares 20+ Year Treasury Bond ETF, 0.15% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year - [IEF](https://tactfolio.com/etf/ief.md): iShares 7-10 Year Treasury Bond ETF, 0.15% a year See [all 4 EDV alternatives](https://tactfolio.com/alternatives/edv.md), compared on the same dates as EDV. ## Test EDV 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 EDV, 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 EDV. 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. Fund facts come from Vanguard. We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 EDV? EDV charges 0.05% a year, according to Vanguard as of October 17, 2026. That is about $5 a year for every $10,000 you hold. ### When did EDV start trading? EDV started trading on December 6, 2007. It is run by Vanguard. ### What does EDV track? EDV tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. This fund owns Treasury STRIPS, which are pieces of US government bonds that pay no interest along the way. ### How much has EDV returned per year? From January 2008 to October 2026, EDV returned about 2.0% a year with dividends reinvested. Its worst drop was −60.4%. Past returns do not tell you what it will do next. ### Which strategies use EDV? None of Tactfolio's classic strategies hold EDV yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Extended Duration Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/edv) > 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. --- # HYG ETF: fees, returns, drawdowns and holdings > What HYG holds, its 0.49% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds bonds from companies with lower credit ratings, often called high yield or junk bonds. It charges 0.49% a year. From April 2007 to October 2026 it returned about 4.8% a year, and its worst drop was −34.3%. 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: 0.49% a year (about $49 on $10,000). - Started trading on April 4, 2007. - Worst drop since 2007: −34.3%. - 6 Tactfolio classic strategies hold it. ## What does HYG hold? This fund holds bonds from companies with lower credit ratings, often called high yield or junk bonds. These bonds pay more interest because there is a bigger chance a company may not pay back. The fund's price can drop when the economy is weak. It tracks the iBoxx USD Liquid High Yield Index. It had 1,334 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | HYG | | --- | --- | | Full name | iShares iBoxx $ High Yield Corporate Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.49% a year | | Started trading | April 4, 2007 | | Tracks | iBoxx USD Liquid High Yield Index | | Type | US bonds, ETF | | Holdings | 1,334 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf) | ## What is the HYG expense ratio? HYG charges 0.49% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.49% fee comes to about $49 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has HYG done since 2007? From April 2007 to October 2026, HYG returned about 4.8% a year. Say you put in $10,000 at the start. It would have been worth about $24,726 at the end, with every dividend reinvested. | Measure | HYG | | --- | --- | | Total return | 147.3% | | Return per year (CAGR) | 4.8% | | Worst drop from a high | −34.3% | | Volatility (how much it swings) | 10.8% | | Last 12 months | 1.3% | | Last 3 years, per year | 8.1% | | Last 5 years, per year | 3.2% | | Last 10 years, per year | 4.2% | 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. ## HYG returns by year | Year | HYG return | | --- | --- | | 2026 (part of the year) | −0.4% | | 2025 | 8.6% | | 2024 | 8.0% | | 2023 | 11.5% | | 2022 | −11.0% | | 2021 | 3.8% | | 2020 | 4.5% | | 2019 | 14.1% | | 2018 | −2.0% | | 2017 | 6.1% | | 2016 | 13.4% | | 2015 | −5.0% | | 2014 | 1.9% | | 2013 | 5.8% | | 2012 | 11.1% | | 2011 | 6.8% | | 2010 | 11.9% | | 2009 | 28.5% | | 2008 | −17.5% | | 2007 (part of the year) | 1.6% | ## What was HYG's worst drop? A drawdown is how far a fund falls from its last high point. HYG's worst fall was −34.3%, from September 19, 2007 to November 20, 2008. It got back to that high on December 2, 2009. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold HYG? 6 classic strategies hold HYG at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 ## How does HYG compare with similar ETFs? Funds that can stand in for HYG: - [USHY](https://tactfolio.com/etf/ushy.md): iShares Broad USD High Yield Corporate Bond ETF, 0.08% a year - [JNK](https://tactfolio.com/etf/jnk.md): State Street SPDR Bloomberg High Yield Bond ETF, 0.4% a year - [VCIT](https://tactfolio.com/etf/vcit.md): Vanguard Intermediate-Term Corporate Bond ETF, 0.03% a year - [LQD](https://tactfolio.com/etf/lqd.md): iShares iBoxx $ Investment Grade Corporate Bond ETF, 0.14% a year See [all 4 HYG alternatives](https://tactfolio.com/alternatives/hyg.md), compared on the same dates as HYG. ## Test HYG 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 HYG, 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 HYG. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 HYG? HYG charges 0.49% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $49 a year for every $10,000 you hold. ### When did HYG start trading? HYG started trading on April 4, 2007. It is run by iShares (BlackRock). ### What does HYG track? HYG tracks the iBoxx USD Liquid High Yield Index. This fund holds bonds from companies with lower credit ratings, often called high yield or junk bonds. ### How much has HYG returned per year? From April 2007 to October 2026, HYG returned about 4.8% a year with dividends reinvested. Its worst drop was −34.3%. Past returns do not tell you what it will do next. ### Which strategies use HYG? 6 of Tactfolio's classic strategies hold HYG, including Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA). ## Sources - [iShares (BlackRock): iShares iBoxx $ High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf) > 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. --- # IEF ETF: fees, returns, drawdowns and holdings > What IEF holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares 7-10 Year Treasury Bond ETF (IEF) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds US government bonds that will be paid back in about 7 to 10 years. It charges 0.15% a year. From July 2002 to October 2026 it returned about 3.4% a year, and its worst drop was −23.9%. 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: 0.15% a year (about $15 on $10,000). - Started trading on July 22, 2002. - Worst drop since 2002: −23.9%. - 35 Tactfolio classic strategies hold it. ## What does IEF hold? This fund holds US government bonds that will be paid back in about 7 to 10 years. The US Treasury pays interest on these bonds, so the fund pays out income each month. When interest rates go up, the price of these bonds usually goes down. It tracks the ICE US Treasury 7-10 Year Bond Index. It had 17 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IEF | | --- | --- | | Full name | iShares 7-10 Year Treasury Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | July 22, 2002 | | Tracks | ICE US Treasury 7-10 Year Bond Index | | Type | US bonds, ETF | | Holdings | 17 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) | ## What is the IEF expense ratio? IEF charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IEF done since 2002? From July 2002 to October 2026, IEF returned about 3.4% a year. Say you put in $10,000 at the start. It would have been worth about $22,605 at the end, with every dividend reinvested. | Measure | IEF | | --- | --- | | Total return | 126.0% | | Return per year (CAGR) | 3.4% | | Worst drop from a high | −23.9% | | Volatility (how much it swings) | 6.8% | | Last 12 months | −3.6% | | Last 3 years, per year | 3.7% | | Last 5 years, per year | −1.7% | | Last 10 years, per year | 0.4% | 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. ## IEF returns by year | Year | IEF return | | --- | --- | | 2026 (part of the year) | −3.1% | | 2025 | 8.0% | | 2024 | −0.6% | | 2023 | 3.6% | | 2022 | −15.2% | | 2021 | −3.3% | | 2020 | 10.0% | | 2019 | 8.0% | | 2018 | 1.0% | | 2017 | 2.5% | | 2016 | 1.0% | | 2015 | 1.5% | | 2014 | 9.1% | | 2013 | −6.1% | | 2012 | 3.7% | | 2011 | 15.7% | | 2010 | 9.4% | | 2009 | −6.6% | | 2008 | 17.9% | | 2007 | 10.4% | | 2006 | 2.5% | | 2005 | 2.6% | | 2004 | 4.1% | | 2003 | 5.3% | | 2002 (part of the year) | 7.6% | ## What was IEF's worst drop? A drawdown is how far a fund falls from its last high point. IEF's worst fall was −23.9%, from August 4, 2020 to October 19, 2023. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IEF? 35 classic strategies hold IEF at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 - [Gold Cross-Asset Momentum (gold and Treasury rule)](https://tactfolio.com/strategies/gold-cross-asset-momentum.md), by Cyril Dujava (Quantpedia), 2026 - [US Cross-Asset Momentum (stock and Treasury timing)](https://tactfolio.com/strategies/cross-asset-momentum.md), by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016 - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 - [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md), by Nicolas Lequeux (NLX Finance), 2024 - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009 - [60/40 Portfolio (classic stocks and bonds)](https://tactfolio.com/strategies/60-40-portfolio.md), by Traditional balanced funds - [Tactical Risk Rotation (TRRS)](https://tactfolio.com/strategies/tactical-risk-rotation.md), by Michael Gayed and Charles Bilello, 2014 - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 ## How does IEF compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [IEF vs TLT](https://tactfolio.com/etf-comparisons/ief-vs-tlt.md): medium-term against long-term US Treasury bonds. Funds that can stand in for IEF: - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year - [BND](https://tactfolio.com/etf/bnd.md): Vanguard Total Bond Market ETF, 0.03% a year - [SCHZ](https://tactfolio.com/etf/schz.md): Schwab U.S. Aggregate Bond ETF, 0.03% a year See [all 8 IEF alternatives](https://tactfolio.com/alternatives/ief.md), compared on the same dates as IEF. ## Test IEF 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 IEF, 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 IEF. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 IEF? IEF charges 0.15% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $15 a year for every $10,000 you hold. ### When did IEF start trading? IEF started trading on July 22, 2002. It is run by iShares (BlackRock). ### What does IEF track? IEF tracks the ICE US Treasury 7-10 Year Bond Index. This fund holds US government bonds that will be paid back in about 7 to 10 years. ### How much has IEF returned per year? From July 2002 to October 2026, IEF returned about 3.4% a year with dividends reinvested. Its worst drop was −23.9%. Past returns do not tell you what it will do next. ### Which strategies use IEF? 35 of Tactfolio's classic strategies hold IEF, including Hybrid Asset Allocation (HAA), HAA Simple: Hybrid Asset Allocation with one asset, Bold Asset Allocation (BAA). ## Sources - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) > 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. --- # IUSB ETF: fees, returns, drawdowns and holdings > What IUSB holds, its 0.06% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Core Universal USD Bond ETF (IUSB) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds more than 18,000 bonds paid in US dollars. It charges 0.06% a year. From June 2014 to October 2026 it returned about 2.0% a year, and its worst drop was −17.9%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.06% a year (about $6 on $10,000). - Started trading on June 10, 2014. - Worst drop since 2014: −17.9%. - No Tactfolio classic strategies hold it. ## What does IUSB hold? This fund holds more than 18,000 bonds paid in US dollars. Most are high quality, but some are riskier junk bonds. When interest rates go up, bond prices usually go down. It tracks the Bloomberg U.S. Universal Index. It had 18,251 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IUSB | | --- | --- | | Full name | iShares Core Universal USD Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.06% a year | | Started trading | June 10, 2014 | | Tracks | Bloomberg U.S. Universal Index | | Type | US bonds, ETF | | Holdings | 18,251 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) | ## What is the IUSB expense ratio? IUSB charges 0.06% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.06% fee comes to about $6 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IUSB done since 2014? From June 2014 to October 2026, IUSB returned about 2.0% a year. Say you put in $10,000 at the start. It would have been worth about $12,703 at the end, with every dividend reinvested. | Measure | IUSB | | --- | --- | | Total return | 27.0% | | Return per year (CAGR) | 2.0% | | Worst drop from a high | −17.9% | | Volatility (how much it swings) | 4.8% | | Last 12 months | −1.4% | | Last 3 years, per year | 5.2% | | Last 5 years, per year | 0.0% | | Last 10 years, per year | 1.6% | 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. ## IUSB returns by year | Year | IUSB return | | --- | --- | | 2026 (part of the year) | −1.4% | | 2025 | 7.4% | | 2024 | 2.1% | | 2023 | 6.2% | | 2022 | −13.0% | | 2021 | −1.3% | | 2020 | 7.6% | | 2019 | 9.1% | | 2018 | −0.3% | | 2017 | 3.8% | | 2016 | 3.5% | | 2015 | 0.4% | | 2014 (part of the year) | 1.9% | ## What was IUSB's worst drop? A drawdown is how far a fund falls from its last high point. IUSB's worst fall was −17.9%, from December 31, 2020 to October 20, 2022. It got back to that high on October 20, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IUSB? No classic strategy holds IUSB yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IUSB compare with similar ETFs? Funds that can stand in for IUSB: - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year - [BND](https://tactfolio.com/etf/bnd.md): Vanguard Total Bond Market ETF, 0.03% a year - [SCHZ](https://tactfolio.com/etf/schz.md): Schwab U.S. Aggregate Bond ETF, 0.03% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year See [all 7 IUSB alternatives](https://tactfolio.com/alternatives/iusb.md), compared on the same dates as IUSB. ## Test IUSB 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 IUSB, 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 IUSB. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 IUSB? IUSB charges 0.06% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $6 a year for every $10,000 you hold. ### When did IUSB start trading? IUSB started trading on June 10, 2014. It is run by iShares (BlackRock). ### What does IUSB track? IUSB tracks the Bloomberg U.S. Universal Index. This fund holds more than 18,000 bonds paid in US dollars. ### How much has IUSB returned per year? From June 2014 to October 2026, IUSB returned about 2.0% a year with dividends reinvested. Its worst drop was −17.9%. Past returns do not tell you what it will do next. ### Which strategies use IUSB? None of Tactfolio's classic strategies hold IUSB yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) > 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. --- # JNK ETF: fees, returns, drawdowns and holdings > What JNK holds, its 0.4% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Bloomberg High Yield Bond ETF (JNK) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund lends money to companies with lower credit ratings by owning their US dollar bonds. It charges 0.4% a year. From December 2007 to October 2026 it returned about 4.8% a year, and its worst drop was −38.5%. 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: 0.4% a year (about $40 on $10,000). - Started trading on November 28, 2007. - Worst drop since 2007: −38.5%. - 1 Tactfolio classic strategy holds it. ## What does JNK hold? This fund lends money to companies with lower credit ratings by owning their US dollar bonds. These are often called junk bonds. They pay more interest than safer bonds, but there is a bigger chance a company cannot pay back. It tracks the Bloomberg High Yield Very Liquid Index. It had 1,161 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | JNK | | --- | --- | | Full name | State Street SPDR Bloomberg High Yield Bond ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.4% a year | | Started trading | November 28, 2007 | | Tracks | Bloomberg High Yield Very Liquid Index | | Type | US bonds, ETF | | Holdings | 1,161 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) | ## What is the JNK expense ratio? JNK charges 0.4% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.4% fee comes to about $40 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has JNK done since 2007? From December 2007 to October 2026, JNK returned about 4.8% a year. Say you put in $10,000 at the start. It would have been worth about $24,063 at the end, with every dividend reinvested. | Measure | JNK | | --- | --- | | Total return | 140.6% | | Return per year (CAGR) | 4.8% | | Worst drop from a high | −38.5% | | Volatility (how much it swings) | 11.4% | | Last 12 months | 1.6% | | Last 3 years, per year | 8.1% | | Last 5 years, per year | 3.1% | | Last 10 years, per year | 4.2% | 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. ## JNK returns by year | Year | JNK return | | --- | --- | | 2026 (part of the year) | −0.2% | | 2025 | 8.8% | | 2024 | 7.7% | | 2023 | 12.4% | | 2022 | −12.2% | | 2021 | 4.0% | | 2020 | 5.0% | | 2019 | 14.9% | | 2018 | −3.3% | | 2017 | 6.5% | | 2016 | 15.0% | | 2015 | −6.8% | | 2014 | 0.8% | | 2013 | 5.9% | | 2012 | 12.8% | | 2011 | 5.1% | | 2010 | 14.2% | | 2009 | 37.5% | | 2008 | −24.7% | | 2007 (part of the year) | 0.7% | ## What was JNK's worst drop? A drawdown is how far a fund falls from its last high point. JNK's worst fall was −38.5%, from January 2, 2008 to March 9, 2009. It got back to that high on October 22, 2009. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold JNK? One classic strategy holds JNK at least some of the time. Each is a set of written rules you can open, test and copy. - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 ## How does JNK compare with similar ETFs? Funds that can stand in for JNK: - [USHY](https://tactfolio.com/etf/ushy.md): iShares Broad USD High Yield Corporate Bond ETF, 0.08% a year - [HYG](https://tactfolio.com/etf/hyg.md): iShares iBoxx $ High Yield Corporate Bond ETF, 0.49% a year - [VCIT](https://tactfolio.com/etf/vcit.md): Vanguard Intermediate-Term Corporate Bond ETF, 0.03% a year - [LQD](https://tactfolio.com/etf/lqd.md): iShares iBoxx $ Investment Grade Corporate Bond ETF, 0.14% a year See [all 4 JNK alternatives](https://tactfolio.com/alternatives/jnk.md), compared on the same dates as JNK. ## Test JNK 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 JNK, 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 JNK. 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. Fund facts come from SPDR (State Street). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 JNK? JNK charges 0.4% a year, according to SPDR (State Street) as of October 16, 2026. That is about $40 a year for every $10,000 you hold. ### When did JNK start trading? JNK started trading on November 28, 2007. It is run by SPDR (State Street). ### What does JNK track? JNK tracks the Bloomberg High Yield Very Liquid Index. This fund lends money to companies with lower credit ratings by owning their US dollar bonds. ### How much has JNK returned per year? From December 2007 to October 2026, JNK returned about 4.8% a year with dividends reinvested. Its worst drop was −38.5%. Past returns do not tell you what it will do next. ### Which strategies use JNK? One of Tactfolio's classic strategies hold JNK, including Paul Novell's Tactical Bond Strategy. ## Sources - [SPDR (State Street): State Street SPDR Bloomberg High Yield Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) > 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. --- # LQD ETF: fees, returns, drawdowns and holdings > What LQD holds, its 0.14% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds bonds that companies sell to borrow money, in US dollars. It charges 0.14% a year. From July 2002 to October 2026 it returned about 4.4% a year, and its worst drop was −24.9%. 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: 0.14% a year (about $14 on $10,000). - Started trading on July 22, 2002. - Worst drop since 2002: −24.9%. - 13 Tactfolio classic strategies hold it. ## What does LQD hold? This fund holds bonds that companies sell to borrow money, in US dollars. These companies have credit ratings that count as investment grade, which means they are seen as more likely to pay back. The fund pays out interest income each month, and its price falls when interest rates rise. It tracks the iBoxx USD Liquid Investment Grade Index. It had 3,171 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | LQD | | --- | --- | | Full name | iShares iBoxx $ Investment Grade Corporate Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.14% a year | | Started trading | July 22, 2002 | | Tracks | iBoxx USD Liquid Investment Grade Index | | Type | US bonds, ETF | | Holdings | 3,171 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) | ## What is the LQD expense ratio? LQD charges 0.14% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.14% fee comes to about $14 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has LQD done since 2002? From July 2002 to October 2026, LQD returned about 4.4% a year. Say you put in $10,000 at the start. It would have been worth about $28,545 at the end, with every dividend reinvested. | Measure | LQD | | --- | --- | | Total return | 185.5% | | Return per year (CAGR) | 4.4% | | Worst drop from a high | −24.9% | | Volatility (how much it swings) | 8.3% | | Last 12 months | −3.6% | | Last 3 years, per year | 5.5% | | Last 5 years, per year | −1.0% | | Last 10 years, per year | 2.0% | 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. ## LQD returns by year | Year | LQD return | | --- | --- | | 2026 (part of the year) | −2.8% | | 2025 | 7.9% | | 2024 | 0.9% | | 2023 | 9.4% | | 2022 | −17.9% | | 2021 | −1.8% | | 2020 | 11.0% | | 2019 | 17.4% | | 2018 | −3.8% | | 2017 | 7.0% | | 2016 | 6.2% | | 2015 | −1.3% | | 2014 | 8.2% | | 2013 | −2.0% | | 2012 | 10.2% | | 2011 | 9.7% | | 2010 | 9.3% | | 2009 | 8.5% | | 2008 | 2.4% | | 2007 | 3.7% | | 2006 | 4.2% | | 2005 | 1.2% | | 2004 | 5.7% | | 2003 | 9.1% | | 2002 (part of the year) | 10.7% | ## What was LQD's worst drop? A drawdown is how far a fund falls from its last high point. LQD's worst fall was −24.9%, from September 22, 2021 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold LQD? 13 classic strategies hold LQD at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 ## How does LQD compare with similar ETFs? Funds that can stand in for LQD: - [VCIT](https://tactfolio.com/etf/vcit.md): Vanguard Intermediate-Term Corporate Bond ETF, 0.03% a year - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year - [BND](https://tactfolio.com/etf/bnd.md): Vanguard Total Bond Market ETF, 0.03% a year - [SCHZ](https://tactfolio.com/etf/schz.md): Schwab U.S. Aggregate Bond ETF, 0.03% a year See [all 8 LQD alternatives](https://tactfolio.com/alternatives/lqd.md), compared on the same dates as LQD. ## Test LQD 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 LQD, 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 LQD. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 LQD? LQD charges 0.14% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $14 a year for every $10,000 you hold. ### When did LQD start trading? LQD started trading on July 22, 2002. It is run by iShares (BlackRock). ### What does LQD track? LQD tracks the iBoxx USD Liquid Investment Grade Index. This fund holds bonds that companies sell to borrow money, in US dollars. ### How much has LQD returned per year? From July 2002 to October 2026, LQD returned about 4.4% a year with dividends reinvested. Its worst drop was −24.9%. Past returns do not tell you what it will do next. ### Which strategies use LQD? 13 of Tactfolio's classic strategies hold LQD, including Bold Asset Allocation (BAA), Vigilant Asset Allocation (VAA), Defensive Asset Allocation (DAA). ## Sources - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) > 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. --- # SCHP ETF: fees, returns, drawdowns and holdings > What SCHP holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. TIPS ETF (SCHP) is an exchange-traded fund (ETF) run by Schwab. This fund owns US government bonds called TIPS. It charges 0.03% a year. From August 2010 to October 2026 it returned about 2.6% a year, and its worst drop was −14.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on August 5, 2010. - Worst drop since 2010: −14.3%. - No Tactfolio classic strategies hold it. ## What does SCHP hold? This fund owns US government bonds called TIPS. Their value is adjusted when prices in the economy go up. Their prices can still fall when interest rates rise. It tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). It had 49 holdings as of June 30, 2026, according to Schwab. | Fact | SCHP | | --- | --- | | Full name | Schwab U.S. TIPS ETF | | Issuer | Schwab | | Expense ratio | 0.03% a year | | Started trading | August 5, 2010 | | Tracks | Bloomberg US Treasury Inflation-Linked Bond Index (Series-L) | | Type | US bonds, ETF | | Holdings | 49 holdings as of June 30, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000187/c497k.htm) | ## What is the SCHP expense ratio? SCHP 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHP done since 2010? From August 2010 to October 2026, SCHP returned about 2.6% a year. Say you put in $10,000 at the start. It would have been worth about $15,216 at the end, with every dividend reinvested. | Measure | SCHP | | --- | --- | | Total return | 52.2% | | Return per year (CAGR) | 2.6% | | Worst drop from a high | −14.3% | | Volatility (how much it swings) | 5.5% | | Last 12 months | −1.4% | | Last 3 years, per year | 4.3% | | Last 5 years, per year | 0.1% | | Last 10 years, per year | 2.3% | 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. ## SCHP returns by year | Year | SCHP return | | --- | --- | | 2026 (part of the year) | −0.6% | | 2025 | 6.8% | | 2024 | 1.9% | | 2023 | 3.9% | | 2022 | −12.0% | | 2021 | 5.9% | | 2020 | 10.9% | | 2019 | 8.5% | | 2018 | −1.4% | | 2017 | 3.0% | | 2016 | 4.6% | | 2015 | −1.8% | | 2014 | 4.1% | | 2013 | −8.9% | | 2012 | 6.3% | | 2011 | 13.4% | | 2010 (part of the year) | 1.2% | ## What was SCHP's worst drop? A drawdown is how far a fund falls from its last high point. SCHP's worst fall was −14.3%, from March 8, 2022 to October 6, 2023. It got back to that high on October 22, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHP? No classic strategy holds SCHP yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHP compare with similar ETFs? Funds that can stand in for SCHP: - [VTIP](https://tactfolio.com/etf/vtip.md): Vanguard Short-Term Inflation-Protected Securities ETF, 0.03% a year - [TIP](https://tactfolio.com/etf/tip.md): iShares TIPS Bond ETF, 0.18% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year - [IEF](https://tactfolio.com/etf/ief.md): iShares 7-10 Year Treasury Bond ETF, 0.15% a year See [all 8 SCHP alternatives](https://tactfolio.com/alternatives/schp.md), compared on the same dates as SCHP. ## Test SCHP 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 SCHP, 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 SCHP. 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. Fund facts come from Schwab. We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 SCHP? SCHP charges 0.03% a year, according to Schwab as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did SCHP start trading? SCHP started trading on August 5, 2010. It is run by Schwab. ### What does SCHP track? SCHP tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). This fund owns US government bonds called TIPS. ### How much has SCHP returned per year? From August 2010 to October 2026, SCHP returned about 2.6% a year with dividends reinvested. Its worst drop was −14.3%. Past returns do not tell you what it will do next. ### Which strategies use SCHP? None of Tactfolio's classic strategies hold SCHP yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. TIPS ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000187/c497k.htm) > 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. --- # SCHZ ETF: fees, returns, drawdowns and holdings > What SCHZ holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. Aggregate Bond ETF (SCHZ) is an exchange-traded fund (ETF) run by Schwab. This fund holds thousands of high quality US bonds. It charges 0.03% a year. From July 2011 to October 2026 it returned about 1.9% a year, and its worst drop was −18.7%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on July 14, 2011. - Worst drop since 2011: −18.7%. - No Tactfolio classic strategies hold it. ## What does SCHZ hold? This fund holds thousands of high quality US bonds. They include government bonds, mortgage bonds and bonds from big companies. When interest rates go up, the prices of these bonds usually go down. It tracks the Bloomberg US Aggregate Bond Index. It had 12,355 holdings as of June 30, 2026, according to Schwab. | Fact | SCHZ | | --- | --- | | Full name | Schwab U.S. Aggregate Bond ETF | | Issuer | Schwab | | Expense ratio | 0.03% a year | | Started trading | July 14, 2011 | | Tracks | Bloomberg US Aggregate Bond Index | | Type | US bonds, ETF | | Holdings | 12,355 holdings as of June 30, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) | ## What is the SCHZ expense ratio? SCHZ 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHZ done since 2011? From July 2011 to October 2026, SCHZ returned about 1.9% a year. Say you put in $10,000 at the start. It would have been worth about $13,377 at the end, with every dividend reinvested. | Measure | SCHZ | | --- | --- | | Total return | 33.8% | | Return per year (CAGR) | 1.9% | | Worst drop from a high | −18.7% | | Volatility (how much it swings) | 4.8% | | Last 12 months | −1.8% | | Last 3 years, per year | 4.7% | | Last 5 years, per year | −0.4% | | Last 10 years, per year | 1.3% | 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. ## SCHZ returns by year | Year | SCHZ return | | --- | --- | | 2026 (part of the year) | −1.6% | | 2025 | 7.2% | | 2024 | 1.3% | | 2023 | 5.6% | | 2022 | −13.2% | | 2021 | −1.7% | | 2020 | 7.5% | | 2019 | 8.6% | | 2018 | 0.0% | | 2017 | 3.5% | | 2016 | 2.2% | | 2015 | 0.4% | | 2014 | 6.3% | | 2013 | −2.0% | | 2012 | 3.1% | | 2011 (part of the year) | 4.2% | ## What was SCHZ's worst drop? A drawdown is how far a fund falls from its last high point. SCHZ's worst fall was −18.7%, from August 4, 2020 to October 24, 2022. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHZ? No classic strategy holds SCHZ yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHZ compare with similar ETFs? Funds that can stand in for SCHZ: - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year - [BND](https://tactfolio.com/etf/bnd.md): Vanguard Total Bond Market ETF, 0.03% a year - [IUSB](https://tactfolio.com/etf/iusb.md): iShares Core Universal USD Bond ETF, 0.06% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year See [all 7 SCHZ alternatives](https://tactfolio.com/alternatives/schz.md), compared on the same dates as SCHZ. ## Test SCHZ 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 SCHZ, 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 SCHZ. 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. Fund facts come from Schwab. We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 SCHZ? SCHZ charges 0.03% a year, according to Schwab as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did SCHZ start trading? SCHZ started trading on July 14, 2011. It is run by Schwab. ### What does SCHZ track? SCHZ tracks the Bloomberg US Aggregate Bond Index. This fund holds thousands of high quality US bonds. ### How much has SCHZ returned per year? From July 2011 to October 2026, SCHZ returned about 1.9% a year with dividends reinvested. Its worst drop was −18.7%. Past returns do not tell you what it will do next. ### Which strategies use SCHZ? None of Tactfolio's classic strategies hold SCHZ yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) > 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. --- # SHY ETF: fees, returns, drawdowns and holdings > What SHY holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares 1-3 Year Treasury Bond ETF (SHY) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds US government bonds that will be paid back in 1 to 3 years. It charges 0.15% a year. From July 2002 to October 2026 it returned about 2.0% a year, and its worst drop was −5.7%. 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: 0.15% a year (about $15 on $10,000). - Started trading on July 22, 2002. - Worst drop since 2002: −5.7%. - 8 Tactfolio classic strategies hold it. ## What does SHY hold? This fund holds US government bonds that will be paid back in 1 to 3 years. Because the bonds are paid back soon, the fund's price usually moves less than funds with longer bonds. It pays out interest income each month. It tracks the ICE U.S. Treasury 1-3 Year Bond Index. It had 90 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | SHY | | --- | --- | | Full name | iShares 1-3 Year Treasury Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | July 22, 2002 | | Tracks | ICE U.S. Treasury 1-3 Year Bond Index | | Type | US bonds, ETF | | Holdings | 90 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) | ## What is the SHY expense ratio? SHY charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SHY done since 2002? From July 2002 to October 2026, SHY returned about 2.0% a year. Say you put in $10,000 at the start. It would have been worth about $16,041 at the end, with every dividend reinvested. | Measure | SHY | | --- | --- | | Total return | 60.4% | | Return per year (CAGR) | 2.0% | | Worst drop from a high | −5.7% | | Volatility (how much it swings) | 1.5% | | Last 12 months | 1.5% | | Last 3 years, per year | 4.0% | | Last 5 years, per year | 1.9% | | Last 10 years, per year | 1.7% | 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. ## SHY returns by year | Year | SHY return | | --- | --- | | 2026 (part of the year) | 0.9% | | 2025 | 5.0% | | 2024 | 3.9% | | 2023 | 4.2% | | 2022 | −3.9% | | 2021 | −0.7% | | 2020 | 3.0% | | 2019 | 3.4% | | 2018 | 1.5% | | 2017 | 0.3% | | 2016 | 0.8% | | 2015 | 0.4% | | 2014 | 0.4% | | 2013 | 0.2% | | 2012 | 0.3% | | 2011 | 1.4% | | 2010 | 2.3% | | 2009 | 0.4% | | 2008 | 6.6% | | 2007 | 7.3% | | 2006 | 3.9% | | 2005 | 1.5% | | 2004 | 0.7% | | 2003 | 2.2% | | 2002 (part of the year) | 2.4% | ## What was SHY's worst drop? A drawdown is how far a fund falls from its last high point. SHY's worst fall was −5.7%, from August 3, 2021 to October 20, 2022. It got back to that high on June 3, 2024. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SHY? 8 classic strategies hold SHY at least some of the time. Each is a set of written rules you can open, test and copy. - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 ## How does SHY compare with similar ETFs? Funds that can stand in for SHY: - [VGSH](https://tactfolio.com/etf/vgsh.md): Vanguard Short-Term Treasury ETF, 0.03% a year - [SGOV](https://tactfolio.com/etf/sgov.md): iShares 0-3 Month Treasury Bond ETF, 0.09% a year - [BIL](https://tactfolio.com/etf/bil.md): State Street SPDR Bloomberg 1-3 Month T-Bill ETF, 0.1353% a year - [SHV](https://tactfolio.com/etf/shv.md): iShares 0-1 Year Treasury Bond ETF, 0.15% a year See [all 8 SHY alternatives](https://tactfolio.com/alternatives/shy.md), compared on the same dates as SHY. ## Test SHY 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 SHY, 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 SHY. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 SHY? SHY charges 0.15% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $15 a year for every $10,000 you hold. ### When did SHY start trading? SHY started trading on July 22, 2002. It is run by iShares (BlackRock). ### What does SHY track? SHY tracks the ICE U.S. Treasury 1-3 Year Bond Index. This fund holds US government bonds that will be paid back in 1 to 3 years. ### How much has SHY returned per year? From July 2002 to October 2026, SHY returned about 2.0% a year with dividends reinvested. Its worst drop was −5.7%. Past returns do not tell you what it will do next. ### Which strategies use SHY? 8 of Tactfolio's classic strategies hold SHY, including Vigilant Asset Allocation (VAA), Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA). ## Sources - [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) > 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. --- # TIP ETF: fees, returns, drawdowns and holdings > What TIP holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares TIPS Bond ETF (TIP) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds Treasury Inflation Protected Securities, called TIPS. It charges 0.18% a year. From December 2003 to October 2026 it returned about 3.4% a year, and its worst drop was −14.5%. 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: 0.18% a year (about $18 on $10,000). - Started trading on December 4, 2003. - Worst drop since 2003: −14.5%. - 7 Tactfolio classic strategies hold it. ## What does TIP hold? This fund holds Treasury Inflation Protected Securities, called TIPS. These are US government bonds whose value is adjusted up or down with inflation, the rise in prices of everyday things. The fund's price can still fall when interest rates rise. It tracks the ICE U.S. Treasury Inflation Linked Bond Index. It had 48 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | TIP | | --- | --- | | Full name | iShares TIPS Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.18% a year | | Started trading | December 4, 2003 | | Tracks | ICE U.S. Treasury Inflation Linked Bond Index | | Type | US bonds, ETF | | Holdings | 48 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239467/ishares-tips-bond-etf) | ## What is the TIP expense ratio? TIP charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has TIP done since 2003? From December 2003 to October 2026, TIP returned about 3.4% a year. Say you put in $10,000 at the start. It would have been worth about $21,395 at the end, with every dividend reinvested. | Measure | TIP | | --- | --- | | Total return | 113.9% | | Return per year (CAGR) | 3.4% | | Worst drop from a high | −14.5% | | Volatility (how much it swings) | 6.1% | | Last 12 months | −1.6% | | Last 3 years, per year | 4.1% | | Last 5 years, per year | −0.1% | | Last 10 years, per year | 2.2% | 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. ## TIP returns by year | Year | TIP return | | --- | --- | | 2026 (part of the year) | −0.7% | | 2025 | 6.8% | | 2024 | 1.7% | | 2023 | 3.8% | | 2022 | −12.3% | | 2021 | 5.7% | | 2020 | 10.8% | | 2019 | 8.3% | | 2018 | −1.4% | | 2017 | 2.9% | | 2016 | 4.7% | | 2015 | −1.8% | | 2014 | 3.6% | | 2013 | −8.5% | | 2012 | 6.4% | | 2011 | 13.3% | | 2010 | 6.1% | | 2009 | 8.9% | | 2008 | 0.1% | | 2007 | 11.9% | | 2006 | 0.3% | | 2005 | 2.5% | | 2004 | 8.3% | | 2003 (part of the year) | 0.0% | ## What was TIP's worst drop? A drawdown is how far a fund falls from its last high point. TIP's worst fall was −14.5%, from November 9, 2021 to October 6, 2023. It got back to that high on February 27, 2026. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold TIP? 7 classic strategies hold TIP at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md), by Nicolas Lequeux (NLX Finance), 2024 - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 ## How does TIP compare with similar ETFs? Funds that can stand in for TIP: - [SCHP](https://tactfolio.com/etf/schp.md): Schwab U.S. TIPS ETF, 0.03% a year - [VTIP](https://tactfolio.com/etf/vtip.md): Vanguard Short-Term Inflation-Protected Securities ETF, 0.03% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year - [IEF](https://tactfolio.com/etf/ief.md): iShares 7-10 Year Treasury Bond ETF, 0.15% a year See [all 8 TIP alternatives](https://tactfolio.com/alternatives/tip.md), compared on the same dates as TIP. ## Test TIP 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 TIP, 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 TIP. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 TIP? TIP charges 0.18% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $18 a year for every $10,000 you hold. ### When did TIP start trading? TIP started trading on December 4, 2003. It is run by iShares (BlackRock). ### What does TIP track? TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index. This fund holds Treasury Inflation Protected Securities, called TIPS. ### How much has TIP returned per year? From December 2003 to October 2026, TIP returned about 3.4% a year with dividends reinvested. Its worst drop was −14.5%. Past returns do not tell you what it will do next. ### Which strategies use TIP? 7 of Tactfolio's classic strategies hold TIP, including Hybrid Asset Allocation (HAA), HAA Simple: Hybrid Asset Allocation with one asset, Bold Asset Allocation (BAA). ## Sources - [iShares (BlackRock): iShares TIPS Bond ETF fund page](https://www.ishares.com/us/products/239467/ishares-tips-bond-etf) > 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. --- # TLT ETF: fees, returns, drawdowns and holdings > What TLT holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares 20+ Year Treasury Bond ETF (TLT) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds US government bonds that will be paid back in more than 20 years. It charges 0.15% a year. From July 2002 to October 2026 it returned about 3.4% a year, and its worst drop was −48.4%. 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: 0.15% a year (about $15 on $10,000). - Started trading on July 22, 2002. - Worst drop since 2002: −48.4%. - 27 Tactfolio classic strategies hold it. ## What does TLT hold? This fund holds US government bonds that will be paid back in more than 20 years. Because the wait is so long, the fund's price can move a lot when interest rates change. It pays out interest income each month. It tracks the ICE US Treasury 20+ Year Bond Index. It had 47 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | TLT | | --- | --- | | Full name | iShares 20+ Year Treasury Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | July 22, 2002 | | Tracks | ICE US Treasury 20+ Year Bond Index | | Type | US bonds, ETF | | Holdings | 47 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) | ## What is the TLT expense ratio? TLT charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has TLT done since 2002? From July 2002 to October 2026, TLT returned about 3.4% a year. Say you put in $10,000 at the start. It would have been worth about $22,605 at the end, with every dividend reinvested. | Measure | TLT | | --- | --- | | Total return | 126.0% | | Return per year (CAGR) | 3.4% | | Worst drop from a high | −48.4% | | Volatility (how much it swings) | 14.2% | | Last 12 months | −8.3% | | Last 3 years, per year | 1.8% | | Last 5 years, per year | −8.0% | | Last 10 years, per year | −2.1% | 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. ## TLT returns by year | Year | TLT return | | --- | --- | | 2026 (part of the year) | −5.0% | | 2025 | 4.3% | | 2024 | −8.1% | | 2023 | 2.8% | | 2022 | −31.2% | | 2021 | −4.6% | | 2020 | 18.1% | | 2019 | 14.1% | | 2018 | −1.6% | | 2017 | 9.2% | | 2016 | 1.2% | | 2015 | −1.8% | | 2014 | 27.3% | | 2013 | −13.4% | | 2012 | 2.4% | | 2011 | 34.0% | | 2010 | 9.0% | | 2009 | −21.8% | | 2008 | 34.0% | | 2007 | 10.3% | | 2006 | 0.7% | | 2005 | 8.6% | | 2004 | 8.7% | | 2003 | 1.6% | | 2002 (part of the year) | 11.1% | ## What was TLT's worst drop? A drawdown is how far a fund falls from its last high point. TLT's worst fall was −48.4%, from August 4, 2020 to October 19, 2023. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold TLT? 27 classic strategies hold TLT at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 - [Paired Switching (quarterly SPY and TLT rotation)](https://tactfolio.com/strategies/paired-switching.md), by Akhilesh Maewal and Joel R. Bock, 2011 - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 - [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md), by Engineered Portfolio (Steve Hanly), 2018 - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 - [Tactical Risk Rotation (TRRS)](https://tactfolio.com/strategies/tactical-risk-rotation.md), by Michael Gayed and Charles Bilello, 2014 - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 ## How does TLT compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [IEF vs TLT](https://tactfolio.com/etf-comparisons/ief-vs-tlt.md): medium-term against long-term US Treasury bonds. Funds that can stand in for TLT: - [VGLT](https://tactfolio.com/etf/vglt.md): Vanguard Long-Term Treasury ETF, 0.03% a year - [EDV](https://tactfolio.com/etf/edv.md): Vanguard Extended Duration Treasury ETF, 0.05% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year - [IEF](https://tactfolio.com/etf/ief.md): iShares 7-10 Year Treasury Bond ETF, 0.15% a year See [all 4 TLT alternatives](https://tactfolio.com/alternatives/tlt.md), compared on the same dates as TLT. ## Test TLT 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 TLT, 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 TLT. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 TLT? TLT charges 0.15% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $15 a year for every $10,000 you hold. ### When did TLT start trading? TLT started trading on July 22, 2002. It is run by iShares (BlackRock). ### What does TLT track? TLT tracks the ICE US Treasury 20+ Year Bond Index. This fund holds US government bonds that will be paid back in more than 20 years. ### How much has TLT returned per year? From July 2002 to October 2026, TLT returned about 3.4% a year with dividends reinvested. Its worst drop was −48.4%. Past returns do not tell you what it will do next. ### Which strategies use TLT? 27 of Tactfolio's classic strategies hold TLT, including Hybrid Asset Allocation (HAA), Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA). ## Sources - [iShares (BlackRock): iShares 20+ Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) > 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. --- # USHY ETF: fees, returns, drawdowns and holdings > What USHY holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Broad USD High Yield Corporate Bond ETF (USHY) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 1,900 bonds from companies with lower credit ratings. It charges 0.08% a year. From October 2017 to October 2026 it returned about 4.4% a year, and its worst drop was −22.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.08% a year (about $8 on $10,000). - Started trading on October 25, 2017. - Worst drop since 2017: −22.4%. - No Tactfolio classic strategies hold it. ## What does USHY hold? This fund owns about 1,900 bonds from companies with lower credit ratings. These are often called junk bonds. They pay more interest, but some companies may fail to pay back what they owe. It tracks the ICE BofA US High Yield Constrained Index. It had 1,902 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | USHY | | --- | --- | | Full name | iShares Broad USD High Yield Corporate Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.08% a year | | Started trading | October 25, 2017 | | Tracks | ICE BofA US High Yield Constrained Index | | Type | US bonds, ETF | | Holdings | 1,902 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/291299/ishares-broad-usd-high-yield-corporate-bond-etf) | ## What is the USHY expense ratio? USHY charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has USHY done since 2017? From October 2017 to October 2026, USHY returned about 4.4% a year. Say you put in $10,000 at the start. It would have been worth about $14,716 at the end, with every dividend reinvested. | Measure | USHY | | --- | --- | | Total return | 47.2% | | Return per year (CAGR) | 4.4% | | Worst drop from a high | −22.4% | | Volatility (how much it swings) | 8.1% | | Last 12 months | 1.6% | | Last 3 years, per year | 8.4% | | Last 5 years, per year | 3.6% | 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. ## USHY returns by year | Year | USHY return | | --- | --- | | 2026 (part of the year) | 0.0% | | 2025 | 8.8% | | 2024 | 8.5% | | 2023 | 12.7% | | 2022 | −11.2% | | 2021 | 5.0% | | 2020 | 6.2% | | 2019 | 14.2% | | 2018 | −2.4% | | 2017 (part of the year) | 0.2% | ## What was USHY's worst drop? A drawdown is how far a fund falls from its last high point. USHY's worst fall was −22.4%, from February 14, 2020 to March 23, 2020. It got back to that high on October 12, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold USHY? No classic strategy holds USHY yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does USHY compare with similar ETFs? Funds that can stand in for USHY: - [JNK](https://tactfolio.com/etf/jnk.md): State Street SPDR Bloomberg High Yield Bond ETF, 0.4% a year - [HYG](https://tactfolio.com/etf/hyg.md): iShares iBoxx $ High Yield Corporate Bond ETF, 0.49% a year - [VCIT](https://tactfolio.com/etf/vcit.md): Vanguard Intermediate-Term Corporate Bond ETF, 0.03% a year - [LQD](https://tactfolio.com/etf/lqd.md): iShares iBoxx $ Investment Grade Corporate Bond ETF, 0.14% a year See [all 4 USHY alternatives](https://tactfolio.com/alternatives/ushy.md), compared on the same dates as USHY. ## Test USHY 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 USHY, 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 USHY. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 USHY? USHY charges 0.08% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $8 a year for every $10,000 you hold. ### When did USHY start trading? USHY started trading on October 25, 2017. It is run by iShares (BlackRock). ### What does USHY track? USHY tracks the ICE BofA US High Yield Constrained Index. This fund owns about 1,900 bonds from companies with lower credit ratings. ### How much has USHY returned per year? From October 2017 to October 2026, USHY returned about 4.4% a year with dividends reinvested. Its worst drop was −22.4%. Past returns do not tell you what it will do next. ### Which strategies use USHY? None of Tactfolio's classic strategies hold USHY yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Broad USD High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/291299/ishares-broad-usd-high-yield-corporate-bond-etf) > 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. --- # VCIT ETF: fees, returns, drawdowns and holdings > What VCIT holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Intermediate-Term Corporate Bond ETF (VCIT) is an exchange-traded fund (ETF) run by Vanguard. This fund owns thousands of bonds that companies sell in US dollars, all rated investment grade, meaning they are seen as likely to be paid back. It charges 0.03% a year. From November 2009 to October 2026 it returned about 4.0% a year, and its worst drop was −20.6%. 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 November 19, 2009. - Worst drop since 2009: −20.6%. - 1 Tactfolio classic strategy holds it. ## What does VCIT hold? This fund owns thousands of bonds that companies sell in US dollars, all rated investment grade, meaning they are seen as likely to be paid back. Most of the bonds come due in about 5 to 10 years. Company bonds usually pay more interest than US government bonds but carry more risk that a company will not pay. It tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index. It had 2,342 holdings as of September 30, 2026, according to Vanguard. | Fact | VCIT | | --- | --- | | Full name | Vanguard Intermediate-Term Corporate Bond ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | November 19, 2009 | | Tracks | Bloomberg U.S. 5-10 Year Corporate Bond Index | | Type | US bonds, ETF | | Holdings | 2,342 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) | ## What is the VCIT expense ratio? VCIT 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VCIT done since 2009? From November 2009 to October 2026, VCIT returned about 4.0% a year. Say you put in $10,000 at the start. It would have been worth about $19,504 at the end, with every dividend reinvested. | Measure | VCIT | | --- | --- | | Total return | 95.0% | | Return per year (CAGR) | 4.0% | | Worst drop from a high | −20.6% | | Volatility (how much it swings) | 5.7% | | Last 12 months | −2.0% | | Last 3 years, per year | 6.4% | | Last 5 years, per year | 0.7% | | Last 10 years, per year | 2.5% | 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. ## VCIT returns by year | Year | VCIT return | | --- | --- | | 2026 (part of the year) | −2.2% | | 2025 | 9.3% | | 2024 | 3.2% | | 2023 | 9.0% | | 2022 | −14.0% | | 2021 | −1.8% | | 2020 | 9.5% | | 2019 | 14.1% | | 2018 | −1.7% | | 2017 | 5.3% | | 2016 | 5.3% | | 2015 | 0.6% | | 2014 | 7.7% | | 2013 | −1.9% | | 2012 | 10.5% | | 2011 | 9.0% | | 2010 | 10.0% | | 2009 (part of the year) | 0.2% | ## What was VCIT's worst drop? A drawdown is how far a fund falls from its last high point. VCIT's worst fall was −20.6%, from August 3, 2021 to October 20, 2022. It got back to that high on July 29, 2025. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VCIT? One classic strategy holds VCIT at least some of the time. Each is a set of written rules you can open, test and copy. - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 ## How does VCIT compare with similar ETFs? Funds that can stand in for VCIT: - [LQD](https://tactfolio.com/etf/lqd.md): iShares iBoxx $ Investment Grade Corporate Bond ETF, 0.14% a year - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year - [BND](https://tactfolio.com/etf/bnd.md): Vanguard Total Bond Market ETF, 0.03% a year - [SCHZ](https://tactfolio.com/etf/schz.md): Schwab U.S. Aggregate Bond ETF, 0.03% a year See [all 8 VCIT alternatives](https://tactfolio.com/alternatives/vcit.md), compared on the same dates as VCIT. ## Test VCIT 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 VCIT, 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 VCIT. 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. 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 VCIT? VCIT 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 VCIT start trading? VCIT started trading on November 19, 2009. It is run by Vanguard. ### What does VCIT track? VCIT tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index. This fund owns thousands of bonds that companies sell in US dollars, all rated investment grade, meaning they are seen as likely to be paid back. ### How much has VCIT returned per year? From November 2009 to October 2026, VCIT returned about 4.0% a year with dividends reinvested. Its worst drop was −20.6%. Past returns do not tell you what it will do next. ### Which strategies use VCIT? One of Tactfolio's classic strategies hold VCIT, including Paul Novell's Tactical Bond Strategy. ## Sources - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) > 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. --- # VGIT ETF: fees, returns, drawdowns and holdings > What VGIT holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Intermediate-Term Treasury ETF (VGIT) is an exchange-traded fund (ETF) run by Vanguard. This fund owns about 100 US Treasury bonds, which are loans to the US government. It charges 0.03% a year. From November 2009 to October 2026 it returned about 2.0% a year, and its worst drop was −16.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on November 19, 2009. - Worst drop since 2009: −16.1%. - No Tactfolio classic strategies hold it. ## What does VGIT hold? This fund owns about 100 US Treasury bonds, which are loans to the US government. The bonds are paid back in about 3 to 10 years. Their prices tend to fall when interest rates rise, but usually less than long bonds. It tracks the Bloomberg US Treasury 3-10 Year Bond Index. It had 102 holdings as of September 30, 2026, according to Vanguard. | Fact | VGIT | | --- | --- | | Full name | Vanguard Intermediate-Term Treasury ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | November 19, 2009 | | Tracks | Bloomberg US Treasury 3-10 Year Bond Index | | Type | US bonds, ETF | | Holdings | 102 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) | ## What is the VGIT expense ratio? VGIT 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VGIT done since 2009? From November 2009 to October 2026, VGIT returned about 2.0% a year. Say you put in $10,000 at the start. It would have been worth about $14,067 at the end, with every dividend reinvested. | Measure | VGIT | | --- | --- | | Total return | 40.7% | | Return per year (CAGR) | 2.0% | | Worst drop from a high | −16.1% | | Volatility (how much it swings) | 4.4% | | Last 12 months | −1.9% | | Last 3 years, per year | 4.0% | | Last 5 years, per year | −0.1% | | Last 10 years, per year | 1.1% | 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. ## VGIT returns by year | Year | VGIT return | | --- | --- | | 2026 (part of the year) | −1.8% | | 2025 | 7.3% | | 2024 | 1.4% | | 2023 | 4.3% | | 2022 | −10.5% | | 2021 | −2.6% | | 2020 | 7.7% | | 2019 | 6.2% | | 2018 | 1.4% | | 2017 | 1.7% | | 2016 | 0.8% | | 2015 | 1.5% | | 2014 | 4.6% | | 2013 | −2.7% | | 2012 | 2.2% | | 2011 | 9.6% | | 2010 | 7.5% | | 2009 (part of the year) | −2.0% | ## What was VGIT's worst drop? A drawdown is how far a fund falls from its last high point. VGIT's worst fall was −16.1%, from August 4, 2020 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VGIT? No classic strategy holds VGIT yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VGIT compare with similar ETFs? Funds that can stand in for VGIT: - [IEF](https://tactfolio.com/etf/ief.md): iShares 7-10 Year Treasury Bond ETF, 0.15% a year - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year - [BND](https://tactfolio.com/etf/bnd.md): Vanguard Total Bond Market ETF, 0.03% a year - [SCHZ](https://tactfolio.com/etf/schz.md): Schwab U.S. Aggregate Bond ETF, 0.03% a year See [all 8 VGIT alternatives](https://tactfolio.com/alternatives/vgit.md), compared on the same dates as VGIT. ## Test VGIT 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 VGIT, 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 VGIT. 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. Fund facts come from Vanguard. We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 VGIT? VGIT charges 0.03% a year, according to Vanguard as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did VGIT start trading? VGIT started trading on November 19, 2009. It is run by Vanguard. ### What does VGIT track? VGIT tracks the Bloomberg US Treasury 3-10 Year Bond Index. This fund owns about 100 US Treasury bonds, which are loans to the US government. ### How much has VGIT returned per year? From November 2009 to October 2026, VGIT returned about 2.0% a year with dividends reinvested. Its worst drop was −16.1%. Past returns do not tell you what it will do next. ### Which strategies use VGIT? None of Tactfolio's classic strategies hold VGIT yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) > 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. --- # VGLT ETF: fees, returns, drawdowns and holdings > What VGLT holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Long-Term Treasury ETF (VGLT) is an exchange-traded fund (ETF) run by Vanguard. This fund owns about 100 US Treasury bonds, which are loans to the US government. It charges 0.03% a year. From January 2010 to October 2026 it returned about 2.4% a year, and its worst drop was −46.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on November 19, 2009. - Worst drop since 2010: −46.2%. - No Tactfolio classic strategies hold it. ## What does VGLT hold? This fund owns about 100 US Treasury bonds, which are loans to the US government. These bonds are not paid back for 10 years or more. Long bonds like these can lose a lot of value when interest rates rise. It tracks the Bloomberg US Long Treasury Bond Index. It had 101 holdings as of September 30, 2026, according to Vanguard. | Fact | VGLT | | --- | --- | | Full name | Vanguard Long-Term Treasury ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | November 19, 2009 | | Tracks | Bloomberg US Long Treasury Bond Index | | Type | US bonds, ETF | | Holdings | 101 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vglt) | ## What is the VGLT expense ratio? VGLT 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VGLT done since 2010? From January 2010 to October 2026, VGLT returned about 2.4% a year. Say you put in $10,000 at the start. It would have been worth about $14,953 at the end, with every dividend reinvested. | Measure | VGLT | | --- | --- | | Total return | 49.5% | | Return per year (CAGR) | 2.4% | | Worst drop from a high | −46.2% | | Volatility (how much it swings) | 13.4% | | Last 12 months | −7.2% | | Last 3 years, per year | 2.7% | | Last 5 years, per year | −6.8% | | Last 10 years, per year | −1.5% | 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. ## VGLT returns by year | Year | VGLT return | | --- | --- | | 2026 (part of the year) | −4.6% | | 2025 | 5.3% | | 2024 | −6.3% | | 2023 | 3.3% | | 2022 | −29.3% | | 2021 | −5.0% | | 2020 | 17.6% | | 2019 | 14.3% | | 2018 | −1.5% | | 2017 | 8.6% | | 2016 | 1.2% | | 2015 | −1.3% | | 2014 | 25.2% | | 2013 | −12.4% | | 2012 | 3.3% | | 2011 | 29.2% | | 2010 | 9.0% | ## What was VGLT's worst drop? A drawdown is how far a fund falls from its last high point. VGLT's worst fall was −46.2%, from August 4, 2020 to October 19, 2023. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VGLT? No classic strategy holds VGLT yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VGLT compare with similar ETFs? Funds that can stand in for VGLT: - [EDV](https://tactfolio.com/etf/edv.md): Vanguard Extended Duration Treasury ETF, 0.05% a year - [TLT](https://tactfolio.com/etf/tlt.md): iShares 20+ Year Treasury Bond ETF, 0.15% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year - [IEF](https://tactfolio.com/etf/ief.md): iShares 7-10 Year Treasury Bond ETF, 0.15% a year See [all 4 VGLT alternatives](https://tactfolio.com/alternatives/vglt.md), compared on the same dates as VGLT. ## Test VGLT 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 VGLT, 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 VGLT. 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. Fund facts come from Vanguard. We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 VGLT? VGLT charges 0.03% a year, according to Vanguard as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did VGLT start trading? VGLT started trading on November 19, 2009. It is run by Vanguard. ### What does VGLT track? VGLT tracks the Bloomberg US Long Treasury Bond Index. This fund owns about 100 US Treasury bonds, which are loans to the US government. ### How much has VGLT returned per year? From January 2010 to October 2026, VGLT returned about 2.4% a year with dividends reinvested. Its worst drop was −46.2%. Past returns do not tell you what it will do next. ### Which strategies use VGLT? None of Tactfolio's classic strategies hold VGLT yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Long-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vglt) > 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. --- # VGSH ETF: fees, returns, drawdowns and holdings > What VGSH holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Short-Term Treasury ETF (VGSH) is an exchange-traded fund (ETF) run by Vanguard. This fund owns about 90 US Treasury bonds that are paid back in 1 to 3 years. It charges 0.03% a year. From November 2009 to October 2026 it returned about 1.4% a year, and its worst drop was −5.7%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on November 19, 2009. - Worst drop since 2009: −5.7%. - No Tactfolio classic strategies hold it. ## What does VGSH hold? This fund owns about 90 US Treasury bonds that are paid back in 1 to 3 years. Treasury bonds are loans to the US government. Because the bonds are short, their prices usually move less when interest rates change. It tracks the Bloomberg US Treasury 1-3 Year Bond Index. It had 92 holdings as of September 30, 2026, according to Vanguard. | Fact | VGSH | | --- | --- | | Full name | Vanguard Short-Term Treasury ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | November 19, 2009 | | Tracks | Bloomberg US Treasury 1-3 Year Bond Index | | Type | US bonds, ETF | | Holdings | 92 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) | ## What is the VGSH expense ratio? VGSH 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VGSH done since 2009? From November 2009 to October 2026, VGSH returned about 1.4% a year. Say you put in $10,000 at the start. It would have been worth about $12,646 at the end, with every dividend reinvested. | Measure | VGSH | | --- | --- | | Total return | 26.5% | | Return per year (CAGR) | 1.4% | | Worst drop from a high | −5.7% | | Volatility (how much it swings) | 1.4% | | Last 12 months | 1.6% | | Last 3 years, per year | 4.2% | | Last 5 years, per year | 2.0% | | Last 10 years, per year | 1.8% | 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. ## VGSH returns by year | Year | VGSH return | | --- | --- | | 2026 (part of the year) | 1.0% | | 2025 | 5.1% | | 2024 | 4.0% | | 2023 | 4.3% | | 2022 | −3.9% | | 2021 | −0.6% | | 2020 | 3.0% | | 2019 | 3.5% | | 2018 | 1.6% | | 2017 | 0.0% | | 2016 | 1.1% | | 2015 | 0.4% | | 2014 | 0.5% | | 2013 | 0.3% | | 2012 | 0.4% | | 2011 | 1.5% | | 2010 | 2.3% | | 2009 (part of the year) | −0.5% | ## What was VGSH's worst drop? A drawdown is how far a fund falls from its last high point. VGSH's worst fall was −5.7%, from April 20, 2021 to October 20, 2022. It got back to that high on May 15, 2024. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VGSH? No classic strategy holds VGSH yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VGSH compare with similar ETFs? Funds that can stand in for VGSH: - [SHY](https://tactfolio.com/etf/shy.md): iShares 1-3 Year Treasury Bond ETF, 0.15% a year - [SGOV](https://tactfolio.com/etf/sgov.md): iShares 0-3 Month Treasury Bond ETF, 0.09% a year - [BIL](https://tactfolio.com/etf/bil.md): State Street SPDR Bloomberg 1-3 Month T-Bill ETF, 0.1353% a year - [SHV](https://tactfolio.com/etf/shv.md): iShares 0-1 Year Treasury Bond ETF, 0.15% a year See [all 8 VGSH alternatives](https://tactfolio.com/alternatives/vgsh.md), compared on the same dates as VGSH. ## Test VGSH 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 VGSH, 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 VGSH. 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. Fund facts come from Vanguard. We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 VGSH? VGSH charges 0.03% a year, according to Vanguard as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did VGSH start trading? VGSH started trading on November 19, 2009. It is run by Vanguard. ### What does VGSH track? VGSH tracks the Bloomberg US Treasury 1-3 Year Bond Index. This fund owns about 90 US Treasury bonds that are paid back in 1 to 3 years. ### How much has VGSH returned per year? From November 2009 to October 2026, VGSH returned about 1.4% a year with dividends reinvested. Its worst drop was −5.7%. Past returns do not tell you what it will do next. ### Which strategies use VGSH? None of Tactfolio's classic strategies hold VGSH yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) > 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. --- # VTIP ETF: fees, returns, drawdowns and holdings > What VTIP holds, its 0.03% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is an exchange-traded fund (ETF) run by Vanguard. This fund owns US Treasury bonds called TIPS, whose value is adjusted for inflation. It charges 0.03% a year. From October 2012 to October 2026 it returned about 2.2% a year, and its worst drop was −6.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.03% a year (about $3 on $10,000). - Started trading on October 12, 2012. - Worst drop since 2012: −6.3%. - No Tactfolio classic strategies hold it. ## What does VTIP hold? This fund owns US Treasury bonds called TIPS, whose value is adjusted for inflation. All of them are paid back in less than five years. Its price can still go down at times, for example when interest rates rise. It tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. It had 25 holdings as of September 30, 2026, according to Vanguard. | Fact | VTIP | | --- | --- | | Full name | Vanguard Short-Term Inflation-Protected Securities ETF | | Issuer | Vanguard | | Expense ratio | 0.03% a year | | Started trading | October 12, 2012 | | Tracks | Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index | | Type | US bonds, ETF | | Holdings | 25 holdings as of September 30, 2026 | | Facts checked | October 17, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtip) | ## What is the VTIP expense ratio? VTIP 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. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VTIP done since 2012? From October 2012 to October 2026, VTIP returned about 2.2% a year. Say you put in $10,000 at the start. It would have been worth about $13,527 at the end, with every dividend reinvested. | Measure | VTIP | | --- | --- | | Total return | 35.3% | | Return per year (CAGR) | 2.2% | | Worst drop from a high | −6.3% | | Volatility (how much it swings) | 2.5% | | Last 12 months | 1.8% | | Last 3 years, per year | 4.9% | | Last 5 years, per year | 3.0% | | Last 10 years, per year | 3.0% | 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. ## VTIP returns by year | Year | VTIP return | | --- | --- | | 2026 (part of the year) | 1.8% | | 2025 | 6.1% | | 2024 | 4.7% | | 2023 | 4.6% | | 2022 | −2.9% | | 2021 | 5.4% | | 2020 | 5.0% | | 2019 | 4.9% | | 2018 | 0.6% | | 2017 | 0.8% | | 2016 | 2.5% | | 2015 | 0.2% | | 2014 | −1.4% | | 2013 | −1.5% | | 2012 (part of the year) | 0.6% | ## What was VTIP's worst drop? A drawdown is how far a fund falls from its last high point. VTIP's worst fall was −6.3%, from March 5, 2020 to March 18, 2020. It got back to that high on June 5, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VTIP? No classic strategy holds VTIP yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does VTIP compare with similar ETFs? Funds that can stand in for VTIP: - [SCHP](https://tactfolio.com/etf/schp.md): Schwab U.S. TIPS ETF, 0.03% a year - [TIP](https://tactfolio.com/etf/tip.md): iShares TIPS Bond ETF, 0.18% a year - [VGIT](https://tactfolio.com/etf/vgit.md): Vanguard Intermediate-Term Treasury ETF, 0.03% a year - [IEF](https://tactfolio.com/etf/ief.md): iShares 7-10 Year Treasury Bond ETF, 0.15% a year See [all 8 VTIP alternatives](https://tactfolio.com/alternatives/vtip.md), compared on the same dates as VTIP. ## Test VTIP 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 VTIP, 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 VTIP. 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. Fund facts come from Vanguard. We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 VTIP? VTIP charges 0.03% a year, according to Vanguard as of October 17, 2026. That is about $3 a year for every $10,000 you hold. ### When did VTIP start trading? VTIP started trading on October 12, 2012. It is run by Vanguard. ### What does VTIP track? VTIP tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. This fund owns US Treasury bonds called TIPS, whose value is adjusted for inflation. ### How much has VTIP returned per year? From October 2012 to October 2026, VTIP returned about 2.2% a year with dividends reinvested. Its worst drop was −6.3%. Past returns do not tell you what it will do next. ### Which strategies use VTIP? None of Tactfolio's classic strategies hold VTIP yet. You can test it in your own rules in the builder. ## Sources - [Vanguard: Vanguard Short-Term Inflation-Protected Securities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtip) > 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. --- # BNDX ETF: fees, returns, drawdowns and holdings > What BNDX holds, its 0.07% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Total International Bond ETF (BNDX) is an exchange-traded fund (ETF) run by Vanguard. This fund owns thousands of investment grade bonds issued by governments and companies outside the United States. It charges 0.07% a year. From June 2013 to October 2026 it returned about 2.2% a year, and its worst drop was −16.2%. 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: 0.07% a year (about $7 on $10,000). - Started trading on May 31, 2013. - Worst drop since 2013: −16.2%. - 2 Tactfolio classic strategies hold it. ## What does BNDX hold? This fund owns thousands of investment grade bonds issued by governments and companies outside the United States. It uses currency hedging, which aims to reduce the effect of foreign currency changes on the fund's value. Like other bond funds, its price tends to fall when interest rates rise. It tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged). It had 6,837 holdings as of September 30, 2026, according to Vanguard. | Fact | BNDX | | --- | --- | | Full name | Vanguard Total International Bond ETF | | Issuer | Vanguard | | Expense ratio | 0.07% a year | | Started trading | May 31, 2013 | | Tracks | Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged) | | Type | International bonds, ETF | | Holdings | 6,837 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/bndx) | ## What is the BNDX expense ratio? BNDX charges 0.07% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.07% fee comes to about $7 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has BNDX done since 2013? From June 2013 to October 2026, BNDX returned about 2.2% a year. Say you put in $10,000 at the start. It would have been worth about $13,396 at the end, with every dividend reinvested. | Measure | BNDX | | --- | --- | | Total return | 34.0% | | Return per year (CAGR) | 2.2% | | Worst drop from a high | −16.2% | | Volatility (how much it swings) | 3.9% | | Last 12 months | −1.1% | | Last 3 years, per year | 4.2% | | Last 5 years, per year | 0.1% | | Last 10 years, per year | 1.5% | 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. ## BNDX returns by year | Year | BNDX return | | --- | --- | | 2026 (part of the year) | −0.4% | | 2025 | 2.9% | | 2024 | 3.6% | | 2023 | 8.8% | | 2022 | −12.8% | | 2021 | −2.3% | | 2020 | 4.7% | | 2019 | 7.9% | | 2018 | 2.8% | | 2017 | 2.4% | | 2016 | 4.6% | | 2015 | 1.2% | | 2014 | 8.7% | | 2013 (part of the year) | −0.5% | ## What was BNDX's worst drop? A drawdown is how far a fund falls from its last high point. BNDX's worst fall was −16.2%, from December 11, 2020 to October 20, 2022. It got back to that high on February 17, 2026. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold BNDX? 2 classic strategies hold BNDX at least some of the time. Each is a set of written rules you can open, test and copy. - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 ## How does BNDX compare with similar ETFs? Funds that can stand in for BNDX: - [BWX](https://tactfolio.com/etf/bwx.md): State Street SPDR Bloomberg International Treasury Bond ETF, 0.35% a year - [IGOV](https://tactfolio.com/etf/igov.md): iShares International Treasury Bond ETF, 0.35% a year - [EMB](https://tactfolio.com/etf/emb.md): iShares J.P. Morgan USD Emerging Markets Bond ETF, 0.39% a year - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year See [all 7 BNDX alternatives](https://tactfolio.com/alternatives/bndx.md), compared on the same dates as BNDX. ## Test BNDX 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 BNDX, 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 BNDX. 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. 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 BNDX? BNDX charges 0.07% a year, according to Vanguard as of October 16, 2026. That is about $7 a year for every $10,000 you hold. ### When did BNDX start trading? BNDX started trading on May 31, 2013. It is run by Vanguard. ### What does BNDX track? BNDX tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged). This fund owns thousands of investment grade bonds issued by governments and companies outside the United States. ### How much has BNDX returned per year? From June 2013 to October 2026, BNDX returned about 2.2% a year with dividends reinvested. Its worst drop was −16.2%. Past returns do not tell you what it will do next. ### Which strategies use BNDX? 2 of Tactfolio's classic strategies hold BNDX, including Paul Novell's Tactical Bond Strategy, Bond UI1 (Paul Novell’s unemployment bond strategy). ## Sources - [Vanguard: Vanguard Total International Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bndx) > 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. --- # BWX ETF: fees, returns, drawdowns and holdings > What BWX holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Bloomberg International Treasury Bond ETF (BWX) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns government bonds from countries outside the US with good credit ratings. It charges 0.35% a year. From October 2007 to October 2026 it returned about 0.4% a year, and its worst drop was −34.0%. 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: 0.35% a year (about $35 on $10,000). - Started trading on October 2, 2007. - Worst drop since 2007: −34.0%. - 5 Tactfolio classic strategies hold it. ## What does BWX hold? This fund owns government bonds from countries outside the US with good credit ratings. The bonds are in local currencies, so exchange rates affect its value. Bond prices also fall when interest rates rise. It tracks the Bloomberg Global Treasury ex-US Capped Index. It had 1,440 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | BWX | | --- | --- | | Full name | State Street SPDR Bloomberg International Treasury Bond ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.35% a year | | Started trading | October 2, 2007 | | Tracks | Bloomberg Global Treasury ex-US Capped Index | | Type | International bonds, ETF | | Holdings | 1,440 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-international-treasury-bond-etf-bwx) | ## What is the BWX expense ratio? BWX charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has BWX done since 2007? From October 2007 to October 2026, BWX returned about 0.4% a year. Say you put in $10,000 at the start. It would have been worth about $10,794 at the end, with every dividend reinvested. | Measure | BWX | | --- | --- | | Total return | 7.9% | | Return per year (CAGR) | 0.4% | | Worst drop from a high | −34.0% | | Volatility (how much it swings) | 8.9% | | Last 12 months | −5.3% | | Last 3 years, per year | 2.4% | | Last 5 years, per year | −4.0% | | Last 10 years, per year | −1.3% | 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. ## BWX returns by year | Year | BWX return | | --- | --- | | 2026 (part of the year) | −3.7% | | 2025 | 7.7% | | 2024 | −5.9% | | 2023 | 5.1% | | 2022 | −19.7% | | 2021 | −8.6% | | 2020 | 9.5% | | 2019 | 5.6% | | 2018 | −1.8% | | 2017 | 9.9% | | 2016 | 0.6% | | 2015 | −6.7% | | 2014 | −2.5% | | 2013 | −3.6% | | 2012 | 5.7% | | 2011 | 4.0% | | 2010 | 3.8% | | 2009 | 5.4% | | 2008 | 4.2% | | 2007 (part of the year) | 4.0% | ## What was BWX's worst drop? A drawdown is how far a fund falls from its last high point. BWX's worst fall was −34.0%, from January 5, 2021 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold BWX? 5 classic strategies hold BWX at least some of the time. Each is a set of written rules you can open, test and copy. - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 ## How does BWX compare with similar ETFs? Funds that can stand in for BWX: - [BNDX](https://tactfolio.com/etf/bndx.md): Vanguard Total International Bond ETF, 0.07% a year - [IGOV](https://tactfolio.com/etf/igov.md): iShares International Treasury Bond ETF, 0.35% a year - [EMB](https://tactfolio.com/etf/emb.md): iShares J.P. Morgan USD Emerging Markets Bond ETF, 0.39% a year - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year See [all 7 BWX alternatives](https://tactfolio.com/alternatives/bwx.md), compared on the same dates as BWX. ## Test BWX 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 BWX, 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 BWX. 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. Fund facts come from SPDR (State Street). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 BWX? BWX charges 0.35% a year, according to SPDR (State Street) as of October 16, 2026. That is about $35 a year for every $10,000 you hold. ### When did BWX start trading? BWX started trading on October 2, 2007. It is run by SPDR (State Street). ### What does BWX track? BWX tracks the Bloomberg Global Treasury ex-US Capped Index. This fund owns government bonds from countries outside the US with good credit ratings. ### How much has BWX returned per year? From October 2007 to October 2026, BWX returned about 0.4% a year with dividends reinvested. Its worst drop was −34.0%. Past returns do not tell you what it will do next. ### Which strategies use BWX? 5 of Tactfolio's classic strategies hold BWX, including GTAA 13: Faber’s 13-asset tactical allocation, GTAA Aggressive 3 (Faber GTAA AGG3), GTAA Aggressive 6 (Faber GTAA AGG6). ## Sources - [SPDR (State Street): State Street SPDR Bloomberg International Treasury Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-international-treasury-bond-etf-bwx) > 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. --- # EMB ETF: fees, returns, drawdowns and holdings > What EMB holds, its 0.39% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds bonds sold in US dollars by governments and government linked companies in emerging market countries. It charges 0.39% a year. From December 2007 to October 2026 it returned about 4.4% a year, and its worst drop was −34.7%. 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: 0.39% a year (about $39 on $10,000). - Started trading on December 17, 2007. - Worst drop since 2007: −34.7%. - 2 Tactfolio classic strategies hold it. ## What does EMB hold? This fund holds bonds sold in US dollars by governments and government linked companies in emerging market countries. These bonds often pay more interest than US government bonds, but there is more risk the borrower may not pay back. The fund's price can also move with interest rates. It tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core. It had 616 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | EMB | | --- | --- | | Full name | iShares J.P. Morgan USD Emerging Markets Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.39% a year | | Started trading | December 17, 2007 | | Tracks | J.P. Morgan Emerging Markets Bond Index Global Diversified Core | | Type | International bonds, ETF | | Holdings | 616 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf) | ## What is the EMB expense ratio? EMB charges 0.39% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.39% fee comes to about $39 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has EMB done since 2007? From December 2007 to October 2026, EMB returned about 4.4% a year. Say you put in $10,000 at the start. It would have been worth about $22,558 at the end, with every dividend reinvested. | Measure | EMB | | --- | --- | | Total return | 125.6% | | Return per year (CAGR) | 4.4% | | Worst drop from a high | −34.7% | | Volatility (how much it swings) | 10.7% | | Last 12 months | 0.7% | | Last 3 years, per year | 9.7% | | Last 5 years, per year | 1.4% | | Last 10 years, per year | 2.5% | 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. ## EMB returns by year | Year | EMB return | | --- | --- | | 2026 (part of the year) | −1.1% | | 2025 | 13.9% | | 2024 | 5.5% | | 2023 | 10.6% | | 2022 | −18.6% | | 2021 | −2.2% | | 2020 | 5.4% | | 2019 | 15.5% | | 2018 | −5.5% | | 2017 | 10.3% | | 2016 | 9.3% | | 2015 | 1.0% | | 2014 | 6.0% | | 2013 | −7.8% | | 2012 | 16.5% | | 2011 | 7.6% | | 2010 | 10.8% | | 2009 | 15.4% | | 2008 | −2.1% | | 2007 (part of the year) | 0.3% | ## What was EMB's worst drop? A drawdown is how far a fund falls from its last high point. EMB's worst fall was −34.7%, from May 21, 2008 to October 28, 2008. It got back to that high on July 21, 2009. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold EMB? 2 classic strategies hold EMB at least some of the time. Each is a set of written rules you can open, test and copy. - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 ## How does EMB compare with similar ETFs? Funds that can stand in for EMB: - [BNDX](https://tactfolio.com/etf/bndx.md): Vanguard Total International Bond ETF, 0.07% a year - [BWX](https://tactfolio.com/etf/bwx.md): State Street SPDR Bloomberg International Treasury Bond ETF, 0.35% a year - [IGOV](https://tactfolio.com/etf/igov.md): iShares International Treasury Bond ETF, 0.35% a year - [USHY](https://tactfolio.com/etf/ushy.md): iShares Broad USD High Yield Corporate Bond ETF, 0.08% a year See [all 6 EMB alternatives](https://tactfolio.com/alternatives/emb.md), compared on the same dates as EMB. ## Test EMB 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 EMB, 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 EMB. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 EMB? EMB charges 0.39% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $39 a year for every $10,000 you hold. ### When did EMB start trading? EMB started trading on December 17, 2007. It is run by iShares (BlackRock). ### What does EMB track? EMB tracks the J.P. Morgan Emerging Markets Bond Index Global Diversified Core. This fund holds bonds sold in US dollars by governments and government linked companies in emerging market countries. ### How much has EMB returned per year? From December 2007 to October 2026, EMB returned about 4.4% a year with dividends reinvested. Its worst drop was −34.7%. Past returns do not tell you what it will do next. ### Which strategies use EMB? 2 of Tactfolio's classic strategies hold EMB, including Paul Novell's Tactical Bond Strategy, Bond UI1 (Paul Novell’s unemployment bond strategy). ## Sources - [iShares (BlackRock): iShares J.P. Morgan USD Emerging Markets Bond ETF fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf) > 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. --- # IGOV ETF: fees, returns, drawdowns and holdings > What IGOV holds, its 0.35% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares International Treasury Bond ETF (IGOV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund lends money to the governments of rich countries outside the US by owning their bonds. It charges 0.35% a year. From January 2009 to October 2026 it returned about 0.0% a year, and its worst drop was −35.9%. 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: 0.35% a year (about $35 on $10,000). - Started trading on January 21, 2009. - Worst drop since 2009: −35.9%. - 1 Tactfolio classic strategy holds it. ## What does IGOV hold? This fund lends money to the governments of rich countries outside the US by owning their bonds. The bonds are in those countries' own currencies, so changes in exchange rates affect its value. Bond prices also fall when interest rates rise. It tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. It had 981 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IGOV | | --- | --- | | Full name | iShares International Treasury Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.35% a year | | Started trading | January 21, 2009 | | Tracks | FTSE World Government Bond Index - Developed Markets Capped Select Index | | Type | International bonds, ETF | | Holdings | 981 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf) | ## What is the IGOV expense ratio? IGOV charges 0.35% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.35% fee comes to about $35 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IGOV done since 2009? From January 2009 to October 2026, IGOV returned about 0.0% a year. Say you put in $10,000 at the start. It would have been worth about $10,014 at the end, with every dividend reinvested. | Measure | IGOV | | --- | --- | | Total return | 0.1% | | Return per year (CAGR) | 0.0% | | Worst drop from a high | −35.9% | | Volatility (how much it swings) | 8.7% | | Last 12 months | −5.1% | | Last 3 years, per year | 3.2% | | Last 5 years, per year | −4.4% | | Last 10 years, per year | −1.5% | 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. ## IGOV returns by year | Year | IGOV return | | --- | --- | | 2026 (part of the year) | −3.9% | | 2025 | 10.0% | | 2024 | −6.5% | | 2023 | 5.6% | | 2022 | −22.1% | | 2021 | −9.3% | | 2020 | 10.9% | | 2019 | 3.8% | | 2018 | −2.6% | | 2017 | 11.4% | | 2016 | 0.9% | | 2015 | −7.1% | | 2014 | −2.2% | | 2013 | −1.4% | | 2012 | 5.3% | | 2011 | 1.6% | | 2010 | 1.8% | | 2009 (part of the year) | 10.6% | ## What was IGOV's worst drop? A drawdown is how far a fund falls from its last high point. IGOV's worst fall was −35.9%, from January 5, 2021 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IGOV? One classic strategy holds IGOV at least some of the time. Each is a set of written rules you can open, test and copy. - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 ## How does IGOV compare with similar ETFs? Funds that can stand in for IGOV: - [BNDX](https://tactfolio.com/etf/bndx.md): Vanguard Total International Bond ETF, 0.07% a year - [BWX](https://tactfolio.com/etf/bwx.md): State Street SPDR Bloomberg International Treasury Bond ETF, 0.35% a year - [EMB](https://tactfolio.com/etf/emb.md): iShares J.P. Morgan USD Emerging Markets Bond ETF, 0.39% a year - [AGG](https://tactfolio.com/etf/agg.md): iShares Core U.S. Aggregate Bond ETF, 0.03% a year See [all 7 IGOV alternatives](https://tactfolio.com/alternatives/igov.md), compared on the same dates as IGOV. ## Test IGOV 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 IGOV, 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 IGOV. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 IGOV? IGOV charges 0.35% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $35 a year for every $10,000 you hold. ### When did IGOV start trading? IGOV started trading on January 21, 2009. It is run by iShares (BlackRock). ### What does IGOV track? IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. This fund lends money to the governments of rich countries outside the US by owning their bonds. ### How much has IGOV returned per year? From January 2009 to October 2026, IGOV returned about 0.0% a year with dividends reinvested. Its worst drop was −35.9%. Past returns do not tell you what it will do next. ### Which strategies use IGOV? One of Tactfolio's classic strategies hold IGOV, including Paul Novell's Tactical Bond Strategy. ## Sources - [iShares (BlackRock): iShares International Treasury Bond ETF fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf) > 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. --- # BIL ETF: fees, returns, drawdowns and holdings > What BIL holds, its 0.1353% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund lends money to the US government for one to three months at a time by owning Treasury bills. It charges 0.1353% a year. From May 2007 to October 2026 it returned about 1.4% a year, and its worst drop was −0.8%. 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: 0.1353% a year (about $13.53 on $10,000). - Started trading on May 25, 2007. - Worst drop since 2007: −0.8%. - 39 Tactfolio classic strategies hold it. ## What does BIL hold? This fund lends money to the US government for one to three months at a time by owning Treasury bills. Its price usually stays steady and it pays interest. When short term interest rates fall, its income falls too. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. It had 34 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | BIL | | --- | --- | | Full name | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.1353% a year | | Started trading | May 25, 2007 | | Tracks | Bloomberg 1-3 Month U.S. Treasury Bill Index | | Type | Cash and T-bills, ETF | | Holdings | 34 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) | ## What is the BIL expense ratio? BIL charges 0.1353% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.1353% fee comes to about $13.53 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has BIL done since 2007? From May 2007 to October 2026, BIL returned about 1.4% a year. Say you put in $10,000 at the start. It would have been worth about $13,089 at the end, with every dividend reinvested. | Measure | BIL | | --- | --- | | Total return | 30.9% | | Return per year (CAGR) | 1.4% | | Worst drop from a high | −0.8% | | Volatility (how much it swings) | 0.5% | | Last 12 months | 3.7% | | Last 3 years, per year | 4.5% | | Last 5 years, per year | 3.7% | | Last 10 years, per year | 2.3% | 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. ## BIL returns by year | Year | BIL return | | --- | --- | | 2026 (part of the year) | 2.9% | | 2025 | 4.2% | | 2024 | 5.2% | | 2023 | 4.9% | | 2022 | 1.4% | | 2021 | −0.1% | | 2020 | 0.4% | | 2019 | 2.0% | | 2018 | 1.7% | | 2017 | 0.7% | | 2016 | 0.1% | | 2015 | −0.1% | | 2014 | −0.1% | | 2013 | −0.1% | | 2012 | 0.0% | | 2011 | 0.0% | | 2010 | 0.0% | | 2009 | 0.3% | | 2008 | 1.6% | | 2007 (part of the year) | 2.5% | ## What was BIL's worst drop? A drawdown is how far a fund falls from its last high point. BIL's worst fall was −0.8%, from September 29, 2008 to December 9, 2015. It got back to that high on December 8, 2017. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold BIL? 39 classic strategies hold BIL at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Faber’s 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), by Mebane Faber, 2007 - [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014 - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [Gold Cross-Asset Momentum (gold and Treasury rule)](https://tactfolio.com/strategies/gold-cross-asset-momentum.md), by Cyril Dujava (Quantpedia), 2026 - [US Cross-Asset Momentum (stock and Treasury timing)](https://tactfolio.com/strategies/cross-asset-momentum.md), by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016 - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 - [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 - [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md), by Nicolas Lequeux (NLX Finance), 2024 - [Trending Fast and Slow (volatility-switched momentum)](https://tactfolio.com/strategies/trending-fast-and-slow.md), by Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu, and Chenfei Ma, 2022 - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 - [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019 - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [Leverage Rotation Strategy (UPRO above the 200-day average)](https://tactfolio.com/strategies/leverage-rotation-strategy.md), by Michael Gayed and Charles Bilello, 2016 - [Leverage Rotation Strategy 2x (LRS with SSO)](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md), by Michael Gayed and Charles Bilello, 2016 - [200-Day Moving Average Strategy (S&P 500)](https://tactfolio.com/strategies/200-day-moving-average.md), by Jeremy Siegel, 1994, Michael Gayed and Charles Bilello, 2016 - [Golden Cross Strategy (50-day and 200-day moving averages)](https://tactfolio.com/strategies/golden-cross.md), by Technical analysis tradition - [Volatility-Managed Portfolio (Moreira and Muir)](https://tactfolio.com/strategies/volatility-managed-portfolio.md), by Alan Moreira and Tyler Muir, 2017 - [Growth-Trend Timing (Philosophical Economics’ GTT)](https://tactfolio.com/strategies/growth-trend-timing.md), by Jesse Livermore (Philosophical Economics), 2016 - [Growth-Trend Timing with unemployment (GTT-UE)](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md), by Jesse Livermore (Philosophical Economics), 2016 - [Growth-Trend Timing with job growth](https://tactfolio.com/strategies/growth-trend-timing-jobs.md), by Jesse Livermore (Philosophical Economics), 2016 - [Growth-Trend Timing with housing starts and income](https://tactfolio.com/strategies/growth-trend-timing-housing.md), by Jesse Livermore (Philosophical Economics), 2016 - [TrendYCMacro (Quantpedia’s market timing strategy)](https://tactfolio.com/strategies/trend-yc-macro.md), by Ladislav Ďurian and Radovan Vojtko (Quantpedia), 2023 - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 ## How does BIL compare with similar ETFs? Funds that can stand in for BIL: - [SGOV](https://tactfolio.com/etf/sgov.md): iShares 0-3 Month Treasury Bond ETF, 0.09% a year - [SHV](https://tactfolio.com/etf/shv.md): iShares 0-1 Year Treasury Bond ETF, 0.15% a year - [TFLO](https://tactfolio.com/etf/tflo.md): iShares Treasury Floating Rate Bond ETF, 0.15% a year - [USFR](https://tactfolio.com/etf/usfr.md): WisdomTree Floating Rate Treasury Fund, 0.15% a year See [all 6 BIL alternatives](https://tactfolio.com/alternatives/bil.md), compared on the same dates as BIL. ## Test BIL 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 BIL, 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 BIL. 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. Fund facts come from SPDR (State Street). 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 - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 BIL? BIL charges 0.1353% a year, according to SPDR (State Street) as of October 16, 2026. That is about $13.53 a year for every $10,000 you hold. ### When did BIL start trading? BIL started trading on May 25, 2007. It is run by SPDR (State Street). ### What does BIL track? BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. This fund lends money to the US government for one to three months at a time by owning Treasury bills. ### How much has BIL returned per year? From May 2007 to October 2026, BIL returned about 1.4% a year with dividends reinvested. Its worst drop was −0.8%. Past returns do not tell you what it will do next. ### Which strategies use BIL? 39 of Tactfolio's classic strategies hold BIL, including Hybrid Asset Allocation (HAA), HAA Simple: Hybrid Asset Allocation with one asset, Bold Asset Allocation (BAA). ## Sources - [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) > 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. --- # SGOV ETF: fees, returns, drawdowns and holdings > What SGOV holds, its 0.09% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares 0-3 Month Treasury Bond ETF (SGOV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund lends money to the US government for up to three months at a time by owning Treasury bills. It charges 0.09% a year. From June 2020 to October 2026 it returned about 3.0% a year, and its worst drop was 0.0%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.09% a year (about $9 on $10,000). - Started trading on May 26, 2020. - Worst drop since 2020: 0.0%. - No Tactfolio classic strategies hold it. ## What does SGOV hold? This fund lends money to the US government for up to three months at a time by owning Treasury bills. Its price usually stays steady and it pays interest each month. When short term interest rates fall, its income falls too. It tracks the ICE 0-3 Month US Treasury Securities Index. | Fact | SGOV | | --- | --- | | Full name | iShares 0-3 Month Treasury Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.09% a year | | Started trading | May 26, 2020 | | Tracks | ICE 0-3 Month US Treasury Securities Index | | Type | Cash and T-bills, ETF | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) | ## What is the SGOV expense ratio? SGOV charges 0.09% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.09% fee comes to about $9 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SGOV done since 2020? From June 2020 to October 2026, SGOV returned about 3.0% a year. Say you put in $10,000 at the start. It would have been worth about $12,072 at the end, with every dividend reinvested. | Measure | SGOV | | --- | --- | | Total return | 20.7% | | Return per year (CAGR) | 3.0% | | Worst drop from a high | 0.0% | | Volatility (how much it swings) | 0.2% | | Last 12 months | 3.8% | | Last 3 years, per year | 4.5% | | Last 5 years, per year | 3.8% | 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. ## SGOV returns by year | Year | SGOV return | | --- | --- | | 2026 (part of the year) | 2.9% | | 2025 | 4.2% | | 2024 | 5.3% | | 2023 | 5.1% | | 2022 | 1.6% | | 2021 | 0.0% | | 2020 (part of the year) | 0.1% | ## What was SGOV's worst drop? A drawdown is how far a fund falls from its last high point. SGOV's worst fall was 0.0%, from August 22, 2022 to August 23, 2022. It got back to that high on August 25, 2022. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SGOV? No classic strategy holds SGOV yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SGOV compare with similar ETFs? Funds that can stand in for SGOV: - [BIL](https://tactfolio.com/etf/bil.md): State Street SPDR Bloomberg 1-3 Month T-Bill ETF, 0.1353% a year - [SHV](https://tactfolio.com/etf/shv.md): iShares 0-1 Year Treasury Bond ETF, 0.15% a year - [TFLO](https://tactfolio.com/etf/tflo.md): iShares Treasury Floating Rate Bond ETF, 0.15% a year - [USFR](https://tactfolio.com/etf/usfr.md): WisdomTree Floating Rate Treasury Fund, 0.15% a year See [all 6 SGOV alternatives](https://tactfolio.com/alternatives/sgov.md), compared on the same dates as SGOV. ## Test SGOV 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 SGOV, 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 SGOV. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 SGOV? SGOV charges 0.09% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $9 a year for every $10,000 you hold. ### When did SGOV start trading? SGOV started trading on May 26, 2020. It is run by iShares (BlackRock). ### What does SGOV track? SGOV tracks the ICE 0-3 Month US Treasury Securities Index. This fund lends money to the US government for up to three months at a time by owning Treasury bills. ### How much has SGOV returned per year? From June 2020 to October 2026, SGOV returned about 3.0% a year with dividends reinvested. Its worst drop was 0.0%. Past returns do not tell you what it will do next. ### Which strategies use SGOV? None of Tactfolio's classic strategies hold SGOV yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) > 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. --- # SHV ETF: fees, returns, drawdowns and holdings > What SHV holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares 0-1 Year Treasury Bond ETF (SHV) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds US government bonds that will be paid back in one year or less. It charges 0.15% a year. From January 2007 to October 2026 it returned about 1.6% a year, and its worst drop was −0.4%. 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: 0.15% a year (about $15 on $10,000). - Started trading on January 5, 2007. - Worst drop since 2007: −0.4%. - 2 Tactfolio classic strategies hold it. ## What does SHV hold? This fund holds US government bonds that will be paid back in one year or less. Because the bonds are paid back so soon, the fund's price usually changes very little from day to day. It pays out interest income each month. It tracks the ICE Short US Treasury Securities Index. It had 19 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | SHV | | --- | --- | | Full name | iShares 0-1 Year Treasury Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | January 5, 2007 | | Tracks | ICE Short US Treasury Securities Index | | Type | Cash and T-bills, ETF | | Holdings | 19 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) | ## What is the SHV expense ratio? SHV charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SHV done since 2007? From January 2007 to October 2026, SHV returned about 1.6% a year. Say you put in $10,000 at the start. It would have been worth about $13,716 at the end, with every dividend reinvested. | Measure | SHV | | --- | --- | | Total return | 37.2% | | Return per year (CAGR) | 1.6% | | Worst drop from a high | −0.4% | | Volatility (how much it swings) | 0.4% | | Last 12 months | 3.6% | | Last 3 years, per year | 4.5% | | Last 5 years, per year | 3.6% | | Last 10 years, per year | 2.3% | 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. ## SHV returns by year | Year | SHV return | | --- | --- | | 2026 (part of the year) | 2.8% | | 2025 | 4.2% | | 2024 | 5.1% | | 2023 | 5.0% | | 2022 | 0.9% | | 2021 | −0.1% | | 2020 | 0.8% | | 2019 | 2.4% | | 2018 | 1.7% | | 2017 | 0.7% | | 2016 | 0.4% | | 2015 | 0.0% | | 2014 | 0.0% | | 2013 | 0.0% | | 2012 | 0.0% | | 2011 | 0.1% | | 2010 | 0.1% | | 2009 | 0.2% | | 2008 | 2.8% | | 2007 (part of the year) | 5.0% | ## What was SHV's worst drop? A drawdown is how far a fund falls from its last high point. SHV's worst fall was −0.4%, from April 7, 2020 to June 14, 2022. It got back to that high on October 7, 2022. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SHV? 2 classic strategies hold SHV at least some of the time. Each is a set of written rules you can open, test and copy. - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 ## How does SHV compare with similar ETFs? Funds that can stand in for SHV: - [SGOV](https://tactfolio.com/etf/sgov.md): iShares 0-3 Month Treasury Bond ETF, 0.09% a year - [BIL](https://tactfolio.com/etf/bil.md): State Street SPDR Bloomberg 1-3 Month T-Bill ETF, 0.1353% a year - [TFLO](https://tactfolio.com/etf/tflo.md): iShares Treasury Floating Rate Bond ETF, 0.15% a year - [USFR](https://tactfolio.com/etf/usfr.md): WisdomTree Floating Rate Treasury Fund, 0.15% a year See [all 6 SHV alternatives](https://tactfolio.com/alternatives/shv.md), compared on the same dates as SHV. ## Test SHV 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 SHV, 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 SHV. 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. Fund facts come from iShares (BlackRock). 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 - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 SHV? SHV charges 0.15% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $15 a year for every $10,000 you hold. ### When did SHV start trading? SHV started trading on January 5, 2007. It is run by iShares (BlackRock). ### What does SHV track? SHV tracks the ICE Short US Treasury Securities Index. This fund holds US government bonds that will be paid back in one year or less. ### How much has SHV returned per year? From January 2007 to October 2026, SHV returned about 1.6% a year with dividends reinvested. Its worst drop was −0.4%. Past returns do not tell you what it will do next. ### Which strategies use SHV? 2 of Tactfolio's classic strategies hold SHV, including Mama Bear Portfolio (Muscular Portfolios), Harry Browne’s Permanent Portfolio. ## Sources - [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) > 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. --- # TFLO ETF: fees, returns, drawdowns and holdings > What TFLO holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Treasury Floating Rate Bond ETF (TFLO) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns US Treasury notes whose interest rate changes often to follow short term rates. It charges 0.15% a year. From February 2014 to October 2026 it returned about 2.0% a year, and its worst drop was −5.0%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.15% a year (about $15 on $10,000). - Started trading on February 3, 2014. - Worst drop since 2014: −5.0%. - No Tactfolio classic strategies hold it. ## What does TFLO hold? This fund owns US Treasury notes whose interest rate changes often to follow short term rates. Because of that, its price barely moves when rates change. Its income goes down when short term rates fall. It tracks the Bloomberg U.S. Treasury Floating Rate Index. It had 8 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | TFLO | | --- | --- | | Full name | iShares Treasury Floating Rate Bond ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.15% a year | | Started trading | February 3, 2014 | | Tracks | Bloomberg U.S. Treasury Floating Rate Index | | Type | Cash and T-bills, ETF | | Holdings | 8 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) | ## What is the TFLO expense ratio? TFLO charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has TFLO done since 2014? From February 2014 to October 2026, TFLO returned about 2.0% a year. Say you put in $10,000 at the start. It would have been worth about $12,858 at the end, with every dividend reinvested. | Measure | TFLO | | --- | --- | | Total return | 28.6% | | Return per year (CAGR) | 2.0% | | Worst drop from a high | −5.0% | | Volatility (how much it swings) | 1.9% | | Last 12 months | 4.0% | | Last 3 years, per year | 4.6% | | Last 5 years, per year | 4.0% | | Last 10 years, per year | 2.5% | 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. ## TFLO returns by year | Year | TFLO return | | --- | --- | | 2026 (part of the year) | 3.1% | | 2025 | 4.2% | | 2024 | 5.3% | | 2023 | 5.1% | | 2022 | 2.0% | | 2021 | 0.0% | | 2020 | 0.4% | | 2019 | 2.0% | | 2018 | 1.8% | | 2017 | 1.0% | | 2016 | −0.1% | | 2015 | 0.7% | | 2014 (part of the year) | 0.1% | ## What was TFLO's worst drop? A drawdown is how far a fund falls from its last high point. TFLO's worst fall was −5.0%, from October 28, 2014 to December 19, 2014. It got back to that high on December 28, 2015. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold TFLO? No classic strategy holds TFLO yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does TFLO compare with similar ETFs? Funds that can stand in for TFLO: - [SGOV](https://tactfolio.com/etf/sgov.md): iShares 0-3 Month Treasury Bond ETF, 0.09% a year - [BIL](https://tactfolio.com/etf/bil.md): State Street SPDR Bloomberg 1-3 Month T-Bill ETF, 0.1353% a year - [SHV](https://tactfolio.com/etf/shv.md): iShares 0-1 Year Treasury Bond ETF, 0.15% a year - [USFR](https://tactfolio.com/etf/usfr.md): WisdomTree Floating Rate Treasury Fund, 0.15% a year See [all 6 TFLO alternatives](https://tactfolio.com/alternatives/tflo.md), compared on the same dates as TFLO. ## Test TFLO 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 TFLO, 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 TFLO. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 TFLO? TFLO charges 0.15% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $15 a year for every $10,000 you hold. ### When did TFLO start trading? TFLO started trading on February 3, 2014. It is run by iShares (BlackRock). ### What does TFLO track? TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. This fund owns US Treasury notes whose interest rate changes often to follow short term rates. ### How much has TFLO returned per year? From February 2014 to October 2026, TFLO returned about 2.0% a year with dividends reinvested. Its worst drop was −5.0%. Past returns do not tell you what it will do next. ### Which strategies use TFLO? None of Tactfolio's classic strategies hold TFLO yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) > 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. --- # USFR ETF: fees, returns, drawdowns and holdings > What USFR holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. WisdomTree Floating Rate Treasury Fund (USFR) is an exchange-traded fund (ETF) run by WisdomTree. This fund lends money to the US government through Treasury notes whose interest rate changes often. It charges 0.15% a year. From February 2014 to October 2026 it returned about 2.0% a year, and its worst drop was −2.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.15% a year (about $15 on $10,000). - Started trading on February 4, 2014. - Worst drop since 2014: −2.2%. - No Tactfolio classic strategies hold it. ## What does USFR hold? This fund lends money to the US government through Treasury notes whose interest rate changes often. That keeps its price fairly steady, a lot like cash. When short term interest rates fall, its income falls too. It tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. It had 5 holdings as of February 28, 2026, according to WisdomTree. | Fact | USFR | | --- | --- | | Full name | WisdomTree Floating Rate Treasury Fund | | Issuer | WisdomTree | | Expense ratio | 0.15% a year | | Started trading | February 4, 2014 | | Tracks | Bloomberg U.S. Treasury Floating Rate Bond Index | | Type | Cash and T-bills, ETF | | Holdings | 5 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [WisdomTree fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) | ## What is the USFR expense ratio? USFR charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has USFR done since 2014? From February 2014 to October 2026, USFR returned about 2.0% a year. Say you put in $10,000 at the start. It would have been worth about $12,807 at the end, with every dividend reinvested. | Measure | USFR | | --- | --- | | Total return | 28.1% | | Return per year (CAGR) | 2.0% | | Worst drop from a high | −2.2% | | Volatility (how much it swings) | 1.4% | | Last 12 months | 4.1% | | Last 3 years, per year | 4.6% | | Last 5 years, per year | 3.9% | | Last 10 years, per year | 2.5% | 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. ## USFR returns by year | Year | USFR return | | --- | --- | | 2026 (part of the year) | 3.1% | | 2025 | 4.2% | | 2024 | 5.5% | | 2023 | 4.7% | | 2022 | 2.0% | | 2021 | 0.0% | | 2020 | 0.6% | | 2019 | 2.0% | | 2018 | 2.0% | | 2017 | 1.0% | | 2016 | 0.9% | | 2015 | −0.1% | | 2014 (part of the year) | −0.6% | ## What was USFR's worst drop? A drawdown is how far a fund falls from its last high point. USFR's worst fall was −2.2%, from February 4, 2014 to December 22, 2014. It got back to that high on April 20, 2015. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold USFR? No classic strategy holds USFR yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does USFR compare with similar ETFs? Funds that can stand in for USFR: - [SGOV](https://tactfolio.com/etf/sgov.md): iShares 0-3 Month Treasury Bond ETF, 0.09% a year - [BIL](https://tactfolio.com/etf/bil.md): State Street SPDR Bloomberg 1-3 Month T-Bill ETF, 0.1353% a year - [SHV](https://tactfolio.com/etf/shv.md): iShares 0-1 Year Treasury Bond ETF, 0.15% a year - [TFLO](https://tactfolio.com/etf/tflo.md): iShares Treasury Floating Rate Bond ETF, 0.15% a year See [all 6 USFR alternatives](https://tactfolio.com/alternatives/usfr.md), compared on the same dates as USFR. ## Test USFR 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 USFR, 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 USFR. 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. Fund facts come from WisdomTree. We checked them on October 17, 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 - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 USFR? USFR charges 0.15% a year, according to WisdomTree as of October 17, 2026. That is about $15 a year for every $10,000 you hold. ### When did USFR start trading? USFR started trading on February 4, 2014. It is run by WisdomTree. ### What does USFR track? USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. This fund lends money to the US government through Treasury notes whose interest rate changes often. ### How much has USFR returned per year? From February 2014 to October 2026, USFR returned about 2.0% a year with dividends reinvested. Its worst drop was −2.2%. Past returns do not tell you what it will do next. ### Which strategies use USFR? None of Tactfolio's classic strategies hold USFR yet. You can test it in your own rules in the builder. ## Sources - [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) > 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. --- # IYR ETF: fees, returns, drawdowns and holdings > What IYR holds, its 0.37% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares U.S. Real Estate ETF (IYR) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns US real estate companies, such as owners of shopping centers, warehouses, apartments, data centers and cell towers. It charges 0.37% a year. From June 2000 to October 2026 it returned about 8.1% a year, and its worst drop was −74.1%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.37% a year (about $37 on $10,000). - Started trading on June 12, 2000. - Worst drop since 2000: −74.1%. - No Tactfolio classic strategies hold it. ## What does IYR hold? This fund owns US real estate companies, such as owners of shopping centers, warehouses, apartments, data centers and cell towers. Many of them pay out most of their profits as income. Their prices can fall when interest rates rise. It tracks the Dow Jones U.S. Real Estate Capped Index. It had 58 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | IYR | | --- | --- | | Full name | iShares U.S. Real Estate ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.37% a year | | Started trading | June 12, 2000 | | Tracks | Dow Jones U.S. Real Estate Capped Index | | Type | Real estate, ETF | | Holdings | 58 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) | ## What is the IYR expense ratio? IYR charges 0.37% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.37% fee comes to about $37 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IYR done since 2000? From June 2000 to October 2026, IYR returned about 8.1% a year. Say you put in $10,000 at the start. It would have been worth about $76,900 at the end, with every dividend reinvested. | Measure | IYR | | --- | --- | | Total return | 669.0% | | Return per year (CAGR) | 8.1% | | Worst drop from a high | −74.1% | | Volatility (how much it swings) | 25.7% | | Last 12 months | 3.6% | | Last 3 years, per year | 9.9% | | Last 5 years, per year | 0.7% | | Last 10 years, per year | 5.3% | 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. ## IYR returns by year | Year | IYR return | | --- | --- | | 2026 (part of the year) | 5.3% | | 2025 | 3.4% | | 2024 | 4.4% | | 2023 | 11.9% | | 2022 | −25.5% | | 2021 | 38.7% | | 2020 | −5.2% | | 2019 | 28.2% | | 2018 | −4.3% | | 2017 | 9.3% | | 2016 | 7.0% | | 2015 | 1.6% | | 2014 | 26.7% | | 2013 | 1.2% | | 2012 | 18.2% | | 2011 | 5.5% | | 2010 | 26.5% | | 2009 | 30.6% | | 2008 | −39.9% | | 2007 | −18.1% | | 2006 | 34.9% | | 2005 | 8.9% | | 2004 | 30.1% | | 2003 | 35.4% | | 2002 | 3.5% | | 2001 | 8.3% | | 2000 (part of the year) | 12.3% | ## What was IYR's worst drop? A drawdown is how far a fund falls from its last high point. IYR's worst fall was −74.1%, from February 7, 2007 to March 6, 2009. It got back to that high on April 10, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IYR? No classic strategy holds IYR yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does IYR compare with similar ETFs? Funds that can stand in for IYR: - [SCHH](https://tactfolio.com/etf/schh.md): Schwab U.S. REIT ETF, 0.07% a year - [XLRE](https://tactfolio.com/etf/xlre.md): State Street Real Estate Select Sector SPDR ETF, 0.08% a year - [VNQ](https://tactfolio.com/etf/vnq.md): Vanguard Real Estate ETF, 0.13% a year - [RWO](https://tactfolio.com/etf/rwo.md): State Street SPDR Dow Jones Global Real Estate ETF, 0.5% a year See [all 7 IYR alternatives](https://tactfolio.com/alternatives/iyr.md), compared on the same dates as IYR. ## Test IYR 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 IYR, 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 IYR. 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. Fund facts come from iShares (BlackRock). We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 IYR? IYR charges 0.37% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $37 a year for every $10,000 you hold. ### When did IYR start trading? IYR started trading on June 12, 2000. It is run by iShares (BlackRock). ### What does IYR track? IYR tracks the Dow Jones U.S. Real Estate Capped Index. This fund owns US real estate companies, such as owners of shopping centers, warehouses, apartments, data centers and cell towers. ### How much has IYR returned per year? From June 2000 to October 2026, IYR returned about 8.1% a year with dividends reinvested. Its worst drop was −74.1%. Past returns do not tell you what it will do next. ### Which strategies use IYR? None of Tactfolio's classic strategies hold IYR yet. You can test it in your own rules in the builder. ## Sources - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) > 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. --- # REM ETF: fees, returns, drawdowns and holdings > What REM holds, its 0.48% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Mortgage Real Estate ETF (REM) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of US mortgage real estate investment trusts, called mortgage REITs. It charges 0.48% a year. From May 2007 to October 2026 it lost about 2.2% a year, and its worst drop was −74.7%. 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: 0.48% a year (about $48 on $10,000). - Started trading on May 1, 2007. - Worst drop since 2007: −74.7%. - 1 Tactfolio classic strategy holds it. ## What does REM hold? This fund holds stocks of US mortgage real estate investment trusts, called mortgage REITs. These companies own home and business loans and mortgage bonds rather than buildings. Their stock prices can swing a lot when interest rates change. It tracks the FTSE Nareit All Mortgage Capped Index. It had 30 holdings as of October 15, 2026, according to iShares (BlackRock). | Fact | REM | | --- | --- | | Full name | iShares Mortgage Real Estate ETF | | Issuer | iShares (BlackRock) | | Expense ratio | 0.48% a year | | Started trading | May 1, 2007 | | Tracks | FTSE Nareit All Mortgage Capped Index | | Type | Real estate, ETF | | Holdings | 30 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239543/ishares-mortgage-real-estate-etf) | ## What is the REM expense ratio? REM charges 0.48% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.48% fee comes to about $48 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has REM done since 2007? From May 2007 to October 2026, REM lost about 2.2% a year. Say you put in $10,000 at the start. It would have been worth about $6,511 at the end, with every dividend reinvested. | Measure | REM | | --- | --- | | Total return | −34.9% | | Return per year (CAGR) | −2.2% | | Worst drop from a high | −74.7% | | Volatility (how much it swings) | 28.4% | | Last 12 months | −12.9% | | Last 3 years, per year | 1.7% | | Last 5 years, per year | −6.1% | | Last 10 years, per year | 0.4% | 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. ## REM returns by year | Year | REM return | | --- | --- | | 2026 (part of the year) | −17.6% | | 2025 | 13.3% | | 2024 | −1.0% | | 2023 | 14.4% | | 2022 | −27.6% | | 2021 | 16.1% | | 2020 | −20.0% | | 2019 | 21.3% | | 2018 | −3.1% | | 2017 | 18.4% | | 2016 | 21.9% | | 2015 | −9.3% | | 2014 | 16.7% | | 2013 | −2.6% | | 2012 | 21.9% | | 2011 | −9.2% | | 2010 | 16.5% | | 2009 | 11.3% | | 2008 | −42.8% | | 2007 (part of the year) | −36.4% | ## What was REM's worst drop? A drawdown is how far a fund falls from its last high point. REM's worst fall was −74.7%, from June 5, 2007 to November 20, 2008. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold REM? One classic strategy holds REM at least some of the time. Each is a set of written rules you can open, test and copy. - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 ## How does REM compare with similar ETFs? Funds that can stand in for REM: - [SCHH](https://tactfolio.com/etf/schh.md): Schwab U.S. REIT ETF, 0.07% a year - [XLRE](https://tactfolio.com/etf/xlre.md): State Street Real Estate Select Sector SPDR ETF, 0.08% a year - [VNQ](https://tactfolio.com/etf/vnq.md): Vanguard Real Estate ETF, 0.13% a year - [IYR](https://tactfolio.com/etf/iyr.md): iShares U.S. Real Estate ETF, 0.37% a year See [all 4 REM alternatives](https://tactfolio.com/alternatives/rem.md), compared on the same dates as REM. ## Test REM 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 REM, 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 REM. 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. Fund facts come from iShares (BlackRock). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 REM? REM charges 0.48% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $48 a year for every $10,000 you hold. ### When did REM start trading? REM started trading on May 1, 2007. It is run by iShares (BlackRock). ### What does REM track? REM tracks the FTSE Nareit All Mortgage Capped Index. This fund holds stocks of US mortgage real estate investment trusts, called mortgage REITs. ### How much has REM returned per year? From May 2007 to October 2026, REM lost about 2.2% a year with dividends reinvested. Its worst drop was −74.7%. Past returns do not tell you what it will do next. ### Which strategies use REM? One of Tactfolio's classic strategies hold REM, including Composite Dual Momentum. ## Sources - [iShares (BlackRock): iShares Mortgage Real Estate ETF fund page](https://www.ishares.com/us/products/239543/ishares-mortgage-real-estate-etf) > 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. --- # RWO ETF: fees, returns, drawdowns and holdings > What RWO holds, its 0.5% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Dow Jones Global Real Estate ETF (RWO) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns real estate companies in the US and other countries. It charges 0.5% a year. From May 2008 to October 2026 it returned about 3.6% a year, and its worst drop was −67.7%. 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: 0.5% a year (about $50 on $10,000). - Started trading on May 7, 2008. - Worst drop since 2008: −67.7%. - 1 Tactfolio classic strategy holds it. ## What does RWO hold? This fund owns real estate companies in the US and other countries. These companies own buildings like offices, warehouses and apartments and often pay dividends from rent. Its value goes up and down with property stocks. It tracks the Dow Jones Global Select Real Estate Securities Index. It had 224 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | RWO | | --- | --- | | Full name | State Street SPDR Dow Jones Global Real Estate ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.5% a year | | Started trading | May 7, 2008 | | Tracks | Dow Jones Global Select Real Estate Securities Index | | Type | Real estate, ETF | | Holdings | 224 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-global-real-estate-etf-rwo) | ## What is the RWO expense ratio? RWO charges 0.5% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.5% fee comes to about $50 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has RWO done since 2008? From May 2008 to October 2026, RWO returned about 3.6% a year. Say you put in $10,000 at the start. It would have been worth about $19,179 at the end, with every dividend reinvested. | Measure | RWO | | --- | --- | | Total return | 91.8% | | Return per year (CAGR) | 3.6% | | Worst drop from a high | −67.7% | | Volatility (how much it swings) | 23.0% | | Last 12 months | 6.4% | | Last 3 years, per year | 10.9% | | Last 5 years, per year | 0.9% | | Last 10 years, per year | 3.5% | 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. ## RWO returns by year | Year | RWO return | | --- | --- | | 2026 (part of the year) | 6.4% | | 2025 | 8.9% | | 2024 | 1.8% | | 2023 | 10.9% | | 2022 | −25.1% | | 2021 | 31.0% | | 2020 | −10.4% | | 2019 | 21.2% | | 2018 | −6.0% | | 2017 | 7.8% | | 2016 | 3.9% | | 2015 | 1.0% | | 2014 | 18.7% | | 2013 | 2.4% | | 2012 | 25.8% | | 2011 | −3.0% | | 2010 | 24.2% | | 2009 | 32.0% | | 2008 (part of the year) | −46.7% | ## What was RWO's worst drop? A drawdown is how far a fund falls from its last high point. RWO's worst fall was −67.7%, from May 30, 2008 to March 9, 2009. It got back to that high on July 17, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold RWO? One classic strategy holds RWO at least some of the time. Each is a set of written rules you can open, test and copy. - [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 ## How does RWO compare with similar ETFs? Funds that can stand in for RWO: - [RWX](https://tactfolio.com/etf/rwx.md): State Street SPDR Dow Jones International Real Estate ETF, 0.59% a year - [SCHH](https://tactfolio.com/etf/schh.md): Schwab U.S. REIT ETF, 0.07% a year - [XLRE](https://tactfolio.com/etf/xlre.md): State Street Real Estate Select Sector SPDR ETF, 0.08% a year - [VNQ](https://tactfolio.com/etf/vnq.md): Vanguard Real Estate ETF, 0.13% a year See [all 5 RWO alternatives](https://tactfolio.com/alternatives/rwo.md), compared on the same dates as RWO. ## Test RWO 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 RWO, 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 RWO. 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. Fund facts come from SPDR (State Street). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 RWO? RWO charges 0.5% a year, according to SPDR (State Street) as of October 16, 2026. That is about $50 a year for every $10,000 you hold. ### When did RWO start trading? RWO started trading on May 7, 2008. It is run by SPDR (State Street). ### What does RWO track? RWO tracks the Dow Jones Global Select Real Estate Securities Index. This fund owns real estate companies in the US and other countries. ### How much has RWO returned per year? From May 2008 to October 2026, RWO returned about 3.6% a year with dividends reinvested. Its worst drop was −67.7%. Past returns do not tell you what it will do next. ### Which strategies use RWO? One of Tactfolio's classic strategies hold RWO, including Global Risk Parity Trend-Following (Clare et al.). ## Sources - [SPDR (State Street): State Street SPDR Dow Jones Global Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-global-real-estate-etf-rwo) > 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. --- # RWX ETF: fees, returns, drawdowns and holdings > What RWX holds, its 0.59% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street SPDR Dow Jones International Real Estate ETF (RWX) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns real estate companies outside the US, such as companies that own offices, shops and apartments. It charges 0.59% a year. From December 2006 to October 2026 it returned about 0.4% a year, and its worst drop was −73.6%. 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: 0.59% a year (about $59 on $10,000). - Started trading on December 15, 2006. - Worst drop since 2006: −73.6%. - 2 Tactfolio classic strategies hold it. ## What does RWX hold? This fund owns real estate companies outside the US, such as companies that own offices, shops and apartments. Many of them pay out rent income as dividends. Its value also moves with foreign currencies. It tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index. It had 126 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | RWX | | --- | --- | | Full name | State Street SPDR Dow Jones International Real Estate ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.59% a year | | Started trading | December 15, 2006 | | Tracks | Dow Jones Global ex-U.S. Select Real Estate Securities Index | | Type | Real estate, ETF | | Holdings | 126 holdings as of October 15, 2026 | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) | ## What is the RWX expense ratio? RWX charges 0.59% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.59% fee comes to about $59 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has RWX done since 2006? From December 2006 to October 2026, RWX returned about 0.4% a year. Say you put in $10,000 at the start. It would have been worth about $10,862 at the end, with every dividend reinvested. | Measure | RWX | | --- | --- | | Total return | 8.6% | | Return per year (CAGR) | 0.4% | | Worst drop from a high | −73.6% | | Volatility (how much it swings) | 20.5% | | Last 12 months | −4.5% | | Last 3 years, per year | 6.6% | | Last 5 years, per year | −2.9% | | Last 10 years, per year | 0.7% | 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. ## RWX returns by year | Year | RWX return | | --- | --- | | 2026 (part of the year) | −6.1% | | 2025 | 26.2% | | 2024 | −12.2% | | 2023 | 6.3% | | 2022 | −21.8% | | 2021 | 9.3% | | 2020 | −9.0% | | 2019 | 19.9% | | 2018 | −8.3% | | 2017 | 15.5% | | 2016 | 0.3% | | 2015 | −3.2% | | 2014 | 4.3% | | 2013 | 4.4% | | 2012 | 39.1% | | 2011 | −15.0% | | 2010 | 22.0% | | 2009 | 36.4% | | 2008 | −50.6% | | 2007 | −7.3% | | 2006 (part of the year) | 4.3% | ## What was RWX's worst drop? A drawdown is how far a fund falls from its last high point. RWX's worst fall was −73.6%, from May 7, 2007 to March 9, 2009. It got back to that high on January 17, 2018. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold RWX? 2 classic strategies hold RWX at least some of the time. Each is a set of written rules you can open, test and copy. - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 ## How does RWX compare with similar ETFs? Funds that can stand in for RWX: - [RWO](https://tactfolio.com/etf/rwo.md): State Street SPDR Dow Jones Global Real Estate ETF, 0.5% a year - [SCHH](https://tactfolio.com/etf/schh.md): Schwab U.S. REIT ETF, 0.07% a year - [XLRE](https://tactfolio.com/etf/xlre.md): State Street Real Estate Select Sector SPDR ETF, 0.08% a year - [VNQ](https://tactfolio.com/etf/vnq.md): Vanguard Real Estate ETF, 0.13% a year See [all 5 RWX alternatives](https://tactfolio.com/alternatives/rwx.md), compared on the same dates as RWX. ## Test RWX 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 RWX, 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 RWX. 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. Fund facts come from SPDR (State Street). 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 RWX? RWX charges 0.59% a year, according to SPDR (State Street) as of October 16, 2026. That is about $59 a year for every $10,000 you hold. ### When did RWX start trading? RWX started trading on December 15, 2006. It is run by SPDR (State Street). ### What does RWX track? RWX tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index. This fund owns real estate companies outside the US, such as companies that own offices, shops and apartments. ### How much has RWX returned per year? From December 2006 to October 2026, RWX returned about 0.4% a year with dividends reinvested. Its worst drop was −73.6%. Past returns do not tell you what it will do next. ### Which strategies use RWX? 2 of Tactfolio's classic strategies hold RWX, including Adaptive Asset Allocation (AAA), Kipnis Defensive Adaptive Asset Allocation (KDA). ## Sources - [SPDR (State Street): State Street SPDR Dow Jones International Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) > 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. --- # SCHH ETF: fees, returns, drawdowns and holdings > What SCHH holds, its 0.07% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Schwab U.S. REIT ETF (SCHH) is an exchange-traded fund (ETF) run by Schwab. This fund owns shares of about 120 US companies that own buildings and land and collect rent. It charges 0.07% a year. From January 2011 to October 2026 it returned about 6.6% a year, and its worst drop was −44.2%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.07% a year (about $7 on $10,000). - Started trading on January 13, 2011. - Worst drop since 2011: −44.2%. - No Tactfolio classic strategies hold it. ## What does SCHH hold? This fund owns shares of about 120 US companies that own buildings and land and collect rent. These companies are called REITs. All of them are in one industry, so the fund is less spread out than a broad stock fund. It tracks the Dow Jones Equity All REIT Capped Index. It had 117 holdings as of February 28, 2026, according to Schwab. | Fact | SCHH | | --- | --- | | Full name | Schwab U.S. REIT ETF | | Issuer | Schwab | | Expense ratio | 0.07% a year | | Started trading | January 13, 2011 | | Tracks | Dow Jones Equity All REIT Capped Index | | Type | Real estate, ETF | | Holdings | 117 holdings as of February 28, 2026 | | Facts checked | October 17, 2026 on the [Schwab fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) | ## What is the SCHH expense ratio? SCHH charges 0.07% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.07% fee comes to about $7 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SCHH done since 2011? From January 2011 to October 2026, SCHH returned about 6.6% a year. Say you put in $10,000 at the start. It would have been worth about $27,335 at the end, with every dividend reinvested. | Measure | SCHH | | --- | --- | | Total return | 173.3% | | Return per year (CAGR) | 6.6% | | Worst drop from a high | −44.2% | | Volatility (how much it swings) | 20.0% | | Last 12 months | 8.3% | | Last 3 years, per year | 11.2% | | Last 5 years, per year | 1.8% | | Last 10 years, per year | 3.9% | 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. ## SCHH returns by year | Year | SCHH return | | --- | --- | | 2026 (part of the year) | 9.9% | | 2025 | 2.2% | | 2024 | 5.0% | | 2023 | 11.2% | | 2022 | −25.0% | | 2021 | 41.1% | | 2020 | −14.8% | | 2019 | 22.9% | | 2018 | −4.2% | | 2017 | 3.7% | | 2016 | 6.5% | | 2015 | 4.4% | | 2014 | 31.9% | | 2013 | 1.2% | | 2012 | 16.8% | | 2011 (part of the year) | 9.5% | ## What was SCHH's worst drop? A drawdown is how far a fund falls from its last high point. SCHH's worst fall was −44.2%, from February 21, 2020 to March 23, 2020. It got back to that high on June 10, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SCHH? No classic strategy holds SCHH yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SCHH compare with similar ETFs? Funds that can stand in for SCHH: - [XLRE](https://tactfolio.com/etf/xlre.md): State Street Real Estate Select Sector SPDR ETF, 0.08% a year - [VNQ](https://tactfolio.com/etf/vnq.md): Vanguard Real Estate ETF, 0.13% a year - [IYR](https://tactfolio.com/etf/iyr.md): iShares U.S. Real Estate ETF, 0.37% a year - [RWO](https://tactfolio.com/etf/rwo.md): State Street SPDR Dow Jones Global Real Estate ETF, 0.5% a year See [all 7 SCHH alternatives](https://tactfolio.com/alternatives/schh.md), compared on the same dates as SCHH. ## Test SCHH 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 SCHH, 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 SCHH. 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. Fund facts come from Schwab. We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 SCHH? SCHH charges 0.07% a year, according to Schwab as of October 17, 2026. That is about $7 a year for every $10,000 you hold. ### When did SCHH start trading? SCHH started trading on January 13, 2011. It is run by Schwab. ### What does SCHH track? SCHH tracks the Dow Jones Equity All REIT Capped Index. This fund owns shares of about 120 US companies that own buildings and land and collect rent. ### How much has SCHH returned per year? From January 2011 to October 2026, SCHH returned about 6.6% a year with dividends reinvested. Its worst drop was −44.2%. Past returns do not tell you what it will do next. ### Which strategies use SCHH? None of Tactfolio's classic strategies hold SCHH yet. You can test it in your own rules in the builder. ## Sources - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) > 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. --- # VNQ ETF: fees, returns, drawdowns and holdings > What VNQ holds, its 0.13% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Vanguard Real Estate ETF (VNQ) is an exchange-traded fund (ETF) run by Vanguard. This fund owns shares of about 140 US companies that own or run real estate, such as offices, apartments, warehouses, and cell towers. It charges 0.13% a year. From September 2004 to October 2026 it returned about 7.3% a year, and its worst drop was −73.1%. 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: 0.13% a year (about $13 on $10,000). - Started trading on September 23, 2004. - Worst drop since 2004: −73.1%. - 21 Tactfolio classic strategies hold it. ## What does VNQ hold? This fund owns shares of about 140 US companies that own or run real estate, such as offices, apartments, warehouses, and cell towers. Most of these companies are REITs, which must pay out most of their taxable income to their owners. Because it holds only real estate companies, it is less spread out than a fund that owns the whole stock market. It tracks the MSCI US Investable Market Real Estate 25/50 Index. It had 139 holdings as of September 30, 2026, according to Vanguard. | Fact | VNQ | | --- | --- | | Full name | Vanguard Real Estate ETF | | Issuer | Vanguard | | Expense ratio | 0.13% a year | | Started trading | September 23, 2004 | | Tracks | MSCI US Investable Market Real Estate 25/50 Index | | Type | Real estate, ETF | | Holdings | 139 holdings as of September 30, 2026 | | Facts checked | October 16, 2026 on the [Vanguard fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) | ## What is the VNQ expense ratio? VNQ charges 0.13% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.13% fee comes to about $13 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has VNQ done since 2004? From September 2004 to October 2026, VNQ returned about 7.3% a year. Say you put in $10,000 at the start. It would have been worth about $47,475 at the end, with every dividend reinvested. | Measure | VNQ | | --- | --- | | Total return | 374.8% | | Return per year (CAGR) | 7.3% | | Worst drop from a high | −73.1% | | Volatility (how much it swings) | 28.2% | | Last 12 months | 5.1% | | Last 3 years, per year | 10.6% | | Last 5 years, per year | 0.9% | | Last 10 years, per year | 5.1% | 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. ## VNQ returns by year | Year | VNQ return | | --- | --- | | 2026 (part of the year) | 6.6% | | 2025 | 3.3% | | 2024 | 4.8% | | 2023 | 11.8% | | 2022 | −26.3% | | 2021 | 40.5% | | 2020 | −4.6% | | 2019 | 28.9% | | 2018 | −6.0% | | 2017 | 4.9% | | 2016 | 8.6% | | 2015 | 2.4% | | 2014 | 30.4% | | 2013 | 2.3% | | 2012 | 17.6% | | 2011 | 8.6% | | 2010 | 28.4% | | 2009 | 30.1% | | 2008 | −37.0% | | 2007 | −16.5% | | 2006 | 35.3% | | 2005 | 11.9% | | 2004 (part of the year) | 16.0% | ## What was VNQ's worst drop? A drawdown is how far a fund falls from its last high point. VNQ's worst fall was −73.1%, from February 7, 2007 to March 6, 2009. It got back to that high on September 7, 2012. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold VNQ? 21 classic strategies hold VNQ at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009 ## How does VNQ compare with similar ETFs? Funds that can stand in for VNQ: - [SCHH](https://tactfolio.com/etf/schh.md): Schwab U.S. REIT ETF, 0.07% a year - [XLRE](https://tactfolio.com/etf/xlre.md): State Street Real Estate Select Sector SPDR ETF, 0.08% a year - [IYR](https://tactfolio.com/etf/iyr.md): iShares U.S. Real Estate ETF, 0.37% a year - [RWO](https://tactfolio.com/etf/rwo.md): State Street SPDR Dow Jones Global Real Estate ETF, 0.5% a year See [all 7 VNQ alternatives](https://tactfolio.com/alternatives/vnq.md), compared on the same dates as VNQ. ## Test VNQ 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 VNQ, 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 VNQ. 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. 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 VNQ? VNQ charges 0.13% a year, according to Vanguard as of October 16, 2026. That is about $13 a year for every $10,000 you hold. ### When did VNQ start trading? VNQ started trading on September 23, 2004. It is run by Vanguard. ### What does VNQ track? VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index. This fund owns shares of about 140 US companies that own or run real estate, such as offices, apartments, warehouses, and cell towers. ### How much has VNQ returned per year? From September 2004 to October 2026, VNQ returned about 7.3% a year with dividends reinvested. Its worst drop was −73.1%. Past returns do not tell you what it will do next. ### Which strategies use VNQ? 21 of Tactfolio's classic strategies hold VNQ, including Hybrid Asset Allocation (HAA), Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA). ## Sources - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) > 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. --- # XLRE ETF: fees, returns, drawdowns and holdings > What XLRE holds, its 0.08% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. State Street Real Estate Select Sector SPDR ETF (XLRE) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the real estate companies in the S&P 500, mostly REITs that own and rent out property. It charges 0.08% a year. From October 2015 to October 2026 it returned about 6.7% a year, and its worst drop was −38.8%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.08% a year (about $8 on $10,000). - Started trading on October 7, 2015. - Worst drop since 2015: −38.8%. - No Tactfolio classic strategies hold it. ## What does XLRE hold? This fund owns the real estate companies in the S&P 500, mostly REITs that own and rent out property. Many pay dividends from rent. It held only 30 companies in October 2026, so it is not very spread out. It tracks the Real Estate Select Sector Index. It had 30 holdings as of October 15, 2026, according to SPDR (State Street). | Fact | XLRE | | --- | --- | | Full name | State Street Real Estate Select Sector SPDR ETF | | Issuer | SPDR (State Street) | | Expense ratio | 0.08% a year | | Started trading | October 7, 2015 | | Tracks | Real Estate Select Sector Index | | Type | Real estate, ETF | | Holdings | 30 holdings as of October 15, 2026 | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) | ## What is the XLRE expense ratio? XLRE charges 0.08% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.08% fee comes to about $8 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has XLRE done since 2015? From October 2015 to October 2026, XLRE returned about 6.7% a year. Say you put in $10,000 at the start. It would have been worth about $20,380 at the end, with every dividend reinvested. | Measure | XLRE | | --- | --- | | Total return | 103.8% | | Return per year (CAGR) | 6.7% | | Worst drop from a high | −38.8% | | Volatility (how much it swings) | 20.2% | | Last 12 months | 4.5% | | Last 3 years, per year | 10.4% | | Last 5 years, per year | 1.6% | | Last 10 years, per year | 6.6% | 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. ## XLRE returns by year | Year | XLRE return | | --- | --- | | 2026 (part of the year) | 7.0% | | 2025 | 2.6% | | 2024 | 5.1% | | 2023 | 12.4% | | 2022 | −26.3% | | 2021 | 46.1% | | 2020 | −2.2% | | 2019 | 28.7% | | 2018 | −2.4% | | 2017 | 10.7% | | 2016 | 2.8% | | 2015 (part of the year) | 4.4% | ## What was XLRE's worst drop? A drawdown is how far a fund falls from its last high point. XLRE's worst fall was −38.8%, from February 21, 2020 to March 23, 2020. It got back to that high on April 5, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold XLRE? No classic strategy holds XLRE yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does XLRE compare with similar ETFs? Funds that can stand in for XLRE: - [SCHH](https://tactfolio.com/etf/schh.md): Schwab U.S. REIT ETF, 0.07% a year - [VNQ](https://tactfolio.com/etf/vnq.md): Vanguard Real Estate ETF, 0.13% a year - [IYR](https://tactfolio.com/etf/iyr.md): iShares U.S. Real Estate ETF, 0.37% a year - [RWO](https://tactfolio.com/etf/rwo.md): State Street SPDR Dow Jones Global Real Estate ETF, 0.5% a year See [all 7 XLRE alternatives](https://tactfolio.com/alternatives/xlre.md), compared on the same dates as XLRE. ## Test XLRE 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 XLRE, 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 XLRE. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 XLRE? XLRE charges 0.08% a year, according to SPDR (State Street) as of October 17, 2026. That is about $8 a year for every $10,000 you hold. ### When did XLRE start trading? XLRE started trading on October 7, 2015. It is run by SPDR (State Street). ### What does XLRE track? XLRE tracks the Real Estate Select Sector Index. This fund owns the real estate companies in the S&P 500, mostly REITs that own and rent out property. ### How much has XLRE returned per year? From October 2015 to October 2026, XLRE returned about 6.7% a year with dividends reinvested. Its worst drop was −38.8%. Past returns do not tell you what it will do next. ### Which strategies use XLRE? None of Tactfolio's classic strategies hold XLRE yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) > 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. --- # DBC ETF: fees, returns, drawdowns and holdings > What DBC holds, its 0.85% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Invesco DB Commodity Index Tracking Fund (DBC) is an exchange-traded fund (ETF) that holds commodity futures run by Invesco. This fund does not own stocks. It charges 0.85% a year. From February 2006 to October 2026 it returned about 2.8% a year, and its worst drop was −76.4%. 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: 0.85% a year (about $85 on $10,000). - Started trading on February 3, 2006. - Worst drop since 2006: −76.4%. - 10 Tactfolio classic strategies hold it. ## What does DBC hold? This fund does not own stocks. It holds futures contracts on a mix of commodities such as oil, gas, gold, metals, crops and livestock, plus Treasury bills and money market funds. Its value rises and falls with those raw material prices, and it sends a K-1 tax form instead of a 1099. It tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. | Fact | DBC | | --- | --- | | Full name | Invesco DB Commodity Index Tracking Fund | | Issuer | Invesco | | Expense ratio | 0.85% a year | | Started trading | February 3, 2006 | | Tracks | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | Type | Commodities, Commodity pool ETF | | Facts checked | October 16, 2026 on the [Invesco fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) | ## What is the DBC expense ratio? DBC charges 0.85% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.85% fee comes to about $85 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has DBC done since 2006? From February 2006 to October 2026, DBC returned about 2.8% a year. Say you put in $10,000 at the start. It would have been worth about $17,587 at the end, with every dividend reinvested. | Measure | DBC | | --- | --- | | Total return | 75.9% | | Return per year (CAGR) | 2.8% | | Worst drop from a high | −76.4% | | Volatility (how much it swings) | 19.3% | | Last 12 months | 57.5% | | Last 3 years, per year | 15.9% | | Last 5 years, per year | 12.3% | | Last 10 years, per year | 10.1% | 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. ## DBC returns by year | Year | DBC return | | --- | --- | | 2026 (part of the year) | 50.9% | | 2025 | 8.1% | | 2024 | 2.2% | | 2023 | −6.2% | | 2022 | 19.3% | | 2021 | 41.4% | | 2020 | −7.8% | | 2019 | 11.8% | | 2018 | −11.6% | | 2017 | 4.9% | | 2016 | 18.6% | | 2015 | −27.6% | | 2014 | −28.1% | | 2013 | −7.6% | | 2012 | 3.5% | | 2011 | −2.6% | | 2010 | 11.9% | | 2009 | 16.2% | | 2008 | −31.8% | | 2007 | 31.6% | | 2006 (part of the year) | 4.1% | ## What was DBC's worst drop? A drawdown is how far a fund falls from its last high point. DBC's worst fall was −76.4%, from July 2, 2008 to April 27, 2020. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold DBC? 10 classic strategies hold DBC at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 ## How does DBC compare with similar ETFs? Funds that can stand in for DBC: - [DJP](https://tactfolio.com/etf/djp.md): iPath Bloomberg Commodity Index Total Return ETN, 0.7% a year - [GSG](https://tactfolio.com/etf/gsg.md): iShares S&P GSCI Commodity-Indexed Trust, 0.75% a year - [GLDM](https://tactfolio.com/etf/gldm.md): SPDR Gold MiniShares, 0.1% a year - [SGOL](https://tactfolio.com/etf/sgol.md): abrdn Physical Gold Shares ETF, 0.17% a year See [all 8 DBC alternatives](https://tactfolio.com/alternatives/dbc.md), compared on the same dates as DBC. ## Test DBC 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 DBC, 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 DBC. 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. Fund facts come from Invesco. 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 DBC? DBC charges 0.85% a year, according to Invesco as of October 16, 2026. That is about $85 a year for every $10,000 you hold. ### When did DBC start trading? DBC started trading on February 3, 2006. It is run by Invesco. ### What does DBC track? DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. This fund does not own stocks. ### How much has DBC returned per year? From February 2006 to October 2026, DBC returned about 2.8% a year with dividends reinvested. Its worst drop was −76.4%. Past returns do not tell you what it will do next. ### Which strategies use DBC? 10 of Tactfolio's classic strategies hold DBC, including Hybrid Asset Allocation (HAA), Bold Asset Allocation (BAA), Adaptive Asset Allocation (AAA). ## Sources - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) > 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. --- # DJP ETF: fees, returns, drawdowns and holdings > What DJP holds, its 0.7% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iPath Bloomberg Commodity Index Total Return ETN (DJP) is an exchange-traded note (ETN), a kind of bond whose value follows an index run by iPath (Barclays). This is an exchange-traded note, which is a debt promise from Barclays Bank PLC, not a fund that owns things. It charges 0.7% a year. From October 2006 to October 2026 it returned about 0.4% a year, and its worst drop was −78.3%. 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: 0.7% a year (about $70 on $10,000). - Started trading on June 6, 2006. - Worst drop since 2006: −78.3%. - 1 Tactfolio classic strategy holds it. ## What does DJP hold? This is an exchange-traded note, which is a debt promise from Barclays Bank PLC, not a fund that owns things. It pays back based on a broad commodity index that includes energy, metals and farm goods, minus a yearly fee. If Barclays could not pay its debts, investors could lose money even if commodities went up. It tracks the Bloomberg Commodity Index Total Return. | Fact | DJP | | --- | --- | | Full name | iPath Bloomberg Commodity Index Total Return ETN | | Issuer | iPath (Barclays) | | Expense ratio | 0.7% a year | | Started trading | June 6, 2006 | | Tracks | Bloomberg Commodity Index Total Return | | Type | Commodities, ETN | | Facts checked | October 16, 2026 on the [iPath (Barclays) fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) | ## What is the DJP expense ratio? DJP charges 0.7% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.7% fee comes to about $70 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has DJP done since 2006? From October 2006 to October 2026, DJP returned about 0.4% a year. Say you put in $10,000 at the start. It would have been worth about $10,859 at the end, with every dividend reinvested. | Measure | DJP | | --- | --- | | Total return | 8.6% | | Return per year (CAGR) | 0.4% | | Worst drop from a high | −78.3% | | Volatility (how much it swings) | 18.0% | | Last 12 months | 46.3% | | Last 3 years, per year | 17.8% | | Last 5 years, per year | 11.5% | | Last 10 years, per year | 8.3% | 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. ## DJP returns by year | Year | DJP return | | --- | --- | | 2026 (part of the year) | 40.2% | | 2025 | 17.2% | | 2024 | 5.6% | | 2023 | −9.8% | | 2022 | 17.5% | | 2021 | 31.1% | | 2020 | −4.1% | | 2019 | 7.6% | | 2018 | −13.1% | | 2017 | 0.7% | | 2016 | 12.9% | | 2015 | −28.2% | | 2014 | −18.6% | | 2013 | −11.1% | | 2012 | −2.1% | | 2011 | −14.0% | | 2010 | 16.2% | | 2009 | 20.1% | | 2008 | −37.4% | | 2007 | 14.9% | | 2006 (part of the year) | 0.8% | ## What was DJP's worst drop? A drawdown is how far a fund falls from its last high point. DJP's worst fall was −78.3%, from July 2, 2008 to April 21, 2020. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold DJP? One classic strategy holds DJP at least some of the time. Each is a set of written rules you can open, test and copy. - [Global Risk Parity Trend-Following (Clare et al.)](https://tactfolio.com/strategies/global-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 ## How does DJP compare with similar ETFs? Funds that can stand in for DJP: - [GSG](https://tactfolio.com/etf/gsg.md): iShares S&P GSCI Commodity-Indexed Trust, 0.75% a year - [DBC](https://tactfolio.com/etf/dbc.md): Invesco DB Commodity Index Tracking Fund, 0.85% a year - [GLDM](https://tactfolio.com/etf/gldm.md): SPDR Gold MiniShares, 0.1% a year - [SGOL](https://tactfolio.com/etf/sgol.md): abrdn Physical Gold Shares ETF, 0.17% a year See [all 8 DJP alternatives](https://tactfolio.com/alternatives/djp.md), compared on the same dates as DJP. ## Test DJP 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 DJP, 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 DJP. 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. Fund facts come from iPath (Barclays). 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 DJP? DJP charges 0.7% a year, according to iPath (Barclays) as of October 16, 2026. That is about $70 a year for every $10,000 you hold. ### When did DJP start trading? DJP started trading on June 6, 2006. It is run by iPath (Barclays). ### What does DJP track? DJP tracks the Bloomberg Commodity Index Total Return. This is an exchange-traded note, which is a debt promise from Barclays Bank PLC, not a fund that owns things. ### How much has DJP returned per year? From October 2006 to October 2026, DJP returned about 0.4% a year with dividends reinvested. Its worst drop was −78.3%. Past returns do not tell you what it will do next. ### Which strategies use DJP? One of Tactfolio's classic strategies hold DJP, including Global Risk Parity Trend-Following (Clare et al.). ## Sources - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) > 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. --- # GSG ETF: fees, returns, drawdowns and holdings > What GSG holds, its 0.75% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares S&P GSCI Commodity-Indexed Trust (GSG) is an exchange-traded fund (ETF) that holds commodity futures run by iShares (BlackRock). This fund does not own stocks. It charges 0.75% a year. From July 2006 to October 2026 it lost about 1.4% a year, and its worst drop was −89.6%. 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: 0.75% a year (about $75 on $10,000). - Started trading on July 10, 2006. - Worst drop since 2006: −89.6%. - 13 Tactfolio classic strategies hold it. ## What does GSG hold? This fund does not own stocks. It holds futures contracts tied to the S&P GSCI, a broad index of commodities such as oil, gas, metals, crops and livestock, plus short-term cash-like holdings. Its value rises and falls with those raw material prices, and it sends a K-1 tax form instead of a 1099. It tracks the S&P GSCI Total Return Index. | Fact | GSG | | --- | --- | | Full name | iShares S&P GSCI Commodity-Indexed Trust | | Issuer | iShares (BlackRock) | | Expense ratio | 0.75% a year | | Started trading | July 10, 2006 | | Tracks | S&P GSCI Total Return Index | | Type | Commodities, Commodity pool ETF | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) | ## What is the GSG expense ratio? GSG charges 0.75% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.75% fee comes to about $75 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has GSG done since 2006? From July 2006 to October 2026, GSG lost about 1.4% a year. Say you put in $10,000 at the start. It would have been worth about $7,535 at the end, with every dividend reinvested. | Measure | GSG | | --- | --- | | Total return | −24.6% | | Return per year (CAGR) | −1.4% | | Worst drop from a high | −89.6% | | Volatility (how much it swings) | 23.5% | | Last 12 months | 64.6% | | Last 3 years, per year | 18.8% | | Last 5 years, per year | 15.7% | | Last 10 years, per year | 9.3% | 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. ## GSG returns by year | Year | GSG return | | --- | --- | | 2026 (part of the year) | 60.9% | | 2025 | 5.9% | | 2024 | 8.5% | | 2023 | −5.5% | | 2022 | 24.1% | | 2021 | 38.8% | | 2020 | −23.9% | | 2019 | 15.6% | | 2018 | −13.9% | | 2017 | 3.9% | | 2016 | 10.1% | | 2015 | −34.1% | | 2014 | −33.0% | | 2013 | −1.8% | | 2012 | −0.6% | | 2011 | −3.3% | | 2010 | 7.2% | | 2009 | 11.2% | | 2008 | −45.8% | | 2007 | 31.6% | | 2006 (part of the year) | −18.6% | ## What was GSG's worst drop? A drawdown is how far a fund falls from its last high point. GSG's worst fall was −89.6%, from July 2, 2008 to April 28, 2020. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold GSG? 13 classic strategies hold GSG at least some of the time. Each is a set of written rules you can open, test and copy. - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009 ## How does GSG compare with similar ETFs? Funds that can stand in for GSG: - [DJP](https://tactfolio.com/etf/djp.md): iPath Bloomberg Commodity Index Total Return ETN, 0.7% a year - [DBC](https://tactfolio.com/etf/dbc.md): Invesco DB Commodity Index Tracking Fund, 0.85% a year - [GLDM](https://tactfolio.com/etf/gldm.md): SPDR Gold MiniShares, 0.1% a year - [SGOL](https://tactfolio.com/etf/sgol.md): abrdn Physical Gold Shares ETF, 0.17% a year See [all 8 GSG alternatives](https://tactfolio.com/alternatives/gsg.md), compared on the same dates as GSG. ## Test GSG 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 GSG, 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 GSG. 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. Fund facts come from iShares (BlackRock). 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 GSG? GSG charges 0.75% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $75 a year for every $10,000 you hold. ### When did GSG start trading? GSG started trading on July 10, 2006. It is run by iShares (BlackRock). ### What does GSG track? GSG tracks the S&P GSCI Total Return Index. This fund does not own stocks. ### How much has GSG returned per year? From July 2006 to October 2026, GSG lost about 1.4% a year with dividends reinvested. Its worst drop was −89.6%. Past returns do not tell you what it will do next. ### Which strategies use GSG? 13 of Tactfolio's classic strategies hold GSG, including Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA), Global Tactical Asset Allocation (GTAA 5). ## Sources - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) > 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. --- # AAAU ETF: fees, returns, drawdowns and holdings > What AAAU holds, its 0.18% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Goldman Sachs Physical Gold ETF (AAAU) is an exchange-traded fund (ETF) run by Goldman Sachs Asset Management. Each share of this fund stands for a small amount of real gold bars kept in vaults. It charges 0.18% a year. From August 2018 to October 2026 it returned about 16.6% a year, and its worst drop was −26.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.18% a year (about $18 on $10,000). - Started trading on July 26, 2018. - Worst drop since 2018: −26.3%. - No Tactfolio classic strategies hold it. ## What does AAAU hold? Each share of this fund stands for a small amount of real gold bars kept in vaults. Its price follows the price of gold, minus the yearly fee. It does not pay interest or dividends. It tracks the LBMA Gold Price PM. | Fact | AAAU | | --- | --- | | Full name | Goldman Sachs Physical Gold ETF | | Issuer | Goldman Sachs Asset Management | | Expense ratio | 0.18% a year | | Started trading | July 26, 2018 | | Tracks | LBMA Gold Price PM | | Type | Gold, ETF | | Facts checked | October 17, 2026 on the [Goldman Sachs Asset Management fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) | ## What is the AAAU expense ratio? AAAU charges 0.18% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.18% fee comes to about $18 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has AAAU done since 2018? From August 2018 to October 2026, AAAU returned about 16.6% a year. Say you put in $10,000 at the start. It would have been worth about $34,983 at the end, with every dividend reinvested. | Measure | AAAU | | --- | --- | | Total return | 249.8% | | Return per year (CAGR) | 16.6% | | Worst drop from a high | −26.3% | | Volatility (how much it swings) | 17.4% | | Last 12 months | −3.4% | | Last 3 years, per year | 29.3% | | Last 5 years, per year | 18.5% | 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. ## AAAU returns by year | Year | AAAU return | | --- | --- | | 2026 (part of the year) | −3.5% | | 2025 | 64.0% | | 2024 | 27.0% | | 2023 | 12.9% | | 2022 | −0.5% | | 2021 | −4.0% | | 2020 | 25.0% | | 2019 | 18.2% | | 2018 (part of the year) | 9.2% | ## What was AAAU's worst drop? A drawdown is how far a fund falls from its last high point. AAAU's worst fall was −26.3%, from January 29, 2026 to July 16, 2026. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold AAAU? No classic strategy holds AAAU yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does AAAU compare with similar ETFs? Funds that can stand in for AAAU: - [GLDM](https://tactfolio.com/etf/gldm.md): SPDR Gold MiniShares, 0.1% a year - [SGOL](https://tactfolio.com/etf/sgol.md): abrdn Physical Gold Shares ETF, 0.17% a year - [BAR](https://tactfolio.com/etf/bar.md): GraniteShares Gold Trust, 0.1749% a year - [GLD](https://tactfolio.com/etf/gld.md): SPDR Gold Shares, 0.4% a year See [all 8 AAAU alternatives](https://tactfolio.com/alternatives/aaau.md), compared on the same dates as AAAU. ## Test AAAU 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 AAAU, 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 AAAU. 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. Fund facts come from Goldman Sachs Asset Management. We checked them on October 17, 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 AAAU? AAAU charges 0.18% a year, according to Goldman Sachs Asset Management as of October 17, 2026. That is about $18 a year for every $10,000 you hold. ### When did AAAU start trading? AAAU started trading on July 26, 2018. It is run by Goldman Sachs Asset Management. ### What does AAAU track? AAAU tracks the LBMA Gold Price PM. Each share of this fund stands for a small amount of real gold bars kept in vaults. ### How much has AAAU returned per year? From August 2018 to October 2026, AAAU returned about 16.6% a year with dividends reinvested. Its worst drop was −26.3%. Past returns do not tell you what it will do next. ### Which strategies use AAAU? None of Tactfolio's classic strategies hold AAAU yet. You can test it in your own rules in the builder. ## Sources - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) > 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. --- # BAR ETF: fees, returns, drawdowns and holdings > What BAR holds, its 0.1749% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. GraniteShares Gold Trust (BAR) is an exchange-traded fund (ETF) run by GraniteShares. Each share of this fund stands for a small amount of real gold kept in a London vault. It charges 0.1749% a year. From September 2017 to October 2026 it returned about 13.2% a year, and its worst drop was −26.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.1749% a year (about $17.49 on $10,000). - Started trading on August 31, 2017. - Worst drop since 2017: −26.3%. - No Tactfolio classic strategies hold it. ## What does BAR hold? Each share of this fund stands for a small amount of real gold kept in a London vault. Its price follows the price of gold, minus a small yearly fee. It does not pay interest or dividends. It tracks the LBMA Gold Price PM. | Fact | BAR | | --- | --- | | Full name | GraniteShares Gold Trust | | Issuer | GraniteShares | | Expense ratio | 0.1749% a year | | Started trading | August 31, 2017 | | Tracks | LBMA Gold Price PM | | Type | Gold, ETF | | Facts checked | October 17, 2026 on the [GraniteShares fund page](https://graniteshares.com/etfs/bar/) | ## What is the BAR expense ratio? BAR charges 0.1749% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.1749% fee comes to about $17.49 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has BAR done since 2017? From September 2017 to October 2026, BAR returned about 13.2% a year. Say you put in $10,000 at the start. It would have been worth about $30,912 at the end, with every dividend reinvested. | Measure | BAR | | --- | --- | | Total return | 209.1% | | Return per year (CAGR) | 13.2% | | Worst drop from a high | −26.3% | | Volatility (how much it swings) | 16.8% | | Last 12 months | −3.4% | | Last 3 years, per year | 29.3% | | Last 5 years, per year | 18.5% | 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. ## BAR returns by year | Year | BAR return | | --- | --- | | 2026 (part of the year) | −3.5% | | 2025 | 64.1% | | 2024 | 27.0% | | 2023 | 13.0% | | 2022 | −0.5% | | 2021 | −3.9% | | 2020 | 25.0% | | 2019 | 18.2% | | 2018 | −1.9% | | 2017 (part of the year) | −1.8% | ## What was BAR's worst drop? A drawdown is how far a fund falls from its last high point. BAR's worst fall was −26.3%, from January 29, 2026 to July 16, 2026. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold BAR? No classic strategy holds BAR yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does BAR compare with similar ETFs? Funds that can stand in for BAR: - [GLDM](https://tactfolio.com/etf/gldm.md): SPDR Gold MiniShares, 0.1% a year - [SGOL](https://tactfolio.com/etf/sgol.md): abrdn Physical Gold Shares ETF, 0.17% a year - [AAAU](https://tactfolio.com/etf/aaau.md): Goldman Sachs Physical Gold ETF, 0.18% a year - [GLD](https://tactfolio.com/etf/gld.md): SPDR Gold Shares, 0.4% a year See [all 8 BAR alternatives](https://tactfolio.com/alternatives/bar.md), compared on the same dates as BAR. ## Test BAR 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 BAR, 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 BAR. 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. Fund facts come from GraniteShares. We checked them on October 17, 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 BAR? BAR charges 0.1749% a year, according to GraniteShares as of October 17, 2026. That is about $17.49 a year for every $10,000 you hold. ### When did BAR start trading? BAR started trading on August 31, 2017. It is run by GraniteShares. ### What does BAR track? BAR tracks the LBMA Gold Price PM. Each share of this fund stands for a small amount of real gold kept in a London vault. ### How much has BAR returned per year? From September 2017 to October 2026, BAR returned about 13.2% a year with dividends reinvested. Its worst drop was −26.3%. Past returns do not tell you what it will do next. ### Which strategies use BAR? None of Tactfolio's classic strategies hold BAR yet. You can test it in your own rules in the builder. ## Sources - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) > 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. --- # GLD ETF: fees, returns, drawdowns and holdings > What GLD holds, its 0.4% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. SPDR Gold Shares (GLD) is an exchange-traded fund (ETF) run by SPDR (State Street). Each share of this fund stands for a small amount of real gold bars kept in vaults. It charges 0.4% a year. From November 2004 to October 2026 it returned about 10.3% a year, and its worst drop was −45.6%. 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: 0.4% a year (about $40 on $10,000). - Started trading on November 18, 2004. - Worst drop since 2004: −45.6%. - 22 Tactfolio classic strategies hold it. ## What does GLD hold? Each share of this fund stands for a small amount of real gold bars kept in vaults. Its price follows the price of gold, minus the yearly fee. It does not pay interest or dividends. It tracks the LBMA Gold Price PM. | Fact | GLD | | --- | --- | | Full name | SPDR Gold Shares | | Issuer | SPDR (State Street) | | Expense ratio | 0.4% a year | | Started trading | November 18, 2004 | | Tracks | LBMA Gold Price PM | | Type | Gold, ETF | | Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.spdrgoldshares.com/usa/gld/) | ## What is the GLD expense ratio? GLD charges 0.4% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.4% fee comes to about $40 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has GLD done since 2004? From November 2004 to October 2026, GLD returned about 10.3% a year. Say you put in $10,000 at the start. It would have been worth about $86,077 at the end, with every dividend reinvested. | Measure | GLD | | --- | --- | | Total return | 760.8% | | Return per year (CAGR) | 10.3% | | Worst drop from a high | −45.6% | | Volatility (how much it swings) | 18.3% | | Last 12 months | −3.6% | | Last 3 years, per year | 29.0% | | Last 5 years, per year | 18.2% | | Last 10 years, per year | 12.3% | 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. ## GLD returns by year | Year | GLD return | | --- | --- | | 2026 (part of the year) | −3.6% | | 2025 | 63.7% | | 2024 | 26.7% | | 2023 | 12.7% | | 2022 | −0.8% | | 2021 | −4.2% | | 2020 | 24.8% | | 2019 | 17.9% | | 2018 | −1.9% | | 2017 | 12.8% | | 2016 | 8.0% | | 2015 | −10.7% | | 2014 | −2.2% | | 2013 | −28.3% | | 2012 | 6.6% | | 2011 | 9.6% | | 2010 | 29.3% | | 2009 | 24.0% | | 2008 | 4.9% | | 2007 | 30.4% | | 2006 | 22.6% | | 2005 | 17.8% | | 2004 (part of the year) | −1.3% | ## What was GLD's worst drop? A drawdown is how far a fund falls from its last high point. GLD's worst fall was −45.6%, from August 22, 2011 to December 17, 2015. It got back to that high on July 29, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold GLD? 22 classic strategies hold GLD at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 - [Gold Cross-Asset Momentum (gold and Treasury rule)](https://tactfolio.com/strategies/gold-cross-asset-momentum.md), by Cyril Dujava (Quantpedia), 2026 - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 ## How does GLD compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [GLD vs IAU](https://tactfolio.com/etf-comparisons/gld-vs-iau.md): two funds that hold real gold, with different fees. Funds that can stand in for GLD: - [GLDM](https://tactfolio.com/etf/gldm.md): SPDR Gold MiniShares, 0.1% a year - [SGOL](https://tactfolio.com/etf/sgol.md): abrdn Physical Gold Shares ETF, 0.17% a year - [BAR](https://tactfolio.com/etf/bar.md): GraniteShares Gold Trust, 0.1749% a year - [AAAU](https://tactfolio.com/etf/aaau.md): Goldman Sachs Physical Gold ETF, 0.18% a year See [all 8 GLD alternatives](https://tactfolio.com/alternatives/gld.md), compared on the same dates as GLD. ## Test GLD 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 GLD, 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 GLD. 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. Fund facts come from SPDR (State Street). 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 GLD? GLD charges 0.4% a year, according to SPDR (State Street) as of October 16, 2026. That is about $40 a year for every $10,000 you hold. ### When did GLD start trading? GLD started trading on November 18, 2004. It is run by SPDR (State Street). ### What does GLD track? GLD tracks the LBMA Gold Price PM. Each share of this fund stands for a small amount of real gold bars kept in vaults. ### How much has GLD returned per year? From November 2004 to October 2026, GLD returned about 10.3% a year with dividends reinvested. Its worst drop was −45.6%. Past returns do not tell you what it will do next. ### Which strategies use GLD? 22 of Tactfolio's classic strategies hold GLD, including Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA). ## Sources - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) > 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. --- # GLDM ETF: fees, returns, drawdowns and holdings > What GLDM holds, its 0.1% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. SPDR Gold MiniShares (GLDM) is an exchange-traded fund (ETF) run by SPDR (State Street). Each share of this fund stands for a small amount of real gold kept in vaults. It charges 0.1% a year. From June 2018 to October 2026 it returned about 15.3% a year, and its worst drop was −26.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.1% a year (about $10 on $10,000). - Started trading on June 25, 2018. - Worst drop since 2018: −26.3%. - No Tactfolio classic strategies hold it. ## What does GLDM hold? Each share of this fund stands for a small amount of real gold kept in vaults. Its price follows the price of gold, minus a low yearly fee. It does not pay interest or dividends. It tracks the LBMA Gold Price PM. | Fact | GLDM | | --- | --- | | Full name | SPDR Gold MiniShares | | Issuer | SPDR (State Street) | | Expense ratio | 0.1% a year | | Started trading | June 25, 2018 | | Tracks | LBMA Gold Price PM | | Type | Gold, ETF | | Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.spdrgoldshares.com/usa/gldm/) | ## What is the GLDM expense ratio? GLDM charges 0.1% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.1% fee comes to about $10 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has GLDM done since 2018? From June 2018 to October 2026, GLDM returned about 15.3% a year. Say you put in $10,000 at the start. It would have been worth about $32,753 at the end, with every dividend reinvested. | Measure | GLDM | | --- | --- | | Total return | 227.5% | | Return per year (CAGR) | 15.3% | | Worst drop from a high | −26.3% | | Volatility (how much it swings) | 17.3% | | Last 12 months | −3.3% | | Last 3 years, per year | 29.4% | | Last 5 years, per year | 18.6% | 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. ## GLDM returns by year | Year | GLDM return | | --- | --- | | 2026 (part of the year) | −3.4% | | 2025 | 64.2% | | 2024 | 27.1% | | 2023 | 13.0% | | 2022 | −0.5% | | 2021 | −4.0% | | 2020 | 25.1% | | 2019 | 18.1% | | 2018 (part of the year) | 1.8% | ## What was GLDM's worst drop? A drawdown is how far a fund falls from its last high point. GLDM's worst fall was −26.3%, from January 29, 2026 to July 16, 2026. By October 16, 2026 it had not yet climbed back to that high. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold GLDM? No classic strategy holds GLDM yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does GLDM compare with similar ETFs? Funds that can stand in for GLDM: - [SGOL](https://tactfolio.com/etf/sgol.md): abrdn Physical Gold Shares ETF, 0.17% a year - [BAR](https://tactfolio.com/etf/bar.md): GraniteShares Gold Trust, 0.1749% a year - [AAAU](https://tactfolio.com/etf/aaau.md): Goldman Sachs Physical Gold ETF, 0.18% a year - [GLD](https://tactfolio.com/etf/gld.md): SPDR Gold Shares, 0.4% a year See [all 8 GLDM alternatives](https://tactfolio.com/alternatives/gldm.md), compared on the same dates as GLDM. ## Test GLDM 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 GLDM, 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 GLDM. 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. Fund facts come from SPDR (State Street). We checked them on October 17, 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 GLDM? GLDM charges 0.1% a year, according to SPDR (State Street) as of October 17, 2026. That is about $10 a year for every $10,000 you hold. ### When did GLDM start trading? GLDM started trading on June 25, 2018. It is run by SPDR (State Street). ### What does GLDM track? GLDM tracks the LBMA Gold Price PM. Each share of this fund stands for a small amount of real gold kept in vaults. ### How much has GLDM returned per year? From June 2018 to October 2026, GLDM returned about 15.3% a year with dividends reinvested. Its worst drop was −26.3%. Past returns do not tell you what it will do next. ### Which strategies use GLDM? None of Tactfolio's classic strategies hold GLDM yet. You can test it in your own rules in the builder. ## Sources - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) > 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. --- # IAU ETF: fees, returns, drawdowns and holdings > What IAU holds, its 0.25% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. iShares Gold Trust (IAU) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds gold bars stored in vaults. It charges 0.25% a year. From January 2005 to October 2026 it returned about 10.8% a year, and its worst drop was −45.1%. 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: 0.25% a year (about $25 on $10,000). - Started trading on January 21, 2005. - Worst drop since 2005: −45.1%. - 2 Tactfolio classic strategies hold it. ## What does IAU hold? This fund holds gold bars stored in vaults. Its price aims to follow the price of gold, minus the yearly fee. It does not pay interest or dividends, so any gain or loss comes from changes in the gold price. It tracks the LBMA Gold Price. | Fact | IAU | | --- | --- | | Full name | iShares Gold Trust | | Issuer | iShares (BlackRock) | | Expense ratio | 0.25% a year | | Started trading | January 21, 2005 | | Tracks | LBMA Gold Price | | Type | Gold, ETF | | Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) | ## What is the IAU expense ratio? IAU charges 0.25% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.25% fee comes to about $25 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has IAU done since 2005? From January 2005 to October 2026, IAU returned about 10.8% a year. Say you put in $10,000 at the start. It would have been worth about $91,755 at the end, with every dividend reinvested. | Measure | IAU | | --- | --- | | Total return | 817.5% | | Return per year (CAGR) | 10.8% | | Worst drop from a high | −45.1% | | Volatility (how much it swings) | 18.3% | | Last 12 months | −3.5% | | Last 3 years, per year | 29.2% | | Last 5 years, per year | 18.4% | | Last 10 years, per year | 12.5% | 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. ## IAU returns by year | Year | IAU return | | --- | --- | | 2026 (part of the year) | −3.5% | | 2025 | 63.9% | | 2024 | 26.9% | | 2023 | 12.8% | | 2022 | −0.6% | | 2021 | −4.0% | | 2020 | 25.0% | | 2019 | 18.0% | | 2018 | −1.8% | | 2017 | 12.9% | | 2016 | 8.3% | | 2015 | −10.6% | | 2014 | −2.1% | | 2013 | −28.3% | | 2012 | 6.9% | | 2011 | 9.6% | | 2010 | 29.5% | | 2009 | 23.9% | | 2008 | 5.1% | | 2007 | 30.4% | | 2006 | 22.3% | | 2005 (part of the year) | 21.2% | ## What was IAU's worst drop? A drawdown is how far a fund falls from its last high point. IAU's worst fall was −45.1%, from August 22, 2011 to December 2, 2015. It got back to that high on July 27, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold IAU? 2 classic strategies hold IAU at least some of the time. Each is a set of written rules you can open, test and copy. - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 ## How does IAU compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [GLD vs IAU](https://tactfolio.com/etf-comparisons/gld-vs-iau.md): two funds that hold real gold, with different fees. Funds that can stand in for IAU: - [GLDM](https://tactfolio.com/etf/gldm.md): SPDR Gold MiniShares, 0.1% a year - [SGOL](https://tactfolio.com/etf/sgol.md): abrdn Physical Gold Shares ETF, 0.17% a year - [BAR](https://tactfolio.com/etf/bar.md): GraniteShares Gold Trust, 0.1749% a year - [AAAU](https://tactfolio.com/etf/aaau.md): Goldman Sachs Physical Gold ETF, 0.18% a year See [all 8 IAU alternatives](https://tactfolio.com/alternatives/iau.md), compared on the same dates as IAU. ## Test IAU 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 IAU, 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 IAU. 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. Fund facts come from iShares (BlackRock). 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 IAU? IAU charges 0.25% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $25 a year for every $10,000 you hold. ### When did IAU start trading? IAU started trading on January 21, 2005. It is run by iShares (BlackRock). ### What does IAU track? IAU tracks the LBMA Gold Price. This fund holds gold bars stored in vaults. ### How much has IAU returned per year? From January 2005 to October 2026, IAU returned about 10.8% a year with dividends reinvested. Its worst drop was −45.1%. Past returns do not tell you what it will do next. ### Which strategies use IAU? 2 of Tactfolio's classic strategies hold IAU, including Mama Bear Portfolio (Muscular Portfolios), Papa Bear Portfolio (Muscular Portfolios). ## Sources - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) > 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. --- # SGOL ETF: fees, returns, drawdowns and holdings > What SGOL holds, its 0.17% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. abrdn Physical Gold Shares ETF (SGOL) is an exchange-traded fund (ETF) run by abrdn (Aberdeen). Each share of this fund stands for a small amount of real gold bars kept in vaults. It charges 0.17% a year. From September 2009 to October 2026 it returned about 8.5% a year, and its worst drop was −45.5%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - Expense ratio: 0.17% a year (about $17 on $10,000). - Started trading on September 9, 2009. - Worst drop since 2009: −45.5%. - No Tactfolio classic strategies hold it. ## What does SGOL hold? Each share of this fund stands for a small amount of real gold bars kept in vaults. Its price follows the price of gold, minus the yearly fee. It does not pay interest or dividends. It tracks the LBMA Gold Price PM. | Fact | SGOL | | --- | --- | | Full name | abrdn Physical Gold Shares ETF | | Issuer | abrdn (Aberdeen) | | Expense ratio | 0.17% a year | | Started trading | September 9, 2009 | | Tracks | LBMA Gold Price PM | | Type | Gold, ETF | | Facts checked | October 17, 2026 on the [abrdn (Aberdeen) fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) | ## What is the SGOL expense ratio? SGOL charges 0.17% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.17% fee comes to about $17 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SGOL done since 2009? From September 2009 to October 2026, SGOL returned about 8.5% a year. Say you put in $10,000 at the start. It would have been worth about $40,089 at the end, with every dividend reinvested. | Measure | SGOL | | --- | --- | | Total return | 300.9% | | Return per year (CAGR) | 8.5% | | Worst drop from a high | −45.5% | | Volatility (how much it swings) | 16.8% | | Last 12 months | −3.4% | | Last 3 years, per year | 29.3% | | Last 5 years, per year | 18.5% | | Last 10 years, per year | 12.5% | 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. ## SGOL returns by year | Year | SGOL return | | --- | --- | | 2026 (part of the year) | −3.4% | | 2025 | 64.0% | | 2024 | 26.9% | | 2023 | 13.0% | | 2022 | −0.5% | | 2021 | −3.9% | | 2020 | 25.0% | | 2019 | 18.2% | | 2018 | −1.9% | | 2017 | 12.9% | | 2016 | 8.0% | | 2015 | −10.7% | | 2014 | −2.1% | | 2013 | −28.3% | | 2012 | 6.6% | | 2011 | 9.6% | | 2010 | 29.2% | | 2009 (part of the year) | 10.5% | ## What was SGOL's worst drop? A drawdown is how far a fund falls from its last high point. SGOL's worst fall was −45.5%, from August 22, 2011 to December 17, 2015. It got back to that high on July 28, 2020. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SGOL? No classic strategy holds SGOL yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does SGOL compare with similar ETFs? Funds that can stand in for SGOL: - [GLDM](https://tactfolio.com/etf/gldm.md): SPDR Gold MiniShares, 0.1% a year - [BAR](https://tactfolio.com/etf/bar.md): GraniteShares Gold Trust, 0.1749% a year - [AAAU](https://tactfolio.com/etf/aaau.md): Goldman Sachs Physical Gold ETF, 0.18% a year - [GLD](https://tactfolio.com/etf/gld.md): SPDR Gold Shares, 0.4% a year See [all 8 SGOL alternatives](https://tactfolio.com/alternatives/sgol.md), compared on the same dates as SGOL. ## Test SGOL 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 SGOL, 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 SGOL. 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. Fund facts come from abrdn (Aberdeen). We checked them on October 17, 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 - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 SGOL? SGOL charges 0.17% a year, according to abrdn (Aberdeen) as of October 17, 2026. That is about $17 a year for every $10,000 you hold. ### When did SGOL start trading? SGOL started trading on September 9, 2009. It is run by abrdn (Aberdeen). ### What does SGOL track? SGOL tracks the LBMA Gold Price PM. Each share of this fund stands for a small amount of real gold bars kept in vaults. ### How much has SGOL returned per year? From September 2009 to October 2026, SGOL returned about 8.5% a year with dividends reinvested. Its worst drop was −45.5%. Past returns do not tell you what it will do next. ### Which strategies use SGOL? None of Tactfolio's classic strategies hold SGOL yet. You can test it in your own rules in the builder. ## Sources - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) > 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. --- # UUP ETF: fees, returns, drawdowns and holdings > What UUP holds, its 0.75% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. Invesco DB US Dollar Index Bullish Fund (UUP) is an exchange-traded fund (ETF) that holds commodity futures run by Invesco. This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen. It charges 0.75% a year. From March 2007 to October 2026 it returned about 1.8% a year, and its worst drop was −22.2%. 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: 0.75% a year (about $75 on $10,000). - Started trading on February 20, 2007. - Worst drop since 2007: −22.2%. - 1 Tactfolio classic strategy holds it. ## What does UUP hold? This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen. It also holds Treasury bills and money market funds. It falls when the dollar gets weaker, and it sends a K-1 tax form instead of a 1099. It tracks the Deutsche Bank Long USD Currency Portfolio Index - Excess Return. | Fact | UUP | | --- | --- | | Full name | Invesco DB US Dollar Index Bullish Fund | | Issuer | Invesco | | Expense ratio | 0.75% a year | | Started trading | February 20, 2007 | | Tracks | Deutsche Bank Long USD Currency Portfolio Index - Excess Return | | Type | Currency, Commodity pool ETF | | Facts checked | October 16, 2026 on the [Invesco fund page](https://www.sec.gov/Archives/edgar/data/1371571/000119312526368499/d102641d424b3.htm) | ## What is the UUP expense ratio? UUP charges 0.75% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.75% fee comes to about $75 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has UUP done since 2007? From March 2007 to October 2026, UUP returned about 1.8% a year. Say you put in $10,000 at the start. It would have been worth about $14,074 at the end, with every dividend reinvested. | Measure | UUP | | --- | --- | | Total return | 40.7% | | Return per year (CAGR) | 1.8% | | Worst drop from a high | −22.2% | | Volatility (how much it swings) | 8.1% | | Last 12 months | 7.9% | | Last 3 years, per year | 3.7% | | Last 5 years, per year | 5.9% | | Last 10 years, per year | 3.2% | 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. ## UUP returns by year | Year | UUP return | | --- | --- | | 2026 (part of the year) | 7.0% | | 2025 | −5.0% | | 2024 | 13.5% | | 2023 | 3.6% | | 2022 | 9.5% | | 2021 | 5.7% | | 2020 | −6.7% | | 2019 | 4.1% | | 2018 | 7.0% | | 2017 | −9.1% | | 2016 | 3.2% | | 2015 | 7.0% | | 2014 | 11.4% | | 2013 | −1.3% | | 2012 | −2.9% | | 2011 | −1.1% | | 2010 | −1.6% | | 2009 | −6.5% | | 2008 | 4.9% | | 2007 (part of the year) | −4.3% | ## What was UUP's worst drop? A drawdown is how far a fund falls from its last high point. UUP's worst fall was −22.2%, from November 20, 2008 to July 26, 2011. It got back to that high on July 31, 2019. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold UUP? One classic strategy holds UUP at least some of the time. Each is a set of written rules you can open, test and copy. - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 ## Test UUP 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 UUP, 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 UUP. 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. Fund facts come from Invesco. 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 - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [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 UUP? UUP charges 0.75% a year, according to Invesco as of October 16, 2026. That is about $75 a year for every $10,000 you hold. ### When did UUP start trading? UUP started trading on February 20, 2007. It is run by Invesco. ### What does UUP track? UUP tracks the Deutsche Bank Long USD Currency Portfolio Index - Excess Return. This fund holds futures contracts that gain value when the US dollar gets stronger against six other major currencies, such as the euro and the Japanese yen. ### How much has UUP returned per year? From March 2007 to October 2026, UUP returned about 1.8% a year with dividends reinvested. Its worst drop was −22.2%. Past returns do not tell you what it will do next. ### Which strategies use UUP? One of Tactfolio's classic strategies hold UUP, including Defense First (Carlson’s defensive tactical model). ## Sources - [Invesco: Invesco DB US Dollar Index Bullish Fund fund page](https://www.sec.gov/Archives/edgar/data/1371571/000119312526368499/d102641d424b3.htm) > 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. --- # SSO ETF: fees, returns, drawdowns and holdings > What SSO holds, its 0.84% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. ProShares Ultra S&P500 (SSO) is an exchange-traded fund (ETF) run by ProShares. This fund aims to return 2 times the S&P 500's return for a single day, using stocks plus swaps and other contracts. It charges 0.84% a year. From June 2006 to October 2026 it returned about 15.6% a year, and its worst drop was −84.7%. 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: 0.84% a year (about $84 on $10,000). - Started trading on June 19, 2006. - Worst drop since 2006: −84.7%. - 1 Tactfolio classic strategy holds it. ## What does SSO hold? This fund aims to return 2 times the S&P 500's return for a single day, using stocks plus swaps and other contracts. It resets every day, so over weeks or years its results can be very different from 2 times the index, and losses can be large. It is built for daily moves, not as a plain long-term index fund. It tracks the S&P 500. | Fact | SSO | | --- | --- | | Full name | ProShares Ultra S&P500 | | Issuer | ProShares | | Expense ratio | 0.84% a year | | Started trading | June 19, 2006 | | Tracks | S&P 500 | | Type | Leveraged, ETF | | Facts checked | October 16, 2026 on the [ProShares fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/sso) | ## What is the SSO expense ratio? SSO charges 0.84% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.84% fee comes to about $84 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has SSO done since 2006? From June 2006 to October 2026, SSO returned about 15.6% a year. Say you put in $10,000 at the start. It would have been worth about $190,396 at the end, with every dividend reinvested. | Measure | SSO | | --- | --- | | Total return | 1,804% | | Return per year (CAGR) | 15.6% | | Worst drop from a high | −84.7% | | Volatility (how much it swings) | 38.0% | | Last 12 months | 27.0% | | Last 3 years, per year | 36.9% | | Last 5 years, per year | 17.2% | | Last 10 years, per year | 23.8% | 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. ## SSO returns by year | Year | SSO return | | --- | --- | | 2026 (part of the year) | 20.3% | | 2025 | 26.2% | | 2024 | 43.5% | | 2023 | 46.7% | | 2022 | −39.0% | | 2021 | 60.6% | | 2020 | 21.5% | | 2019 | 63.4% | | 2018 | −14.6% | | 2017 | 44.4% | | 2016 | 21.3% | | 2015 | −1.2% | | 2014 | 25.5% | | 2013 | 70.5% | | 2012 | 31.0% | | 2011 | −2.9% | | 2010 | 26.8% | | 2009 | 47.2% | | 2008 | −67.9% | | 2007 | 1.1% | | 2006 (part of the year) | 25.9% | ## What was SSO's worst drop? A drawdown is how far a fund falls from its last high point. SSO's worst fall was −84.7%, from October 9, 2007 to March 9, 2009. It got back to that high on October 22, 2013. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold SSO? One classic strategy holds SSO at least some of the time. Each is a set of written rules you can open, test and copy. - [Leverage Rotation Strategy 2x (LRS with SSO)](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md), by Michael Gayed and Charles Bilello, 2016 ## Test SSO 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 SSO, 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 SSO. 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. Fund facts come from ProShares. 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 - [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn. - [Leverage](https://tactfolio.com/learn/leverage-explained): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. - [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. - [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. ## Common questions ### What is the expense ratio of SSO? SSO charges 0.84% a year, according to ProShares as of October 16, 2026. That is about $84 a year for every $10,000 you hold. ### When did SSO start trading? SSO started trading on June 19, 2006. It is run by ProShares. ### What does SSO track? SSO tracks the S&P 500. This fund aims to return 2 times the S&P 500's return for a single day, using stocks plus swaps and other contracts. ### How much has SSO returned per year? From June 2006 to October 2026, SSO returned about 15.6% a year with dividends reinvested. Its worst drop was −84.7%. Past returns do not tell you what it will do next. ### Which strategies use SSO? One of Tactfolio's classic strategies hold SSO, including Leverage Rotation Strategy 2x (LRS with SSO). ## Sources - [ProShares: ProShares Ultra S&P500 fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/sso) > 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. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. --- # TQQQ ETF: fees, returns, drawdowns and holdings > What TQQQ holds, its 0.78% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. ProShares UltraPro QQQ (TQQQ) is an exchange-traded fund (ETF) run by ProShares. This fund tries to give you 3 times the daily return of the Nasdaq-100, a group of about 100 large companies listed on the Nasdaq market. It charges 0.78% a year. From February 2010 to October 2026 it returned about 41.6% a year, and its worst drop was −81.7%. 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: 0.78% a year (about $78 on $10,000). - Started trading on February 9, 2010. - Worst drop since 2010: −81.7%. - No Tactfolio classic strategies hold it. ## What does TQQQ hold? This fund tries to give you 3 times the daily return of the Nasdaq-100, a group of about 100 large companies listed on the Nasdaq market. It uses borrowed money and contracts called swaps and futures, and it resets every day, so over weeks or months your result can be very different from 3 times what the index did. Losses grow 3 times as fast as gains on a bad day. It tracks the Nasdaq-100 Index. | Fact | TQQQ | | --- | --- | | Full name | ProShares UltraPro QQQ | | Issuer | ProShares | | Expense ratio | 0.78% a year | | Started trading | February 9, 2010 | | Tracks | Nasdaq-100 Index | | Type | Leveraged, ETF | | Facts checked | October 16, 2026 on the [ProShares fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/tqqq) | ## What is the TQQQ expense ratio? TQQQ charges 0.78% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.78% fee comes to about $78 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has TQQQ done since 2010? From February 2010 to October 2026, TQQQ returned about 41.6% a year. Say you put in $10,000 at the start. It would have been worth about $3,324,315 at the end, with every dividend reinvested. | Measure | TQQQ | | --- | --- | | Total return | 33,143% | | Return per year (CAGR) | 41.6% | | Worst drop from a high | −81.7% | | Volatility (how much it swings) | 61.1% | | Last 12 months | 34.7% | | Last 3 years, per year | 53.9% | | Last 5 years, per year | 16.2% | | Last 10 years, per year | 39.5% | 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. ## TQQQ returns by year | Year | TQQQ return | | --- | --- | | 2026 (part of the year) | 30.1% | | 2025 | 34.4% | | 2024 | 58.3% | | 2023 | 198.0% | | 2022 | −79.1% | | 2021 | 83.0% | | 2020 | 110.0% | | 2019 | 133.8% | | 2018 | −19.8% | | 2017 | 118.1% | | 2016 | 11.4% | | 2015 | 17.2% | | 2014 | 57.1% | | 2013 | 139.7% | | 2012 | 52.3% | | 2011 | −8.1% | | 2010 (part of the year) | 78.1% | ## What was TQQQ's worst drop? A drawdown is how far a fund falls from its last high point. TQQQ's worst fall was −81.7%, from November 19, 2021 to December 28, 2022. It got back to that high on December 4, 2024. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold TQQQ? No classic strategy holds TQQQ yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done. ## How does TQQQ compare with similar ETFs? Side-by-side pages measure both funds over the same dates: - [QQQ vs TQQQ](https://tactfolio.com/etf-comparisons/qqq-vs-tqqq.md): the Nasdaq-100 against a fund that aims for 3 times its daily move. ## Test TQQQ 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 TQQQ, 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 TQQQ. 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. Fund facts come from ProShares. 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 - [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn. - [Leverage](https://tactfolio.com/learn/leverage-explained): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. - [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. - [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. ## Common questions ### What is the expense ratio of TQQQ? TQQQ charges 0.78% a year, according to ProShares as of October 16, 2026. That is about $78 a year for every $10,000 you hold. ### When did TQQQ start trading? TQQQ started trading on February 9, 2010. It is run by ProShares. ### What does TQQQ track? TQQQ tracks the Nasdaq-100 Index. This fund tries to give you 3 times the daily return of the Nasdaq-100, a group of about 100 large companies listed on the Nasdaq market. ### How much has TQQQ returned per year? From February 2010 to October 2026, TQQQ returned about 41.6% a year with dividends reinvested. Its worst drop was −81.7%. Past returns do not tell you what it will do next. ### Which strategies use TQQQ? None of Tactfolio's classic strategies hold TQQQ yet. You can test it in your own rules in the builder. ## Sources - [ProShares: ProShares UltraPro QQQ fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/tqqq) > 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. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. --- # UPRO ETF: fees, returns, drawdowns and holdings > What UPRO holds, its 0.88% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily. ProShares UltraPro S&P500 (UPRO) is an exchange-traded fund (ETF) run by ProShares. This fund aims to return 3 times the S&P 500's return for a single day, using stocks plus swaps and other contracts. It charges 0.88% a year. From June 2009 to October 2026 it returned about 32.5% a year, and its worst drop was −76.8%. 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: 0.88% a year (about $88 on $10,000). - Started trading on June 23, 2009. - Worst drop since 2009: −76.8%. - 1 Tactfolio classic strategy holds it. ## What does UPRO hold? This fund aims to return 3 times the S&P 500's return for a single day, using stocks plus swaps and other contracts. It resets every day, so over weeks or years its results can be very different from 3 times the index, and losses can be large. It is built for daily moves, not as a plain long-term index fund. It tracks the S&P 500. | Fact | UPRO | | --- | --- | | Full name | ProShares UltraPro S&P500 | | Issuer | ProShares | | Expense ratio | 0.88% a year | | Started trading | June 23, 2009 | | Tracks | S&P 500 | | Type | Leveraged, ETF | | Facts checked | October 16, 2026 on the [ProShares fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro) | ## What is the UPRO expense ratio? UPRO charges 0.88% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.88% fee comes to about $88 a year. You never get a bill for it. The fund takes the fee out of its own value a little each day. ## How has UPRO done since 2009? From June 2009 to October 2026, UPRO returned about 32.5% a year. Say you put in $10,000 at the start. It would have been worth about $1,298,291 at the end, with every dividend reinvested. | Measure | UPRO | | --- | --- | | Total return | 12,883% | | Return per year (CAGR) | 32.5% | | Worst drop from a high | −76.8% | | Volatility (how much it swings) | 51.0% | | Last 12 months | 36.9% | | Last 3 years, per year | 51.4% | | Last 5 years, per year | 19.1% | | Last 10 years, per year | 29.4% | 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. ## UPRO returns by year | Year | UPRO return | | --- | --- | | 2026 (part of the year) | 27.3% | | 2025 | 31.9% | | 2024 | 63.6% | | 2023 | 68.5% | | 2022 | −56.8% | | 2021 | 98.6% | | 2020 | 10.1% | | 2019 | 102.3% | | 2018 | −25.1% | | 2017 | 71.4% | | 2016 | 30.8% | | 2015 | −5.2% | | 2014 | 38.0% | | 2013 | 118.5% | | 2012 | 46.8% | | 2011 | −11.9% | | 2010 | 36.3% | | 2009 (part of the year) | 73.8% | ## What was UPRO's worst drop? A drawdown is how far a fund falls from its last high point. UPRO's worst fall was −76.8%, from February 19, 2020 to March 23, 2020. It got back to that high on January 8, 2021. The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss. ## Which Tactfolio strategies hold UPRO? One classic strategy holds UPRO at least some of the time. Each is a set of written rules you can open, test and copy. - [Leverage Rotation Strategy (UPRO above the 200-day average)](https://tactfolio.com/strategies/leverage-rotation-strategy.md), by Michael Gayed and Charles Bilello, 2016 ## Test UPRO 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 UPRO, 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 UPRO. 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. Fund facts come from ProShares. 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 - [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn. - [Leverage](https://tactfolio.com/learn/leverage-explained): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. - [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. - [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. ## Common questions ### What is the expense ratio of UPRO? UPRO charges 0.88% a year, according to ProShares as of October 16, 2026. That is about $88 a year for every $10,000 you hold. ### When did UPRO start trading? UPRO started trading on June 23, 2009. It is run by ProShares. ### What does UPRO track? UPRO tracks the S&P 500. This fund aims to return 3 times the S&P 500's return for a single day, using stocks plus swaps and other contracts. ### How much has UPRO returned per year? From June 2009 to October 2026, UPRO returned about 32.5% a year with dividends reinvested. Its worst drop was −76.8%. Past returns do not tell you what it will do next. ### Which strategies use UPRO? One of Tactfolio's classic strategies hold UPRO, including Leverage Rotation Strategy (UPRO above the 200-day average). ## Sources - [ProShares: ProShares UltraPro S&P500 fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/upro) > 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. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. --- # ETF comparisons: fees, holdings and returns side by side > Popular ETF pairs such as VOO vs VTI and QQQ vs QQQM, compared on fees, holdings, returns and drawdowns over the same dates. An ETF comparison puts two funds side by side: what each holds, what each costs, and how both did over the same dates. Measuring both on the same days is the only fair way to compare returns and drops. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts come from each issuer and carry the date we checked them. Prices update after each US market close. ## Key points - Each pair uses the same start and end dates for both funds. - Fees and fund facts come from the issuers, with the date we checked. - Every page links to a backtest you can change in the builder. ## S&P 500 funds - [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md): two S&P 500 funds with different fees and structures. - [IVV vs VOO](https://tactfolio.com/etf-comparisons/ivv-vs-voo.md): two low-cost S&P 500 funds from iShares and Vanguard. - [VOO vs VOOG](https://tactfolio.com/etf-comparisons/voo-vs-voog.md): the whole S&P 500 against its growth half. ## Growth and tech - [QQQ vs VOO](https://tactfolio.com/etf-comparisons/qqq-vs-voo.md): the Nasdaq-100 against the S&P 500. - [QQQ vs SPY](https://tactfolio.com/etf-comparisons/qqq-vs-spy.md): the Nasdaq-100 against the S&P 500, from the two oldest big index ETFs. - [QQQ vs QQQM](https://tactfolio.com/etf-comparisons/qqq-vs-qqqm.md): the same Nasdaq-100 index in two Invesco funds with different fees. - [QQQ vs VGT](https://tactfolio.com/etf-comparisons/qqq-vs-vgt.md): the Nasdaq-100 against a pure technology fund. - [VOO vs VUG](https://tactfolio.com/etf-comparisons/voo-vs-vug.md): the S&P 500 against large US growth companies. - [QQQ vs TQQQ](https://tactfolio.com/etf-comparisons/qqq-vs-tqqq.md): the Nasdaq-100 against a fund that aims for 3 times its daily move. ## Whole market and world - [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md): the S&P 500 against the whole US stock market. - [VT vs VTI](https://tactfolio.com/etf-comparisons/vt-vs-vti.md): the whole world stock market against the whole US market. - [VTI vs VXUS](https://tactfolio.com/etf-comparisons/vti-vs-vxus.md): US stocks against stocks from the rest of the world. ## Dividend funds - [SCHD vs VYM](https://tactfolio.com/etf-comparisons/schd-vs-vym.md): two dividend stock funds that pick companies in different ways. ## Bonds - [AGG vs BND](https://tactfolio.com/etf-comparisons/agg-vs-bnd.md): two total US bond market funds. - [IEF vs TLT](https://tactfolio.com/etf-comparisons/ief-vs-tlt.md): medium-term against long-term US Treasury bonds. ## Gold - [GLD vs IAU](https://tactfolio.com/etf-comparisons/gld-vs-iau.md): two funds that hold real gold, with different fees. ## Look up one fund The [ETF list](https://tactfolio.com/etf.md) has a page for each of 162 funds, with fees, returns by year, worst drops and the strategies that hold it. To compare any two to four funds of your own choice, tick them in the [ETF screener](https://tactfolio.com/screener.md). ## Common questions ### Why compare ETFs over the same dates? A fund that started in 2010 missed the 2008 crash. Comparing it with an older fund over different dates would flatter it. Using only the days both traded keeps the comparison fair. ### What does correlation mean here? Correlation shows how closely two funds move together each day. A value of 1 means they always rise and fall together. A value near 0 means they move on their own. ### Can I test a mix of two ETFs? Yes. Open the Tactfolio builder, add both funds and give each a weight. The backtest shows how the mix would have done on past prices, including its worst drop. > 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. --- # VOO vs VTI: fees, holdings and returns compared > VOO vs VTI: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. VOO holds the about 500 large US companies in the S&P 500. VTI holds nearly every US stock, about 3,500 companies, so it also owns mid-size and small companies. Large companies make up most of both, so they tend to move almost together. Over the same dates since September 2010, VOO returned about 14.8% a year and VTI returned about 14.4% a year. 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 - Both charge 0.03% a year. - VOO started trading in September 2010. VTI started in May 2001. - Worst drops since 2010: VOO −34.0%, VTI −35.0%. - Daily correlation: 1.00 (1 means they always move together). ## What is the difference between VOO and VTI? The difference is the smaller companies. VOO stops at the S&P 500. VTI adds about 3,000 mid-size and small companies on top. Because VTI weights each company by its size, those smaller companies are only a small slice of the fund. That is why the two usually finish close to each other, and why the gap grows in years when small companies do much better or much worse than big ones. | Fact | VOO | VTI | | --- | --- | --- | | Full name | Vanguard S&P 500 ETF | Vanguard Morningstar Total Stock Market ETF | | Issuer | Vanguard | Vanguard | | Expense ratio | 0.03% a year | 0.03% a year | | Started trading | September 7, 2010 | May 24, 2001 | | Tracks | S&P 500 Index | Morningstar US Total Market Index | | Holdings | 505 holdings as of September 30, 2026 | 3,519 holdings as of September 30, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [Vanguard VOO page](https://investor.vanguard.com/investment-products/etfs/profile/voo) and the [Vanguard VTI page](https://investor.vanguard.com/investment-products/etfs/profile/vti). ## Is VOO or VTI cheaper? Both charge 0.03% a year. On $10,000, that is about $3 a year for VOO and $3 for VTI. The fund takes its fee out of its own value a little each day, so you never get a bill. ## VOO vs VTI performance over the same dates Both funds are measured from September 2010 to October 2026, the dates both traded. VOO returned about 14.8% a year and VTI returned about 14.4% a year. VOO came out ahead over this period, which does not mean it will again. | Measure | VOO | VTI | | --- | --- | --- | | $10,000 grew to | $92,175 | $87,846 | | Total return | 821.7% | 778.5% | | Return per year (CAGR) | 14.8% | 14.4% | | Worst drop from a high | −34.0% | −35.0% | | Volatility (how much it swings) | 16.9% | 17.3% | | Last 12 months | 16.8% | 16.1% | | Last 3 years, per year | 22.1% | 21.6% | | Last 5 years, per year | 12.9% | 11.7% | | Last 10 years, per year | 15.5% | 14.9% | 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. ## VOO and VTI returns by year | Year | VOO | VTI | | --- | --- | --- | | 2026 (part of the year) | 12.8% | 12.5% | | 2025 | 17.8% | 17.1% | | 2024 | 25.0% | 23.8% | | 2023 | 26.3% | 26.1% | | 2022 | −18.2% | −19.5% | | 2021 | 28.8% | 25.7% | | 2020 | 18.3% | 21.1% | | 2019 | 31.4% | 30.7% | | 2018 | −4.5% | −5.2% | | 2017 | 21.8% | 21.2% | | 2016 | 12.2% | 12.8% | | 2015 | 1.3% | 0.4% | | 2014 | 12.9% | 12.6% | | 2013 | 32.4% | 33.5% | | 2012 | 16.0% | 16.4% | | 2011 | 1.9% | 1.0% | | 2010 (part of the year) | 14.8% | 16.2% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. VOO's worst fall was −34.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. VTI's worst fall was −35.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 12, 2020. Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose VOO or VTI **VOO.** People who want the S&P 500, the index most often quoted for "the market", tend to pick VOO. Many investors also compare their results against the S&P 500. **VTI.** People who want to own the whole US market in one fund tend to pick VTI, so they do not miss out when smaller companies lead. ## Strategies that hold VOO or VTI These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Baby Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/baby-bear-portfolio.md), by Brian Livingston, 2018 (holds VTI) - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 (holds VTI) - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 (holds VTI) - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 (holds VTI) - [Three-Fund Portfolio (Taylor Larimore, Bogleheads)](https://tactfolio.com/strategies/three-fund-portfolio.md), by Taylor Larimore, 2018 (holds VTI) ## Other funds like VOO and VTI Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [VOO alternatives](https://tactfolio.com/alternatives/voo.md) and [VTI alternatives](https://tactfolio.com/alternatives/vti.md). ## Test a mix of VOO and VTI Open the [builder](https://tactfolio.com/builder), add VOO and VTI, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [VOO](https://tactfolio.com/etf/voo.md) and [VTI](https://tactfolio.com/etf/vti.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### Does VTI hold the same stocks as VOO? Mostly. VTI holds nearly all of the S&P 500 companies that VOO holds, plus about 3,000 smaller ones. The big companies make up most of VTI by value. ### Should I hold both VOO and VTI? Holding both mostly doubles up on the same large companies. People who hold both usually do it on purpose, for example to add a little more weight to large companies. This page does not tell you what to buy. ### Which is cheaper, VOO or VTI? Both charge 0.03% a year. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, VOO or VTI? From September 2010 to October 2026, VOO returned about 14.8% a year and VTI returned about 14.4% a year, with dividends reinvested. Their worst drops were −34.0% and −35.0%. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) > 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. --- # SPY vs VOO: fees, holdings and returns compared > SPY vs VOO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. SPY and VOO both track the S&P 500, so they hold the same 500 or so companies. VOO charges less each year. SPY is older and trades in much larger amounts each day, which matters most to big and very active traders. Over the same dates since September 2010, SPY returned about 14.8% a year and VOO returned about 14.8% a year. 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 - VOO costs less: 0.03% a year against 0.0945%. - SPY started trading in January 1993. VOO started in September 2010. - Worst drops since 2010: SPY −33.7%, VOO −34.0%. - Daily correlation: 1.00 (1 means they always move together). ## What is the difference between SPY and VOO? The holdings are the same, so the main differences are cost and structure. SPY started in 1993 and is set up as a unit investment trust. That older setup holds dividends as cash until it pays them out. VOO is a regular fund run by Vanguard, set up in 2010, and it can put dividends to work right away. Over many years, the lower fee and this small cash drag can add up to a small gap in favor of VOO. | Fact | SPY | VOO | | --- | --- | --- | | Full name | State Street SPDR S&P 500 ETF Trust | Vanguard S&P 500 ETF | | Issuer | SPDR (State Street) | Vanguard | | Expense ratio | 0.0945% a year | 0.03% a year | | Started trading | January 22, 1993 | September 7, 2010 | | Tracks | S&P 500 Index | S&P 500 Index | | Holdings | 504 holdings as of October 15, 2026 | 505 holdings as of September 30, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [SPDR (State Street) SPY page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) and the [Vanguard VOO page](https://investor.vanguard.com/investment-products/etfs/profile/voo). ## Is SPY or VOO cheaper? VOO costs less: 0.03% a year against 0.0945%. On $10,000, that is about $9.45 a year for SPY and $3 for VOO. The fund takes its fee out of its own value a little each day, so you never get a bill. ## SPY vs VOO performance over the same dates Both funds are measured from September 2010 to October 2026, the dates both traded. SPY returned about 14.8% a year and VOO returned about 14.8% a year. VOO came out ahead over this period, which does not mean it will again. | Measure | SPY | VOO | | --- | --- | --- | | $10,000 grew to | $91,616 | $92,175 | | Total return | 816.2% | 821.7% | | Return per year (CAGR) | 14.8% | 14.8% | | Worst drop from a high | −33.7% | −34.0% | | Volatility (how much it swings) | 16.9% | 16.9% | | Last 12 months | 16.8% | 16.8% | | Last 3 years, per year | 22.0% | 22.1% | | Last 5 years, per year | 12.8% | 12.9% | | Last 10 years, per year | 15.4% | 15.5% | 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. ## SPY and VOO returns by year | Year | SPY | VOO | | --- | --- | --- | | 2026 (part of the year) | 12.8% | 12.8% | | 2025 | 17.7% | 17.8% | | 2024 | 24.9% | 25.0% | | 2023 | 26.2% | 26.3% | | 2022 | −18.2% | −18.2% | | 2021 | 28.7% | 28.8% | | 2020 | 18.3% | 18.3% | | 2019 | 31.2% | 31.4% | | 2018 | −4.6% | −4.5% | | 2017 | 21.7% | 21.8% | | 2016 | 12.0% | 12.2% | | 2015 | 1.2% | 1.3% | | 2014 | 13.5% | 12.9% | | 2013 | 32.3% | 32.4% | | 2012 | 16.0% | 16.0% | | 2011 | 1.9% | 1.9% | | 2010 (part of the year) | 14.6% | 14.8% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. SPY's worst fall was −33.7%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. VOO's worst fall was −34.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose SPY or VOO **SPY.** Traders often pick SPY because huge amounts trade every day, so buying and selling large amounts is cheap, and its options market is very active. **VOO.** Long-term investors often pick VOO because of its lower yearly fee for the same index. ## Strategies that hold SPY or VOO These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 (holds SPY) - [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md), by Wouter Keller and JW Keuning, 2023 (holds SPY) - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds SPY) - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 (holds SPY) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds SPY) - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds SPY) - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 (holds SPY) - [Faber’s 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), by Mebane Faber, 2007 (holds SPY) - [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014 (holds SPY) - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 (holds SPY) - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 (holds SPY) - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds SPY) - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds SPY) - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 (holds SPY) - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 (holds SPY) - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 (holds SPY) - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 (holds SPY) - [US Cross-Asset Momentum (stock and Treasury timing)](https://tactfolio.com/strategies/cross-asset-momentum.md), by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016 (holds SPY) - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 (holds SPY) - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 (holds SPY) - [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md), by Nicolas Lequeux (NLX Finance), 2024 (holds SPY) - [Paired Switching (quarterly SPY and TLT rotation)](https://tactfolio.com/strategies/paired-switching.md), by Akhilesh Maewal and Joel R. Bock, 2011 (holds SPY) - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 (holds SPY) - [Trending Fast and Slow (volatility-switched momentum)](https://tactfolio.com/strategies/trending-fast-and-slow.md), by Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu, and Chenfei Ma, 2022 (holds SPY) - [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md), by Engineered Portfolio (Steve Hanly), 2018 (holds SPY) - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 (holds SPY) - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 (holds SPY) - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 (holds SPY) - [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019 (holds SPY) - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 (holds SPY) - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 (holds SPY) - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009 (holds SPY) - [60/40 Portfolio (classic stocks and bonds)](https://tactfolio.com/strategies/60-40-portfolio.md), by Traditional balanced funds (holds SPY) - [Leverage Rotation Strategy (UPRO above the 200-day average)](https://tactfolio.com/strategies/leverage-rotation-strategy.md), by Michael Gayed and Charles Bilello, 2016 (holds SPY) - [Leverage Rotation Strategy 2x (LRS with SSO)](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md), by Michael Gayed and Charles Bilello, 2016 (holds SPY) - [200-Day Moving Average Strategy (S&P 500)](https://tactfolio.com/strategies/200-day-moving-average.md), by Jeremy Siegel, 1994, Michael Gayed and Charles Bilello, 2016 (holds SPY) - [Golden Cross Strategy (50-day and 200-day moving averages)](https://tactfolio.com/strategies/golden-cross.md), by Technical analysis tradition (holds SPY) - [Beta Rotation Strategy (utilities vs. the market)](https://tactfolio.com/strategies/beta-rotation-strategy.md), by Charles Bilello and Michael Gayed, 2014 (holds SPY) - [Tactical Risk Rotation (TRRS)](https://tactfolio.com/strategies/tactical-risk-rotation.md), by Michael Gayed and Charles Bilello, 2014 (holds SPY) - [Volatility-Managed Portfolio (Moreira and Muir)](https://tactfolio.com/strategies/volatility-managed-portfolio.md), by Alan Moreira and Tyler Muir, 2017 (holds SPY) - [Growth-Trend Timing (Philosophical Economics’ GTT)](https://tactfolio.com/strategies/growth-trend-timing.md), by Jesse Livermore (Philosophical Economics), 2016 (holds SPY) - [Growth-Trend Timing with unemployment (GTT-UE)](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md), by Jesse Livermore (Philosophical Economics), 2016 (holds SPY) - [Growth-Trend Timing with job growth](https://tactfolio.com/strategies/growth-trend-timing-jobs.md), by Jesse Livermore (Philosophical Economics), 2016 (holds SPY) - [Growth-Trend Timing with housing starts and income](https://tactfolio.com/strategies/growth-trend-timing-housing.md), by Jesse Livermore (Philosophical Economics), 2016 (holds SPY) - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds SPY) - [TrendYCMacro (Quantpedia’s market timing strategy)](https://tactfolio.com/strategies/trend-yc-macro.md), by Ladislav Ďurian and Radovan Vojtko (Quantpedia), 2023 (holds SPY) - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 (holds SPY) ## Other funds like SPY and VOO Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [SPY alternatives](https://tactfolio.com/alternatives/spy.md) and [VOO alternatives](https://tactfolio.com/alternatives/voo.md). ## Test a mix of SPY and VOO Open the [builder](https://tactfolio.com/builder), add SPY and VOO, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [SPY](https://tactfolio.com/etf/spy.md) and [VOO](https://tactfolio.com/etf/voo.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### Are SPY and VOO the same? They track the same index, the S&P 500, so they hold the same companies. They differ in yearly fee, in how they are set up, and in how much trades each day. ### Why is SPY priced differently from VOO? Each fund picked a different starting share price. The price of one share does not make a fund cheap or expensive. What matters is the percent change. ### Which is cheaper, SPY or VOO? VOO costs less: 0.03% a year against 0.0945%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, SPY or VOO? From September 2010 to October 2026, SPY returned about 14.8% a year and VOO returned about 14.8% a year, with dividends reinvested. Their worst drops were −33.7% and −34.0%. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) > 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. --- # QQQ vs VOO: fees, holdings and returns compared > QQQ vs VOO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. QQQ holds the 100 largest companies on the Nasdaq exchange that are not banks or other financial firms. VOO holds about 500 large US companies from every industry. QQQ leans much more on technology, so it has swung more, up and down. Over the same dates since September 2010, QQQ returned about 19.5% a year and VOO returned about 14.8% a year. 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 - VOO costs less: 0.03% a year against 0.18%. - QQQ started trading in March 1999. VOO started in September 2010. - Worst drops since 2010: QQQ −35.1%, VOO −34.0%. - Daily correlation: 0.93 (1 means they always move together). ## What is the difference between QQQ and VOO? QQQ is narrower. It holds about 100 companies, picked from one exchange, and leaves out financial companies such as banks. Technology companies make up a large part of it. VOO holds about 500 companies across every industry, including banks, energy and health care. When tech leads, QQQ tends to pull ahead. When tech falls hard, as in 2022, QQQ tends to fall further. | Fact | QQQ | VOO | | --- | --- | --- | | Full name | Invesco QQQ Trust, Series 1 | Vanguard S&P 500 ETF | | Issuer | Invesco | Vanguard | | Expense ratio | 0.18% a year | 0.03% a year | | Started trading | March 10, 1999 | September 7, 2010 | | Tracks | Nasdaq-100 Index | S&P 500 Index | | Holdings | n/a | 505 holdings as of September 30, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [Invesco QQQ page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) and the [Vanguard VOO page](https://investor.vanguard.com/investment-products/etfs/profile/voo). ## Is QQQ or VOO cheaper? VOO costs less: 0.03% a year against 0.18%. On $10,000, that is about $18 a year for QQQ and $3 for VOO. The fund takes its fee out of its own value a little each day, so you never get a bill. ## QQQ vs VOO performance over the same dates Both funds are measured from September 2010 to October 2026, the dates both traded. QQQ returned about 19.5% a year and VOO returned about 14.8% a year. QQQ came out ahead over this period, which does not mean it will again. | Measure | QQQ | VOO | | --- | --- | --- | | $10,000 grew to | $175,641 | $92,175 | | Total return | 1,656% | 821.7% | | Return per year (CAGR) | 19.5% | 14.8% | | Worst drop from a high | −35.1% | −34.0% | | Volatility (how much it swings) | 20.6% | 16.9% | | Last 12 months | 18.9% | 16.8% | | Last 3 years, per year | 25.0% | 22.1% | | Last 5 years, per year | 14.7% | 12.9% | | Last 10 years, per year | 20.5% | 15.5% | 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. ## QQQ and VOO returns by year | Year | QQQ | VOO | | --- | --- | --- | | 2026 (part of the year) | 15.9% | 12.8% | | 2025 | 20.8% | 17.8% | | 2024 | 25.6% | 25.0% | | 2023 | 54.9% | 26.3% | | 2022 | −32.6% | −18.2% | | 2021 | 27.4% | 28.8% | | 2020 | 48.4% | 18.3% | | 2019 | 39.0% | 31.4% | | 2018 | −0.1% | −4.5% | | 2017 | 32.7% | 21.8% | | 2016 | 7.1% | 12.2% | | 2015 | 9.4% | 1.3% | | 2014 | 19.2% | 12.9% | | 2013 | 36.6% | 32.4% | | 2012 | 18.1% | 16.0% | | 2011 | 3.5% | 1.9% | | 2010 (part of the year) | 17.8% | 14.8% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. QQQ's worst fall was −35.1%, from December 27, 2021 to November 3, 2022. It got back to that high on December 13, 2023. VOO's worst fall was −34.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. Their daily moves had a correlation of 0.93. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose QQQ or VOO **QQQ.** People who want more weight in large technology and growth companies tend to pick QQQ, and accept bigger swings. **VOO.** People who want a broad mix of large US companies from every industry tend to pick VOO. ## Strategies that hold QQQ or VOO These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds QQQ) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds QQQ) - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds QQQ) - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds QQQ) - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds QQQ) - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 (holds QQQ) - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds QQQ) - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds QQQ) - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds QQQ) ## Other funds like QQQ and VOO Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [QQQ alternatives](https://tactfolio.com/alternatives/qqq.md) and [VOO alternatives](https://tactfolio.com/alternatives/voo.md). ## Test a mix of QQQ and VOO Open the [builder](https://tactfolio.com/builder), add QQQ and VOO, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [QQQ](https://tactfolio.com/etf/qqq.md) and [VOO](https://tactfolio.com/etf/voo.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### Is QQQ riskier than VOO? QQQ has swung more than VOO in the past because it holds fewer companies and leans on technology. The volatility and worst drop figures above show how much more over the same dates. ### Do QQQ and VOO hold the same companies? Many of the largest companies are in both. VOO also holds about 400 companies QQQ does not, including banks and many smaller industries. ### Which is cheaper, QQQ or VOO? VOO costs less: 0.03% a year against 0.18%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, QQQ or VOO? From September 2010 to October 2026, QQQ returned about 19.5% a year and VOO returned about 14.8% a year, with dividends reinvested. Their worst drops were −35.1% and −34.0%. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) > 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. --- # IVV vs VOO: fees, holdings and returns compared > IVV vs VOO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. IVV and VOO both track the S&P 500 and hold the same about 500 large US companies. Their fees are the same or nearly so, and their returns have been almost the same, so the choice often comes down to which brokerage or fund family someone already uses. Over the same dates since September 2010, IVV returned about 14.8% a year and VOO returned about 14.8% a year. 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 - Both charge 0.03% a year. - IVV started trading in May 2000. VOO started in September 2010. - Worst drops since 2010: IVV −33.9%, VOO −34.0%. - Daily correlation: 1.00 (1 means they always move together). ## What is the difference between IVV and VOO? There is very little difference. IVV comes from iShares (BlackRock) and VOO from Vanguard. Both follow the same index with the same companies. Small gaps in returns come from fees, cash handling and how each fund lends out its shares. | Fact | IVV | VOO | | --- | --- | --- | | Full name | iShares Core S&P 500 ETF | Vanguard S&P 500 ETF | | Issuer | iShares (BlackRock) | Vanguard | | Expense ratio | 0.03% a year | 0.03% a year | | Started trading | May 15, 2000 | September 7, 2010 | | Tracks | S&P 500 Index | S&P 500 Index | | Holdings | 505 holdings as of October 15, 2026 | 505 holdings as of September 30, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [iShares (BlackRock) IVV page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) and the [Vanguard VOO page](https://investor.vanguard.com/investment-products/etfs/profile/voo). ## Is IVV or VOO cheaper? Both charge 0.03% a year. On $10,000, that is about $3 a year for IVV and $3 for VOO. The fund takes its fee out of its own value a little each day, so you never get a bill. ## IVV vs VOO performance over the same dates Both funds are measured from September 2010 to October 2026, the dates both traded. IVV returned about 14.8% a year and VOO returned about 14.8% a year. VOO came out ahead over this period, which does not mean it will again. | Measure | IVV | VOO | | --- | --- | --- | | $10,000 grew to | $91,935 | $92,175 | | Total return | 819.4% | 821.7% | | Return per year (CAGR) | 14.8% | 14.8% | | Worst drop from a high | −33.9% | −34.0% | | Volatility (how much it swings) | 17.0% | 16.9% | | Last 12 months | 16.8% | 16.8% | | Last 3 years, per year | 22.1% | 22.1% | | Last 5 years, per year | 12.9% | 12.9% | | Last 10 years, per year | 15.5% | 15.5% | 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. ## IVV and VOO returns by year | Year | IVV | VOO | | --- | --- | --- | | 2026 (part of the year) | 12.9% | 12.8% | | 2025 | 17.8% | 17.8% | | 2024 | 24.9% | 25.0% | | 2023 | 26.3% | 26.3% | | 2022 | −18.2% | −18.2% | | 2021 | 28.8% | 28.8% | | 2020 | 18.4% | 18.3% | | 2019 | 31.3% | 31.4% | | 2018 | −4.5% | −4.5% | | 2017 | 21.8% | 21.8% | | 2016 | 11.5% | 12.2% | | 2015 | 1.3% | 1.3% | | 2014 | 13.6% | 12.9% | | 2013 | 32.3% | 32.4% | | 2012 | 16.1% | 16.0% | | 2011 | 1.9% | 1.9% | | 2010 (part of the year) | 14.6% | 14.8% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. IVV's worst fall was −33.9%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. VOO's worst fall was −34.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose IVV or VOO **IVV.** People who already use iShares funds, or a brokerage that favors them, often pick IVV. **VOO.** People who already use Vanguard funds often pick VOO. ## Strategies that hold IVV or VOO No classic strategy holds IVV or VOO yet. ## Other funds like IVV and VOO Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [IVV alternatives](https://tactfolio.com/alternatives/ivv.md) and [VOO alternatives](https://tactfolio.com/alternatives/voo.md). ## Test a mix of IVV and VOO Open the [builder](https://tactfolio.com/builder), add IVV and VOO, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [IVV](https://tactfolio.com/etf/ivv.md) and [VOO](https://tactfolio.com/etf/voo.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### Is IVV the same as VOO? They are very close. Both track the S&P 500 with the same companies and the same yearly fee. Their returns have differed by only small amounts. ### Why do IVV and VOO returns differ at all? Small differences in cash handling, share lending and trading costs inside each fund cause tiny gaps. Over a year, the gap is usually a few hundredths of a percent. ### Which is cheaper, IVV or VOO? Both charge 0.03% a year. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, IVV or VOO? From September 2010 to October 2026, IVV returned about 14.8% a year and VOO returned about 14.8% a year, with dividends reinvested. Their worst drops were −33.9% and −34.0%. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) > 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. --- # QQQ vs SPY: fees, holdings and returns compared > QQQ vs SPY: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. QQQ holds the 100 largest non-financial companies on the Nasdaq exchange. SPY holds about 500 large US companies from every industry. QQQ leans on technology and has swung more than SPY. Over the same dates since March 1999, QQQ returned about 10.7% a year and SPY returned about 8.5% a year. 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 - SPY costs less: 0.0945% a year against 0.18%. - QQQ started trading in March 1999. SPY started in January 1993. - Worst drops since 1999: QQQ −83.0%, SPY −55.2%. - Daily correlation: 0.85 (1 means they always move together). ## What is the difference between QQQ and SPY? SPY covers the whole large-company market: tech, banks, energy, health care and more. QQQ covers only about 100 companies and has no banks or other financial firms. That makes QQQ more tied to how technology stocks do. Both are among the most traded funds in the world. | Fact | QQQ | SPY | | --- | --- | --- | | Full name | Invesco QQQ Trust, Series 1 | State Street SPDR S&P 500 ETF Trust | | Issuer | Invesco | SPDR (State Street) | | Expense ratio | 0.18% a year | 0.0945% a year | | Started trading | March 10, 1999 | January 22, 1993 | | Tracks | Nasdaq-100 Index | S&P 500 Index | | Holdings | n/a | 504 holdings as of October 15, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [Invesco QQQ page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) and the [SPDR (State Street) SPY page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy). ## Is QQQ or SPY cheaper? SPY costs less: 0.0945% a year against 0.18%. On $10,000, that is about $18 a year for QQQ and $9.45 for SPY. The fund takes its fee out of its own value a little each day, so you never get a bill. ## QQQ vs SPY performance over the same dates Both funds are measured from March 1999 to October 2026, the dates both traded. QQQ returned about 10.7% a year and SPY returned about 8.5% a year. QQQ came out ahead over this period, which does not mean it will again. | Measure | QQQ | SPY | | --- | --- | --- | | $10,000 grew to | $165,138 | $95,537 | | Total return | 1,551% | 855.4% | | Return per year (CAGR) | 10.7% | 8.5% | | Worst drop from a high | −83.0% | −55.2% | | Volatility (how much it swings) | 26.9% | 19.2% | | Last 12 months | 18.9% | 16.8% | | Last 3 years, per year | 25.0% | 22.0% | | Last 5 years, per year | 14.7% | 12.8% | | Last 10 years, per year | 20.5% | 15.4% | 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. ## QQQ and SPY returns by year | Year | QQQ | SPY | | --- | --- | --- | | 2026 (part of the year) | 15.9% | 12.8% | | 2025 | 20.8% | 17.7% | | 2024 | 25.6% | 24.9% | | 2023 | 54.9% | 26.2% | | 2022 | −32.6% | −18.2% | | 2021 | 27.4% | 28.7% | | 2020 | 48.4% | 18.3% | | 2019 | 39.0% | 31.2% | | 2018 | −0.1% | −4.6% | | 2017 | 32.7% | 21.7% | | 2016 | 7.1% | 12.0% | | 2015 | 9.4% | 1.2% | | 2014 | 19.2% | 13.5% | | 2013 | 36.6% | 32.3% | | 2012 | 18.1% | 16.0% | | 2011 | 3.5% | 1.9% | | 2010 | 20.1% | 15.1% | | 2009 | 54.7% | 26.4% | | 2008 | −41.7% | −36.8% | | 2007 | 19.0% | 5.1% | | 2006 | 7.1% | 15.8% | | 2005 | 1.6% | 4.8% | | 2004 | 10.5% | 10.7% | | 2003 | 49.7% | 28.2% | | 2002 | −37.4% | −21.6% | | 2001 | −33.3% | −11.8% | | 2000 | −36.1% | −9.7% | | 1999 (part of the year) | 79.0% | 14.9% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. QQQ's worst fall was −83.0%, from March 27, 2000 to October 9, 2002. It got back to that high on February 20, 2015. SPY's worst fall was −55.2%, from October 9, 2007 to March 9, 2009. It got back to that high on August 16, 2012. Their daily moves had a correlation of 0.85. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So they often move together, but not always. ## Why people choose QQQ or SPY **QQQ.** People who want more weight in large tech and growth companies tend to pick QQQ, and accept bigger swings. **SPY.** People who want the broad S&P 500, or trade large amounts or options, often pick SPY. ## Strategies that hold QQQ or SPY These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds QQQ and SPY) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds QQQ and SPY) - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds QQQ and SPY) - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds QQQ and SPY) - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds QQQ and SPY) - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 (holds QQQ and SPY) - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds QQQ and SPY) - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds QQQ) - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds QQQ) - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 (holds SPY) - [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md), by Wouter Keller and JW Keuning, 2023 (holds SPY) - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 (holds SPY) - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 (holds SPY) - [Faber’s 10-month moving average timing model](https://tactfolio.com/strategies/faber-10-month-moving-average.md), by Mebane Faber, 2007 (holds SPY) - [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014 (holds SPY) - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 (holds SPY) - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 (holds SPY) - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 (holds SPY) - [Faber sector rotation (the three strongest US sectors)](https://tactfolio.com/strategies/faber-sector-rotation.md), by Mebane Faber, 2010 (holds SPY) - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 (holds SPY) - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 (holds SPY) - [US Cross-Asset Momentum (stock and Treasury timing)](https://tactfolio.com/strategies/cross-asset-momentum.md), by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016 (holds SPY) - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 (holds SPY) - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 (holds SPY) - [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md), by Nicolas Lequeux (NLX Finance), 2024 (holds SPY) - [Paired Switching (quarterly SPY and TLT rotation)](https://tactfolio.com/strategies/paired-switching.md), by Akhilesh Maewal and Joel R. Bock, 2011 (holds SPY) - [Trending Fast and Slow (volatility-switched momentum)](https://tactfolio.com/strategies/trending-fast-and-slow.md), by Eddie Cheng, Nazar Kostyuchyk, Wai Lee, Pai Liu, and Chenfei Ma, 2022 (holds SPY) - [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md), by Engineered Portfolio (Steve Hanly), 2018 (holds SPY) - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 (holds SPY) - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 (holds SPY) - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 (holds SPY) - [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019 (holds SPY) - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 (holds SPY) - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 (holds SPY) - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009 (holds SPY) - [60/40 Portfolio (classic stocks and bonds)](https://tactfolio.com/strategies/60-40-portfolio.md), by Traditional balanced funds (holds SPY) - [Leverage Rotation Strategy (UPRO above the 200-day average)](https://tactfolio.com/strategies/leverage-rotation-strategy.md), by Michael Gayed and Charles Bilello, 2016 (holds SPY) - [Leverage Rotation Strategy 2x (LRS with SSO)](https://tactfolio.com/strategies/leverage-rotation-strategy-2x.md), by Michael Gayed and Charles Bilello, 2016 (holds SPY) - [200-Day Moving Average Strategy (S&P 500)](https://tactfolio.com/strategies/200-day-moving-average.md), by Jeremy Siegel, 1994, Michael Gayed and Charles Bilello, 2016 (holds SPY) - [Golden Cross Strategy (50-day and 200-day moving averages)](https://tactfolio.com/strategies/golden-cross.md), by Technical analysis tradition (holds SPY) - [Beta Rotation Strategy (utilities vs. the market)](https://tactfolio.com/strategies/beta-rotation-strategy.md), by Charles Bilello and Michael Gayed, 2014 (holds SPY) - [Tactical Risk Rotation (TRRS)](https://tactfolio.com/strategies/tactical-risk-rotation.md), by Michael Gayed and Charles Bilello, 2014 (holds SPY) - [Volatility-Managed Portfolio (Moreira and Muir)](https://tactfolio.com/strategies/volatility-managed-portfolio.md), by Alan Moreira and Tyler Muir, 2017 (holds SPY) - [Growth-Trend Timing (Philosophical Economics’ GTT)](https://tactfolio.com/strategies/growth-trend-timing.md), by Jesse Livermore (Philosophical Economics), 2016 (holds SPY) - [Growth-Trend Timing with unemployment (GTT-UE)](https://tactfolio.com/strategies/growth-trend-timing-unemployment.md), by Jesse Livermore (Philosophical Economics), 2016 (holds SPY) - [Growth-Trend Timing with job growth](https://tactfolio.com/strategies/growth-trend-timing-jobs.md), by Jesse Livermore (Philosophical Economics), 2016 (holds SPY) - [Growth-Trend Timing with housing starts and income](https://tactfolio.com/strategies/growth-trend-timing-housing.md), by Jesse Livermore (Philosophical Economics), 2016 (holds SPY) - [TrendYCMacro (Quantpedia’s market timing strategy)](https://tactfolio.com/strategies/trend-yc-macro.md), by Ladislav Ďurian and Radovan Vojtko (Quantpedia), 2023 (holds SPY) - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 (holds SPY) ## Other funds like QQQ and SPY Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [QQQ alternatives](https://tactfolio.com/alternatives/qqq.md) and [SPY alternatives](https://tactfolio.com/alternatives/spy.md). ## Test a mix of QQQ and SPY Open the [builder](https://tactfolio.com/builder), add QQQ and SPY, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [QQQ](https://tactfolio.com/etf/qqq.md) and [SPY](https://tactfolio.com/etf/spy.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### Why has QQQ often done better than SPY? Large tech companies grew fast over much of the last two decades, and QQQ holds more of them. In years when tech fell hard, such as 2022, QQQ did worse. Past leaders do not always stay ahead. ### Which holds more companies, QQQ or SPY? SPY holds about 500 companies. QQQ holds about 100. ### Which is cheaper, QQQ or SPY? SPY costs less: 0.0945% a year against 0.18%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, QQQ or SPY? From March 1999 to October 2026, QQQ returned about 10.7% a year and SPY returned about 8.5% a year, with dividends reinvested. Their worst drops were −83.0% and −55.2%. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) > 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. --- # QQQ vs QQQM: fees, holdings and returns compared > QQQ vs QQQM: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. QQQ and QQQM both track the Nasdaq-100, so they hold the same about 100 companies. QQQM charges a lower yearly fee. QQQ trades in much larger amounts each day. Over the same dates since October 2020, QQQ returned about 16.4% a year and QQQM returned about 16.5% a year. 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 - QQQM costs less: 0.15% a year against 0.18%. - QQQ started trading in March 1999. QQQM started in October 2020. - Worst drops since 2020: QQQ −35.1%, QQQM −35.0%. - Daily correlation: 1.00 (1 means they always move together). ## What is the difference between QQQ and QQQM? The holdings are the same. Invesco launched QQQM in 2020 as a lower-cost version for long-term investors. QQQ, launched in 1999, has a much larger daily trading volume and a busy options market, which traders value. Over long periods the lower fee gives QQQM a small edge, all else equal. | Fact | QQQ | QQQM | | --- | --- | --- | | Full name | Invesco QQQ Trust, Series 1 | Invesco NASDAQ 100 ETF | | Issuer | Invesco | Invesco | | Expense ratio | 0.18% a year | 0.15% a year | | Started trading | March 10, 1999 | October 13, 2020 | | Tracks | Nasdaq-100 Index | Nasdaq-100 Index | | Holdings | n/a | n/a | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [Invesco QQQ page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) and the [Invesco QQQM page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm). ## Is QQQ or QQQM cheaper? QQQM costs less: 0.15% a year against 0.18%. On $10,000, that is about $18 a year for QQQ and $15 for QQQM. The fund takes its fee out of its own value a little each day, so you never get a bill. ## QQQ vs QQQM performance over the same dates Both funds are measured from October 2020 to October 2026, the dates both traded. QQQ returned about 16.4% a year and QQQM returned about 16.5% a year. QQQM came out ahead over this period, which does not mean it will again. | Measure | QQQ | QQQM | | --- | --- | --- | | $10,000 grew to | $24,964 | $25,048 | | Total return | 149.6% | 150.5% | | Return per year (CAGR) | 16.4% | 16.5% | | Worst drop from a high | −35.1% | −35.0% | | Volatility (how much it swings) | 22.3% | 22.2% | | Last 12 months | 18.9% | 18.9% | | Last 3 years, per year | 25.0% | 25.1% | | Last 5 years, per year | 14.7% | 14.7% | 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. ## QQQ and QQQM returns by year | Year | QQQ | QQQM | | --- | --- | --- | | 2026 (part of the year) | 15.9% | 16.0% | | 2025 | 20.8% | 20.8% | | 2024 | 25.6% | 25.7% | | 2023 | 54.9% | 55.0% | | 2022 | −32.6% | −32.5% | | 2021 | 27.4% | 27.5% | | 2020 (part of the year) | 6.7% | 6.7% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. QQQ's worst fall was −35.1%, from December 27, 2021 to November 3, 2022. It got back to that high on December 13, 2023. QQQM's worst fall was −35.0%, from November 19, 2021 to November 3, 2022. It got back to that high on December 12, 2023. Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose QQQ or QQQM **QQQ.** Active traders and options traders often pick QQQ because so much trades every day. **QQQM.** Buy-and-hold investors often pick QQQM for its lower fee on the same index. ## Strategies that hold QQQ or QQQM These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds QQQ) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds QQQ) - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds QQQ) - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds QQQ) - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds QQQ) - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 (holds QQQ) - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds QQQ) - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds QQQ) - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds QQQ) ## Other funds like QQQ and QQQM Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [QQQ alternatives](https://tactfolio.com/alternatives/qqq.md) and [QQQM alternatives](https://tactfolio.com/alternatives/qqqm.md). ## Test a mix of QQQ and QQQM Open the [builder](https://tactfolio.com/builder), add QQQ and QQQM, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [QQQ](https://tactfolio.com/etf/qqq.md) and [QQQM](https://tactfolio.com/etf/qqqm.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ### Is QQQM the same as QQQ? They track the same index and hold the same companies. QQQM has a lower yearly fee and a lower share price. QQQ trades far more each day. ### Why does QQQ have a longer history than QQQM? QQQ started in 1999 and QQQM in 2020. That is why the comparison above starts in late 2020, when both were trading. ### Which is cheaper, QQQ or QQQM? QQQM costs less: 0.15% a year against 0.18%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, QQQ or QQQM? From October 2020 to October 2026, QQQ returned about 16.4% a year and QQQM returned about 16.5% a year, with dividends reinvested. Their worst drops were −35.1% and −35.0%. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) > 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. --- # VT vs VTI: fees, holdings and returns compared > VT vs VTI: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. VT holds stocks from around the world, about 10,000 companies, with about 60% of its value in the US. VTI holds only US stocks, about 3,500 companies. VT adds companies from Europe, Japan, China and other countries. Over the same dates since June 2008, VT returned about 8.8% a year and VTI returned about 12.1% a year. 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 - VTI costs less: 0.03% a year against 0.06%. - VT started trading in June 2008. VTI started in May 2001. - Worst drops since 2008: VT −50.3%, VTI −48.0%. - Daily correlation: 0.96 (1 means they always move together). ## What is the difference between VT and VTI? VTI is US only. VT is the whole world, weighted by company size, so the US is its largest part but not all of it. When US stocks lead, VTI tends to do better. When foreign stocks lead, as they did in some years, VT tends to do better. VT charges a little more each year. | Fact | VT | VTI | | --- | --- | --- | | Full name | Vanguard Total World Stock ETF | Vanguard Morningstar Total Stock Market ETF | | Issuer | Vanguard | Vanguard | | Expense ratio | 0.06% a year | 0.03% a year | | Started trading | June 24, 2008 | May 24, 2001 | | Tracks | FTSE Global All Cap Index | Morningstar US Total Market Index | | Holdings | 10,185 holdings as of September 30, 2026 | 3,519 holdings as of September 30, 2026 | | Type | Global stocks, ETF | US stocks, ETF | Fund facts checked on the [Vanguard VT page](https://investor.vanguard.com/investment-products/etfs/profile/vt) and the [Vanguard VTI page](https://investor.vanguard.com/investment-products/etfs/profile/vti). ## Is VT or VTI cheaper? VTI costs less: 0.03% a year against 0.06%. On $10,000, that is about $6 a year for VT and $3 for VTI. The fund takes its fee out of its own value a little each day, so you never get a bill. ## VT vs VTI performance over the same dates Both funds are measured from June 2008 to October 2026, the dates both traded. VT returned about 8.8% a year and VTI returned about 12.1% a year. VTI came out ahead over this period, which does not mean it will again. | Measure | VT | VTI | | --- | --- | --- | | $10,000 grew to | $46,414 | $80,591 | | Total return | 364.1% | 705.9% | | Return per year (CAGR) | 8.8% | 12.1% | | Worst drop from a high | −50.3% | −48.0% | | Volatility (how much it swings) | 20.4% | 19.9% | | Last 12 months | 15.8% | 16.1% | | Last 3 years, per year | 20.8% | 21.6% | | Last 5 years, per year | 10.4% | 11.7% | | Last 10 years, per year | 12.5% | 14.9% | 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. ## VT and VTI returns by year | Year | VT | VTI | | --- | --- | --- | | 2026 (part of the year) | 12.1% | 12.5% | | 2025 | 22.4% | 17.1% | | 2024 | 16.5% | 23.8% | | 2023 | 22.0% | 26.1% | | 2022 | −18.0% | −19.5% | | 2021 | 18.3% | 25.7% | | 2020 | 16.6% | 21.1% | | 2019 | 26.8% | 30.7% | | 2018 | −9.8% | −5.2% | | 2017 | 24.5% | 21.2% | | 2016 | 8.5% | 12.8% | | 2015 | −1.9% | 0.4% | | 2014 | 3.7% | 12.6% | | 2013 | 22.9% | 33.5% | | 2012 | 17.1% | 16.4% | | 2011 | −7.5% | 1.0% | | 2010 | 13.1% | 17.4% | | 2009 | 32.7% | 28.9% | | 2008 (part of the year) | −33.1% | −29.5% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. VT's worst fall was −50.3%, from June 26, 2008 to March 9, 2009. It got back to that high on December 29, 2010. VTI's worst fall was −48.0%, from August 11, 2008 to March 9, 2009. It got back to that high on November 4, 2010. Their daily moves had a correlation of 0.96. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose VT or VTI **VT.** People who want every country in one fund, so they do not have to pick between US and foreign stocks, tend to pick VT. **VTI.** People who want only US companies, or who hold foreign stocks in a separate fund, tend to pick VTI. ## Strategies that hold VT or VTI These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Baby Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/baby-bear-portfolio.md), by Brian Livingston, 2018 (holds VTI) - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 (holds VTI) - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 (holds VTI) - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 (holds VTI) - [Three-Fund Portfolio (Taylor Larimore, Bogleheads)](https://tactfolio.com/strategies/three-fund-portfolio.md), by Taylor Larimore, 2018 (holds VTI) ## Other funds like VT and VTI Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [VT alternatives](https://tactfolio.com/alternatives/vt.md) and [VTI alternatives](https://tactfolio.com/alternatives/vti.md). ## Test a mix of VT and VTI Open the [builder](https://tactfolio.com/builder), add VT and VTI, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [VT](https://tactfolio.com/etf/vt.md) and [VTI](https://tactfolio.com/etf/vti.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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. - [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. ## Common questions ### Does VT include VTI? VT holds most of the US companies that VTI holds, plus thousands of companies outside the US. The US makes up about 60% of VT, and that share changes over time. ### Is VTI plus VXUS the same as VT? Close. VTI holds US stocks and VXUS holds stocks outside the US, so together they cover much the same ground as VT. You choose the mix yourself instead of the fund doing it. ### Which is cheaper, VT or VTI? VTI costs less: 0.03% a year against 0.06%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, VT or VTI? From June 2008 to October 2026, VT returned about 8.8% a year and VTI returned about 12.1% a year, with dividends reinvested. Their worst drops were −50.3% and −48.0%. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) > 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. --- # SCHD vs VYM: fees, holdings and returns compared > SCHD vs VYM: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. SCHD holds about 100 US companies picked for paying steady dividends and having strong finances. VYM holds about 590 US companies that pay higher dividends than average. SCHD is more selective, so it holds fewer companies. Over the same dates since October 2011, SCHD returned about 13.5% a year and VYM returned about 12.6% a year. 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 - VYM costs less: 0.04% a year against 0.06%. - SCHD started trading in October 2011. VYM started in November 2006. - Worst drops since 2011: SCHD −33.4%, VYM −35.2%. - Daily correlation: 0.97 (1 means they always move together). ## What is the difference between SCHD and VYM? Both aim at dividend-paying US stocks but use different rules. SCHD tracks the Dow Jones U.S. Dividend 100 Index, which screens for at least 10 years of dividends and ranks companies on cash flow, debt, return on equity, dividend yield and dividend growth. VYM tracks the FTSE High Dividend Yield Index, which picks US stocks with higher than average expected dividend yields and leaves out real estate trusts. Fewer holdings make SCHD less spread out. | Fact | SCHD | VYM | | --- | --- | --- | | Full name | Schwab U.S. Dividend Equity ETF | Vanguard High Dividend Yield ETF | | Issuer | Schwab | Vanguard | | Expense ratio | 0.06% a year | 0.04% a year | | Started trading | October 20, 2011 | November 10, 2006 | | Tracks | Dow Jones U.S. Dividend 100 Index | FTSE High Dividend Yield Index | | Holdings | 98 holdings as of February 28, 2026 | 593 holdings as of September 30, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [Schwab SCHD page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) and the [Vanguard VYM page](https://investor.vanguard.com/investment-products/etfs/profile/vym). ## Is SCHD or VYM cheaper? VYM costs less: 0.04% a year against 0.06%. On $10,000, that is about $6 a year for SCHD and $4 for VYM. The fund takes its fee out of its own value a little each day, so you never get a bill. ## SCHD vs VYM performance over the same dates Both funds are measured from October 2011 to October 2026, the dates both traded. SCHD returned about 13.5% a year and VYM returned about 12.6% a year. SCHD came out ahead over this period, which does not mean it will again. | Measure | SCHD | VYM | | --- | --- | --- | | $10,000 grew to | $66,323 | $58,940 | | Total return | 563.2% | 489.4% | | Return per year (CAGR) | 13.5% | 12.6% | | Worst drop from a high | −33.4% | −35.2% | | Volatility (how much it swings) | 15.3% | 15.1% | | Last 12 months | 33.8% | 17.7% | | Last 3 years, per year | 17.3% | 18.9% | | Last 5 years, per year | 9.8% | 11.5% | | Last 10 years, per year | 13.3% | 11.8% | 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. ## SCHD and VYM returns by year | Year | SCHD | VYM | | --- | --- | --- | | 2026 (part of the year) | 28.3% | 13.6% | | 2025 | 4.3% | 15.4% | | 2024 | 11.7% | 17.6% | | 2023 | 4.5% | 6.6% | | 2022 | −3.3% | −0.4% | | 2021 | 29.9% | 26.2% | | 2020 | 15.0% | 1.1% | | 2019 | 27.3% | 24.1% | | 2018 | −5.6% | −5.9% | | 2017 | 20.8% | 16.4% | | 2016 | 16.4% | 17.0% | | 2015 | −0.3% | 0.3% | | 2014 | 11.7% | 13.5% | | 2013 | 32.9% | 30.1% | | 2012 | 11.4% | 12.7% | | 2011 (part of the year) | 5.3% | 6.3% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. SCHD's worst fall was −33.4%, from January 23, 2020 to March 23, 2020. It got back to that high on September 2, 2020. VYM's worst fall was −35.2%, from January 17, 2020 to March 23, 2020. It got back to that high on December 31, 2020. Their daily moves had a correlation of 0.97. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose SCHD or VYM **SCHD.** People who want a short list of dividend payers screened for quality tend to pick SCHD. **VYM.** People who want a broader set of higher-dividend companies tend to pick VYM. ## Strategies that hold SCHD or VYM No classic strategy holds SCHD or VYM yet. ## Other funds like SCHD and VYM Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [SCHD alternatives](https://tactfolio.com/alternatives/schd.md) and [VYM alternatives](https://tactfolio.com/alternatives/vym.md). ## Test a mix of SCHD and VYM Open the [builder](https://tactfolio.com/builder), add SCHD and VYM, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [SCHD](https://tactfolio.com/etf/schd.md) and [VYM](https://tactfolio.com/etf/vym.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [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. ## Common questions ### Do SCHD and VYM hold the same stocks? Some overlap, because both buy large dividend payers. VYM holds many more companies, about 590 against about 100 for SCHD. ### Will these funds always pay the same dividends? No. Companies can cut or stop dividends, and the funds pass on what they receive. A fund's dividend changes over time. ### Which is cheaper, SCHD or VYM? VYM costs less: 0.04% a year against 0.06%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, SCHD or VYM? From October 2011 to October 2026, SCHD returned about 13.5% a year and VYM returned about 12.6% a year, with dividends reinvested. Their worst drops were −33.4% and −35.2%. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) > 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. --- # AGG vs BND: fees, holdings and returns compared > AGG vs BND: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. AGG and BND both hold the broad US bond market: government, mortgage and company bonds. They track nearly the same index, so their returns have been very close. Over the same dates since April 2007, AGG returned about 2.9% a year and BND returned about 2.9% a year. 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 - Both charge 0.03% a year. - AGG started trading in September 2003. BND started in April 2007. - Worst drops since 2007: AGG −18.4%, BND −18.6%. - Daily correlation: 0.87 (1 means they always move together). ## What is the difference between AGG and BND? AGG, from iShares, tracks the Bloomberg US Aggregate Bond Index. BND, from Vanguard, tracks a version of the same index that counts only bonds that are freely traded. In practice they hold very similar bonds, and the gap between them has been small. A bond fund's value falls when interest rates rise, as both did in 2022. | Fact | AGG | BND | | --- | --- | --- | | Full name | iShares Core U.S. Aggregate Bond ETF | Vanguard Total Bond Market ETF | | Issuer | iShares (BlackRock) | Vanguard | | Expense ratio | 0.03% a year | 0.03% a year | | Started trading | September 22, 2003 | April 3, 2007 | | Tracks | Bloomberg US Aggregate Bond Index | Bloomberg U.S. Aggregate Float Adjusted Index | | Holdings | 13,416 holdings as of October 15, 2026 | 11,434 holdings as of September 30, 2026 | | Type | US bonds, ETF | US bonds, ETF | Fund facts checked on the [iShares (BlackRock) AGG page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) and the [Vanguard BND page](https://investor.vanguard.com/investment-products/etfs/profile/bnd). ## Is AGG or BND cheaper? Both charge 0.03% a year. On $10,000, that is about $3 a year for AGG and $3 for BND. The fund takes its fee out of its own value a little each day, so you never get a bill. ## AGG vs BND performance over the same dates Both funds are measured from April 2007 to October 2026, the dates both traded. AGG returned about 2.9% a year and BND returned about 2.9% a year. BND came out ahead over this period, which does not mean it will again. | Measure | AGG | BND | | --- | --- | --- | | $10,000 grew to | $17,385 | $17,421 | | Total return | 73.9% | 74.2% | | Return per year (CAGR) | 2.9% | 2.9% | | Worst drop from a high | −18.4% | −18.6% | | Volatility (how much it swings) | 5.4% | 5.2% | | Last 12 months | −1.8% | −1.7% | | Last 3 years, per year | 4.8% | 4.7% | | Last 5 years, per year | −0.4% | −0.4% | | Last 10 years, per year | 1.3% | 1.4% | 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. ## AGG and BND returns by year | Year | AGG | BND | | --- | --- | --- | | 2026 (part of the year) | −1.6% | −1.5% | | 2025 | 7.2% | 7.1% | | 2024 | 1.3% | 1.4% | | 2023 | 5.7% | 5.7% | | 2022 | −13.0% | −13.1% | | 2021 | −1.8% | −1.9% | | 2020 | 7.5% | 7.7% | | 2019 | 8.5% | 8.8% | | 2018 | 0.3% | 0.1% | | 2017 | 3.5% | 4.0% | | 2016 | 2.4% | 2.5% | | 2015 | 0.5% | 0.6% | | 2014 | 6.0% | 5.8% | | 2013 | −2.0% | −2.1% | | 2012 | 3.8% | 2.9% | | 2011 | 7.7% | 7.9% | | 2010 | 6.4% | 6.2% | | 2009 | 3.0% | 3.6% | | 2008 | 7.9% | 6.9% | | 2007 (part of the year) | 5.4% | 6.1% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. AGG's worst fall was −18.4%, from August 4, 2020 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. BND's worst fall was −18.6%, from August 6, 2020 to October 20, 2022. By October 16, 2026 it had not yet climbed back to that high. Their daily moves had a correlation of 0.87. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So they often move together, but not always. ## Why people choose AGG or BND **AGG.** People who already use iShares funds often pick AGG. **BND.** People who already use Vanguard funds often pick BND. ## Strategies that hold AGG or BND These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 (holds AGG) - [Dual Momentum: Antonacci’s Global Equities Momentum (GEM)](https://tactfolio.com/strategies/dual-momentum.md), by Gary Antonacci, 2014 (holds AGG) - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 (holds AGG) - [Baby Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/baby-bear-portfolio.md), by Brian Livingston, 2018 (holds AGG) - [Diversified Dual Momentum (Newfound Research)](https://tactfolio.com/strategies/diversified-dual-momentum.md), by Corey Hoffstein (Newfound Research), 2019 (holds AGG) - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds BND) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds BND) - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds BND) - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 (holds BND) - [Three-Fund Portfolio (Taylor Larimore, Bogleheads)](https://tactfolio.com/strategies/three-fund-portfolio.md), by Taylor Larimore, 2018 (holds BND) - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds BND) ## Other funds like AGG and BND Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [AGG alternatives](https://tactfolio.com/alternatives/agg.md) and [BND alternatives](https://tactfolio.com/alternatives/bnd.md). ## Test a mix of AGG and BND Open the [builder](https://tactfolio.com/builder), add AGG and BND, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [AGG](https://tactfolio.com/etf/agg.md) and [BND](https://tactfolio.com/etf/bnd.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ### Can a bond fund like AGG or BND lose money? Yes. When interest rates rise, the bonds a fund already holds lose value. Both funds fell more than 10% in 2022, when rates rose fast. ### What is the difference between AGG and BND? They track nearly the same bond index and charge the same fee. The difference is mainly the issuer: iShares for AGG and Vanguard for BND. ### Which is cheaper, AGG or BND? Both charge 0.03% a year. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, AGG or BND? From April 2007 to October 2026, AGG returned about 2.9% a year and BND returned about 2.9% a year, with dividends reinvested. Their worst drops were −18.4% and −18.6%. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) > 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. --- # GLD vs IAU: fees, holdings and returns compared > GLD vs IAU: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. GLD and IAU both hold physical gold bars in vaults, so both follow the price of gold. IAU charges a lower yearly fee. GLD trades in larger amounts each day. Over the same dates since January 2005, GLD returned about 10.6% a year and IAU returned about 10.8% a year. 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 - IAU costs less: 0.25% a year against 0.4%. - GLD started trading in November 2004. IAU started in January 2005. - Worst drops since 2005: GLD −45.6%, IAU −45.1%. - Daily correlation: 1.00 (1 means they always move together). ## What is the difference between GLD and IAU? Both are trusts that own gold and let you hold a slice of it through one share. They are not regular funds, and they pay no dividends. The main difference is cost: IAU charges less each year, which adds up over long holds. GLD is larger and more heavily traded, which traders value. | Fact | GLD | IAU | | --- | --- | --- | | Full name | SPDR Gold Shares | iShares Gold Trust | | Issuer | SPDR (State Street) | iShares (BlackRock) | | Expense ratio | 0.4% a year | 0.25% a year | | Started trading | November 18, 2004 | January 21, 2005 | | Tracks | LBMA Gold Price PM | LBMA Gold Price | | Holdings | n/a | n/a | | Type | Gold, ETF | Gold, ETF | Fund facts checked on the [SPDR (State Street) GLD page](https://www.spdrgoldshares.com/usa/gld/) and the [iShares (BlackRock) IAU page](https://www.ishares.com/us/products/239561/ishares-gold-trust). ## Is GLD or IAU cheaper? IAU costs less: 0.25% a year against 0.4%. On $10,000, that is about $40 a year for GLD and $25 for IAU. The fund takes its fee out of its own value a little each day, so you never get a bill. ## GLD vs IAU performance over the same dates Both funds are measured from January 2005 to October 2026, the dates both traded. GLD returned about 10.6% a year and IAU returned about 10.8% a year. IAU came out ahead over this period, which does not mean it will again. | Measure | GLD | IAU | | --- | --- | --- | | $10,000 grew to | $89,485 | $91,755 | | Total return | 794.9% | 817.5% | | Return per year (CAGR) | 10.6% | 10.8% | | Worst drop from a high | −45.6% | −45.1% | | Volatility (how much it swings) | 18.3% | 18.3% | | Last 12 months | −3.6% | −3.5% | | Last 3 years, per year | 29.0% | 29.2% | | Last 5 years, per year | 18.2% | 18.4% | | Last 10 years, per year | 12.3% | 12.5% | 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. ## GLD and IAU returns by year | Year | GLD | IAU | | --- | --- | --- | | 2026 (part of the year) | −3.6% | −3.5% | | 2025 | 63.7% | 63.9% | | 2024 | 26.7% | 26.9% | | 2023 | 12.7% | 12.8% | | 2022 | −0.8% | −0.6% | | 2021 | −4.2% | −4.0% | | 2020 | 24.8% | 25.0% | | 2019 | 17.9% | 18.0% | | 2018 | −1.9% | −1.8% | | 2017 | 12.8% | 12.9% | | 2016 | 8.0% | 8.3% | | 2015 | −10.7% | −10.6% | | 2014 | −2.2% | −2.1% | | 2013 | −28.3% | −28.3% | | 2012 | 6.6% | 6.9% | | 2011 | 9.6% | 9.6% | | 2010 | 29.3% | 29.5% | | 2009 | 24.0% | 23.9% | | 2008 | 4.9% | 5.1% | | 2007 | 30.4% | 30.4% | | 2006 | 22.6% | 22.3% | | 2005 (part of the year) | 20.8% | 21.2% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. GLD's worst fall was −45.6%, from August 22, 2011 to December 17, 2015. It got back to that high on July 29, 2020. IAU's worst fall was −45.1%, from August 22, 2011 to December 2, 2015. It got back to that high on July 27, 2020. Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose GLD or IAU **GLD.** Traders often pick GLD because it trades so much each day and has a busy options market. **IAU.** Long-term holders often pick IAU for its lower yearly fee. ## Strategies that hold GLD or IAU These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds GLD) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds GLD) - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds GLD) - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 (holds GLD) - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 (holds GLD) - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds GLD) - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 (holds GLD) - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 (holds GLD) - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 (holds GLD) - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 (holds GLD) - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 (holds GLD) - [Gold Cross-Asset Momentum (gold and Treasury rule)](https://tactfolio.com/strategies/gold-cross-asset-momentum.md), by Cyril Dujava (Quantpedia), 2026 (holds GLD) - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 (holds GLD) - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 (holds GLD) - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 (holds GLD) - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 (holds GLD) - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 (holds GLD) - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 (holds GLD) - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 (holds GLD) - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds GLD) - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds GLD) - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds GLD) - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 (holds IAU) - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 (holds IAU) ## Other funds like GLD and IAU Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [GLD alternatives](https://tactfolio.com/alternatives/gld.md) and [IAU alternatives](https://tactfolio.com/alternatives/iau.md). ## Test a mix of GLD and IAU Open the [builder](https://tactfolio.com/builder), add GLD and IAU, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [GLD](https://tactfolio.com/etf/gld.md) and [IAU](https://tactfolio.com/etf/iau.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ### Do GLD and IAU own real gold? Yes. Both trusts hold gold bars in vaults. Each share stands for a small amount of that gold, minus fees taken over time. ### Does gold pay dividends? No. Gold earns no interest or dividends, so these funds return only what the gold price does, minus the yearly fee. ### Which is cheaper, GLD or IAU? IAU costs less: 0.25% a year against 0.4%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, GLD or IAU? From January 2005 to October 2026, GLD returned about 10.6% a year and IAU returned about 10.8% a year, with dividends reinvested. Their worst drops were −45.6% and −45.1%. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) > 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. --- # IEF vs TLT: fees, holdings and returns compared > IEF vs TLT: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. IEF holds US Treasury bonds that mature in 7 to 10 years. TLT holds Treasury bonds that mature in more than 20 years. TLT swings much more when interest rates change. Over the same dates since July 2002, IEF returned about 3.4% a year and TLT returned about 3.4% a year. 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 - Both charge 0.15% a year. - IEF started trading in July 2002. TLT started in July 2002. - Worst drops since 2002: IEF −23.9%, TLT −48.4%. - Daily correlation: 0.91 (1 means they always move together). ## What is the difference between IEF and TLT? Both hold only US government bonds, so the risk of the government not paying is very low. The difference is time. Bonds that mature far in the future lose more value when interest rates rise and gain more when rates fall. That is why TLT had much bigger swings than IEF, including a deep fall when rates rose in 2022. | Fact | IEF | TLT | | --- | --- | --- | | Full name | iShares 7-10 Year Treasury Bond ETF | iShares 20+ Year Treasury Bond ETF | | Issuer | iShares (BlackRock) | iShares (BlackRock) | | Expense ratio | 0.15% a year | 0.15% a year | | Started trading | July 22, 2002 | July 22, 2002 | | Tracks | ICE US Treasury 7-10 Year Bond Index | ICE US Treasury 20+ Year Bond Index | | Holdings | 17 holdings as of October 15, 2026 | 47 holdings as of October 15, 2026 | | Type | US bonds, ETF | US bonds, ETF | Fund facts checked on the [iShares (BlackRock) IEF page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) and the [iShares (BlackRock) TLT page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf). ## Is IEF or TLT cheaper? Both charge 0.15% a year. On $10,000, that is about $15 a year for IEF and $15 for TLT. The fund takes its fee out of its own value a little each day, so you never get a bill. ## IEF vs TLT performance over the same dates Both funds are measured from July 2002 to October 2026, the dates both traded. IEF returned about 3.4% a year and TLT returned about 3.4% a year. | Measure | IEF | TLT | | --- | --- | --- | | $10,000 grew to | $22,605 | $22,605 | | Total return | 126.0% | 126.0% | | Return per year (CAGR) | 3.4% | 3.4% | | Worst drop from a high | −23.9% | −48.4% | | Volatility (how much it swings) | 6.8% | 14.2% | | Last 12 months | −3.6% | −8.3% | | Last 3 years, per year | 3.7% | 1.8% | | Last 5 years, per year | −1.7% | −8.0% | | Last 10 years, per year | 0.4% | −2.1% | 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. ## IEF and TLT returns by year | Year | IEF | TLT | | --- | --- | --- | | 2026 (part of the year) | −3.1% | −5.0% | | 2025 | 8.0% | 4.3% | | 2024 | −0.6% | −8.1% | | 2023 | 3.6% | 2.8% | | 2022 | −15.2% | −31.2% | | 2021 | −3.3% | −4.6% | | 2020 | 10.0% | 18.1% | | 2019 | 8.0% | 14.1% | | 2018 | 1.0% | −1.6% | | 2017 | 2.5% | 9.2% | | 2016 | 1.0% | 1.2% | | 2015 | 1.5% | −1.8% | | 2014 | 9.1% | 27.3% | | 2013 | −6.1% | −13.4% | | 2012 | 3.7% | 2.4% | | 2011 | 15.7% | 34.0% | | 2010 | 9.4% | 9.0% | | 2009 | −6.6% | −21.8% | | 2008 | 17.9% | 34.0% | | 2007 | 10.4% | 10.3% | | 2006 | 2.5% | 0.7% | | 2005 | 2.6% | 8.6% | | 2004 | 4.1% | 8.7% | | 2003 | 5.3% | 1.6% | | 2002 (part of the year) | 7.6% | 11.1% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. IEF's worst fall was −23.9%, from August 4, 2020 to October 19, 2023. By October 16, 2026 it had not yet climbed back to that high. TLT's worst fall was −48.4%, from August 4, 2020 to October 19, 2023. By October 16, 2026 it had not yet climbed back to that high. Their daily moves had a correlation of 0.91. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose IEF or TLT **IEF.** People who want Treasury bonds with moderate swings tend to pick IEF. Many classic strategies use it as their safe asset. **TLT.** People who want the biggest move from falling interest rates, and can accept big drops when rates rise, tend to pick TLT. ## Strategies that hold IEF or TLT These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Hybrid Asset Allocation (HAA)](https://tactfolio.com/strategies/hybrid-asset-allocation.md), by Wouter Keller and JW Keuning, 2023 (holds IEF and TLT) - [HAA Simple: Hybrid Asset Allocation with one asset](https://tactfolio.com/strategies/hybrid-asset-allocation-simple.md), by Wouter Keller and JW Keuning, 2023 (holds IEF) - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds IEF and TLT) - [Vigilant Asset Allocation (VAA)](https://tactfolio.com/strategies/vigilant-asset-allocation.md), by Wouter Keller and JW Keuning, 2017 (holds IEF) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds IEF and TLT) - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds IEF and TLT) - [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 (holds IEF and TLT) - [Global Tactical Asset Allocation (GTAA 5)](https://tactfolio.com/strategies/global-tactical-asset-allocation.md), by Mebane Faber, 2007 (holds IEF) - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds IEF and TLT) - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds IEF and TLT) - [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 (holds IEF and TLT) - [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 (holds IEF and TLT) - [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 (holds IEF and TLT) - [Ivy Portfolio rotation (Faber’s relative strength model)](https://tactfolio.com/strategies/ivy-portfolio-rotation.md), by Mebane Faber and Eric Richardson, 2009 (holds IEF) - [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 (holds IEF) - [Papa Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/papa-bear-portfolio.md), by Brian Livingston, 2018 (holds IEF and TLT) - [Gold Cross-Asset Momentum (gold and Treasury rule)](https://tactfolio.com/strategies/gold-cross-asset-momentum.md), by Cyril Dujava (Quantpedia), 2026 (holds IEF) - [US Cross-Asset Momentum (stock and Treasury timing)](https://tactfolio.com/strategies/cross-asset-momentum.md), by Aleksi Pitkäjärvi, Matti Suominen, and Lauri Vaittinen, 2016 (holds IEF) - [US Risk Parity Trend-Following (The Trend is Our Friend)](https://tactfolio.com/strategies/us-risk-parity-trend-following.md), by Andrew Clare, James Seaton, Peter N. Smith, and Stephen Thomas, 2016 (holds IEF) - [HAA 60/40 (NLX Finance’s Hybrid Asset Allocation variant)](https://tactfolio.com/strategies/haa-60-40.md), by Nicolas Lequeux (NLX Finance), 2024 (holds IEF) - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 (holds IEF and TLT) - [Robust Asset Allocation Balanced (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-balanced.md), by Wesley Gray (Alpha Architect), 2014 (holds IEF) - [Robust Asset Allocation Aggressive (Alpha Architect RAA)](https://tactfolio.com/strategies/robust-asset-allocation-aggressive.md), by Wesley Gray (Alpha Architect), 2014 (holds IEF) - [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 (holds IEF) - [Paul Novell's Tactical Bond Strategy](https://tactfolio.com/strategies/novell-tactical-bond-strategy.md), by Paul Novell, 2014 (holds IEF and TLT) - [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 (holds IEF and TLT) - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 (holds IEF and TLT) - [Ivy Portfolio (Faber and Richardson, buy and hold)](https://tactfolio.com/strategies/ivy-portfolio.md), by Mebane Faber and Eric Richardson, 2009 (holds IEF) - [60/40 Portfolio (classic stocks and bonds)](https://tactfolio.com/strategies/60-40-portfolio.md), by Traditional balanced funds (holds IEF) - [Tactical Risk Rotation (TRRS)](https://tactfolio.com/strategies/tactical-risk-rotation.md), by Michael Gayed and Charles Bilello, 2014 (holds IEF and TLT) - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds IEF) - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds IEF and TLT) - [Bond UI1 (Paul Novell’s unemployment bond strategy)](https://tactfolio.com/strategies/novell-bond-ui1.md), by Paul Novell, 2019 (holds IEF and TLT) - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds IEF) - [Inflation Compass (Varadi’s growth and inflation model)](https://tactfolio.com/strategies/inflation-compass.md), by David Varadi, 2026 (holds IEF) - [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 (holds TLT) - [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 (holds TLT) - [Mama Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/mama-bear-portfolio.md), by Brian Livingston, 2018 (holds TLT) - [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 (holds TLT) - [Paired Switching (quarterly SPY and TLT rotation)](https://tactfolio.com/strategies/paired-switching.md), by Akhilesh Maewal and Joel R. Bock, 2011 (holds TLT) - [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md), by Engineered Portfolio (Steve Hanly), 2018 (holds TLT) - [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 (holds TLT) - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 (holds TLT) - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 (holds TLT) ## Other funds like IEF and TLT Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [IEF alternatives](https://tactfolio.com/alternatives/ief.md) and [TLT alternatives](https://tactfolio.com/alternatives/tlt.md). ## Test a mix of IEF and TLT Open the [builder](https://tactfolio.com/builder), add IEF and TLT, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [IEF](https://tactfolio.com/etf/ief.md) and [TLT](https://tactfolio.com/etf/tlt.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ### Why did TLT fall so much? TLT holds bonds that mature in 20 or more years. Those bonds lose the most value when interest rates rise, and rates rose quickly from 2022. ### Are Treasury bond funds safe? The US government is very likely to pay its bonds. But the funds can still lose value when interest rates rise, as the worst drop figures above show. ### Which is cheaper, IEF or TLT? Both charge 0.15% a year. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, IEF or TLT? From July 2002 to October 2026, IEF returned about 3.4% a year and TLT returned about 3.4% a year, with dividends reinvested. Their worst drops were −23.9% and −48.4%. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [iShares (BlackRock): iShares 20+ Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) > 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. --- # VTI vs VXUS: fees, holdings and returns compared > VTI vs VXUS: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. VTI holds about 3,500 US companies. VXUS holds about 8,700 companies outside the US, in Europe, Japan, China and other countries. They hold no stocks in common, so many investors use them together. Over the same dates since January 2011, VTI returned about 13.6% a year and VXUS returned about 6.5% a year. 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 - VTI costs less: 0.03% a year against 0.05%. - VTI started trading in May 2001. VXUS started in January 2011. - Worst drops since 2011: VTI −35.0%, VXUS −36.0%. - Daily correlation: 0.86 (1 means they always move together). ## What is the difference between VTI and VXUS? VTI and VXUS split the world in two. VTI is all US. VXUS is everything else, both rich countries and emerging markets. For much of the 2010s US stocks did better. In the 2000s, foreign stocks led. Their prices also move with currencies, because VXUS holds stocks priced in other money. | Fact | VTI | VXUS | | --- | --- | --- | | Full name | Vanguard Morningstar Total Stock Market ETF | Vanguard Total International Stock ETF | | Issuer | Vanguard | Vanguard | | Expense ratio | 0.03% a year | 0.05% a year | | Started trading | May 24, 2001 | January 26, 2011 | | Tracks | Morningstar US Total Market Index | FTSE Global All Cap ex US Index | | Holdings | 3,519 holdings as of September 30, 2026 | 8,740 holdings as of August 31, 2026 | | Type | US stocks, ETF | International stocks, ETF | Fund facts checked on the [Vanguard VTI page](https://investor.vanguard.com/investment-products/etfs/profile/vti) and the [Vanguard VXUS page](https://investor.vanguard.com/investment-products/etfs/profile/vxus). ## Is VTI or VXUS cheaper? VTI costs less: 0.03% a year against 0.05%. On $10,000, that is about $3 a year for VTI and $5 for VXUS. The fund takes its fee out of its own value a little each day, so you never get a bill. ## VTI vs VXUS performance over the same dates Both funds are measured from January 2011 to October 2026, the dates both traded. VTI returned about 13.6% a year and VXUS returned about 6.5% a year. VTI came out ahead over this period, which does not mean it will again. | Measure | VTI | VXUS | | --- | --- | --- | | $10,000 grew to | $74,542 | $26,831 | | Total return | 645.4% | 168.3% | | Return per year (CAGR) | 13.6% | 6.5% | | Worst drop from a high | −35.0% | −36.0% | | Volatility (how much it swings) | 17.4% | 17.7% | | Last 12 months | 16.1% | 15.3% | | Last 3 years, per year | 21.6% | 19.4% | | Last 5 years, per year | 11.7% | 8.3% | | Last 10 years, per year | 14.9% | 9.2% | 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. ## VTI and VXUS returns by year | Year | VTI | VXUS | | --- | --- | --- | | 2026 (part of the year) | 12.5% | 11.4% | | 2025 | 17.1% | 32.4% | | 2024 | 23.8% | 5.1% | | 2023 | 26.1% | 15.9% | | 2022 | −19.5% | −16.1% | | 2021 | 25.7% | 9.0% | | 2020 | 21.1% | 10.7% | | 2019 | 30.7% | 21.8% | | 2018 | −5.2% | −14.4% | | 2017 | 21.2% | 27.5% | | 2016 | 12.8% | 4.8% | | 2015 | 0.4% | −4.2% | | 2014 | 12.6% | −4.7% | | 2013 | 33.5% | 14.6% | | 2012 | 16.4% | 18.6% | | 2011 (part of the year) | −0.4% | −14.4% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. VTI's worst fall was −35.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 12, 2020. VXUS's worst fall was −36.0%, from January 26, 2018 to March 23, 2020. It got back to that high on November 16, 2020. Their daily moves had a correlation of 0.86. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So they often move together, but not always. ## Why people choose VTI or VXUS **VTI.** People who want US companies only, or as the core of their portfolio, tend to pick VTI. **VXUS.** People who want companies outside the US, often next to a US fund, tend to pick VXUS. ## Strategies that hold VTI or VXUS These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Baby Bear Portfolio (Muscular Portfolios)](https://tactfolio.com/strategies/baby-bear-portfolio.md), by Brian Livingston, 2018 (holds VTI) - [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 (holds VTI) - [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 (holds VTI) - [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 (holds VTI) - [Three-Fund Portfolio (Taylor Larimore, Bogleheads)](https://tactfolio.com/strategies/three-fund-portfolio.md), by Taylor Larimore, 2018 (holds VTI and VXUS) ## Other funds like VTI and VXUS Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [VTI alternatives](https://tactfolio.com/alternatives/vti.md) and [VXUS alternatives](https://tactfolio.com/alternatives/vxus.md). ## Test a mix of VTI and VXUS Open the [builder](https://tactfolio.com/builder), add VTI and VXUS, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [VTI](https://tactfolio.com/etf/vti.md) and [VXUS](https://tactfolio.com/etf/vxus.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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. ## Common questions ### Do VTI and VXUS overlap? No. VTI holds US companies and VXUS holds companies outside the US. Together they cover most of the world stock market. ### What mix of VTI and VXUS matches the world market? The world market is roughly 60% US and 40% elsewhere, and that share changes over time. A fund like VT holds the world mix for you. ### Which is cheaper, VTI or VXUS? VTI costs less: 0.03% a year against 0.05%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, VTI or VXUS? From January 2011 to October 2026, VTI returned about 13.6% a year and VXUS returned about 6.5% a year, with dividends reinvested. Their worst drops were −35.0% and −36.0%. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) > 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. --- # VOO vs VOOG: fees, holdings and returns compared > VOO vs VOOG: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. VOO holds all of the about 500 companies in the S&P 500. VOOG holds only the S&P 500 companies with the fastest-growing sales and earnings, about 150 of them. VOOG leans more on technology and charges a little more. Over the same dates since September 2010, VOO returned about 14.8% a year and VOOG returned about 16.6% a year. 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 - VOO costs less: 0.03% a year against 0.07%. - VOO started trading in September 2010. VOOG started in September 2010. - Worst drops since 2010: VOO −34.0%, VOOG −32.7%. - Daily correlation: 0.96 (1 means they always move together). ## What is the difference between VOO and VOOG? VOOG takes the S&P 500 and keeps the growth side: companies with fast-growing sales, earnings and prices. That makes it heavier in a handful of large tech companies. VOO holds every S&P 500 company, growth and value alike. Growth stocks led for much of the 2010s, then fell harder in 2022. | Fact | VOO | VOOG | | --- | --- | --- | | Full name | Vanguard S&P 500 ETF | Vanguard S&P 500 Growth ETF | | Issuer | Vanguard | Vanguard | | Expense ratio | 0.03% a year | 0.07% a year | | Started trading | September 7, 2010 | September 7, 2010 | | Tracks | S&P 500 Index | S&P 500 Growth Index | | Holdings | 505 holdings as of September 30, 2026 | 152 holdings as of September 30, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [Vanguard VOO page](https://investor.vanguard.com/investment-products/etfs/profile/voo) and the [Vanguard VOOG page](https://investor.vanguard.com/investment-products/etfs/profile/voog). ## Is VOO or VOOG cheaper? VOO costs less: 0.03% a year against 0.07%. On $10,000, that is about $3 a year for VOO and $7 for VOOG. The fund takes its fee out of its own value a little each day, so you never get a bill. ## VOO vs VOOG performance over the same dates Both funds are measured from September 2010 to October 2026, the dates both traded. VOO returned about 14.8% a year and VOOG returned about 16.6% a year. VOOG came out ahead over this period, which does not mean it will again. | Measure | VOO | VOOG | | --- | --- | --- | | $10,000 grew to | $92,175 | $119,229 | | Total return | 821.7% | 1,092% | | Return per year (CAGR) | 14.8% | 16.6% | | Worst drop from a high | −34.0% | −32.7% | | Volatility (how much it swings) | 16.9% | 18.9% | | Last 12 months | 16.8% | 16.6% | | Last 3 years, per year | 22.1% | 26.2% | | Last 5 years, per year | 12.9% | 13.4% | | Last 10 years, per year | 15.5% | 17.8% | 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. ## VOO and VOOG returns by year | Year | VOO | VOOG | | --- | --- | --- | | 2026 (part of the year) | 12.8% | 13.1% | | 2025 | 17.8% | 22.1% | | 2024 | 25.0% | 35.9% | | 2023 | 26.3% | 30.0% | | 2022 | −18.2% | −29.5% | | 2021 | 28.8% | 31.9% | | 2020 | 18.3% | 33.4% | | 2019 | 31.4% | 30.9% | | 2018 | −4.5% | −0.2% | | 2017 | 21.8% | 27.2% | | 2016 | 12.2% | 6.8% | | 2015 | 1.3% | 5.4% | | 2014 | 12.9% | 14.7% | | 2013 | 32.4% | 32.6% | | 2012 | 16.0% | 14.2% | | 2011 | 1.9% | 4.6% | | 2010 (part of the year) | 14.8% | 15.8% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. VOO's worst fall was −34.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. VOOG's worst fall was −32.7%, from December 27, 2021 to October 14, 2022. It got back to that high on March 1, 2024. Their daily moves had a correlation of 0.96. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose VOO or VOOG **VOO.** People who want the whole S&P 500, growth and value together, tend to pick VOO. **VOOG.** People who want to lean toward faster-growing large companies tend to pick VOOG, and accept bigger swings. ## Strategies that hold VOO or VOOG No classic strategy holds VOO or VOOG yet. ## Other funds like VOO and VOOG Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [VOO alternatives](https://tactfolio.com/alternatives/voo.md) and [VOOG alternatives](https://tactfolio.com/alternatives/voog.md). ## Test a mix of VOO and VOOG Open the [builder](https://tactfolio.com/builder), add VOO and VOOG, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [VOO](https://tactfolio.com/etf/voo.md) and [VOOG](https://tactfolio.com/etf/voog.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### Is VOOG part of VOO? Yes. Every company in VOOG is also in VOO, because both come from the S&P 500. VOOG holds only the growth part. ### Which costs less, VOO or VOOG? VOO has the lower yearly fee. Style funds that hold part of an index often charge a little more than the main index fund. The table above shows both fees and the date we checked them. ### Which is cheaper, VOO or VOOG? VOO costs less: 0.03% a year against 0.07%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, VOO or VOOG? From September 2010 to October 2026, VOO returned about 14.8% a year and VOOG returned about 16.6% a year, with dividends reinvested. Their worst drops were −34.0% and −32.7%. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) > 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. --- # QQQ vs VGT: fees, holdings and returns compared > QQQ vs VGT: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. QQQ holds the 100 largest non-financial companies on the Nasdaq exchange, from tech, shopping, health and other industries. VGT holds only US information technology companies, about 320, from very large to small. VGT is more concentrated in one industry. Over the same dates since January 2004, QQQ returned about 14.8% a year and VGT returned about 14.8% a year. 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 - VGT costs less: 0.09% a year against 0.18%. - QQQ started trading in March 1999. VGT started in January 2004. - Worst drops since 2004: QQQ −53.4%, VGT −54.6%. - Daily correlation: 0.97 (1 means they always move together). ## What is the difference between QQQ and VGT? QQQ is picked by exchange and size. It includes companies like online stores and drug makers, as long as they are large and on Nasdaq. VGT is picked by industry. It holds only technology companies, but from every exchange and every size. Some well-known tech names sit in other industry groups, so they are in QQQ but not in VGT. | Fact | QQQ | VGT | | --- | --- | --- | | Full name | Invesco QQQ Trust, Series 1 | Vanguard Information Technology ETF | | Issuer | Invesco | Vanguard | | Expense ratio | 0.18% a year | 0.09% a year | | Started trading | March 10, 1999 | January 26, 2004 | | Tracks | Nasdaq-100 Index | MSCI US Investable Market Information Technology 25/50 Index | | Holdings | n/a | 318 holdings as of September 30, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [Invesco QQQ page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) and the [Vanguard VGT page](https://investor.vanguard.com/investment-products/etfs/profile/vgt). ## Is QQQ or VGT cheaper? VGT costs less: 0.09% a year against 0.18%. On $10,000, that is about $18 a year for QQQ and $9 for VGT. The fund takes its fee out of its own value a little each day, so you never get a bill. ## QQQ vs VGT performance over the same dates Both funds are measured from January 2004 to October 2026, the dates both traded. QQQ returned about 14.8% a year and VGT returned about 14.8% a year. VGT came out ahead over this period, which does not mean it will again. | Measure | QQQ | VGT | | --- | --- | --- | | $10,000 grew to | $227,382 | $232,245 | | Total return | 2,174% | 2,222% | | Return per year (CAGR) | 14.8% | 14.8% | | Worst drop from a high | −53.4% | −54.6% | | Volatility (how much it swings) | 21.4% | 22.8% | | Last 12 months | 18.9% | 27.3% | | Last 3 years, per year | 25.0% | 31.2% | | Last 5 years, per year | 14.7% | 18.5% | | Last 10 years, per year | 20.5% | 24.2% | 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. ## QQQ and VGT returns by year | Year | QQQ | VGT | | --- | --- | --- | | 2026 (part of the year) | 15.9% | 26.5% | | 2025 | 20.8% | 21.8% | | 2024 | 25.6% | 29.3% | | 2023 | 54.9% | 52.7% | | 2022 | −32.6% | −29.7% | | 2021 | 27.4% | 30.4% | | 2020 | 48.4% | 46.0% | | 2019 | 39.0% | 48.6% | | 2018 | −0.1% | 2.5% | | 2017 | 32.7% | 37.1% | | 2016 | 7.1% | 13.8% | | 2015 | 9.4% | 5.1% | | 2014 | 19.2% | 16.7% | | 2013 | 36.6% | 31.0% | | 2012 | 18.1% | 14.0% | | 2011 | 3.5% | 0.5% | | 2010 | 20.1% | 12.8% | | 2009 | 54.7% | 61.9% | | 2008 | −41.7% | −42.8% | | 2007 | 19.0% | 14.8% | | 2006 | 7.1% | 8.8% | | 2005 | 1.6% | 3.0% | | 2004 (part of the year) | 8.7% | −2.9% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. QQQ's worst fall was −53.4%, from October 31, 2007 to November 20, 2008. It got back to that high on December 8, 2010. VGT's worst fall was −54.6%, from October 31, 2007 to November 20, 2008. It got back to that high on January 6, 2011. Their daily moves had a correlation of 0.97. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose QQQ or VGT **QQQ.** People who want large growth companies beyond tech alone tend to pick QQQ. **VGT.** People who want only the technology industry, including smaller tech companies, tend to pick VGT. ## Strategies that hold QQQ or VGT These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds QQQ) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds QQQ) - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds QQQ) - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds QQQ) - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds QQQ) - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 (holds QQQ) - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds QQQ) - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds QQQ) - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds QQQ) ## Other funds like QQQ and VGT Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [QQQ alternatives](https://tactfolio.com/alternatives/qqq.md) and [VGT alternatives](https://tactfolio.com/alternatives/vgt.md). ## Test a mix of QQQ and VGT Open the [builder](https://tactfolio.com/builder), add QQQ and VGT, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [QQQ](https://tactfolio.com/etf/qqq.md) and [VGT](https://tactfolio.com/etf/vgt.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ### Does VGT hold Amazon or Google? Under the industry groups VGT follows, those companies are not counted as information technology, so VGT does not hold them. QQQ does. ### Does VGT hold small tech companies? Yes. VGT holds US technology companies of every size, about 320 in all. QQQ holds only the 100 largest companies on Nasdaq. ### Which is cheaper, QQQ or VGT? VGT costs less: 0.09% a year against 0.18%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, QQQ or VGT? From January 2004 to October 2026, QQQ returned about 14.8% a year and VGT returned about 14.8% a year, with dividends reinvested. Their worst drops were −53.4% and −54.6%. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) > 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. --- # VOO vs VUG: fees, holdings and returns compared > VOO vs VUG: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. VOO holds the about 500 large US companies in the S&P 500. VUG holds about 135 large US growth companies, picked by a Morningstar index. VUG leans more on technology and has swung more. Over the same dates since September 2010, VOO returned about 14.8% a year and VUG returned about 16.6% a year. 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 - Both charge 0.03% a year. - VOO started trading in September 2010. VUG started in January 2004. - Worst drops since 2010: VOO −34.0%, VUG −35.6%. - Daily correlation: 0.96 (1 means they always move together). ## What is the difference between VOO and VUG? VUG keeps only the growth side of large US companies: those with fast-growing sales and earnings. That makes it heavier in a few large tech companies. VOO holds all of the S&P 500, growth and value. Their fees are close, so the difference is mostly what they hold. | Fact | VOO | VUG | | --- | --- | --- | | Full name | Vanguard S&P 500 ETF | Vanguard Morningstar Growth ETF | | Issuer | Vanguard | Vanguard | | Expense ratio | 0.03% a year | 0.03% a year | | Started trading | September 7, 2010 | January 26, 2004 | | Tracks | S&P 500 Index | Morningstar US Large Cap Growth Index | | Holdings | 505 holdings as of September 30, 2026 | 135 holdings as of September 30, 2026 | | Type | US stocks, ETF | US stocks, ETF | Fund facts checked on the [Vanguard VOO page](https://investor.vanguard.com/investment-products/etfs/profile/voo) and the [Vanguard VUG page](https://investor.vanguard.com/investment-products/etfs/profile/vug). ## Is VOO or VUG cheaper? Both charge 0.03% a year. On $10,000, that is about $3 a year for VOO and $3 for VUG. The fund takes its fee out of its own value a little each day, so you never get a bill. ## VOO vs VUG performance over the same dates Both funds are measured from September 2010 to October 2026, the dates both traded. VOO returned about 14.8% a year and VUG returned about 16.6% a year. VUG came out ahead over this period, which does not mean it will again. | Measure | VOO | VUG | | --- | --- | --- | | $10,000 grew to | $92,175 | $118,204 | | Total return | 821.7% | 1,082% | | Return per year (CAGR) | 14.8% | 16.6% | | Worst drop from a high | −34.0% | −35.6% | | Volatility (how much it swings) | 16.9% | 19.6% | | Last 12 months | 16.8% | 11.3% | | Last 3 years, per year | 22.1% | 23.9% | | Last 5 years, per year | 12.9% | 12.4% | | Last 10 years, per year | 15.5% | 17.9% | 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. ## VOO and VUG returns by year | Year | VOO | VUG | | --- | --- | --- | | 2026 (part of the year) | 12.8% | 8.5% | | 2025 | 17.8% | 19.4% | | 2024 | 25.0% | 32.7% | | 2023 | 26.3% | 46.8% | | 2022 | −18.2% | −33.2% | | 2021 | 28.8% | 27.4% | | 2020 | 18.3% | 40.3% | | 2019 | 31.4% | 37.0% | | 2018 | −4.5% | −3.3% | | 2017 | 21.8% | 27.7% | | 2016 | 12.2% | 6.3% | | 2015 | 1.3% | 3.2% | | 2014 | 12.9% | 13.6% | | 2013 | 32.4% | 32.5% | | 2012 | 16.0% | 17.0% | | 2011 | 1.9% | 1.8% | | 2010 (part of the year) | 14.8% | 17.8% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. VOO's worst fall was −34.0%, from February 19, 2020 to March 23, 2020. It got back to that high on August 10, 2020. VUG's worst fall was −35.6%, from November 19, 2021 to November 3, 2022. It got back to that high on January 23, 2024. Their daily moves had a correlation of 0.96. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose VOO or VUG **VOO.** People who want all large US companies, growth and value, tend to pick VOO. **VUG.** People who want to lean toward large growth companies tend to pick VUG, and accept bigger swings. ## Strategies that hold VOO or VUG These classic strategies hold one or both 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 (holds VUG) ## Other funds like VOO and VUG Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [VOO alternatives](https://tactfolio.com/alternatives/voo.md) and [VUG alternatives](https://tactfolio.com/alternatives/vug.md). ## Test a mix of VOO and VUG Open the [builder](https://tactfolio.com/builder), add VOO and VUG, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [VOO](https://tactfolio.com/etf/voo.md) and [VUG](https://tactfolio.com/etf/vug.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### Is VUG riskier than VOO? VUG holds fewer companies and leans on growth and tech, so it has swung more in the past. The worst drop figures above compare them on the same dates. ### Do VOO and VUG overlap? Yes, a lot. Most of the large growth companies in VUG are also in the S&P 500, which VOO holds. ### Which is cheaper, VOO or VUG? Both charge 0.03% a year. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, VOO or VUG? From September 2010 to October 2026, VOO returned about 14.8% a year and VUG returned about 16.6% a year, with dividends reinvested. Their worst drops were −34.0% and −35.6%. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) > 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. --- # QQQ vs TQQQ: fees, holdings and returns compared > QQQ vs TQQQ: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops. QQQ holds the 100 companies in the Nasdaq-100. TQQQ uses borrowed money and swaps to try to return 3 times the Nasdaq-100's move each day. Over longer periods, TQQQ's results can be very different from 3 times QQQ, and its drops have been far deeper. Over the same dates since February 2010, QQQ returned about 19.2% a year and TQQQ returned about 41.6% a year. 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 - QQQ costs less: 0.18% a year against 0.78%. - QQQ started trading in March 1999. TQQQ started in February 2010. - Worst drops since 2010: QQQ −35.1%, TQQQ −81.7%. - Daily correlation: 1.00 (1 means they always move together). ## What is the difference between QQQ and TQQQ? TQQQ resets every day. If the index rises 1% today, TQQQ aims to rise about 3%. But over weeks and years, ups and downs compound in a way that can eat into the result, most of all when prices jump around. In a sharp fall, TQQQ can lose most of its value. In 2022, when QQQ fell about a third, TQQQ fell much further. TQQQ also charges a much higher fee. | Fact | QQQ | TQQQ | | --- | --- | --- | | Full name | Invesco QQQ Trust, Series 1 | ProShares UltraPro QQQ | | Issuer | Invesco | ProShares | | Expense ratio | 0.18% a year | 0.78% a year | | Started trading | March 10, 1999 | February 9, 2010 | | Tracks | Nasdaq-100 Index | Nasdaq-100 Index | | Holdings | n/a | n/a | | Type | US stocks, ETF | Leveraged, ETF | Fund facts checked on the [Invesco QQQ page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) and the [ProShares TQQQ page](https://www.proshares.com/our-etfs/leveraged-and-inverse/tqqq). ## Is QQQ or TQQQ cheaper? QQQ costs less: 0.18% a year against 0.78%. On $10,000, that is about $18 a year for QQQ and $78 for TQQQ. The fund takes its fee out of its own value a little each day, so you never get a bill. ## QQQ vs TQQQ performance over the same dates Both funds are measured from February 2010 to October 2026, the dates both traded. QQQ returned about 19.2% a year and TQQQ returned about 41.6% a year. TQQQ came out ahead over this period, which does not mean it will again. | Measure | QQQ | TQQQ | | --- | --- | --- | | $10,000 grew to | $187,664 | $3,324,315 | | Total return | 1,777% | 33,143% | | Return per year (CAGR) | 19.2% | 41.6% | | Worst drop from a high | −35.1% | −81.7% | | Volatility (how much it swings) | 20.6% | 61.1% | | Last 12 months | 18.9% | 34.7% | | Last 3 years, per year | 25.0% | 53.9% | | Last 5 years, per year | 14.7% | 16.2% | | Last 10 years, per year | 20.5% | 39.5% | 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. ## QQQ and TQQQ returns by year | Year | QQQ | TQQQ | | --- | --- | --- | | 2026 (part of the year) | 15.9% | 30.1% | | 2025 | 20.8% | 34.4% | | 2024 | 25.6% | 58.3% | | 2023 | 54.9% | 198.0% | | 2022 | −32.6% | −79.1% | | 2021 | 27.4% | 83.0% | | 2020 | 48.4% | 110.0% | | 2019 | 39.0% | 133.8% | | 2018 | −0.1% | −19.8% | | 2017 | 32.7% | 118.1% | | 2016 | 7.1% | 11.4% | | 2015 | 9.4% | 17.2% | | 2014 | 19.2% | 57.1% | | 2013 | 36.6% | 139.7% | | 2012 | 18.1% | 52.3% | | 2011 | 3.5% | −8.1% | | 2010 (part of the year) | 25.9% | 78.1% | ## Which fell further in bad times? A drawdown is how far a fund falls from its last high point. QQQ's worst fall was −35.1%, from December 27, 2021 to November 3, 2022. It got back to that high on December 13, 2023. TQQQ's worst fall was −81.7%, from November 19, 2021 to December 28, 2022. It got back to that high on December 4, 2024. Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety. ## Why people choose QQQ or TQQQ **QQQ.** People who want the Nasdaq-100 without borrowed money tend to pick QQQ. **TQQQ.** Short-term traders who accept very large swings and can watch daily use TQQQ. ProShares, its issuer, says it is meant for daily use by people who understand leverage. ## Strategies that hold QQQ or TQQQ These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy. - [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds QQQ) - [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds QQQ) - [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds QQQ) - [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds QQQ) - [Bold Asset Allocation G4 (BAA aggressive)](https://tactfolio.com/strategies/bold-asset-allocation-g4.md), by Wouter Keller, 2022 (holds QQQ) - [Quint Switching Filtered (Lewis Glenn’s QSF)](https://tactfolio.com/strategies/quint-switching-filtered.md), by Lewis A. Glenn, 2018 (holds QQQ) - [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds QQQ) - [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds QQQ) - [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds QQQ) ## Other funds like QQQ and TQQQ QQQ has more funds that hold the same kind of investments, ranked by how closely they move with it: [QQQ alternatives](https://tactfolio.com/alternatives/qqq.md). ## Test a mix of QQQ and TQQQ Open the [builder](https://tactfolio.com/builder), add QQQ and TQQQ, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [QQQ](https://tactfolio.com/etf/qqq.md) and [TQQQ](https://tactfolio.com/etf/tqqq.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md). ## The details Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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. - [Leveraged ETFs](https://tactfolio.com/learn/leveraged-etfs): How a leveraged ETF works, why the daily reset makes long-term returns drift, a two-day 2x and 3x example, and what regulators warn. - [Leverage](https://tactfolio.com/learn/leverage-explained): What leverage is, how to work out a leverage ratio, and how 2:1 and 10:1 change gains and losses. - [Leverage calculator](https://tactfolio.com/trading-tools/leverage-calculator): See your effective leverage, what a 1% price move does to your account, and the move that would wipe it out. - [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. ## Common questions ### Is TQQQ 3 times QQQ over a year? Not usually. TQQQ aims for 3 times the daily move only. Over a year, its return can be much more or much less than 3 times QQQ's, because daily gains and losses compound. ### Can TQQQ lose almost everything? It can lose most of its value. If the Nasdaq-100 fell by about a third in one day, a 3 times daily fund would be wiped out. Large multi-day falls have already cut TQQQ by most of its value in the past. ### Which is cheaper, QQQ or TQQQ? QQQ costs less: 0.18% a year against 0.78%. Fees come from each issuer and were checked on October 16, 2026. ### Which did better, QQQ or TQQQ? From February 2010 to October 2026, QQQ returned about 19.2% a year and TQQQ returned about 41.6% a year, with dividends reinvested. Their worst drops were −35.1% and −81.7%. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [ProShares: ProShares UltraPro QQQ fund page](https://www.proshares.com/our-etfs/leveraged-and-inverse/tqqq) > 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. These funds reset daily. Held for longer, their returns can differ a lot from the multiple in their name. --- # ETF alternatives: find similar ETFs > The closest alternatives to 158 popular ETFs: funds on the same index first, then the same kind of fund, with fees and returns on the same dates. An ETF alternative is a fund that holds the same kind of investments as another one. People look for one to pay a lower fee, to keep their money with one fund company, or to stay invested after selling at a loss. Pick one of 158 funds below to see its closest alternatives. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts come from each issuer and carry the date we checked them. Prices update after each US market close. ## Key points - Funds that track the same index come first, then funds that hold the same kind of investments. - Every alternative is measured with the fund over the same dates. - Each page shows the fee difference in dollars on $10,000. - Leveraged funds are only matched with other leveraged funds. ## US stocks | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [AVUV](https://tactfolio.com/etf/avuv.md) | US small value | [VBR](https://tactfolio.com/etf/vbr.md), [IJS](https://tactfolio.com/etf/ijs.md), [IWN](https://tactfolio.com/etf/iwn.md) | [AVUV alternatives](https://tactfolio.com/alternatives/avuv.md) | | [DGRO](https://tactfolio.com/etf/dgro.md) | US dividend growth | [VIG](https://tactfolio.com/etf/vig.md), [DGRW](https://tactfolio.com/etf/dgrw.md), [NOBL](https://tactfolio.com/etf/nobl.md) | [DGRO alternatives](https://tactfolio.com/alternatives/dgro.md) | | [DGRW](https://tactfolio.com/etf/dgrw.md) | US dividend growth | [VIG](https://tactfolio.com/etf/vig.md), [DGRO](https://tactfolio.com/etf/dgro.md), [NOBL](https://tactfolio.com/etf/nobl.md) | [DGRW alternatives](https://tactfolio.com/alternatives/dgrw.md) | | [DIA](https://tactfolio.com/etf/dia.md) | US large companies | [SCHX](https://tactfolio.com/etf/schx.md), [VV](https://tactfolio.com/etf/vv.md), [IWB](https://tactfolio.com/etf/iwb.md) | [DIA alternatives](https://tactfolio.com/alternatives/dia.md) | | [DIVO](https://tactfolio.com/etf/divo.md) | Covered call income | [GPIX](https://tactfolio.com/etf/gpix.md), [JEPI](https://tactfolio.com/etf/jepi.md), [JEPQ](https://tactfolio.com/etf/jepq.md) | [DIVO alternatives](https://tactfolio.com/alternatives/divo.md) | | [DVY](https://tactfolio.com/etf/dvy.md) | US dividend | [VYM](https://tactfolio.com/etf/vym.md), [SCHD](https://tactfolio.com/etf/schd.md), [SPYD](https://tactfolio.com/etf/spyd.md) | [DVY alternatives](https://tactfolio.com/alternatives/dvy.md) | | [FTEC](https://tactfolio.com/etf/ftec.md) | US technology | [XLK](https://tactfolio.com/etf/xlk.md), [VGT](https://tactfolio.com/etf/vgt.md), [IYW](https://tactfolio.com/etf/iyw.md) | [FTEC alternatives](https://tactfolio.com/alternatives/ftec.md) | | [GPIX](https://tactfolio.com/etf/gpix.md) | Covered call income | [JEPI](https://tactfolio.com/etf/jepi.md), [JEPQ](https://tactfolio.com/etf/jepq.md), [DIVO](https://tactfolio.com/etf/divo.md) | [GPIX alternatives](https://tactfolio.com/alternatives/gpix.md) | | [HDV](https://tactfolio.com/etf/hdv.md) | US dividend | [VYM](https://tactfolio.com/etf/vym.md), [SCHD](https://tactfolio.com/etf/schd.md), [SPYD](https://tactfolio.com/etf/spyd.md) | [HDV alternatives](https://tactfolio.com/alternatives/hdv.md) | | [IGV](https://tactfolio.com/etf/igv.md) | Software | [XLK](https://tactfolio.com/etf/xlk.md), [FTEC](https://tactfolio.com/etf/ftec.md), [VGT](https://tactfolio.com/etf/vgt.md) | [IGV alternatives](https://tactfolio.com/alternatives/igv.md) | | [IJH](https://tactfolio.com/etf/ijh.md) | US mid caps | [MDY](https://tactfolio.com/etf/mdy.md), [SCHM](https://tactfolio.com/etf/schm.md), [VO](https://tactfolio.com/etf/vo.md) | [IJH alternatives](https://tactfolio.com/alternatives/ijh.md) | | [IJR](https://tactfolio.com/etf/ijr.md) | US small caps | [SCHA](https://tactfolio.com/etf/scha.md), [VB](https://tactfolio.com/etf/vb.md), [IWM](https://tactfolio.com/etf/iwm.md) | [IJR alternatives](https://tactfolio.com/alternatives/ijr.md) | | [IJS](https://tactfolio.com/etf/ijs.md) | US small value | [VBR](https://tactfolio.com/etf/vbr.md), [IWN](https://tactfolio.com/etf/iwn.md), [AVUV](https://tactfolio.com/etf/avuv.md) | [IJS alternatives](https://tactfolio.com/alternatives/ijs.md) | | [IJT](https://tactfolio.com/etf/ijt.md) | US small growth | [SCHA](https://tactfolio.com/etf/scha.md), [VB](https://tactfolio.com/etf/vb.md), [IJR](https://tactfolio.com/etf/ijr.md) | [IJT alternatives](https://tactfolio.com/alternatives/ijt.md) | | [ITOT](https://tactfolio.com/etf/itot.md) | US total market | [SCHB](https://tactfolio.com/etf/schb.md), [VTI](https://tactfolio.com/etf/vti.md), [SPYM](https://tactfolio.com/etf/spym.md) | [ITOT alternatives](https://tactfolio.com/alternatives/itot.md) | | [IVE](https://tactfolio.com/etf/ive.md) | US large value | [SPYV](https://tactfolio.com/etf/spyv.md), [VTV](https://tactfolio.com/etf/vtv.md), [SCHV](https://tactfolio.com/etf/schv.md) | [IVE alternatives](https://tactfolio.com/alternatives/ive.md) | | [IVV](https://tactfolio.com/etf/ivv.md) | S&P 500 | [SPYM](https://tactfolio.com/etf/spym.md), [VOO](https://tactfolio.com/etf/voo.md), [SPY](https://tactfolio.com/etf/spy.md) | [IVV alternatives](https://tactfolio.com/alternatives/ivv.md) | | [IVW](https://tactfolio.com/etf/ivw.md) | US large growth | [SPYG](https://tactfolio.com/etf/spyg.md), [VOOG](https://tactfolio.com/etf/voog.md), [VUG](https://tactfolio.com/etf/vug.md) | [IVW alternatives](https://tactfolio.com/alternatives/ivw.md) | | [IWB](https://tactfolio.com/etf/iwb.md) | US large companies | [SCHX](https://tactfolio.com/etf/schx.md), [VV](https://tactfolio.com/etf/vv.md), [DIA](https://tactfolio.com/etf/dia.md) | [IWB alternatives](https://tactfolio.com/alternatives/iwb.md) | | [IWD](https://tactfolio.com/etf/iwd.md) | US large value | [VTV](https://tactfolio.com/etf/vtv.md), [SCHV](https://tactfolio.com/etf/schv.md), [SPYV](https://tactfolio.com/etf/spyv.md) | [IWD alternatives](https://tactfolio.com/alternatives/iwd.md) | | [IWF](https://tactfolio.com/etf/iwf.md) | US large growth | [VONG](https://tactfolio.com/etf/vong.md), [VUG](https://tactfolio.com/etf/vug.md), [SCHG](https://tactfolio.com/etf/schg.md) | [IWF alternatives](https://tactfolio.com/alternatives/iwf.md) | | [IWM](https://tactfolio.com/etf/iwm.md) | US small caps | [SCHA](https://tactfolio.com/etf/scha.md), [VB](https://tactfolio.com/etf/vb.md), [IJR](https://tactfolio.com/etf/ijr.md) | [IWM alternatives](https://tactfolio.com/alternatives/iwm.md) | | [IWN](https://tactfolio.com/etf/iwn.md) | US small value | [VBR](https://tactfolio.com/etf/vbr.md), [IJS](https://tactfolio.com/etf/ijs.md), [AVUV](https://tactfolio.com/etf/avuv.md) | [IWN alternatives](https://tactfolio.com/alternatives/iwn.md) | | [IWR](https://tactfolio.com/etf/iwr.md) | US mid caps | [SCHM](https://tactfolio.com/etf/schm.md), [VO](https://tactfolio.com/etf/vo.md), [IJH](https://tactfolio.com/etf/ijh.md) | [IWR alternatives](https://tactfolio.com/alternatives/iwr.md) | | [IYW](https://tactfolio.com/etf/iyw.md) | US technology | [XLK](https://tactfolio.com/etf/xlk.md), [FTEC](https://tactfolio.com/etf/ftec.md), [VGT](https://tactfolio.com/etf/vgt.md) | [IYW alternatives](https://tactfolio.com/alternatives/iyw.md) | | [JEPI](https://tactfolio.com/etf/jepi.md) | Covered call income | [GPIX](https://tactfolio.com/etf/gpix.md), [JEPQ](https://tactfolio.com/etf/jepq.md), [DIVO](https://tactfolio.com/etf/divo.md) | [JEPI alternatives](https://tactfolio.com/alternatives/jepi.md) | | [JEPQ](https://tactfolio.com/etf/jepq.md) | Covered call income | [GPIX](https://tactfolio.com/etf/gpix.md), [JEPI](https://tactfolio.com/etf/jepi.md), [DIVO](https://tactfolio.com/etf/divo.md) | [JEPQ alternatives](https://tactfolio.com/alternatives/jepq.md) | | [MDY](https://tactfolio.com/etf/mdy.md) | US mid caps | [IJH](https://tactfolio.com/etf/ijh.md), [SCHM](https://tactfolio.com/etf/schm.md), [VO](https://tactfolio.com/etf/vo.md) | [MDY alternatives](https://tactfolio.com/alternatives/mdy.md) | | [MGK](https://tactfolio.com/etf/mgk.md) | US large growth | [VUG](https://tactfolio.com/etf/vug.md), [SCHG](https://tactfolio.com/etf/schg.md), [SPYG](https://tactfolio.com/etf/spyg.md) | [MGK alternatives](https://tactfolio.com/alternatives/mgk.md) | | [MTUM](https://tactfolio.com/etf/mtum.md) | US momentum | [QMOM](https://tactfolio.com/etf/qmom.md), [PDP](https://tactfolio.com/etf/pdp.md), [VUG](https://tactfolio.com/etf/vug.md) | [MTUM alternatives](https://tactfolio.com/alternatives/mtum.md) | | [NOBL](https://tactfolio.com/etf/nobl.md) | US dividend growth | [VIG](https://tactfolio.com/etf/vig.md), [DGRO](https://tactfolio.com/etf/dgro.md), [DGRW](https://tactfolio.com/etf/dgrw.md) | [NOBL alternatives](https://tactfolio.com/alternatives/nobl.md) | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Nasdaq-100 | [QQQM](https://tactfolio.com/etf/qqqm.md), [QQQ](https://tactfolio.com/etf/qqq.md), [QQEW](https://tactfolio.com/etf/qqew.md) | [ONEQ alternatives](https://tactfolio.com/alternatives/oneq.md) | | [PDP](https://tactfolio.com/etf/pdp.md) | US momentum | [MTUM](https://tactfolio.com/etf/mtum.md), [QMOM](https://tactfolio.com/etf/qmom.md), [VUG](https://tactfolio.com/etf/vug.md) | [PDP alternatives](https://tactfolio.com/alternatives/pdp.md) | | [QMOM](https://tactfolio.com/etf/qmom.md) | US momentum | [MTUM](https://tactfolio.com/etf/mtum.md), [PDP](https://tactfolio.com/etf/pdp.md), [VUG](https://tactfolio.com/etf/vug.md) | [QMOM alternatives](https://tactfolio.com/alternatives/qmom.md) | | [QQEW](https://tactfolio.com/etf/qqew.md) | Nasdaq-100 | [QQQM](https://tactfolio.com/etf/qqqm.md), [QQQ](https://tactfolio.com/etf/qqq.md), [ONEQ](https://tactfolio.com/etf/oneq.md) | [QQEW alternatives](https://tactfolio.com/alternatives/qqew.md) | | [QQQ](https://tactfolio.com/etf/qqq.md) | Nasdaq-100 | [QQQM](https://tactfolio.com/etf/qqqm.md), [ONEQ](https://tactfolio.com/etf/oneq.md), [QQEW](https://tactfolio.com/etf/qqew.md) | [QQQ alternatives](https://tactfolio.com/alternatives/qqq.md) | | [QQQI](https://tactfolio.com/etf/qqqi.md) | Covered call income | [GPIX](https://tactfolio.com/etf/gpix.md), [JEPI](https://tactfolio.com/etf/jepi.md), [JEPQ](https://tactfolio.com/etf/jepq.md) | [QQQI alternatives](https://tactfolio.com/alternatives/qqqi.md) | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Nasdaq-100 | [QQQ](https://tactfolio.com/etf/qqq.md), [ONEQ](https://tactfolio.com/etf/oneq.md), [QQEW](https://tactfolio.com/etf/qqew.md) | [QQQM alternatives](https://tactfolio.com/alternatives/qqqm.md) | | [QUAL](https://tactfolio.com/etf/qual.md) | US quality and low volatility | [USMV](https://tactfolio.com/etf/usmv.md), [SPYM](https://tactfolio.com/etf/spym.md), [IVV](https://tactfolio.com/etf/ivv.md) | [QUAL alternatives](https://tactfolio.com/alternatives/qual.md) | | [QVAL](https://tactfolio.com/etf/qval.md) | US value factor | [VTV](https://tactfolio.com/etf/vtv.md), [SCHV](https://tactfolio.com/etf/schv.md), [SPYV](https://tactfolio.com/etf/spyv.md) | [QVAL alternatives](https://tactfolio.com/alternatives/qval.md) | | [QYLD](https://tactfolio.com/etf/qyld.md) | Covered call income | [GPIX](https://tactfolio.com/etf/gpix.md), [JEPI](https://tactfolio.com/etf/jepi.md), [JEPQ](https://tactfolio.com/etf/jepq.md) | [QYLD alternatives](https://tactfolio.com/alternatives/qyld.md) | | [RSP](https://tactfolio.com/etf/rsp.md) | US equal weight | [SPYM](https://tactfolio.com/etf/spym.md), [IVV](https://tactfolio.com/etf/ivv.md), [VOO](https://tactfolio.com/etf/voo.md) | [RSP alternatives](https://tactfolio.com/alternatives/rsp.md) | | [SCHA](https://tactfolio.com/etf/scha.md) | US small caps | [VB](https://tactfolio.com/etf/vb.md), [IJR](https://tactfolio.com/etf/ijr.md), [IWM](https://tactfolio.com/etf/iwm.md) | [SCHA alternatives](https://tactfolio.com/alternatives/scha.md) | | [SCHB](https://tactfolio.com/etf/schb.md) | US total market | [ITOT](https://tactfolio.com/etf/itot.md), [VTI](https://tactfolio.com/etf/vti.md), [SPYM](https://tactfolio.com/etf/spym.md) | [SCHB alternatives](https://tactfolio.com/alternatives/schb.md) | | [SCHD](https://tactfolio.com/etf/schd.md) | US dividend | [VYM](https://tactfolio.com/etf/vym.md), [SPYD](https://tactfolio.com/etf/spyd.md), [HDV](https://tactfolio.com/etf/hdv.md) | [SCHD alternatives](https://tactfolio.com/alternatives/schd.md) | | [SCHG](https://tactfolio.com/etf/schg.md) | US large growth | [VUG](https://tactfolio.com/etf/vug.md), [SPYG](https://tactfolio.com/etf/spyg.md), [MGK](https://tactfolio.com/etf/mgk.md) | [SCHG alternatives](https://tactfolio.com/alternatives/schg.md) | | [SCHM](https://tactfolio.com/etf/schm.md) | US mid caps | [VO](https://tactfolio.com/etf/vo.md), [IJH](https://tactfolio.com/etf/ijh.md), [IWR](https://tactfolio.com/etf/iwr.md) | [SCHM alternatives](https://tactfolio.com/alternatives/schm.md) | | [SCHV](https://tactfolio.com/etf/schv.md) | US large value | [VTV](https://tactfolio.com/etf/vtv.md), [SPYV](https://tactfolio.com/etf/spyv.md), [IVE](https://tactfolio.com/etf/ive.md) | [SCHV alternatives](https://tactfolio.com/alternatives/schv.md) | | [SCHX](https://tactfolio.com/etf/schx.md) | US large companies | [VV](https://tactfolio.com/etf/vv.md), [IWB](https://tactfolio.com/etf/iwb.md), [DIA](https://tactfolio.com/etf/dia.md) | [SCHX alternatives](https://tactfolio.com/alternatives/schx.md) | | [SDY](https://tactfolio.com/etf/sdy.md) | US dividend | [VYM](https://tactfolio.com/etf/vym.md), [SCHD](https://tactfolio.com/etf/schd.md), [SPYD](https://tactfolio.com/etf/spyd.md) | [SDY alternatives](https://tactfolio.com/alternatives/sdy.md) | | [SMH](https://tactfolio.com/etf/smh.md) | Semiconductors | [SOXX](https://tactfolio.com/etf/soxx.md), [XLK](https://tactfolio.com/etf/xlk.md), [FTEC](https://tactfolio.com/etf/ftec.md) | [SMH alternatives](https://tactfolio.com/alternatives/smh.md) | | [SOXX](https://tactfolio.com/etf/soxx.md) | Semiconductors | [SMH](https://tactfolio.com/etf/smh.md), [XLK](https://tactfolio.com/etf/xlk.md), [FTEC](https://tactfolio.com/etf/ftec.md) | [SOXX alternatives](https://tactfolio.com/alternatives/soxx.md) | | [SPHD](https://tactfolio.com/etf/sphd.md) | US dividend | [VYM](https://tactfolio.com/etf/vym.md), [SCHD](https://tactfolio.com/etf/schd.md), [SPYD](https://tactfolio.com/etf/spyd.md) | [SPHD alternatives](https://tactfolio.com/alternatives/sphd.md) | | [SPY](https://tactfolio.com/etf/spy.md) | S&P 500 | [SPYM](https://tactfolio.com/etf/spym.md), [IVV](https://tactfolio.com/etf/ivv.md), [VOO](https://tactfolio.com/etf/voo.md) | [SPY alternatives](https://tactfolio.com/alternatives/spy.md) | | [SPYD](https://tactfolio.com/etf/spyd.md) | US dividend | [VYM](https://tactfolio.com/etf/vym.md), [SCHD](https://tactfolio.com/etf/schd.md), [HDV](https://tactfolio.com/etf/hdv.md) | [SPYD alternatives](https://tactfolio.com/alternatives/spyd.md) | | [SPYG](https://tactfolio.com/etf/spyg.md) | US large growth | [VOOG](https://tactfolio.com/etf/voog.md), [IVW](https://tactfolio.com/etf/ivw.md), [VUG](https://tactfolio.com/etf/vug.md) | [SPYG alternatives](https://tactfolio.com/alternatives/spyg.md) | | [SPYI](https://tactfolio.com/etf/spyi.md) | Covered call income | [GPIX](https://tactfolio.com/etf/gpix.md), [JEPI](https://tactfolio.com/etf/jepi.md), [JEPQ](https://tactfolio.com/etf/jepq.md) | [SPYI alternatives](https://tactfolio.com/alternatives/spyi.md) | | [SPYM](https://tactfolio.com/etf/spym.md) | S&P 500 | [IVV](https://tactfolio.com/etf/ivv.md), [VOO](https://tactfolio.com/etf/voo.md), [SPY](https://tactfolio.com/etf/spy.md) | [SPYM alternatives](https://tactfolio.com/alternatives/spym.md) | | [SPYV](https://tactfolio.com/etf/spyv.md) | US large value | [IVE](https://tactfolio.com/etf/ive.md), [VTV](https://tactfolio.com/etf/vtv.md), [SCHV](https://tactfolio.com/etf/schv.md) | [SPYV alternatives](https://tactfolio.com/alternatives/spyv.md) | | [USMV](https://tactfolio.com/etf/usmv.md) | US quality and low volatility | [QUAL](https://tactfolio.com/etf/qual.md), [SPYM](https://tactfolio.com/etf/spym.md), [IVV](https://tactfolio.com/etf/ivv.md) | [USMV alternatives](https://tactfolio.com/alternatives/usmv.md) | | [VAW](https://tactfolio.com/etf/vaw.md) | Materials | [XLB](https://tactfolio.com/etf/xlb.md), [XLI](https://tactfolio.com/etf/xli.md), [VIS](https://tactfolio.com/etf/vis.md) | [VAW alternatives](https://tactfolio.com/alternatives/vaw.md) | | [VB](https://tactfolio.com/etf/vb.md) | US small caps | [SCHA](https://tactfolio.com/etf/scha.md), [IJR](https://tactfolio.com/etf/ijr.md), [IWM](https://tactfolio.com/etf/iwm.md) | [VB alternatives](https://tactfolio.com/alternatives/vb.md) | | [VBR](https://tactfolio.com/etf/vbr.md) | US small value | [IJS](https://tactfolio.com/etf/ijs.md), [IWN](https://tactfolio.com/etf/iwn.md), [AVUV](https://tactfolio.com/etf/avuv.md) | [VBR alternatives](https://tactfolio.com/alternatives/vbr.md) | | [VCR](https://tactfolio.com/etf/vcr.md) | Consumer discretionary | [XLY](https://tactfolio.com/etf/xly.md), [VUG](https://tactfolio.com/etf/vug.md), [SCHG](https://tactfolio.com/etf/schg.md) | [VCR alternatives](https://tactfolio.com/alternatives/vcr.md) | | [VDC](https://tactfolio.com/etf/vdc.md) | Consumer staples | [XLP](https://tactfolio.com/etf/xlp.md), [XLU](https://tactfolio.com/etf/xlu.md), [VPU](https://tactfolio.com/etf/vpu.md) | [VDC alternatives](https://tactfolio.com/alternatives/vdc.md) | | [VDE](https://tactfolio.com/etf/vde.md) | Energy | [XLE](https://tactfolio.com/etf/xle.md), [XLB](https://tactfolio.com/etf/xlb.md), [VAW](https://tactfolio.com/etf/vaw.md) | [VDE alternatives](https://tactfolio.com/alternatives/vde.md) | | [VFH](https://tactfolio.com/etf/vfh.md) | Financials | [XLF](https://tactfolio.com/etf/xlf.md), [VTV](https://tactfolio.com/etf/vtv.md), [SCHV](https://tactfolio.com/etf/schv.md) | [VFH alternatives](https://tactfolio.com/alternatives/vfh.md) | | [VGT](https://tactfolio.com/etf/vgt.md) | US technology | [XLK](https://tactfolio.com/etf/xlk.md), [FTEC](https://tactfolio.com/etf/ftec.md), [IYW](https://tactfolio.com/etf/iyw.md) | [VGT alternatives](https://tactfolio.com/alternatives/vgt.md) | | [VHT](https://tactfolio.com/etf/vht.md) | Health care | [XLV](https://tactfolio.com/etf/xlv.md), [XLP](https://tactfolio.com/etf/xlp.md), [VDC](https://tactfolio.com/etf/vdc.md) | [VHT alternatives](https://tactfolio.com/alternatives/vht.md) | | [VIG](https://tactfolio.com/etf/vig.md) | US dividend growth | [DGRO](https://tactfolio.com/etf/dgro.md), [DGRW](https://tactfolio.com/etf/dgrw.md), [NOBL](https://tactfolio.com/etf/nobl.md) | [VIG alternatives](https://tactfolio.com/alternatives/vig.md) | | [VIS](https://tactfolio.com/etf/vis.md) | Industrials | [XLI](https://tactfolio.com/etf/xli.md), [XLB](https://tactfolio.com/etf/xlb.md), [VAW](https://tactfolio.com/etf/vaw.md) | [VIS alternatives](https://tactfolio.com/alternatives/vis.md) | | [VO](https://tactfolio.com/etf/vo.md) | US mid caps | [SCHM](https://tactfolio.com/etf/schm.md), [IJH](https://tactfolio.com/etf/ijh.md), [IWR](https://tactfolio.com/etf/iwr.md) | [VO alternatives](https://tactfolio.com/alternatives/vo.md) | | [VONG](https://tactfolio.com/etf/vong.md) | US large growth | [IWF](https://tactfolio.com/etf/iwf.md), [VUG](https://tactfolio.com/etf/vug.md), [SCHG](https://tactfolio.com/etf/schg.md) | [VONG alternatives](https://tactfolio.com/alternatives/vong.md) | | [VOO](https://tactfolio.com/etf/voo.md) | S&P 500 | [SPYM](https://tactfolio.com/etf/spym.md), [IVV](https://tactfolio.com/etf/ivv.md), [SPY](https://tactfolio.com/etf/spy.md) | [VOO alternatives](https://tactfolio.com/alternatives/voo.md) | | [VOOG](https://tactfolio.com/etf/voog.md) | US large growth | [SPYG](https://tactfolio.com/etf/spyg.md), [IVW](https://tactfolio.com/etf/ivw.md), [VUG](https://tactfolio.com/etf/vug.md) | [VOOG alternatives](https://tactfolio.com/alternatives/voog.md) | | [VOX](https://tactfolio.com/etf/vox.md) | Communication services | [XLC](https://tactfolio.com/etf/xlc.md), [XLK](https://tactfolio.com/etf/xlk.md), [FTEC](https://tactfolio.com/etf/ftec.md) | [VOX alternatives](https://tactfolio.com/alternatives/vox.md) | | [VPU](https://tactfolio.com/etf/vpu.md) | Utilities | [XLU](https://tactfolio.com/etf/xlu.md), [XLP](https://tactfolio.com/etf/xlp.md), [VDC](https://tactfolio.com/etf/vdc.md) | [VPU alternatives](https://tactfolio.com/alternatives/vpu.md) | | [VTI](https://tactfolio.com/etf/vti.md) | US total market | [ITOT](https://tactfolio.com/etf/itot.md), [SCHB](https://tactfolio.com/etf/schb.md), [SPYM](https://tactfolio.com/etf/spym.md) | [VTI alternatives](https://tactfolio.com/alternatives/vti.md) | | [VTV](https://tactfolio.com/etf/vtv.md) | US large value | [SCHV](https://tactfolio.com/etf/schv.md), [SPYV](https://tactfolio.com/etf/spyv.md), [IVE](https://tactfolio.com/etf/ive.md) | [VTV alternatives](https://tactfolio.com/alternatives/vtv.md) | | [VUG](https://tactfolio.com/etf/vug.md) | US large growth | [SCHG](https://tactfolio.com/etf/schg.md), [SPYG](https://tactfolio.com/etf/spyg.md), [MGK](https://tactfolio.com/etf/mgk.md) | [VUG alternatives](https://tactfolio.com/alternatives/vug.md) | | [VV](https://tactfolio.com/etf/vv.md) | US large companies | [SCHX](https://tactfolio.com/etf/schx.md), [IWB](https://tactfolio.com/etf/iwb.md), [DIA](https://tactfolio.com/etf/dia.md) | [VV alternatives](https://tactfolio.com/alternatives/vv.md) | | [VYM](https://tactfolio.com/etf/vym.md) | US dividend | [SCHD](https://tactfolio.com/etf/schd.md), [SPYD](https://tactfolio.com/etf/spyd.md), [HDV](https://tactfolio.com/etf/hdv.md) | [VYM alternatives](https://tactfolio.com/alternatives/vym.md) | | [XLB](https://tactfolio.com/etf/xlb.md) | Materials | [VAW](https://tactfolio.com/etf/vaw.md), [XLI](https://tactfolio.com/etf/xli.md), [VIS](https://tactfolio.com/etf/vis.md) | [XLB alternatives](https://tactfolio.com/alternatives/xlb.md) | | [XLC](https://tactfolio.com/etf/xlc.md) | Communication services | [VOX](https://tactfolio.com/etf/vox.md), [XLK](https://tactfolio.com/etf/xlk.md), [FTEC](https://tactfolio.com/etf/ftec.md) | [XLC alternatives](https://tactfolio.com/alternatives/xlc.md) | | [XLE](https://tactfolio.com/etf/xle.md) | Energy | [VDE](https://tactfolio.com/etf/vde.md), [XLB](https://tactfolio.com/etf/xlb.md), [VAW](https://tactfolio.com/etf/vaw.md) | [XLE alternatives](https://tactfolio.com/alternatives/xle.md) | | [XLF](https://tactfolio.com/etf/xlf.md) | Financials | [VFH](https://tactfolio.com/etf/vfh.md), [VTV](https://tactfolio.com/etf/vtv.md), [SCHV](https://tactfolio.com/etf/schv.md) | [XLF alternatives](https://tactfolio.com/alternatives/xlf.md) | | [XLI](https://tactfolio.com/etf/xli.md) | Industrials | [VIS](https://tactfolio.com/etf/vis.md), [XLB](https://tactfolio.com/etf/xlb.md), [VAW](https://tactfolio.com/etf/vaw.md) | [XLI alternatives](https://tactfolio.com/alternatives/xli.md) | | [XLK](https://tactfolio.com/etf/xlk.md) | US technology | [FTEC](https://tactfolio.com/etf/ftec.md), [VGT](https://tactfolio.com/etf/vgt.md), [IYW](https://tactfolio.com/etf/iyw.md) | [XLK alternatives](https://tactfolio.com/alternatives/xlk.md) | | [XLP](https://tactfolio.com/etf/xlp.md) | Consumer staples | [VDC](https://tactfolio.com/etf/vdc.md), [XLU](https://tactfolio.com/etf/xlu.md), [VPU](https://tactfolio.com/etf/vpu.md) | [XLP alternatives](https://tactfolio.com/alternatives/xlp.md) | | [XLU](https://tactfolio.com/etf/xlu.md) | Utilities | [VPU](https://tactfolio.com/etf/vpu.md), [XLP](https://tactfolio.com/etf/xlp.md), [VDC](https://tactfolio.com/etf/vdc.md) | [XLU alternatives](https://tactfolio.com/alternatives/xlu.md) | | [XLV](https://tactfolio.com/etf/xlv.md) | Health care | [VHT](https://tactfolio.com/etf/vht.md), [XLP](https://tactfolio.com/etf/xlp.md), [VDC](https://tactfolio.com/etf/vdc.md) | [XLV alternatives](https://tactfolio.com/alternatives/xlv.md) | | [XLY](https://tactfolio.com/etf/xly.md) | Consumer discretionary | [VCR](https://tactfolio.com/etf/vcr.md), [VUG](https://tactfolio.com/etf/vug.md), [SCHG](https://tactfolio.com/etf/schg.md) | [XLY alternatives](https://tactfolio.com/alternatives/xly.md) | | [XYLD](https://tactfolio.com/etf/xyld.md) | Covered call income | [GPIX](https://tactfolio.com/etf/gpix.md), [JEPI](https://tactfolio.com/etf/jepi.md), [JEPQ](https://tactfolio.com/etf/jepq.md) | [XYLD alternatives](https://tactfolio.com/alternatives/xyld.md) | ## International stocks | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [EFA](https://tactfolio.com/etf/efa.md) | International developed | [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md), [IEFA](https://tactfolio.com/etf/iefa.md) | [EFA alternatives](https://tactfolio.com/alternatives/efa.md) | | [EFV](https://tactfolio.com/etf/efv.md) | International value | [IVAL](https://tactfolio.com/etf/ival.md), [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md) | [EFV alternatives](https://tactfolio.com/alternatives/efv.md) | | [EWJ](https://tactfolio.com/etf/ewj.md) | Japan | [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md), [IEFA](https://tactfolio.com/etf/iefa.md) | [EWJ alternatives](https://tactfolio.com/alternatives/ewj.md) | | [IEFA](https://tactfolio.com/etf/iefa.md) | International developed | [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md), [EFA](https://tactfolio.com/etf/efa.md) | [IEFA alternatives](https://tactfolio.com/alternatives/iefa.md) | | [IMOM](https://tactfolio.com/etf/imom.md) | International momentum | [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md), [IEFA](https://tactfolio.com/etf/iefa.md) | [IMOM alternatives](https://tactfolio.com/alternatives/imom.md) | | [IVAL](https://tactfolio.com/etf/ival.md) | International value | [EFV](https://tactfolio.com/etf/efv.md), [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md) | [IVAL alternatives](https://tactfolio.com/alternatives/ival.md) | | [IXUS](https://tactfolio.com/etf/ixus.md) | International total | [VEU](https://tactfolio.com/etf/veu.md), [VXUS](https://tactfolio.com/etf/vxus.md), [SCHF](https://tactfolio.com/etf/schf.md) | [IXUS alternatives](https://tactfolio.com/alternatives/ixus.md) | | [SCHF](https://tactfolio.com/etf/schf.md) | International developed | [VEA](https://tactfolio.com/etf/vea.md), [IEFA](https://tactfolio.com/etf/iefa.md), [EFA](https://tactfolio.com/etf/efa.md) | [SCHF alternatives](https://tactfolio.com/alternatives/schf.md) | | [SCZ](https://tactfolio.com/etf/scz.md) | International small caps | [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md), [IEFA](https://tactfolio.com/etf/iefa.md) | [SCZ alternatives](https://tactfolio.com/alternatives/scz.md) | | [VEA](https://tactfolio.com/etf/vea.md) | International developed | [SCHF](https://tactfolio.com/etf/schf.md), [IEFA](https://tactfolio.com/etf/iefa.md), [EFA](https://tactfolio.com/etf/efa.md) | [VEA alternatives](https://tactfolio.com/alternatives/vea.md) | | [VEU](https://tactfolio.com/etf/veu.md) | International total | [VXUS](https://tactfolio.com/etf/vxus.md), [IXUS](https://tactfolio.com/etf/ixus.md), [SCHF](https://tactfolio.com/etf/schf.md) | [VEU alternatives](https://tactfolio.com/alternatives/veu.md) | | [VGK](https://tactfolio.com/etf/vgk.md) | Europe | [SCHF](https://tactfolio.com/etf/schf.md), [VEA](https://tactfolio.com/etf/vea.md), [IEFA](https://tactfolio.com/etf/iefa.md) | [VGK alternatives](https://tactfolio.com/alternatives/vgk.md) | | [VXUS](https://tactfolio.com/etf/vxus.md) | International total | [VEU](https://tactfolio.com/etf/veu.md), [IXUS](https://tactfolio.com/etf/ixus.md), [SCHF](https://tactfolio.com/etf/schf.md) | [VXUS alternatives](https://tactfolio.com/alternatives/vxus.md) | ## Emerging market stocks | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [EEM](https://tactfolio.com/etf/eem.md) | Emerging markets | [SCHE](https://tactfolio.com/etf/sche.md), [VWO](https://tactfolio.com/etf/vwo.md), [IEMG](https://tactfolio.com/etf/iemg.md) | [EEM alternatives](https://tactfolio.com/alternatives/eem.md) | | [IEMG](https://tactfolio.com/etf/iemg.md) | Emerging markets | [SCHE](https://tactfolio.com/etf/sche.md), [VWO](https://tactfolio.com/etf/vwo.md), [EEM](https://tactfolio.com/etf/eem.md) | [IEMG alternatives](https://tactfolio.com/alternatives/iemg.md) | | [SCHE](https://tactfolio.com/etf/sche.md) | Emerging markets | [VWO](https://tactfolio.com/etf/vwo.md), [IEMG](https://tactfolio.com/etf/iemg.md), [EEM](https://tactfolio.com/etf/eem.md) | [SCHE alternatives](https://tactfolio.com/alternatives/sche.md) | | [VWO](https://tactfolio.com/etf/vwo.md) | Emerging markets | [SCHE](https://tactfolio.com/etf/sche.md), [IEMG](https://tactfolio.com/etf/iemg.md), [EEM](https://tactfolio.com/etf/eem.md) | [VWO alternatives](https://tactfolio.com/alternatives/vwo.md) | ## Global stocks | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [ACWI](https://tactfolio.com/etf/acwi.md) | Global stocks | [VT](https://tactfolio.com/etf/vt.md), [AVGE](https://tactfolio.com/etf/avge.md), [URTH](https://tactfolio.com/etf/urth.md) | [ACWI alternatives](https://tactfolio.com/alternatives/acwi.md) | | [AVGE](https://tactfolio.com/etf/avge.md) | Global stocks | [VT](https://tactfolio.com/etf/vt.md), [URTH](https://tactfolio.com/etf/urth.md), [ACWI](https://tactfolio.com/etf/acwi.md) | [AVGE alternatives](https://tactfolio.com/alternatives/avge.md) | | [URTH](https://tactfolio.com/etf/urth.md) | Global stocks | [VT](https://tactfolio.com/etf/vt.md), [AVGE](https://tactfolio.com/etf/avge.md), [ACWI](https://tactfolio.com/etf/acwi.md) | [URTH alternatives](https://tactfolio.com/alternatives/urth.md) | | [VT](https://tactfolio.com/etf/vt.md) | Global stocks | [AVGE](https://tactfolio.com/etf/avge.md), [URTH](https://tactfolio.com/etf/urth.md), [ACWI](https://tactfolio.com/etf/acwi.md) | [VT alternatives](https://tactfolio.com/alternatives/vt.md) | ## US bonds | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [AGG](https://tactfolio.com/etf/agg.md) | US total bond | [SCHZ](https://tactfolio.com/etf/schz.md), [BND](https://tactfolio.com/etf/bnd.md), [IUSB](https://tactfolio.com/etf/iusb.md) | [AGG alternatives](https://tactfolio.com/alternatives/agg.md) | | [BND](https://tactfolio.com/etf/bnd.md) | US total bond | [AGG](https://tactfolio.com/etf/agg.md), [SCHZ](https://tactfolio.com/etf/schz.md), [IUSB](https://tactfolio.com/etf/iusb.md) | [BND alternatives](https://tactfolio.com/alternatives/bnd.md) | | [EDV](https://tactfolio.com/etf/edv.md) | Long Treasury | [VGLT](https://tactfolio.com/etf/vglt.md), [TLT](https://tactfolio.com/etf/tlt.md), [VGIT](https://tactfolio.com/etf/vgit.md) | [EDV alternatives](https://tactfolio.com/alternatives/edv.md) | | [HYG](https://tactfolio.com/etf/hyg.md) | High-yield bonds | [USHY](https://tactfolio.com/etf/ushy.md), [JNK](https://tactfolio.com/etf/jnk.md), [VCIT](https://tactfolio.com/etf/vcit.md) | [HYG alternatives](https://tactfolio.com/alternatives/hyg.md) | | [IEF](https://tactfolio.com/etf/ief.md) | Intermediate Treasury | [VGIT](https://tactfolio.com/etf/vgit.md), [AGG](https://tactfolio.com/etf/agg.md), [BND](https://tactfolio.com/etf/bnd.md) | [IEF alternatives](https://tactfolio.com/alternatives/ief.md) | | [IUSB](https://tactfolio.com/etf/iusb.md) | US total bond | [AGG](https://tactfolio.com/etf/agg.md), [BND](https://tactfolio.com/etf/bnd.md), [SCHZ](https://tactfolio.com/etf/schz.md) | [IUSB alternatives](https://tactfolio.com/alternatives/iusb.md) | | [JNK](https://tactfolio.com/etf/jnk.md) | High-yield bonds | [USHY](https://tactfolio.com/etf/ushy.md), [HYG](https://tactfolio.com/etf/hyg.md), [VCIT](https://tactfolio.com/etf/vcit.md) | [JNK alternatives](https://tactfolio.com/alternatives/jnk.md) | | [LQD](https://tactfolio.com/etf/lqd.md) | Corporate bonds | [VCIT](https://tactfolio.com/etf/vcit.md), [AGG](https://tactfolio.com/etf/agg.md), [BND](https://tactfolio.com/etf/bnd.md) | [LQD alternatives](https://tactfolio.com/alternatives/lqd.md) | | [SCHP](https://tactfolio.com/etf/schp.md) | Inflation-protected bonds | [VTIP](https://tactfolio.com/etf/vtip.md), [TIP](https://tactfolio.com/etf/tip.md), [VGIT](https://tactfolio.com/etf/vgit.md) | [SCHP alternatives](https://tactfolio.com/alternatives/schp.md) | | [SCHZ](https://tactfolio.com/etf/schz.md) | US total bond | [AGG](https://tactfolio.com/etf/agg.md), [BND](https://tactfolio.com/etf/bnd.md), [IUSB](https://tactfolio.com/etf/iusb.md) | [SCHZ alternatives](https://tactfolio.com/alternatives/schz.md) | | [SHY](https://tactfolio.com/etf/shy.md) | Short Treasury | [VGSH](https://tactfolio.com/etf/vgsh.md), [SGOV](https://tactfolio.com/etf/sgov.md), [BIL](https://tactfolio.com/etf/bil.md) | [SHY alternatives](https://tactfolio.com/alternatives/shy.md) | | [TIP](https://tactfolio.com/etf/tip.md) | Inflation-protected bonds | [SCHP](https://tactfolio.com/etf/schp.md), [VTIP](https://tactfolio.com/etf/vtip.md), [VGIT](https://tactfolio.com/etf/vgit.md) | [TIP alternatives](https://tactfolio.com/alternatives/tip.md) | | [TLT](https://tactfolio.com/etf/tlt.md) | Long Treasury | [VGLT](https://tactfolio.com/etf/vglt.md), [EDV](https://tactfolio.com/etf/edv.md), [VGIT](https://tactfolio.com/etf/vgit.md) | [TLT alternatives](https://tactfolio.com/alternatives/tlt.md) | | [USHY](https://tactfolio.com/etf/ushy.md) | High-yield bonds | [JNK](https://tactfolio.com/etf/jnk.md), [HYG](https://tactfolio.com/etf/hyg.md), [VCIT](https://tactfolio.com/etf/vcit.md) | [USHY alternatives](https://tactfolio.com/alternatives/ushy.md) | | [VCIT](https://tactfolio.com/etf/vcit.md) | Corporate bonds | [LQD](https://tactfolio.com/etf/lqd.md), [AGG](https://tactfolio.com/etf/agg.md), [BND](https://tactfolio.com/etf/bnd.md) | [VCIT alternatives](https://tactfolio.com/alternatives/vcit.md) | | [VGIT](https://tactfolio.com/etf/vgit.md) | Intermediate Treasury | [IEF](https://tactfolio.com/etf/ief.md), [AGG](https://tactfolio.com/etf/agg.md), [BND](https://tactfolio.com/etf/bnd.md) | [VGIT alternatives](https://tactfolio.com/alternatives/vgit.md) | | [VGLT](https://tactfolio.com/etf/vglt.md) | Long Treasury | [EDV](https://tactfolio.com/etf/edv.md), [TLT](https://tactfolio.com/etf/tlt.md), [VGIT](https://tactfolio.com/etf/vgit.md) | [VGLT alternatives](https://tactfolio.com/alternatives/vglt.md) | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Short Treasury | [SHY](https://tactfolio.com/etf/shy.md), [SGOV](https://tactfolio.com/etf/sgov.md), [BIL](https://tactfolio.com/etf/bil.md) | [VGSH alternatives](https://tactfolio.com/alternatives/vgsh.md) | | [VTIP](https://tactfolio.com/etf/vtip.md) | Inflation-protected bonds | [SCHP](https://tactfolio.com/etf/schp.md), [TIP](https://tactfolio.com/etf/tip.md), [VGIT](https://tactfolio.com/etf/vgit.md) | [VTIP alternatives](https://tactfolio.com/alternatives/vtip.md) | ## International bonds | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [BNDX](https://tactfolio.com/etf/bndx.md) | International bonds | [BWX](https://tactfolio.com/etf/bwx.md), [IGOV](https://tactfolio.com/etf/igov.md), [EMB](https://tactfolio.com/etf/emb.md) | [BNDX alternatives](https://tactfolio.com/alternatives/bndx.md) | | [BWX](https://tactfolio.com/etf/bwx.md) | International bonds | [BNDX](https://tactfolio.com/etf/bndx.md), [IGOV](https://tactfolio.com/etf/igov.md), [EMB](https://tactfolio.com/etf/emb.md) | [BWX alternatives](https://tactfolio.com/alternatives/bwx.md) | | [EMB](https://tactfolio.com/etf/emb.md) | Emerging market bonds | [BNDX](https://tactfolio.com/etf/bndx.md), [BWX](https://tactfolio.com/etf/bwx.md), [IGOV](https://tactfolio.com/etf/igov.md) | [EMB alternatives](https://tactfolio.com/alternatives/emb.md) | | [IGOV](https://tactfolio.com/etf/igov.md) | International bonds | [BNDX](https://tactfolio.com/etf/bndx.md), [BWX](https://tactfolio.com/etf/bwx.md), [EMB](https://tactfolio.com/etf/emb.md) | [IGOV alternatives](https://tactfolio.com/alternatives/igov.md) | ## Cash and T-bills | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [BIL](https://tactfolio.com/etf/bil.md) | Treasury bills | [SGOV](https://tactfolio.com/etf/sgov.md), [SHV](https://tactfolio.com/etf/shv.md), [TFLO](https://tactfolio.com/etf/tflo.md) | [BIL alternatives](https://tactfolio.com/alternatives/bil.md) | | [SGOV](https://tactfolio.com/etf/sgov.md) | Treasury bills | [BIL](https://tactfolio.com/etf/bil.md), [SHV](https://tactfolio.com/etf/shv.md), [TFLO](https://tactfolio.com/etf/tflo.md) | [SGOV alternatives](https://tactfolio.com/alternatives/sgov.md) | | [SHV](https://tactfolio.com/etf/shv.md) | Treasury bills | [SGOV](https://tactfolio.com/etf/sgov.md), [BIL](https://tactfolio.com/etf/bil.md), [TFLO](https://tactfolio.com/etf/tflo.md) | [SHV alternatives](https://tactfolio.com/alternatives/shv.md) | | [TFLO](https://tactfolio.com/etf/tflo.md) | Treasury bills | [SGOV](https://tactfolio.com/etf/sgov.md), [BIL](https://tactfolio.com/etf/bil.md), [SHV](https://tactfolio.com/etf/shv.md) | [TFLO alternatives](https://tactfolio.com/alternatives/tflo.md) | | [USFR](https://tactfolio.com/etf/usfr.md) | Treasury bills | [SGOV](https://tactfolio.com/etf/sgov.md), [BIL](https://tactfolio.com/etf/bil.md), [SHV](https://tactfolio.com/etf/shv.md) | [USFR alternatives](https://tactfolio.com/alternatives/usfr.md) | ## Real estate | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [IYR](https://tactfolio.com/etf/iyr.md) | US real estate | [SCHH](https://tactfolio.com/etf/schh.md), [XLRE](https://tactfolio.com/etf/xlre.md), [VNQ](https://tactfolio.com/etf/vnq.md) | [IYR alternatives](https://tactfolio.com/alternatives/iyr.md) | | [REM](https://tactfolio.com/etf/rem.md) | Mortgage REITs | [SCHH](https://tactfolio.com/etf/schh.md), [XLRE](https://tactfolio.com/etf/xlre.md), [VNQ](https://tactfolio.com/etf/vnq.md) | [REM alternatives](https://tactfolio.com/alternatives/rem.md) | | [RWO](https://tactfolio.com/etf/rwo.md) | Global real estate | [RWX](https://tactfolio.com/etf/rwx.md), [SCHH](https://tactfolio.com/etf/schh.md), [XLRE](https://tactfolio.com/etf/xlre.md) | [RWO alternatives](https://tactfolio.com/alternatives/rwo.md) | | [RWX](https://tactfolio.com/etf/rwx.md) | Global real estate | [RWO](https://tactfolio.com/etf/rwo.md), [SCHH](https://tactfolio.com/etf/schh.md), [XLRE](https://tactfolio.com/etf/xlre.md) | [RWX alternatives](https://tactfolio.com/alternatives/rwx.md) | | [SCHH](https://tactfolio.com/etf/schh.md) | US real estate | [XLRE](https://tactfolio.com/etf/xlre.md), [VNQ](https://tactfolio.com/etf/vnq.md), [IYR](https://tactfolio.com/etf/iyr.md) | [SCHH alternatives](https://tactfolio.com/alternatives/schh.md) | | [VNQ](https://tactfolio.com/etf/vnq.md) | US real estate | [SCHH](https://tactfolio.com/etf/schh.md), [XLRE](https://tactfolio.com/etf/xlre.md), [IYR](https://tactfolio.com/etf/iyr.md) | [VNQ alternatives](https://tactfolio.com/alternatives/vnq.md) | | [XLRE](https://tactfolio.com/etf/xlre.md) | US real estate | [SCHH](https://tactfolio.com/etf/schh.md), [VNQ](https://tactfolio.com/etf/vnq.md), [IYR](https://tactfolio.com/etf/iyr.md) | [XLRE alternatives](https://tactfolio.com/alternatives/xlre.md) | ## Commodities | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [DBC](https://tactfolio.com/etf/dbc.md) | Commodities | [DJP](https://tactfolio.com/etf/djp.md), [GSG](https://tactfolio.com/etf/gsg.md), [GLDM](https://tactfolio.com/etf/gldm.md) | [DBC alternatives](https://tactfolio.com/alternatives/dbc.md) | | [DJP](https://tactfolio.com/etf/djp.md) | Commodities | [GSG](https://tactfolio.com/etf/gsg.md), [DBC](https://tactfolio.com/etf/dbc.md), [GLDM](https://tactfolio.com/etf/gldm.md) | [DJP alternatives](https://tactfolio.com/alternatives/djp.md) | | [GSG](https://tactfolio.com/etf/gsg.md) | Commodities | [DJP](https://tactfolio.com/etf/djp.md), [DBC](https://tactfolio.com/etf/dbc.md), [GLDM](https://tactfolio.com/etf/gldm.md) | [GSG alternatives](https://tactfolio.com/alternatives/gsg.md) | ## Gold | Fund | What it holds | Closest alternatives | All alternatives | | --- | --- | --- | --- | | [AAAU](https://tactfolio.com/etf/aaau.md) | Gold | [GLDM](https://tactfolio.com/etf/gldm.md), [SGOL](https://tactfolio.com/etf/sgol.md), [BAR](https://tactfolio.com/etf/bar.md) | [AAAU alternatives](https://tactfolio.com/alternatives/aaau.md) | | [BAR](https://tactfolio.com/etf/bar.md) | Gold | [GLDM](https://tactfolio.com/etf/gldm.md), [SGOL](https://tactfolio.com/etf/sgol.md), [AAAU](https://tactfolio.com/etf/aaau.md) | [BAR alternatives](https://tactfolio.com/alternatives/bar.md) | | [GLD](https://tactfolio.com/etf/gld.md) | Gold | [GLDM](https://tactfolio.com/etf/gldm.md), [SGOL](https://tactfolio.com/etf/sgol.md), [BAR](https://tactfolio.com/etf/bar.md) | [GLD alternatives](https://tactfolio.com/alternatives/gld.md) | | [GLDM](https://tactfolio.com/etf/gldm.md) | Gold | [SGOL](https://tactfolio.com/etf/sgol.md), [BAR](https://tactfolio.com/etf/bar.md), [AAAU](https://tactfolio.com/etf/aaau.md) | [GLDM alternatives](https://tactfolio.com/alternatives/gldm.md) | | [IAU](https://tactfolio.com/etf/iau.md) | Gold | [GLDM](https://tactfolio.com/etf/gldm.md), [SGOL](https://tactfolio.com/etf/sgol.md), [BAR](https://tactfolio.com/etf/bar.md) | [IAU alternatives](https://tactfolio.com/alternatives/iau.md) | | [SGOL](https://tactfolio.com/etf/sgol.md) | Gold | [GLDM](https://tactfolio.com/etf/gldm.md), [BAR](https://tactfolio.com/etf/bar.md), [AAAU](https://tactfolio.com/etf/aaau.md) | [SGOL alternatives](https://tactfolio.com/alternatives/sgol.md) | ## How we pick alternatives Each fund belongs to one of 56 groups, such as "S&P 500", "US technology" or "Treasury bills". A fund's alternatives are funds on the same index first, then funds in the same group, then funds in a close group. Within each step, the funds whose daily returns moved most like the fund over about the last five years come first. Facts decide which funds are listed. Prices only decide the order. ## Look up one fund The [ETF list](https://tactfolio.com/etf.md) has a page for each fund, with fees, returns by year, worst drops and the strategies that hold it. ## Common questions ### What makes a good ETF alternative? It holds the same kind of investments, so it rises and falls in a similar way. A fund on the same index holds the same companies. After that, a lower fee and a longer history are worth checking. ### Can I switch to an alternative to harvest a tax loss? Some investors do. The IRS wash sale rule blocks the loss if the new fund is "substantially identical" and you buy it within 30 days before or after the sale. A fund on a different index is less likely to count. Ask a tax professional first. ### Are cheaper ETFs always better? Not always. A lower fee helps every year, but the fund must also track what you want. Two funds with different indexes can differ by more than their fees. ## Sources - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # AVUV alternatives: 8 similar ETFs compared > ETFs similar to AVUV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as AVUV. Updated daily. The ETFs most like AVUV are VBR, IWN and IJS. VBR, IWN and IJS hold small US companies that look cheap compared with their earnings and assets, like AVUV. VBR costs less: 0.05% a year against 0.25%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for AVUV: 3 of the same kind and 5 related funds. - AVUV charges 0.25% a year (about $25 on $10,000). The cheapest alternative here, SCHA, charges 0.03%. - VBR moved most like AVUV: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## AVUV alternatives at a glance Each fund below can stand in for AVUV, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **AVUV** | This fund | 0.25% | $25 | No index | | [VBR](https://tactfolio.com/etf/vbr.md) | Same kind of fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Same kind of fund | 0.24% | $24 | Russell 2000 Value Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Same kind of fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How AVUV and its alternatives did over the same dates Each row measures the alternative and AVUV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with AVUV | Per year | AVUV per year | Worst drop | AVUV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.97 | 11.2% | 15.0% | −45.3% | −49.4% | September 2019 | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.97 | 10.2% | 15.0% | −44.6% | −49.4% | September 2019 | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.96 | 9.6% | 15.0% | −45.5% | −49.4% | September 2019 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.97 | 9.8% | 15.0% | −42.6% | −49.4% | September 2019 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.93 | 10.4% | 15.0% | −42.4% | −49.4% | September 2019 | | [VB](https://tactfolio.com/etf/vb.md) | 0.93 | 10.6% | 15.0% | −42.0% | −49.4% | September 2019 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.93 | 9.8% | 15.0% | −41.1% | −49.4% | September 2019 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.85 | 13.1% | 15.0% | −36.8% | −49.4% | September 2019 | 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. ## Each AVUV alternative, compared ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR also holds small US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Small Cap Value Index, while AVUV tracks no index (its managers pick what it holds). It charges 0.05% a year, about $5 on $10,000, against $25 for AVUV. It held 820 stocks, against 794 for AVUV. From September 2019 to October 2026, VBR returned about 11.2% a year and AVUV returned about 15.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### IWN: iShares Russell 2000 Value ETF IWN also holds small US companies that look cheap compared with their earnings and assets. It tracks the Russell 2000 Value Index, while AVUV tracks no index (its managers pick what it holds). It charges 0.24% a year, about $24 on $10,000, against $25 for AVUV. It held 1,410 stocks, against 794 for AVUV. From September 2019 to October 2026, IWN returned about 10.2% a year and AVUV returned about 15.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### IJS: iShares S&P Small-Cap 600 Value ETF IJS also holds small US companies that look cheap compared with their earnings and assets. It tracks the S&P SmallCap 600 Value Index, while AVUV tracks no index (its managers pick what it holds). It charges 0.18% a year, about $18 on $10,000, against $25 for AVUV. It held 480 stocks, against 794 for AVUV. From September 2019 to October 2026, IJS returned about 9.6% a year and AVUV returned about 15.0% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while AVUV holds small US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $25 for AVUV. It held 643 stocks, against 794 for AVUV. From September 2019 to October 2026, IJR returned about 9.8% a year and AVUV returned about 15.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while AVUV holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $25 for AVUV. It held 1,721 stocks, against 794 for AVUV. From September 2019 to October 2026, SCHA returned about 10.4% a year and AVUV returned about 15.0% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while AVUV holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $25 for AVUV. It held 1,301 stocks, against 794 for AVUV. From September 2019 to October 2026, VB returned about 10.6% a year and AVUV returned about 15.0% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while AVUV holds small US companies that look cheap compared with their earnings and assets. It charges 0.19% a year, about $19 on $10,000, against $25 for AVUV. It held 1,983 stocks, against 794 for AVUV. From September 2019 to October 2026, IWM returned about 9.8% a year and AVUV returned about 15.0% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while AVUV holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $25 for AVUV. It held 298 stocks, against 794 for AVUV. From September 2019 to October 2026, VTV returned about 13.1% a year and AVUV returned about 15.0% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ## AVUV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to AVUV from each other company on this page: - **Vanguard:** [VBR](https://tactfolio.com/etf/vbr.md), Vanguard Morningstar Small-Cap Value ETF (same kind of fund, 0.05% a year) - **iShares (BlackRock):** [IWN](https://tactfolio.com/etf/iwn.md), iShares Russell 2000 Value ETF (same kind of fund, 0.24% a year) - **Schwab:** [SCHA](https://tactfolio.com/etf/scha.md), Schwab U.S. Small-Cap ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between AVUV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, AVUV costs about $25 a year. SCHA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping AVUV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VBR, IWN or IJS, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test AVUV and its alternatives in a backtest 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 AVUV and VBR, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as AVUV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like AVUV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with AVUV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to AVUV? VBR is the closest. VBR also holds small US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Small Cap Value Index, while AVUV tracks no index (its managers pick what it holds). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to AVUV? Yes. SCHA charges 0.03% a year, VB charges 0.03% a year and VTV charges 0.03% a year, against 0.25% for AVUV. On $10,000 that is about $3 a year instead of $25. ### Is AVUV or VBR better? Neither is better for everyone. From September 2019 to October 2026, AVUV returned about 15.0% a year and VBR returned about 11.2% a year. AVUV charges 0.25% a year and VBR charges 0.05%. Past returns do not tell you what comes next. ## Sources - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # DGRO alternatives: 8 similar ETFs compared > ETFs similar to DGRO, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as DGRO. Updated daily. The ETFs most like DGRO are VIG, DGRW and NOBL. VIG, DGRW and NOBL hold US companies that have raised their dividends for many years in a row, like DGRO. VIG costs less: 0.04% a year against 0.08%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for DGRO: 3 of the same kind and 5 related funds. - DGRO charges 0.08% a year (about $8 on $10,000). The cheapest alternative here, VIG, charges 0.04%. - VIG moved most like DGRO: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## DGRO alternatives at a glance Each fund below can stand in for DGRO, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **DGRO** | This fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Same kind of fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | | [DGRW](https://tactfolio.com/etf/dgrw.md) | Same kind of fund | 0.28% | $28 | WisdomTree U.S. Quality Dividend Growth Index | | [NOBL](https://tactfolio.com/etf/nobl.md) | Same kind of fund | 0.35% | $35 | S&P 500 Dividend Aristocrats Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Related fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How DGRO and its alternatives did over the same dates Each row measures the alternative and DGRO on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with DGRO | Per year | DGRO per year | Worst drop | DGRO worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VIG](https://tactfolio.com/etf/vig.md) | 0.98 | 11.9% | 12.4% | −31.7% | −35.1% | June 2014 | | [DGRW](https://tactfolio.com/etf/dgrw.md) | 0.94 | 12.7% | 12.4% | −32.0% | −35.1% | June 2014 | | [NOBL](https://tactfolio.com/etf/nobl.md) | 0.93 | 10.0% | 12.4% | −35.4% | −35.1% | June 2014 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.97 | 10.8% | 12.4% | −35.2% | −35.1% | June 2014 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.94 | 12.1% | 12.4% | −33.4% | −35.1% | June 2014 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.87 | 8.9% | 13.2% | −46.4% | −35.1% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.84 | 9.8% | 12.4% | −37.0% | −35.1% | June 2014 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.83 | 8.3% | 12.4% | −41.4% | −35.1% | June 2014 | 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. ## Each DGRO alternative, compared ### VIG: Vanguard Dividend Appreciation ETF VIG also holds US companies that have raised their dividends for many years in a row. It tracks the S&P U.S. Dividend Growers Index, while DGRO tracks the Morningstar US Dividend Growth Index. It charges 0.04% a year, about $4 on $10,000, against $8 for DGRO. It held 333 stocks, against 391 for DGRO. From June 2014 to October 2026, VIG returned about 11.9% a year and DGRO returned about 12.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ### DGRW: WisdomTree U.S. Quality Dividend Growth Fund DGRW also holds US companies that have raised their dividends for many years in a row. It tracks the WisdomTree U.S. Quality Dividend Growth Index, while DGRO tracks the Morningstar US Dividend Growth Index. It charges 0.28% a year, about $28 on $10,000, against $8 for DGRO. It held 199 stocks, against 391 for DGRO. From June 2014 to October 2026, DGRW returned about 12.7% a year and DGRO returned about 12.4% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [DGRW fund page](https://tactfolio.com/etf/dgrw.md) for its returns by year and worst drop. ### NOBL: ProShares S&P 500 Dividend Aristocrats ETF NOBL also holds US companies that have raised their dividends for many years in a row. It tracks the S&P 500 Dividend Aristocrats Index, while DGRO tracks the Morningstar US Dividend Growth Index. It charges 0.35% a year, about $35 on $10,000, against $8 for DGRO. It held 71 stocks, against 391 for DGRO. From June 2014 to October 2026, NOBL returned about 10.0% a year and DGRO returned about 12.4% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [NOBL fund page](https://tactfolio.com/etf/nobl.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while DGRO holds US companies that have raised their dividends for many years in a row. It charges 0.04% a year, about $4 on $10,000, against $8 for DGRO. It held 593 stocks, against 391 for DGRO. From June 2014 to October 2026, VYM returned about 10.8% a year and DGRO returned about 12.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while DGRO holds US companies that have raised their dividends for many years in a row. It charges 0.06% a year, about $6 on $10,000, against $8 for DGRO. It held 98 stocks, against 391 for DGRO. From June 2014 to October 2026, SCHD returned about 12.1% a year and DGRO returned about 12.4% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while DGRO holds US companies that have raised their dividends for many years in a row. It charges 0.07% a year, about $7 on $10,000, against $8 for DGRO. It held 78 stocks, against 391 for DGRO. From October 2015 to October 2026, SPYD returned about 8.9% a year and DGRO returned about 13.2% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while DGRO holds US companies that have raised their dividends for many years in a row. It charges 0.08% a year, about $8 on $10,000, against $8 for DGRO. It held 74 stocks, against 391 for DGRO. From June 2014 to October 2026, HDV returned about 9.8% a year and DGRO returned about 12.4% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD is a looser match. It holds US companies that pay high or steady dividends, while DGRO holds US companies that have raised their dividends for many years in a row. It charges 0.3% a year, about $30 on $10,000, against $8 for DGRO. From June 2014 to October 2026, SPHD returned about 8.3% a year and DGRO returned about 12.4% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ## DGRO versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to DGRO from each other company on this page: - **Vanguard:** [VIG](https://tactfolio.com/etf/vig.md), Vanguard Dividend Appreciation ETF (same kind of fund, 0.04% a year) - **WisdomTree:** [DGRW](https://tactfolio.com/etf/dgrw.md), WisdomTree U.S. Quality Dividend Growth Fund (same kind of fund, 0.28% a year) - **ProShares:** [NOBL](https://tactfolio.com/etf/nobl.md), ProShares S&P 500 Dividend Aristocrats ETF (same kind of fund, 0.35% a year) - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (related fund, 0.06% a year) - **SPDR (State Street):** [SPYD](https://tactfolio.com/etf/spyd.md), State Street SPDR Portfolio S&P 500 High Dividend ETF (related fund, 0.07% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (related fund, 0.3% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between DGRO and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, DGRO costs about $8 a year. VIG costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping DGRO to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VIG, DGRW or NOBL, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test DGRO and its alternatives in a backtest 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 DGRO and VIG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as DGRO. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like DGRO over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with DGRO only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to DGRO? VIG is the closest. VIG also holds US companies that have raised their dividends for many years in a row. It tracks the S&P U.S. Dividend Growers Index, while DGRO tracks the Morningstar US Dividend Growth Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to DGRO? Yes. VIG charges 0.04% a year, VYM charges 0.04% a year and SCHD charges 0.06% a year, against 0.08% for DGRO. On $10,000 that is about $4 a year instead of $8. ### Is DGRO or VIG better? Neither is better for everyone. From June 2014 to October 2026, DGRO returned about 12.4% a year and VIG returned about 11.9% a year. DGRO charges 0.08% a year and VIG charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in DGRO 10 years ago? It would have grown to about $36,587 by October 16, 2026, with dividends reinvested. That is about 13.9% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [WisdomTree: WisdomTree U.S. Quality Dividend Growth Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012361/dgrw926497k.htm) - [ProShares: ProShares S&P 500 Dividend Aristocrats ETF fund page](https://www.proshares.com/our-etfs/strategic/nobl) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # DGRW alternatives: 8 similar ETFs compared > ETFs similar to DGRW, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as DGRW. Updated daily. The ETFs most like DGRW are VIG, DGRO and NOBL. VIG, DGRO and NOBL hold US companies that have raised their dividends for many years in a row, like DGRW. VIG costs less: 0.04% a year against 0.28%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for DGRW: 3 of the same kind and 5 related funds. - DGRW charges 0.28% a year (about $28 on $10,000). The cheapest alternative here, VIG, charges 0.04%. - VIG moved most like DGRW: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## DGRW alternatives at a glance Each fund below can stand in for DGRW, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **DGRW** | This fund | 0.28% | $28 | WisdomTree U.S. Quality Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Same kind of fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Same kind of fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [NOBL](https://tactfolio.com/etf/nobl.md) | Same kind of fund | 0.35% | $35 | S&P 500 Dividend Aristocrats Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Related fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How DGRW and its alternatives did over the same dates Each row measures the alternative and DGRW on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with DGRW | Per year | DGRW per year | Worst drop | DGRW worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VIG](https://tactfolio.com/etf/vig.md) | 0.97 | 12.0% | 13.0% | −31.7% | −32.0% | May 2013 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.94 | 12.4% | 12.7% | −35.1% | −32.0% | June 2014 | | [NOBL](https://tactfolio.com/etf/nobl.md) | 0.85 | 10.5% | 13.1% | −35.4% | −32.0% | October 2013 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.92 | 11.2% | 13.0% | −35.2% | −32.0% | May 2013 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.85 | 12.3% | 13.0% | −33.4% | −32.0% | May 2013 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.77 | 8.9% | 13.4% | −46.4% | −32.0% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.71 | 9.8% | 13.0% | −37.0% | −32.0% | May 2013 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.71 | 8.5% | 13.0% | −41.4% | −32.0% | May 2013 | 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. ## Each DGRW alternative, compared ### VIG: Vanguard Dividend Appreciation ETF VIG also holds US companies that have raised their dividends for many years in a row. It tracks the S&P U.S. Dividend Growers Index, while DGRW tracks the WisdomTree U.S. Quality Dividend Growth Index. It charges 0.04% a year, about $4 on $10,000, against $28 for DGRW. It held 333 stocks, against 199 for DGRW. From May 2013 to October 2026, VIG returned about 12.0% a year and DGRW returned about 13.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO also holds US companies that have raised their dividends for many years in a row. It tracks the Morningstar US Dividend Growth Index, while DGRW tracks the WisdomTree U.S. Quality Dividend Growth Index. It charges 0.08% a year, about $8 on $10,000, against $28 for DGRW. It held 391 stocks, against 199 for DGRW. From June 2014 to October 2026, DGRO returned about 12.4% a year and DGRW returned about 12.7% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### NOBL: ProShares S&P 500 Dividend Aristocrats ETF NOBL also holds US companies that have raised their dividends for many years in a row. It tracks the S&P 500 Dividend Aristocrats Index, while DGRW tracks the WisdomTree U.S. Quality Dividend Growth Index. It charges 0.35% a year, about $35 on $10,000, against $28 for DGRW. It held 71 stocks, against 199 for DGRW. From October 2013 to October 2026, NOBL returned about 10.5% a year and DGRW returned about 13.1% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [NOBL fund page](https://tactfolio.com/etf/nobl.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while DGRW holds US companies that have raised their dividends for many years in a row. It charges 0.04% a year, about $4 on $10,000, against $28 for DGRW. It held 593 stocks, against 199 for DGRW. From May 2013 to October 2026, VYM returned about 11.2% a year and DGRW returned about 13.0% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while DGRW holds US companies that have raised their dividends for many years in a row. It charges 0.06% a year, about $6 on $10,000, against $28 for DGRW. It held 98 stocks, against 199 for DGRW. From May 2013 to October 2026, SCHD returned about 12.3% a year and DGRW returned about 13.0% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while DGRW holds US companies that have raised their dividends for many years in a row. It charges 0.07% a year, about $7 on $10,000, against $28 for DGRW. It held 78 stocks, against 199 for DGRW. From October 2015 to October 2026, SPYD returned about 8.9% a year and DGRW returned about 13.4% a year. Over about the last five years they often moved together, but not always (correlation 0.77). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while DGRW holds US companies that have raised their dividends for many years in a row. It charges 0.08% a year, about $8 on $10,000, against $28 for DGRW. It held 74 stocks, against 199 for DGRW. From May 2013 to October 2026, HDV returned about 9.8% a year and DGRW returned about 13.0% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD is a looser match. It holds US companies that pay high or steady dividends, while DGRW holds US companies that have raised their dividends for many years in a row. It charges 0.3% a year, about $30 on $10,000, against $28 for DGRW. From May 2013 to October 2026, SPHD returned about 8.5% a year and DGRW returned about 13.0% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ## DGRW versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to DGRW from each other company on this page: - **Vanguard:** [VIG](https://tactfolio.com/etf/vig.md), Vanguard Dividend Appreciation ETF (same kind of fund, 0.04% a year) - **iShares (BlackRock):** [DGRO](https://tactfolio.com/etf/dgro.md), iShares Core Dividend Growth ETF (same kind of fund, 0.08% a year) - **ProShares:** [NOBL](https://tactfolio.com/etf/nobl.md), ProShares S&P 500 Dividend Aristocrats ETF (same kind of fund, 0.35% a year) - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (related fund, 0.06% a year) - **SPDR (State Street):** [SPYD](https://tactfolio.com/etf/spyd.md), State Street SPDR Portfolio S&P 500 High Dividend ETF (related fund, 0.07% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (related fund, 0.3% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between DGRW and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, DGRW costs about $28 a year. VIG costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping DGRW to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VIG, DGRO or NOBL, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test DGRW and its alternatives in a backtest 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 DGRW and VIG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as DGRW. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like DGRW over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with DGRW only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to DGRW? VIG is the closest. VIG also holds US companies that have raised their dividends for many years in a row. It tracks the S&P U.S. Dividend Growers Index, while DGRW tracks the WisdomTree U.S. Quality Dividend Growth Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to DGRW? Yes. VIG charges 0.04% a year, VYM charges 0.04% a year and SCHD charges 0.06% a year, against 0.28% for DGRW. On $10,000 that is about $4 a year instead of $28. ### Is DGRW or VIG better? Neither is better for everyone. From May 2013 to October 2026, DGRW returned about 13.0% a year and VIG returned about 12.0% a year. DGRW charges 0.28% a year and VIG charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in DGRW 10 years ago? It would have grown to about $37,860 by October 16, 2026, with dividends reinvested. That is about 14.2% a year. Past returns do not tell you what comes next. ## Sources - [WisdomTree: WisdomTree U.S. Quality Dividend Growth Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012361/dgrw926497k.htm) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [ProShares: ProShares S&P 500 Dividend Aristocrats ETF fund page](https://www.proshares.com/our-etfs/strategic/nobl) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # DIA alternatives: 8 similar ETFs compared > ETFs similar to DIA, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as DIA. Updated daily. The ETFs most like DIA are SCHX, VV and IWB. SCHX, VV and IWB hold the biggest US companies, weighted by size, like DIA. SCHX costs less: 0.03% a year against 0.16%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for DIA: 3 of the same kind and 5 related funds. - DIA charges 0.16% a year (about $16 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - SCHX moved most like DIA: a daily correlation of 0.91 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## DIA alternatives at a glance Each fund below can stand in for DIA, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **DIA** | This fund | 0.16% | $16 | Dow Jones Industrial Average | | [SCHX](https://tactfolio.com/etf/schx.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Index | | [IWB](https://tactfolio.com/etf/iwb.md) | Same kind of fund | 0.15% | $15 | Russell 1000 Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How DIA and its alternatives did over the same dates Each row measures the alternative and DIA on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with DIA | Per year | DIA per year | Worst drop | DIA worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHX](https://tactfolio.com/etf/schx.md) | 0.91 | 14.4% | 12.7% | −34.3% | −36.7% | November 2009 | | [VV](https://tactfolio.com/etf/vv.md) | 0.91 | 11.0% | 9.7% | −54.8% | −51.9% | January 2004 | | [IWB](https://tactfolio.com/etf/iwb.md) | 0.91 | 8.5% | 8.5% | −55.4% | −51.9% | May 2000 | | [SPYM](https://tactfolio.com/etf/spym.md) | 0.91 | 11.2% | 10.2% | −54.5% | −51.9% | November 2005 | | [IVV](https://tactfolio.com/etf/ivv.md) | 0.91 | 8.5% | 8.5% | −55.3% | −51.9% | May 2000 | | [VOO](https://tactfolio.com/etf/voo.md) | 0.91 | 14.8% | 12.8% | −34.0% | −36.7% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 0.91 | 9.3% | 9.0% | −55.2% | −51.9% | January 1998 | | [ITOT](https://tactfolio.com/etf/itot.md) | 0.91 | 10.6% | 9.6% | −55.2% | −51.9% | January 2004 | 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. ## Each DIA alternative, compared ### SCHX: Schwab U.S. Large-Cap ETF SCHX also holds the biggest US companies, weighted by size. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, while DIA tracks the Dow Jones Industrial Average. It charges 0.03% a year, about $3 on $10,000, against $16 for DIA. It held 749 stocks, against 30 for DIA. From November 2009 to October 2026, SCHX returned about 14.4% a year and DIA returned about 12.7% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV also holds the biggest US companies, weighted by size. It tracks the Morningstar US Large Cap Index, while DIA tracks the Dow Jones Industrial Average. It charges 0.03% a year, about $3 on $10,000, against $16 for DIA. It held 421 stocks, against 30 for DIA. From January 2004 to October 2026, VV returned about 11.0% a year and DIA returned about 9.7% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ### IWB: iShares Russell 1000 ETF IWB also holds the biggest US companies, weighted by size. It tracks the Russell 1000 Index, while DIA tracks the Dow Jones Industrial Average. It charges 0.15% a year, about $15 on $10,000, against $16 for DIA. It held 1,023 stocks, against 30 for DIA. From May 2000 to October 2026, IWB returned about 8.5% a year and DIA returned about 8.5% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [IWB fund page](https://tactfolio.com/etf/iwb.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while DIA holds the biggest US companies, weighted by size. It charges 0.02% a year, about $2 on $10,000, against $16 for DIA. It held 505 stocks, against 30 for DIA. From November 2005 to October 2026, SPYM returned about 11.2% a year and DIA returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while DIA holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $16 for DIA. It held 505 stocks, against 30 for DIA. From May 2000 to October 2026, IVV returned about 8.5% a year and DIA returned about 8.5% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while DIA holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $16 for DIA. It held 505 stocks, against 30 for DIA. From September 2010 to October 2026, VOO returned about 14.8% a year and DIA returned about 12.8% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while DIA holds the biggest US companies, weighted by size. It charges 0.0945% a year, about $9.45 on $10,000, against $16 for DIA. It held 504 stocks, against 30 for DIA. From January 1998 to October 2026, SPY returned about 9.3% a year and DIA returned about 9.0% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while DIA holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $16 for DIA. It held 2,446 stocks, against 30 for DIA. From January 2004 to October 2026, ITOT returned about 10.6% a year and DIA returned about 9.6% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ## DIA versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to DIA from each other company on this page: - **Schwab:** [SCHX](https://tactfolio.com/etf/schx.md), Schwab U.S. Large-Cap ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VV](https://tactfolio.com/etf/vv.md), Vanguard Morningstar Large-Cap ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IWB](https://tactfolio.com/etf/iwb.md), iShares Russell 1000 ETF (same kind of fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between DIA and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, DIA costs about $16 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping DIA to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHX, VV or IWB, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test DIA and its alternatives in a backtest 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 DIA and SCHX, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as DIA. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like DIA over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with DIA only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to DIA? SCHX is the closest. SCHX also holds the biggest US companies, weighted by size. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, while DIA tracks the Dow Jones Industrial Average. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to DIA? Yes. SPYM charges 0.02% a year, SCHX charges 0.03% a year and VV charges 0.03% a year, against 0.16% for DIA. On $10,000 that is about $2 a year instead of $16. ### Is DIA or SCHX better? Neither is better for everyone. From November 2009 to October 2026, DIA returned about 12.7% a year and SCHX returned about 14.4% a year. DIA charges 0.16% a year and SCHX charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in DIA 10 years ago? It would have grown to about $34,704 by October 16, 2026, with dividends reinvested. That is about 13.3% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Dow Jones Industrial Average ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-industrial-average-etf-trust-dia) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [iShares (BlackRock): iShares Russell 1000 ETF fund page](https://www.ishares.com/us/products/239707/ishares-russell-1000-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # DIVO alternatives: 8 similar ETFs compared > ETFs similar to DIVO, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as DIVO. Updated daily. The ETFs most like DIVO are JEPI, GPIX and SPYI. JEPI, GPIX and SPYI hold stocks plus call options sold on them, which trade some of the gains for extra income, like DIVO. GPIX costs less: 0.29% a year against 0.56%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for DIVO: 7 of the same kind and 1 related fund. - DIVO charges 0.56% a year (about $56 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - VYM moved most like DIVO: a daily correlation of 0.93 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## DIVO alternatives at a glance Each fund below can stand in for DIVO, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **DIVO** | This fund | 0.56% | $56 | No index | | [JEPI](https://tactfolio.com/etf/jepi.md) | Same kind of fund | 0.35% | $35 | No index | | [GPIX](https://tactfolio.com/etf/gpix.md) | Same kind of fund | 0.29% | $29 | No index | | [SPYI](https://tactfolio.com/etf/spyi.md) | Same kind of fund | 0.68% | $68 | No index | | [XYLD](https://tactfolio.com/etf/xyld.md) | Same kind of fund | 0.6% | $60 | Cboe S&P 500 BuyWrite Index | | [JEPQ](https://tactfolio.com/etf/jepq.md) | Same kind of fund | 0.35% | $35 | No index | | [QYLD](https://tactfolio.com/etf/qyld.md) | Same kind of fund | 0.6% | $60 | Cboe NASDAQ-100 BuyWrite V2 Index | | [QQQI](https://tactfolio.com/etf/qqqi.md) | Same kind of fund | 0.68% | $68 | No index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How DIVO and its alternatives did over the same dates Each row measures the alternative and DIVO on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with DIVO | Per year | DIVO per year | Worst drop | DIVO worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [JEPI](https://tactfolio.com/etf/jepi.md) | 0.90 | 11.1% | 14.6% | −13.7% | −13.7% | May 2020 | | [GPIX](https://tactfolio.com/etf/gpix.md) | 0.82 | 22.5% | 18.6% | −17.5% | −12.1% | October 2023 | | [SPYI](https://tactfolio.com/etf/spyi.md) | 0.82 | 14.7% | 13.8% | −16.5% | −12.1% | August 2022 | | [XYLD](https://tactfolio.com/etf/xyld.md) | 0.79 | 8.4% | 12.7% | −33.5% | −30.0% | December 2016 | | [JEPQ](https://tactfolio.com/etf/jepq.md) | 0.73 | 15.3% | 11.7% | −20.1% | −12.1% | May 2022 | | [QYLD](https://tactfolio.com/etf/qyld.md) | 0.71 | 9.6% | 12.7% | −24.8% | −30.0% | December 2016 | | [QQQI](https://tactfolio.com/etf/qqqi.md) | 0.68 | 18.2% | 15.6% | −20.0% | −12.1% | January 2024 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.93 | 11.2% | 12.7% | −35.2% | −30.0% | December 2016 | 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. ## Each DIVO alternative, compared ### JEPI: JPMorgan Equity Premium Income ETF JEPI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while DIVO tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $56 for DIVO. It held 135 stocks, against 30 for DIVO. From May 2020 to October 2026, JEPI returned about 11.1% a year and DIVO returned about 14.6% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [JEPI fund page](https://tactfolio.com/etf/jepi.md) for its returns by year and worst drop. ### GPIX: Goldman Sachs S&P 500 Premium Income ETF GPIX also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while DIVO tracks no index (its managers pick what it holds). It charges 0.29% a year, about $29 on $10,000, against $56 for DIVO. It held 492 stocks, against 30 for DIVO. From October 2023 to October 2026, GPIX returned about 22.5% a year and DIVO returned about 18.6% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [GPIX fund page](https://tactfolio.com/etf/gpix.md) for its returns by year and worst drop. ### SPYI: NEOS S&P 500 High Income ETF SPYI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while DIVO tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $56 for DIVO. It held 510 stocks, against 30 for DIVO. From August 2022 to October 2026, SPYI returned about 14.7% a year and DIVO returned about 13.8% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [SPYI fund page](https://tactfolio.com/etf/spyi.md) for its returns by year and worst drop. ### XYLD: Global X S&P 500 Covered Call ETF XYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe S&P 500 BuyWrite Index, while DIVO tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $56 for DIVO. It held 505 stocks, against 30 for DIVO. From December 2016 to October 2026, XYLD returned about 8.4% a year and DIVO returned about 12.7% a year. Over about the last five years they often moved together, but not always (correlation 0.79). Read the [XYLD fund page](https://tactfolio.com/etf/xyld.md) for its returns by year and worst drop. ### JEPQ: JPMorgan Nasdaq Equity Premium Income ETF JEPQ also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while DIVO tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $56 for DIVO. It held 110 stocks, against 30 for DIVO. From May 2022 to October 2026, JEPQ returned about 15.3% a year and DIVO returned about 11.7% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [JEPQ fund page](https://tactfolio.com/etf/jepq.md) for its returns by year and worst drop. ### QYLD: Global X NASDAQ 100 Covered Call ETF QYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index, while DIVO tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $56 for DIVO. It held 102 stocks, against 30 for DIVO. From December 2016 to October 2026, QYLD returned about 9.6% a year and DIVO returned about 12.7% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [QYLD fund page](https://tactfolio.com/etf/qyld.md) for its returns by year and worst drop. ### QQQI: NEOS Nasdaq-100 High Income ETF QQQI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while DIVO tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $56 for DIVO. From January 2024 to October 2026, QQQI returned about 18.2% a year and DIVO returned about 15.6% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [QQQI fund page](https://tactfolio.com/etf/qqqi.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while DIVO holds stocks plus call options sold on them, which trade some of the gains for extra income. It charges 0.04% a year, about $4 on $10,000, against $56 for DIVO. It held 593 stocks, against 30 for DIVO. From December 2016 to October 2026, VYM returned about 11.2% a year and DIVO returned about 12.7% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ## DIVO versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to DIVO from each other company on this page: - **J.P. Morgan Asset Management:** [JEPI](https://tactfolio.com/etf/jepi.md), JPMorgan Equity Premium Income ETF (same kind of fund, 0.35% a year) - **Goldman Sachs Asset Management:** [GPIX](https://tactfolio.com/etf/gpix.md), Goldman Sachs S&P 500 Premium Income ETF (same kind of fund, 0.29% a year) - **NEOS:** [SPYI](https://tactfolio.com/etf/spyi.md), NEOS S&P 500 High Income ETF (same kind of fund, 0.68% a year) - **Global X (Mirae Asset):** [XYLD](https://tactfolio.com/etf/xyld.md), Global X S&P 500 Covered Call ETF (same kind of fund, 0.6% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between DIVO and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, DIVO costs about $56 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping DIVO to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XYLD, QYLD or VYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test DIVO and its alternatives in a backtest 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 DIVO and JEPI, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as DIVO. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like DIVO over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with DIVO only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to DIVO? JEPI is the closest. JEPI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while DIVO tracks no index (its managers pick what it holds). Over about the last five years they moved together on most days. ### Is there a cheaper alternative to DIVO? Yes. VYM charges 0.04% a year, GPIX charges 0.29% a year and JEPI charges 0.35% a year, against 0.56% for DIVO. On $10,000 that is about $4 a year instead of $56. ### Is DIVO or JEPI better? Neither is better for everyone. From May 2020 to October 2026, DIVO returned about 14.6% a year and JEPI returned about 11.1% a year. DIVO charges 0.56% a year and JEPI charges 0.35%. Past returns do not tell you what comes next. ## Sources - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # DVY alternatives: 8 similar ETFs compared > ETFs similar to DVY, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as DVY. Updated daily. The ETFs most like DVY are SPYD, SDY and VYM. SPYD, SDY and VYM hold US companies that pay high or steady dividends, like DVY. VYM costs less: 0.04% a year against 0.38%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for DVY: 6 of the same kind and 2 related funds. - DVY charges 0.38% a year (about $38 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - SPYD moved most like DVY: a daily correlation of 0.96 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## DVY alternatives at a glance Each fund below can stand in for DVY, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **DVY** | This fund | 0.38% | $38 | Dow Jones U.S. Select Dividend Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Same kind of fund | 0.07% | $7 | S&P 500 High Dividend Index | | [SDY](https://tactfolio.com/etf/sdy.md) | Same kind of fund | 0.35% | $35 | S&P High Yield Dividend Aristocrats Index | | [VYM](https://tactfolio.com/etf/vym.md) | Same kind of fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Same kind of fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Same kind of fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Same kind of fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How DVY and its alternatives did over the same dates Each row measures the alternative and DVY on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with DVY | Per year | DVY per year | Worst drop | DVY worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.96 | 8.9% | 10.6% | −46.4% | −41.6% | October 2015 | | [SDY](https://tactfolio.com/etf/sdy.md) | 0.94 | 8.9% | 8.5% | −54.8% | −62.6% | November 2005 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.93 | 9.3% | 8.0% | −57.0% | −62.6% | November 2006 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.93 | 9.4% | 11.4% | −41.4% | −41.6% | October 2012 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.92 | 13.5% | 11.8% | −33.4% | −41.6% | October 2011 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.87 | 11.0% | 11.3% | −37.0% | −41.6% | March 2011 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.90 | 12.4% | 10.1% | −35.1% | −41.6% | June 2014 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.83 | 10.2% | 8.4% | −46.8% | −62.6% | May 2006 | 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. ## Each DVY alternative, compared ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while DVY tracks the Dow Jones U.S. Select Dividend Index. It charges 0.07% a year, about $7 on $10,000, against $38 for DVY. It held 78 stocks, against 98 for DVY. From October 2015 to October 2026, SPYD returned about 8.9% a year and DVY returned about 10.6% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### SDY: State Street SPDR S&P Dividend ETF SDY also holds US companies that pay high or steady dividends. It tracks the S&P High Yield Dividend Aristocrats Index, while DVY tracks the Dow Jones U.S. Select Dividend Index. It charges 0.35% a year, about $35 on $10,000, against $38 for DVY. It held 155 stocks, against 98 for DVY. From November 2005 to October 2026, SDY returned about 8.9% a year and DVY returned about 8.5% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [SDY fund page](https://tactfolio.com/etf/sdy.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM also holds US companies that pay high or steady dividends. It tracks the FTSE High Dividend Yield Index, while DVY tracks the Dow Jones U.S. Select Dividend Index. It charges 0.04% a year, about $4 on $10,000, against $38 for DVY. It held 593 stocks, against 98 for DVY. From November 2006 to October 2026, VYM returned about 9.3% a year and DVY returned about 8.0% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD also holds US companies that pay high or steady dividends. It tracks the S&P 500 Low Volatility High Dividend Index, while DVY tracks the Dow Jones U.S. Select Dividend Index. It charges 0.3% a year, about $30 on $10,000, against $38 for DVY. From October 2012 to October 2026, SPHD returned about 9.4% a year and DVY returned about 11.4% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Dividend 100 Index, while DVY tracks the Dow Jones U.S. Select Dividend Index. It charges 0.06% a year, about $6 on $10,000, against $38 for DVY. It held 98 stocks, against 98 for DVY. From October 2011 to October 2026, SCHD returned about 13.5% a year and DVY returned about 11.8% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV also holds US companies that pay high or steady dividends. It tracks the Morningstar Dividend Yield Focus Index, while DVY tracks the Dow Jones U.S. Select Dividend Index. It charges 0.08% a year, about $8 on $10,000, against $38 for DVY. It held 74 stocks, against 98 for DVY. From March 2011 to October 2026, HDV returned about 11.0% a year and DVY returned about 11.3% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while DVY holds US companies that pay high or steady dividends. It charges 0.08% a year, about $8 on $10,000, against $38 for DVY. It held 391 stocks, against 98 for DVY. From June 2014 to October 2026, DGRO returned about 12.4% a year and DVY returned about 10.1% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while DVY holds US companies that pay high or steady dividends. It charges 0.04% a year, about $4 on $10,000, against $38 for DVY. It held 333 stocks, against 98 for DVY. From May 2006 to October 2026, VIG returned about 10.2% a year and DVY returned about 8.4% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ## DVY versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to DVY from each other company on this page: - **SPDR (State Street):** [SPYD](https://tactfolio.com/etf/spyd.md), State Street SPDR Portfolio S&P 500 High Dividend ETF (same kind of fund, 0.07% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (same kind of fund, 0.04% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (same kind of fund, 0.3% a year) - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (same kind of fund, 0.06% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between DVY and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, DVY costs about $38 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping DVY to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SPYD, SDY or VYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test DVY and its alternatives in a backtest 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 DVY and SPYD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as DVY. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like DVY over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with DVY only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to DVY? SPYD is the closest. SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while DVY tracks the Dow Jones U.S. Select Dividend Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to DVY? Yes. VYM charges 0.04% a year, VIG charges 0.04% a year and SCHD charges 0.06% a year, against 0.38% for DVY. On $10,000 that is about $4 a year instead of $38. ### Is DVY or SPYD better? Neither is better for everyone. From October 2015 to October 2026, DVY returned about 10.6% a year and SPYD returned about 8.9% a year. DVY charges 0.38% a year and SPYD charges 0.07%. Past returns do not tell you what comes next. ### What if I had put $10,000 in DVY 10 years ago? It would have grown to about $27,116 by October 16, 2026, with dividends reinvested. That is about 10.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Select Dividend ETF fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [SPDR (State Street): State Street SPDR S&P Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # FTEC alternatives: 8 similar ETFs compared > ETFs similar to FTEC, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as FTEC. Updated daily. The ETFs most like FTEC are VGT, XLK and IYW. VGT, XLK and IYW hold US technology companies, such as makers of chips, software and computers, like FTEC. XLK costs less: 0.08% a year against 0.084%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for FTEC: 3 of the same kind and 5 related funds. - FTEC charges 0.084% a year (about $8.40 on $10,000). The cheapest alternative here, XLK, charges 0.08%. - VGT moved most like FTEC: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## FTEC alternatives at a glance Each fund below can stand in for FTEC, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **FTEC** | This fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Same kind of fund | 0.08% | $8 | Technology Select Sector Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Same kind of fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | | [QQEW](https://tactfolio.com/etf/qqew.md) | Related fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | | [SOXX](https://tactfolio.com/etf/soxx.md) | Related fund | 0.33% | $33 | NYSE Semiconductor Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How FTEC and its alternatives did over the same dates Each row measures the alternative and FTEC on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with FTEC | Per year | FTEC per year | Worst drop | FTEC worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VGT](https://tactfolio.com/etf/vgt.md) | 1.00 | 21.8% | 21.7% | −35.1% | −34.9% | October 2013 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.99 | 21.8% | 21.7% | −33.6% | −34.9% | October 2013 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.99 | 22.2% | 21.7% | −39.4% | −34.9% | October 2013 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.97 | 16.5% | 20.2% | −35.0% | −34.9% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.97 | 19.0% | 21.7% | −35.1% | −34.9% | October 2013 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.97 | 16.8% | 21.7% | −35.2% | −34.9% | October 2013 | | [QQEW](https://tactfolio.com/etf/qqew.md) | 0.91 | 12.9% | 21.7% | −32.1% | −34.9% | October 2013 | | [SOXX](https://tactfolio.com/etf/soxx.md) | 0.90 | 28.3% | 21.7% | −45.8% | −34.9% | October 2013 | 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. ## Each FTEC alternative, compared ### VGT: Vanguard Information Technology ETF VGT also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI US Investable Market Information Technology 25/50 Index, while FTEC tracks the MSCI USA IMI Information Technology 25/50 Index. It charges 0.09% a year, about $9 on $10,000, against $8.40 for FTEC. It held 318 stocks, against 282 for FTEC. From October 2013 to October 2026, VGT returned about 21.8% a year and FTEC returned about 21.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK also holds US technology companies, such as makers of chips, software and computers. It tracks the Technology Select Sector Index, while FTEC tracks the MSCI USA IMI Information Technology 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $8.40 for FTEC. It held 75 stocks, against 282 for FTEC. From October 2013 to October 2026, XLK returned about 21.8% a year and FTEC returned about 21.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW also holds US technology companies, such as makers of chips, software and computers. It tracks the Russell 1000 Technology RIC 22.5/45 Capped Index, while FTEC tracks the MSCI USA IMI Information Technology 25/50 Index. It charges 0.37% a year, about $37 on $10,000, against $8.40 for FTEC. It held 148 stocks, against 282 for FTEC. From October 2013 to October 2026, IYW returned about 22.2% a year and FTEC returned about 21.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while FTEC holds US technology companies, such as makers of chips, software and computers. It charges 0.15% a year, about $15 on $10,000, against $8.40 for FTEC. From October 2020 to October 2026, QQQM returned about 16.5% a year and FTEC returned about 20.2% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while FTEC holds US technology companies, such as makers of chips, software and computers. It charges 0.18% a year, about $18 on $10,000, against $8.40 for FTEC. From October 2013 to October 2026, QQQ returned about 19.0% a year and FTEC returned about 21.7% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while FTEC holds US technology companies, such as makers of chips, software and computers. It charges 0.21% a year, about $21 on $10,000, against $8.40 for FTEC. It held 1,032 stocks, against 282 for FTEC. From October 2013 to October 2026, ONEQ returned about 16.8% a year and FTEC returned about 21.7% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### QQEW: First Trust Nasdaq-100 Select Equal Weight ETF QQEW is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while FTEC holds US technology companies, such as makers of chips, software and computers. It charges 0.55% a year, about $55 on $10,000, against $8.40 for FTEC. It held 50 stocks, against 282 for FTEC. From October 2013 to October 2026, QQEW returned about 12.9% a year and FTEC returned about 21.7% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [QQEW fund page](https://tactfolio.com/etf/qqew.md) for its returns by year and worst drop. ### SOXX: iShares Semiconductor ETF SOXX is a looser match. It holds companies that design and make computer chips, while FTEC holds US technology companies, such as makers of chips, software and computers. It charges 0.33% a year, about $33 on $10,000, against $8.40 for FTEC. It held 30 stocks, against 282 for FTEC. From October 2013 to October 2026, SOXX returned about 28.3% a year and FTEC returned about 21.7% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [SOXX fund page](https://tactfolio.com/etf/soxx.md) for its returns by year and worst drop. ## FTEC versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to FTEC from each other company on this page: - **Vanguard:** [VGT](https://tactfolio.com/etf/vgt.md), Vanguard Information Technology ETF (same kind of fund, 0.09% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (same kind of fund, 0.37% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) - **First Trust:** [QQEW](https://tactfolio.com/etf/qqew.md), First Trust Nasdaq-100 Select Equal Weight ETF (related fund, 0.55% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between FTEC and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, FTEC costs about $8.40 a year. XLK costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping FTEC to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VGT, XLK or IYW, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test FTEC and its alternatives in a backtest 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 FTEC and VGT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as FTEC. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like FTEC over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with FTEC only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to FTEC? VGT is the closest. VGT also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI US Investable Market Information Technology 25/50 Index, while FTEC tracks the MSCI USA IMI Information Technology 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to FTEC? Yes. XLK charges 0.08% a year, against 0.084% for FTEC. On $10,000 that is about $8 a year instead of $8.40. ### Is FTEC or VGT better? Neither is better for everyone. From October 2013 to October 2026, FTEC returned about 21.7% a year and VGT returned about 21.8% a year. FTEC charges 0.084% a year and VGT charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in FTEC 10 years ago? It would have grown to about $85,529 by October 16, 2026, with dividends reinvested. That is about 23.9% a year. Past returns do not tell you what comes next. ## Sources - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [iShares (BlackRock): iShares Semiconductor ETF fund page](https://www.ishares.com/us/products/239705/ishares-semiconductor-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # GPIX alternatives: 8 similar ETFs compared > ETFs similar to GPIX, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as GPIX. Updated daily. The ETFs most like GPIX are SPYI, JEPQ and QQQI. SPYI, JEPQ and QQQI hold stocks plus call options sold on them, which trade some of the gains for extra income, like GPIX. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for GPIX: 7 of the same kind and 1 related fund. - GPIX charges 0.29% a year (about $29 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - SPYI moved most like GPIX: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## GPIX alternatives at a glance Each fund below can stand in for GPIX, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **GPIX** | This fund | 0.29% | $29 | No index | | [SPYI](https://tactfolio.com/etf/spyi.md) | Same kind of fund | 0.68% | $68 | No index | | [JEPQ](https://tactfolio.com/etf/jepq.md) | Same kind of fund | 0.35% | $35 | No index | | [QQQI](https://tactfolio.com/etf/qqqi.md) | Same kind of fund | 0.68% | $68 | No index | | [XYLD](https://tactfolio.com/etf/xyld.md) | Same kind of fund | 0.6% | $60 | Cboe S&P 500 BuyWrite Index | | [QYLD](https://tactfolio.com/etf/qyld.md) | Same kind of fund | 0.6% | $60 | Cboe NASDAQ-100 BuyWrite V2 Index | | [JEPI](https://tactfolio.com/etf/jepi.md) | Same kind of fund | 0.35% | $35 | No index | | [DIVO](https://tactfolio.com/etf/divo.md) | Same kind of fund | 0.56% | $56 | No index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How GPIX and its alternatives did over the same dates Each row measures the alternative and GPIX on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with GPIX | Per year | GPIX per year | Worst drop | GPIX worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYI](https://tactfolio.com/etf/spyi.md) | 0.98 | 19.2% | 22.5% | −16.5% | −17.5% | October 2023 | | [JEPQ](https://tactfolio.com/etf/jepq.md) | 0.94 | 21.8% | 22.5% | −20.1% | −17.5% | October 2023 | | [QQQI](https://tactfolio.com/etf/qqqi.md) | 0.94 | 18.2% | 17.7% | −20.0% | −17.5% | January 2024 | | [XYLD](https://tactfolio.com/etf/xyld.md) | 0.90 | 15.4% | 22.5% | −15.5% | −17.5% | October 2023 | | [QYLD](https://tactfolio.com/etf/qyld.md) | 0.88 | 17.0% | 22.5% | −19.1% | −17.5% | October 2023 | | [JEPI](https://tactfolio.com/etf/jepi.md) | 0.86 | 12.1% | 22.5% | −13.3% | −17.5% | October 2023 | | [DIVO](https://tactfolio.com/etf/divo.md) | 0.82 | 18.6% | 22.5% | −12.1% | −17.5% | October 2023 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.82 | 21.0% | 22.5% | −14.5% | −17.5% | October 2023 | 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. ## Each GPIX alternative, compared ### SPYI: NEOS S&P 500 High Income ETF SPYI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while GPIX tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $29 for GPIX. It held 510 stocks, against 492 for GPIX. From October 2023 to October 2026, SPYI returned about 19.2% a year and GPIX returned about 22.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SPYI fund page](https://tactfolio.com/etf/spyi.md) for its returns by year and worst drop. ### JEPQ: JPMorgan Nasdaq Equity Premium Income ETF JEPQ also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while GPIX tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $29 for GPIX. It held 110 stocks, against 492 for GPIX. From October 2023 to October 2026, JEPQ returned about 21.8% a year and GPIX returned about 22.5% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [JEPQ fund page](https://tactfolio.com/etf/jepq.md) for its returns by year and worst drop. ### QQQI: NEOS Nasdaq-100 High Income ETF QQQI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while GPIX tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $29 for GPIX. From January 2024 to October 2026, QQQI returned about 18.2% a year and GPIX returned about 17.7% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [QQQI fund page](https://tactfolio.com/etf/qqqi.md) for its returns by year and worst drop. ### XYLD: Global X S&P 500 Covered Call ETF XYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe S&P 500 BuyWrite Index, while GPIX tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $29 for GPIX. It held 505 stocks, against 492 for GPIX. From October 2023 to October 2026, XYLD returned about 15.4% a year and GPIX returned about 22.5% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [XYLD fund page](https://tactfolio.com/etf/xyld.md) for its returns by year and worst drop. ### QYLD: Global X NASDAQ 100 Covered Call ETF QYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index, while GPIX tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $29 for GPIX. It held 102 stocks, against 492 for GPIX. From October 2023 to October 2026, QYLD returned about 17.0% a year and GPIX returned about 22.5% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [QYLD fund page](https://tactfolio.com/etf/qyld.md) for its returns by year and worst drop. ### JEPI: JPMorgan Equity Premium Income ETF JEPI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while GPIX tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $29 for GPIX. It held 135 stocks, against 492 for GPIX. From October 2023 to October 2026, JEPI returned about 12.1% a year and GPIX returned about 22.5% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [JEPI fund page](https://tactfolio.com/etf/jepi.md) for its returns by year and worst drop. ### DIVO: Amplify CWP Enhanced Dividend Income ETF DIVO also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while GPIX tracks no index (its managers pick what it holds). It charges 0.56% a year, about $56 on $10,000, against $29 for GPIX. It held 30 stocks, against 492 for GPIX. From October 2023 to October 2026, DIVO returned about 18.6% a year and GPIX returned about 22.5% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [DIVO fund page](https://tactfolio.com/etf/divo.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while GPIX holds stocks plus call options sold on them, which trade some of the gains for extra income. It charges 0.04% a year, about $4 on $10,000, against $29 for GPIX. It held 593 stocks, against 492 for GPIX. From October 2023 to October 2026, VYM returned about 21.0% a year and GPIX returned about 22.5% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ## GPIX versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to GPIX from each other company on this page: - **NEOS:** [SPYI](https://tactfolio.com/etf/spyi.md), NEOS S&P 500 High Income ETF (same kind of fund, 0.68% a year) - **J.P. Morgan Asset Management:** [JEPQ](https://tactfolio.com/etf/jepq.md), JPMorgan Nasdaq Equity Premium Income ETF (same kind of fund, 0.35% a year) - **Global X (Mirae Asset):** [XYLD](https://tactfolio.com/etf/xyld.md), Global X S&P 500 Covered Call ETF (same kind of fund, 0.6% a year) - **Amplify ETFs:** [DIVO](https://tactfolio.com/etf/divo.md), Amplify CWP Enhanced Dividend Income ETF (same kind of fund, 0.56% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between GPIX and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, GPIX costs about $29 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping GPIX to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XYLD, QYLD or VYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test GPIX and its alternatives in a backtest 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 GPIX and SPYI, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as GPIX. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like GPIX over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with GPIX only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to GPIX? SPYI is the closest. SPYI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while GPIX tracks no index (its managers pick what it holds). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to GPIX? Yes. VYM charges 0.04% a year, against 0.29% for GPIX. On $10,000 that is about $4 a year instead of $29. ### Is GPIX or SPYI better? Neither is better for everyone. From October 2023 to October 2026, GPIX returned about 22.5% a year and SPYI returned about 19.2% a year. GPIX charges 0.29% a year and SPYI charges 0.68%. Past returns do not tell you what comes next. ## Sources - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # HDV alternatives: 8 similar ETFs compared > ETFs similar to HDV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as HDV. Updated daily. The ETFs most like HDV are SCHD, SPHD and SDY. SCHD, SPHD and SDY hold US companies that pay high or steady dividends, like HDV. VYM costs less: 0.04% a year against 0.08%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for HDV: 6 of the same kind and 2 related funds. - HDV charges 0.08% a year (about $8 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - SCHD moved most like HDV: a daily correlation of 0.90 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## HDV alternatives at a glance Each fund below can stand in for HDV, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **HDV** | This fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Same kind of fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Same kind of fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | | [SDY](https://tactfolio.com/etf/sdy.md) | Same kind of fund | 0.35% | $35 | S&P High Yield Dividend Aristocrats Index | | [DVY](https://tactfolio.com/etf/dvy.md) | Same kind of fund | 0.38% | $38 | Dow Jones U.S. Select Dividend Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Same kind of fund | 0.07% | $7 | S&P 500 High Dividend Index | | [VYM](https://tactfolio.com/etf/vym.md) | Same kind of fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How HDV and its alternatives did over the same dates Each row measures the alternative and HDV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with HDV | Per year | HDV per year | Worst drop | HDV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.90 | 13.5% | 11.2% | −33.4% | −37.0% | October 2011 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.89 | 9.4% | 10.6% | −41.4% | −37.0% | October 2012 | | [SDY](https://tactfolio.com/etf/sdy.md) | 0.87 | 10.6% | 11.0% | −36.7% | −37.0% | March 2011 | | [DVY](https://tactfolio.com/etf/dvy.md) | 0.87 | 11.3% | 11.0% | −41.6% | −37.0% | March 2011 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.86 | 8.9% | 10.3% | −46.4% | −37.0% | October 2015 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.84 | 12.0% | 11.0% | −35.2% | −37.0% | March 2011 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.84 | 12.4% | 9.8% | −35.1% | −37.0% | June 2014 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.75 | 12.1% | 11.0% | −31.7% | −37.0% | March 2011 | 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. ## Each HDV alternative, compared ### SCHD: Schwab U.S. Dividend Equity ETF SCHD also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Dividend 100 Index, while HDV tracks the Morningstar Dividend Yield Focus Index. It charges 0.06% a year, about $6 on $10,000, against $8 for HDV. It held 98 stocks, against 74 for HDV. From October 2011 to October 2026, SCHD returned about 13.5% a year and HDV returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD also holds US companies that pay high or steady dividends. It tracks the S&P 500 Low Volatility High Dividend Index, while HDV tracks the Morningstar Dividend Yield Focus Index. It charges 0.3% a year, about $30 on $10,000, against $8 for HDV. From October 2012 to October 2026, SPHD returned about 9.4% a year and HDV returned about 10.6% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ### SDY: State Street SPDR S&P Dividend ETF SDY also holds US companies that pay high or steady dividends. It tracks the S&P High Yield Dividend Aristocrats Index, while HDV tracks the Morningstar Dividend Yield Focus Index. It charges 0.35% a year, about $35 on $10,000, against $8 for HDV. It held 155 stocks, against 74 for HDV. From March 2011 to October 2026, SDY returned about 10.6% a year and HDV returned about 11.0% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [SDY fund page](https://tactfolio.com/etf/sdy.md) for its returns by year and worst drop. ### DVY: iShares Select Dividend ETF DVY also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Select Dividend Index, while HDV tracks the Morningstar Dividend Yield Focus Index. It charges 0.38% a year, about $38 on $10,000, against $8 for HDV. It held 98 stocks, against 74 for HDV. From March 2011 to October 2026, DVY returned about 11.3% a year and HDV returned about 11.0% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [DVY fund page](https://tactfolio.com/etf/dvy.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while HDV tracks the Morningstar Dividend Yield Focus Index. It charges 0.07% a year, about $7 on $10,000, against $8 for HDV. It held 78 stocks, against 74 for HDV. From October 2015 to October 2026, SPYD returned about 8.9% a year and HDV returned about 10.3% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM also holds US companies that pay high or steady dividends. It tracks the FTSE High Dividend Yield Index, while HDV tracks the Morningstar Dividend Yield Focus Index. It charges 0.04% a year, about $4 on $10,000, against $8 for HDV. It held 593 stocks, against 74 for HDV. From March 2011 to October 2026, VYM returned about 12.0% a year and HDV returned about 11.0% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while HDV holds US companies that pay high or steady dividends. It charges 0.08% a year, about $8 on $10,000, against $8 for HDV. It held 391 stocks, against 74 for HDV. From June 2014 to October 2026, DGRO returned about 12.4% a year and HDV returned about 9.8% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while HDV holds US companies that pay high or steady dividends. It charges 0.04% a year, about $4 on $10,000, against $8 for HDV. It held 333 stocks, against 74 for HDV. From March 2011 to October 2026, VIG returned about 12.1% a year and HDV returned about 11.0% a year. Over about the last five years they often moved together, but not always (correlation 0.75). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ## HDV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to HDV from each other company on this page: - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (same kind of fund, 0.06% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (same kind of fund, 0.3% a year) - **SPDR (State Street):** [SDY](https://tactfolio.com/etf/sdy.md), State Street SPDR S&P Dividend ETF (same kind of fund, 0.35% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between HDV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, HDV costs about $8 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping HDV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHD, SPHD or SDY, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test HDV and its alternatives in a backtest 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 HDV and SCHD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as HDV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like HDV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with HDV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to HDV? SCHD is the closest. SCHD also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Dividend 100 Index, while HDV tracks the Morningstar Dividend Yield Focus Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to HDV? Yes. VYM charges 0.04% a year, VIG charges 0.04% a year and SCHD charges 0.06% a year, against 0.08% for HDV. On $10,000 that is about $4 a year instead of $8. ### Is HDV or SCHD better? Neither is better for everyone. From October 2011 to October 2026, HDV returned about 11.2% a year and SCHD returned about 13.5% a year. HDV charges 0.08% a year and SCHD charges 0.06%. Past returns do not tell you what comes next. ### What if I had put $10,000 in HDV 10 years ago? It would have grown to about $26,921 by October 16, 2026, with dividends reinvested. That is about 10.4% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [SPDR (State Street): State Street SPDR S&P Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) - [iShares (BlackRock): iShares Select Dividend ETF fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IGV alternatives: 8 similar ETFs compared > ETFs similar to IGV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IGV. Updated daily. The ETFs most like IGV are QQEW, IYW and FTEC. None of them holds exactly what IGV holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IGV: 8 related funds. - IGV charges 0.38% a year (about $38 on $10,000). The cheapest alternative here, XLK, charges 0.08%. - QQEW moved most like IGV: a daily correlation of 0.87 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IGV alternatives at a glance Each fund below can stand in for IGV, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IGV** | This fund | 0.38% | $38 | S&P North American Expanded Technology Software Index | | [QQEW](https://tactfolio.com/etf/qqew.md) | Related fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IGV and its alternatives did over the same dates Each row measures the alternative and IGV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IGV | Per year | IGV per year | Worst drop | IGV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [QQEW](https://tactfolio.com/etf/qqew.md) | 0.87 | 11.2% | 13.3% | −58.2% | −49.8% | May 2006 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.83 | 12.6% | 9.8% | −58.3% | −62.2% | July 2001 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.82 | 21.7% | 16.2% | −34.9% | −45.9% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.82 | 14.8% | 12.3% | −54.6% | −49.8% | January 2004 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.82 | 13.2% | 12.7% | −55.1% | −49.8% | October 2003 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.81 | 16.5% | 7.7% | −35.0% | −45.9% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.81 | 12.5% | 9.8% | −54.3% | −62.2% | July 2001 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.80 | 12.2% | 9.8% | −57.6% | −62.2% | July 2001 | 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. ## Each IGV alternative, compared ### QQEW: First Trust Nasdaq-100 Select Equal Weight ETF QQEW is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IGV holds companies that make software. It charges 0.55% a year, about $55 on $10,000, against $38 for IGV. It held 50 stocks, against 106 for IGV. From May 2006 to October 2026, QQEW returned about 11.2% a year and IGV returned about 13.3% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [QQEW fund page](https://tactfolio.com/etf/qqew.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while IGV holds companies that make software. It charges 0.37% a year, about $37 on $10,000, against $38 for IGV. It held 148 stocks, against 106 for IGV. From July 2001 to October 2026, IYW returned about 12.6% a year and IGV returned about 9.8% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while IGV holds companies that make software. It charges 0.084% a year, about $8.40 on $10,000, against $38 for IGV. It held 282 stocks, against 106 for IGV. From October 2013 to October 2026, FTEC returned about 21.7% a year and IGV returned about 16.2% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while IGV holds companies that make software. It charges 0.09% a year, about $9 on $10,000, against $38 for IGV. It held 318 stocks, against 106 for IGV. From January 2004 to October 2026, VGT returned about 14.8% a year and IGV returned about 12.3% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IGV holds companies that make software. It charges 0.21% a year, about $21 on $10,000, against $38 for IGV. It held 1,032 stocks, against 106 for IGV. From October 2003 to October 2026, ONEQ returned about 13.2% a year and IGV returned about 12.7% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IGV holds companies that make software. It charges 0.15% a year, about $15 on $10,000, against $38 for IGV. From October 2020 to October 2026, QQQM returned about 16.5% a year and IGV returned about 7.7% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IGV holds companies that make software. It charges 0.18% a year, about $18 on $10,000, against $38 for IGV. From July 2001 to October 2026, QQQ returned about 12.5% a year and IGV returned about 9.8% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while IGV holds companies that make software. It charges 0.08% a year, about $8 on $10,000, against $38 for IGV. It held 75 stocks, against 106 for IGV. From July 2001 to October 2026, XLK returned about 12.2% a year and IGV returned about 9.8% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ## IGV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IGV from each other company on this page: - **First Trust:** [QQEW](https://tactfolio.com/etf/qqew.md), First Trust Nasdaq-100 Select Equal Weight ETF (related fund, 0.55% a year) - **Fidelity:** [FTEC](https://tactfolio.com/etf/ftec.md), Fidelity MSCI Information Technology Index ETF (related fund, 0.084% a year) - **Vanguard:** [VGT](https://tactfolio.com/etf/vgt.md), Vanguard Information Technology ETF (related fund, 0.09% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (related fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IGV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IGV costs about $38 a year. XLK costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IGV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as QQEW, IYW or FTEC, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IGV and its alternatives in a backtest 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 IGV and QQEW, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IGV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IGV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IGV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IGV? QQEW is the closest. QQEW is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IGV holds companies that make software. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to IGV? Yes. XLK charges 0.08% a year, FTEC charges 0.084% a year and VGT charges 0.09% a year, against 0.38% for IGV. On $10,000 that is about $8 a year instead of $38. ### Is IGV or QQEW better? Neither is better for everyone. From May 2006 to October 2026, IGV returned about 13.3% a year and QQEW returned about 11.2% a year. IGV charges 0.38% a year and QQEW charges 0.55%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IGV 10 years ago? It would have grown to about $47,253 by October 16, 2026, with dividends reinvested. That is about 16.8% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Expanded Tech-Software Sector ETF fund page](https://www.ishares.com/us/products/239771/ishares-expanded-tech-software-sector-etf) - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IJH alternatives: 8 similar ETFs compared > ETFs similar to IJH, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IJH. Updated daily. The ETFs most like IJH are MDY, SCHM and IWR. MDY tracks the same index as IJH, so it holds the same stocks. SCHM costs less: 0.03% a year against 0.05%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IJH: 1 on the same index, 3 of the same kind and 4 related funds. - IJH charges 0.05% a year (about $5 on $10,000). The cheapest alternative here, SCHM, charges 0.03%. - MDY moved most like IJH: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IJH alternatives at a glance Each fund below can stand in for IJH, closest first. "Same index" funds hold the same stocks as IJH. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IJH** | This fund | 0.05% | $5 | S&P MidCap 400 Index | | [MDY](https://tactfolio.com/etf/mdy.md) | Same index | 0.23% | $23 | S&P MidCap 400 Index | | [SCHM](https://tactfolio.com/etf/schm.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Mid-Cap Total Stock Market Index | | [IWR](https://tactfolio.com/etf/iwr.md) | Same kind of fund | 0.18% | $18 | Russell MidCap Index | | [VO](https://tactfolio.com/etf/vo.md) | Same kind of fund | 0.03% | $3 | Morningstar US Mid Cap Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IJH and its alternatives did over the same dates Each row measures the alternative and IJH on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IJH | Per year | IJH per year | Worst drop | IJH worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [MDY](https://tactfolio.com/etf/mdy.md) | 1.00 | 9.4% | 9.6% | −55.3% | −55.1% | May 2000 | | [SCHM](https://tactfolio.com/etf/schm.md) | 0.99 | 10.9% | 10.7% | −42.4% | −42.2% | January 2011 | | [IWR](https://tactfolio.com/etf/iwr.md) | 0.98 | 9.9% | 9.6% | −58.8% | −55.1% | August 2001 | | [VO](https://tactfolio.com/etf/vo.md) | 0.96 | 10.2% | 9.8% | −58.9% | −55.1% | January 2004 | | [VB](https://tactfolio.com/etf/vb.md) | 0.99 | 9.6% | 9.8% | −59.6% | −55.1% | January 2004 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.97 | 11.8% | 12.1% | −42.4% | −42.2% | November 2009 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.97 | 9.8% | 9.6% | −58.1% | −55.1% | May 2000 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.96 | 8.4% | 9.6% | −58.6% | −55.1% | May 2000 | 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. ## Each IJH alternative, compared ### MDY: State Street SPDR S&P MidCap 400 ETF Trust MDY tracks the same S&P MidCap 400 Index as IJH, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.23% a year, about $23 on $10,000, against $5 for IJH. It held 400 stocks, against 408 for IJH. From May 2000 to October 2026, MDY returned about 9.4% a year and IJH returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [MDY fund page](https://tactfolio.com/etf/mdy.md) for its returns by year and worst drop. ### SCHM: Schwab U.S. Mid-Cap ETF SCHM also holds medium-sized US companies. It tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index, while IJH tracks the S&P MidCap 400 Index. It charges 0.03% a year, about $3 on $10,000, against $5 for IJH. It held 497 stocks, against 408 for IJH. From January 2011 to October 2026, SCHM returned about 10.9% a year and IJH returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHM fund page](https://tactfolio.com/etf/schm.md) for its returns by year and worst drop. ### IWR: iShares Russell Mid-Cap ETF IWR also holds medium-sized US companies. It tracks the Russell MidCap Index, while IJH tracks the S&P MidCap 400 Index. It charges 0.18% a year, about $18 on $10,000, against $5 for IJH. It held 822 stocks, against 408 for IJH. From August 2001 to October 2026, IWR returned about 9.9% a year and IJH returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWR fund page](https://tactfolio.com/etf/iwr.md) for its returns by year and worst drop. ### VO: Vanguard Morningstar Mid-Cap ETF VO also holds medium-sized US companies. It tracks the Morningstar US Mid Cap Index, while IJH tracks the S&P MidCap 400 Index. It charges 0.03% a year, about $3 on $10,000, against $5 for IJH. It held 271 stocks, against 408 for IJH. From January 2004 to October 2026, VO returned about 10.2% a year and IJH returned about 9.8% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VO fund page](https://tactfolio.com/etf/vo.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while IJH holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $5 for IJH. It held 1,301 stocks, against 408 for IJH. From January 2004 to October 2026, VB returned about 9.6% a year and IJH returned about 9.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while IJH holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $5 for IJH. It held 1,721 stocks, against 408 for IJH. From November 2009 to October 2026, SCHA returned about 11.8% a year and IJH returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while IJH holds medium-sized US companies. It charges 0.06% a year, about $6 on $10,000, against $5 for IJH. It held 643 stocks, against 408 for IJH. From May 2000 to October 2026, IJR returned about 9.8% a year and IJH returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while IJH holds medium-sized US companies. It charges 0.19% a year, about $19 on $10,000, against $5 for IJH. It held 1,983 stocks, against 408 for IJH. From May 2000 to October 2026, IWM returned about 8.4% a year and IJH returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ## IJH versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IJH from each other company on this page: - **SPDR (State Street):** [MDY](https://tactfolio.com/etf/mdy.md), State Street SPDR S&P MidCap 400 ETF Trust (same index, 0.23% a year) - **Schwab:** [SCHM](https://tactfolio.com/etf/schm.md), Schwab U.S. Mid-Cap ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VO](https://tactfolio.com/etf/vo.md), Vanguard Morningstar Mid-Cap ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IJH and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IJH costs about $5 a year. SCHM costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IJH to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHM, IWR or VO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IJH and its alternatives in a backtest 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 IJH and MDY, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IJH. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IJH over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IJH only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IJH? MDY is the closest. MDY tracks the same S&P MidCap 400 Index as IJH, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IJH? Yes. SCHM charges 0.03% a year, VO charges 0.03% a year and VB charges 0.03% a year, against 0.05% for IJH. On $10,000 that is about $3 a year instead of $5. ### Is IJH or MDY better? Neither is better for everyone. From May 2000 to October 2026, IJH returned about 9.6% a year and MDY returned about 9.4% a year. IJH charges 0.05% a year and MDY charges 0.23%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IJH 10 years ago? It would have grown to about $27,661 by October 16, 2026, with dividends reinvested. That is about 10.7% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) - [SPDR (State Street): State Street SPDR S&P MidCap 400 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy) - [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm) - [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf) - [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IJR alternatives: 8 similar ETFs compared > ETFs similar to IJR, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IJR. Updated daily. The ETFs most like IJR are SCHA, VB and IWM. SCHA, VB and IWM hold small US companies, like IJR. SCHA costs less: 0.03% a year against 0.06%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IJR: 3 of the same kind and 5 related funds. - IJR charges 0.06% a year (about $6 on $10,000). The cheapest alternative here, SCHA, charges 0.03%. - IJS moved most like IJR: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IJR alternatives at a glance Each fund below can stand in for IJR, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IJR** | This fund | 0.06% | $6 | S&P SmallCap 600 Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [VB](https://tactfolio.com/etf/vb.md) | Same kind of fund | 0.03% | $3 | Morningstar US Small Cap Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Same kind of fund | 0.19% | $19 | Russell 2000 Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [VBR](https://tactfolio.com/etf/vbr.md) | Related fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Related fund | 0.24% | $24 | Russell 2000 Value Index | | [IJT](https://tactfolio.com/etf/ijt.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Growth Index | | [AVUV](https://tactfolio.com/etf/avuv.md) | Related fund | 0.25% | $25 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IJR and its alternatives did over the same dates Each row measures the alternative and IJR on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IJR | Per year | IJR per year | Worst drop | IJR worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.97 | 11.8% | 12.1% | −42.4% | −44.4% | November 2009 | | [VB](https://tactfolio.com/etf/vb.md) | 0.97 | 9.6% | 9.6% | −59.6% | −58.1% | January 2004 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.97 | 8.4% | 9.8% | −58.6% | −58.1% | May 2000 | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.99 | 9.7% | 9.7% | −60.1% | −58.1% | July 2000 | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.98 | 9.4% | 9.6% | −62.0% | −58.1% | January 2004 | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.98 | 9.2% | 9.7% | −61.6% | −58.1% | July 2000 | | [IJT](https://tactfolio.com/etf/ijt.md) | 0.98 | 9.2% | 9.7% | −57.6% | −58.1% | July 2000 | | [AVUV](https://tactfolio.com/etf/avuv.md) | 0.97 | 15.0% | 9.8% | −49.4% | −42.6% | September 2019 | 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. ## Each IJR alternative, compared ### SCHA: Schwab U.S. Small-Cap ETF SCHA also holds small US companies. It tracks the Dow Jones U.S. Small-Cap Total Stock Market Index, while IJR tracks the S&P SmallCap 600 Index. It charges 0.03% a year, about $3 on $10,000, against $6 for IJR. It held 1,721 stocks, against 643 for IJR. From November 2009 to October 2026, SCHA returned about 11.8% a year and IJR returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB also holds small US companies. It tracks the Morningstar US Small Cap Index, while IJR tracks the S&P SmallCap 600 Index. It charges 0.03% a year, about $3 on $10,000, against $6 for IJR. It held 1,301 stocks, against 643 for IJR. From January 2004 to October 2026, VB returned about 9.6% a year and IJR returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM also holds small US companies. It tracks the Russell 2000 Index, while IJR tracks the S&P SmallCap 600 Index. It charges 0.19% a year, about $19 on $10,000, against $6 for IJR. It held 1,983 stocks, against 643 for IJR. From May 2000 to October 2026, IWM returned about 8.4% a year and IJR returned about 9.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### IJS: iShares S&P Small-Cap 600 Value ETF IJS is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IJR holds small US companies. It charges 0.18% a year, about $18 on $10,000, against $6 for IJR. It held 480 stocks, against 643 for IJR. From July 2000 to October 2026, IJS returned about 9.7% a year and IJR returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IJR holds small US companies. It charges 0.05% a year, about $5 on $10,000, against $6 for IJR. It held 820 stocks, against 643 for IJR. From January 2004 to October 2026, VBR returned about 9.4% a year and IJR returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### IWN: iShares Russell 2000 Value ETF IWN is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IJR holds small US companies. It charges 0.24% a year, about $24 on $10,000, against $6 for IJR. It held 1,410 stocks, against 643 for IJR. From July 2000 to October 2026, IWN returned about 9.2% a year and IJR returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### IJT: iShares S&P Small-Cap 600 Growth ETF IJT is a looser match. It holds small US companies whose sales and profits are growing fast, while IJR holds small US companies. It charges 0.18% a year, about $18 on $10,000, against $6 for IJR. It held 372 stocks, against 643 for IJR. From July 2000 to October 2026, IJT returned about 9.2% a year and IJR returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IJT fund page](https://tactfolio.com/etf/ijt.md) for its returns by year and worst drop. ### AVUV: Avantis U.S. Small Cap Value ETF AVUV is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IJR holds small US companies. It charges 0.25% a year, about $25 on $10,000, against $6 for IJR. It held 794 stocks, against 643 for IJR. From September 2019 to October 2026, AVUV returned about 15.0% a year and IJR returned about 9.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [AVUV fund page](https://tactfolio.com/etf/avuv.md) for its returns by year and worst drop. ## IJR versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IJR from each other company on this page: - **Schwab:** [SCHA](https://tactfolio.com/etf/scha.md), Schwab U.S. Small-Cap ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VB](https://tactfolio.com/etf/vb.md), Vanguard Morningstar Small-Cap ETF (same kind of fund, 0.03% a year) - **Avantis Investors (American Century):** [AVUV](https://tactfolio.com/etf/avuv.md), Avantis U.S. Small Cap Value ETF (related fund, 0.25% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IJR and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IJR costs about $6 a year. SCHA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IJR to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHA, VB or IWM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IJR and its alternatives in a backtest 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 IJR and SCHA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IJR. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IJR over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IJR only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IJR? SCHA is the closest. SCHA also holds small US companies. It tracks the Dow Jones U.S. Small-Cap Total Stock Market Index, while IJR tracks the S&P SmallCap 600 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IJR? Yes. SCHA charges 0.03% a year, VB charges 0.03% a year and VBR charges 0.05% a year, against 0.06% for IJR. On $10,000 that is about $3 a year instead of $6. ### Is IJR or SCHA better? Neither is better for everyone. From November 2009 to October 2026, IJR returned about 12.1% a year and SCHA returned about 11.8% a year. IJR charges 0.06% a year and SCHA charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IJR 10 years ago? It would have grown to about $26,079 by October 16, 2026, with dividends reinvested. That is about 10.1% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [iShares (BlackRock): iShares S&P Small-Cap 600 Growth ETF fund page](https://www.ishares.com/us/products/239773/ishares-s-p-small-cap-600-growth-etf) - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IJS alternatives: 8 similar ETFs compared > ETFs similar to IJS, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IJS. Updated daily. The ETFs most like IJS are IWN, VBR and AVUV. IWN, VBR and AVUV hold small US companies that look cheap compared with their earnings and assets, like IJS. VBR costs less: 0.05% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IJS: 3 of the same kind and 5 related funds. - IJS charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, SCHA, charges 0.03%. - IJR moved most like IJS: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IJS alternatives at a glance Each fund below can stand in for IJS, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IJS** | This fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Same kind of fund | 0.24% | $24 | Russell 2000 Value Index | | [VBR](https://tactfolio.com/etf/vbr.md) | Same kind of fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [AVUV](https://tactfolio.com/etf/avuv.md) | Same kind of fund | 0.25% | $25 | No index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IJS and its alternatives did over the same dates Each row measures the alternative and IJS on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IJS | Per year | IJS per year | Worst drop | IJS worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.98 | 9.2% | 9.7% | −61.6% | −60.1% | July 2000 | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.97 | 9.4% | 9.0% | −62.0% | −60.1% | January 2004 | | [AVUV](https://tactfolio.com/etf/avuv.md) | 0.96 | 15.0% | 9.6% | −49.4% | −45.5% | September 2019 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.99 | 9.7% | 9.7% | −58.1% | −60.1% | July 2000 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.94 | 11.8% | 11.5% | −42.4% | −47.7% | November 2009 | | [VB](https://tactfolio.com/etf/vb.md) | 0.94 | 9.6% | 9.0% | −59.6% | −60.1% | January 2004 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.94 | 8.1% | 9.7% | −58.6% | −60.1% | July 2000 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.84 | 9.7% | 9.0% | −59.3% | −60.1% | January 2004 | 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. ## Each IJS alternative, compared ### IWN: iShares Russell 2000 Value ETF IWN also holds small US companies that look cheap compared with their earnings and assets. It tracks the Russell 2000 Value Index, while IJS tracks the S&P SmallCap 600 Value Index. It charges 0.24% a year, about $24 on $10,000, against $18 for IJS. It held 1,410 stocks, against 480 for IJS. From July 2000 to October 2026, IWN returned about 9.2% a year and IJS returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR also holds small US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Small Cap Value Index, while IJS tracks the S&P SmallCap 600 Value Index. It charges 0.05% a year, about $5 on $10,000, against $18 for IJS. It held 820 stocks, against 480 for IJS. From January 2004 to October 2026, VBR returned about 9.4% a year and IJS returned about 9.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### AVUV: Avantis U.S. Small Cap Value ETF AVUV also holds small US companies that look cheap compared with their earnings and assets. It tracks no index (its managers pick what it holds), while IJS tracks the S&P SmallCap 600 Value Index. It charges 0.25% a year, about $25 on $10,000, against $18 for IJS. It held 794 stocks, against 480 for IJS. From September 2019 to October 2026, AVUV returned about 15.0% a year and IJS returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [AVUV fund page](https://tactfolio.com/etf/avuv.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while IJS holds small US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $18 for IJS. It held 643 stocks, against 480 for IJS. From July 2000 to October 2026, IJR returned about 9.7% a year and IJS returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while IJS holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $18 for IJS. It held 1,721 stocks, against 480 for IJS. From November 2009 to October 2026, SCHA returned about 11.8% a year and IJS returned about 11.5% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while IJS holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $18 for IJS. It held 1,301 stocks, against 480 for IJS. From January 2004 to October 2026, VB returned about 9.6% a year and IJS returned about 9.0% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while IJS holds small US companies that look cheap compared with their earnings and assets. It charges 0.19% a year, about $19 on $10,000, against $18 for IJS. It held 1,983 stocks, against 480 for IJS. From July 2000 to October 2026, IWM returned about 8.1% a year and IJS returned about 9.7% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while IJS holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $18 for IJS. It held 298 stocks, against 480 for IJS. From January 2004 to October 2026, VTV returned about 9.7% a year and IJS returned about 9.0% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ## IJS versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IJS from each other company on this page: - **Vanguard:** [VBR](https://tactfolio.com/etf/vbr.md), Vanguard Morningstar Small-Cap Value ETF (same kind of fund, 0.05% a year) - **Avantis Investors (American Century):** [AVUV](https://tactfolio.com/etf/avuv.md), Avantis U.S. Small Cap Value ETF (same kind of fund, 0.25% a year) - **Schwab:** [SCHA](https://tactfolio.com/etf/scha.md), Schwab U.S. Small-Cap ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IJS and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IJS costs about $18 a year. SCHA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IJS to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IWN, VBR or AVUV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IJS and its alternatives in a backtest 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 IJS and IWN, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IJS. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IJS over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IJS only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IJS? IWN is the closest. IWN also holds small US companies that look cheap compared with their earnings and assets. It tracks the Russell 2000 Value Index, while IJS tracks the S&P SmallCap 600 Value Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IJS? Yes. SCHA charges 0.03% a year, VB charges 0.03% a year and VTV charges 0.03% a year, against 0.18% for IJS. On $10,000 that is about $3 a year instead of $18. ### Is IJS or IWN better? Neither is better for everyone. From July 2000 to October 2026, IJS returned about 9.7% a year and IWN returned about 9.2% a year. IJS charges 0.18% a year and IWN charges 0.24%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IJS 10 years ago? It would have grown to about $24,850 by October 16, 2026, with dividends reinvested. That is about 9.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IJT alternatives: 8 similar ETFs compared > ETFs similar to IJT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IJT. Updated daily. The ETFs most like IJT are SCHA, IJR and IWM. None of them holds exactly what IJT holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IJT: 8 related funds. - IJT charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, SCHA, charges 0.03%. - SCHA moved most like IJT: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IJT alternatives at a glance Each fund below can stand in for IJT, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IJT** | This fund | 0.18% | $18 | S&P SmallCap 600 Growth Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Related fund | 0.24% | $24 | Russell 2000 Value Index | | [VBR](https://tactfolio.com/etf/vbr.md) | Related fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [AVUV](https://tactfolio.com/etf/avuv.md) | Related fund | 0.25% | $25 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IJT and its alternatives did over the same dates Each row measures the alternative and IJT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IJT | Per year | IJT per year | Worst drop | IJT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.98 | 11.8% | 12.3% | −42.4% | −42.0% | November 2009 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.98 | 9.7% | 9.2% | −58.1% | −57.6% | July 2000 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.98 | 8.1% | 9.2% | −58.6% | −57.6% | July 2000 | | [VB](https://tactfolio.com/etf/vb.md) | 0.97 | 9.6% | 9.8% | −59.6% | −57.6% | January 2004 | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.96 | 9.2% | 9.2% | −61.6% | −57.6% | July 2000 | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.95 | 9.4% | 9.8% | −62.0% | −57.6% | January 2004 | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.94 | 9.7% | 9.2% | −60.1% | −57.6% | July 2000 | | [AVUV](https://tactfolio.com/etf/avuv.md) | 0.94 | 15.0% | 9.5% | −49.4% | −40.2% | September 2019 | 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. ## Each IJT alternative, compared ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while IJT holds small US companies whose sales and profits are growing fast. It charges 0.03% a year, about $3 on $10,000, against $18 for IJT. It held 1,721 stocks, against 372 for IJT. From November 2009 to October 2026, SCHA returned about 11.8% a year and IJT returned about 12.3% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while IJT holds small US companies whose sales and profits are growing fast. It charges 0.06% a year, about $6 on $10,000, against $18 for IJT. It held 643 stocks, against 372 for IJT. From July 2000 to October 2026, IJR returned about 9.7% a year and IJT returned about 9.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while IJT holds small US companies whose sales and profits are growing fast. It charges 0.19% a year, about $19 on $10,000, against $18 for IJT. It held 1,983 stocks, against 372 for IJT. From July 2000 to October 2026, IWM returned about 8.1% a year and IJT returned about 9.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while IJT holds small US companies whose sales and profits are growing fast. It charges 0.03% a year, about $3 on $10,000, against $18 for IJT. It held 1,301 stocks, against 372 for IJT. From January 2004 to October 2026, VB returned about 9.6% a year and IJT returned about 9.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### IWN: iShares Russell 2000 Value ETF IWN is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IJT holds small US companies whose sales and profits are growing fast. It charges 0.24% a year, about $24 on $10,000, against $18 for IJT. It held 1,410 stocks, against 372 for IJT. From July 2000 to October 2026, IWN returned about 9.2% a year and IJT returned about 9.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IJT holds small US companies whose sales and profits are growing fast. It charges 0.05% a year, about $5 on $10,000, against $18 for IJT. It held 820 stocks, against 372 for IJT. From January 2004 to October 2026, VBR returned about 9.4% a year and IJT returned about 9.8% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### IJS: iShares S&P Small-Cap 600 Value ETF IJS is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IJT holds small US companies whose sales and profits are growing fast. It charges 0.18% a year, about $18 on $10,000, against $18 for IJT. It held 480 stocks, against 372 for IJT. From July 2000 to October 2026, IJS returned about 9.7% a year and IJT returned about 9.2% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### AVUV: Avantis U.S. Small Cap Value ETF AVUV is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IJT holds small US companies whose sales and profits are growing fast. It charges 0.25% a year, about $25 on $10,000, against $18 for IJT. It held 794 stocks, against 372 for IJT. From September 2019 to October 2026, AVUV returned about 15.0% a year and IJT returned about 9.5% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [AVUV fund page](https://tactfolio.com/etf/avuv.md) for its returns by year and worst drop. ## IJT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IJT from each other company on this page: - **Schwab:** [SCHA](https://tactfolio.com/etf/scha.md), Schwab U.S. Small-Cap ETF (related fund, 0.03% a year) - **Vanguard:** [VB](https://tactfolio.com/etf/vb.md), Vanguard Morningstar Small-Cap ETF (related fund, 0.03% a year) - **Avantis Investors (American Century):** [AVUV](https://tactfolio.com/etf/avuv.md), Avantis U.S. Small Cap Value ETF (related fund, 0.25% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IJT and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IJT costs about $18 a year. SCHA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IJT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHA, IJR or IWM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IJT and its alternatives in a backtest 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 IJT and SCHA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IJT. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IJT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IJT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IJT? SCHA is the closest. SCHA is a looser match. It holds small US companies, while IJT holds small US companies whose sales and profits are growing fast. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IJT? Yes. SCHA charges 0.03% a year, VB charges 0.03% a year and VBR charges 0.05% a year, against 0.18% for IJT. On $10,000 that is about $3 a year instead of $18. ### Is IJT or SCHA better? Neither is better for everyone. From November 2009 to October 2026, IJT returned about 12.3% a year and SCHA returned about 11.8% a year. IJT charges 0.18% a year and SCHA charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IJT 10 years ago? It would have grown to about $26,103 by October 16, 2026, with dividends reinvested. That is about 10.1% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares S&P Small-Cap 600 Growth ETF fund page](https://www.ishares.com/us/products/239773/ishares-s-p-small-cap-600-growth-etf) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # ITOT alternatives: 8 similar ETFs compared > ETFs similar to ITOT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as ITOT. Updated daily. The ETFs most like ITOT are SCHB, VTI and SPYM. SCHB and VTI hold nearly every US stock, big and small, in one fund, like ITOT. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for ITOT: 2 of the same kind and 6 related funds. - ITOT charges 0.03% a year (about $3 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - SCHB moved most like ITOT: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## ITOT alternatives at a glance Each fund below can stand in for ITOT, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **ITOT** | This fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VTI](https://tactfolio.com/etf/vti.md) | Same kind of fund | 0.03% | $3 | Morningstar US Total Market Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How ITOT and its alternatives did over the same dates Each row measures the alternative and ITOT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with ITOT | Per year | ITOT per year | Worst drop | ITOT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHB](https://tactfolio.com/etf/schb.md) | 1.00 | 14.2% | 14.2% | −35.3% | −35.0% | November 2009 | | [VTI](https://tactfolio.com/etf/vti.md) | 1.00 | 10.7% | 10.6% | −55.5% | −55.2% | January 2004 | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 11.2% | 11.0% | −54.5% | −55.2% | November 2005 | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 10.7% | 10.6% | −55.3% | −55.2% | January 2004 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.5% | −34.0% | −35.0% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 10.7% | 10.6% | −55.2% | −55.2% | January 2004 | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.2% | −34.3% | −35.0% | November 2009 | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 11.0% | 10.7% | −54.8% | −55.2% | January 2004 | 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. ## Each ITOT alternative, compared ### SCHB: Schwab U.S. Broad Market ETF SCHB also holds nearly every US stock, big and small, in one fund. It tracks the Dow Jones U.S. Broad Stock Market Index, while ITOT tracks the S&P Total Market Index (TMI). It charges 0.03% a year, about $3 on $10,000, against $3 for ITOT. It held 2,409 stocks, against 2,446 for ITOT. From November 2009 to October 2026, SCHB returned about 14.2% a year and ITOT returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VTI: Vanguard Morningstar Total Stock Market ETF VTI also holds nearly every US stock, big and small, in one fund. It tracks the Morningstar US Total Market Index, while ITOT tracks the S&P Total Market Index (TMI). It charges 0.03% a year, about $3 on $10,000, against $3 for ITOT. It held 3,519 stocks, against 2,446 for ITOT. From January 2004 to October 2026, VTI returned about 10.7% a year and ITOT returned about 10.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VTI fund page](https://tactfolio.com/etf/vti.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while ITOT holds nearly every US stock, big and small, in one fund. It charges 0.02% a year, about $2 on $10,000, against $3 for ITOT. It held 505 stocks, against 2,446 for ITOT. From November 2005 to October 2026, SPYM returned about 11.2% a year and ITOT returned about 11.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while ITOT holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for ITOT. It held 505 stocks, against 2,446 for ITOT. From January 2004 to October 2026, IVV returned about 10.7% a year and ITOT returned about 10.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while ITOT holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for ITOT. It held 505 stocks, against 2,446 for ITOT. From September 2010 to October 2026, VOO returned about 14.8% a year and ITOT returned about 14.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while ITOT holds nearly every US stock, big and small, in one fund. It charges 0.0945% a year, about $9.45 on $10,000, against $3 for ITOT. It held 504 stocks, against 2,446 for ITOT. From January 2004 to October 2026, SPY returned about 10.7% a year and ITOT returned about 10.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### SCHX: Schwab U.S. Large-Cap ETF SCHX is a looser match. It holds the biggest US companies, weighted by size, while ITOT holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for ITOT. It held 749 stocks, against 2,446 for ITOT. From November 2009 to October 2026, SCHX returned about 14.4% a year and ITOT returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV is a looser match. It holds the biggest US companies, weighted by size, while ITOT holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for ITOT. It held 421 stocks, against 2,446 for ITOT. From January 2004 to October 2026, VV returned about 11.0% a year and ITOT returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ## ITOT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to ITOT from each other company on this page: - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VTI](https://tactfolio.com/etf/vti.md), Vanguard Morningstar Total Stock Market ETF (same kind of fund, 0.03% a year) - **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/spym.md), State Street SPDR Portfolio S&P 500 ETF (related fund, 0.02% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between ITOT and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, ITOT costs about $3 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping ITOT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHB, VTI or SPYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test ITOT and its alternatives in a backtest 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 ITOT and SCHB, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as ITOT. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like ITOT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with ITOT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to ITOT? SCHB is the closest. SCHB also holds nearly every US stock, big and small, in one fund. It tracks the Dow Jones U.S. Broad Stock Market Index, while ITOT tracks the S&P Total Market Index (TMI). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to ITOT? Yes. SPYM charges 0.02% a year, against 0.03% for ITOT. On $10,000 that is about $2 a year instead of $3. ### Is ITOT or SCHB better? Neither is better for everyone. From November 2009 to October 2026, ITOT returned about 14.2% a year and SCHB returned about 14.2% a year. ITOT charges 0.03% a year and SCHB charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in ITOT 10 years ago? It would have grown to about $39,966 by October 16, 2026, with dividends reinvested. That is about 14.9% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IVE alternatives: 8 similar ETFs compared > ETFs similar to IVE, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IVE. Updated daily. The ETFs most like IVE are SPYV, IWD and VTV. SPYV tracks the same index as IVE, so it holds the same stocks. VTV costs less: 0.03% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IVE: 1 on the same index, 3 of the same kind and 4 related funds. - IVE charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - SPYV moved most like IVE: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IVE alternatives at a glance Each fund below can stand in for IVE, closest first. "Same index" funds hold the same stocks as IVE. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IVE** | This fund | 0.18% | $18 | S&P 500 Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Same index | 0.04% | $4 | S&P 500 Value Index | | [IWD](https://tactfolio.com/etf/iwd.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Value Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IVE and its alternatives did over the same dates Each row measures the alternative and IVE on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IVE | Per year | IVE per year | Worst drop | IVE worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYV](https://tactfolio.com/etf/spyv.md) | 1.00 | 7.9% | 7.5% | −58.5% | −61.3% | October 2000 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.98 | 8.3% | 7.7% | −60.1% | −61.3% | May 2000 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.96 | 9.7% | 8.9% | −59.3% | −61.3% | January 2004 | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.96 | 11.5% | 11.7% | −37.1% | −37.0% | December 2009 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.95 | 9.3% | 8.3% | −57.0% | −61.3% | November 2006 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.92 | 13.5% | 12.5% | −33.4% | −37.0% | October 2011 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.88 | 8.9% | 11.5% | −46.4% | −37.0% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.80 | 11.0% | 11.2% | −37.0% | −37.0% | March 2011 | 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. ## Each IVE alternative, compared ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV tracks the same S&P 500 Value Index as IVE, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.04% a year, about $4 on $10,000, against $18 for IVE. It held 435 stocks, against 436 for IVE. From October 2000 to October 2026, SPYV returned about 7.9% a year and IVE returned about 7.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD also holds large US companies that look cheap compared with their earnings and assets. It tracks the Russell 1000 Value Index, while IVE tracks the S&P 500 Value Index. It charges 0.18% a year, about $18 on $10,000, against $18 for IVE. It held 870 stocks, against 436 for IVE. From May 2000 to October 2026, IWD returned about 8.3% a year and IVE returned about 7.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Large Cap Value Index, while IVE tracks the S&P 500 Value Index. It charges 0.03% a year, about $3 on $10,000, against $18 for IVE. It held 298 stocks, against 436 for IVE. From January 2004 to October 2026, VTV returned about 9.7% a year and IVE returned about 8.9% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index, while IVE tracks the S&P 500 Value Index. It charges 0.04% a year, about $4 on $10,000, against $18 for IVE. It held 555 stocks, against 436 for IVE. From December 2009 to October 2026, SCHV returned about 11.5% a year and IVE returned about 11.7% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while IVE holds large US companies that look cheap compared with their earnings and assets. It charges 0.04% a year, about $4 on $10,000, against $18 for IVE. It held 593 stocks, against 436 for IVE. From November 2006 to October 2026, VYM returned about 9.3% a year and IVE returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while IVE holds large US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $18 for IVE. It held 98 stocks, against 436 for IVE. From October 2011 to October 2026, SCHD returned about 13.5% a year and IVE returned about 12.5% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while IVE holds large US companies that look cheap compared with their earnings and assets. It charges 0.07% a year, about $7 on $10,000, against $18 for IVE. It held 78 stocks, against 436 for IVE. From October 2015 to October 2026, SPYD returned about 8.9% a year and IVE returned about 11.5% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while IVE holds large US companies that look cheap compared with their earnings and assets. It charges 0.08% a year, about $8 on $10,000, against $18 for IVE. It held 74 stocks, against 436 for IVE. From March 2011 to October 2026, HDV returned about 11.0% a year and IVE returned about 11.2% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ## IVE versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IVE from each other company on this page: - **SPDR (State Street):** [SPYV](https://tactfolio.com/etf/spyv.md), State Street SPDR Portfolio S&P 500 Value ETF (same index, 0.04% a year) - **Vanguard:** [VTV](https://tactfolio.com/etf/vtv.md), Vanguard Morningstar Value ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IVE and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IVE costs about $18 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IVE to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IWD, VTV or SCHV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IVE and its alternatives in a backtest 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 IVE and SPYV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IVE. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IVE over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IVE only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IVE? SPYV is the closest. SPYV tracks the same S&P 500 Value Index as IVE, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IVE? Yes. VTV charges 0.03% a year, SPYV charges 0.04% a year and SCHV charges 0.04% a year, against 0.18% for IVE. On $10,000 that is about $3 a year instead of $18. ### Is IVE or SPYV better? Neither is better for everyone. From October 2000 to October 2026, IVE returned about 7.5% a year and SPYV returned about 7.9% a year. IVE charges 0.18% a year and SPYV charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IVE 10 years ago? It would have grown to about $31,114 by October 16, 2026, with dividends reinvested. That is about 12.0% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IVV alternatives: 8 similar ETFs compared > ETFs similar to IVV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IVV. Updated daily. The ETFs most like IVV are SPYM, VOO and SPY. SPYM, VOO and SPY track the same index as IVV, so they hold the same stocks. SPYM costs less: 0.02% a year against 0.03%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IVV: 3 on the same index and 5 related funds. - IVV charges 0.03% a year (about $3 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - SPYM moved most like IVV: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IVV alternatives at a glance Each fund below can stand in for IVV, closest first. "Same index" funds hold the same stocks as IVV. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IVV** | This fund | 0.03% | $3 | S&P 500 Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Same index | 0.02% | $2 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Same index | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Same index | 0.0945% | $9.45 | S&P 500 Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VTI](https://tactfolio.com/etf/vti.md) | Related fund | 0.03% | $3 | Morningstar US Total Market Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IVV and its alternatives did over the same dates Each row measures the alternative and IVV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IVV | Per year | IVV per year | Worst drop | IVV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 11.2% | 11.2% | −54.5% | −55.3% | November 2005 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.8% | −34.0% | −33.9% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 8.5% | 8.5% | −55.2% | −55.3% | May 2000 | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 10.6% | 10.7% | −55.2% | −55.3% | January 2004 | | [SCHB](https://tactfolio.com/etf/schb.md) | 1.00 | 14.2% | 14.5% | −35.3% | −33.9% | November 2009 | | [VTI](https://tactfolio.com/etf/vti.md) | 1.00 | 9.7% | 9.5% | −55.5% | −55.3% | June 2001 | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.5% | −34.3% | −33.9% | November 2009 | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 11.0% | 10.8% | −54.8% | −55.3% | January 2004 | 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. ## Each IVV alternative, compared ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM tracks the same S&P 500 Index as IVV, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.02% a year, about $2 on $10,000, against $3 for IVV. It held 505 stocks, against 505 for IVV. From November 2005 to October 2026, SPYM returned about 11.2% a year and IVV returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO tracks the same S&P 500 Index as IVV, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.03% a year, about $3 on $10,000, against $3 for IVV. It held 505 stocks, against 505 for IVV. From September 2010 to October 2026, VOO returned about 14.8% a year and IVV returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [IVV vs VOO](https://tactfolio.com/etf-comparisons/ivv-vs-voo.md) for the full side-by-side, or the [VOO fund page](https://tactfolio.com/etf/voo.md). ### SPY: State Street SPDR S&P 500 ETF Trust SPY tracks the same S&P 500 Index as IVV, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.0945% a year, about $9.45 on $10,000, against $3 for IVV. It held 504 stocks, against 505 for IVV. From May 2000 to October 2026, SPY returned about 8.5% a year and IVV returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while IVV holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for IVV. It held 2,446 stocks, against 505 for IVV. From January 2004 to October 2026, ITOT returned about 10.6% a year and IVV returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while IVV holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for IVV. It held 2,409 stocks, against 505 for IVV. From November 2009 to October 2026, SCHB returned about 14.2% a year and IVV returned about 14.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VTI: Vanguard Morningstar Total Stock Market ETF VTI is a looser match. It holds nearly every US stock, big and small, in one fund, while IVV holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for IVV. It held 3,519 stocks, against 505 for IVV. From June 2001 to October 2026, VTI returned about 9.7% a year and IVV returned about 9.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VTI fund page](https://tactfolio.com/etf/vti.md) for its returns by year and worst drop. ### SCHX: Schwab U.S. Large-Cap ETF SCHX is a looser match. It holds the biggest US companies, weighted by size, while IVV holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for IVV. It held 749 stocks, against 505 for IVV. From November 2009 to October 2026, SCHX returned about 14.4% a year and IVV returned about 14.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV is a looser match. It holds the biggest US companies, weighted by size, while IVV holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for IVV. It held 421 stocks, against 505 for IVV. From January 2004 to October 2026, VV returned about 11.0% a year and IVV returned about 10.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ## IVV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IVV from each other company on this page: - **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/spym.md), State Street SPDR Portfolio S&P 500 ETF (same index, 0.02% a year) - **Vanguard:** [VOO](https://tactfolio.com/etf/voo.md), Vanguard S&P 500 ETF (same index, 0.03% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IVV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IVV costs about $3 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IVV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ITOT, SCHB or VTI, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IVV and its alternatives in a backtest 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 IVV and SPYM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IVV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IVV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IVV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### What ETF is most similar to IVV? SPYM is the closest. SPYM tracks the same S&P 500 Index as IVV, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IVV? Yes. SPYM charges 0.02% a year, against 0.03% for IVV. On $10,000 that is about $2 a year instead of $3. ### Is IVV or SPYM better? Neither is better for everyone. From November 2005 to October 2026, IVV returned about 11.2% a year and SPYM returned about 11.2% a year. IVV charges 0.03% a year and SPYM charges 0.02%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IVV 10 years ago? It would have grown to about $42,213 by October 16, 2026, with dividends reinvested. That is about 15.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IVW alternatives: 8 similar ETFs compared > ETFs similar to IVW, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IVW. Updated daily. The ETFs most like IVW are SPYG, VOOG and VUG. SPYG and VOOG track the same index as IVW, so they hold the same stocks. VUG costs less: 0.03% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IVW: 2 on the same index, 5 of the same kind and 1 related fund. - IVW charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - SPYG moved most like IVW: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IVW alternatives at a glance Each fund below can stand in for IVW, closest first. "Same index" funds hold the same stocks as IVW. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IVW** | This fund | 0.18% | $18 | S&P 500 Growth Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Same index | 0.04% | $4 | S&P 500 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Same index | 0.07% | $7 | S&P 500 Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Same kind of fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Same kind of fund | 0.06% | $6 | Russell 1000 Growth Index | | [IWF](https://tactfolio.com/etf/iwf.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IVW and its alternatives did over the same dates Each row measures the alternative and IVW on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IVW | Per year | IVW per year | Worst drop | IVW worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYG](https://tactfolio.com/etf/spyg.md) | 1.00 | 7.5% | 8.9% | −67.6% | −51.5% | October 2000 | | [VOOG](https://tactfolio.com/etf/voog.md) | 1.00 | 16.6% | 16.6% | −32.7% | −32.7% | September 2010 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.99 | 12.1% | 12.0% | −50.7% | −49.2% | January 2004 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.99 | 13.5% | 13.0% | −48.0% | −47.8% | December 2007 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.99 | 16.4% | 16.4% | −32.7% | −32.7% | September 2010 | | [IWF](https://tactfolio.com/etf/iwf.md) | 0.99 | 8.3% | 8.9% | −64.2% | −57.3% | May 2000 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.98 | 16.1% | 15.7% | −34.6% | −32.7% | January 2010 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 15.5% | −35.0% | −32.7% | October 2020 | 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. ## Each IVW alternative, compared ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG tracks the same S&P 500 Growth Index as IVW, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.04% a year, about $4 on $10,000, against $18 for IVW. It held 152 stocks, against 152 for IVW. From October 2000 to October 2026, SPYG returned about 7.5% a year and IVW returned about 8.9% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG tracks the same S&P 500 Growth Index as IVW, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.07% a year, about $7 on $10,000, against $18 for IVW. It held 152 stocks, against 152 for IVW. From September 2010 to October 2026, VOOG returned about 16.6% a year and IVW returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while IVW tracks the S&P 500 Growth Index. It charges 0.03% a year, about $3 on $10,000, against $18 for IVW. It held 135 stocks, against 152 for IVW. From January 2004 to October 2026, VUG returned about 12.1% a year and IVW returned about 12.0% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Mega Cap Growth Index, while IVW tracks the S&P 500 Growth Index. It charges 0.05% a year, about $5 on $10,000, against $18 for IVW. It held 52 stocks, against 152 for IVW. From December 2007 to October 2026, MGK returned about 13.5% a year and IVW returned about 13.0% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while IVW tracks the S&P 500 Growth Index. It charges 0.06% a year, about $6 on $10,000, against $18 for IVW. It held 371 stocks, against 152 for IVW. From September 2010 to October 2026, VONG returned about 16.4% a year and IVW returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### IWF: iShares Russell 1000 Growth ETF IWF also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while IVW tracks the S&P 500 Growth Index. It charges 0.18% a year, about $18 on $10,000, against $18 for IVW. It held 372 stocks, against 152 for IVW. From May 2000 to October 2026, IWF returned about 8.3% a year and IVW returned about 8.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IWF fund page](https://tactfolio.com/etf/iwf.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG also holds large US companies whose sales and profits are growing fast. It tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while IVW tracks the S&P 500 Growth Index. It charges 0.04% a year, about $4 on $10,000, against $18 for IVW. It held 195 stocks, against 152 for IVW. From January 2010 to October 2026, SCHG returned about 16.1% a year and IVW returned about 15.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IVW holds large US companies whose sales and profits are growing fast. It charges 0.15% a year, about $15 on $10,000, against $18 for IVW. From October 2020 to October 2026, QQQM returned about 16.5% a year and IVW returned about 15.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ## IVW versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IVW from each other company on this page: - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (same index, 0.04% a year) - **Vanguard:** [VOOG](https://tactfolio.com/etf/voog.md), Vanguard S&P 500 Growth ETF (same index, 0.07% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (same kind of fund, 0.04% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IVW and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IVW costs about $18 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IVW to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VUG, MGK or VONG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IVW and its alternatives in a backtest 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 IVW and SPYG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IVW. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IVW over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IVW only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IVW? SPYG is the closest. SPYG tracks the same S&P 500 Growth Index as IVW, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IVW? Yes. VUG charges 0.03% a year, SPYG charges 0.04% a year and SCHG charges 0.04% a year, against 0.18% for IVW. On $10,000 that is about $3 a year instead of $18. ### Is IVW or SPYG better? Neither is better for everyone. From October 2000 to October 2026, IVW returned about 8.9% a year and SPYG returned about 7.5% a year. IVW charges 0.18% a year and SPYG charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IVW 10 years ago? It would have grown to about $51,023 by October 16, 2026, with dividends reinvested. That is about 17.7% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IWB alternatives: 8 similar ETFs compared > ETFs similar to IWB, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IWB. Updated daily. The ETFs most like IWB are SCHX, VV and DIA. SCHX, VV and DIA hold the biggest US companies, weighted by size, like IWB. SCHX costs less: 0.03% a year against 0.15%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IWB: 3 of the same kind and 5 related funds. - IWB charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - SCHX moved most like IWB: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IWB alternatives at a glance Each fund below can stand in for IWB, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IWB** | This fund | 0.15% | $15 | Russell 1000 Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Index | | [DIA](https://tactfolio.com/etf/dia.md) | Same kind of fund | 0.16% | $16 | Dow Jones Industrial Average | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IWB and its alternatives did over the same dates Each row measures the alternative and IWB on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IWB | Per year | IWB per year | Worst drop | IWB worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.3% | −34.3% | −34.6% | November 2009 | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 11.0% | 10.7% | −54.8% | −55.4% | January 2004 | | [DIA](https://tactfolio.com/etf/dia.md) | 0.91 | 8.5% | 8.5% | −51.9% | −55.4% | May 2000 | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 11.2% | 11.0% | −54.5% | −55.4% | November 2005 | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 8.5% | 8.5% | −55.3% | −55.4% | May 2000 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.5% | −34.0% | −34.6% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 8.5% | 8.5% | −55.2% | −55.4% | May 2000 | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 10.6% | 10.7% | −55.2% | −55.4% | January 2004 | 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. ## Each IWB alternative, compared ### SCHX: Schwab U.S. Large-Cap ETF SCHX also holds the biggest US companies, weighted by size. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, while IWB tracks the Russell 1000 Index. It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 749 stocks, against 1,023 for IWB. From November 2009 to October 2026, SCHX returned about 14.4% a year and IWB returned about 14.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV also holds the biggest US companies, weighted by size. It tracks the Morningstar US Large Cap Index, while IWB tracks the Russell 1000 Index. It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 421 stocks, against 1,023 for IWB. From January 2004 to October 2026, VV returned about 11.0% a year and IWB returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ### DIA: State Street SPDR Dow Jones Industrial Average ETF Trust DIA also holds the biggest US companies, weighted by size. It tracks the Dow Jones Industrial Average, while IWB tracks the Russell 1000 Index. It charges 0.16% a year, about $16 on $10,000, against $15 for IWB. It held 30 stocks, against 1,023 for IWB. From May 2000 to October 2026, DIA returned about 8.5% a year and IWB returned about 8.5% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [DIA fund page](https://tactfolio.com/etf/dia.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while IWB holds the biggest US companies, weighted by size. It charges 0.02% a year, about $2 on $10,000, against $15 for IWB. It held 505 stocks, against 1,023 for IWB. From November 2005 to October 2026, SPYM returned about 11.2% a year and IWB returned about 11.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while IWB holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 505 stocks, against 1,023 for IWB. From May 2000 to October 2026, IVV returned about 8.5% a year and IWB returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while IWB holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 505 stocks, against 1,023 for IWB. From September 2010 to October 2026, VOO returned about 14.8% a year and IWB returned about 14.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while IWB holds the biggest US companies, weighted by size. It charges 0.0945% a year, about $9.45 on $10,000, against $15 for IWB. It held 504 stocks, against 1,023 for IWB. From May 2000 to October 2026, SPY returned about 8.5% a year and IWB returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while IWB holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $15 for IWB. It held 2,446 stocks, against 1,023 for IWB. From January 2004 to October 2026, ITOT returned about 10.6% a year and IWB returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ## IWB versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IWB from each other company on this page: - **Schwab:** [SCHX](https://tactfolio.com/etf/schx.md), Schwab U.S. Large-Cap ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VV](https://tactfolio.com/etf/vv.md), Vanguard Morningstar Large-Cap ETF (same kind of fund, 0.03% a year) - **SPDR (State Street):** [DIA](https://tactfolio.com/etf/dia.md), State Street SPDR Dow Jones Industrial Average ETF Trust (same kind of fund, 0.16% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IWB and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IWB costs about $15 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IWB to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHX, VV or DIA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IWB and its alternatives in a backtest 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 IWB and SCHX, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IWB. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IWB over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IWB only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IWB? SCHX is the closest. SCHX also holds the biggest US companies, weighted by size. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, while IWB tracks the Russell 1000 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IWB? Yes. SPYM charges 0.02% a year, SCHX charges 0.03% a year and VV charges 0.03% a year, against 0.15% for IWB. On $10,000 that is about $2 a year instead of $15. ### Is IWB or SCHX better? Neither is better for everyone. From November 2009 to October 2026, IWB returned about 14.3% a year and SCHX returned about 14.4% a year. IWB charges 0.15% a year and SCHX charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IWB 10 years ago? It would have grown to about $40,809 by October 16, 2026, with dividends reinvested. That is about 15.1% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Russell 1000 ETF fund page](https://www.ishares.com/us/products/239707/ishares-russell-1000-etf) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [SPDR (State Street): State Street SPDR Dow Jones Industrial Average ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-industrial-average-etf-trust-dia) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IWD alternatives: 8 similar ETFs compared > ETFs similar to IWD, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IWD. Updated daily. The ETFs most like IWD are VTV, SCHV and IVE. VTV, SCHV and IVE hold large US companies that look cheap compared with their earnings and assets, like IWD. VTV costs less: 0.03% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IWD: 4 of the same kind and 4 related funds. - IWD charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - VTV moved most like IWD: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IWD alternatives at a glance Each fund below can stand in for IWD, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IWD** | This fund | 0.18% | $18 | Russell 1000 Value Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | [IVE](https://tactfolio.com/etf/ive.md) | Same kind of fund | 0.18% | $18 | S&P 500 Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Same kind of fund | 0.04% | $4 | S&P 500 Value Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IWD and its alternatives did over the same dates Each row measures the alternative and IWD on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IWD | Per year | IWD per year | Worst drop | IWD worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.98 | 9.7% | 9.1% | −59.3% | −60.1% | January 2004 | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.98 | 11.5% | 11.7% | −37.1% | −38.5% | December 2009 | | [IVE](https://tactfolio.com/etf/ive.md) | 0.98 | 7.7% | 8.3% | −61.3% | −60.1% | May 2000 | | [SPYV](https://tactfolio.com/etf/spyv.md) | 0.97 | 7.9% | 8.2% | −58.5% | −60.1% | October 2000 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.97 | 9.3% | 8.4% | −57.0% | −60.1% | November 2006 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.91 | 13.5% | 12.5% | −33.4% | −38.5% | October 2011 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.88 | 8.9% | 11.3% | −46.4% | −38.5% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.80 | 11.0% | 11.2% | −37.0% | −38.5% | March 2011 | 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. ## Each IWD alternative, compared ### VTV: Vanguard Morningstar Value ETF VTV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Large Cap Value Index, while IWD tracks the Russell 1000 Value Index. It charges 0.03% a year, about $3 on $10,000, against $18 for IWD. It held 298 stocks, against 870 for IWD. From January 2004 to October 2026, VTV returned about 9.7% a year and IWD returned about 9.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index, while IWD tracks the Russell 1000 Value Index. It charges 0.04% a year, about $4 on $10,000, against $18 for IWD. It held 555 stocks, against 870 for IWD. From December 2009 to October 2026, SCHV returned about 11.5% a year and IWD returned about 11.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ### IVE: iShares S&P 500 Value ETF IVE also holds large US companies that look cheap compared with their earnings and assets. It tracks the S&P 500 Value Index, while IWD tracks the Russell 1000 Value Index. It charges 0.18% a year, about $18 on $10,000, against $18 for IWD. It held 436 stocks, against 870 for IWD. From May 2000 to October 2026, IVE returned about 7.7% a year and IWD returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV also holds large US companies that look cheap compared with their earnings and assets. It tracks the S&P 500 Value Index, while IWD tracks the Russell 1000 Value Index. It charges 0.04% a year, about $4 on $10,000, against $18 for IWD. It held 435 stocks, against 870 for IWD. From October 2000 to October 2026, SPYV returned about 7.9% a year and IWD returned about 8.2% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while IWD holds large US companies that look cheap compared with their earnings and assets. It charges 0.04% a year, about $4 on $10,000, against $18 for IWD. It held 593 stocks, against 870 for IWD. From November 2006 to October 2026, VYM returned about 9.3% a year and IWD returned about 8.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while IWD holds large US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $18 for IWD. It held 98 stocks, against 870 for IWD. From October 2011 to October 2026, SCHD returned about 13.5% a year and IWD returned about 12.5% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while IWD holds large US companies that look cheap compared with their earnings and assets. It charges 0.07% a year, about $7 on $10,000, against $18 for IWD. It held 78 stocks, against 870 for IWD. From October 2015 to October 2026, SPYD returned about 8.9% a year and IWD returned about 11.3% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while IWD holds large US companies that look cheap compared with their earnings and assets. It charges 0.08% a year, about $8 on $10,000, against $18 for IWD. It held 74 stocks, against 870 for IWD. From March 2011 to October 2026, HDV returned about 11.0% a year and IWD returned about 11.2% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ## IWD versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IWD from each other company on this page: - **Vanguard:** [VTV](https://tactfolio.com/etf/vtv.md), Vanguard Morningstar Value ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (same kind of fund, 0.04% a year) - **SPDR (State Street):** [SPYV](https://tactfolio.com/etf/spyv.md), State Street SPDR Portfolio S&P 500 Value ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IWD and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IWD costs about $18 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IWD to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VTV, SCHV or IVE, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IWD and its alternatives in a backtest 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 IWD and VTV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IWD. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IWD over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IWD only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IWD? VTV is the closest. VTV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Large Cap Value Index, while IWD tracks the Russell 1000 Value Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IWD? Yes. VTV charges 0.03% a year, SCHV charges 0.04% a year and SPYV charges 0.04% a year, against 0.18% for IWD. On $10,000 that is about $3 a year instead of $18. ### Is IWD or VTV better? Neither is better for everyone. From January 2004 to October 2026, IWD returned about 9.1% a year and VTV returned about 9.7% a year. IWD charges 0.18% a year and VTV charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IWD 10 years ago? It would have grown to about $30,399 by October 16, 2026, with dividends reinvested. That is about 11.8% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IWF alternatives: 8 similar ETFs compared > ETFs similar to IWF, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IWF. Updated daily. The ETFs most like IWF are VONG, VUG and SCHG. VONG tracks the same index as IWF, so it holds the same stocks. VUG costs less: 0.03% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IWF: 1 on the same index, 6 of the same kind and 1 related fund. - IWF charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - VONG moved most like IWF: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IWF alternatives at a glance Each fund below can stand in for IWF, closest first. "Same index" funds hold the same stocks as IWF. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IWF** | This fund | 0.18% | $18 | Russell 1000 Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Same index | 0.06% | $6 | Russell 1000 Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Same kind of fund | 0.04% | $4 | S&P 500 Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Same kind of fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Same kind of fund | 0.07% | $7 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Same kind of fund | 0.18% | $18 | S&P 500 Growth Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IWF and its alternatives did over the same dates Each row measures the alternative and IWF on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IWF | Per year | IWF per year | Worst drop | IWF worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VONG](https://tactfolio.com/etf/vong.md) | 1.00 | 16.4% | 16.3% | −32.7% | −32.7% | September 2010 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.99 | 12.1% | 11.9% | −50.7% | −51.3% | January 2004 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.99 | 16.1% | 15.7% | −34.6% | −32.7% | January 2010 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.99 | 7.5% | 8.2% | −67.6% | −59.5% | October 2000 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.99 | 13.5% | 12.9% | −48.0% | −49.7% | December 2007 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.99 | 16.6% | 16.5% | −32.7% | −32.7% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 0.99 | 8.9% | 8.3% | −57.3% | −64.2% | May 2000 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 14.0% | −35.0% | −32.7% | October 2020 | 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. ## Each IWF alternative, compared ### VONG: Vanguard Russell 1000 Growth ETF VONG tracks the same Russell 1000 Growth Index as IWF, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.06% a year, about $6 on $10,000, against $18 for IWF. It held 371 stocks, against 372 for IWF. From September 2010 to October 2026, VONG returned about 16.4% a year and IWF returned about 16.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while IWF tracks the Russell 1000 Growth Index. It charges 0.03% a year, about $3 on $10,000, against $18 for IWF. It held 135 stocks, against 372 for IWF. From January 2004 to October 2026, VUG returned about 12.1% a year and IWF returned about 11.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG also holds large US companies whose sales and profits are growing fast. It tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while IWF tracks the Russell 1000 Growth Index. It charges 0.04% a year, about $4 on $10,000, against $18 for IWF. It held 195 stocks, against 372 for IWF. From January 2010 to October 2026, SCHG returned about 16.1% a year and IWF returned about 15.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while IWF tracks the Russell 1000 Growth Index. It charges 0.04% a year, about $4 on $10,000, against $18 for IWF. It held 152 stocks, against 372 for IWF. From October 2000 to October 2026, SPYG returned about 7.5% a year and IWF returned about 8.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Mega Cap Growth Index, while IWF tracks the Russell 1000 Growth Index. It charges 0.05% a year, about $5 on $10,000, against $18 for IWF. It held 52 stocks, against 372 for IWF. From December 2007 to October 2026, MGK returned about 13.5% a year and IWF returned about 12.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while IWF tracks the Russell 1000 Growth Index. It charges 0.07% a year, about $7 on $10,000, against $18 for IWF. It held 152 stocks, against 372 for IWF. From September 2010 to October 2026, VOOG returned about 16.6% a year and IWF returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while IWF tracks the Russell 1000 Growth Index. It charges 0.18% a year, about $18 on $10,000, against $18 for IWF. It held 152 stocks, against 372 for IWF. From May 2000 to October 2026, IVW returned about 8.9% a year and IWF returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IWF holds large US companies whose sales and profits are growing fast. It charges 0.15% a year, about $15 on $10,000, against $18 for IWF. From October 2020 to October 2026, QQQM returned about 16.5% a year and IWF returned about 14.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ## IWF versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IWF from each other company on this page: - **Vanguard:** [VONG](https://tactfolio.com/etf/vong.md), Vanguard Russell 1000 Growth ETF (same index, 0.06% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (same kind of fund, 0.04% a year) - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (same kind of fund, 0.04% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IWF and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IWF costs about $18 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IWF to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VUG, SCHG or SPYG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IWF and its alternatives in a backtest 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 IWF and VONG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IWF. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IWF over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IWF only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IWF? VONG is the closest. VONG tracks the same Russell 1000 Growth Index as IWF, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IWF? Yes. VUG charges 0.03% a year, SCHG charges 0.04% a year and SPYG charges 0.04% a year, against 0.18% for IWF. On $10,000 that is about $3 a year instead of $18. ### Is IWF or VONG better? Neither is better for everyone. From September 2010 to October 2026, IWF returned about 16.3% a year and VONG returned about 16.4% a year. IWF charges 0.18% a year and VONG charges 0.06%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IWF 10 years ago? It would have grown to about $51,414 by October 16, 2026, with dividends reinvested. That is about 17.8% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IWM alternatives: 8 similar ETFs compared > ETFs similar to IWM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IWM. Updated daily. The ETFs most like IWM are SCHA, VB and IJR. SCHA, VB and IJR hold small US companies, like IWM. SCHA costs less: 0.03% a year against 0.19%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IWM: 3 of the same kind and 5 related funds. - IWM charges 0.19% a year (about $19 on $10,000). The cheapest alternative here, SCHA, charges 0.03%. - SCHA moved most like IWM: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IWM alternatives at a glance Each fund below can stand in for IWM, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IWM** | This fund | 0.19% | $19 | Russell 2000 Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [VB](https://tactfolio.com/etf/vb.md) | Same kind of fund | 0.03% | $3 | Morningstar US Small Cap Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Same kind of fund | 0.06% | $6 | S&P SmallCap 600 Index | | [IJT](https://tactfolio.com/etf/ijt.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Growth Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Related fund | 0.24% | $24 | Russell 2000 Value Index | | [VBR](https://tactfolio.com/etf/vbr.md) | Related fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [AVUV](https://tactfolio.com/etf/avuv.md) | Related fund | 0.25% | $25 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IWM and its alternatives did over the same dates Each row measures the alternative and IWM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IWM | Per year | IWM per year | Worst drop | IWM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.99 | 11.8% | 11.1% | −42.4% | −41.1% | November 2009 | | [VB](https://tactfolio.com/etf/vb.md) | 0.98 | 9.6% | 8.4% | −59.6% | −58.6% | January 2004 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.97 | 9.8% | 8.4% | −58.1% | −58.6% | May 2000 | | [IJT](https://tactfolio.com/etf/ijt.md) | 0.98 | 9.2% | 8.1% | −57.6% | −58.6% | July 2000 | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.97 | 9.2% | 8.1% | −61.6% | −58.6% | July 2000 | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.95 | 9.4% | 8.4% | −62.0% | −58.6% | January 2004 | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.94 | 9.7% | 8.1% | −60.1% | −58.6% | July 2000 | | [AVUV](https://tactfolio.com/etf/avuv.md) | 0.93 | 15.0% | 9.8% | −49.4% | −41.1% | September 2019 | 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. ## Each IWM alternative, compared ### SCHA: Schwab U.S. Small-Cap ETF SCHA also holds small US companies. It tracks the Dow Jones U.S. Small-Cap Total Stock Market Index, while IWM tracks the Russell 2000 Index. It charges 0.03% a year, about $3 on $10,000, against $19 for IWM. It held 1,721 stocks, against 1,983 for IWM. From November 2009 to October 2026, SCHA returned about 11.8% a year and IWM returned about 11.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB also holds small US companies. It tracks the Morningstar US Small Cap Index, while IWM tracks the Russell 2000 Index. It charges 0.03% a year, about $3 on $10,000, against $19 for IWM. It held 1,301 stocks, against 1,983 for IWM. From January 2004 to October 2026, VB returned about 9.6% a year and IWM returned about 8.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR also holds small US companies. It tracks the S&P SmallCap 600 Index, while IWM tracks the Russell 2000 Index. It charges 0.06% a year, about $6 on $10,000, against $19 for IWM. It held 643 stocks, against 1,983 for IWM. From May 2000 to October 2026, IJR returned about 9.8% a year and IWM returned about 8.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### IJT: iShares S&P Small-Cap 600 Growth ETF IJT is a looser match. It holds small US companies whose sales and profits are growing fast, while IWM holds small US companies. It charges 0.18% a year, about $18 on $10,000, against $19 for IWM. It held 372 stocks, against 1,983 for IWM. From July 2000 to October 2026, IJT returned about 9.2% a year and IWM returned about 8.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IJT fund page](https://tactfolio.com/etf/ijt.md) for its returns by year and worst drop. ### IWN: iShares Russell 2000 Value ETF IWN is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IWM holds small US companies. It charges 0.24% a year, about $24 on $10,000, against $19 for IWM. It held 1,410 stocks, against 1,983 for IWM. From July 2000 to October 2026, IWN returned about 9.2% a year and IWM returned about 8.1% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IWM holds small US companies. It charges 0.05% a year, about $5 on $10,000, against $19 for IWM. It held 820 stocks, against 1,983 for IWM. From January 2004 to October 2026, VBR returned about 9.4% a year and IWM returned about 8.4% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### IJS: iShares S&P Small-Cap 600 Value ETF IJS is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IWM holds small US companies. It charges 0.18% a year, about $18 on $10,000, against $19 for IWM. It held 480 stocks, against 1,983 for IWM. From July 2000 to October 2026, IJS returned about 9.7% a year and IWM returned about 8.1% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### AVUV: Avantis U.S. Small Cap Value ETF AVUV is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while IWM holds small US companies. It charges 0.25% a year, about $25 on $10,000, against $19 for IWM. It held 794 stocks, against 1,983 for IWM. From September 2019 to October 2026, AVUV returned about 15.0% a year and IWM returned about 9.8% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [AVUV fund page](https://tactfolio.com/etf/avuv.md) for its returns by year and worst drop. ## IWM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IWM from each other company on this page: - **Schwab:** [SCHA](https://tactfolio.com/etf/scha.md), Schwab U.S. Small-Cap ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VB](https://tactfolio.com/etf/vb.md), Vanguard Morningstar Small-Cap ETF (same kind of fund, 0.03% a year) - **Avantis Investors (American Century):** [AVUV](https://tactfolio.com/etf/avuv.md), Avantis U.S. Small Cap Value ETF (related fund, 0.25% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IWM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IWM costs about $19 a year. SCHA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IWM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHA, VB or IJR, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IWM and its alternatives in a backtest 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 IWM and SCHA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IWM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IWM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IWM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IWM? SCHA is the closest. SCHA also holds small US companies. It tracks the Dow Jones U.S. Small-Cap Total Stock Market Index, while IWM tracks the Russell 2000 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IWM? Yes. SCHA charges 0.03% a year, VB charges 0.03% a year and VBR charges 0.05% a year, against 0.19% for IWM. On $10,000 that is about $3 a year instead of $19. ### Is IWM or SCHA better? Neither is better for everyone. From November 2009 to October 2026, IWM returned about 11.1% a year and SCHA returned about 11.8% a year. IWM charges 0.19% a year and SCHA charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IWM 10 years ago? It would have grown to about $25,446 by October 16, 2026, with dividends reinvested. That is about 9.8% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [iShares (BlackRock): iShares S&P Small-Cap 600 Growth ETF fund page](https://www.ishares.com/us/products/239773/ishares-s-p-small-cap-600-growth-etf) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IWN alternatives: 8 similar ETFs compared > ETFs similar to IWN, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IWN. Updated daily. The ETFs most like IWN are IJS, VBR and AVUV. IJS, VBR and AVUV hold small US companies that look cheap compared with their earnings and assets, like IWN. VBR costs less: 0.05% a year against 0.24%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IWN: 3 of the same kind and 5 related funds. - IWN charges 0.24% a year (about $24 on $10,000). The cheapest alternative here, SCHA, charges 0.03%. - IJS moved most like IWN: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IWN alternatives at a glance Each fund below can stand in for IWN, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IWN** | This fund | 0.24% | $24 | Russell 2000 Value Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Same kind of fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [VBR](https://tactfolio.com/etf/vbr.md) | Same kind of fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [AVUV](https://tactfolio.com/etf/avuv.md) | Same kind of fund | 0.25% | $25 | No index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IWN and its alternatives did over the same dates Each row measures the alternative and IWN on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IWN | Per year | IWN per year | Worst drop | IWN worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.98 | 9.7% | 9.2% | −60.1% | −61.6% | July 2000 | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.97 | 9.4% | 8.1% | −62.0% | −61.6% | January 2004 | | [AVUV](https://tactfolio.com/etf/avuv.md) | 0.97 | 15.0% | 10.2% | −49.4% | −44.6% | September 2019 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.98 | 9.7% | 9.2% | −58.1% | −61.6% | July 2000 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.97 | 8.1% | 9.2% | −58.6% | −61.6% | July 2000 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.96 | 11.8% | 10.5% | −42.4% | −46.1% | November 2009 | | [VB](https://tactfolio.com/etf/vb.md) | 0.96 | 9.6% | 8.1% | −59.6% | −61.6% | January 2004 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.85 | 9.7% | 8.1% | −59.3% | −61.6% | January 2004 | 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. ## Each IWN alternative, compared ### IJS: iShares S&P Small-Cap 600 Value ETF IJS also holds small US companies that look cheap compared with their earnings and assets. It tracks the S&P SmallCap 600 Value Index, while IWN tracks the Russell 2000 Value Index. It charges 0.18% a year, about $18 on $10,000, against $24 for IWN. It held 480 stocks, against 1,410 for IWN. From July 2000 to October 2026, IJS returned about 9.7% a year and IWN returned about 9.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR also holds small US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Small Cap Value Index, while IWN tracks the Russell 2000 Value Index. It charges 0.05% a year, about $5 on $10,000, against $24 for IWN. It held 820 stocks, against 1,410 for IWN. From January 2004 to October 2026, VBR returned about 9.4% a year and IWN returned about 8.1% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### AVUV: Avantis U.S. Small Cap Value ETF AVUV also holds small US companies that look cheap compared with their earnings and assets. It tracks no index (its managers pick what it holds), while IWN tracks the Russell 2000 Value Index. It charges 0.25% a year, about $25 on $10,000, against $24 for IWN. It held 794 stocks, against 1,410 for IWN. From September 2019 to October 2026, AVUV returned about 15.0% a year and IWN returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [AVUV fund page](https://tactfolio.com/etf/avuv.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while IWN holds small US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $24 for IWN. It held 643 stocks, against 1,410 for IWN. From July 2000 to October 2026, IJR returned about 9.7% a year and IWN returned about 9.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while IWN holds small US companies that look cheap compared with their earnings and assets. It charges 0.19% a year, about $19 on $10,000, against $24 for IWN. It held 1,983 stocks, against 1,410 for IWN. From July 2000 to October 2026, IWM returned about 8.1% a year and IWN returned about 9.2% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while IWN holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $24 for IWN. It held 1,721 stocks, against 1,410 for IWN. From November 2009 to October 2026, SCHA returned about 11.8% a year and IWN returned about 10.5% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while IWN holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $24 for IWN. It held 1,301 stocks, against 1,410 for IWN. From January 2004 to October 2026, VB returned about 9.6% a year and IWN returned about 8.1% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while IWN holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $24 for IWN. It held 298 stocks, against 1,410 for IWN. From January 2004 to October 2026, VTV returned about 9.7% a year and IWN returned about 8.1% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ## IWN versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IWN from each other company on this page: - **Vanguard:** [VBR](https://tactfolio.com/etf/vbr.md), Vanguard Morningstar Small-Cap Value ETF (same kind of fund, 0.05% a year) - **Avantis Investors (American Century):** [AVUV](https://tactfolio.com/etf/avuv.md), Avantis U.S. Small Cap Value ETF (same kind of fund, 0.25% a year) - **Schwab:** [SCHA](https://tactfolio.com/etf/scha.md), Schwab U.S. Small-Cap ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IWN and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IWN costs about $24 a year. SCHA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IWN to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IJS, VBR or AVUV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IWN and its alternatives in a backtest 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 IWN and IJS, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IWN. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IWN over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IWN only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IWN? IJS is the closest. IJS also holds small US companies that look cheap compared with their earnings and assets. It tracks the S&P SmallCap 600 Value Index, while IWN tracks the Russell 2000 Value Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IWN? Yes. SCHA charges 0.03% a year, VB charges 0.03% a year and VTV charges 0.03% a year, against 0.24% for IWN. On $10,000 that is about $3 a year instead of $24. ### Is IWN or IJS better? Neither is better for everyone. From July 2000 to October 2026, IWN returned about 9.2% a year and IJS returned about 9.7% a year. IWN charges 0.24% a year and IJS charges 0.18%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IWN 10 years ago? It would have grown to about $24,647 by October 16, 2026, with dividends reinvested. That is about 9.4% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IWR alternatives: 8 similar ETFs compared > ETFs similar to IWR, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IWR. Updated daily. The ETFs most like IWR are VO, SCHM and IJH. VO, SCHM and IJH hold medium-sized US companies, like IWR. VO costs less: 0.03% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IWR: 4 of the same kind and 4 related funds. - IWR charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, VO, charges 0.03%. - VO moved most like IWR: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IWR alternatives at a glance Each fund below can stand in for IWR, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IWR** | This fund | 0.18% | $18 | Russell MidCap Index | | [VO](https://tactfolio.com/etf/vo.md) | Same kind of fund | 0.03% | $3 | Morningstar US Mid Cap Index | | [SCHM](https://tactfolio.com/etf/schm.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Mid-Cap Total Stock Market Index | | [IJH](https://tactfolio.com/etf/ijh.md) | Same kind of fund | 0.05% | $5 | S&P MidCap 400 Index | | [MDY](https://tactfolio.com/etf/mdy.md) | Same kind of fund | 0.23% | $23 | S&P MidCap 400 Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IWR and its alternatives did over the same dates Each row measures the alternative and IWR on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IWR | Per year | IWR per year | Worst drop | IWR worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VO](https://tactfolio.com/etf/vo.md) | 0.99 | 10.2% | 10.1% | −58.9% | −58.8% | January 2004 | | [SCHM](https://tactfolio.com/etf/schm.md) | 0.98 | 10.9% | 11.2% | −42.4% | −40.6% | January 2011 | | [IJH](https://tactfolio.com/etf/ijh.md) | 0.98 | 9.6% | 9.9% | −55.1% | −58.8% | August 2001 | | [MDY](https://tactfolio.com/etf/mdy.md) | 0.98 | 9.4% | 9.9% | −55.3% | −58.8% | August 2001 | | [VB](https://tactfolio.com/etf/vb.md) | 0.98 | 9.6% | 10.1% | −59.6% | −58.8% | January 2004 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.95 | 11.8% | 12.5% | −42.4% | −40.6% | November 2009 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.94 | 8.5% | 9.9% | −58.6% | −58.8% | August 2001 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.93 | 9.5% | 9.9% | −58.1% | −58.8% | August 2001 | 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. ## Each IWR alternative, compared ### VO: Vanguard Morningstar Mid-Cap ETF VO also holds medium-sized US companies. It tracks the Morningstar US Mid Cap Index, while IWR tracks the Russell MidCap Index. It charges 0.03% a year, about $3 on $10,000, against $18 for IWR. It held 271 stocks, against 822 for IWR. From January 2004 to October 2026, VO returned about 10.2% a year and IWR returned about 10.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VO fund page](https://tactfolio.com/etf/vo.md) for its returns by year and worst drop. ### SCHM: Schwab U.S. Mid-Cap ETF SCHM also holds medium-sized US companies. It tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index, while IWR tracks the Russell MidCap Index. It charges 0.03% a year, about $3 on $10,000, against $18 for IWR. It held 497 stocks, against 822 for IWR. From January 2011 to October 2026, SCHM returned about 10.9% a year and IWR returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHM fund page](https://tactfolio.com/etf/schm.md) for its returns by year and worst drop. ### IJH: iShares Core S&P Mid-Cap ETF IJH also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while IWR tracks the Russell MidCap Index. It charges 0.05% a year, about $5 on $10,000, against $18 for IWR. It held 408 stocks, against 822 for IWR. From August 2001 to October 2026, IJH returned about 9.6% a year and IWR returned about 9.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IJH fund page](https://tactfolio.com/etf/ijh.md) for its returns by year and worst drop. ### MDY: State Street SPDR S&P MidCap 400 ETF Trust MDY also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while IWR tracks the Russell MidCap Index. It charges 0.23% a year, about $23 on $10,000, against $18 for IWR. It held 400 stocks, against 822 for IWR. From August 2001 to October 2026, MDY returned about 9.4% a year and IWR returned about 9.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [MDY fund page](https://tactfolio.com/etf/mdy.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while IWR holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $18 for IWR. It held 1,301 stocks, against 822 for IWR. From January 2004 to October 2026, VB returned about 9.6% a year and IWR returned about 10.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while IWR holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $18 for IWR. It held 1,721 stocks, against 822 for IWR. From November 2009 to October 2026, SCHA returned about 11.8% a year and IWR returned about 12.5% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while IWR holds medium-sized US companies. It charges 0.19% a year, about $19 on $10,000, against $18 for IWR. It held 1,983 stocks, against 822 for IWR. From August 2001 to October 2026, IWM returned about 8.5% a year and IWR returned about 9.9% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while IWR holds medium-sized US companies. It charges 0.06% a year, about $6 on $10,000, against $18 for IWR. It held 643 stocks, against 822 for IWR. From August 2001 to October 2026, IJR returned about 9.5% a year and IWR returned about 9.9% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ## IWR versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IWR from each other company on this page: - **Vanguard:** [VO](https://tactfolio.com/etf/vo.md), Vanguard Morningstar Mid-Cap ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHM](https://tactfolio.com/etf/schm.md), Schwab U.S. Mid-Cap ETF (same kind of fund, 0.03% a year) - **SPDR (State Street):** [MDY](https://tactfolio.com/etf/mdy.md), State Street SPDR S&P MidCap 400 ETF Trust (same kind of fund, 0.23% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IWR and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IWR costs about $18 a year. VO costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IWR to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VO, SCHM or IJH, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IWR and its alternatives in a backtest 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 IWR and VO, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IWR. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IWR over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IWR only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IWR? VO is the closest. VO also holds medium-sized US companies. It tracks the Morningstar US Mid Cap Index, while IWR tracks the Russell MidCap Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IWR? Yes. VO charges 0.03% a year, SCHM charges 0.03% a year and VB charges 0.03% a year, against 0.18% for IWR. On $10,000 that is about $3 a year instead of $18. ### Is IWR or VO better? Neither is better for everyone. From January 2004 to October 2026, IWR returned about 10.1% a year and VO returned about 10.2% a year. IWR charges 0.18% a year and VO charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IWR 10 years ago? It would have grown to about $29,673 by October 16, 2026, with dividends reinvested. That is about 11.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf) - [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo) - [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm) - [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) - [SPDR (State Street): State Street SPDR S&P MidCap 400 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IYW alternatives: 8 similar ETFs compared > ETFs similar to IYW, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IYW. Updated daily. The ETFs most like IYW are FTEC, VGT and XLK. FTEC, VGT and XLK hold US technology companies, such as makers of chips, software and computers, like IYW. XLK costs less: 0.08% a year against 0.37%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IYW: 3 of the same kind and 5 related funds. - IYW charges 0.37% a year (about $37 on $10,000). The cheapest alternative here, XLK, charges 0.08%. - FTEC moved most like IYW: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IYW alternatives at a glance Each fund below can stand in for IYW, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IYW** | This fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Same kind of fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Same kind of fund | 0.08% | $8 | Technology Select Sector Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | | [QQEW](https://tactfolio.com/etf/qqew.md) | Related fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | | [SOXX](https://tactfolio.com/etf/soxx.md) | Related fund | 0.33% | $33 | NYSE Semiconductor Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IYW and its alternatives did over the same dates Each row measures the alternative and IYW on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IYW | Per year | IYW per year | Worst drop | IYW worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.99 | 21.7% | 22.2% | −34.9% | −39.4% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.99 | 14.8% | 14.8% | −54.6% | −54.9% | January 2004 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.98 | 9.2% | 9.4% | −79.8% | −81.9% | May 2000 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 21.4% | −35.0% | −39.4% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.98 | 9.2% | 9.4% | −80.5% | −81.9% | May 2000 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.98 | 13.2% | 15.3% | −55.1% | −54.9% | October 2003 | | [QQEW](https://tactfolio.com/etf/qqew.md) | 0.91 | 11.2% | 16.4% | −58.2% | −54.9% | May 2006 | | [SOXX](https://tactfolio.com/etf/soxx.md) | 0.89 | 13.6% | 12.6% | −70.2% | −58.3% | July 2001 | 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. ## Each IYW alternative, compared ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI USA IMI Information Technology 25/50 Index, while IYW tracks the Russell 1000 Technology RIC 22.5/45 Capped Index. It charges 0.084% a year, about $8.40 on $10,000, against $37 for IYW. It held 282 stocks, against 148 for IYW. From October 2013 to October 2026, FTEC returned about 21.7% a year and IYW returned about 22.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI US Investable Market Information Technology 25/50 Index, while IYW tracks the Russell 1000 Technology RIC 22.5/45 Capped Index. It charges 0.09% a year, about $9 on $10,000, against $37 for IYW. It held 318 stocks, against 148 for IYW. From January 2004 to October 2026, VGT returned about 14.8% a year and IYW returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK also holds US technology companies, such as makers of chips, software and computers. It tracks the Technology Select Sector Index, while IYW tracks the Russell 1000 Technology RIC 22.5/45 Capped Index. It charges 0.08% a year, about $8 on $10,000, against $37 for IYW. It held 75 stocks, against 148 for IYW. From May 2000 to October 2026, XLK returned about 9.2% a year and IYW returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IYW holds US technology companies, such as makers of chips, software and computers. It charges 0.15% a year, about $15 on $10,000, against $37 for IYW. From October 2020 to October 2026, QQQM returned about 16.5% a year and IYW returned about 21.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IYW holds US technology companies, such as makers of chips, software and computers. It charges 0.18% a year, about $18 on $10,000, against $37 for IYW. From May 2000 to October 2026, QQQ returned about 9.2% a year and IYW returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IYW holds US technology companies, such as makers of chips, software and computers. It charges 0.21% a year, about $21 on $10,000, against $37 for IYW. It held 1,032 stocks, against 148 for IYW. From October 2003 to October 2026, ONEQ returned about 13.2% a year and IYW returned about 15.3% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### QQEW: First Trust Nasdaq-100 Select Equal Weight ETF QQEW is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while IYW holds US technology companies, such as makers of chips, software and computers. It charges 0.55% a year, about $55 on $10,000, against $37 for IYW. It held 50 stocks, against 148 for IYW. From May 2006 to October 2026, QQEW returned about 11.2% a year and IYW returned about 16.4% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [QQEW fund page](https://tactfolio.com/etf/qqew.md) for its returns by year and worst drop. ### SOXX: iShares Semiconductor ETF SOXX is a looser match. It holds companies that design and make computer chips, while IYW holds US technology companies, such as makers of chips, software and computers. It charges 0.33% a year, about $33 on $10,000, against $37 for IYW. It held 30 stocks, against 148 for IYW. From July 2001 to October 2026, SOXX returned about 13.6% a year and IYW returned about 12.6% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [SOXX fund page](https://tactfolio.com/etf/soxx.md) for its returns by year and worst drop. ## IYW versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IYW from each other company on this page: - **Fidelity:** [FTEC](https://tactfolio.com/etf/ftec.md), Fidelity MSCI Information Technology Index ETF (same kind of fund, 0.084% a year) - **Vanguard:** [VGT](https://tactfolio.com/etf/vgt.md), Vanguard Information Technology ETF (same kind of fund, 0.09% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) - **First Trust:** [QQEW](https://tactfolio.com/etf/qqew.md), First Trust Nasdaq-100 Select Equal Weight ETF (related fund, 0.55% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IYW and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IYW costs about $37 a year. XLK costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IYW to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as FTEC, VGT or XLK, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IYW and its alternatives in a backtest 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 IYW and FTEC, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IYW. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IYW over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IYW only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to IYW? FTEC is the closest. FTEC also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI USA IMI Information Technology 25/50 Index, while IYW tracks the Russell 1000 Technology RIC 22.5/45 Capped Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IYW? Yes. XLK charges 0.08% a year, FTEC charges 0.084% a year and VGT charges 0.09% a year, against 0.37% for IYW. On $10,000 that is about $8 a year instead of $37. ### Is IYW or FTEC better? Neither is better for everyone. From October 2013 to October 2026, IYW returned about 22.2% a year and FTEC returned about 21.7% a year. IYW charges 0.37% a year and FTEC charges 0.084%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IYW 10 years ago? It would have grown to about $89,978 by October 16, 2026, with dividends reinvested. That is about 24.6% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [iShares (BlackRock): iShares Semiconductor ETF fund page](https://www.ishares.com/us/products/239705/ishares-semiconductor-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # JEPI alternatives: 8 similar ETFs compared > ETFs similar to JEPI, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as JEPI. Updated daily. The ETFs most like JEPI are DIVO, GPIX and SPYI. DIVO, GPIX and SPYI hold stocks plus call options sold on them, which trade some of the gains for extra income, like JEPI. GPIX costs less: 0.29% a year against 0.35%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for JEPI: 7 of the same kind and 1 related fund. - JEPI charges 0.35% a year (about $35 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - DIVO moved most like JEPI: a daily correlation of 0.90 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## JEPI alternatives at a glance Each fund below can stand in for JEPI, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **JEPI** | This fund | 0.35% | $35 | No index | | [DIVO](https://tactfolio.com/etf/divo.md) | Same kind of fund | 0.56% | $56 | No index | | [GPIX](https://tactfolio.com/etf/gpix.md) | Same kind of fund | 0.29% | $29 | No index | | [SPYI](https://tactfolio.com/etf/spyi.md) | Same kind of fund | 0.68% | $68 | No index | | [XYLD](https://tactfolio.com/etf/xyld.md) | Same kind of fund | 0.6% | $60 | Cboe S&P 500 BuyWrite Index | | [JEPQ](https://tactfolio.com/etf/jepq.md) | Same kind of fund | 0.35% | $35 | No index | | [QYLD](https://tactfolio.com/etf/qyld.md) | Same kind of fund | 0.6% | $60 | Cboe NASDAQ-100 BuyWrite V2 Index | | [QQQI](https://tactfolio.com/etf/qqqi.md) | Same kind of fund | 0.68% | $68 | No index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How JEPI and its alternatives did over the same dates Each row measures the alternative and JEPI on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with JEPI | Per year | JEPI per year | Worst drop | JEPI worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [DIVO](https://tactfolio.com/etf/divo.md) | 0.90 | 14.6% | 11.1% | −13.7% | −13.7% | May 2020 | | [GPIX](https://tactfolio.com/etf/gpix.md) | 0.86 | 22.5% | 12.1% | −17.5% | −13.3% | October 2023 | | [SPYI](https://tactfolio.com/etf/spyi.md) | 0.86 | 14.7% | 9.6% | −16.5% | −13.3% | August 2022 | | [XYLD](https://tactfolio.com/etf/xyld.md) | 0.85 | 11.3% | 11.1% | −18.7% | −13.7% | May 2020 | | [JEPQ](https://tactfolio.com/etf/jepq.md) | 0.78 | 15.3% | 8.0% | −20.1% | −13.3% | May 2022 | | [QYLD](https://tactfolio.com/etf/qyld.md) | 0.77 | 10.8% | 11.1% | −24.6% | −13.7% | May 2020 | | [QQQI](https://tactfolio.com/etf/qqqi.md) | 0.72 | 18.2% | 8.8% | −20.0% | −13.3% | January 2024 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.90 | 15.6% | 11.1% | −15.8% | −13.7% | May 2020 | 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. ## Each JEPI alternative, compared ### DIVO: Amplify CWP Enhanced Dividend Income ETF DIVO also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPI tracks no index (its managers pick what it holds). It charges 0.56% a year, about $56 on $10,000, against $35 for JEPI. It held 30 stocks, against 135 for JEPI. From May 2020 to October 2026, DIVO returned about 14.6% a year and JEPI returned about 11.1% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [DIVO fund page](https://tactfolio.com/etf/divo.md) for its returns by year and worst drop. ### GPIX: Goldman Sachs S&P 500 Premium Income ETF GPIX also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPI tracks no index (its managers pick what it holds). It charges 0.29% a year, about $29 on $10,000, against $35 for JEPI. It held 492 stocks, against 135 for JEPI. From October 2023 to October 2026, GPIX returned about 22.5% a year and JEPI returned about 12.1% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [GPIX fund page](https://tactfolio.com/etf/gpix.md) for its returns by year and worst drop. ### SPYI: NEOS S&P 500 High Income ETF SPYI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPI tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $35 for JEPI. It held 510 stocks, against 135 for JEPI. From August 2022 to October 2026, SPYI returned about 14.7% a year and JEPI returned about 9.6% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [SPYI fund page](https://tactfolio.com/etf/spyi.md) for its returns by year and worst drop. ### XYLD: Global X S&P 500 Covered Call ETF XYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe S&P 500 BuyWrite Index, while JEPI tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $35 for JEPI. It held 505 stocks, against 135 for JEPI. From May 2020 to October 2026, XYLD returned about 11.3% a year and JEPI returned about 11.1% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [XYLD fund page](https://tactfolio.com/etf/xyld.md) for its returns by year and worst drop. ### JEPQ: JPMorgan Nasdaq Equity Premium Income ETF JEPQ also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPI tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $35 for JEPI. It held 110 stocks, against 135 for JEPI. From May 2022 to October 2026, JEPQ returned about 15.3% a year and JEPI returned about 8.0% a year. Over about the last five years they often moved together, but not always (correlation 0.78). Read the [JEPQ fund page](https://tactfolio.com/etf/jepq.md) for its returns by year and worst drop. ### QYLD: Global X NASDAQ 100 Covered Call ETF QYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index, while JEPI tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $35 for JEPI. It held 102 stocks, against 135 for JEPI. From May 2020 to October 2026, QYLD returned about 10.8% a year and JEPI returned about 11.1% a year. Over about the last five years they often moved together, but not always (correlation 0.77). Read the [QYLD fund page](https://tactfolio.com/etf/qyld.md) for its returns by year and worst drop. ### QQQI: NEOS Nasdaq-100 High Income ETF QQQI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPI tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $35 for JEPI. From January 2024 to October 2026, QQQI returned about 18.2% a year and JEPI returned about 8.8% a year. Over about the last five years they often moved together, but not always (correlation 0.72). Read the [QQQI fund page](https://tactfolio.com/etf/qqqi.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while JEPI holds stocks plus call options sold on them, which trade some of the gains for extra income. It charges 0.04% a year, about $4 on $10,000, against $35 for JEPI. It held 593 stocks, against 135 for JEPI. From May 2020 to October 2026, VYM returned about 15.6% a year and JEPI returned about 11.1% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ## JEPI versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to JEPI from each other company on this page: - **Amplify ETFs:** [DIVO](https://tactfolio.com/etf/divo.md), Amplify CWP Enhanced Dividend Income ETF (same kind of fund, 0.56% a year) - **Goldman Sachs Asset Management:** [GPIX](https://tactfolio.com/etf/gpix.md), Goldman Sachs S&P 500 Premium Income ETF (same kind of fund, 0.29% a year) - **NEOS:** [SPYI](https://tactfolio.com/etf/spyi.md), NEOS S&P 500 High Income ETF (same kind of fund, 0.68% a year) - **Global X (Mirae Asset):** [XYLD](https://tactfolio.com/etf/xyld.md), Global X S&P 500 Covered Call ETF (same kind of fund, 0.6% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between JEPI and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, JEPI costs about $35 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping JEPI to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XYLD, QYLD or VYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test JEPI and its alternatives in a backtest 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 JEPI and DIVO, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as JEPI. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like JEPI over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with JEPI only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Covered calls](https://tactfolio.com/learn/covered-call): A covered call means owning 100 shares and selling a call option on them for income. - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [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. ## Common questions ### What ETF is most similar to JEPI? DIVO is the closest. DIVO also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPI tracks no index (its managers pick what it holds). Over about the last five years they moved together on most days. ### Is there a cheaper alternative to JEPI? Yes. VYM charges 0.04% a year and GPIX charges 0.29% a year, against 0.35% for JEPI. On $10,000 that is about $4 a year instead of $35. ### Is JEPI or DIVO better? Neither is better for everyone. From May 2020 to October 2026, JEPI returned about 11.1% a year and DIVO returned about 14.6% a year. JEPI charges 0.35% a year and DIVO charges 0.56%. Past returns do not tell you what comes next. ## Sources - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # JEPQ alternatives: 8 similar ETFs compared > ETFs similar to JEPQ, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as JEPQ. Updated daily. The ETFs most like JEPQ are QQQI, GPIX and QYLD. QQQI, GPIX and QYLD hold stocks plus call options sold on them, which trade some of the gains for extra income, like JEPQ. GPIX costs less: 0.29% a year against 0.35%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for JEPQ: 7 of the same kind and 1 related fund. - JEPQ charges 0.35% a year (about $35 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - QQQI moved most like JEPQ: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## JEPQ alternatives at a glance Each fund below can stand in for JEPQ, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **JEPQ** | This fund | 0.35% | $35 | No index | | [QQQI](https://tactfolio.com/etf/qqqi.md) | Same kind of fund | 0.68% | $68 | No index | | [GPIX](https://tactfolio.com/etf/gpix.md) | Same kind of fund | 0.29% | $29 | No index | | [QYLD](https://tactfolio.com/etf/qyld.md) | Same kind of fund | 0.6% | $60 | Cboe NASDAQ-100 BuyWrite V2 Index | | [SPYI](https://tactfolio.com/etf/spyi.md) | Same kind of fund | 0.68% | $68 | No index | | [XYLD](https://tactfolio.com/etf/xyld.md) | Same kind of fund | 0.6% | $60 | Cboe S&P 500 BuyWrite Index | | [JEPI](https://tactfolio.com/etf/jepi.md) | Same kind of fund | 0.35% | $35 | No index | | [DIVO](https://tactfolio.com/etf/divo.md) | Same kind of fund | 0.56% | $56 | No index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How JEPQ and its alternatives did over the same dates Each row measures the alternative and JEPQ on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with JEPQ | Per year | JEPQ per year | Worst drop | JEPQ worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [QQQI](https://tactfolio.com/etf/qqqi.md) | 0.98 | 18.2% | 17.0% | −20.0% | −20.1% | January 2024 | | [GPIX](https://tactfolio.com/etf/gpix.md) | 0.94 | 22.5% | 21.8% | −17.5% | −20.1% | October 2023 | | [QYLD](https://tactfolio.com/etf/qyld.md) | 0.92 | 10.4% | 15.3% | −19.9% | −20.1% | May 2022 | | [SPYI](https://tactfolio.com/etf/spyi.md) | 0.92 | 14.7% | 18.7% | −16.5% | −20.1% | August 2022 | | [XYLD](https://tactfolio.com/etf/xyld.md) | 0.86 | 8.0% | 15.3% | −17.2% | −20.1% | May 2022 | | [JEPI](https://tactfolio.com/etf/jepi.md) | 0.78 | 8.0% | 15.3% | −13.3% | −20.1% | May 2022 | | [DIVO](https://tactfolio.com/etf/divo.md) | 0.73 | 11.7% | 15.3% | −12.1% | −20.1% | May 2022 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.71 | 11.6% | 15.3% | −14.5% | −20.1% | May 2022 | 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. ## Each JEPQ alternative, compared ### QQQI: NEOS Nasdaq-100 High Income ETF QQQI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPQ tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $35 for JEPQ. From January 2024 to October 2026, QQQI returned about 18.2% a year and JEPQ returned about 17.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQI fund page](https://tactfolio.com/etf/qqqi.md) for its returns by year and worst drop. ### GPIX: Goldman Sachs S&P 500 Premium Income ETF GPIX also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPQ tracks no index (its managers pick what it holds). It charges 0.29% a year, about $29 on $10,000, against $35 for JEPQ. It held 492 stocks, against 110 for JEPQ. From October 2023 to October 2026, GPIX returned about 22.5% a year and JEPQ returned about 21.8% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [GPIX fund page](https://tactfolio.com/etf/gpix.md) for its returns by year and worst drop. ### QYLD: Global X NASDAQ 100 Covered Call ETF QYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index, while JEPQ tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $35 for JEPQ. It held 102 stocks, against 110 for JEPQ. From May 2022 to October 2026, QYLD returned about 10.4% a year and JEPQ returned about 15.3% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [QYLD fund page](https://tactfolio.com/etf/qyld.md) for its returns by year and worst drop. ### SPYI: NEOS S&P 500 High Income ETF SPYI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPQ tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $35 for JEPQ. It held 510 stocks, against 110 for JEPQ. From August 2022 to October 2026, SPYI returned about 14.7% a year and JEPQ returned about 18.7% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SPYI fund page](https://tactfolio.com/etf/spyi.md) for its returns by year and worst drop. ### XYLD: Global X S&P 500 Covered Call ETF XYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe S&P 500 BuyWrite Index, while JEPQ tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $35 for JEPQ. It held 505 stocks, against 110 for JEPQ. From May 2022 to October 2026, XYLD returned about 8.0% a year and JEPQ returned about 15.3% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [XYLD fund page](https://tactfolio.com/etf/xyld.md) for its returns by year and worst drop. ### JEPI: JPMorgan Equity Premium Income ETF JEPI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPQ tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $35 for JEPQ. It held 135 stocks, against 110 for JEPQ. From May 2022 to October 2026, JEPI returned about 8.0% a year and JEPQ returned about 15.3% a year. Over about the last five years they often moved together, but not always (correlation 0.78). Read the [JEPI fund page](https://tactfolio.com/etf/jepi.md) for its returns by year and worst drop. ### DIVO: Amplify CWP Enhanced Dividend Income ETF DIVO also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPQ tracks no index (its managers pick what it holds). It charges 0.56% a year, about $56 on $10,000, against $35 for JEPQ. It held 30 stocks, against 110 for JEPQ. From May 2022 to October 2026, DIVO returned about 11.7% a year and JEPQ returned about 15.3% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [DIVO fund page](https://tactfolio.com/etf/divo.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while JEPQ holds stocks plus call options sold on them, which trade some of the gains for extra income. It charges 0.04% a year, about $4 on $10,000, against $35 for JEPQ. It held 593 stocks, against 110 for JEPQ. From May 2022 to October 2026, VYM returned about 11.6% a year and JEPQ returned about 15.3% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ## JEPQ versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to JEPQ from each other company on this page: - **NEOS:** [QQQI](https://tactfolio.com/etf/qqqi.md), NEOS Nasdaq-100 High Income ETF (same kind of fund, 0.68% a year) - **Goldman Sachs Asset Management:** [GPIX](https://tactfolio.com/etf/gpix.md), Goldman Sachs S&P 500 Premium Income ETF (same kind of fund, 0.29% a year) - **Global X (Mirae Asset):** [QYLD](https://tactfolio.com/etf/qyld.md), Global X NASDAQ 100 Covered Call ETF (same kind of fund, 0.6% a year) - **Amplify ETFs:** [DIVO](https://tactfolio.com/etf/divo.md), Amplify CWP Enhanced Dividend Income ETF (same kind of fund, 0.56% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between JEPQ and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, JEPQ costs about $35 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping JEPQ to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as QYLD, XYLD or VYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test JEPQ and its alternatives in a backtest 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 JEPQ and QQQI, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as JEPQ. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like JEPQ over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with JEPQ only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to JEPQ? QQQI is the closest. QQQI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while JEPQ tracks no index (its managers pick what it holds). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to JEPQ? Yes. VYM charges 0.04% a year and GPIX charges 0.29% a year, against 0.35% for JEPQ. On $10,000 that is about $4 a year instead of $35. ### Is JEPQ or QQQI better? Neither is better for everyone. From January 2024 to October 2026, JEPQ returned about 17.0% a year and QQQI returned about 18.2% a year. JEPQ charges 0.35% a year and QQQI charges 0.68%. Past returns do not tell you what comes next. ## Sources - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # MDY alternatives: 8 similar ETFs compared > ETFs similar to MDY, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as MDY. Updated daily. The ETFs most like MDY are IJH, SCHM and IWR. IJH tracks the same index as MDY, so it holds the same stocks. SCHM costs less: 0.03% a year against 0.23%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for MDY: 1 on the same index, 3 of the same kind and 4 related funds. - MDY charges 0.23% a year (about $23 on $10,000). The cheapest alternative here, SCHM, charges 0.03%. - IJH moved most like MDY: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## MDY alternatives at a glance Each fund below can stand in for MDY, closest first. "Same index" funds hold the same stocks as MDY. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **MDY** | This fund | 0.23% | $23 | S&P MidCap 400 Index | | [IJH](https://tactfolio.com/etf/ijh.md) | Same index | 0.05% | $5 | S&P MidCap 400 Index | | [SCHM](https://tactfolio.com/etf/schm.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Mid-Cap Total Stock Market Index | | [IWR](https://tactfolio.com/etf/iwr.md) | Same kind of fund | 0.18% | $18 | Russell MidCap Index | | [VO](https://tactfolio.com/etf/vo.md) | Same kind of fund | 0.03% | $3 | Morningstar US Mid Cap Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How MDY and its alternatives did over the same dates Each row measures the alternative and MDY on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with MDY | Per year | MDY per year | Worst drop | MDY worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IJH](https://tactfolio.com/etf/ijh.md) | 1.00 | 9.6% | 9.4% | −55.1% | −55.3% | May 2000 | | [SCHM](https://tactfolio.com/etf/schm.md) | 0.99 | 10.9% | 10.4% | −42.4% | −42.2% | January 2011 | | [IWR](https://tactfolio.com/etf/iwr.md) | 0.98 | 9.9% | 9.4% | −58.8% | −55.3% | August 2001 | | [VO](https://tactfolio.com/etf/vo.md) | 0.96 | 10.2% | 9.6% | −58.9% | −55.3% | January 2004 | | [VB](https://tactfolio.com/etf/vb.md) | 0.99 | 9.6% | 9.6% | −59.6% | −55.3% | January 2004 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.97 | 11.8% | 11.8% | −42.4% | −42.2% | November 2009 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.97 | 9.8% | 9.4% | −58.1% | −55.3% | May 2000 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.96 | 8.4% | 9.4% | −58.6% | −55.3% | May 2000 | 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. ## Each MDY alternative, compared ### IJH: iShares Core S&P Mid-Cap ETF IJH tracks the same S&P MidCap 400 Index as MDY, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.05% a year, about $5 on $10,000, against $23 for MDY. It held 408 stocks, against 400 for MDY. From May 2000 to October 2026, IJH returned about 9.6% a year and MDY returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IJH fund page](https://tactfolio.com/etf/ijh.md) for its returns by year and worst drop. ### SCHM: Schwab U.S. Mid-Cap ETF SCHM also holds medium-sized US companies. It tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index, while MDY tracks the S&P MidCap 400 Index. It charges 0.03% a year, about $3 on $10,000, against $23 for MDY. It held 497 stocks, against 400 for MDY. From January 2011 to October 2026, SCHM returned about 10.9% a year and MDY returned about 10.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHM fund page](https://tactfolio.com/etf/schm.md) for its returns by year and worst drop. ### IWR: iShares Russell Mid-Cap ETF IWR also holds medium-sized US companies. It tracks the Russell MidCap Index, while MDY tracks the S&P MidCap 400 Index. It charges 0.18% a year, about $18 on $10,000, against $23 for MDY. It held 822 stocks, against 400 for MDY. From August 2001 to October 2026, IWR returned about 9.9% a year and MDY returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWR fund page](https://tactfolio.com/etf/iwr.md) for its returns by year and worst drop. ### VO: Vanguard Morningstar Mid-Cap ETF VO also holds medium-sized US companies. It tracks the Morningstar US Mid Cap Index, while MDY tracks the S&P MidCap 400 Index. It charges 0.03% a year, about $3 on $10,000, against $23 for MDY. It held 271 stocks, against 400 for MDY. From January 2004 to October 2026, VO returned about 10.2% a year and MDY returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VO fund page](https://tactfolio.com/etf/vo.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while MDY holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $23 for MDY. It held 1,301 stocks, against 400 for MDY. From January 2004 to October 2026, VB returned about 9.6% a year and MDY returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while MDY holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $23 for MDY. It held 1,721 stocks, against 400 for MDY. From November 2009 to October 2026, SCHA returned about 11.8% a year and MDY returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while MDY holds medium-sized US companies. It charges 0.06% a year, about $6 on $10,000, against $23 for MDY. It held 643 stocks, against 400 for MDY. From May 2000 to October 2026, IJR returned about 9.8% a year and MDY returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while MDY holds medium-sized US companies. It charges 0.19% a year, about $19 on $10,000, against $23 for MDY. It held 1,983 stocks, against 400 for MDY. From May 2000 to October 2026, IWM returned about 8.4% a year and MDY returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ## MDY versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to MDY from each other company on this page: - **iShares (BlackRock):** [IJH](https://tactfolio.com/etf/ijh.md), iShares Core S&P Mid-Cap ETF (same index, 0.05% a year) - **Schwab:** [SCHM](https://tactfolio.com/etf/schm.md), Schwab U.S. Mid-Cap ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VO](https://tactfolio.com/etf/vo.md), Vanguard Morningstar Mid-Cap ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between MDY and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, MDY costs about $23 a year. SCHM costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping MDY to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHM, IWR or VO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test MDY and its alternatives in a backtest 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 MDY and IJH, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as MDY. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like MDY over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with MDY only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to MDY? IJH is the closest. IJH tracks the same S&P MidCap 400 Index as MDY, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to MDY? Yes. SCHM charges 0.03% a year, VO charges 0.03% a year and VB charges 0.03% a year, against 0.23% for MDY. On $10,000 that is about $3 a year instead of $23. ### Is MDY or IJH better? Neither is better for everyone. From May 2000 to October 2026, MDY returned about 9.4% a year and IJH returned about 9.6% a year. MDY charges 0.23% a year and IJH charges 0.05%. Past returns do not tell you what comes next. ### What if I had put $10,000 in MDY 10 years ago? It would have grown to about $26,994 by October 16, 2026, with dividends reinvested. That is about 10.4% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR S&P MidCap 400 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy) - [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) - [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm) - [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf) - [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # MGK alternatives: 8 similar ETFs compared > ETFs similar to MGK, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as MGK. Updated daily. The ETFs most like MGK are VUG, SCHG and SPYG. VUG, SCHG and SPYG hold large US companies whose sales and profits are growing fast, like MGK. VUG costs less: 0.03% a year against 0.05%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for MGK: 7 of the same kind and 1 related fund. - MGK charges 0.05% a year (about $5 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - VUG moved most like MGK: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## MGK alternatives at a glance Each fund below can stand in for MGK, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **MGK** | This fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Same kind of fund | 0.04% | $4 | S&P 500 Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Same kind of fund | 0.06% | $6 | Russell 1000 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Same kind of fund | 0.07% | $7 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Same kind of fund | 0.18% | $18 | S&P 500 Growth Index | | [IWF](https://tactfolio.com/etf/iwf.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Growth Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How MGK and its alternatives did over the same dates Each row measures the alternative and MGK on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with MGK | Per year | MGK per year | Worst drop | MGK worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VUG](https://tactfolio.com/etf/vug.md) | 1.00 | 12.9% | 13.5% | −49.5% | −48.0% | December 2007 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.99 | 16.1% | 16.2% | −34.6% | −36.0% | January 2010 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.99 | 13.2% | 13.5% | −49.8% | −48.0% | December 2007 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.99 | 16.4% | 17.0% | −32.7% | −36.0% | September 2010 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.99 | 16.6% | 17.2% | −32.7% | −36.0% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 0.99 | 13.0% | 13.5% | −47.8% | −48.0% | December 2007 | | [IWF](https://tactfolio.com/etf/iwf.md) | 0.99 | 12.9% | 13.5% | −49.7% | −48.0% | December 2007 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 15.5% | −35.0% | −36.0% | October 2020 | 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. ## Each MGK alternative, compared ### VUG: Vanguard Morningstar Growth ETF VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while MGK tracks the Morningstar US Mega Cap Growth Index. It charges 0.03% a year, about $3 on $10,000, against $5 for MGK. It held 135 stocks, against 52 for MGK. From December 2007 to October 2026, VUG returned about 12.9% a year and MGK returned about 13.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG also holds large US companies whose sales and profits are growing fast. It tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while MGK tracks the Morningstar US Mega Cap Growth Index. It charges 0.04% a year, about $4 on $10,000, against $5 for MGK. It held 195 stocks, against 52 for MGK. From January 2010 to October 2026, SCHG returned about 16.1% a year and MGK returned about 16.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while MGK tracks the Morningstar US Mega Cap Growth Index. It charges 0.04% a year, about $4 on $10,000, against $5 for MGK. It held 152 stocks, against 52 for MGK. From December 2007 to October 2026, SPYG returned about 13.2% a year and MGK returned about 13.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while MGK tracks the Morningstar US Mega Cap Growth Index. It charges 0.06% a year, about $6 on $10,000, against $5 for MGK. It held 371 stocks, against 52 for MGK. From September 2010 to October 2026, VONG returned about 16.4% a year and MGK returned about 17.0% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while MGK tracks the Morningstar US Mega Cap Growth Index. It charges 0.07% a year, about $7 on $10,000, against $5 for MGK. It held 152 stocks, against 52 for MGK. From September 2010 to October 2026, VOOG returned about 16.6% a year and MGK returned about 17.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while MGK tracks the Morningstar US Mega Cap Growth Index. It charges 0.18% a year, about $18 on $10,000, against $5 for MGK. It held 152 stocks, against 52 for MGK. From December 2007 to October 2026, IVW returned about 13.0% a year and MGK returned about 13.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ### IWF: iShares Russell 1000 Growth ETF IWF also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while MGK tracks the Morningstar US Mega Cap Growth Index. It charges 0.18% a year, about $18 on $10,000, against $5 for MGK. It held 372 stocks, against 52 for MGK. From December 2007 to October 2026, IWF returned about 12.9% a year and MGK returned about 13.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IWF fund page](https://tactfolio.com/etf/iwf.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while MGK holds large US companies whose sales and profits are growing fast. It charges 0.15% a year, about $15 on $10,000, against $5 for MGK. From October 2020 to October 2026, QQQM returned about 16.5% a year and MGK returned about 15.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ## MGK versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to MGK from each other company on this page: - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (same kind of fund, 0.04% a year) - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (same kind of fund, 0.04% a year) - **iShares (BlackRock):** [IVW](https://tactfolio.com/etf/ivw.md), iShares S&P 500 Growth ETF (same kind of fund, 0.18% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between MGK and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, MGK costs about $5 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping MGK to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VUG, SCHG or SPYG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test MGK and its alternatives in a backtest 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 MGK and VUG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as MGK. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like MGK over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with MGK only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to MGK? VUG is the closest. VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while MGK tracks the Morningstar US Mega Cap Growth Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to MGK? Yes. VUG charges 0.03% a year, SCHG charges 0.04% a year and SPYG charges 0.04% a year, against 0.05% for MGK. On $10,000 that is about $3 a year instead of $5. ### Is MGK or VUG better? Neither is better for everyone. From December 2007 to October 2026, MGK returned about 13.5% a year and VUG returned about 12.9% a year. MGK charges 0.05% a year and VUG charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in MGK 10 years ago? It would have grown to about $56,186 by October 16, 2026, with dividends reinvested. That is about 18.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # MTUM alternatives: 8 similar ETFs compared > ETFs similar to MTUM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as MTUM. Updated daily. The ETFs most like MTUM are PDP, QMOM and SPYG. PDP and QMOM hold US stocks whose prices have risen the most lately, picked again on a schedule, like MTUM. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for MTUM: 2 of the same kind and 6 related funds. - MTUM charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - PDP moved most like MTUM: a daily correlation of 0.91 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## MTUM alternatives at a glance Each fund below can stand in for MTUM, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **MTUM** | This fund | 0.15% | $15 | MSCI USA Momentum SR Variant Index | | [PDP](https://tactfolio.com/etf/pdp.md) | Same kind of fund | 0.62% | $62 | Dorsey Wright Technical Leaders Index | | [QMOM](https://tactfolio.com/etf/qmom.md) | Same kind of fund | 0.28% | $28 | No index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Related fund | 0.04% | $4 | S&P 500 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Related fund | 0.07% | $7 | S&P 500 Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Related fund | 0.06% | $6 | Russell 1000 Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Related fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How MTUM and its alternatives did over the same dates Each row measures the alternative and MTUM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with MTUM | Per year | MTUM per year | Worst drop | MTUM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [PDP](https://tactfolio.com/etf/pdp.md) | 0.91 | 11.9% | 15.2% | −34.7% | −34.1% | April 2013 | | [QMOM](https://tactfolio.com/etf/qmom.md) | 0.86 | 10.7% | 14.8% | −39.1% | −34.1% | December 2015 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.86 | 16.7% | 15.2% | −32.7% | −34.1% | April 2013 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.86 | 16.7% | 15.2% | −32.7% | −34.1% | April 2013 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.84 | 16.6% | 15.2% | −32.7% | −34.1% | April 2013 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.81 | 16.5% | 15.2% | −35.6% | −34.1% | April 2013 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.81 | 17.3% | 15.2% | −36.0% | −34.1% | April 2013 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.80 | 17.3% | 15.2% | −34.6% | −34.1% | April 2013 | 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. ## Each MTUM alternative, compared ### PDP: Invesco Dorsey Wright Momentum ETF PDP also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks the Dorsey Wright Technical Leaders Index, while MTUM tracks the MSCI USA Momentum SR Variant Index. It charges 0.62% a year, about $62 on $10,000, against $15 for MTUM. From April 2013 to October 2026, PDP returned about 11.9% a year and MTUM returned about 15.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [PDP fund page](https://tactfolio.com/etf/pdp.md) for its returns by year and worst drop. ### QMOM: Alpha Architect U.S. Quantitative Momentum ETF QMOM also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks no index (its managers pick what it holds), while MTUM tracks the MSCI USA Momentum SR Variant Index. It charges 0.28% a year, about $28 on $10,000, against $15 for MTUM. It held 64 stocks, against 125 for MTUM. From December 2015 to October 2026, QMOM returned about 10.7% a year and MTUM returned about 14.8% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [QMOM fund page](https://tactfolio.com/etf/qmom.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG is a looser match. It holds large US companies whose sales and profits are growing fast, while MTUM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.04% a year, about $4 on $10,000, against $15 for MTUM. It held 152 stocks, against 125 for MTUM. From April 2013 to October 2026, SPYG returned about 16.7% a year and MTUM returned about 15.2% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG is a looser match. It holds large US companies whose sales and profits are growing fast, while MTUM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.07% a year, about $7 on $10,000, against $15 for MTUM. It held 152 stocks, against 125 for MTUM. From April 2013 to October 2026, VOOG returned about 16.7% a year and MTUM returned about 15.2% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG is a looser match. It holds large US companies whose sales and profits are growing fast, while MTUM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.06% a year, about $6 on $10,000, against $15 for MTUM. It held 371 stocks, against 125 for MTUM. From April 2013 to October 2026, VONG returned about 16.6% a year and MTUM returned about 15.2% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while MTUM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.03% a year, about $3 on $10,000, against $15 for MTUM. It held 135 stocks, against 125 for MTUM. From April 2013 to October 2026, VUG returned about 16.5% a year and MTUM returned about 15.2% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK is a looser match. It holds large US companies whose sales and profits are growing fast, while MTUM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.05% a year, about $5 on $10,000, against $15 for MTUM. It held 52 stocks, against 125 for MTUM. From April 2013 to October 2026, MGK returned about 17.3% a year and MTUM returned about 15.2% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG is a looser match. It holds large US companies whose sales and profits are growing fast, while MTUM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.04% a year, about $4 on $10,000, against $15 for MTUM. It held 195 stocks, against 125 for MTUM. From April 2013 to October 2026, SCHG returned about 17.3% a year and MTUM returned about 15.2% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ## MTUM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to MTUM from each other company on this page: - **Invesco:** [PDP](https://tactfolio.com/etf/pdp.md), Invesco Dorsey Wright Momentum ETF (same kind of fund, 0.62% a year) - **Alpha Architect:** [QMOM](https://tactfolio.com/etf/qmom.md), Alpha Architect U.S. Quantitative Momentum ETF (same kind of fund, 0.28% a year) - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (related fund, 0.04% a year) - **Vanguard:** [VOOG](https://tactfolio.com/etf/voog.md), Vanguard S&P 500 Growth ETF (related fund, 0.07% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between MTUM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, MTUM costs about $15 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping MTUM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as PDP, QMOM or SPYG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test MTUM and its alternatives in a backtest 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 MTUM and PDP, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as MTUM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like MTUM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with MTUM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to MTUM? PDP is the closest. PDP also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks the Dorsey Wright Technical Leaders Index, while MTUM tracks the MSCI USA Momentum SR Variant Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to MTUM? Yes. VUG charges 0.03% a year, SPYG charges 0.04% a year and SCHG charges 0.04% a year, against 0.15% for MTUM. On $10,000 that is about $3 a year instead of $15. ### Is MTUM or PDP better? Neither is better for everyone. From April 2013 to October 2026, MTUM returned about 15.2% a year and PDP returned about 11.9% a year. MTUM charges 0.15% a year and PDP charges 0.62%. Past returns do not tell you what comes next. ### What if I had put $10,000 in MTUM 10 years ago? It would have grown to about $43,285 by October 16, 2026, with dividends reinvested. That is about 15.8% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI USA Momentum Factor ETF fund page](https://www.ishares.com/us/products/251614/ishares-msci-usa-momentum-factor-etf) - [Invesco: Invesco Dorsey Wright Momentum ETF fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372133/d177078d497k.htm) - [Alpha Architect: Alpha Architect U.S. Quantitative Momentum ETF fund page](https://funds.alphaarchitect.com/qmom/) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # NOBL alternatives: 8 similar ETFs compared > ETFs similar to NOBL, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as NOBL. Updated daily. The ETFs most like NOBL are DGRO, VIG and DGRW. DGRO, VIG and DGRW hold US companies that have raised their dividends for many years in a row, like NOBL. VIG costs less: 0.04% a year against 0.35%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for NOBL: 3 of the same kind and 5 related funds. - NOBL charges 0.35% a year (about $35 on $10,000). The cheapest alternative here, VIG, charges 0.04%. - DGRO moved most like NOBL: a daily correlation of 0.93 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## NOBL alternatives at a glance Each fund below can stand in for NOBL, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **NOBL** | This fund | 0.35% | $35 | S&P 500 Dividend Aristocrats Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Same kind of fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Same kind of fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | | [DGRW](https://tactfolio.com/etf/dgrw.md) | Same kind of fund | 0.28% | $28 | WisdomTree U.S. Quality Dividend Growth Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Related fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How NOBL and its alternatives did over the same dates Each row measures the alternative and NOBL on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with NOBL | Per year | NOBL per year | Worst drop | NOBL worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.93 | 12.4% | 10.0% | −35.1% | −35.4% | June 2014 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.89 | 12.2% | 10.5% | −31.7% | −35.4% | October 2013 | | [DGRW](https://tactfolio.com/etf/dgrw.md) | 0.85 | 13.1% | 10.5% | −32.0% | −35.4% | October 2013 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.92 | 12.5% | 10.5% | −33.4% | −35.4% | October 2013 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.90 | 8.9% | 10.2% | −46.4% | −35.4% | October 2015 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.89 | 11.5% | 10.5% | −35.2% | −35.4% | October 2013 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.89 | 9.0% | 10.5% | −41.4% | −35.4% | October 2013 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.85 | 10.3% | 10.5% | −37.0% | −35.4% | October 2013 | 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. ## Each NOBL alternative, compared ### DGRO: iShares Core Dividend Growth ETF DGRO also holds US companies that have raised their dividends for many years in a row. It tracks the Morningstar US Dividend Growth Index, while NOBL tracks the S&P 500 Dividend Aristocrats Index. It charges 0.08% a year, about $8 on $10,000, against $35 for NOBL. It held 391 stocks, against 71 for NOBL. From June 2014 to October 2026, DGRO returned about 12.4% a year and NOBL returned about 10.0% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG also holds US companies that have raised their dividends for many years in a row. It tracks the S&P U.S. Dividend Growers Index, while NOBL tracks the S&P 500 Dividend Aristocrats Index. It charges 0.04% a year, about $4 on $10,000, against $35 for NOBL. It held 333 stocks, against 71 for NOBL. From October 2013 to October 2026, VIG returned about 12.2% a year and NOBL returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ### DGRW: WisdomTree U.S. Quality Dividend Growth Fund DGRW also holds US companies that have raised their dividends for many years in a row. It tracks the WisdomTree U.S. Quality Dividend Growth Index, while NOBL tracks the S&P 500 Dividend Aristocrats Index. It charges 0.28% a year, about $28 on $10,000, against $35 for NOBL. It held 199 stocks, against 71 for NOBL. From October 2013 to October 2026, DGRW returned about 13.1% a year and NOBL returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [DGRW fund page](https://tactfolio.com/etf/dgrw.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while NOBL holds US companies that have raised their dividends for many years in a row. It charges 0.06% a year, about $6 on $10,000, against $35 for NOBL. It held 98 stocks, against 71 for NOBL. From October 2013 to October 2026, SCHD returned about 12.5% a year and NOBL returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while NOBL holds US companies that have raised their dividends for many years in a row. It charges 0.07% a year, about $7 on $10,000, against $35 for NOBL. It held 78 stocks, against 71 for NOBL. From October 2015 to October 2026, SPYD returned about 8.9% a year and NOBL returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while NOBL holds US companies that have raised their dividends for many years in a row. It charges 0.04% a year, about $4 on $10,000, against $35 for NOBL. It held 593 stocks, against 71 for NOBL. From October 2013 to October 2026, VYM returned about 11.5% a year and NOBL returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD is a looser match. It holds US companies that pay high or steady dividends, while NOBL holds US companies that have raised their dividends for many years in a row. It charges 0.3% a year, about $30 on $10,000, against $35 for NOBL. From October 2013 to October 2026, SPHD returned about 9.0% a year and NOBL returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while NOBL holds US companies that have raised their dividends for many years in a row. It charges 0.08% a year, about $8 on $10,000, against $35 for NOBL. It held 74 stocks, against 71 for NOBL. From October 2013 to October 2026, HDV returned about 10.3% a year and NOBL returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ## NOBL versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to NOBL from each other company on this page: - **iShares (BlackRock):** [DGRO](https://tactfolio.com/etf/dgro.md), iShares Core Dividend Growth ETF (same kind of fund, 0.08% a year) - **Vanguard:** [VIG](https://tactfolio.com/etf/vig.md), Vanguard Dividend Appreciation ETF (same kind of fund, 0.04% a year) - **WisdomTree:** [DGRW](https://tactfolio.com/etf/dgrw.md), WisdomTree U.S. Quality Dividend Growth Fund (same kind of fund, 0.28% a year) - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (related fund, 0.06% a year) - **SPDR (State Street):** [SPYD](https://tactfolio.com/etf/spyd.md), State Street SPDR Portfolio S&P 500 High Dividend ETF (related fund, 0.07% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (related fund, 0.3% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between NOBL and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, NOBL costs about $35 a year. VIG costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping NOBL to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as DGRO, VIG or DGRW, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test NOBL and its alternatives in a backtest 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 NOBL and DGRO, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as NOBL. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like NOBL over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with NOBL only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to NOBL? DGRO is the closest. DGRO also holds US companies that have raised their dividends for many years in a row. It tracks the Morningstar US Dividend Growth Index, while NOBL tracks the S&P 500 Dividend Aristocrats Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to NOBL? Yes. VIG charges 0.04% a year, VYM charges 0.04% a year and SCHD charges 0.06% a year, against 0.35% for NOBL. On $10,000 that is about $4 a year instead of $35. ### Is NOBL or DGRO better? Neither is better for everyone. From June 2014 to October 2026, NOBL returned about 10.0% a year and DGRO returned about 12.4% a year. NOBL charges 0.35% a year and DGRO charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in NOBL 10 years ago? It would have grown to about $26,848 by October 16, 2026, with dividends reinvested. That is about 10.4% a year. Past returns do not tell you what comes next. ## Sources - [ProShares: ProShares S&P 500 Dividend Aristocrats ETF fund page](https://www.proshares.com/our-etfs/strategic/nobl) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [WisdomTree: WisdomTree U.S. Quality Dividend Growth Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012361/dgrw926497k.htm) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # ONEQ alternatives: 8 similar ETFs compared > ETFs similar to ONEQ, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as ONEQ. Updated daily. The ETFs most like ONEQ are QQQM, QQQ and QQEW. QQQM, QQQ and QQEW hold the 100 biggest companies on the Nasdaq outside finance, many of them in technology, like ONEQ. QQQM costs less: 0.15% a year against 0.21%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for ONEQ: 3 of the same kind and 5 related funds. - ONEQ charges 0.21% a year (about $21 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - QQQM moved most like ONEQ: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## ONEQ alternatives at a glance Each fund below can stand in for ONEQ, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **ONEQ** | This fund | 0.21% | $21 | Nasdaq Composite Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Same kind of fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Same kind of fund | 0.18% | $18 | Nasdaq-100 Index | | [QQEW](https://tactfolio.com/etf/qqew.md) | Same kind of fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How ONEQ and its alternatives did over the same dates Each row measures the alternative and ONEQ on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with ONEQ | Per year | ONEQ per year | Worst drop | ONEQ worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.99 | 16.5% | 15.1% | −35.0% | −35.2% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.99 | 15.1% | 13.2% | −53.4% | −55.1% | October 2003 | | [QQEW](https://tactfolio.com/etf/qqew.md) | 0.93 | 11.2% | 13.6% | −58.2% | −55.1% | May 2006 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.99 | 12.1% | 12.8% | −50.7% | −55.1% | January 2004 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.98 | 15.3% | 13.2% | −54.9% | −55.1% | October 2003 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.97 | 21.7% | 16.8% | −34.9% | −35.2% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.97 | 14.8% | 12.8% | −54.6% | −55.1% | January 2004 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.95 | 15.3% | 13.2% | −53.0% | −55.1% | October 2003 | 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. ## Each ONEQ alternative, compared ### QQQM: Invesco NASDAQ 100 ETF QQQM also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Index, while ONEQ tracks the Nasdaq Composite Index. It charges 0.15% a year, about $15 on $10,000, against $21 for ONEQ. From October 2020 to October 2026, QQQM returned about 16.5% a year and ONEQ returned about 15.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Index, while ONEQ tracks the Nasdaq Composite Index. It charges 0.18% a year, about $18 on $10,000, against $21 for ONEQ. From October 2003 to October 2026, QQQ returned about 15.1% a year and ONEQ returned about 13.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### QQEW: First Trust Nasdaq-100 Select Equal Weight ETF QQEW also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Select Equal Weight Index, while ONEQ tracks the Nasdaq Composite Index. It charges 0.55% a year, about $55 on $10,000, against $21 for ONEQ. It held 50 stocks, against 1,032 for ONEQ. From May 2006 to October 2026, QQEW returned about 11.2% a year and ONEQ returned about 13.6% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [QQEW fund page](https://tactfolio.com/etf/qqew.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while ONEQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.03% a year, about $3 on $10,000, against $21 for ONEQ. It held 135 stocks, against 1,032 for ONEQ. From January 2004 to October 2026, VUG returned about 12.1% a year and ONEQ returned about 12.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while ONEQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.37% a year, about $37 on $10,000, against $21 for ONEQ. It held 148 stocks, against 1,032 for ONEQ. From October 2003 to October 2026, IYW returned about 15.3% a year and ONEQ returned about 13.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while ONEQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.084% a year, about $8.40 on $10,000, against $21 for ONEQ. It held 282 stocks, against 1,032 for ONEQ. From October 2013 to October 2026, FTEC returned about 21.7% a year and ONEQ returned about 16.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while ONEQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.09% a year, about $9 on $10,000, against $21 for ONEQ. It held 318 stocks, against 1,032 for ONEQ. From January 2004 to October 2026, VGT returned about 14.8% a year and ONEQ returned about 12.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while ONEQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.08% a year, about $8 on $10,000, against $21 for ONEQ. It held 75 stocks, against 1,032 for ONEQ. From October 2003 to October 2026, XLK returned about 15.3% a year and ONEQ returned about 13.2% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ## ONEQ versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to ONEQ from each other company on this page: - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (same kind of fund, 0.15% a year) - **First Trust:** [QQEW](https://tactfolio.com/etf/qqew.md), First Trust Nasdaq-100 Select Equal Weight ETF (same kind of fund, 0.55% a year) - **Vanguard:** [VUG](https://tactfolio.com/etf/vug.md), Vanguard Morningstar Growth ETF (related fund, 0.03% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (related fund, 0.37% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (related fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between ONEQ and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, ONEQ costs about $21 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping ONEQ to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as QQQM, QQQ or QQEW, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test ONEQ and its alternatives in a backtest 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 ONEQ and QQQM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as ONEQ. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like ONEQ over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with ONEQ only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to ONEQ? QQQM is the closest. QQQM also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Index, while ONEQ tracks the Nasdaq Composite Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to ONEQ? Yes. VUG charges 0.03% a year, XLK charges 0.08% a year and FTEC charges 0.084% a year, against 0.21% for ONEQ. On $10,000 that is about $3 a year instead of $21. ### Is ONEQ or QQQM better? Neither is better for everyone. From October 2020 to October 2026, ONEQ returned about 15.1% a year and QQQM returned about 16.5% a year. ONEQ charges 0.21% a year and QQQM charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in ONEQ 10 years ago? It would have grown to about $54,969 by October 16, 2026, with dividends reinvested. That is about 18.6% a year. Past returns do not tell you what comes next. ## Sources - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # PDP alternatives: 8 similar ETFs compared > ETFs similar to PDP, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as PDP. Updated daily. The ETFs most like PDP are MTUM, QMOM and SPYG. MTUM and QMOM hold US stocks whose prices have risen the most lately, picked again on a schedule, like PDP. MTUM costs less: 0.15% a year against 0.62%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for PDP: 2 of the same kind and 6 related funds. - PDP charges 0.62% a year (about $62 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - MTUM moved most like PDP: a daily correlation of 0.91 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## PDP alternatives at a glance Each fund below can stand in for PDP, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **PDP** | This fund | 0.62% | $62 | Dorsey Wright Technical Leaders Index | | [MTUM](https://tactfolio.com/etf/mtum.md) | Same kind of fund | 0.15% | $15 | MSCI USA Momentum SR Variant Index | | [QMOM](https://tactfolio.com/etf/qmom.md) | Same kind of fund | 0.28% | $28 | No index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Related fund | 0.04% | $4 | S&P 500 Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Related fund | 0.06% | $6 | Russell 1000 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Related fund | 0.07% | $7 | S&P 500 Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Related fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How PDP and its alternatives did over the same dates Each row measures the alternative and PDP on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with PDP | Per year | PDP per year | Worst drop | PDP worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [MTUM](https://tactfolio.com/etf/mtum.md) | 0.91 | 15.2% | 11.9% | −34.1% | −34.7% | April 2013 | | [QMOM](https://tactfolio.com/etf/qmom.md) | 0.89 | 10.7% | 11.4% | −39.1% | −34.7% | December 2015 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.85 | 13.2% | 9.5% | −51.3% | −59.3% | March 2007 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.85 | 16.4% | 12.7% | −32.7% | −34.7% | September 2010 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.85 | 16.6% | 12.8% | −32.7% | −34.7% | September 2010 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.83 | 13.1% | 9.5% | −50.7% | −59.3% | March 2007 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.82 | 16.1% | 12.7% | −34.6% | −34.7% | January 2010 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.81 | 13.5% | 9.1% | −48.0% | −58.8% | December 2007 | 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. ## Each PDP alternative, compared ### MTUM: iShares MSCI USA Momentum Factor ETF MTUM also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks the MSCI USA Momentum SR Variant Index, while PDP tracks the Dorsey Wright Technical Leaders Index. It charges 0.15% a year, about $15 on $10,000, against $62 for PDP. From April 2013 to October 2026, MTUM returned about 15.2% a year and PDP returned about 11.9% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [MTUM fund page](https://tactfolio.com/etf/mtum.md) for its returns by year and worst drop. ### QMOM: Alpha Architect U.S. Quantitative Momentum ETF QMOM also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks no index (its managers pick what it holds), while PDP tracks the Dorsey Wright Technical Leaders Index. It charges 0.28% a year, about $28 on $10,000, against $62 for PDP. From December 2015 to October 2026, QMOM returned about 10.7% a year and PDP returned about 11.4% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [QMOM fund page](https://tactfolio.com/etf/qmom.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG is a looser match. It holds large US companies whose sales and profits are growing fast, while PDP holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.04% a year, about $4 on $10,000, against $62 for PDP. From March 2007 to October 2026, SPYG returned about 13.2% a year and PDP returned about 9.5% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG is a looser match. It holds large US companies whose sales and profits are growing fast, while PDP holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.06% a year, about $6 on $10,000, against $62 for PDP. From September 2010 to October 2026, VONG returned about 16.4% a year and PDP returned about 12.7% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG is a looser match. It holds large US companies whose sales and profits are growing fast, while PDP holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.07% a year, about $7 on $10,000, against $62 for PDP. From September 2010 to October 2026, VOOG returned about 16.6% a year and PDP returned about 12.8% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while PDP holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.03% a year, about $3 on $10,000, against $62 for PDP. From March 2007 to October 2026, VUG returned about 13.1% a year and PDP returned about 9.5% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG is a looser match. It holds large US companies whose sales and profits are growing fast, while PDP holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.04% a year, about $4 on $10,000, against $62 for PDP. From January 2010 to October 2026, SCHG returned about 16.1% a year and PDP returned about 12.7% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK is a looser match. It holds large US companies whose sales and profits are growing fast, while PDP holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.05% a year, about $5 on $10,000, against $62 for PDP. From December 2007 to October 2026, MGK returned about 13.5% a year and PDP returned about 9.1% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ## PDP versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to PDP from each other company on this page: - **iShares (BlackRock):** [MTUM](https://tactfolio.com/etf/mtum.md), iShares MSCI USA Momentum Factor ETF (same kind of fund, 0.15% a year) - **Alpha Architect:** [QMOM](https://tactfolio.com/etf/qmom.md), Alpha Architect U.S. Quantitative Momentum ETF (same kind of fund, 0.28% a year) - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (related fund, 0.04% a year) - **Vanguard:** [VONG](https://tactfolio.com/etf/vong.md), Vanguard Russell 1000 Growth ETF (related fund, 0.06% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between PDP and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, PDP costs about $62 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping PDP to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as MTUM, QMOM or SPYG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test PDP and its alternatives in a backtest 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 PDP and MTUM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as PDP. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like PDP over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with PDP only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to PDP? MTUM is the closest. MTUM also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks the MSCI USA Momentum SR Variant Index, while PDP tracks the Dorsey Wright Technical Leaders Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to PDP? Yes. VUG charges 0.03% a year, SPYG charges 0.04% a year and SCHG charges 0.04% a year, against 0.62% for PDP. On $10,000 that is about $3 a year instead of $62. ### Is PDP or MTUM better? Neither is better for everyone. From April 2013 to October 2026, PDP returned about 11.9% a year and MTUM returned about 15.2% a year. PDP charges 0.62% a year and MTUM charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in PDP 10 years ago? It would have grown to about $33,084 by October 16, 2026, with dividends reinvested. That is about 12.7% a year. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco Dorsey Wright Momentum ETF fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372133/d177078d497k.htm) - [iShares (BlackRock): iShares MSCI USA Momentum Factor ETF fund page](https://www.ishares.com/us/products/251614/ishares-msci-usa-momentum-factor-etf) - [Alpha Architect: Alpha Architect U.S. Quantitative Momentum ETF fund page](https://funds.alphaarchitect.com/qmom/) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # QMOM alternatives: 8 similar ETFs compared > ETFs similar to QMOM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as QMOM. Updated daily. The ETFs most like QMOM are PDP, MTUM and SPYG. PDP and MTUM hold US stocks whose prices have risen the most lately, picked again on a schedule, like QMOM. MTUM costs less: 0.15% a year against 0.28%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for QMOM: 2 of the same kind and 6 related funds. - QMOM charges 0.28% a year (about $28 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - PDP moved most like QMOM: a daily correlation of 0.89 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## QMOM alternatives at a glance Each fund below can stand in for QMOM, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **QMOM** | This fund | 0.28% | $28 | No index | | [PDP](https://tactfolio.com/etf/pdp.md) | Same kind of fund | 0.62% | $62 | Dorsey Wright Technical Leaders Index | | [MTUM](https://tactfolio.com/etf/mtum.md) | Same kind of fund | 0.15% | $15 | MSCI USA Momentum SR Variant Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Related fund | 0.04% | $4 | S&P 500 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Related fund | 0.07% | $7 | S&P 500 Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Related fund | 0.06% | $6 | Russell 1000 Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Related fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How QMOM and its alternatives did over the same dates Each row measures the alternative and QMOM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with QMOM | Per year | QMOM per year | Worst drop | QMOM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [PDP](https://tactfolio.com/etf/pdp.md) | 0.89 | 11.4% | 10.7% | −34.7% | −39.1% | December 2015 | | [MTUM](https://tactfolio.com/etf/mtum.md) | 0.86 | 14.8% | 10.7% | −34.1% | −39.1% | December 2015 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.74 | 16.6% | 10.7% | −32.7% | −39.1% | December 2015 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.74 | 16.5% | 10.7% | −32.7% | −39.1% | December 2015 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.73 | 16.6% | 10.7% | −32.7% | −39.1% | December 2015 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.71 | 16.6% | 10.7% | −35.6% | −39.1% | December 2015 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.70 | 17.2% | 10.7% | −34.6% | −39.1% | December 2015 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.69 | 17.4% | 10.7% | −36.0% | −39.1% | December 2015 | 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. ## Each QMOM alternative, compared ### PDP: Invesco Dorsey Wright Momentum ETF PDP also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks the Dorsey Wright Technical Leaders Index, while QMOM tracks no index (its managers pick what it holds). It charges 0.62% a year, about $62 on $10,000, against $28 for QMOM. From December 2015 to October 2026, PDP returned about 11.4% a year and QMOM returned about 10.7% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [PDP fund page](https://tactfolio.com/etf/pdp.md) for its returns by year and worst drop. ### MTUM: iShares MSCI USA Momentum Factor ETF MTUM also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks the MSCI USA Momentum SR Variant Index, while QMOM tracks no index (its managers pick what it holds). It charges 0.15% a year, about $15 on $10,000, against $28 for QMOM. It held 125 stocks, against 64 for QMOM. From December 2015 to October 2026, MTUM returned about 14.8% a year and QMOM returned about 10.7% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [MTUM fund page](https://tactfolio.com/etf/mtum.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG is a looser match. It holds large US companies whose sales and profits are growing fast, while QMOM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.04% a year, about $4 on $10,000, against $28 for QMOM. It held 152 stocks, against 64 for QMOM. From December 2015 to October 2026, SPYG returned about 16.6% a year and QMOM returned about 10.7% a year. Over about the last five years they often moved together, but not always (correlation 0.74). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG is a looser match. It holds large US companies whose sales and profits are growing fast, while QMOM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.07% a year, about $7 on $10,000, against $28 for QMOM. It held 152 stocks, against 64 for QMOM. From December 2015 to October 2026, VOOG returned about 16.5% a year and QMOM returned about 10.7% a year. Over about the last five years they often moved together, but not always (correlation 0.74). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG is a looser match. It holds large US companies whose sales and profits are growing fast, while QMOM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.06% a year, about $6 on $10,000, against $28 for QMOM. It held 371 stocks, against 64 for QMOM. From December 2015 to October 2026, VONG returned about 16.6% a year and QMOM returned about 10.7% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while QMOM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.03% a year, about $3 on $10,000, against $28 for QMOM. It held 135 stocks, against 64 for QMOM. From December 2015 to October 2026, VUG returned about 16.6% a year and QMOM returned about 10.7% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG is a looser match. It holds large US companies whose sales and profits are growing fast, while QMOM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.04% a year, about $4 on $10,000, against $28 for QMOM. It held 195 stocks, against 64 for QMOM. From December 2015 to October 2026, SCHG returned about 17.2% a year and QMOM returned about 10.7% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK is a looser match. It holds large US companies whose sales and profits are growing fast, while QMOM holds US stocks whose prices have risen the most lately, picked again on a schedule. It charges 0.05% a year, about $5 on $10,000, against $28 for QMOM. It held 52 stocks, against 64 for QMOM. From December 2015 to October 2026, MGK returned about 17.4% a year and QMOM returned about 10.7% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ## QMOM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to QMOM from each other company on this page: - **Invesco:** [PDP](https://tactfolio.com/etf/pdp.md), Invesco Dorsey Wright Momentum ETF (same kind of fund, 0.62% a year) - **iShares (BlackRock):** [MTUM](https://tactfolio.com/etf/mtum.md), iShares MSCI USA Momentum Factor ETF (same kind of fund, 0.15% a year) - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (related fund, 0.04% a year) - **Vanguard:** [VOOG](https://tactfolio.com/etf/voog.md), Vanguard S&P 500 Growth ETF (related fund, 0.07% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between QMOM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, QMOM costs about $28 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping QMOM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as PDP, MTUM or SPYG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test QMOM and its alternatives in a backtest 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 QMOM and PDP, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as QMOM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like QMOM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with QMOM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Momentum stocks](https://tactfolio.com/learn/momentum-stocks): Momentum stocks are recent winners that tend to keep winning for a while. - [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. ## Common questions ### What ETF is most similar to QMOM? PDP is the closest. PDP also holds US stocks whose prices have risen the most lately, picked again on a schedule. It tracks the Dorsey Wright Technical Leaders Index, while QMOM tracks no index (its managers pick what it holds). Over about the last five years they moved together on most days. ### Is there a cheaper alternative to QMOM? Yes. VUG charges 0.03% a year, SPYG charges 0.04% a year and SCHG charges 0.04% a year, against 0.28% for QMOM. On $10,000 that is about $3 a year instead of $28. ### Is QMOM or PDP better? Neither is better for everyone. From December 2015 to October 2026, QMOM returned about 10.7% a year and PDP returned about 11.4% a year. QMOM charges 0.28% a year and PDP charges 0.62%. Past returns do not tell you what comes next. ### What if I had put $10,000 in QMOM 10 years ago? It would have grown to about $31,561 by October 16, 2026, with dividends reinvested. That is about 12.2% a year. Past returns do not tell you what comes next. ## Sources - [Alpha Architect: Alpha Architect U.S. Quantitative Momentum ETF fund page](https://funds.alphaarchitect.com/qmom/) - [Invesco: Invesco Dorsey Wright Momentum ETF fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372133/d177078d497k.htm) - [iShares (BlackRock): iShares MSCI USA Momentum Factor ETF fund page](https://www.ishares.com/us/products/251614/ishares-msci-usa-momentum-factor-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # QQEW alternatives: 8 similar ETFs compared > ETFs similar to QQEW, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as QQEW. Updated daily. The ETFs most like QQEW are QQQM, QQQ and ONEQ. QQQM, QQQ and ONEQ hold the 100 biggest companies on the Nasdaq outside finance, many of them in technology, like QQEW. QQQM costs less: 0.15% a year against 0.55%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for QQEW: 3 of the same kind and 5 related funds. - QQEW charges 0.55% a year (about $55 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - QQQM moved most like QQEW: a daily correlation of 0.94 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## QQEW alternatives at a glance Each fund below can stand in for QQEW, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **QQEW** | This fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Same kind of fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Same kind of fund | 0.18% | $18 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Same kind of fund | 0.21% | $21 | Nasdaq Composite Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How QQEW and its alternatives did over the same dates Each row measures the alternative and QQEW on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with QQEW | Per year | QQEW per year | Worst drop | QQEW worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.94 | 16.5% | 9.6% | −35.0% | −32.1% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.94 | 15.8% | 11.2% | −53.4% | −58.2% | May 2006 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.93 | 13.6% | 11.2% | −55.1% | −58.2% | May 2006 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.93 | 12.8% | 11.2% | −50.7% | −58.2% | May 2006 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.91 | 21.7% | 12.9% | −34.9% | −32.1% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.91 | 16.4% | 11.2% | −54.6% | −58.2% | May 2006 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.91 | 16.4% | 11.2% | −54.9% | −58.2% | May 2006 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.90 | 16.3% | 11.2% | −53.0% | −58.2% | May 2006 | 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. ## Each QQEW alternative, compared ### QQQM: Invesco NASDAQ 100 ETF QQQM also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Index, while QQEW tracks the Nasdaq-100 Select Equal Weight Index. It charges 0.15% a year, about $15 on $10,000, against $55 for QQEW. From October 2020 to October 2026, QQQM returned about 16.5% a year and QQEW returned about 9.6% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Index, while QQEW tracks the Nasdaq-100 Select Equal Weight Index. It charges 0.18% a year, about $18 on $10,000, against $55 for QQEW. From May 2006 to October 2026, QQQ returned about 15.8% a year and QQEW returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq Composite Index, while QQEW tracks the Nasdaq-100 Select Equal Weight Index. It charges 0.21% a year, about $21 on $10,000, against $55 for QQEW. It held 1,032 stocks, against 50 for QQEW. From May 2006 to October 2026, ONEQ returned about 13.6% a year and QQEW returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while QQEW holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.03% a year, about $3 on $10,000, against $55 for QQEW. It held 135 stocks, against 50 for QQEW. From May 2006 to October 2026, VUG returned about 12.8% a year and QQEW returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQEW holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.084% a year, about $8.40 on $10,000, against $55 for QQEW. It held 282 stocks, against 50 for QQEW. From October 2013 to October 2026, FTEC returned about 21.7% a year and QQEW returned about 12.9% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQEW holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.09% a year, about $9 on $10,000, against $55 for QQEW. It held 318 stocks, against 50 for QQEW. From May 2006 to October 2026, VGT returned about 16.4% a year and QQEW returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQEW holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.37% a year, about $37 on $10,000, against $55 for QQEW. It held 148 stocks, against 50 for QQEW. From May 2006 to October 2026, IYW returned about 16.4% a year and QQEW returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQEW holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.08% a year, about $8 on $10,000, against $55 for QQEW. It held 75 stocks, against 50 for QQEW. From May 2006 to October 2026, XLK returned about 16.3% a year and QQEW returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ## QQEW versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to QQEW from each other company on this page: - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (same kind of fund, 0.15% a year) - **Fidelity:** [ONEQ](https://tactfolio.com/etf/oneq.md), Fidelity Nasdaq Composite Index ETF (same kind of fund, 0.21% a year) - **Vanguard:** [VUG](https://tactfolio.com/etf/vug.md), Vanguard Morningstar Growth ETF (related fund, 0.03% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (related fund, 0.37% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (related fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between QQEW and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, QQEW costs about $55 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping QQEW to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as QQQM, QQQ or ONEQ, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test QQEW and its alternatives in a backtest 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 QQEW and QQQM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as QQEW. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like QQEW over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with QQEW only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to QQEW? QQQM is the closest. QQQM also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Index, while QQEW tracks the Nasdaq-100 Select Equal Weight Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to QQEW? Yes. VUG charges 0.03% a year, XLK charges 0.08% a year and FTEC charges 0.084% a year, against 0.55% for QQEW. On $10,000 that is about $3 a year instead of $55. ### Is QQEW or QQQM better? Neither is better for everyone. From October 2020 to October 2026, QQEW returned about 9.6% a year and QQQM returned about 16.5% a year. QQEW charges 0.55% a year and QQQM charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in QQEW 10 years ago? It would have grown to about $36,363 by October 16, 2026, with dividends reinvested. That is about 13.8% a year. Past returns do not tell you what comes next. ## Sources - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # QQQ alternatives: 8 similar ETFs compared > ETFs similar to QQQ, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as QQQ. Updated daily. The ETFs most like QQQ are QQQM, ONEQ and QQEW. QQQM tracks the same index as QQQ, so it holds the same stocks. QQQM costs less: 0.15% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for QQQ: 1 on the same index, 2 of the same kind and 5 related funds. - QQQ charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - QQQM moved most like QQQ: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## QQQ alternatives at a glance Each fund below can stand in for QQQ, closest first. "Same index" funds hold the same stocks as QQQ. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **QQQ** | This fund | 0.18% | $18 | Nasdaq-100 Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Same index | 0.15% | $15 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Same kind of fund | 0.21% | $21 | Nasdaq Composite Index | | [QQEW](https://tactfolio.com/etf/qqew.md) | Same kind of fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How QQQ and its alternatives did over the same dates Each row measures the alternative and QQQ on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with QQQ | Per year | QQQ per year | Worst drop | QQQ worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 1.00 | 16.5% | 16.4% | −35.0% | −35.1% | October 2020 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.99 | 13.2% | 15.1% | −55.1% | −53.4% | October 2003 | | [QQEW](https://tactfolio.com/etf/qqew.md) | 0.94 | 11.2% | 15.8% | −58.2% | −53.4% | May 2006 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.98 | 9.4% | 9.2% | −81.9% | −80.5% | May 2000 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.98 | 12.1% | 14.8% | −50.7% | −53.4% | January 2004 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.97 | 10.0% | 10.7% | −82.0% | −83.0% | March 1999 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.97 | 21.7% | 19.0% | −34.9% | −35.1% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.97 | 14.8% | 14.8% | −54.6% | −53.4% | January 2004 | 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. ## Each QQQ alternative, compared ### QQQM: Invesco NASDAQ 100 ETF QQQM tracks the same Nasdaq-100 Index as QQQ, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.15% a year, about $15 on $10,000, against $18 for QQQ. From October 2020 to October 2026, QQQM returned about 16.5% a year and QQQ returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [QQQ vs QQQM](https://tactfolio.com/etf-comparisons/qqq-vs-qqqm.md) for the full side-by-side, or the [QQQM fund page](https://tactfolio.com/etf/qqqm.md). ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq Composite Index, while QQQ tracks the Nasdaq-100 Index. It charges 0.21% a year, about $21 on $10,000, against $18 for QQQ. From October 2003 to October 2026, ONEQ returned about 13.2% a year and QQQ returned about 15.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### QQEW: First Trust Nasdaq-100 Select Equal Weight ETF QQEW also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Select Equal Weight Index, while QQQ tracks the Nasdaq-100 Index. It charges 0.55% a year, about $55 on $10,000, against $18 for QQQ. From May 2006 to October 2026, QQEW returned about 11.2% a year and QQQ returned about 15.8% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [QQEW fund page](https://tactfolio.com/etf/qqew.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.37% a year, about $37 on $10,000, against $18 for QQQ. From May 2000 to October 2026, IYW returned about 9.4% a year and QQQ returned about 9.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while QQQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.03% a year, about $3 on $10,000, against $18 for QQQ. From January 2004 to October 2026, VUG returned about 12.1% a year and QQQ returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.08% a year, about $8 on $10,000, against $18 for QQQ. From March 1999 to October 2026, XLK returned about 10.0% a year and QQQ returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.084% a year, about $8.40 on $10,000, against $18 for QQQ. From October 2013 to October 2026, FTEC returned about 21.7% a year and QQQ returned about 19.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQQ holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.09% a year, about $9 on $10,000, against $18 for QQQ. From January 2004 to October 2026, VGT returned about 14.8% a year and QQQ returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read [QQQ vs VGT](https://tactfolio.com/etf-comparisons/qqq-vs-vgt.md) for the full side-by-side, or the [VGT fund page](https://tactfolio.com/etf/vgt.md). ## QQQ versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to QQQ from each other company on this page: - **Fidelity:** [ONEQ](https://tactfolio.com/etf/oneq.md), Fidelity Nasdaq Composite Index ETF (same kind of fund, 0.21% a year) - **First Trust:** [QQEW](https://tactfolio.com/etf/qqew.md), First Trust Nasdaq-100 Select Equal Weight ETF (same kind of fund, 0.55% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (related fund, 0.37% a year) - **Vanguard:** [VUG](https://tactfolio.com/etf/vug.md), Vanguard Morningstar Growth ETF (related fund, 0.03% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (related fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between QQQ and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, QQQ costs about $18 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping QQQ to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ONEQ, QQEW or IYW, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test QQQ and its alternatives in a backtest 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 QQQ and QQQM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as QQQ. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like QQQ over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with QQQ only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to QQQ? QQQM is the closest. QQQM tracks the same Nasdaq-100 Index as QQQ, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to QQQ? Yes. VUG charges 0.03% a year, XLK charges 0.08% a year and FTEC charges 0.084% a year, against 0.18% for QQQ. On $10,000 that is about $3 a year instead of $18. ### Is QQQ or QQQM better? Neither is better for everyone. From October 2020 to October 2026, QQQ returned about 16.4% a year and QQQM returned about 16.5% a year. QQQ charges 0.18% a year and QQQM charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in QQQ 10 years ago? It would have grown to about $64,814 by October 16, 2026, with dividends reinvested. That is about 20.5% a year. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # QQQI alternatives: 8 similar ETFs compared > ETFs similar to QQQI, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as QQQI. Updated daily. The ETFs most like QQQI are JEPQ, SPYI and GPIX. JEPQ, SPYI and GPIX hold stocks plus call options sold on them, which trade some of the gains for extra income, like QQQI. GPIX costs less: 0.29% a year against 0.68%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for QQQI: 7 of the same kind and 1 related fund. - QQQI charges 0.68% a year (about $68 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - JEPQ moved most like QQQI: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## QQQI alternatives at a glance Each fund below can stand in for QQQI, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **QQQI** | This fund | 0.68% | $68 | No index | | [JEPQ](https://tactfolio.com/etf/jepq.md) | Same kind of fund | 0.35% | $35 | No index | | [SPYI](https://tactfolio.com/etf/spyi.md) | Same kind of fund | 0.68% | $68 | No index | | [GPIX](https://tactfolio.com/etf/gpix.md) | Same kind of fund | 0.29% | $29 | No index | | [QYLD](https://tactfolio.com/etf/qyld.md) | Same kind of fund | 0.6% | $60 | Cboe NASDAQ-100 BuyWrite V2 Index | | [XYLD](https://tactfolio.com/etf/xyld.md) | Same kind of fund | 0.6% | $60 | Cboe S&P 500 BuyWrite Index | | [JEPI](https://tactfolio.com/etf/jepi.md) | Same kind of fund | 0.35% | $35 | No index | | [DIVO](https://tactfolio.com/etf/divo.md) | Same kind of fund | 0.56% | $56 | No index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How QQQI and its alternatives did over the same dates Each row measures the alternative and QQQI on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with QQQI | Per year | QQQI per year | Worst drop | QQQI worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [JEPQ](https://tactfolio.com/etf/jepq.md) | 0.98 | 17.0% | 18.2% | −20.1% | −20.0% | January 2024 | | [SPYI](https://tactfolio.com/etf/spyi.md) | 0.95 | 16.3% | 18.2% | −16.5% | −20.0% | January 2024 | | [GPIX](https://tactfolio.com/etf/gpix.md) | 0.94 | 17.7% | 18.2% | −17.5% | −20.0% | January 2024 | | [QYLD](https://tactfolio.com/etf/qyld.md) | 0.92 | 14.2% | 18.2% | −19.1% | −20.0% | January 2024 | | [XYLD](https://tactfolio.com/etf/xyld.md) | 0.85 | 13.4% | 18.2% | −15.5% | −20.0% | January 2024 | | [JEPI](https://tactfolio.com/etf/jepi.md) | 0.72 | 8.8% | 18.2% | −13.3% | −20.0% | January 2024 | | [DIVO](https://tactfolio.com/etf/divo.md) | 0.68 | 15.6% | 18.2% | −12.1% | −20.0% | January 2024 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.68 | 16.5% | 18.2% | −14.5% | −20.0% | January 2024 | 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. ## Each QQQI alternative, compared ### JEPQ: JPMorgan Nasdaq Equity Premium Income ETF JEPQ also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QQQI tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $68 for QQQI. From January 2024 to October 2026, JEPQ returned about 17.0% a year and QQQI returned about 18.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [JEPQ fund page](https://tactfolio.com/etf/jepq.md) for its returns by year and worst drop. ### SPYI: NEOS S&P 500 High Income ETF SPYI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QQQI tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $68 for QQQI. From January 2024 to October 2026, SPYI returned about 16.3% a year and QQQI returned about 18.2% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [SPYI fund page](https://tactfolio.com/etf/spyi.md) for its returns by year and worst drop. ### GPIX: Goldman Sachs S&P 500 Premium Income ETF GPIX also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QQQI tracks no index (its managers pick what it holds). It charges 0.29% a year, about $29 on $10,000, against $68 for QQQI. From January 2024 to October 2026, GPIX returned about 17.7% a year and QQQI returned about 18.2% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [GPIX fund page](https://tactfolio.com/etf/gpix.md) for its returns by year and worst drop. ### QYLD: Global X NASDAQ 100 Covered Call ETF QYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index, while QQQI tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $68 for QQQI. From January 2024 to October 2026, QYLD returned about 14.2% a year and QQQI returned about 18.2% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [QYLD fund page](https://tactfolio.com/etf/qyld.md) for its returns by year and worst drop. ### XYLD: Global X S&P 500 Covered Call ETF XYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe S&P 500 BuyWrite Index, while QQQI tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $68 for QQQI. From January 2024 to October 2026, XYLD returned about 13.4% a year and QQQI returned about 18.2% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [XYLD fund page](https://tactfolio.com/etf/xyld.md) for its returns by year and worst drop. ### JEPI: JPMorgan Equity Premium Income ETF JEPI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QQQI tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $68 for QQQI. From January 2024 to October 2026, JEPI returned about 8.8% a year and QQQI returned about 18.2% a year. Over about the last five years they often moved together, but not always (correlation 0.72). Read the [JEPI fund page](https://tactfolio.com/etf/jepi.md) for its returns by year and worst drop. ### DIVO: Amplify CWP Enhanced Dividend Income ETF DIVO also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QQQI tracks no index (its managers pick what it holds). It charges 0.56% a year, about $56 on $10,000, against $68 for QQQI. From January 2024 to October 2026, DIVO returned about 15.6% a year and QQQI returned about 18.2% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [DIVO fund page](https://tactfolio.com/etf/divo.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while QQQI holds stocks plus call options sold on them, which trade some of the gains for extra income. It charges 0.04% a year, about $4 on $10,000, against $68 for QQQI. From January 2024 to October 2026, VYM returned about 16.5% a year and QQQI returned about 18.2% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ## QQQI versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to QQQI from each other company on this page: - **J.P. Morgan Asset Management:** [JEPQ](https://tactfolio.com/etf/jepq.md), JPMorgan Nasdaq Equity Premium Income ETF (same kind of fund, 0.35% a year) - **Goldman Sachs Asset Management:** [GPIX](https://tactfolio.com/etf/gpix.md), Goldman Sachs S&P 500 Premium Income ETF (same kind of fund, 0.29% a year) - **Global X (Mirae Asset):** [QYLD](https://tactfolio.com/etf/qyld.md), Global X NASDAQ 100 Covered Call ETF (same kind of fund, 0.6% a year) - **Amplify ETFs:** [DIVO](https://tactfolio.com/etf/divo.md), Amplify CWP Enhanced Dividend Income ETF (same kind of fund, 0.56% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between QQQI and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, QQQI costs about $68 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping QQQI to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as QYLD, XYLD or VYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test QQQI and its alternatives in a backtest 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 QQQI and JEPQ, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as QQQI. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like QQQI over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with QQQI only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to QQQI? JEPQ is the closest. JEPQ also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QQQI tracks no index (its managers pick what it holds). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to QQQI? Yes. VYM charges 0.04% a year, GPIX charges 0.29% a year and JEPQ charges 0.35% a year, against 0.68% for QQQI. On $10,000 that is about $4 a year instead of $68. ### Is QQQI or JEPQ better? Neither is better for everyone. From January 2024 to October 2026, QQQI returned about 18.2% a year and JEPQ returned about 17.0% a year. QQQI charges 0.68% a year and JEPQ charges 0.35%. Past returns do not tell you what comes next. ## Sources - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # QQQM alternatives: 8 similar ETFs compared > ETFs similar to QQQM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as QQQM. Updated daily. The ETFs most like QQQM are QQQ, ONEQ and QQEW. QQQ tracks the same index as QQQM, so it holds the same stocks. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for QQQM: 1 on the same index, 2 of the same kind and 5 related funds. - QQQM charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - QQQ moved most like QQQM: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## QQQM alternatives at a glance Each fund below can stand in for QQQM, closest first. "Same index" funds hold the same stocks as QQQM. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **QQQM** | This fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Same index | 0.18% | $18 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Same kind of fund | 0.21% | $21 | Nasdaq Composite Index | | [QQEW](https://tactfolio.com/etf/qqew.md) | Same kind of fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How QQQM and its alternatives did over the same dates Each row measures the alternative and QQQM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with QQQM | Per year | QQQM per year | Worst drop | QQQM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [QQQ](https://tactfolio.com/etf/qqq.md) | 1.00 | 16.4% | 16.5% | −35.1% | −35.0% | October 2020 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.99 | 15.1% | 16.5% | −35.2% | −35.0% | October 2020 | | [QQEW](https://tactfolio.com/etf/qqew.md) | 0.94 | 9.6% | 16.5% | −32.1% | −35.0% | October 2020 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.98 | 21.4% | 16.5% | −39.4% | −35.0% | October 2020 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.98 | 14.6% | 16.5% | −35.6% | −35.0% | October 2020 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.97 | 20.9% | 16.5% | −33.6% | −35.0% | October 2020 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.97 | 20.2% | 16.5% | −34.9% | −35.0% | October 2020 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.97 | 20.1% | 16.5% | −35.1% | −35.0% | October 2020 | 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. ## Each QQQM alternative, compared ### QQQ: Invesco QQQ Trust, Series 1 QQQ tracks the same Nasdaq-100 Index as QQQM, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $15 for QQQM. From October 2020 to October 2026, QQQ returned about 16.4% a year and QQQM returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [QQQ vs QQQM](https://tactfolio.com/etf-comparisons/qqq-vs-qqqm.md) for the full side-by-side, or the [QQQ fund page](https://tactfolio.com/etf/qqq.md). ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq Composite Index, while QQQM tracks the Nasdaq-100 Index. It charges 0.21% a year, about $21 on $10,000, against $15 for QQQM. From October 2020 to October 2026, ONEQ returned about 15.1% a year and QQQM returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### QQEW: First Trust Nasdaq-100 Select Equal Weight ETF QQEW also holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It tracks the Nasdaq-100 Select Equal Weight Index, while QQQM tracks the Nasdaq-100 Index. It charges 0.55% a year, about $55 on $10,000, against $15 for QQQM. From October 2020 to October 2026, QQEW returned about 9.6% a year and QQQM returned about 16.5% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [QQEW fund page](https://tactfolio.com/etf/qqew.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQQM holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.37% a year, about $37 on $10,000, against $15 for QQQM. From October 2020 to October 2026, IYW returned about 21.4% a year and QQQM returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while QQQM holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.03% a year, about $3 on $10,000, against $15 for QQQM. From October 2020 to October 2026, VUG returned about 14.6% a year and QQQM returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQQM holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.08% a year, about $8 on $10,000, against $15 for QQQM. From October 2020 to October 2026, XLK returned about 20.9% a year and QQQM returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQQM holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.084% a year, about $8.40 on $10,000, against $15 for QQQM. From October 2020 to October 2026, FTEC returned about 20.2% a year and QQQM returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while QQQM holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology. It charges 0.09% a year, about $9 on $10,000, against $15 for QQQM. From October 2020 to October 2026, VGT returned about 20.1% a year and QQQM returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ## QQQM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to QQQM from each other company on this page: - **Fidelity:** [ONEQ](https://tactfolio.com/etf/oneq.md), Fidelity Nasdaq Composite Index ETF (same kind of fund, 0.21% a year) - **First Trust:** [QQEW](https://tactfolio.com/etf/qqew.md), First Trust Nasdaq-100 Select Equal Weight ETF (same kind of fund, 0.55% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (related fund, 0.37% a year) - **Vanguard:** [VUG](https://tactfolio.com/etf/vug.md), Vanguard Morningstar Growth ETF (related fund, 0.03% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (related fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between QQQM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, QQQM costs about $15 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping QQQM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ONEQ, QQEW or IYW, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test QQQM and its alternatives in a backtest 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 QQQM and QQQ, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as QQQM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like QQQM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with QQQM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to QQQM? QQQ is the closest. QQQ tracks the same Nasdaq-100 Index as QQQM, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to QQQM? Yes. VUG charges 0.03% a year, XLK charges 0.08% a year and FTEC charges 0.084% a year, against 0.15% for QQQM. On $10,000 that is about $3 a year instead of $15. ### Is QQQM or QQQ better? Neither is better for everyone. From October 2020 to October 2026, QQQM returned about 16.5% a year and QQQ returned about 16.4% a year. QQQM charges 0.15% a year and QQQ charges 0.18%. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # QUAL alternatives: 8 similar ETFs compared > ETFs similar to QUAL, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as QUAL. Updated daily. The ETFs most like QUAL are USMV, SPYM and IVV. USMV holds US stocks picked by rules for steady profits or smaller price swings, like QUAL. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for QUAL: 1 of the same kind and 7 related funds. - QUAL charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - SPYM moved most like QUAL: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## QUAL alternatives at a glance Each fund below can stand in for QUAL, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **QUAL** | This fund | 0.15% | $15 | MSCI USA Sector Neutral Quality Index | | [USMV](https://tactfolio.com/etf/usmv.md) | Same kind of fund | 0.15% | $15 | MSCI USA Minimum Volatility Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | | [DGRW](https://tactfolio.com/etf/dgrw.md) | Related fund | 0.28% | $28 | WisdomTree U.S. Quality Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How QUAL and its alternatives did over the same dates Each row measures the alternative and QUAL on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with QUAL | Per year | QUAL per year | Worst drop | QUAL worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [USMV](https://tactfolio.com/etf/usmv.md) | 0.83 | 10.7% | 13.6% | −33.1% | −34.1% | July 2013 | | [SPYM](https://tactfolio.com/etf/spym.md) | 0.98 | 14.0% | 13.6% | −33.9% | −34.1% | July 2013 | | [IVV](https://tactfolio.com/etf/ivv.md) | 0.98 | 14.0% | 13.6% | −33.9% | −34.1% | July 2013 | | [VOO](https://tactfolio.com/etf/voo.md) | 0.98 | 14.0% | 13.6% | −34.0% | −34.1% | July 2013 | | [SPY](https://tactfolio.com/etf/spy.md) | 0.97 | 14.0% | 13.6% | −33.7% | −34.1% | July 2013 | | [DGRW](https://tactfolio.com/etf/dgrw.md) | 0.95 | 13.0% | 13.6% | −32.0% | −34.1% | July 2013 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.93 | 12.0% | 13.6% | −31.7% | −34.1% | July 2013 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.88 | 12.4% | 13.3% | −35.1% | −34.1% | June 2014 | 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. ## Each QUAL alternative, compared ### USMV: iShares MSCI USA Min Vol Factor ETF USMV also holds US stocks picked by rules for steady profits or smaller price swings. It tracks the MSCI USA Minimum Volatility Index, while QUAL tracks the MSCI USA Sector Neutral Quality Index. It charges 0.15% a year, about $15 on $10,000, against $15 for QUAL. It held 174 stocks, against 118 for QUAL. From July 2013 to October 2026, USMV returned about 10.7% a year and QUAL returned about 13.6% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [USMV fund page](https://tactfolio.com/etf/usmv.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while QUAL holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.02% a year, about $2 on $10,000, against $15 for QUAL. It held 505 stocks, against 118 for QUAL. From July 2013 to October 2026, SPYM returned about 14.0% a year and QUAL returned about 13.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while QUAL holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.03% a year, about $3 on $10,000, against $15 for QUAL. It held 505 stocks, against 118 for QUAL. From July 2013 to October 2026, IVV returned about 14.0% a year and QUAL returned about 13.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while QUAL holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.03% a year, about $3 on $10,000, against $15 for QUAL. It held 505 stocks, against 118 for QUAL. From July 2013 to October 2026, VOO returned about 14.0% a year and QUAL returned about 13.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while QUAL holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.0945% a year, about $9.45 on $10,000, against $15 for QUAL. It held 504 stocks, against 118 for QUAL. From July 2013 to October 2026, SPY returned about 14.0% a year and QUAL returned about 13.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### DGRW: WisdomTree U.S. Quality Dividend Growth Fund DGRW is a looser match. It holds US companies that have raised their dividends for many years in a row, while QUAL holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.28% a year, about $28 on $10,000, against $15 for QUAL. It held 199 stocks, against 118 for QUAL. From July 2013 to October 2026, DGRW returned about 13.0% a year and QUAL returned about 13.6% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [DGRW fund page](https://tactfolio.com/etf/dgrw.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while QUAL holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.04% a year, about $4 on $10,000, against $15 for QUAL. It held 333 stocks, against 118 for QUAL. From July 2013 to October 2026, VIG returned about 12.0% a year and QUAL returned about 13.6% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while QUAL holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.08% a year, about $8 on $10,000, against $15 for QUAL. It held 391 stocks, against 118 for QUAL. From June 2014 to October 2026, DGRO returned about 12.4% a year and QUAL returned about 13.3% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ## QUAL versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to QUAL from each other company on this page: - **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/spym.md), State Street SPDR Portfolio S&P 500 ETF (related fund, 0.02% a year) - **Vanguard:** [VOO](https://tactfolio.com/etf/voo.md), Vanguard S&P 500 ETF (related fund, 0.03% a year) - **WisdomTree:** [DGRW](https://tactfolio.com/etf/dgrw.md), WisdomTree U.S. Quality Dividend Growth Fund (related fund, 0.28% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between QUAL and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, QUAL costs about $15 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping QUAL to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as USMV, SPYM or IVV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test QUAL and its alternatives in a backtest 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 QUAL and USMV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as QUAL. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like QUAL over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with QUAL only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to QUAL? USMV is the closest. USMV also holds US stocks picked by rules for steady profits or smaller price swings. It tracks the MSCI USA Minimum Volatility Index, while QUAL tracks the MSCI USA Sector Neutral Quality Index. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to QUAL? Yes. SPYM charges 0.02% a year, IVV charges 0.03% a year and VOO charges 0.03% a year, against 0.15% for QUAL. On $10,000 that is about $2 a year instead of $15. ### Is QUAL or USMV better? Neither is better for everyone. From July 2013 to October 2026, QUAL returned about 13.6% a year and USMV returned about 10.7% a year. QUAL charges 0.15% a year and USMV charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in QUAL 10 years ago? It would have grown to about $39,070 by October 16, 2026, with dividends reinvested. That is about 14.6% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI USA Quality Factor ETF fund page](https://www.ishares.com/us/products/256101/ishares-msci-usa-quality-factor-etf) - [iShares (BlackRock): iShares MSCI USA Min Vol Factor ETF fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [WisdomTree: WisdomTree U.S. Quality Dividend Growth Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012361/dgrw926497k.htm) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # QVAL alternatives: 8 similar ETFs compared > ETFs similar to QVAL, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as QVAL. Updated daily. The ETFs most like QVAL are VBR, IJS and IWD. None of them holds exactly what QVAL holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for QVAL: 8 related funds. - QVAL charges 0.28% a year (about $28 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - VBR moved most like QVAL: a daily correlation of 0.90 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## QVAL alternatives at a glance Each fund below can stand in for QVAL, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **QVAL** | This fund | 0.28% | $28 | No index | | [VBR](https://tactfolio.com/etf/vbr.md) | Related fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [IWD](https://tactfolio.com/etf/iwd.md) | Related fund | 0.18% | $18 | Russell 1000 Value Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Related fund | 0.24% | $24 | Russell 2000 Value Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [IVE](https://tactfolio.com/etf/ive.md) | Related fund | 0.18% | $18 | S&P 500 Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Related fund | 0.04% | $4 | S&P 500 Value Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How QVAL and its alternatives did over the same dates Each row measures the alternative and QVAL on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with QVAL | Per year | QVAL per year | Worst drop | QVAL worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.90 | 9.8% | 9.7% | −45.3% | −51.5% | October 2014 | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.86 | 9.2% | 9.7% | −47.7% | −51.5% | October 2014 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.85 | 10.7% | 9.7% | −38.5% | −51.5% | October 2014 | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.85 | 8.9% | 9.7% | −46.1% | −51.5% | October 2014 | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.84 | 10.6% | 9.7% | −37.1% | −51.5% | October 2014 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.83 | 11.8% | 9.7% | −36.8% | −51.5% | October 2014 | | [IVE](https://tactfolio.com/etf/ive.md) | 0.83 | 10.9% | 9.7% | −37.0% | −51.5% | October 2014 | | [SPYV](https://tactfolio.com/etf/spyv.md) | 0.82 | 11.0% | 9.7% | −36.9% | −51.5% | October 2014 | 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. ## Each QVAL alternative, compared ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. It charges 0.05% a year, about $5 on $10,000, against $28 for QVAL. It held 820 stocks, against 50 for QVAL. From October 2014 to October 2026, VBR returned about 9.8% a year and QVAL returned about 9.7% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### IJS: iShares S&P Small-Cap 600 Value ETF IJS is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. It charges 0.18% a year, about $18 on $10,000, against $28 for QVAL. It held 480 stocks, against 50 for QVAL. From October 2014 to October 2026, IJS returned about 9.2% a year and QVAL returned about 9.7% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. It charges 0.18% a year, about $18 on $10,000, against $28 for QVAL. It held 870 stocks, against 50 for QVAL. From October 2014 to October 2026, IWD returned about 10.7% a year and QVAL returned about 9.7% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### IWN: iShares Russell 2000 Value ETF IWN is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. It charges 0.24% a year, about $24 on $10,000, against $28 for QVAL. It held 1,410 stocks, against 50 for QVAL. From October 2014 to October 2026, IWN returned about 8.9% a year and QVAL returned about 9.7% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. It charges 0.04% a year, about $4 on $10,000, against $28 for QVAL. It held 555 stocks, against 50 for QVAL. From October 2014 to October 2026, SCHV returned about 10.6% a year and QVAL returned about 9.7% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. It charges 0.03% a year, about $3 on $10,000, against $28 for QVAL. It held 298 stocks, against 50 for QVAL. From October 2014 to October 2026, VTV returned about 11.8% a year and QVAL returned about 9.7% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### IVE: iShares S&P 500 Value ETF IVE is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. It charges 0.18% a year, about $18 on $10,000, against $28 for QVAL. It held 436 stocks, against 50 for QVAL. From October 2014 to October 2026, IVE returned about 10.9% a year and QVAL returned about 9.7% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. It charges 0.04% a year, about $4 on $10,000, against $28 for QVAL. It held 435 stocks, against 50 for QVAL. From October 2014 to October 2026, SPYV returned about 11.0% a year and QVAL returned about 9.7% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ## QVAL versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to QVAL from each other company on this page: - **Vanguard:** [VBR](https://tactfolio.com/etf/vbr.md), Vanguard Morningstar Small-Cap Value ETF (related fund, 0.05% a year) - **iShares (BlackRock):** [IJS](https://tactfolio.com/etf/ijs.md), iShares S&P Small-Cap 600 Value ETF (related fund, 0.18% a year) - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (related fund, 0.04% a year) - **SPDR (State Street):** [SPYV](https://tactfolio.com/etf/spyv.md), State Street SPDR Portfolio S&P 500 Value ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between QVAL and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, QVAL costs about $28 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping QVAL to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VBR, IJS or IWD, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test QVAL and its alternatives in a backtest 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 QVAL and VBR, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as QVAL. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like QVAL over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with QVAL only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to QVAL? VBR is the closest. VBR is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while QVAL holds a small set of US stocks picked by rules for looking cheap. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to QVAL? Yes. VTV charges 0.03% a year, SCHV charges 0.04% a year and SPYV charges 0.04% a year, against 0.28% for QVAL. On $10,000 that is about $3 a year instead of $28. ### Is QVAL or VBR better? Neither is better for everyone. From October 2014 to October 2026, QVAL returned about 9.7% a year and VBR returned about 9.8% a year. QVAL charges 0.28% a year and VBR charges 0.05%. Past returns do not tell you what comes next. ### What if I had put $10,000 in QVAL 10 years ago? It would have grown to about $32,444 by October 16, 2026, with dividends reinvested. That is about 12.5% a year. Past returns do not tell you what comes next. ## Sources - [Alpha Architect: Alpha Architect U.S. Quantitative Value ETF fund page](https://funds.alphaarchitect.com/qval/) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # QYLD alternatives: 8 similar ETFs compared > ETFs similar to QYLD, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as QYLD. Updated daily. The ETFs most like QYLD are XYLD, JEPQ and QQQI. XYLD, JEPQ and QQQI hold stocks plus call options sold on them, which trade some of the gains for extra income, like QYLD. GPIX costs less: 0.29% a year against 0.6%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for QYLD: 7 of the same kind and 1 related fund. - QYLD charges 0.6% a year (about $60 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - XYLD moved most like QYLD: a daily correlation of 0.93 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## QYLD alternatives at a glance Each fund below can stand in for QYLD, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **QYLD** | This fund | 0.6% | $60 | Cboe NASDAQ-100 BuyWrite V2 Index | | [XYLD](https://tactfolio.com/etf/xyld.md) | Same kind of fund | 0.6% | $60 | Cboe S&P 500 BuyWrite Index | | [JEPQ](https://tactfolio.com/etf/jepq.md) | Same kind of fund | 0.35% | $35 | No index | | [QQQI](https://tactfolio.com/etf/qqqi.md) | Same kind of fund | 0.68% | $68 | No index | | [GPIX](https://tactfolio.com/etf/gpix.md) | Same kind of fund | 0.29% | $29 | No index | | [SPYI](https://tactfolio.com/etf/spyi.md) | Same kind of fund | 0.68% | $68 | No index | | [JEPI](https://tactfolio.com/etf/jepi.md) | Same kind of fund | 0.35% | $35 | No index | | [DIVO](https://tactfolio.com/etf/divo.md) | Same kind of fund | 0.56% | $56 | No index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How QYLD and its alternatives did over the same dates Each row measures the alternative and QYLD on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with QYLD | Per year | QYLD per year | Worst drop | QYLD worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XYLD](https://tactfolio.com/etf/xyld.md) | 0.93 | 7.9% | 8.5% | −33.5% | −24.8% | December 2013 | | [JEPQ](https://tactfolio.com/etf/jepq.md) | 0.92 | 15.3% | 10.4% | −20.1% | −19.9% | May 2022 | | [QQQI](https://tactfolio.com/etf/qqqi.md) | 0.92 | 18.2% | 14.2% | −20.0% | −19.1% | January 2024 | | [GPIX](https://tactfolio.com/etf/gpix.md) | 0.88 | 22.5% | 17.0% | −17.5% | −19.1% | October 2023 | | [SPYI](https://tactfolio.com/etf/spyi.md) | 0.88 | 14.7% | 14.6% | −16.5% | −19.1% | August 2022 | | [JEPI](https://tactfolio.com/etf/jepi.md) | 0.77 | 11.1% | 10.8% | −13.7% | −24.6% | May 2020 | | [DIVO](https://tactfolio.com/etf/divo.md) | 0.71 | 12.7% | 9.6% | −30.0% | −24.8% | December 2016 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.68 | 11.2% | 8.5% | −35.2% | −24.8% | December 2013 | 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. ## Each QYLD alternative, compared ### XYLD: Global X S&P 500 Covered Call ETF XYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe S&P 500 BuyWrite Index, while QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. It charges 0.6% a year, about $60 on $10,000, against $60 for QYLD. It held 505 stocks, against 102 for QYLD. From December 2013 to October 2026, XYLD returned about 7.9% a year and QYLD returned about 8.5% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [XYLD fund page](https://tactfolio.com/etf/xyld.md) for its returns by year and worst drop. ### JEPQ: JPMorgan Nasdaq Equity Premium Income ETF JEPQ also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. It charges 0.35% a year, about $35 on $10,000, against $60 for QYLD. It held 110 stocks, against 102 for QYLD. From May 2022 to October 2026, JEPQ returned about 15.3% a year and QYLD returned about 10.4% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [JEPQ fund page](https://tactfolio.com/etf/jepq.md) for its returns by year and worst drop. ### QQQI: NEOS Nasdaq-100 High Income ETF QQQI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. It charges 0.68% a year, about $68 on $10,000, against $60 for QYLD. From January 2024 to October 2026, QQQI returned about 18.2% a year and QYLD returned about 14.2% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [QQQI fund page](https://tactfolio.com/etf/qqqi.md) for its returns by year and worst drop. ### GPIX: Goldman Sachs S&P 500 Premium Income ETF GPIX also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. It charges 0.29% a year, about $29 on $10,000, against $60 for QYLD. It held 492 stocks, against 102 for QYLD. From October 2023 to October 2026, GPIX returned about 22.5% a year and QYLD returned about 17.0% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [GPIX fund page](https://tactfolio.com/etf/gpix.md) for its returns by year and worst drop. ### SPYI: NEOS S&P 500 High Income ETF SPYI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. It charges 0.68% a year, about $68 on $10,000, against $60 for QYLD. It held 510 stocks, against 102 for QYLD. From August 2022 to October 2026, SPYI returned about 14.7% a year and QYLD returned about 14.6% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SPYI fund page](https://tactfolio.com/etf/spyi.md) for its returns by year and worst drop. ### JEPI: JPMorgan Equity Premium Income ETF JEPI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. It charges 0.35% a year, about $35 on $10,000, against $60 for QYLD. It held 135 stocks, against 102 for QYLD. From May 2020 to October 2026, JEPI returned about 11.1% a year and QYLD returned about 10.8% a year. Over about the last five years they often moved together, but not always (correlation 0.77). Read the [JEPI fund page](https://tactfolio.com/etf/jepi.md) for its returns by year and worst drop. ### DIVO: Amplify CWP Enhanced Dividend Income ETF DIVO also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. It charges 0.56% a year, about $56 on $10,000, against $60 for QYLD. It held 30 stocks, against 102 for QYLD. From December 2016 to October 2026, DIVO returned about 12.7% a year and QYLD returned about 9.6% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [DIVO fund page](https://tactfolio.com/etf/divo.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while QYLD holds stocks plus call options sold on them, which trade some of the gains for extra income. It charges 0.04% a year, about $4 on $10,000, against $60 for QYLD. It held 593 stocks, against 102 for QYLD. From December 2013 to October 2026, VYM returned about 11.2% a year and QYLD returned about 8.5% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ## QYLD versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to QYLD from each other company on this page: - **J.P. Morgan Asset Management:** [JEPQ](https://tactfolio.com/etf/jepq.md), JPMorgan Nasdaq Equity Premium Income ETF (same kind of fund, 0.35% a year) - **NEOS:** [QQQI](https://tactfolio.com/etf/qqqi.md), NEOS Nasdaq-100 High Income ETF (same kind of fund, 0.68% a year) - **Goldman Sachs Asset Management:** [GPIX](https://tactfolio.com/etf/gpix.md), Goldman Sachs S&P 500 Premium Income ETF (same kind of fund, 0.29% a year) - **Amplify ETFs:** [DIVO](https://tactfolio.com/etf/divo.md), Amplify CWP Enhanced Dividend Income ETF (same kind of fund, 0.56% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between QYLD and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, QYLD costs about $60 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping QYLD to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XYLD, JEPQ or QQQI, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test QYLD and its alternatives in a backtest 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 QYLD and XYLD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as QYLD. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like QYLD over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with QYLD only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to QYLD? XYLD is the closest. XYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe S&P 500 BuyWrite Index, while QYLD tracks the Cboe NASDAQ-100 BuyWrite V2 Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to QYLD? Yes. VYM charges 0.04% a year, GPIX charges 0.29% a year and JEPQ charges 0.35% a year, against 0.6% for QYLD. On $10,000 that is about $4 a year instead of $60. ### Is QYLD or XYLD better? Neither is better for everyone. From December 2013 to October 2026, QYLD returned about 8.5% a year and XYLD returned about 7.9% a year. QYLD charges 0.6% a year and XYLD charges 0.6%. Past returns do not tell you what comes next. ### What if I had put $10,000 in QYLD 10 years ago? It would have grown to about $25,470 by October 16, 2026, with dividends reinvested. That is about 9.8% a year. Past returns do not tell you what comes next. ## Sources - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # RSP alternatives: 8 similar ETFs compared > ETFs similar to RSP, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as RSP. Updated daily. The ETFs most like RSP are VO, IWR and SCHM. None of them holds exactly what RSP holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for RSP: 8 related funds. - RSP charges 0.2% a year (about $20 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - VO moved most like RSP: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## RSP alternatives at a glance Each fund below can stand in for RSP, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **RSP** | This fund | 0.2% | $20 | S&P 500 Equal Weight Index | | [VO](https://tactfolio.com/etf/vo.md) | Related fund | 0.03% | $3 | Morningstar US Mid Cap Index | | [IWR](https://tactfolio.com/etf/iwr.md) | Related fund | 0.18% | $18 | Russell MidCap Index | | [SCHM](https://tactfolio.com/etf/schm.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Mid-Cap Total Stock Market Index | | [IJH](https://tactfolio.com/etf/ijh.md) | Related fund | 0.05% | $5 | S&P MidCap 400 Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How RSP and its alternatives did over the same dates Each row measures the alternative and RSP on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with RSP | Per year | RSP per year | Worst drop | RSP worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VO](https://tactfolio.com/etf/vo.md) | 0.98 | 10.2% | 10.0% | −58.9% | −59.9% | January 2004 | | [IWR](https://tactfolio.com/etf/iwr.md) | 0.98 | 11.3% | 11.2% | −58.8% | −59.9% | May 2003 | | [SCHM](https://tactfolio.com/etf/schm.md) | 0.95 | 10.9% | 11.8% | −42.4% | −39.0% | January 2011 | | [IJH](https://tactfolio.com/etf/ijh.md) | 0.95 | 10.9% | 11.2% | −55.1% | −59.9% | May 2003 | | [SPYM](https://tactfolio.com/etf/spym.md) | 0.91 | 11.2% | 10.0% | −54.5% | −59.9% | November 2005 | | [IVV](https://tactfolio.com/etf/ivv.md) | 0.91 | 11.5% | 11.2% | −55.3% | −59.9% | May 2003 | | [VOO](https://tactfolio.com/etf/voo.md) | 0.91 | 14.8% | 12.7% | −34.0% | −39.0% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 0.91 | 11.5% | 11.2% | −55.2% | −59.9% | May 2003 | 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. ## Each RSP alternative, compared ### VO: Vanguard Morningstar Mid-Cap ETF VO is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. It charges 0.03% a year, about $3 on $10,000, against $20 for RSP. From January 2004 to October 2026, VO returned about 10.2% a year and RSP returned about 10.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VO fund page](https://tactfolio.com/etf/vo.md) for its returns by year and worst drop. ### IWR: iShares Russell Mid-Cap ETF IWR is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. It charges 0.18% a year, about $18 on $10,000, against $20 for RSP. From May 2003 to October 2026, IWR returned about 11.3% a year and RSP returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWR fund page](https://tactfolio.com/etf/iwr.md) for its returns by year and worst drop. ### SCHM: Schwab U.S. Mid-Cap ETF SCHM is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. It charges 0.03% a year, about $3 on $10,000, against $20 for RSP. From January 2011 to October 2026, SCHM returned about 10.9% a year and RSP returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [SCHM fund page](https://tactfolio.com/etf/schm.md) for its returns by year and worst drop. ### IJH: iShares Core S&P Mid-Cap ETF IJH is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. It charges 0.05% a year, about $5 on $10,000, against $20 for RSP. From May 2003 to October 2026, IJH returned about 10.9% a year and RSP returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [IJH fund page](https://tactfolio.com/etf/ijh.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. It charges 0.02% a year, about $2 on $10,000, against $20 for RSP. From November 2005 to October 2026, SPYM returned about 11.2% a year and RSP returned about 10.0% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. It charges 0.03% a year, about $3 on $10,000, against $20 for RSP. From May 2003 to October 2026, IVV returned about 11.5% a year and RSP returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. It charges 0.03% a year, about $3 on $10,000, against $20 for RSP. From September 2010 to October 2026, VOO returned about 14.8% a year and RSP returned about 12.7% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. It charges 0.0945% a year, about $9.45 on $10,000, against $20 for RSP. From May 2003 to October 2026, SPY returned about 11.5% a year and RSP returned about 11.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ## RSP versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to RSP from each other company on this page: - **Vanguard:** [VO](https://tactfolio.com/etf/vo.md), Vanguard Morningstar Mid-Cap ETF (related fund, 0.03% a year) - **iShares (BlackRock):** [IWR](https://tactfolio.com/etf/iwr.md), iShares Russell Mid-Cap ETF (related fund, 0.18% a year) - **Schwab:** [SCHM](https://tactfolio.com/etf/schm.md), Schwab U.S. Mid-Cap ETF (related fund, 0.03% a year) - **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/spym.md), State Street SPDR Portfolio S&P 500 ETF (related fund, 0.02% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between RSP and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, RSP costs about $20 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping RSP to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VO, IWR or SCHM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test RSP and its alternatives in a backtest 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 RSP and VO, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as RSP. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like RSP over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with RSP only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to RSP? VO is the closest. VO is a looser match. It holds medium-sized US companies, while RSP holds the S&P 500 companies in equal amounts, so the biggest do not dominate. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to RSP? Yes. SPYM charges 0.02% a year, VO charges 0.03% a year and SCHM charges 0.03% a year, against 0.2% for RSP. On $10,000 that is about $2 a year instead of $20. ### Is RSP or VO better? Neither is better for everyone. From January 2004 to October 2026, RSP returned about 10.0% a year and VO returned about 10.2% a year. RSP charges 0.2% a year and VO charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in RSP 10 years ago? It would have grown to about $31,086 by October 16, 2026, with dividends reinvested. That is about 12.0% a year. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco S&P 500 Equal Weight ETF fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372163/d177078d497k.htm) - [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo) - [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf) - [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm) - [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHA alternatives: 8 similar ETFs compared > ETFs similar to SCHA, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHA. Updated daily. The ETFs most like SCHA are VB, IWM and IJR. VB, IWM and IJR hold small US companies, like SCHA. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHA: 3 of the same kind and 5 related funds. - SCHA charges 0.03% a year (about $3 on $10,000). - VB moved most like SCHA: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHA alternatives at a glance Each fund below can stand in for SCHA, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHA** | This fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [VB](https://tactfolio.com/etf/vb.md) | Same kind of fund | 0.03% | $3 | Morningstar US Small Cap Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Same kind of fund | 0.19% | $19 | Russell 2000 Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Same kind of fund | 0.06% | $6 | S&P SmallCap 600 Index | | [IJT](https://tactfolio.com/etf/ijt.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Growth Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Related fund | 0.24% | $24 | Russell 2000 Value Index | | [VBR](https://tactfolio.com/etf/vbr.md) | Related fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [AVUV](https://tactfolio.com/etf/avuv.md) | Related fund | 0.25% | $25 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHA and its alternatives did over the same dates Each row measures the alternative and SCHA on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHA | Per year | SCHA per year | Worst drop | SCHA worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VB](https://tactfolio.com/etf/vb.md) | 0.99 | 12.1% | 11.8% | −42.0% | −42.4% | November 2009 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.99 | 11.1% | 11.8% | −41.1% | −42.4% | November 2009 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.97 | 12.1% | 11.8% | −44.4% | −42.4% | November 2009 | | [IJT](https://tactfolio.com/etf/ijt.md) | 0.98 | 12.3% | 11.8% | −42.0% | −42.4% | November 2009 | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.96 | 10.5% | 11.8% | −46.1% | −42.4% | November 2009 | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.95 | 11.9% | 11.8% | −45.3% | −42.4% | November 2009 | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.94 | 11.5% | 11.8% | −47.7% | −42.4% | November 2009 | | [AVUV](https://tactfolio.com/etf/avuv.md) | 0.93 | 15.0% | 10.4% | −49.4% | −42.4% | September 2019 | 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. ## Each SCHA alternative, compared ### VB: Vanguard Morningstar Small-Cap ETF VB also holds small US companies. It tracks the Morningstar US Small Cap Index, while SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHA. It held 1,301 stocks, against 1,721 for SCHA. From November 2009 to October 2026, VB returned about 12.1% a year and SCHA returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM also holds small US companies. It tracks the Russell 2000 Index, while SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index. It charges 0.19% a year, about $19 on $10,000, against $3 for SCHA. It held 1,983 stocks, against 1,721 for SCHA. From November 2009 to October 2026, IWM returned about 11.1% a year and SCHA returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR also holds small US companies. It tracks the S&P SmallCap 600 Index, while SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index. It charges 0.06% a year, about $6 on $10,000, against $3 for SCHA. It held 643 stocks, against 1,721 for SCHA. From November 2009 to October 2026, IJR returned about 12.1% a year and SCHA returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### IJT: iShares S&P Small-Cap 600 Growth ETF IJT is a looser match. It holds small US companies whose sales and profits are growing fast, while SCHA holds small US companies. It charges 0.18% a year, about $18 on $10,000, against $3 for SCHA. It held 372 stocks, against 1,721 for SCHA. From November 2009 to October 2026, IJT returned about 12.3% a year and SCHA returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IJT fund page](https://tactfolio.com/etf/ijt.md) for its returns by year and worst drop. ### IWN: iShares Russell 2000 Value ETF IWN is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while SCHA holds small US companies. It charges 0.24% a year, about $24 on $10,000, against $3 for SCHA. It held 1,410 stocks, against 1,721 for SCHA. From November 2009 to October 2026, IWN returned about 10.5% a year and SCHA returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while SCHA holds small US companies. It charges 0.05% a year, about $5 on $10,000, against $3 for SCHA. It held 820 stocks, against 1,721 for SCHA. From November 2009 to October 2026, VBR returned about 11.9% a year and SCHA returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### IJS: iShares S&P Small-Cap 600 Value ETF IJS is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while SCHA holds small US companies. It charges 0.18% a year, about $18 on $10,000, against $3 for SCHA. It held 480 stocks, against 1,721 for SCHA. From November 2009 to October 2026, IJS returned about 11.5% a year and SCHA returned about 11.8% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### AVUV: Avantis U.S. Small Cap Value ETF AVUV is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while SCHA holds small US companies. It charges 0.25% a year, about $25 on $10,000, against $3 for SCHA. It held 794 stocks, against 1,721 for SCHA. From September 2019 to October 2026, AVUV returned about 15.0% a year and SCHA returned about 10.4% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [AVUV fund page](https://tactfolio.com/etf/avuv.md) for its returns by year and worst drop. ## SCHA versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHA from each other company on this page: - **Vanguard:** [VB](https://tactfolio.com/etf/vb.md), Vanguard Morningstar Small-Cap ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IWM](https://tactfolio.com/etf/iwm.md), iShares Russell 2000 ETF (same kind of fund, 0.19% a year) - **Avantis Investors (American Century):** [AVUV](https://tactfolio.com/etf/avuv.md), Avantis U.S. Small Cap Value ETF (related fund, 0.25% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHA and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHA costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHA to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VB, IWM or IJR, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHA and its alternatives in a backtest 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 SCHA and VB, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHA. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHA over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHA only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SCHA? VB is the closest. VB also holds small US companies. It tracks the Morningstar US Small Cap Index, while SCHA tracks the Dow Jones U.S. Small-Cap Total Stock Market Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHA? Not among the funds here. SCHA charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is SCHA or VB better? Neither is better for everyone. From November 2009 to October 2026, SCHA returned about 11.8% a year and VB returned about 12.1% a year. SCHA charges 0.03% a year and VB charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHA 10 years ago? It would have grown to about $26,269 by October 16, 2026, with dividends reinvested. That is about 10.1% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [iShares (BlackRock): iShares S&P Small-Cap 600 Growth ETF fund page](https://www.ishares.com/us/products/239773/ishares-s-p-small-cap-600-growth-etf) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHB alternatives: 8 similar ETFs compared > ETFs similar to SCHB, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHB. Updated daily. The ETFs most like SCHB are ITOT, VTI and SPYM. ITOT and VTI hold nearly every US stock, big and small, in one fund, like SCHB. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHB: 2 of the same kind and 6 related funds. - SCHB charges 0.03% a year (about $3 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - ITOT moved most like SCHB: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHB alternatives at a glance Each fund below can stand in for SCHB, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHB** | This fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Same kind of fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [VTI](https://tactfolio.com/etf/vti.md) | Same kind of fund | 0.03% | $3 | Morningstar US Total Market Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHB and its alternatives did over the same dates Each row measures the alternative and SCHB on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHB | Per year | SCHB per year | Worst drop | SCHB worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 14.2% | 14.2% | −35.0% | −35.3% | November 2009 | | [VTI](https://tactfolio.com/etf/vti.md) | 1.00 | 14.2% | 14.2% | −35.0% | −35.3% | November 2009 | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 14.6% | 14.2% | −33.9% | −35.3% | November 2009 | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 14.5% | 14.2% | −33.9% | −35.3% | November 2009 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.4% | −34.0% | −35.3% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 14.4% | 14.2% | −33.7% | −35.3% | November 2009 | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.2% | −34.3% | −35.3% | November 2009 | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 14.5% | 14.2% | −34.3% | −35.3% | November 2009 | 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. ## Each SCHB alternative, compared ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT also holds nearly every US stock, big and small, in one fund. It tracks the S&P Total Market Index (TMI), while SCHB tracks the Dow Jones U.S. Broad Stock Market Index. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHB. It held 2,446 stocks, against 2,409 for SCHB. From November 2009 to October 2026, ITOT returned about 14.2% a year and SCHB returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### VTI: Vanguard Morningstar Total Stock Market ETF VTI also holds nearly every US stock, big and small, in one fund. It tracks the Morningstar US Total Market Index, while SCHB tracks the Dow Jones U.S. Broad Stock Market Index. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHB. It held 3,519 stocks, against 2,409 for SCHB. From November 2009 to October 2026, VTI returned about 14.2% a year and SCHB returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VTI fund page](https://tactfolio.com/etf/vti.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while SCHB holds nearly every US stock, big and small, in one fund. It charges 0.02% a year, about $2 on $10,000, against $3 for SCHB. It held 505 stocks, against 2,409 for SCHB. From November 2009 to October 2026, SPYM returned about 14.6% a year and SCHB returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while SCHB holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHB. It held 505 stocks, against 2,409 for SCHB. From November 2009 to October 2026, IVV returned about 14.5% a year and SCHB returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while SCHB holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHB. It held 505 stocks, against 2,409 for SCHB. From September 2010 to October 2026, VOO returned about 14.8% a year and SCHB returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while SCHB holds nearly every US stock, big and small, in one fund. It charges 0.0945% a year, about $9.45 on $10,000, against $3 for SCHB. It held 504 stocks, against 2,409 for SCHB. From November 2009 to October 2026, SPY returned about 14.4% a year and SCHB returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### SCHX: Schwab U.S. Large-Cap ETF SCHX is a looser match. It holds the biggest US companies, weighted by size, while SCHB holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHB. It held 749 stocks, against 2,409 for SCHB. From November 2009 to October 2026, SCHX returned about 14.4% a year and SCHB returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV is a looser match. It holds the biggest US companies, weighted by size, while SCHB holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHB. It held 421 stocks, against 2,409 for SCHB. From November 2009 to October 2026, VV returned about 14.5% a year and SCHB returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ## SCHB versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHB from each other company on this page: - **iShares (BlackRock):** [ITOT](https://tactfolio.com/etf/itot.md), iShares Core S&P Total U.S. Stock Market ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VTI](https://tactfolio.com/etf/vti.md), Vanguard Morningstar Total Stock Market ETF (same kind of fund, 0.03% a year) - **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/spym.md), State Street SPDR Portfolio S&P 500 ETF (related fund, 0.02% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHB and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHB costs about $3 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHB to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ITOT, VTI or SPYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHB and its alternatives in a backtest 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 SCHB and ITOT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHB. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHB over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHB only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SCHB? ITOT is the closest. ITOT also holds nearly every US stock, big and small, in one fund. It tracks the S&P Total Market Index (TMI), while SCHB tracks the Dow Jones U.S. Broad Stock Market Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHB? Yes. SPYM charges 0.02% a year, against 0.03% for SCHB. On $10,000 that is about $2 a year instead of $3. ### Is SCHB or ITOT better? Neither is better for everyone. From November 2009 to October 2026, SCHB returned about 14.2% a year and ITOT returned about 14.2% a year. SCHB charges 0.03% a year and ITOT charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHB 10 years ago? It would have grown to about $40,105 by October 16, 2026, with dividends reinvested. That is about 14.9% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHD alternatives: 8 similar ETFs compared > ETFs similar to SCHD, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHD. Updated daily. The ETFs most like SCHD are VYM, SDY and SPYD. VYM, SDY and SPYD hold US companies that pay high or steady dividends, like SCHD. VYM costs less: 0.04% a year against 0.06%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHD: 6 of the same kind and 2 related funds. - SCHD charges 0.06% a year (about $6 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - DGRO moved most like SCHD: a daily correlation of 0.94 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHD alternatives at a glance Each fund below can stand in for SCHD, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHD** | This fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [VYM](https://tactfolio.com/etf/vym.md) | Same kind of fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SDY](https://tactfolio.com/etf/sdy.md) | Same kind of fund | 0.35% | $35 | S&P High Yield Dividend Aristocrats Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Same kind of fund | 0.07% | $7 | S&P 500 High Dividend Index | | [DVY](https://tactfolio.com/etf/dvy.md) | Same kind of fund | 0.38% | $38 | Dow Jones U.S. Select Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Same kind of fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Same kind of fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHD and its alternatives did over the same dates Each row measures the alternative and SCHD on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHD | Per year | SCHD per year | Worst drop | SCHD worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VYM](https://tactfolio.com/etf/vym.md) | 0.93 | 12.6% | 13.5% | −35.2% | −33.4% | October 2011 | | [SDY](https://tactfolio.com/etf/sdy.md) | 0.93 | 11.3% | 13.5% | −36.7% | −33.4% | October 2011 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.92 | 8.9% | 13.0% | −46.4% | −33.4% | October 2015 | | [DVY](https://tactfolio.com/etf/dvy.md) | 0.92 | 11.8% | 13.5% | −41.6% | −33.4% | October 2011 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.90 | 11.2% | 13.5% | −37.0% | −33.4% | October 2011 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.89 | 9.4% | 13.2% | −41.4% | −33.4% | October 2012 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.94 | 12.4% | 12.1% | −35.1% | −33.4% | June 2014 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.88 | 13.0% | 13.5% | −31.7% | −33.4% | October 2011 | 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. ## Each SCHD alternative, compared ### VYM: Vanguard High Dividend Yield ETF VYM also holds US companies that pay high or steady dividends. It tracks the FTSE High Dividend Yield Index, while SCHD tracks the Dow Jones U.S. Dividend 100 Index. It charges 0.04% a year, about $4 on $10,000, against $6 for SCHD. It held 593 stocks, against 98 for SCHD. From October 2011 to October 2026, VYM returned about 12.6% a year and SCHD returned about 13.5% a year. Over about the last five years they moved together on most days (correlation 0.93). Read [SCHD vs VYM](https://tactfolio.com/etf-comparisons/schd-vs-vym.md) for the full side-by-side, or the [VYM fund page](https://tactfolio.com/etf/vym.md). ### SDY: State Street SPDR S&P Dividend ETF SDY also holds US companies that pay high or steady dividends. It tracks the S&P High Yield Dividend Aristocrats Index, while SCHD tracks the Dow Jones U.S. Dividend 100 Index. It charges 0.35% a year, about $35 on $10,000, against $6 for SCHD. It held 155 stocks, against 98 for SCHD. From October 2011 to October 2026, SDY returned about 11.3% a year and SCHD returned about 13.5% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [SDY fund page](https://tactfolio.com/etf/sdy.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while SCHD tracks the Dow Jones U.S. Dividend 100 Index. It charges 0.07% a year, about $7 on $10,000, against $6 for SCHD. It held 78 stocks, against 98 for SCHD. From October 2015 to October 2026, SPYD returned about 8.9% a year and SCHD returned about 13.0% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### DVY: iShares Select Dividend ETF DVY also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Select Dividend Index, while SCHD tracks the Dow Jones U.S. Dividend 100 Index. It charges 0.38% a year, about $38 on $10,000, against $6 for SCHD. It held 98 stocks, against 98 for SCHD. From October 2011 to October 2026, DVY returned about 11.8% a year and SCHD returned about 13.5% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [DVY fund page](https://tactfolio.com/etf/dvy.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV also holds US companies that pay high or steady dividends. It tracks the Morningstar Dividend Yield Focus Index, while SCHD tracks the Dow Jones U.S. Dividend 100 Index. It charges 0.08% a year, about $8 on $10,000, against $6 for SCHD. It held 74 stocks, against 98 for SCHD. From October 2011 to October 2026, HDV returned about 11.2% a year and SCHD returned about 13.5% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD also holds US companies that pay high or steady dividends. It tracks the S&P 500 Low Volatility High Dividend Index, while SCHD tracks the Dow Jones U.S. Dividend 100 Index. It charges 0.3% a year, about $30 on $10,000, against $6 for SCHD. From October 2012 to October 2026, SPHD returned about 9.4% a year and SCHD returned about 13.2% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while SCHD holds US companies that pay high or steady dividends. It charges 0.08% a year, about $8 on $10,000, against $6 for SCHD. It held 391 stocks, against 98 for SCHD. From June 2014 to October 2026, DGRO returned about 12.4% a year and SCHD returned about 12.1% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while SCHD holds US companies that pay high or steady dividends. It charges 0.04% a year, about $4 on $10,000, against $6 for SCHD. It held 333 stocks, against 98 for SCHD. From October 2011 to October 2026, VIG returned about 13.0% a year and SCHD returned about 13.5% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ## SCHD versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHD from each other company on this page: - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (same kind of fund, 0.04% a year) - **SPDR (State Street):** [SDY](https://tactfolio.com/etf/sdy.md), State Street SPDR S&P Dividend ETF (same kind of fund, 0.35% a year) - **iShares (BlackRock):** [DVY](https://tactfolio.com/etf/dvy.md), iShares Select Dividend ETF (same kind of fund, 0.38% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (same kind of fund, 0.3% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHD and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHD costs about $6 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHD to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VYM, SDY or SPYD, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHD and its alternatives in a backtest 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 SCHD and VYM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHD. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHD over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHD only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [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. ## Common questions ### What ETF is most similar to SCHD? VYM is the closest. VYM also holds US companies that pay high or steady dividends. It tracks the FTSE High Dividend Yield Index, while SCHD tracks the Dow Jones U.S. Dividend 100 Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to SCHD? Yes. VYM charges 0.04% a year and VIG charges 0.04% a year, against 0.06% for SCHD. On $10,000 that is about $4 a year instead of $6. ### Is SCHD or VYM better? Neither is better for everyone. From October 2011 to October 2026, SCHD returned about 13.5% a year and VYM returned about 12.6% a year. SCHD charges 0.06% a year and VYM charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHD 10 years ago? It would have grown to about $34,704 by October 16, 2026, with dividends reinvested. That is about 13.3% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [SPDR (State Street): State Street SPDR S&P Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Select Dividend ETF fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHG alternatives: 8 similar ETFs compared > ETFs similar to SCHG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHG. Updated daily. The ETFs most like SCHG are VUG, MGK and VONG. VUG, MGK and VONG hold large US companies whose sales and profits are growing fast, like SCHG. VUG costs less: 0.03% a year against 0.04%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHG: 7 of the same kind and 1 related fund. - SCHG charges 0.04% a year (about $4 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - VUG moved most like SCHG: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHG alternatives at a glance Each fund below can stand in for SCHG, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHG** | This fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [VUG](https://tactfolio.com/etf/vug.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Same kind of fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Same kind of fund | 0.06% | $6 | Russell 1000 Growth Index | | [IWF](https://tactfolio.com/etf/iwf.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Growth Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Same kind of fund | 0.04% | $4 | S&P 500 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Same kind of fund | 0.07% | $7 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Same kind of fund | 0.18% | $18 | S&P 500 Growth Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHG and its alternatives did over the same dates Each row measures the alternative and SCHG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHG | Per year | SCHG per year | Worst drop | SCHG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VUG](https://tactfolio.com/etf/vug.md) | 0.99 | 15.7% | 16.1% | −35.6% | −34.6% | January 2010 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.99 | 16.2% | 16.1% | −36.0% | −34.6% | January 2010 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.99 | 16.4% | 16.8% | −32.7% | −34.6% | September 2010 | | [IWF](https://tactfolio.com/etf/iwf.md) | 0.99 | 15.7% | 16.1% | −32.7% | −34.6% | January 2010 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.98 | 15.8% | 16.1% | −32.7% | −34.6% | January 2010 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.98 | 16.6% | 17.1% | −32.7% | −34.6% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 0.98 | 15.7% | 16.1% | −32.7% | −34.6% | January 2010 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 15.5% | −35.0% | −34.6% | October 2020 | 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. ## Each SCHG alternative, compared ### VUG: Vanguard Morningstar Growth ETF VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It charges 0.03% a year, about $3 on $10,000, against $4 for SCHG. It held 135 stocks, against 195 for SCHG. From January 2010 to October 2026, VUG returned about 15.7% a year and SCHG returned about 16.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Mega Cap Growth Index, while SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It charges 0.05% a year, about $5 on $10,000, against $4 for SCHG. It held 52 stocks, against 195 for SCHG. From January 2010 to October 2026, MGK returned about 16.2% a year and SCHG returned about 16.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It charges 0.06% a year, about $6 on $10,000, against $4 for SCHG. It held 371 stocks, against 195 for SCHG. From September 2010 to October 2026, VONG returned about 16.4% a year and SCHG returned about 16.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### IWF: iShares Russell 1000 Growth ETF IWF also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It charges 0.18% a year, about $18 on $10,000, against $4 for SCHG. It held 372 stocks, against 195 for SCHG. From January 2010 to October 2026, IWF returned about 15.7% a year and SCHG returned about 16.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IWF fund page](https://tactfolio.com/etf/iwf.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It charges 0.04% a year, about $4 on $10,000, against $4 for SCHG. It held 152 stocks, against 195 for SCHG. From January 2010 to October 2026, SPYG returned about 15.8% a year and SCHG returned about 16.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It charges 0.07% a year, about $7 on $10,000, against $4 for SCHG. It held 152 stocks, against 195 for SCHG. From September 2010 to October 2026, VOOG returned about 16.6% a year and SCHG returned about 17.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It charges 0.18% a year, about $18 on $10,000, against $4 for SCHG. It held 152 stocks, against 195 for SCHG. From January 2010 to October 2026, IVW returned about 15.7% a year and SCHG returned about 16.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while SCHG holds large US companies whose sales and profits are growing fast. It charges 0.15% a year, about $15 on $10,000, against $4 for SCHG. From October 2020 to October 2026, QQQM returned about 16.5% a year and SCHG returned about 15.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ## SCHG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHG from each other company on this page: - **Vanguard:** [VUG](https://tactfolio.com/etf/vug.md), Vanguard Morningstar Growth ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IWF](https://tactfolio.com/etf/iwf.md), iShares Russell 1000 Growth ETF (same kind of fund, 0.18% a year) - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (same kind of fund, 0.04% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHG and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHG costs about $4 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VUG, MGK or VONG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHG and its alternatives in a backtest 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 SCHG and VUG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHG. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SCHG? VUG is the closest. VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while SCHG tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHG? Yes. VUG charges 0.03% a year, against 0.04% for SCHG. On $10,000 that is about $3 a year instead of $4. ### Is SCHG or VUG better? Neither is better for everyone. From January 2010 to October 2026, SCHG returned about 16.1% a year and VUG returned about 15.7% a year. SCHG charges 0.04% a year and VUG charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHG 10 years ago? It would have grown to about $55,247 by October 16, 2026, with dividends reinvested. That is about 18.6% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHM alternatives: 8 similar ETFs compared > ETFs similar to SCHM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHM. Updated daily. The ETFs most like SCHM are IJH, MDY and IWR. IJH, MDY and IWR hold medium-sized US companies, like SCHM. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHM: 4 of the same kind and 4 related funds. - SCHM charges 0.03% a year (about $3 on $10,000). - IJH moved most like SCHM: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHM alternatives at a glance Each fund below can stand in for SCHM, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHM** | This fund | 0.03% | $3 | Dow Jones U.S. Mid-Cap Total Stock Market Index | | [IJH](https://tactfolio.com/etf/ijh.md) | Same kind of fund | 0.05% | $5 | S&P MidCap 400 Index | | [MDY](https://tactfolio.com/etf/mdy.md) | Same kind of fund | 0.23% | $23 | S&P MidCap 400 Index | | [IWR](https://tactfolio.com/etf/iwr.md) | Same kind of fund | 0.18% | $18 | Russell MidCap Index | | [VO](https://tactfolio.com/etf/vo.md) | Same kind of fund | 0.03% | $3 | Morningstar US Mid Cap Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHM and its alternatives did over the same dates Each row measures the alternative and SCHM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHM | Per year | SCHM per year | Worst drop | SCHM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IJH](https://tactfolio.com/etf/ijh.md) | 0.99 | 10.7% | 10.9% | −42.2% | −42.4% | January 2011 | | [MDY](https://tactfolio.com/etf/mdy.md) | 0.99 | 10.4% | 10.9% | −42.2% | −42.4% | January 2011 | | [IWR](https://tactfolio.com/etf/iwr.md) | 0.98 | 11.2% | 10.9% | −40.6% | −42.4% | January 2011 | | [VO](https://tactfolio.com/etf/vo.md) | 0.97 | 11.2% | 10.9% | −39.4% | −42.4% | January 2011 | | [VB](https://tactfolio.com/etf/vb.md) | 0.99 | 10.5% | 10.9% | −42.0% | −42.4% | January 2011 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.98 | 10.1% | 10.9% | −42.4% | −42.4% | January 2011 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.96 | 9.5% | 10.9% | −41.1% | −42.4% | January 2011 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.95 | 10.6% | 10.9% | −44.4% | −42.4% | January 2011 | 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. ## Each SCHM alternative, compared ### IJH: iShares Core S&P Mid-Cap ETF IJH also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. It charges 0.05% a year, about $5 on $10,000, against $3 for SCHM. It held 408 stocks, against 497 for SCHM. From January 2011 to October 2026, IJH returned about 10.7% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IJH fund page](https://tactfolio.com/etf/ijh.md) for its returns by year and worst drop. ### MDY: State Street SPDR S&P MidCap 400 ETF Trust MDY also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. It charges 0.23% a year, about $23 on $10,000, against $3 for SCHM. It held 400 stocks, against 497 for SCHM. From January 2011 to October 2026, MDY returned about 10.4% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [MDY fund page](https://tactfolio.com/etf/mdy.md) for its returns by year and worst drop. ### IWR: iShares Russell Mid-Cap ETF IWR also holds medium-sized US companies. It tracks the Russell MidCap Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. It charges 0.18% a year, about $18 on $10,000, against $3 for SCHM. It held 822 stocks, against 497 for SCHM. From January 2011 to October 2026, IWR returned about 11.2% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWR fund page](https://tactfolio.com/etf/iwr.md) for its returns by year and worst drop. ### VO: Vanguard Morningstar Mid-Cap ETF VO also holds medium-sized US companies. It tracks the Morningstar US Mid Cap Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHM. It held 271 stocks, against 497 for SCHM. From January 2011 to October 2026, VO returned about 11.2% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VO fund page](https://tactfolio.com/etf/vo.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while SCHM holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHM. It held 1,301 stocks, against 497 for SCHM. From January 2011 to October 2026, VB returned about 10.5% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while SCHM holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHM. It held 1,721 stocks, against 497 for SCHM. From January 2011 to October 2026, SCHA returned about 10.1% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while SCHM holds medium-sized US companies. It charges 0.19% a year, about $19 on $10,000, against $3 for SCHM. It held 1,983 stocks, against 497 for SCHM. From January 2011 to October 2026, IWM returned about 9.5% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while SCHM holds medium-sized US companies. It charges 0.06% a year, about $6 on $10,000, against $3 for SCHM. It held 643 stocks, against 497 for SCHM. From January 2011 to October 2026, IJR returned about 10.6% a year and SCHM returned about 10.9% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ## SCHM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHM from each other company on this page: - **iShares (BlackRock):** [IJH](https://tactfolio.com/etf/ijh.md), iShares Core S&P Mid-Cap ETF (same kind of fund, 0.05% a year) - **SPDR (State Street):** [MDY](https://tactfolio.com/etf/mdy.md), State Street SPDR S&P MidCap 400 ETF Trust (same kind of fund, 0.23% a year) - **Vanguard:** [VO](https://tactfolio.com/etf/vo.md), Vanguard Morningstar Mid-Cap ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHM costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IJH, MDY or IWR, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHM and its alternatives in a backtest 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 SCHM and IJH, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SCHM? IJH is the closest. IJH also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while SCHM tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHM? Not among the funds here. SCHM charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is SCHM or IJH better? Neither is better for everyone. From January 2011 to October 2026, SCHM returned about 10.9% a year and IJH returned about 10.7% a year. SCHM charges 0.03% a year and IJH charges 0.05%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHM 10 years ago? It would have grown to about $28,038 by October 16, 2026, with dividends reinvested. That is about 10.9% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm) - [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) - [SPDR (State Street): State Street SPDR S&P MidCap 400 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy) - [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf) - [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHV alternatives: 8 similar ETFs compared > ETFs similar to SCHV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHV. Updated daily. The ETFs most like SCHV are VTV, IWD and SPYV. VTV, IWD and SPYV hold large US companies that look cheap compared with their earnings and assets, like SCHV. VTV costs less: 0.03% a year against 0.04%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHV: 4 of the same kind and 4 related funds. - SCHV charges 0.04% a year (about $4 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - VTV moved most like SCHV: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHV alternatives at a glance Each fund below can stand in for SCHV, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHV** | This fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [IWD](https://tactfolio.com/etf/iwd.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Same kind of fund | 0.04% | $4 | S&P 500 Value Index | | [IVE](https://tactfolio.com/etf/ive.md) | Same kind of fund | 0.18% | $18 | S&P 500 Value Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHV and its alternatives did over the same dates Each row measures the alternative and SCHV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHV | Per year | SCHV per year | Worst drop | SCHV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.98 | 12.4% | 11.5% | −36.8% | −37.1% | December 2009 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.98 | 11.7% | 11.5% | −38.5% | −37.1% | December 2009 | | [SPYV](https://tactfolio.com/etf/spyv.md) | 0.96 | 11.8% | 11.5% | −36.9% | −37.1% | December 2009 | | [IVE](https://tactfolio.com/etf/ive.md) | 0.96 | 11.7% | 11.5% | −37.0% | −37.1% | December 2009 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.97 | 12.3% | 11.5% | −35.2% | −37.1% | December 2009 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.91 | 13.5% | 12.0% | −33.4% | −37.1% | October 2011 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.87 | 8.9% | 11.1% | −46.4% | −37.1% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.80 | 11.0% | 11.0% | −37.0% | −37.1% | March 2011 | 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. ## Each SCHV alternative, compared ### VTV: Vanguard Morningstar Value ETF VTV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Large Cap Value Index, while SCHV tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index. It charges 0.03% a year, about $3 on $10,000, against $4 for SCHV. It held 298 stocks, against 555 for SCHV. From December 2009 to October 2026, VTV returned about 12.4% a year and SCHV returned about 11.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD also holds large US companies that look cheap compared with their earnings and assets. It tracks the Russell 1000 Value Index, while SCHV tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index. It charges 0.18% a year, about $18 on $10,000, against $4 for SCHV. It held 870 stocks, against 555 for SCHV. From December 2009 to October 2026, IWD returned about 11.7% a year and SCHV returned about 11.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV also holds large US companies that look cheap compared with their earnings and assets. It tracks the S&P 500 Value Index, while SCHV tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index. It charges 0.04% a year, about $4 on $10,000, against $4 for SCHV. It held 435 stocks, against 555 for SCHV. From December 2009 to October 2026, SPYV returned about 11.8% a year and SCHV returned about 11.5% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ### IVE: iShares S&P 500 Value ETF IVE also holds large US companies that look cheap compared with their earnings and assets. It tracks the S&P 500 Value Index, while SCHV tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index. It charges 0.18% a year, about $18 on $10,000, against $4 for SCHV. It held 436 stocks, against 555 for SCHV. From December 2009 to October 2026, IVE returned about 11.7% a year and SCHV returned about 11.5% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while SCHV holds large US companies that look cheap compared with their earnings and assets. It charges 0.04% a year, about $4 on $10,000, against $4 for SCHV. It held 593 stocks, against 555 for SCHV. From December 2009 to October 2026, VYM returned about 12.3% a year and SCHV returned about 11.5% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while SCHV holds large US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $4 for SCHV. It held 98 stocks, against 555 for SCHV. From October 2011 to October 2026, SCHD returned about 13.5% a year and SCHV returned about 12.0% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while SCHV holds large US companies that look cheap compared with their earnings and assets. It charges 0.07% a year, about $7 on $10,000, against $4 for SCHV. It held 78 stocks, against 555 for SCHV. From October 2015 to October 2026, SPYD returned about 8.9% a year and SCHV returned about 11.1% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while SCHV holds large US companies that look cheap compared with their earnings and assets. It charges 0.08% a year, about $8 on $10,000, against $4 for SCHV. It held 74 stocks, against 555 for SCHV. From March 2011 to October 2026, HDV returned about 11.0% a year and SCHV returned about 11.0% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ## SCHV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHV from each other company on this page: - **Vanguard:** [VTV](https://tactfolio.com/etf/vtv.md), Vanguard Morningstar Value ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IWD](https://tactfolio.com/etf/iwd.md), iShares Russell 1000 Value ETF (same kind of fund, 0.18% a year) - **SPDR (State Street):** [SPYV](https://tactfolio.com/etf/spyv.md), State Street SPDR Portfolio S&P 500 Value ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHV costs about $4 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VTV, IWD or SPYV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHV and its alternatives in a backtest 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 SCHV and VTV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SCHV? VTV is the closest. VTV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Large Cap Value Index, while SCHV tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHV? Yes. VTV charges 0.03% a year, against 0.04% for SCHV. On $10,000 that is about $3 a year instead of $4. ### Is SCHV or VTV better? Neither is better for everyone. From December 2009 to October 2026, SCHV returned about 11.5% a year and VTV returned about 12.4% a year. SCHV charges 0.04% a year and VTV charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHV 10 years ago? It would have grown to about $29,540 by October 16, 2026, with dividends reinvested. That is about 11.4% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHX alternatives: 8 similar ETFs compared > ETFs similar to SCHX, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHX. Updated daily. The ETFs most like SCHX are VV, IWB and DIA. VV, IWB and DIA hold the biggest US companies, weighted by size, like SCHX. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHX: 3 of the same kind and 5 related funds. - SCHX charges 0.03% a year (about $3 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - VV moved most like SCHX: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHX alternatives at a glance Each fund below can stand in for SCHX, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHX** | This fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Index | | [IWB](https://tactfolio.com/etf/iwb.md) | Same kind of fund | 0.15% | $15 | Russell 1000 Index | | [DIA](https://tactfolio.com/etf/dia.md) | Same kind of fund | 0.16% | $16 | Dow Jones Industrial Average | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHX and its alternatives did over the same dates Each row measures the alternative and SCHX on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHX | Per year | SCHX per year | Worst drop | SCHX worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 14.5% | 14.4% | −34.3% | −34.3% | November 2009 | | [IWB](https://tactfolio.com/etf/iwb.md) | 1.00 | 14.3% | 14.4% | −34.6% | −34.3% | November 2009 | | [DIA](https://tactfolio.com/etf/dia.md) | 0.91 | 12.7% | 14.4% | −36.7% | −34.3% | November 2009 | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 14.6% | 14.4% | −33.9% | −34.3% | November 2009 | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 14.5% | 14.4% | −33.9% | −34.3% | November 2009 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.6% | −34.0% | −34.3% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 14.4% | 14.4% | −33.7% | −34.3% | November 2009 | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 14.2% | 14.4% | −35.0% | −34.3% | November 2009 | 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. ## Each SCHX alternative, compared ### VV: Vanguard Morningstar Large-Cap ETF VV also holds the biggest US companies, weighted by size. It tracks the Morningstar US Large Cap Index, while SCHX tracks the Dow Jones U.S. Large-Cap Total Stock Market Index. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHX. It held 421 stocks, against 749 for SCHX. From November 2009 to October 2026, VV returned about 14.5% a year and SCHX returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ### IWB: iShares Russell 1000 ETF IWB also holds the biggest US companies, weighted by size. It tracks the Russell 1000 Index, while SCHX tracks the Dow Jones U.S. Large-Cap Total Stock Market Index. It charges 0.15% a year, about $15 on $10,000, against $3 for SCHX. It held 1,023 stocks, against 749 for SCHX. From November 2009 to October 2026, IWB returned about 14.3% a year and SCHX returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IWB fund page](https://tactfolio.com/etf/iwb.md) for its returns by year and worst drop. ### DIA: State Street SPDR Dow Jones Industrial Average ETF Trust DIA also holds the biggest US companies, weighted by size. It tracks the Dow Jones Industrial Average, while SCHX tracks the Dow Jones U.S. Large-Cap Total Stock Market Index. It charges 0.16% a year, about $16 on $10,000, against $3 for SCHX. It held 30 stocks, against 749 for SCHX. From November 2009 to October 2026, DIA returned about 12.7% a year and SCHX returned about 14.4% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [DIA fund page](https://tactfolio.com/etf/dia.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while SCHX holds the biggest US companies, weighted by size. It charges 0.02% a year, about $2 on $10,000, against $3 for SCHX. It held 505 stocks, against 749 for SCHX. From November 2009 to October 2026, SPYM returned about 14.6% a year and SCHX returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while SCHX holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHX. It held 505 stocks, against 749 for SCHX. From November 2009 to October 2026, IVV returned about 14.5% a year and SCHX returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while SCHX holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHX. It held 505 stocks, against 749 for SCHX. From September 2010 to October 2026, VOO returned about 14.8% a year and SCHX returned about 14.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while SCHX holds the biggest US companies, weighted by size. It charges 0.0945% a year, about $9.45 on $10,000, against $3 for SCHX. It held 504 stocks, against 749 for SCHX. From November 2009 to October 2026, SPY returned about 14.4% a year and SCHX returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while SCHX holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHX. It held 2,446 stocks, against 749 for SCHX. From November 2009 to October 2026, ITOT returned about 14.2% a year and SCHX returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ## SCHX versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHX from each other company on this page: - **Vanguard:** [VV](https://tactfolio.com/etf/vv.md), Vanguard Morningstar Large-Cap ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IWB](https://tactfolio.com/etf/iwb.md), iShares Russell 1000 ETF (same kind of fund, 0.15% a year) - **SPDR (State Street):** [DIA](https://tactfolio.com/etf/dia.md), State Street SPDR Dow Jones Industrial Average ETF Trust (same kind of fund, 0.16% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHX and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHX costs about $3 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHX to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VV, IWB or DIA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHX and its alternatives in a backtest 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 SCHX and VV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHX. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHX over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHX only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SCHX? VV is the closest. VV also holds the biggest US companies, weighted by size. It tracks the Morningstar US Large Cap Index, while SCHX tracks the Dow Jones U.S. Large-Cap Total Stock Market Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHX? Yes. SPYM charges 0.02% a year, against 0.03% for SCHX. On $10,000 that is about $2 a year instead of $3. ### Is SCHX or VV better? Neither is better for everyone. From November 2009 to October 2026, SCHX returned about 14.4% a year and VV returned about 14.5% a year. SCHX charges 0.03% a year and VV charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHX 10 years ago? It would have grown to about $41,632 by October 16, 2026, with dividends reinvested. That is about 15.3% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [iShares (BlackRock): iShares Russell 1000 ETF fund page](https://www.ishares.com/us/products/239707/ishares-russell-1000-etf) - [SPDR (State Street): State Street SPDR Dow Jones Industrial Average ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-industrial-average-etf-trust-dia) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SDY alternatives: 8 similar ETFs compared > ETFs similar to SDY, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SDY. Updated daily. The ETFs most like SDY are SPYD, DVY and SCHD. SPYD, DVY and SCHD hold US companies that pay high or steady dividends, like SDY. VYM costs less: 0.04% a year against 0.35%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SDY: 6 of the same kind and 2 related funds. - SDY charges 0.35% a year (about $35 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - SPYD moved most like SDY: a daily correlation of 0.94 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SDY alternatives at a glance Each fund below can stand in for SDY, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SDY** | This fund | 0.35% | $35 | S&P High Yield Dividend Aristocrats Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Same kind of fund | 0.07% | $7 | S&P 500 High Dividend Index | | [DVY](https://tactfolio.com/etf/dvy.md) | Same kind of fund | 0.38% | $38 | Dow Jones U.S. Select Dividend Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Same kind of fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Same kind of fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | | [VYM](https://tactfolio.com/etf/vym.md) | Same kind of fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Same kind of fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SDY and its alternatives did over the same dates Each row measures the alternative and SDY on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SDY | Per year | SDY per year | Worst drop | SDY worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.94 | 8.9% | 10.0% | −46.4% | −36.7% | October 2015 | | [DVY](https://tactfolio.com/etf/dvy.md) | 0.94 | 8.5% | 8.9% | −62.6% | −54.8% | November 2005 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.93 | 13.5% | 11.3% | −33.4% | −36.7% | October 2011 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.92 | 9.4% | 11.0% | −41.4% | −36.7% | October 2012 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.90 | 9.3% | 8.5% | −57.0% | −54.8% | November 2006 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.87 | 11.0% | 10.6% | −37.0% | −36.7% | March 2011 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.92 | 12.4% | 9.6% | −35.1% | −36.7% | June 2014 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.87 | 10.2% | 8.8% | −46.8% | −54.8% | May 2006 | 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. ## Each SDY alternative, compared ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while SDY tracks the S&P High Yield Dividend Aristocrats Index. It charges 0.07% a year, about $7 on $10,000, against $35 for SDY. It held 78 stocks, against 155 for SDY. From October 2015 to October 2026, SPYD returned about 8.9% a year and SDY returned about 10.0% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### DVY: iShares Select Dividend ETF DVY also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Select Dividend Index, while SDY tracks the S&P High Yield Dividend Aristocrats Index. It charges 0.38% a year, about $38 on $10,000, against $35 for SDY. It held 98 stocks, against 155 for SDY. From November 2005 to October 2026, DVY returned about 8.5% a year and SDY returned about 8.9% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [DVY fund page](https://tactfolio.com/etf/dvy.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Dividend 100 Index, while SDY tracks the S&P High Yield Dividend Aristocrats Index. It charges 0.06% a year, about $6 on $10,000, against $35 for SDY. It held 98 stocks, against 155 for SDY. From October 2011 to October 2026, SCHD returned about 13.5% a year and SDY returned about 11.3% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD also holds US companies that pay high or steady dividends. It tracks the S&P 500 Low Volatility High Dividend Index, while SDY tracks the S&P High Yield Dividend Aristocrats Index. It charges 0.3% a year, about $30 on $10,000, against $35 for SDY. From October 2012 to October 2026, SPHD returned about 9.4% a year and SDY returned about 11.0% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM also holds US companies that pay high or steady dividends. It tracks the FTSE High Dividend Yield Index, while SDY tracks the S&P High Yield Dividend Aristocrats Index. It charges 0.04% a year, about $4 on $10,000, against $35 for SDY. It held 593 stocks, against 155 for SDY. From November 2006 to October 2026, VYM returned about 9.3% a year and SDY returned about 8.5% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV also holds US companies that pay high or steady dividends. It tracks the Morningstar Dividend Yield Focus Index, while SDY tracks the S&P High Yield Dividend Aristocrats Index. It charges 0.08% a year, about $8 on $10,000, against $35 for SDY. It held 74 stocks, against 155 for SDY. From March 2011 to October 2026, HDV returned about 11.0% a year and SDY returned about 10.6% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while SDY holds US companies that pay high or steady dividends. It charges 0.08% a year, about $8 on $10,000, against $35 for SDY. It held 391 stocks, against 155 for SDY. From June 2014 to October 2026, DGRO returned about 12.4% a year and SDY returned about 9.6% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while SDY holds US companies that pay high or steady dividends. It charges 0.04% a year, about $4 on $10,000, against $35 for SDY. It held 333 stocks, against 155 for SDY. From May 2006 to October 2026, VIG returned about 10.2% a year and SDY returned about 8.8% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ## SDY versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SDY from each other company on this page: - **iShares (BlackRock):** [DVY](https://tactfolio.com/etf/dvy.md), iShares Select Dividend ETF (same kind of fund, 0.38% a year) - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (same kind of fund, 0.06% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (same kind of fund, 0.3% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SDY and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SDY costs about $35 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SDY to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SPYD, DVY or SCHD, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SDY and its alternatives in a backtest 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 SDY and SPYD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SDY. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SDY over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SDY only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SDY? SPYD is the closest. SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while SDY tracks the S&P High Yield Dividend Aristocrats Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to SDY? Yes. VYM charges 0.04% a year, VIG charges 0.04% a year and SCHD charges 0.06% a year, against 0.35% for SDY. On $10,000 that is about $4 a year instead of $35. ### Is SDY or SPYD better? Neither is better for everyone. From October 2015 to October 2026, SDY returned about 10.0% a year and SPYD returned about 8.9% a year. SDY charges 0.35% a year and SPYD charges 0.07%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SDY 10 years ago? It would have grown to about $25,331 by October 16, 2026, with dividends reinvested. That is about 9.7% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR S&P Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Select Dividend ETF fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SMH alternatives: 8 similar ETFs compared > ETFs similar to SMH, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SMH. Updated daily. The ETFs most like SMH are SOXX, XLK and FTEC. SOXX holds companies that design and make computer chips, like SMH. SOXX costs less: 0.33% a year against 0.35%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SMH: 1 of the same kind and 7 related funds. - SMH charges 0.35% a year (about $35 on $10,000). The cheapest alternative here, XLK, charges 0.08%. - SOXX moved most like SMH: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SMH alternatives at a glance Each fund below can stand in for SMH, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SMH** | This fund | 0.35% | $35 | MVIS US Listed Semiconductor 25 Index | | [SOXX](https://tactfolio.com/etf/soxx.md) | Same kind of fund | 0.33% | $33 | NYSE Semiconductor Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SMH and its alternatives did over the same dates Each row measures the alternative and SMH on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SMH | Per year | SMH per year | Worst drop | SMH worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SOXX](https://tactfolio.com/etf/soxx.md) | 0.99 | 13.6% | 14.1% | −70.2% | −71.1% | July 2001 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.92 | 8.8% | 10.2% | −79.8% | −85.9% | June 2000 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.92 | 21.7% | 30.3% | −34.9% | −45.3% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.92 | 14.8% | 16.2% | −54.6% | −65.8% | January 2004 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.91 | 8.8% | 10.2% | −81.9% | −85.9% | June 2000 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.89 | 16.5% | 34.4% | −35.0% | −45.3% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.89 | 8.7% | 10.2% | −80.5% | −85.9% | June 2000 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.87 | 13.2% | 16.9% | −55.1% | −67.9% | October 2003 | 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. ## Each SMH alternative, compared ### SOXX: iShares Semiconductor ETF SOXX also holds companies that design and make computer chips. It tracks the NYSE Semiconductor Index, while SMH tracks the MVIS US Listed Semiconductor 25 Index. It charges 0.33% a year, about $33 on $10,000, against $35 for SMH. It held 30 stocks, against 26 for SMH. From July 2001 to October 2026, SOXX returned about 13.6% a year and SMH returned about 14.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SOXX fund page](https://tactfolio.com/etf/soxx.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while SMH holds companies that design and make computer chips. It charges 0.08% a year, about $8 on $10,000, against $35 for SMH. It held 75 stocks, against 26 for SMH. From June 2000 to October 2026, XLK returned about 8.8% a year and SMH returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while SMH holds companies that design and make computer chips. It charges 0.084% a year, about $8.40 on $10,000, against $35 for SMH. It held 282 stocks, against 26 for SMH. From October 2013 to October 2026, FTEC returned about 21.7% a year and SMH returned about 30.3% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while SMH holds companies that design and make computer chips. It charges 0.09% a year, about $9 on $10,000, against $35 for SMH. It held 318 stocks, against 26 for SMH. From January 2004 to October 2026, VGT returned about 14.8% a year and SMH returned about 16.2% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while SMH holds companies that design and make computer chips. It charges 0.37% a year, about $37 on $10,000, against $35 for SMH. It held 148 stocks, against 26 for SMH. From June 2000 to October 2026, IYW returned about 8.8% a year and SMH returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while SMH holds companies that design and make computer chips. It charges 0.15% a year, about $15 on $10,000, against $35 for SMH. From October 2020 to October 2026, QQQM returned about 16.5% a year and SMH returned about 34.4% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while SMH holds companies that design and make computer chips. It charges 0.18% a year, about $18 on $10,000, against $35 for SMH. From June 2000 to October 2026, QQQ returned about 8.7% a year and SMH returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while SMH holds companies that design and make computer chips. It charges 0.21% a year, about $21 on $10,000, against $35 for SMH. It held 1,032 stocks, against 26 for SMH. From October 2003 to October 2026, ONEQ returned about 13.2% a year and SMH returned about 16.9% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ## SMH versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SMH from each other company on this page: - **iShares (BlackRock):** [SOXX](https://tactfolio.com/etf/soxx.md), iShares Semiconductor ETF (same kind of fund, 0.33% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (related fund, 0.08% a year) - **Fidelity:** [FTEC](https://tactfolio.com/etf/ftec.md), Fidelity MSCI Information Technology Index ETF (related fund, 0.084% a year) - **Vanguard:** [VGT](https://tactfolio.com/etf/vgt.md), Vanguard Information Technology ETF (related fund, 0.09% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SMH and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SMH costs about $35 a year. XLK costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SMH to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SOXX, XLK or FTEC, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SMH and its alternatives in a backtest 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 SMH and SOXX, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SMH. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SMH over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SMH only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SMH? SOXX is the closest. SOXX also holds companies that design and make computer chips. It tracks the NYSE Semiconductor Index, while SMH tracks the MVIS US Listed Semiconductor 25 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SMH? Yes. XLK charges 0.08% a year, FTEC charges 0.084% a year and VGT charges 0.09% a year, against 0.35% for SMH. On $10,000 that is about $8 a year instead of $35. ### Is SMH or SOXX better? Neither is better for everyone. From July 2001 to October 2026, SMH returned about 14.1% a year and SOXX returned about 13.6% a year. SMH charges 0.35% a year and SOXX charges 0.33%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SMH 10 years ago? It would have grown to about $175,282 by October 16, 2026, with dividends reinvested. That is about 33.2% a year. Past returns do not tell you what comes next. ## Sources - [VanEck: VanEck Semiconductor ETF fund page](https://www.vaneck.com/us/en/investments/semiconductor-etf-smh/overview/) - [iShares (BlackRock): iShares Semiconductor ETF fund page](https://www.ishares.com/us/products/239705/ishares-semiconductor-etf) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SOXX alternatives: 8 similar ETFs compared > ETFs similar to SOXX, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SOXX. Updated daily. The ETFs most like SOXX are SMH, XLK and FTEC. SMH holds companies that design and make computer chips, like SOXX. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SOXX: 1 of the same kind and 7 related funds. - SOXX charges 0.33% a year (about $33 on $10,000). The cheapest alternative here, XLK, charges 0.08%. - SMH moved most like SOXX: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SOXX alternatives at a glance Each fund below can stand in for SOXX, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SOXX** | This fund | 0.33% | $33 | NYSE Semiconductor Index | | [SMH](https://tactfolio.com/etf/smh.md) | Same kind of fund | 0.35% | $35 | MVIS US Listed Semiconductor 25 Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SOXX and its alternatives did over the same dates Each row measures the alternative and SOXX on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SOXX | Per year | SOXX per year | Worst drop | SOXX worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SMH](https://tactfolio.com/etf/smh.md) | 0.99 | 14.1% | 13.6% | −71.1% | −70.2% | July 2001 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.91 | 12.1% | 13.6% | −57.6% | −70.2% | July 2001 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.90 | 21.7% | 28.3% | −34.9% | −45.8% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.90 | 14.8% | 15.8% | −54.6% | −66.8% | January 2004 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.89 | 12.6% | 13.6% | −58.3% | −70.2% | July 2001 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.88 | 16.5% | 29.4% | −35.0% | −45.8% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.88 | 12.5% | 13.6% | −54.3% | −70.2% | July 2001 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.85 | 13.2% | 16.5% | −55.1% | −66.8% | October 2003 | 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. ## Each SOXX alternative, compared ### SMH: VanEck Semiconductor ETF SMH also holds companies that design and make computer chips. It tracks the MVIS US Listed Semiconductor 25 Index, while SOXX tracks the NYSE Semiconductor Index. It charges 0.35% a year, about $35 on $10,000, against $33 for SOXX. It held 26 stocks, against 30 for SOXX. From July 2001 to October 2026, SMH returned about 14.1% a year and SOXX returned about 13.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SMH fund page](https://tactfolio.com/etf/smh.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while SOXX holds companies that design and make computer chips. It charges 0.08% a year, about $8 on $10,000, against $33 for SOXX. It held 75 stocks, against 30 for SOXX. From July 2001 to October 2026, XLK returned about 12.1% a year and SOXX returned about 13.6% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while SOXX holds companies that design and make computer chips. It charges 0.084% a year, about $8.40 on $10,000, against $33 for SOXX. It held 282 stocks, against 30 for SOXX. From October 2013 to October 2026, FTEC returned about 21.7% a year and SOXX returned about 28.3% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while SOXX holds companies that design and make computer chips. It charges 0.09% a year, about $9 on $10,000, against $33 for SOXX. It held 318 stocks, against 30 for SOXX. From January 2004 to October 2026, VGT returned about 14.8% a year and SOXX returned about 15.8% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while SOXX holds companies that design and make computer chips. It charges 0.37% a year, about $37 on $10,000, against $33 for SOXX. It held 148 stocks, against 30 for SOXX. From July 2001 to October 2026, IYW returned about 12.6% a year and SOXX returned about 13.6% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while SOXX holds companies that design and make computer chips. It charges 0.15% a year, about $15 on $10,000, against $33 for SOXX. From October 2020 to October 2026, QQQM returned about 16.5% a year and SOXX returned about 29.4% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while SOXX holds companies that design and make computer chips. It charges 0.18% a year, about $18 on $10,000, against $33 for SOXX. From July 2001 to October 2026, QQQ returned about 12.5% a year and SOXX returned about 13.6% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while SOXX holds companies that design and make computer chips. It charges 0.21% a year, about $21 on $10,000, against $33 for SOXX. It held 1,032 stocks, against 30 for SOXX. From October 2003 to October 2026, ONEQ returned about 13.2% a year and SOXX returned about 16.5% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ## SOXX versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SOXX from each other company on this page: - **VanEck:** [SMH](https://tactfolio.com/etf/smh.md), VanEck Semiconductor ETF (same kind of fund, 0.35% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (related fund, 0.08% a year) - **Fidelity:** [FTEC](https://tactfolio.com/etf/ftec.md), Fidelity MSCI Information Technology Index ETF (related fund, 0.084% a year) - **Vanguard:** [VGT](https://tactfolio.com/etf/vgt.md), Vanguard Information Technology ETF (related fund, 0.09% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SOXX and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SOXX costs about $33 a year. XLK costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SOXX to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SMH, XLK or FTEC, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SOXX and its alternatives in a backtest 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 SOXX and SMH, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SOXX. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SOXX over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SOXX only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SOXX? SMH is the closest. SMH also holds companies that design and make computer chips. It tracks the MVIS US Listed Semiconductor 25 Index, while SOXX tracks the NYSE Semiconductor Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SOXX? Yes. XLK charges 0.08% a year, FTEC charges 0.084% a year and VGT charges 0.09% a year, against 0.33% for SOXX. On $10,000 that is about $8 a year instead of $33. ### Is SOXX or SMH better? Neither is better for everyone. From July 2001 to October 2026, SOXX returned about 13.6% a year and SMH returned about 14.1% a year. SOXX charges 0.33% a year and SMH charges 0.35%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SOXX 10 years ago? It would have grown to about $148,497 by October 16, 2026, with dividends reinvested. That is about 31.0% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Semiconductor ETF fund page](https://www.ishares.com/us/products/239705/ishares-semiconductor-etf) - [VanEck: VanEck Semiconductor ETF fund page](https://www.vaneck.com/us/en/investments/semiconductor-etf-smh/overview/) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SPHD alternatives: 8 similar ETFs compared > ETFs similar to SPHD, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SPHD. Updated daily. The ETFs most like SPHD are SPYD, DVY and SDY. SPYD, DVY and SDY hold US companies that pay high or steady dividends, like SPHD. VYM costs less: 0.04% a year against 0.3%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SPHD: 6 of the same kind and 2 related funds. - SPHD charges 0.3% a year (about $30 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - SPYD moved most like SPHD: a daily correlation of 0.96 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SPHD alternatives at a glance Each fund below can stand in for SPHD, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SPHD** | This fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Same kind of fund | 0.07% | $7 | S&P 500 High Dividend Index | | [DVY](https://tactfolio.com/etf/dvy.md) | Same kind of fund | 0.38% | $38 | Dow Jones U.S. Select Dividend Index | | [SDY](https://tactfolio.com/etf/sdy.md) | Same kind of fund | 0.35% | $35 | S&P High Yield Dividend Aristocrats Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Same kind of fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Same kind of fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [VYM](https://tactfolio.com/etf/vym.md) | Same kind of fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SPHD and its alternatives did over the same dates Each row measures the alternative and SPHD on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SPHD | Per year | SPHD per year | Worst drop | SPHD worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.96 | 8.9% | 8.0% | −46.4% | −41.4% | October 2015 | | [DVY](https://tactfolio.com/etf/dvy.md) | 0.93 | 11.4% | 9.4% | −41.6% | −41.4% | October 2012 | | [SDY](https://tactfolio.com/etf/sdy.md) | 0.92 | 11.0% | 9.4% | −36.7% | −41.4% | October 2012 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.89 | 13.2% | 9.4% | −33.4% | −41.4% | October 2012 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.89 | 10.6% | 9.4% | −37.0% | −41.4% | October 2012 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.84 | 12.1% | 9.4% | −35.2% | −41.4% | October 2012 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.83 | 12.4% | 8.3% | −35.1% | −41.4% | June 2014 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.75 | 12.9% | 9.4% | −31.7% | −41.4% | October 2012 | 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. ## Each SPHD alternative, compared ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while SPHD tracks the S&P 500 Low Volatility High Dividend Index. It charges 0.07% a year, about $7 on $10,000, against $30 for SPHD. From October 2015 to October 2026, SPYD returned about 8.9% a year and SPHD returned about 8.0% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### DVY: iShares Select Dividend ETF DVY also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Select Dividend Index, while SPHD tracks the S&P 500 Low Volatility High Dividend Index. It charges 0.38% a year, about $38 on $10,000, against $30 for SPHD. From October 2012 to October 2026, DVY returned about 11.4% a year and SPHD returned about 9.4% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [DVY fund page](https://tactfolio.com/etf/dvy.md) for its returns by year and worst drop. ### SDY: State Street SPDR S&P Dividend ETF SDY also holds US companies that pay high or steady dividends. It tracks the S&P High Yield Dividend Aristocrats Index, while SPHD tracks the S&P 500 Low Volatility High Dividend Index. It charges 0.35% a year, about $35 on $10,000, against $30 for SPHD. From October 2012 to October 2026, SDY returned about 11.0% a year and SPHD returned about 9.4% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SDY fund page](https://tactfolio.com/etf/sdy.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Dividend 100 Index, while SPHD tracks the S&P 500 Low Volatility High Dividend Index. It charges 0.06% a year, about $6 on $10,000, against $30 for SPHD. From October 2012 to October 2026, SCHD returned about 13.2% a year and SPHD returned about 9.4% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV also holds US companies that pay high or steady dividends. It tracks the Morningstar Dividend Yield Focus Index, while SPHD tracks the S&P 500 Low Volatility High Dividend Index. It charges 0.08% a year, about $8 on $10,000, against $30 for SPHD. From October 2012 to October 2026, HDV returned about 10.6% a year and SPHD returned about 9.4% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM also holds US companies that pay high or steady dividends. It tracks the FTSE High Dividend Yield Index, while SPHD tracks the S&P 500 Low Volatility High Dividend Index. It charges 0.04% a year, about $4 on $10,000, against $30 for SPHD. From October 2012 to October 2026, VYM returned about 12.1% a year and SPHD returned about 9.4% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while SPHD holds US companies that pay high or steady dividends. It charges 0.08% a year, about $8 on $10,000, against $30 for SPHD. From June 2014 to October 2026, DGRO returned about 12.4% a year and SPHD returned about 8.3% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while SPHD holds US companies that pay high or steady dividends. It charges 0.04% a year, about $4 on $10,000, against $30 for SPHD. From October 2012 to October 2026, VIG returned about 12.9% a year and SPHD returned about 9.4% a year. Over about the last five years they often moved together, but not always (correlation 0.75). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ## SPHD versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SPHD from each other company on this page: - **SPDR (State Street):** [SPYD](https://tactfolio.com/etf/spyd.md), State Street SPDR Portfolio S&P 500 High Dividend ETF (same kind of fund, 0.07% a year) - **iShares (BlackRock):** [DVY](https://tactfolio.com/etf/dvy.md), iShares Select Dividend ETF (same kind of fund, 0.38% a year) - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (same kind of fund, 0.06% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SPHD and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SPHD costs about $30 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SPHD to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SPYD, DVY or SDY, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SPHD and its alternatives in a backtest 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 SPHD and SPYD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SPHD. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SPHD over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SPHD only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SPHD? SPYD is the closest. SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while SPHD tracks the S&P 500 Low Volatility High Dividend Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SPHD? Yes. VYM charges 0.04% a year, VIG charges 0.04% a year and SCHD charges 0.06% a year, against 0.3% for SPHD. On $10,000 that is about $4 a year instead of $30. ### Is SPHD or SPYD better? Neither is better for everyone. From October 2015 to October 2026, SPHD returned about 8.0% a year and SPYD returned about 8.9% a year. SPHD charges 0.3% a year and SPYD charges 0.07%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SPHD 10 years ago? It would have grown to about $20,136 by October 16, 2026, with dividends reinvested. That is about 7.2% a year. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Select Dividend ETF fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) - [SPDR (State Street): State Street SPDR S&P Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SPY alternatives: 8 similar ETFs compared > ETFs similar to SPY, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SPY. Updated daily. The ETFs most like SPY are SPYM, IVV and VOO. SPYM, IVV and VOO track the same index as SPY, so they hold the same stocks. SPYM costs less: 0.02% a year against 0.0945%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SPY: 3 on the same index and 5 related funds. - SPY charges 0.0945% a year (about $9.45 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - SPYM moved most like SPY: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SPY alternatives at a glance Each fund below can stand in for SPY, closest first. "Same index" funds hold the same stocks as SPY. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SPY** | This fund | 0.0945% | $9.45 | S&P 500 Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Same index | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Same index | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Same index | 0.03% | $3 | S&P 500 Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VTI](https://tactfolio.com/etf/vti.md) | Related fund | 0.03% | $3 | Morningstar US Total Market Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SPY and its alternatives did over the same dates Each row measures the alternative and SPY on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SPY | Per year | SPY per year | Worst drop | SPY worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 11.2% | 11.1% | −54.5% | −55.2% | November 2005 | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 8.5% | 8.5% | −55.3% | −55.2% | May 2000 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.8% | −34.0% | −33.7% | September 2010 | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 10.6% | 10.7% | −55.2% | −55.2% | January 2004 | | [SCHB](https://tactfolio.com/etf/schb.md) | 1.00 | 14.2% | 14.4% | −35.3% | −33.7% | November 2009 | | [VTI](https://tactfolio.com/etf/vti.md) | 1.00 | 9.7% | 9.4% | −55.5% | −55.2% | June 2001 | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.4% | −34.3% | −33.7% | November 2009 | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 11.0% | 10.8% | −54.8% | −55.2% | January 2004 | 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. ## Each SPY alternative, compared ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM tracks the same S&P 500 Index as SPY, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.02% a year, about $2 on $10,000, against $9.45 for SPY. It held 505 stocks, against 504 for SPY. From November 2005 to October 2026, SPYM returned about 11.2% a year and SPY returned about 11.1% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV tracks the same S&P 500 Index as SPY, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 505 stocks, against 504 for SPY. From May 2000 to October 2026, IVV returned about 8.5% a year and SPY returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO tracks the same S&P 500 Index as SPY, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 505 stocks, against 504 for SPY. From September 2010 to October 2026, VOO returned about 14.8% a year and SPY returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md) for the full side-by-side, or the [VOO fund page](https://tactfolio.com/etf/voo.md). ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while SPY holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 2,446 stocks, against 504 for SPY. From January 2004 to October 2026, ITOT returned about 10.6% a year and SPY returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while SPY holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 2,409 stocks, against 504 for SPY. From November 2009 to October 2026, SCHB returned about 14.2% a year and SPY returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VTI: Vanguard Morningstar Total Stock Market ETF VTI is a looser match. It holds nearly every US stock, big and small, in one fund, while SPY holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 3,519 stocks, against 504 for SPY. From June 2001 to October 2026, VTI returned about 9.7% a year and SPY returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VTI fund page](https://tactfolio.com/etf/vti.md) for its returns by year and worst drop. ### SCHX: Schwab U.S. Large-Cap ETF SCHX is a looser match. It holds the biggest US companies, weighted by size, while SPY holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 749 stocks, against 504 for SPY. From November 2009 to October 2026, SCHX returned about 14.4% a year and SPY returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV is a looser match. It holds the biggest US companies, weighted by size, while SPY holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $9.45 for SPY. It held 421 stocks, against 504 for SPY. From January 2004 to October 2026, VV returned about 11.0% a year and SPY returned about 10.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ## SPY versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SPY from each other company on this page: - **iShares (BlackRock):** [IVV](https://tactfolio.com/etf/ivv.md), iShares Core S&P 500 ETF (same index, 0.03% a year) - **Vanguard:** [VOO](https://tactfolio.com/etf/voo.md), Vanguard S&P 500 ETF (same index, 0.03% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SPY and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SPY costs about $9.45 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SPY to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ITOT, SCHB or VTI, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SPY and its alternatives in a backtest 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 SPY and SPYM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SPY. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SPY over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SPY only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### What ETF is most similar to SPY? SPYM is the closest. SPYM tracks the same S&P 500 Index as SPY, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SPY? Yes. SPYM charges 0.02% a year, IVV charges 0.03% a year and VOO charges 0.03% a year, against 0.0945% for SPY. On $10,000 that is about $2 a year instead of $9.45. ### Is SPY or SPYM better? Neither is better for everyone. From November 2005 to October 2026, SPY returned about 11.1% a year and SPYM returned about 11.2% a year. SPY charges 0.0945% a year and SPYM charges 0.02%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SPY 10 years ago? It would have grown to about $41,921 by October 16, 2026, with dividends reinvested. That is about 15.4% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SPYD alternatives: 8 similar ETFs compared > ETFs similar to SPYD, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SPYD. Updated daily. The ETFs most like SPYD are SPHD, DVY and SDY. SPHD, DVY and SDY hold US companies that pay high or steady dividends, like SPYD. VYM costs less: 0.04% a year against 0.07%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SPYD: 6 of the same kind and 2 related funds. - SPYD charges 0.07% a year (about $7 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - SPHD moved most like SPYD: a daily correlation of 0.96 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SPYD alternatives at a glance Each fund below can stand in for SPYD, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SPYD** | This fund | 0.07% | $7 | S&P 500 High Dividend Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Same kind of fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | | [DVY](https://tactfolio.com/etf/dvy.md) | Same kind of fund | 0.38% | $38 | Dow Jones U.S. Select Dividend Index | | [SDY](https://tactfolio.com/etf/sdy.md) | Same kind of fund | 0.35% | $35 | S&P High Yield Dividend Aristocrats Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Same kind of fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [VYM](https://tactfolio.com/etf/vym.md) | Same kind of fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Same kind of fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SPYD and its alternatives did over the same dates Each row measures the alternative and SPYD on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SPYD | Per year | SPYD per year | Worst drop | SPYD worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.96 | 8.0% | 8.9% | −41.4% | −46.4% | October 2015 | | [DVY](https://tactfolio.com/etf/dvy.md) | 0.96 | 10.6% | 8.9% | −41.6% | −46.4% | October 2015 | | [SDY](https://tactfolio.com/etf/sdy.md) | 0.94 | 10.0% | 8.9% | −36.7% | −46.4% | October 2015 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.92 | 13.0% | 8.9% | −33.4% | −46.4% | October 2015 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.89 | 11.5% | 8.9% | −35.2% | −46.4% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.86 | 10.3% | 8.9% | −37.0% | −46.4% | October 2015 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.87 | 13.2% | 8.9% | −35.1% | −46.4% | October 2015 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.80 | 12.9% | 8.9% | −31.7% | −46.4% | October 2015 | 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. ## Each SPYD alternative, compared ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD also holds US companies that pay high or steady dividends. It tracks the S&P 500 Low Volatility High Dividend Index, while SPYD tracks the S&P 500 High Dividend Index. It charges 0.3% a year, about $30 on $10,000, against $7 for SPYD. From October 2015 to October 2026, SPHD returned about 8.0% a year and SPYD returned about 8.9% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ### DVY: iShares Select Dividend ETF DVY also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Select Dividend Index, while SPYD tracks the S&P 500 High Dividend Index. It charges 0.38% a year, about $38 on $10,000, against $7 for SPYD. It held 98 stocks, against 78 for SPYD. From October 2015 to October 2026, DVY returned about 10.6% a year and SPYD returned about 8.9% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [DVY fund page](https://tactfolio.com/etf/dvy.md) for its returns by year and worst drop. ### SDY: State Street SPDR S&P Dividend ETF SDY also holds US companies that pay high or steady dividends. It tracks the S&P High Yield Dividend Aristocrats Index, while SPYD tracks the S&P 500 High Dividend Index. It charges 0.35% a year, about $35 on $10,000, against $7 for SPYD. It held 155 stocks, against 78 for SPYD. From October 2015 to October 2026, SDY returned about 10.0% a year and SPYD returned about 8.9% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [SDY fund page](https://tactfolio.com/etf/sdy.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Dividend 100 Index, while SPYD tracks the S&P 500 High Dividend Index. It charges 0.06% a year, about $6 on $10,000, against $7 for SPYD. It held 98 stocks, against 78 for SPYD. From October 2015 to October 2026, SCHD returned about 13.0% a year and SPYD returned about 8.9% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM also holds US companies that pay high or steady dividends. It tracks the FTSE High Dividend Yield Index, while SPYD tracks the S&P 500 High Dividend Index. It charges 0.04% a year, about $4 on $10,000, against $7 for SPYD. It held 593 stocks, against 78 for SPYD. From October 2015 to October 2026, VYM returned about 11.5% a year and SPYD returned about 8.9% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV also holds US companies that pay high or steady dividends. It tracks the Morningstar Dividend Yield Focus Index, while SPYD tracks the S&P 500 High Dividend Index. It charges 0.08% a year, about $8 on $10,000, against $7 for SPYD. It held 74 stocks, against 78 for SPYD. From October 2015 to October 2026, HDV returned about 10.3% a year and SPYD returned about 8.9% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while SPYD holds US companies that pay high or steady dividends. It charges 0.08% a year, about $8 on $10,000, against $7 for SPYD. It held 391 stocks, against 78 for SPYD. From October 2015 to October 2026, DGRO returned about 13.2% a year and SPYD returned about 8.9% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while SPYD holds US companies that pay high or steady dividends. It charges 0.04% a year, about $4 on $10,000, against $7 for SPYD. It held 333 stocks, against 78 for SPYD. From October 2015 to October 2026, VIG returned about 12.9% a year and SPYD returned about 8.9% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ## SPYD versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SPYD from each other company on this page: - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (same kind of fund, 0.3% a year) - **iShares (BlackRock):** [DVY](https://tactfolio.com/etf/dvy.md), iShares Select Dividend ETF (same kind of fund, 0.38% a year) - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (same kind of fund, 0.06% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SPYD and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SPYD costs about $7 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SPYD to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SPHD, DVY or SDY, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SPYD and its alternatives in a backtest 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 SPYD and SPHD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SPYD. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SPYD over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SPYD only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SPYD? SPHD is the closest. SPHD also holds US companies that pay high or steady dividends. It tracks the S&P 500 Low Volatility High Dividend Index, while SPYD tracks the S&P 500 High Dividend Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SPYD? Yes. VYM charges 0.04% a year, VIG charges 0.04% a year and SCHD charges 0.06% a year, against 0.07% for SPYD. On $10,000 that is about $4 a year instead of $7. ### Is SPYD or SPHD better? Neither is better for everyone. From October 2015 to October 2026, SPYD returned about 8.9% a year and SPHD returned about 8.0% a year. SPYD charges 0.07% a year and SPHD charges 0.3%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SPYD 10 years ago? It would have grown to about $22,320 by October 16, 2026, with dividends reinvested. That is about 8.4% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [iShares (BlackRock): iShares Select Dividend ETF fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) - [SPDR (State Street): State Street SPDR S&P Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SPYG alternatives: 8 similar ETFs compared > ETFs similar to SPYG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SPYG. Updated daily. The ETFs most like SPYG are VOOG, IVW and VUG. VOOG and IVW track the same index as SPYG, so they hold the same stocks. VUG costs less: 0.03% a year against 0.04%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SPYG: 2 on the same index, 5 of the same kind and 1 related fund. - SPYG charges 0.04% a year (about $4 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - VOOG moved most like SPYG: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SPYG alternatives at a glance Each fund below can stand in for SPYG, closest first. "Same index" funds hold the same stocks as SPYG. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SPYG** | This fund | 0.04% | $4 | S&P 500 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Same index | 0.07% | $7 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Same index | 0.18% | $18 | S&P 500 Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Same kind of fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Same kind of fund | 0.06% | $6 | Russell 1000 Growth Index | | [IWF](https://tactfolio.com/etf/iwf.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SPYG and its alternatives did over the same dates Each row measures the alternative and SPYG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SPYG | Per year | SPYG per year | Worst drop | SPYG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VOOG](https://tactfolio.com/etf/voog.md) | 1.00 | 16.6% | 16.8% | −32.7% | −32.7% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 1.00 | 8.9% | 7.5% | −51.5% | −67.6% | October 2000 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.99 | 12.1% | 12.0% | −50.7% | −51.3% | January 2004 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.99 | 13.5% | 13.2% | −48.0% | −49.8% | December 2007 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.99 | 16.4% | 16.5% | −32.7% | −32.7% | September 2010 | | [IWF](https://tactfolio.com/etf/iwf.md) | 0.99 | 8.2% | 7.5% | −59.5% | −67.6% | October 2000 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.98 | 16.1% | 15.8% | −34.6% | −32.7% | January 2010 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 15.7% | −35.0% | −32.7% | October 2020 | 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. ## Each SPYG alternative, compared ### VOOG: Vanguard S&P 500 Growth ETF VOOG tracks the same S&P 500 Growth Index as SPYG, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.07% a year, about $7 on $10,000, against $4 for SPYG. It held 152 stocks, against 152 for SPYG. From September 2010 to October 2026, VOOG returned about 16.6% a year and SPYG returned about 16.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW tracks the same S&P 500 Growth Index as SPYG, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $4 for SPYG. It held 152 stocks, against 152 for SPYG. From October 2000 to October 2026, IVW returned about 8.9% a year and SPYG returned about 7.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while SPYG tracks the S&P 500 Growth Index. It charges 0.03% a year, about $3 on $10,000, against $4 for SPYG. It held 135 stocks, against 152 for SPYG. From January 2004 to October 2026, VUG returned about 12.1% a year and SPYG returned about 12.0% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Mega Cap Growth Index, while SPYG tracks the S&P 500 Growth Index. It charges 0.05% a year, about $5 on $10,000, against $4 for SPYG. It held 52 stocks, against 152 for SPYG. From December 2007 to October 2026, MGK returned about 13.5% a year and SPYG returned about 13.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while SPYG tracks the S&P 500 Growth Index. It charges 0.06% a year, about $6 on $10,000, against $4 for SPYG. It held 371 stocks, against 152 for SPYG. From September 2010 to October 2026, VONG returned about 16.4% a year and SPYG returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### IWF: iShares Russell 1000 Growth ETF IWF also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while SPYG tracks the S&P 500 Growth Index. It charges 0.18% a year, about $18 on $10,000, against $4 for SPYG. It held 372 stocks, against 152 for SPYG. From October 2000 to October 2026, IWF returned about 8.2% a year and SPYG returned about 7.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IWF fund page](https://tactfolio.com/etf/iwf.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG also holds large US companies whose sales and profits are growing fast. It tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while SPYG tracks the S&P 500 Growth Index. It charges 0.04% a year, about $4 on $10,000, against $4 for SPYG. It held 195 stocks, against 152 for SPYG. From January 2010 to October 2026, SCHG returned about 16.1% a year and SPYG returned about 15.8% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while SPYG holds large US companies whose sales and profits are growing fast. It charges 0.15% a year, about $15 on $10,000, against $4 for SPYG. From October 2020 to October 2026, QQQM returned about 16.5% a year and SPYG returned about 15.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ## SPYG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SPYG from each other company on this page: - **Vanguard:** [VOOG](https://tactfolio.com/etf/voog.md), Vanguard S&P 500 Growth ETF (same index, 0.07% a year) - **iShares (BlackRock):** [IVW](https://tactfolio.com/etf/ivw.md), iShares S&P 500 Growth ETF (same index, 0.18% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (same kind of fund, 0.04% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SPYG and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SPYG costs about $4 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SPYG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VUG, MGK or VONG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SPYG and its alternatives in a backtest 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 SPYG and VOOG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SPYG. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SPYG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SPYG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SPYG? VOOG is the closest. VOOG tracks the same S&P 500 Growth Index as SPYG, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SPYG? Yes. VUG charges 0.03% a year, against 0.04% for SPYG. On $10,000 that is about $3 a year instead of $4. ### Is SPYG or VOOG better? Neither is better for everyone. From September 2010 to October 2026, SPYG returned about 16.8% a year and VOOG returned about 16.6% a year. SPYG charges 0.04% a year and VOOG charges 0.07%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SPYG 10 years ago? It would have grown to about $51,589 by October 16, 2026, with dividends reinvested. That is about 17.8% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SPYI alternatives: 8 similar ETFs compared > ETFs similar to SPYI, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SPYI. Updated daily. The ETFs most like SPYI are GPIX, QQQI and JEPQ. GPIX, QQQI and JEPQ hold stocks plus call options sold on them, which trade some of the gains for extra income, like SPYI. GPIX costs less: 0.29% a year against 0.68%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SPYI: 7 of the same kind and 1 related fund. - SPYI charges 0.68% a year (about $68 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - GPIX moved most like SPYI: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SPYI alternatives at a glance Each fund below can stand in for SPYI, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SPYI** | This fund | 0.68% | $68 | No index | | [GPIX](https://tactfolio.com/etf/gpix.md) | Same kind of fund | 0.29% | $29 | No index | | [QQQI](https://tactfolio.com/etf/qqqi.md) | Same kind of fund | 0.68% | $68 | No index | | [JEPQ](https://tactfolio.com/etf/jepq.md) | Same kind of fund | 0.35% | $35 | No index | | [QYLD](https://tactfolio.com/etf/qyld.md) | Same kind of fund | 0.6% | $60 | Cboe NASDAQ-100 BuyWrite V2 Index | | [XYLD](https://tactfolio.com/etf/xyld.md) | Same kind of fund | 0.6% | $60 | Cboe S&P 500 BuyWrite Index | | [JEPI](https://tactfolio.com/etf/jepi.md) | Same kind of fund | 0.35% | $35 | No index | | [DIVO](https://tactfolio.com/etf/divo.md) | Same kind of fund | 0.56% | $56 | No index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SPYI and its alternatives did over the same dates Each row measures the alternative and SPYI on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SPYI | Per year | SPYI per year | Worst drop | SPYI worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [GPIX](https://tactfolio.com/etf/gpix.md) | 0.98 | 22.5% | 19.2% | −17.5% | −16.5% | October 2023 | | [QQQI](https://tactfolio.com/etf/qqqi.md) | 0.95 | 18.2% | 16.3% | −20.0% | −16.5% | January 2024 | | [JEPQ](https://tactfolio.com/etf/jepq.md) | 0.92 | 18.7% | 14.7% | −20.1% | −16.5% | August 2022 | | [QYLD](https://tactfolio.com/etf/qyld.md) | 0.88 | 14.6% | 14.7% | −19.1% | −16.5% | August 2022 | | [XYLD](https://tactfolio.com/etf/xyld.md) | 0.88 | 11.6% | 14.7% | −15.5% | −16.5% | August 2022 | | [JEPI](https://tactfolio.com/etf/jepi.md) | 0.86 | 9.6% | 14.7% | −13.3% | −16.5% | August 2022 | | [DIVO](https://tactfolio.com/etf/divo.md) | 0.82 | 13.8% | 14.7% | −12.1% | −16.5% | August 2022 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.81 | 14.2% | 14.7% | −14.5% | −16.5% | August 2022 | 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. ## Each SPYI alternative, compared ### GPIX: Goldman Sachs S&P 500 Premium Income ETF GPIX also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while SPYI tracks no index (its managers pick what it holds). It charges 0.29% a year, about $29 on $10,000, against $68 for SPYI. It held 492 stocks, against 510 for SPYI. From October 2023 to October 2026, GPIX returned about 22.5% a year and SPYI returned about 19.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [GPIX fund page](https://tactfolio.com/etf/gpix.md) for its returns by year and worst drop. ### QQQI: NEOS Nasdaq-100 High Income ETF QQQI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while SPYI tracks no index (its managers pick what it holds). It charges 0.68% a year, about $68 on $10,000, against $68 for SPYI. From January 2024 to October 2026, QQQI returned about 18.2% a year and SPYI returned about 16.3% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [QQQI fund page](https://tactfolio.com/etf/qqqi.md) for its returns by year and worst drop. ### JEPQ: JPMorgan Nasdaq Equity Premium Income ETF JEPQ also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while SPYI tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $68 for SPYI. It held 110 stocks, against 510 for SPYI. From August 2022 to October 2026, JEPQ returned about 18.7% a year and SPYI returned about 14.7% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [JEPQ fund page](https://tactfolio.com/etf/jepq.md) for its returns by year and worst drop. ### QYLD: Global X NASDAQ 100 Covered Call ETF QYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index, while SPYI tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $68 for SPYI. It held 102 stocks, against 510 for SPYI. From August 2022 to October 2026, QYLD returned about 14.6% a year and SPYI returned about 14.7% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [QYLD fund page](https://tactfolio.com/etf/qyld.md) for its returns by year and worst drop. ### XYLD: Global X S&P 500 Covered Call ETF XYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe S&P 500 BuyWrite Index, while SPYI tracks no index (its managers pick what it holds). It charges 0.6% a year, about $60 on $10,000, against $68 for SPYI. It held 505 stocks, against 510 for SPYI. From August 2022 to October 2026, XYLD returned about 11.6% a year and SPYI returned about 14.7% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [XYLD fund page](https://tactfolio.com/etf/xyld.md) for its returns by year and worst drop. ### JEPI: JPMorgan Equity Premium Income ETF JEPI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while SPYI tracks no index (its managers pick what it holds). It charges 0.35% a year, about $35 on $10,000, against $68 for SPYI. It held 135 stocks, against 510 for SPYI. From August 2022 to October 2026, JEPI returned about 9.6% a year and SPYI returned about 14.7% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [JEPI fund page](https://tactfolio.com/etf/jepi.md) for its returns by year and worst drop. ### DIVO: Amplify CWP Enhanced Dividend Income ETF DIVO also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while SPYI tracks no index (its managers pick what it holds). It charges 0.56% a year, about $56 on $10,000, against $68 for SPYI. It held 30 stocks, against 510 for SPYI. From August 2022 to October 2026, DIVO returned about 13.8% a year and SPYI returned about 14.7% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [DIVO fund page](https://tactfolio.com/etf/divo.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while SPYI holds stocks plus call options sold on them, which trade some of the gains for extra income. It charges 0.04% a year, about $4 on $10,000, against $68 for SPYI. It held 593 stocks, against 510 for SPYI. From August 2022 to October 2026, VYM returned about 14.2% a year and SPYI returned about 14.7% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ## SPYI versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SPYI from each other company on this page: - **Goldman Sachs Asset Management:** [GPIX](https://tactfolio.com/etf/gpix.md), Goldman Sachs S&P 500 Premium Income ETF (same kind of fund, 0.29% a year) - **J.P. Morgan Asset Management:** [JEPQ](https://tactfolio.com/etf/jepq.md), JPMorgan Nasdaq Equity Premium Income ETF (same kind of fund, 0.35% a year) - **Global X (Mirae Asset):** [QYLD](https://tactfolio.com/etf/qyld.md), Global X NASDAQ 100 Covered Call ETF (same kind of fund, 0.6% a year) - **Amplify ETFs:** [DIVO](https://tactfolio.com/etf/divo.md), Amplify CWP Enhanced Dividend Income ETF (same kind of fund, 0.56% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SPYI and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SPYI costs about $68 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SPYI to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as QYLD, XYLD or VYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SPYI and its alternatives in a backtest 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 SPYI and GPIX, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SPYI. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SPYI over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SPYI only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SPYI? GPIX is the closest. GPIX also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while SPYI tracks no index (its managers pick what it holds). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SPYI? Yes. VYM charges 0.04% a year, GPIX charges 0.29% a year and JEPQ charges 0.35% a year, against 0.68% for SPYI. On $10,000 that is about $4 a year instead of $68. ### Is SPYI or GPIX better? Neither is better for everyone. From October 2023 to October 2026, SPYI returned about 19.2% a year and GPIX returned about 22.5% a year. SPYI charges 0.68% a year and GPIX charges 0.29%. Past returns do not tell you what comes next. ## Sources - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SPYM alternatives: 8 similar ETFs compared > ETFs similar to SPYM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SPYM. Updated daily. The ETFs most like SPYM are IVV, VOO and SPY. IVV, VOO and SPY track the same index as SPYM, so they hold the same stocks. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SPYM: 3 on the same index and 5 related funds. - SPYM charges 0.02% a year (about $2 on $10,000). - IVV moved most like SPYM: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SPYM alternatives at a glance Each fund below can stand in for SPYM, closest first. "Same index" funds hold the same stocks as SPYM. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SPYM** | This fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Same index | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Same index | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Same index | 0.0945% | $9.45 | S&P 500 Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VTI](https://tactfolio.com/etf/vti.md) | Related fund | 0.03% | $3 | Morningstar US Total Market Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SPYM and its alternatives did over the same dates Each row measures the alternative and SPYM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SPYM | Per year | SPYM per year | Worst drop | SPYM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 11.2% | 11.2% | −55.3% | −54.5% | November 2005 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.8% | −34.0% | −33.9% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 11.1% | 11.2% | −55.2% | −54.5% | November 2005 | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 11.0% | 11.2% | −55.2% | −54.5% | November 2005 | | [SCHB](https://tactfolio.com/etf/schb.md) | 1.00 | 14.2% | 14.6% | −35.3% | −33.9% | November 2009 | | [VTI](https://tactfolio.com/etf/vti.md) | 1.00 | 11.1% | 11.2% | −55.5% | −54.5% | November 2005 | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.6% | −34.3% | −33.9% | November 2009 | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 11.3% | 11.2% | −54.8% | −54.5% | November 2005 | 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. ## Each SPYM alternative, compared ### IVV: iShares Core S&P 500 ETF IVV tracks the same S&P 500 Index as SPYM, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.03% a year, about $3 on $10,000, against $2 for SPYM. It held 505 stocks, against 505 for SPYM. From November 2005 to October 2026, IVV returned about 11.2% a year and SPYM returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO tracks the same S&P 500 Index as SPYM, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.03% a year, about $3 on $10,000, against $2 for SPYM. It held 505 stocks, against 505 for SPYM. From September 2010 to October 2026, VOO returned about 14.8% a year and SPYM returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY tracks the same S&P 500 Index as SPYM, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.0945% a year, about $9.45 on $10,000, against $2 for SPYM. It held 504 stocks, against 505 for SPYM. From November 2005 to October 2026, SPY returned about 11.1% a year and SPYM returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while SPYM holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $2 for SPYM. It held 2,446 stocks, against 505 for SPYM. From November 2005 to October 2026, ITOT returned about 11.0% a year and SPYM returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while SPYM holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $2 for SPYM. It held 2,409 stocks, against 505 for SPYM. From November 2009 to October 2026, SCHB returned about 14.2% a year and SPYM returned about 14.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VTI: Vanguard Morningstar Total Stock Market ETF VTI is a looser match. It holds nearly every US stock, big and small, in one fund, while SPYM holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $2 for SPYM. It held 3,519 stocks, against 505 for SPYM. From November 2005 to October 2026, VTI returned about 11.1% a year and SPYM returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VTI fund page](https://tactfolio.com/etf/vti.md) for its returns by year and worst drop. ### SCHX: Schwab U.S. Large-Cap ETF SCHX is a looser match. It holds the biggest US companies, weighted by size, while SPYM holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $2 for SPYM. It held 749 stocks, against 505 for SPYM. From November 2009 to October 2026, SCHX returned about 14.4% a year and SPYM returned about 14.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV is a looser match. It holds the biggest US companies, weighted by size, while SPYM holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $2 for SPYM. It held 421 stocks, against 505 for SPYM. From November 2005 to October 2026, VV returned about 11.3% a year and SPYM returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ## SPYM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SPYM from each other company on this page: - **iShares (BlackRock):** [IVV](https://tactfolio.com/etf/ivv.md), iShares Core S&P 500 ETF (same index, 0.03% a year) - **Vanguard:** [VOO](https://tactfolio.com/etf/voo.md), Vanguard S&P 500 ETF (same index, 0.03% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SPYM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SPYM costs about $2 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SPYM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ITOT, SCHB or VTI, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SPYM and its alternatives in a backtest 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 SPYM and IVV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SPYM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SPYM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SPYM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SPYM? IVV is the closest. IVV tracks the same S&P 500 Index as SPYM, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SPYM? Not among the funds here. SPYM charges 0.02% a year, about $2 on $10,000, which is as low as or lower than each alternative listed. ### Is SPYM or IVV better? Neither is better for everyone. From November 2005 to October 2026, SPYM returned about 11.2% a year and IVV returned about 11.2% a year. SPYM charges 0.02% a year and IVV charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SPYM 10 years ago? It would have grown to about $42,249 by October 16, 2026, with dividends reinvested. That is about 15.5% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SPYV alternatives: 8 similar ETFs compared > ETFs similar to SPYV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SPYV. Updated daily. The ETFs most like SPYV are IVE, IWD and VTV. IVE tracks the same index as SPYV, so it holds the same stocks. VTV costs less: 0.03% a year against 0.04%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SPYV: 1 on the same index, 3 of the same kind and 4 related funds. - SPYV charges 0.04% a year (about $4 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - IVE moved most like SPYV: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SPYV alternatives at a glance Each fund below can stand in for SPYV, closest first. "Same index" funds hold the same stocks as SPYV. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SPYV** | This fund | 0.04% | $4 | S&P 500 Value Index | | [IVE](https://tactfolio.com/etf/ive.md) | Same index | 0.18% | $18 | S&P 500 Value Index | | [IWD](https://tactfolio.com/etf/iwd.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Value Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SPYV and its alternatives did over the same dates Each row measures the alternative and SPYV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SPYV | Per year | SPYV per year | Worst drop | SPYV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IVE](https://tactfolio.com/etf/ive.md) | 1.00 | 7.5% | 7.9% | −61.3% | −58.5% | October 2000 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.97 | 8.2% | 7.9% | −60.1% | −58.5% | October 2000 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.96 | 9.7% | 8.9% | −59.3% | −58.5% | January 2004 | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.96 | 11.5% | 11.8% | −37.1% | −36.9% | December 2009 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.95 | 9.3% | 8.5% | −57.0% | −58.5% | November 2006 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.92 | 13.5% | 12.6% | −33.4% | −36.9% | October 2011 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.88 | 8.9% | 11.7% | −46.4% | −36.9% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.80 | 11.0% | 11.3% | −37.0% | −36.9% | March 2011 | 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. ## Each SPYV alternative, compared ### IVE: iShares S&P 500 Value ETF IVE tracks the same S&P 500 Value Index as SPYV, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $4 for SPYV. It held 436 stocks, against 435 for SPYV. From October 2000 to October 2026, IVE returned about 7.5% a year and SPYV returned about 7.9% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD also holds large US companies that look cheap compared with their earnings and assets. It tracks the Russell 1000 Value Index, while SPYV tracks the S&P 500 Value Index. It charges 0.18% a year, about $18 on $10,000, against $4 for SPYV. It held 870 stocks, against 435 for SPYV. From October 2000 to October 2026, IWD returned about 8.2% a year and SPYV returned about 7.9% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Morningstar US Large Cap Value Index, while SPYV tracks the S&P 500 Value Index. It charges 0.03% a year, about $3 on $10,000, against $4 for SPYV. It held 298 stocks, against 435 for SPYV. From January 2004 to October 2026, VTV returned about 9.7% a year and SPYV returned about 8.9% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index, while SPYV tracks the S&P 500 Value Index. It charges 0.04% a year, about $4 on $10,000, against $4 for SPYV. It held 555 stocks, against 435 for SPYV. From December 2009 to October 2026, SCHV returned about 11.5% a year and SPYV returned about 11.8% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while SPYV holds large US companies that look cheap compared with their earnings and assets. It charges 0.04% a year, about $4 on $10,000, against $4 for SPYV. It held 593 stocks, against 435 for SPYV. From November 2006 to October 2026, VYM returned about 9.3% a year and SPYV returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while SPYV holds large US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $4 for SPYV. It held 98 stocks, against 435 for SPYV. From October 2011 to October 2026, SCHD returned about 13.5% a year and SPYV returned about 12.6% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while SPYV holds large US companies that look cheap compared with their earnings and assets. It charges 0.07% a year, about $7 on $10,000, against $4 for SPYV. It held 78 stocks, against 435 for SPYV. From October 2015 to October 2026, SPYD returned about 8.9% a year and SPYV returned about 11.7% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while SPYV holds large US companies that look cheap compared with their earnings and assets. It charges 0.08% a year, about $8 on $10,000, against $4 for SPYV. It held 74 stocks, against 435 for SPYV. From March 2011 to October 2026, HDV returned about 11.0% a year and SPYV returned about 11.3% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ## SPYV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SPYV from each other company on this page: - **iShares (BlackRock):** [IVE](https://tactfolio.com/etf/ive.md), iShares S&P 500 Value ETF (same index, 0.18% a year) - **Vanguard:** [VTV](https://tactfolio.com/etf/vtv.md), Vanguard Morningstar Value ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SPYV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SPYV costs about $4 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SPYV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IWD, VTV or SCHV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SPYV and its alternatives in a backtest 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 SPYV and IVE, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SPYV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SPYV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SPYV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to SPYV? IVE is the closest. IVE tracks the same S&P 500 Value Index as SPYV, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SPYV? Yes. VTV charges 0.03% a year, against 0.04% for SPYV. On $10,000 that is about $3 a year instead of $4. ### Is SPYV or IVE better? Neither is better for everyone. From October 2000 to October 2026, SPYV returned about 7.9% a year and IVE returned about 7.5% a year. SPYV charges 0.04% a year and IVE charges 0.18%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SPYV 10 years ago? It would have grown to about $31,477 by October 16, 2026, with dividends reinvested. That is about 12.2% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # USMV alternatives: 8 similar ETFs compared > ETFs similar to USMV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as USMV. Updated daily. The ETFs most like USMV are QUAL, VIG and DGRO. QUAL holds US stocks picked by rules for steady profits or smaller price swings, like USMV. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for USMV: 1 of the same kind and 7 related funds. - USMV charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - VIG moved most like USMV: a daily correlation of 0.92 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## USMV alternatives at a glance Each fund below can stand in for USMV, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **USMV** | This fund | 0.15% | $15 | MSCI USA Minimum Volatility Index | | [QUAL](https://tactfolio.com/etf/qual.md) | Same kind of fund | 0.15% | $15 | MSCI USA Sector Neutral Quality Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [DGRW](https://tactfolio.com/etf/dgrw.md) | Related fund | 0.28% | $28 | WisdomTree U.S. Quality Dividend Growth Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How USMV and its alternatives did over the same dates Each row measures the alternative and USMV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with USMV | Per year | USMV per year | Worst drop | USMV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [QUAL](https://tactfolio.com/etf/qual.md) | 0.83 | 13.6% | 10.7% | −34.1% | −33.1% | July 2013 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.92 | 13.0% | 11.7% | −31.7% | −33.1% | October 2011 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.92 | 12.4% | 10.6% | −35.1% | −33.1% | June 2014 | | [DGRW](https://tactfolio.com/etf/dgrw.md) | 0.88 | 13.0% | 10.6% | −32.0% | −33.1% | May 2013 | | [SPYM](https://tactfolio.com/etf/spym.md) | 0.82 | 15.1% | 11.7% | −33.9% | −33.1% | October 2011 | | [IVV](https://tactfolio.com/etf/ivv.md) | 0.82 | 15.0% | 11.7% | −33.9% | −33.1% | October 2011 | | [VOO](https://tactfolio.com/etf/voo.md) | 0.82 | 15.1% | 11.7% | −34.0% | −33.1% | October 2011 | | [SPY](https://tactfolio.com/etf/spy.md) | 0.82 | 15.0% | 11.7% | −33.7% | −33.1% | October 2011 | 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. ## Each USMV alternative, compared ### QUAL: iShares MSCI USA Quality Factor ETF QUAL also holds US stocks picked by rules for steady profits or smaller price swings. It tracks the MSCI USA Sector Neutral Quality Index, while USMV tracks the MSCI USA Minimum Volatility Index. It charges 0.15% a year, about $15 on $10,000, against $15 for USMV. It held 118 stocks, against 174 for USMV. From July 2013 to October 2026, QUAL returned about 13.6% a year and USMV returned about 10.7% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [QUAL fund page](https://tactfolio.com/etf/qual.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while USMV holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.04% a year, about $4 on $10,000, against $15 for USMV. It held 333 stocks, against 174 for USMV. From October 2011 to October 2026, VIG returned about 13.0% a year and USMV returned about 11.7% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while USMV holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.08% a year, about $8 on $10,000, against $15 for USMV. It held 391 stocks, against 174 for USMV. From June 2014 to October 2026, DGRO returned about 12.4% a year and USMV returned about 10.6% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### DGRW: WisdomTree U.S. Quality Dividend Growth Fund DGRW is a looser match. It holds US companies that have raised their dividends for many years in a row, while USMV holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.28% a year, about $28 on $10,000, against $15 for USMV. It held 199 stocks, against 174 for USMV. From May 2013 to October 2026, DGRW returned about 13.0% a year and USMV returned about 10.6% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [DGRW fund page](https://tactfolio.com/etf/dgrw.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while USMV holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.02% a year, about $2 on $10,000, against $15 for USMV. It held 505 stocks, against 174 for USMV. From October 2011 to October 2026, SPYM returned about 15.1% a year and USMV returned about 11.7% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while USMV holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.03% a year, about $3 on $10,000, against $15 for USMV. It held 505 stocks, against 174 for USMV. From October 2011 to October 2026, IVV returned about 15.0% a year and USMV returned about 11.7% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while USMV holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.03% a year, about $3 on $10,000, against $15 for USMV. It held 505 stocks, against 174 for USMV. From October 2011 to October 2026, VOO returned about 15.1% a year and USMV returned about 11.7% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while USMV holds US stocks picked by rules for steady profits or smaller price swings. It charges 0.0945% a year, about $9.45 on $10,000, against $15 for USMV. It held 504 stocks, against 174 for USMV. From October 2011 to October 2026, SPY returned about 15.0% a year and USMV returned about 11.7% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ## USMV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to USMV from each other company on this page: - **Vanguard:** [VIG](https://tactfolio.com/etf/vig.md), Vanguard Dividend Appreciation ETF (related fund, 0.04% a year) - **WisdomTree:** [DGRW](https://tactfolio.com/etf/dgrw.md), WisdomTree U.S. Quality Dividend Growth Fund (related fund, 0.28% a year) - **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/spym.md), State Street SPDR Portfolio S&P 500 ETF (related fund, 0.02% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between USMV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, USMV costs about $15 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping USMV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as QUAL, VIG or DGRO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test USMV and its alternatives in a backtest 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 USMV and QUAL, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as USMV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like USMV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with USMV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to USMV? QUAL is the closest. QUAL also holds US stocks picked by rules for steady profits or smaller price swings. It tracks the MSCI USA Sector Neutral Quality Index, while USMV tracks the MSCI USA Minimum Volatility Index. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to USMV? Yes. SPYM charges 0.02% a year, IVV charges 0.03% a year and VOO charges 0.03% a year, against 0.15% for USMV. On $10,000 that is about $2 a year instead of $15. ### Is USMV or QUAL better? Neither is better for everyone. From July 2013 to October 2026, USMV returned about 10.7% a year and QUAL returned about 13.6% a year. USMV charges 0.15% a year and QUAL charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in USMV 10 years ago? It would have grown to about $27,215 by October 16, 2026, with dividends reinvested. That is about 10.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI USA Min Vol Factor ETF fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) - [iShares (BlackRock): iShares MSCI USA Quality Factor ETF fund page](https://www.ishares.com/us/products/256101/ishares-msci-usa-quality-factor-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [WisdomTree: WisdomTree U.S. Quality Dividend Growth Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012361/dgrw926497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VAW alternatives: 5 similar ETFs compared > ETFs similar to VAW, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VAW. Updated daily. The ETFs most like VAW are XLB, VIS and XLI. XLB holds US makers of chemicals, metals, paper and packaging, like VAW. XLB costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 5 funds can stand in for VAW: 1 of the same kind and 4 related funds. - VAW charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, XLB, charges 0.08%. - XLB moved most like VAW: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VAW alternatives at a glance Each fund below can stand in for VAW, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VAW** | This fund | 0.09% | $9 | MSCI US Investable Market Materials 25/50 Index | | [XLB](https://tactfolio.com/etf/xlb.md) | Same kind of fund | 0.08% | $8 | Materials Select Sector Index | | [VIS](https://tactfolio.com/etf/vis.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Industrials 25/50 Index | | [XLI](https://tactfolio.com/etf/xli.md) | Related fund | 0.08% | $8 | Industrial Select Sector Index | | [VDE](https://tactfolio.com/etf/vde.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Energy 25/50 Index | | [XLE](https://tactfolio.com/etf/xle.md) | Related fund | 0.08% | $8 | Energy Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VAW and its alternatives did over the same dates Each row measures the alternative and VAW on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VAW | Per year | VAW per year | Worst drop | VAW worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLB](https://tactfolio.com/etf/xlb.md) | 0.99 | 8.6% | 8.9% | −59.8% | −62.2% | January 2004 | | [VIS](https://tactfolio.com/etf/vis.md) | 0.85 | 10.5% | 8.7% | −63.5% | −62.2% | September 2004 | | [XLI](https://tactfolio.com/etf/xli.md) | 0.84 | 10.4% | 8.9% | −62.3% | −62.2% | January 2004 | | [VDE](https://tactfolio.com/etf/vde.md) | 0.46 | 8.8% | 8.7% | −74.7% | −62.2% | September 2004 | | [XLE](https://tactfolio.com/etf/xle.md) | 0.45 | 10.2% | 8.9% | −71.3% | −62.2% | January 2004 | 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. ## Each VAW alternative, compared ### XLB: State Street Materials Select Sector SPDR ETF XLB also holds US makers of chemicals, metals, paper and packaging. It tracks the Materials Select Sector Index, while VAW tracks the MSCI US Investable Market Materials 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VAW. It held 24 stocks, against 110 for VAW. From January 2004 to October 2026, XLB returned about 8.6% a year and VAW returned about 8.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLB fund page](https://tactfolio.com/etf/xlb.md) for its returns by year and worst drop. ### VIS: Vanguard Industrials ETF VIS is a looser match. It holds US makers of machines and airplanes, railroads and other industrial companies, while VAW holds US makers of chemicals, metals, paper and packaging. It charges 0.09% a year, about $9 on $10,000, against $9 for VAW. It held 396 stocks, against 110 for VAW. From September 2004 to October 2026, VIS returned about 10.5% a year and VAW returned about 8.7% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [VIS fund page](https://tactfolio.com/etf/vis.md) for its returns by year and worst drop. ### XLI: State Street Industrial Select Sector SPDR ETF XLI is a looser match. It holds US makers of machines and airplanes, railroads and other industrial companies, while VAW holds US makers of chemicals, metals, paper and packaging. It charges 0.08% a year, about $8 on $10,000, against $9 for VAW. It held 83 stocks, against 110 for VAW. From January 2004 to October 2026, XLI returned about 10.4% a year and VAW returned about 8.9% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [XLI fund page](https://tactfolio.com/etf/xli.md) for its returns by year and worst drop. ### VDE: Vanguard Energy ETF VDE is a looser match. It holds US oil, gas and other energy companies, while VAW holds US makers of chemicals, metals, paper and packaging. It charges 0.09% a year, about $9 on $10,000, against $9 for VAW. It held 111 stocks, against 110 for VAW. From September 2004 to October 2026, VDE returned about 8.8% a year and VAW returned about 8.7% a year. Over about the last five years they often moved in different ways (correlation 0.46). Read the [VDE fund page](https://tactfolio.com/etf/vde.md) for its returns by year and worst drop. ### XLE: State Street Energy Select Sector SPDR ETF XLE is a looser match. It holds US oil, gas and other energy companies, while VAW holds US makers of chemicals, metals, paper and packaging. It charges 0.08% a year, about $8 on $10,000, against $9 for VAW. It held 21 stocks, against 110 for VAW. From January 2004 to October 2026, XLE returned about 10.2% a year and VAW returned about 8.9% a year. Over about the last five years they often moved in different ways (correlation 0.45). Read the [XLE fund page](https://tactfolio.com/etf/xle.md) for its returns by year and worst drop. ## VAW versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VAW from each other company on this page: - **SPDR (State Street):** [XLB](https://tactfolio.com/etf/xlb.md), State Street Materials Select Sector SPDR ETF (same kind of fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VAW and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VAW costs about $9 a year. XLB costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VAW to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLB, VIS or XLI, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VAW and its alternatives in a backtest 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 VAW and XLB, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VAW. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VAW over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VAW only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VAW? XLB is the closest. XLB also holds US makers of chemicals, metals, paper and packaging. It tracks the Materials Select Sector Index, while VAW tracks the MSCI US Investable Market Materials 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VAW? Yes. XLB charges 0.08% a year, XLI charges 0.08% a year and XLE charges 0.08% a year, against 0.09% for VAW. On $10,000 that is about $8 a year instead of $9. ### Is VAW or XLB better? Neither is better for everyone. From January 2004 to October 2026, VAW returned about 8.9% a year and XLB returned about 8.6% a year. VAW charges 0.09% a year and XLB charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VAW 10 years ago? It would have grown to about $26,008 by October 16, 2026, with dividends reinvested. That is about 10.0% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Materials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vaw) - [SPDR (State Street): State Street Materials Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-materials-select-sector-spdr-etf-xlb) - [Vanguard: Vanguard Industrials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vis) - [SPDR (State Street): State Street Industrial Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-industrial-select-sector-spdr-etf-xli) - [Vanguard: Vanguard Energy ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vde) - [SPDR (State Street): State Street Energy Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-energy-select-sector-spdr-etf-xle) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VB alternatives: 8 similar ETFs compared > ETFs similar to VB, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VB. Updated daily. The ETFs most like VB are SCHA, IWM and IJR. SCHA, IWM and IJR hold small US companies, like VB. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VB: 3 of the same kind and 5 related funds. - VB charges 0.03% a year (about $3 on $10,000). - SCHA moved most like VB: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VB alternatives at a glance Each fund below can stand in for VB, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VB** | This fund | 0.03% | $3 | Morningstar US Small Cap Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Same kind of fund | 0.19% | $19 | Russell 2000 Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Same kind of fund | 0.06% | $6 | S&P SmallCap 600 Index | | [VBR](https://tactfolio.com/etf/vbr.md) | Related fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [IJT](https://tactfolio.com/etf/ijt.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Growth Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Related fund | 0.24% | $24 | Russell 2000 Value Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Related fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [AVUV](https://tactfolio.com/etf/avuv.md) | Related fund | 0.25% | $25 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VB and its alternatives did over the same dates Each row measures the alternative and VB on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VB | Per year | VB per year | Worst drop | VB worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.99 | 11.8% | 12.1% | −42.4% | −42.0% | November 2009 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.98 | 8.4% | 9.6% | −58.6% | −59.6% | January 2004 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.97 | 9.6% | 9.6% | −58.1% | −59.6% | January 2004 | | [VBR](https://tactfolio.com/etf/vbr.md) | 0.97 | 9.4% | 9.6% | −62.0% | −59.6% | January 2004 | | [IJT](https://tactfolio.com/etf/ijt.md) | 0.97 | 9.8% | 9.6% | −57.6% | −59.6% | January 2004 | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.96 | 8.1% | 9.6% | −61.6% | −59.6% | January 2004 | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.94 | 9.0% | 9.6% | −60.1% | −59.6% | January 2004 | | [AVUV](https://tactfolio.com/etf/avuv.md) | 0.93 | 15.0% | 10.6% | −49.4% | −42.0% | September 2019 | 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. ## Each VB alternative, compared ### SCHA: Schwab U.S. Small-Cap ETF SCHA also holds small US companies. It tracks the Dow Jones U.S. Small-Cap Total Stock Market Index, while VB tracks the Morningstar US Small Cap Index. It charges 0.03% a year, about $3 on $10,000, against $3 for VB. It held 1,721 stocks, against 1,301 for VB. From November 2009 to October 2026, SCHA returned about 11.8% a year and VB returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM also holds small US companies. It tracks the Russell 2000 Index, while VB tracks the Morningstar US Small Cap Index. It charges 0.19% a year, about $19 on $10,000, against $3 for VB. It held 1,983 stocks, against 1,301 for VB. From January 2004 to October 2026, IWM returned about 8.4% a year and VB returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR also holds small US companies. It tracks the S&P SmallCap 600 Index, while VB tracks the Morningstar US Small Cap Index. It charges 0.06% a year, about $6 on $10,000, against $3 for VB. It held 643 stocks, against 1,301 for VB. From January 2004 to October 2026, IJR returned about 9.6% a year and VB returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### VBR: Vanguard Morningstar Small-Cap Value ETF VBR is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while VB holds small US companies. It charges 0.05% a year, about $5 on $10,000, against $3 for VB. It held 820 stocks, against 1,301 for VB. From January 2004 to October 2026, VBR returned about 9.4% a year and VB returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VBR fund page](https://tactfolio.com/etf/vbr.md) for its returns by year and worst drop. ### IJT: iShares S&P Small-Cap 600 Growth ETF IJT is a looser match. It holds small US companies whose sales and profits are growing fast, while VB holds small US companies. It charges 0.18% a year, about $18 on $10,000, against $3 for VB. It held 372 stocks, against 1,301 for VB. From January 2004 to October 2026, IJT returned about 9.8% a year and VB returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IJT fund page](https://tactfolio.com/etf/ijt.md) for its returns by year and worst drop. ### IWN: iShares Russell 2000 Value ETF IWN is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while VB holds small US companies. It charges 0.24% a year, about $24 on $10,000, against $3 for VB. It held 1,410 stocks, against 1,301 for VB. From January 2004 to October 2026, IWN returned about 8.1% a year and VB returned about 9.6% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### IJS: iShares S&P Small-Cap 600 Value ETF IJS is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while VB holds small US companies. It charges 0.18% a year, about $18 on $10,000, against $3 for VB. It held 480 stocks, against 1,301 for VB. From January 2004 to October 2026, IJS returned about 9.0% a year and VB returned about 9.6% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### AVUV: Avantis U.S. Small Cap Value ETF AVUV is a looser match. It holds small US companies that look cheap compared with their earnings and assets, while VB holds small US companies. It charges 0.25% a year, about $25 on $10,000, against $3 for VB. It held 794 stocks, against 1,301 for VB. From September 2019 to October 2026, AVUV returned about 15.0% a year and VB returned about 10.6% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [AVUV fund page](https://tactfolio.com/etf/avuv.md) for its returns by year and worst drop. ## VB versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VB from each other company on this page: - **Schwab:** [SCHA](https://tactfolio.com/etf/scha.md), Schwab U.S. Small-Cap ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IWM](https://tactfolio.com/etf/iwm.md), iShares Russell 2000 ETF (same kind of fund, 0.19% a year) - **Avantis Investors (American Century):** [AVUV](https://tactfolio.com/etf/avuv.md), Avantis U.S. Small Cap Value ETF (related fund, 0.25% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VB and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VB costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VB to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHA, IWM or IJR, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VB and its alternatives in a backtest 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 VB and SCHA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VB. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VB over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VB only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VB? SCHA is the closest. SCHA also holds small US companies. It tracks the Dow Jones U.S. Small-Cap Total Stock Market Index, while VB tracks the Morningstar US Small Cap Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VB? Not among the funds here. VB charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VB or SCHA better? Neither is better for everyone. From November 2009 to October 2026, VB returned about 12.1% a year and SCHA returned about 11.8% a year. VB charges 0.03% a year and SCHA charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VB 10 years ago? It would have grown to about $27,686 by October 16, 2026, with dividends reinvested. That is about 10.7% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [iShares (BlackRock): iShares S&P Small-Cap 600 Growth ETF fund page](https://www.ishares.com/us/products/239773/ishares-s-p-small-cap-600-growth-etf) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VBR alternatives: 8 similar ETFs compared > ETFs similar to VBR, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VBR. Updated daily. The ETFs most like VBR are IJS, IWN and AVUV. IJS, IWN and AVUV hold small US companies that look cheap compared with their earnings and assets, like VBR. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VBR: 3 of the same kind and 5 related funds. - VBR charges 0.05% a year (about $5 on $10,000). The cheapest alternative here, VB, charges 0.03%. - IJR moved most like VBR: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VBR alternatives at a glance Each fund below can stand in for VBR, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VBR** | This fund | 0.05% | $5 | Morningstar US Small Cap Value Index | | [IJS](https://tactfolio.com/etf/ijs.md) | Same kind of fund | 0.18% | $18 | S&P SmallCap 600 Value Index | | [IWN](https://tactfolio.com/etf/iwn.md) | Same kind of fund | 0.24% | $24 | Russell 2000 Value Index | | [AVUV](https://tactfolio.com/etf/avuv.md) | Same kind of fund | 0.25% | $25 | No index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VBR and its alternatives did over the same dates Each row measures the alternative and VBR on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VBR | Per year | VBR per year | Worst drop | VBR worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IJS](https://tactfolio.com/etf/ijs.md) | 0.97 | 9.0% | 9.4% | −60.1% | −62.0% | January 2004 | | [IWN](https://tactfolio.com/etf/iwn.md) | 0.97 | 8.1% | 9.4% | −61.6% | −62.0% | January 2004 | | [AVUV](https://tactfolio.com/etf/avuv.md) | 0.97 | 15.0% | 11.2% | −49.4% | −45.3% | September 2019 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.98 | 9.6% | 9.4% | −58.1% | −62.0% | January 2004 | | [VB](https://tactfolio.com/etf/vb.md) | 0.97 | 9.6% | 9.4% | −59.6% | −62.0% | January 2004 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.95 | 11.8% | 11.9% | −42.4% | −45.3% | November 2009 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.95 | 8.4% | 9.4% | −58.6% | −62.0% | January 2004 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.90 | 9.7% | 9.4% | −59.3% | −62.0% | January 2004 | 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. ## Each VBR alternative, compared ### IJS: iShares S&P Small-Cap 600 Value ETF IJS also holds small US companies that look cheap compared with their earnings and assets. It tracks the S&P SmallCap 600 Value Index, while VBR tracks the Morningstar US Small Cap Value Index. It charges 0.18% a year, about $18 on $10,000, against $5 for VBR. It held 480 stocks, against 820 for VBR. From January 2004 to October 2026, IJS returned about 9.0% a year and VBR returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IJS fund page](https://tactfolio.com/etf/ijs.md) for its returns by year and worst drop. ### IWN: iShares Russell 2000 Value ETF IWN also holds small US companies that look cheap compared with their earnings and assets. It tracks the Russell 2000 Value Index, while VBR tracks the Morningstar US Small Cap Value Index. It charges 0.24% a year, about $24 on $10,000, against $5 for VBR. It held 1,410 stocks, against 820 for VBR. From January 2004 to October 2026, IWN returned about 8.1% a year and VBR returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IWN fund page](https://tactfolio.com/etf/iwn.md) for its returns by year and worst drop. ### AVUV: Avantis U.S. Small Cap Value ETF AVUV also holds small US companies that look cheap compared with their earnings and assets. It tracks no index (its managers pick what it holds), while VBR tracks the Morningstar US Small Cap Value Index. It charges 0.25% a year, about $25 on $10,000, against $5 for VBR. It held 794 stocks, against 820 for VBR. From September 2019 to October 2026, AVUV returned about 15.0% a year and VBR returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [AVUV fund page](https://tactfolio.com/etf/avuv.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while VBR holds small US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $5 for VBR. It held 643 stocks, against 820 for VBR. From January 2004 to October 2026, IJR returned about 9.6% a year and VBR returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while VBR holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $5 for VBR. It held 1,301 stocks, against 820 for VBR. From January 2004 to October 2026, VB returned about 9.6% a year and VBR returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while VBR holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $5 for VBR. It held 1,721 stocks, against 820 for VBR. From November 2009 to October 2026, SCHA returned about 11.8% a year and VBR returned about 11.9% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while VBR holds small US companies that look cheap compared with their earnings and assets. It charges 0.19% a year, about $19 on $10,000, against $5 for VBR. It held 1,983 stocks, against 820 for VBR. From January 2004 to October 2026, IWM returned about 8.4% a year and VBR returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VBR holds small US companies that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $5 for VBR. It held 298 stocks, against 820 for VBR. From January 2004 to October 2026, VTV returned about 9.7% a year and VBR returned about 9.4% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ## VBR versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VBR from each other company on this page: - **iShares (BlackRock):** [IJS](https://tactfolio.com/etf/ijs.md), iShares S&P Small-Cap 600 Value ETF (same kind of fund, 0.18% a year) - **Avantis Investors (American Century):** [AVUV](https://tactfolio.com/etf/avuv.md), Avantis U.S. Small Cap Value ETF (same kind of fund, 0.25% a year) - **Schwab:** [SCHA](https://tactfolio.com/etf/scha.md), Schwab U.S. Small-Cap ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VBR and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VBR costs about $5 a year. VB costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VBR to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IJS, IWN or AVUV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VBR and its alternatives in a backtest 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 VBR and IJS, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VBR. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VBR over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VBR only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VBR? IJS is the closest. IJS also holds small US companies that look cheap compared with their earnings and assets. It tracks the S&P SmallCap 600 Value Index, while VBR tracks the Morningstar US Small Cap Value Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VBR? Yes. VB charges 0.03% a year, SCHA charges 0.03% a year and VTV charges 0.03% a year, against 0.05% for VBR. On $10,000 that is about $3 a year instead of $5. ### Is VBR or IJS better? Neither is better for everyone. From January 2004 to October 2026, VBR returned about 9.4% a year and IJS returned about 9.0% a year. VBR charges 0.05% a year and IJS charges 0.18%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VBR 10 years ago? It would have grown to about $26,848 by October 16, 2026, with dividends reinvested. That is about 10.4% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Small-Cap Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vbr) - [iShares (BlackRock): iShares S&P Small-Cap 600 Value ETF fund page](https://www.ishares.com/us/products/239775/ishares-s-p-small-cap-600-value-etf) - [iShares (BlackRock): iShares Russell 2000 Value ETF fund page](https://www.ishares.com/us/products/239712/ishares-russell-2000-value-etf) - [Avantis Investors (American Century): Avantis U.S. Small Cap Value ETF fund page](https://www.avantisinvestors.com/avantis-investments/avantis-us-small-cap-value-etf/) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VCR alternatives: 8 similar ETFs compared > ETFs similar to VCR, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VCR. Updated daily. The ETFs most like VCR are XLY, VUG and SCHG. XLY holds US companies that sell things people want but can skip, such as cars, travel and online shopping, like VCR. XLY costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VCR: 1 of the same kind and 7 related funds. - VCR charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - XLY moved most like VCR: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VCR alternatives at a glance Each fund below can stand in for VCR, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VCR** | This fund | 0.09% | $9 | MSCI US Investable Market Consumer Discretionary 25/50 Index | | [XLY](https://tactfolio.com/etf/xly.md) | Same kind of fund | 0.08% | $8 | Consumer Discretionary Select Sector Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Related fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Related fund | 0.06% | $6 | Russell 1000 Growth Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Related fund | 0.04% | $4 | S&P 500 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Related fund | 0.07% | $7 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Related fund | 0.18% | $18 | S&P 500 Growth Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VCR and its alternatives did over the same dates Each row measures the alternative and VCR on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VCR | Per year | VCR per year | Worst drop | VCR worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLY](https://tactfolio.com/etf/xly.md) | 0.99 | 10.4% | 10.6% | −59.1% | −61.5% | January 2004 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.88 | 12.1% | 10.6% | −50.7% | −61.5% | January 2004 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.88 | 16.1% | 14.4% | −34.6% | −39.2% | January 2010 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.87 | 13.5% | 12.2% | −48.0% | −53.7% | December 2007 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.87 | 16.4% | 14.3% | −32.7% | −39.2% | September 2010 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.86 | 12.0% | 10.6% | −51.3% | −61.5% | January 2004 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.86 | 16.6% | 14.5% | −32.7% | −39.2% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 0.86 | 12.0% | 10.6% | −49.2% | −61.5% | January 2004 | 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. ## Each VCR alternative, compared ### XLY: State Street Consumer Discretionary Select Sector SPDR ETF XLY also holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It tracks the Consumer Discretionary Select Sector Index, while VCR tracks the MSCI US Investable Market Consumer Discretionary 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VCR. It held 47 stocks, against 277 for VCR. From January 2004 to October 2026, XLY returned about 10.4% a year and VCR returned about 10.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLY fund page](https://tactfolio.com/etf/xly.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while VCR holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.03% a year, about $3 on $10,000, against $9 for VCR. It held 135 stocks, against 277 for VCR. From January 2004 to October 2026, VUG returned about 12.1% a year and VCR returned about 10.6% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG is a looser match. It holds large US companies whose sales and profits are growing fast, while VCR holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.04% a year, about $4 on $10,000, against $9 for VCR. It held 195 stocks, against 277 for VCR. From January 2010 to October 2026, SCHG returned about 16.1% a year and VCR returned about 14.4% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK is a looser match. It holds large US companies whose sales and profits are growing fast, while VCR holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.05% a year, about $5 on $10,000, against $9 for VCR. It held 52 stocks, against 277 for VCR. From December 2007 to October 2026, MGK returned about 13.5% a year and VCR returned about 12.2% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG is a looser match. It holds large US companies whose sales and profits are growing fast, while VCR holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.06% a year, about $6 on $10,000, against $9 for VCR. It held 371 stocks, against 277 for VCR. From September 2010 to October 2026, VONG returned about 16.4% a year and VCR returned about 14.3% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG is a looser match. It holds large US companies whose sales and profits are growing fast, while VCR holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.04% a year, about $4 on $10,000, against $9 for VCR. It held 152 stocks, against 277 for VCR. From January 2004 to October 2026, SPYG returned about 12.0% a year and VCR returned about 10.6% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG is a looser match. It holds large US companies whose sales and profits are growing fast, while VCR holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.07% a year, about $7 on $10,000, against $9 for VCR. It held 152 stocks, against 277 for VCR. From September 2010 to October 2026, VOOG returned about 16.6% a year and VCR returned about 14.5% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW is a looser match. It holds large US companies whose sales and profits are growing fast, while VCR holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.18% a year, about $18 on $10,000, against $9 for VCR. It held 152 stocks, against 277 for VCR. From January 2004 to October 2026, IVW returned about 12.0% a year and VCR returned about 10.6% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ## VCR versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VCR from each other company on this page: - **SPDR (State Street):** [XLY](https://tactfolio.com/etf/xly.md), State Street Consumer Discretionary Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (related fund, 0.04% a year) - **iShares (BlackRock):** [IVW](https://tactfolio.com/etf/ivw.md), iShares S&P 500 Growth ETF (related fund, 0.18% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VCR and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VCR costs about $9 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VCR to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLY, VUG or SCHG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VCR and its alternatives in a backtest 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 VCR and XLY, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VCR. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VCR over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VCR only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VCR? XLY is the closest. XLY also holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It tracks the Consumer Discretionary Select Sector Index, while VCR tracks the MSCI US Investable Market Consumer Discretionary 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VCR? Yes. VUG charges 0.03% a year, SCHG charges 0.04% a year and SPYG charges 0.04% a year, against 0.09% for VCR. On $10,000 that is about $3 a year instead of $9. ### Is VCR or XLY better? Neither is better for everyone. From January 2004 to October 2026, VCR returned about 10.6% a year and XLY returned about 10.4% a year. VCR charges 0.09% a year and XLY charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VCR 10 years ago? It would have grown to about $34,006 by October 16, 2026, with dividends reinvested. That is about 13.0% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Consumer Discretionary ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcr) - [SPDR (State Street): State Street Consumer Discretionary Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-discretionary-select-sector-spdr-etf-xly) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VDC alternatives: 7 similar ETFs compared > ETFs similar to VDC, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VDC. Updated daily. The ETFs most like VDC are XLP, USMV and XLV. XLP holds US companies that sell things people buy in good times and bad, such as food and soap, like VDC. XLP costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for VDC: 1 of the same kind and 6 related funds. - VDC charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, XLP, charges 0.08%. - XLP moved most like VDC: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VDC alternatives at a glance Each fund below can stand in for VDC, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VDC** | This fund | 0.09% | $9 | MSCI US Investable Market Consumer Staples 25/50 Index | | [XLP](https://tactfolio.com/etf/xlp.md) | Same kind of fund | 0.08% | $8 | Consumer Staples Select Sector Index | | [USMV](https://tactfolio.com/etf/usmv.md) | Related fund | 0.15% | $15 | MSCI USA Minimum Volatility Index | | [XLV](https://tactfolio.com/etf/xlv.md) | Related fund | 0.08% | $8 | Health Care Select Sector Index | | [VHT](https://tactfolio.com/etf/vht.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Health Care 25/50 Index | | [XLU](https://tactfolio.com/etf/xlu.md) | Related fund | 0.08% | $8 | Utilities Select Sector Index | | [VPU](https://tactfolio.com/etf/vpu.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Utilities 25/50 Index | | [QUAL](https://tactfolio.com/etf/qual.md) | Related fund | 0.15% | $15 | MSCI USA Sector Neutral Quality Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VDC and its alternatives did over the same dates Each row measures the alternative and VDC on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VDC | Per year | VDC per year | Worst drop | VDC worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLP](https://tactfolio.com/etf/xlp.md) | 0.99 | 9.1% | 9.5% | −32.4% | −34.2% | January 2004 | | [USMV](https://tactfolio.com/etf/usmv.md) | 0.75 | 11.7% | 10.4% | −33.1% | −25.3% | October 2011 | | [XLV](https://tactfolio.com/etf/xlv.md) | 0.63 | 9.8% | 9.5% | −39.2% | −34.2% | January 2004 | | [VHT](https://tactfolio.com/etf/vht.md) | 0.61 | 10.1% | 9.5% | −39.1% | −34.2% | January 2004 | | [XLU](https://tactfolio.com/etf/xlu.md) | 0.57 | 9.4% | 9.5% | −46.5% | −34.2% | January 2004 | | [VPU](https://tactfolio.com/etf/vpu.md) | 0.57 | 9.4% | 9.5% | −46.3% | −34.2% | January 2004 | | [QUAL](https://tactfolio.com/etf/qual.md) | 0.53 | 13.6% | 8.9% | −34.1% | −25.3% | July 2013 | 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. ## Each VDC alternative, compared ### XLP: State Street Consumer Staples Select Sector SPDR ETF XLP also holds US companies that sell things people buy in good times and bad, such as food and soap. It tracks the Consumer Staples Select Sector Index, while VDC tracks the MSCI US Investable Market Consumer Staples 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VDC. It held 35 stocks, against 103 for VDC. From January 2004 to October 2026, XLP returned about 9.1% a year and VDC returned about 9.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLP fund page](https://tactfolio.com/etf/xlp.md) for its returns by year and worst drop. ### USMV: iShares MSCI USA Min Vol Factor ETF USMV is a looser match. It holds US stocks picked by rules for steady profits or smaller price swings, while VDC holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.15% a year, about $15 on $10,000, against $9 for VDC. It held 174 stocks, against 103 for VDC. From October 2011 to October 2026, USMV returned about 11.7% a year and VDC returned about 10.4% a year. Over about the last five years they often moved together, but not always (correlation 0.75). Read the [USMV fund page](https://tactfolio.com/etf/usmv.md) for its returns by year and worst drop. ### XLV: State Street Health Care Select Sector SPDR ETF XLV is a looser match. It holds US drug makers, medical device makers and health insurers, while VDC holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.08% a year, about $8 on $10,000, against $9 for VDC. It held 61 stocks, against 103 for VDC. From January 2004 to October 2026, XLV returned about 9.8% a year and VDC returned about 9.5% a year. Over about the last five years they often moved together, but not always (correlation 0.63). Read the [XLV fund page](https://tactfolio.com/etf/xlv.md) for its returns by year and worst drop. ### VHT: Vanguard Health Care ETF VHT is a looser match. It holds US drug makers, medical device makers and health insurers, while VDC holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.09% a year, about $9 on $10,000, against $9 for VDC. It held 412 stocks, against 103 for VDC. From January 2004 to October 2026, VHT returned about 10.1% a year and VDC returned about 9.5% a year. Over about the last five years they often moved together, but not always (correlation 0.61). Read the [VHT fund page](https://tactfolio.com/etf/vht.md) for its returns by year and worst drop. ### XLU: State Street Utilities Select Sector SPDR ETF XLU is a looser match. It holds US electric, gas and water companies, while VDC holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.08% a year, about $8 on $10,000, against $9 for VDC. It held 31 stocks, against 103 for VDC. From January 2004 to October 2026, XLU returned about 9.4% a year and VDC returned about 9.5% a year. Over about the last five years they often moved in different ways (correlation 0.57). Read the [XLU fund page](https://tactfolio.com/etf/xlu.md) for its returns by year and worst drop. ### VPU: Vanguard Utilities ETF VPU is a looser match. It holds US electric, gas and water companies, while VDC holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.09% a year, about $9 on $10,000, against $9 for VDC. It held 68 stocks, against 103 for VDC. From January 2004 to October 2026, VPU returned about 9.4% a year and VDC returned about 9.5% a year. Over about the last five years they often moved in different ways (correlation 0.57). Read the [VPU fund page](https://tactfolio.com/etf/vpu.md) for its returns by year and worst drop. ### QUAL: iShares MSCI USA Quality Factor ETF QUAL is a looser match. It holds US stocks picked by rules for steady profits or smaller price swings, while VDC holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.15% a year, about $15 on $10,000, against $9 for VDC. It held 118 stocks, against 103 for VDC. From July 2013 to October 2026, QUAL returned about 13.6% a year and VDC returned about 8.9% a year. Over about the last five years they often moved in different ways (correlation 0.53). Read the [QUAL fund page](https://tactfolio.com/etf/qual.md) for its returns by year and worst drop. ## VDC versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VDC from each other company on this page: - **SPDR (State Street):** [XLP](https://tactfolio.com/etf/xlp.md), State Street Consumer Staples Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **iShares (BlackRock):** [USMV](https://tactfolio.com/etf/usmv.md), iShares MSCI USA Min Vol Factor ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VDC and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VDC costs about $9 a year. XLP costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VDC to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLP, USMV or XLV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VDC and its alternatives in a backtest 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 VDC and XLP, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VDC. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VDC over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VDC only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VDC? XLP is the closest. XLP also holds US companies that sell things people buy in good times and bad, such as food and soap. It tracks the Consumer Staples Select Sector Index, while VDC tracks the MSCI US Investable Market Consumer Staples 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VDC? Yes. XLP charges 0.08% a year, XLV charges 0.08% a year and XLU charges 0.08% a year, against 0.09% for VDC. On $10,000 that is about $8 a year instead of $9. ### Is VDC or XLP better? Neither is better for everyone. From January 2004 to October 2026, VDC returned about 9.5% a year and XLP returned about 9.1% a year. VDC charges 0.09% a year and XLP charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VDC 10 years ago? It would have grown to about $22,568 by October 16, 2026, with dividends reinvested. That is about 8.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Consumer Staples ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vdc) - [SPDR (State Street): State Street Consumer Staples Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-staples-select-sector-spdr-etf-xlp) - [iShares (BlackRock): iShares MSCI USA Min Vol Factor ETF fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) - [SPDR (State Street): State Street Health Care Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-health-care-select-sector-spdr-etf-xlv) - [Vanguard: Vanguard Health Care ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vht) - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) - [iShares (BlackRock): iShares MSCI USA Quality Factor ETF fund page](https://www.ishares.com/us/products/256101/ishares-msci-usa-quality-factor-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VDE alternatives: 6 similar ETFs compared > ETFs similar to VDE, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VDE. Updated daily. The ETFs most like VDE are XLE, GSG and DBC. XLE holds US oil, gas and other energy companies, like VDE. XLE costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for VDE: 1 of the same kind and 5 related funds. - VDE charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, XLE, charges 0.08%. - XLE moved most like VDE: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VDE alternatives at a glance Each fund below can stand in for VDE, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VDE** | This fund | 0.09% | $9 | MSCI US Investable Market Energy 25/50 Index | | [XLE](https://tactfolio.com/etf/xle.md) | Same kind of fund | 0.08% | $8 | Energy Select Sector Index | | [GSG](https://tactfolio.com/etf/gsg.md) | Related fund | 0.75% | $75 | S&P GSCI Total Return Index | | [DBC](https://tactfolio.com/etf/dbc.md) | Related fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [DJP](https://tactfolio.com/etf/djp.md) | Related fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [XLB](https://tactfolio.com/etf/xlb.md) | Related fund | 0.08% | $8 | Materials Select Sector Index | | [VAW](https://tactfolio.com/etf/vaw.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Materials 25/50 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VDE and its alternatives did over the same dates Each row measures the alternative and VDE on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VDE | Per year | VDE per year | Worst drop | VDE worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLE](https://tactfolio.com/etf/xle.md) | 1.00 | 9.4% | 8.8% | −71.3% | −74.7% | September 2004 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.67 | −1.4% | 7.2% | −89.6% | −74.7% | July 2006 | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.67 | 2.8% | 6.9% | −76.4% | −74.7% | February 2006 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.60 | 0.4% | 7.1% | −78.3% | −74.7% | October 2006 | | [XLB](https://tactfolio.com/etf/xlb.md) | 0.46 | 8.5% | 8.8% | −59.8% | −74.7% | September 2004 | | [VAW](https://tactfolio.com/etf/vaw.md) | 0.46 | 8.7% | 8.8% | −62.2% | −74.7% | September 2004 | 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. ## Each VDE alternative, compared ### XLE: State Street Energy Select Sector SPDR ETF XLE also holds US oil, gas and other energy companies. It tracks the Energy Select Sector Index, while VDE tracks the MSCI US Investable Market Energy 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VDE. It held 21 stocks, against 111 for VDE. From September 2004 to October 2026, XLE returned about 9.4% a year and VDE returned about 8.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [XLE fund page](https://tactfolio.com/etf/xle.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG is a looser match. It holds futures on oil, metals, grains and other raw materials, while VDE holds US oil, gas and other energy companies. It charges 0.75% a year, about $75 on $10,000, against $9 for VDE. From July 2006 to October 2026, GSG lost about 1.4% a year and VDE returned about 7.2% a year. Over about the last five years they often moved together, but not always (correlation 0.67). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ### DBC: Invesco DB Commodity Index Tracking Fund DBC is a looser match. It holds futures on oil, metals, grains and other raw materials, while VDE holds US oil, gas and other energy companies. It charges 0.85% a year, about $85 on $10,000, against $9 for VDE. From February 2006 to October 2026, DBC returned about 2.8% a year and VDE returned about 6.9% a year. Over about the last five years they often moved together, but not always (correlation 0.67). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP is a looser match. It holds futures on oil, metals, grains and other raw materials, while VDE holds US oil, gas and other energy companies. It charges 0.7% a year, about $70 on $10,000, against $9 for VDE. From October 2006 to October 2026, DJP returned about 0.4% a year and VDE returned about 7.1% a year. Over about the last five years they often moved together, but not always (correlation 0.60). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### XLB: State Street Materials Select Sector SPDR ETF XLB is a looser match. It holds US makers of chemicals, metals, paper and packaging, while VDE holds US oil, gas and other energy companies. It charges 0.08% a year, about $8 on $10,000, against $9 for VDE. It held 24 stocks, against 111 for VDE. From September 2004 to October 2026, XLB returned about 8.5% a year and VDE returned about 8.8% a year. Over about the last five years they often moved in different ways (correlation 0.46). Read the [XLB fund page](https://tactfolio.com/etf/xlb.md) for its returns by year and worst drop. ### VAW: Vanguard Materials ETF VAW is a looser match. It holds US makers of chemicals, metals, paper and packaging, while VDE holds US oil, gas and other energy companies. It charges 0.09% a year, about $9 on $10,000, against $9 for VDE. It held 110 stocks, against 111 for VDE. From September 2004 to October 2026, VAW returned about 8.7% a year and VDE returned about 8.8% a year. Over about the last five years they often moved in different ways (correlation 0.46). Read the [VAW fund page](https://tactfolio.com/etf/vaw.md) for its returns by year and worst drop. ## VDE versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VDE from each other company on this page: - **SPDR (State Street):** [XLE](https://tactfolio.com/etf/xle.md), State Street Energy Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **iShares (BlackRock):** [GSG](https://tactfolio.com/etf/gsg.md), iShares S&P GSCI Commodity-Indexed Trust (related fund, 0.75% a year) - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (related fund, 0.85% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (related fund, 0.7% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VDE and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VDE costs about $9 a year. XLE costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VDE to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLE, GSG or DBC, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VDE and its alternatives in a backtest 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 VDE and XLE, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VDE. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VDE over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VDE only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VDE? XLE is the closest. XLE also holds US oil, gas and other energy companies. It tracks the Energy Select Sector Index, while VDE tracks the MSCI US Investable Market Energy 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VDE? Yes. XLE charges 0.08% a year and XLB charges 0.08% a year, against 0.09% for VDE. On $10,000 that is about $8 a year instead of $9. ### Is VDE or XLE better? Neither is better for everyone. From September 2004 to October 2026, VDE returned about 8.8% a year and XLE returned about 9.4% a year. VDE charges 0.09% a year and XLE charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VDE 10 years ago? It would have grown to about $27,836 by October 16, 2026, with dividends reinvested. That is about 10.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Energy ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vde) - [SPDR (State Street): State Street Energy Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-energy-select-sector-spdr-etf-xle) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [SPDR (State Street): State Street Materials Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-materials-select-sector-spdr-etf-xlb) - [Vanguard: Vanguard Materials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vaw) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VFH alternatives: 6 similar ETFs compared > ETFs similar to VFH, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VFH. Updated daily. The ETFs most like VFH are XLF, IWD and VTV. XLF holds US banks, insurers and other financial companies, like VFH. XLF costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for VFH: 1 of the same kind and 5 related funds. - VFH charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - XLF moved most like VFH: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VFH alternatives at a glance Each fund below can stand in for VFH, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VFH** | This fund | 0.09% | $9 | MSCI US Investable Market Index (IMI)/Financials 25/50 | | [XLF](https://tactfolio.com/etf/xlf.md) | Same kind of fund | 0.08% | $8 | Financial Select Sector Index | | [IWD](https://tactfolio.com/etf/iwd.md) | Related fund | 0.18% | $18 | Russell 1000 Value Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Related fund | 0.04% | $4 | S&P 500 Value Index | | [IVE](https://tactfolio.com/etf/ive.md) | Related fund | 0.18% | $18 | S&P 500 Value Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VFH and its alternatives did over the same dates Each row measures the alternative and VFH on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VFH | Per year | VFH per year | Worst drop | VFH worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLF](https://tactfolio.com/etf/xlf.md) | 0.99 | 5.9% | 6.7% | −82.7% | −78.6% | January 2004 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.90 | 9.1% | 6.7% | −60.1% | −78.6% | January 2004 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.89 | 9.7% | 6.7% | −59.3% | −78.6% | January 2004 | | [SPYV](https://tactfolio.com/etf/spyv.md) | 0.89 | 8.9% | 6.7% | −58.5% | −78.6% | January 2004 | | [IVE](https://tactfolio.com/etf/ive.md) | 0.89 | 8.9% | 6.7% | −61.3% | −78.6% | January 2004 | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.88 | 11.5% | 11.9% | −37.1% | −44.4% | December 2009 | 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. ## Each VFH alternative, compared ### XLF: State Street Financial Select Sector SPDR ETF XLF also holds US banks, insurers and other financial companies. It tracks the Financial Select Sector Index, while VFH tracks the MSCI US Investable Market Index (IMI)/Financials 25/50. It charges 0.08% a year, about $8 on $10,000, against $9 for VFH. It held 76 stocks, against 423 for VFH. From January 2004 to October 2026, XLF returned about 5.9% a year and VFH returned about 6.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLF fund page](https://tactfolio.com/etf/xlf.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VFH holds US banks, insurers and other financial companies. It charges 0.18% a year, about $18 on $10,000, against $9 for VFH. It held 870 stocks, against 423 for VFH. From January 2004 to October 2026, IWD returned about 9.1% a year and VFH returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VFH holds US banks, insurers and other financial companies. It charges 0.03% a year, about $3 on $10,000, against $9 for VFH. It held 298 stocks, against 423 for VFH. From January 2004 to October 2026, VTV returned about 9.7% a year and VFH returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VFH holds US banks, insurers and other financial companies. It charges 0.04% a year, about $4 on $10,000, against $9 for VFH. It held 435 stocks, against 423 for VFH. From January 2004 to October 2026, SPYV returned about 8.9% a year and VFH returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ### IVE: iShares S&P 500 Value ETF IVE is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VFH holds US banks, insurers and other financial companies. It charges 0.18% a year, about $18 on $10,000, against $9 for VFH. It held 436 stocks, against 423 for VFH. From January 2004 to October 2026, IVE returned about 8.9% a year and VFH returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VFH holds US banks, insurers and other financial companies. It charges 0.04% a year, about $4 on $10,000, against $9 for VFH. It held 555 stocks, against 423 for VFH. From December 2009 to October 2026, SCHV returned about 11.5% a year and VFH returned about 11.9% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ## VFH versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VFH from each other company on this page: - **SPDR (State Street):** [XLF](https://tactfolio.com/etf/xlf.md), State Street Financial Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **iShares (BlackRock):** [IWD](https://tactfolio.com/etf/iwd.md), iShares Russell 1000 Value ETF (related fund, 0.18% a year) - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VFH and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VFH costs about $9 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VFH to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLF, IWD or VTV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VFH and its alternatives in a backtest 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 VFH and XLF, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VFH. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VFH over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VFH only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VFH? XLF is the closest. XLF also holds US banks, insurers and other financial companies. It tracks the Financial Select Sector Index, while VFH tracks the MSCI US Investable Market Index (IMI)/Financials 25/50. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VFH? Yes. VTV charges 0.03% a year, SPYV charges 0.04% a year and SCHV charges 0.04% a year, against 0.09% for VFH. On $10,000 that is about $3 a year instead of $9. ### Is VFH or XLF better? Neither is better for everyone. From January 2004 to October 2026, VFH returned about 6.7% a year and XLF returned about 5.9% a year. VFH charges 0.09% a year and XLF charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VFH 10 years ago? It would have grown to about $33,409 by October 16, 2026, with dividends reinvested. That is about 12.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Financials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vfh) - [SPDR (State Street): State Street Financial Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-financial-select-sector-spdr-etf-xlf) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VGT alternatives: 8 similar ETFs compared > ETFs similar to VGT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VGT. Updated daily. The ETFs most like VGT are FTEC, XLK and IYW. FTEC, XLK and IYW hold US technology companies, such as makers of chips, software and computers, like VGT. XLK costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VGT: 3 of the same kind and 5 related funds. - VGT charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, XLK, charges 0.08%. - FTEC moved most like VGT: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VGT alternatives at a glance Each fund below can stand in for VGT, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VGT** | This fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Same kind of fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Same kind of fund | 0.08% | $8 | Technology Select Sector Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Same kind of fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | | [QQEW](https://tactfolio.com/etf/qqew.md) | Related fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | | [SOXX](https://tactfolio.com/etf/soxx.md) | Related fund | 0.33% | $33 | NYSE Semiconductor Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VGT and its alternatives did over the same dates Each row measures the alternative and VGT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VGT | Per year | VGT per year | Worst drop | VGT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [FTEC](https://tactfolio.com/etf/ftec.md) | 1.00 | 21.7% | 21.8% | −34.9% | −35.1% | October 2013 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.99 | 14.8% | 14.8% | −53.0% | −54.6% | January 2004 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.99 | 14.8% | 14.8% | −54.9% | −54.6% | January 2004 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.97 | 16.5% | 20.1% | −35.0% | −35.1% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.97 | 14.8% | 14.8% | −53.4% | −54.6% | January 2004 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.97 | 12.8% | 14.8% | −55.1% | −54.6% | January 2004 | | [QQEW](https://tactfolio.com/etf/qqew.md) | 0.91 | 11.2% | 16.4% | −58.2% | −54.6% | May 2006 | | [SOXX](https://tactfolio.com/etf/soxx.md) | 0.90 | 15.8% | 14.8% | −66.8% | −54.6% | January 2004 | 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. ## Each VGT alternative, compared ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI USA IMI Information Technology 25/50 Index, while VGT tracks the MSCI US Investable Market Information Technology 25/50 Index. It charges 0.084% a year, about $8.40 on $10,000, against $9 for VGT. It held 282 stocks, against 318 for VGT. From October 2013 to October 2026, FTEC returned about 21.7% a year and VGT returned about 21.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK also holds US technology companies, such as makers of chips, software and computers. It tracks the Technology Select Sector Index, while VGT tracks the MSCI US Investable Market Information Technology 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VGT. It held 75 stocks, against 318 for VGT. From January 2004 to October 2026, XLK returned about 14.8% a year and VGT returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW also holds US technology companies, such as makers of chips, software and computers. It tracks the Russell 1000 Technology RIC 22.5/45 Capped Index, while VGT tracks the MSCI US Investable Market Information Technology 25/50 Index. It charges 0.37% a year, about $37 on $10,000, against $9 for VGT. It held 148 stocks, against 318 for VGT. From January 2004 to October 2026, IYW returned about 14.8% a year and VGT returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VGT holds US technology companies, such as makers of chips, software and computers. It charges 0.15% a year, about $15 on $10,000, against $9 for VGT. From October 2020 to October 2026, QQQM returned about 16.5% a year and VGT returned about 20.1% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VGT holds US technology companies, such as makers of chips, software and computers. It charges 0.18% a year, about $18 on $10,000, against $9 for VGT. From January 2004 to October 2026, QQQ returned about 14.8% a year and VGT returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read [QQQ vs VGT](https://tactfolio.com/etf-comparisons/qqq-vs-vgt.md) for the full side-by-side, or the [QQQ fund page](https://tactfolio.com/etf/qqq.md). ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VGT holds US technology companies, such as makers of chips, software and computers. It charges 0.21% a year, about $21 on $10,000, against $9 for VGT. It held 1,032 stocks, against 318 for VGT. From January 2004 to October 2026, ONEQ returned about 12.8% a year and VGT returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### QQEW: First Trust Nasdaq-100 Select Equal Weight ETF QQEW is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VGT holds US technology companies, such as makers of chips, software and computers. It charges 0.55% a year, about $55 on $10,000, against $9 for VGT. It held 50 stocks, against 318 for VGT. From May 2006 to October 2026, QQEW returned about 11.2% a year and VGT returned about 16.4% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [QQEW fund page](https://tactfolio.com/etf/qqew.md) for its returns by year and worst drop. ### SOXX: iShares Semiconductor ETF SOXX is a looser match. It holds companies that design and make computer chips, while VGT holds US technology companies, such as makers of chips, software and computers. It charges 0.33% a year, about $33 on $10,000, against $9 for VGT. It held 30 stocks, against 318 for VGT. From January 2004 to October 2026, SOXX returned about 15.8% a year and VGT returned about 14.8% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [SOXX fund page](https://tactfolio.com/etf/soxx.md) for its returns by year and worst drop. ## VGT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VGT from each other company on this page: - **Fidelity:** [FTEC](https://tactfolio.com/etf/ftec.md), Fidelity MSCI Information Technology Index ETF (same kind of fund, 0.084% a year) - **SPDR (State Street):** [XLK](https://tactfolio.com/etf/xlk.md), State Street Technology Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (same kind of fund, 0.37% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) - **First Trust:** [QQEW](https://tactfolio.com/etf/qqew.md), First Trust Nasdaq-100 Select Equal Weight ETF (related fund, 0.55% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VGT and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VGT costs about $9 a year. XLK costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VGT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as FTEC, XLK or IYW, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VGT and its alternatives in a backtest 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 VGT and FTEC, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VGT. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VGT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VGT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VGT? FTEC is the closest. FTEC also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI USA IMI Information Technology 25/50 Index, while VGT tracks the MSCI US Investable Market Information Technology 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VGT? Yes. XLK charges 0.08% a year and FTEC charges 0.084% a year, against 0.09% for VGT. On $10,000 that is about $8 a year instead of $9. ### Is VGT or FTEC better? Neither is better for everyone. From October 2013 to October 2026, VGT returned about 21.8% a year and FTEC returned about 21.7% a year. VGT charges 0.09% a year and FTEC charges 0.084%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VGT 10 years ago? It would have grown to about $87,130 by October 16, 2026, with dividends reinvested. That is about 24.2% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [iShares (BlackRock): iShares Semiconductor ETF fund page](https://www.ishares.com/us/products/239705/ishares-semiconductor-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VHT alternatives: 5 similar ETFs compared > ETFs similar to VHT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VHT. Updated daily. The ETFs most like VHT are XLV, USMV and QUAL. XLV holds US drug makers, medical device makers and health insurers, like VHT. XLV costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 5 funds can stand in for VHT: 1 of the same kind and 4 related funds. - VHT charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, XLV, charges 0.08%. - XLV moved most like VHT: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VHT alternatives at a glance Each fund below can stand in for VHT, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VHT** | This fund | 0.09% | $9 | MSCI US Investable Market Health Care 25/50 Index | | [XLV](https://tactfolio.com/etf/xlv.md) | Same kind of fund | 0.08% | $8 | Health Care Select Sector Index | | [USMV](https://tactfolio.com/etf/usmv.md) | Related fund | 0.15% | $15 | MSCI USA Minimum Volatility Index | | [QUAL](https://tactfolio.com/etf/qual.md) | Related fund | 0.15% | $15 | MSCI USA Sector Neutral Quality Index | | [VDC](https://tactfolio.com/etf/vdc.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Consumer Staples 25/50 Index | | [XLP](https://tactfolio.com/etf/xlp.md) | Related fund | 0.08% | $8 | Consumer Staples Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VHT and its alternatives did over the same dates Each row measures the alternative and VHT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VHT | Per year | VHT per year | Worst drop | VHT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLV](https://tactfolio.com/etf/xlv.md) | 0.99 | 9.8% | 10.1% | −39.2% | −39.1% | January 2004 | | [USMV](https://tactfolio.com/etf/usmv.md) | 0.80 | 11.7% | 13.8% | −33.1% | −28.8% | October 2011 | | [QUAL](https://tactfolio.com/etf/qual.md) | 0.68 | 13.6% | 11.7% | −34.1% | −28.8% | July 2013 | | [VDC](https://tactfolio.com/etf/vdc.md) | 0.61 | 9.5% | 10.1% | −34.2% | −39.1% | January 2004 | | [XLP](https://tactfolio.com/etf/xlp.md) | 0.60 | 9.1% | 10.1% | −32.4% | −39.1% | January 2004 | 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. ## Each VHT alternative, compared ### XLV: State Street Health Care Select Sector SPDR ETF XLV also holds US drug makers, medical device makers and health insurers. It tracks the Health Care Select Sector Index, while VHT tracks the MSCI US Investable Market Health Care 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VHT. It held 61 stocks, against 412 for VHT. From January 2004 to October 2026, XLV returned about 9.8% a year and VHT returned about 10.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLV fund page](https://tactfolio.com/etf/xlv.md) for its returns by year and worst drop. ### USMV: iShares MSCI USA Min Vol Factor ETF USMV is a looser match. It holds US stocks picked by rules for steady profits or smaller price swings, while VHT holds US drug makers, medical device makers and health insurers. It charges 0.15% a year, about $15 on $10,000, against $9 for VHT. It held 174 stocks, against 412 for VHT. From October 2011 to October 2026, USMV returned about 11.7% a year and VHT returned about 13.8% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [USMV fund page](https://tactfolio.com/etf/usmv.md) for its returns by year and worst drop. ### QUAL: iShares MSCI USA Quality Factor ETF QUAL is a looser match. It holds US stocks picked by rules for steady profits or smaller price swings, while VHT holds US drug makers, medical device makers and health insurers. It charges 0.15% a year, about $15 on $10,000, against $9 for VHT. It held 118 stocks, against 412 for VHT. From July 2013 to October 2026, QUAL returned about 13.6% a year and VHT returned about 11.7% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [QUAL fund page](https://tactfolio.com/etf/qual.md) for its returns by year and worst drop. ### VDC: Vanguard Consumer Staples ETF VDC is a looser match. It holds US companies that sell things people buy in good times and bad, such as food and soap, while VHT holds US drug makers, medical device makers and health insurers. It charges 0.09% a year, about $9 on $10,000, against $9 for VHT. It held 103 stocks, against 412 for VHT. From January 2004 to October 2026, VDC returned about 9.5% a year and VHT returned about 10.1% a year. Over about the last five years they often moved together, but not always (correlation 0.61). Read the [VDC fund page](https://tactfolio.com/etf/vdc.md) for its returns by year and worst drop. ### XLP: State Street Consumer Staples Select Sector SPDR ETF XLP is a looser match. It holds US companies that sell things people buy in good times and bad, such as food and soap, while VHT holds US drug makers, medical device makers and health insurers. It charges 0.08% a year, about $8 on $10,000, against $9 for VHT. It held 35 stocks, against 412 for VHT. From January 2004 to October 2026, XLP returned about 9.1% a year and VHT returned about 10.1% a year. Over about the last five years they often moved together, but not always (correlation 0.60). Read the [XLP fund page](https://tactfolio.com/etf/xlp.md) for its returns by year and worst drop. ## VHT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VHT from each other company on this page: - **SPDR (State Street):** [XLV](https://tactfolio.com/etf/xlv.md), State Street Health Care Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **iShares (BlackRock):** [USMV](https://tactfolio.com/etf/usmv.md), iShares MSCI USA Min Vol Factor ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VHT and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VHT costs about $9 a year. XLV costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VHT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLV, USMV or QUAL, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VHT and its alternatives in a backtest 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 VHT and XLV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VHT. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VHT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VHT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VHT? XLV is the closest. XLV also holds US drug makers, medical device makers and health insurers. It tracks the Health Care Select Sector Index, while VHT tracks the MSCI US Investable Market Health Care 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VHT? Yes. XLV charges 0.08% a year and XLP charges 0.08% a year, against 0.09% for VHT. On $10,000 that is about $8 a year instead of $9. ### Is VHT or XLV better? Neither is better for everyone. From January 2004 to October 2026, VHT returned about 10.1% a year and XLV returned about 9.8% a year. VHT charges 0.09% a year and XLV charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VHT 10 years ago? It would have grown to about $29,673 by October 16, 2026, with dividends reinvested. That is about 11.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Health Care ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vht) - [SPDR (State Street): State Street Health Care Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-health-care-select-sector-spdr-etf-xlv) - [iShares (BlackRock): iShares MSCI USA Min Vol Factor ETF fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) - [iShares (BlackRock): iShares MSCI USA Quality Factor ETF fund page](https://www.ishares.com/us/products/256101/ishares-msci-usa-quality-factor-etf) - [Vanguard: Vanguard Consumer Staples ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vdc) - [SPDR (State Street): State Street Consumer Staples Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-staples-select-sector-spdr-etf-xlp) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VIG alternatives: 8 similar ETFs compared > ETFs similar to VIG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VIG. Updated daily. The ETFs most like VIG are DGRO, DGRW and NOBL. DGRO, DGRW and NOBL hold US companies that have raised their dividends for many years in a row, like VIG. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VIG: 3 of the same kind and 5 related funds. - VIG charges 0.04% a year (about $4 on $10,000). - DGRO moved most like VIG: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VIG alternatives at a glance Each fund below can stand in for VIG, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VIG** | This fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Same kind of fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [DGRW](https://tactfolio.com/etf/dgrw.md) | Same kind of fund | 0.28% | $28 | WisdomTree U.S. Quality Dividend Growth Index | | [NOBL](https://tactfolio.com/etf/nobl.md) | Same kind of fund | 0.35% | $35 | S&P 500 Dividend Aristocrats Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Related fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VIG and its alternatives did over the same dates Each row measures the alternative and VIG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VIG | Per year | VIG per year | Worst drop | VIG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.98 | 12.4% | 11.9% | −35.1% | −31.7% | June 2014 | | [DGRW](https://tactfolio.com/etf/dgrw.md) | 0.97 | 13.0% | 12.0% | −32.0% | −31.7% | May 2013 | | [NOBL](https://tactfolio.com/etf/nobl.md) | 0.89 | 10.5% | 12.2% | −35.4% | −31.7% | October 2013 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.94 | 9.3% | 10.1% | −57.0% | −46.8% | November 2006 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.88 | 13.5% | 13.0% | −33.4% | −31.7% | October 2011 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.80 | 8.9% | 12.9% | −46.4% | −31.7% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.75 | 11.0% | 12.1% | −37.0% | −31.7% | March 2011 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.75 | 9.4% | 12.9% | −41.4% | −31.7% | October 2012 | 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. ## Each VIG alternative, compared ### DGRO: iShares Core Dividend Growth ETF DGRO also holds US companies that have raised their dividends for many years in a row. It tracks the Morningstar US Dividend Growth Index, while VIG tracks the S&P U.S. Dividend Growers Index. It charges 0.08% a year, about $8 on $10,000, against $4 for VIG. It held 391 stocks, against 333 for VIG. From June 2014 to October 2026, DGRO returned about 12.4% a year and VIG returned about 11.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### DGRW: WisdomTree U.S. Quality Dividend Growth Fund DGRW also holds US companies that have raised their dividends for many years in a row. It tracks the WisdomTree U.S. Quality Dividend Growth Index, while VIG tracks the S&P U.S. Dividend Growers Index. It charges 0.28% a year, about $28 on $10,000, against $4 for VIG. It held 199 stocks, against 333 for VIG. From May 2013 to October 2026, DGRW returned about 13.0% a year and VIG returned about 12.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [DGRW fund page](https://tactfolio.com/etf/dgrw.md) for its returns by year and worst drop. ### NOBL: ProShares S&P 500 Dividend Aristocrats ETF NOBL also holds US companies that have raised their dividends for many years in a row. It tracks the S&P 500 Dividend Aristocrats Index, while VIG tracks the S&P U.S. Dividend Growers Index. It charges 0.35% a year, about $35 on $10,000, against $4 for VIG. It held 71 stocks, against 333 for VIG. From October 2013 to October 2026, NOBL returned about 10.5% a year and VIG returned about 12.2% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [NOBL fund page](https://tactfolio.com/etf/nobl.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while VIG holds US companies that have raised their dividends for many years in a row. It charges 0.04% a year, about $4 on $10,000, against $4 for VIG. It held 593 stocks, against 333 for VIG. From November 2006 to October 2026, VYM returned about 9.3% a year and VIG returned about 10.1% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while VIG holds US companies that have raised their dividends for many years in a row. It charges 0.06% a year, about $6 on $10,000, against $4 for VIG. It held 98 stocks, against 333 for VIG. From October 2011 to October 2026, SCHD returned about 13.5% a year and VIG returned about 13.0% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while VIG holds US companies that have raised their dividends for many years in a row. It charges 0.07% a year, about $7 on $10,000, against $4 for VIG. It held 78 stocks, against 333 for VIG. From October 2015 to October 2026, SPYD returned about 8.9% a year and VIG returned about 12.9% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while VIG holds US companies that have raised their dividends for many years in a row. It charges 0.08% a year, about $8 on $10,000, against $4 for VIG. It held 74 stocks, against 333 for VIG. From March 2011 to October 2026, HDV returned about 11.0% a year and VIG returned about 12.1% a year. Over about the last five years they often moved together, but not always (correlation 0.75). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD is a looser match. It holds US companies that pay high or steady dividends, while VIG holds US companies that have raised their dividends for many years in a row. It charges 0.3% a year, about $30 on $10,000, against $4 for VIG. From October 2012 to October 2026, SPHD returned about 9.4% a year and VIG returned about 12.9% a year. Over about the last five years they often moved together, but not always (correlation 0.75). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ## VIG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VIG from each other company on this page: - **iShares (BlackRock):** [DGRO](https://tactfolio.com/etf/dgro.md), iShares Core Dividend Growth ETF (same kind of fund, 0.08% a year) - **WisdomTree:** [DGRW](https://tactfolio.com/etf/dgrw.md), WisdomTree U.S. Quality Dividend Growth Fund (same kind of fund, 0.28% a year) - **ProShares:** [NOBL](https://tactfolio.com/etf/nobl.md), ProShares S&P 500 Dividend Aristocrats ETF (same kind of fund, 0.35% a year) - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (related fund, 0.06% a year) - **SPDR (State Street):** [SPYD](https://tactfolio.com/etf/spyd.md), State Street SPDR Portfolio S&P 500 High Dividend ETF (related fund, 0.07% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (related fund, 0.3% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VIG and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VIG costs about $4 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VIG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as DGRO, DGRW or NOBL, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VIG and its alternatives in a backtest 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 VIG and DGRO, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VIG. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VIG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VIG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VIG? DGRO is the closest. DGRO also holds US companies that have raised their dividends for many years in a row. It tracks the Morningstar US Dividend Growth Index, while VIG tracks the S&P U.S. Dividend Growers Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VIG? Not among the funds here. VIG charges 0.04% a year, about $4 on $10,000, which is as low as or lower than each alternative listed. ### Is VIG or DGRO better? Neither is better for everyone. From June 2014 to October 2026, VIG returned about 11.9% a year and DGRO returned about 12.4% a year. VIG charges 0.04% a year and DGRO charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VIG 10 years ago? It would have grown to about $35,447 by October 16, 2026, with dividends reinvested. That is about 13.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [WisdomTree: WisdomTree U.S. Quality Dividend Growth Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012361/dgrw926497k.htm) - [ProShares: ProShares S&P 500 Dividend Aristocrats ETF fund page](https://www.proshares.com/our-etfs/strategic/nobl) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VIS alternatives: 8 similar ETFs compared > ETFs similar to VIS, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VIS. Updated daily. The ETFs most like VIS are XLI, SCHV and IWD. XLI holds US makers of machines and airplanes, railroads and other industrial companies, like VIS. XLI costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VIS: 1 of the same kind and 7 related funds. - VIS charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - XLI moved most like VIS: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VIS alternatives at a glance Each fund below can stand in for VIS, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VIS** | This fund | 0.09% | $9 | MSCI US Investable Market Industrials 25/50 Index | | [XLI](https://tactfolio.com/etf/xli.md) | Same kind of fund | 0.08% | $8 | Industrial Select Sector Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | [IWD](https://tactfolio.com/etf/iwd.md) | Related fund | 0.18% | $18 | Russell 1000 Value Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Related fund | 0.04% | $4 | S&P 500 Value Index | | [IVE](https://tactfolio.com/etf/ive.md) | Related fund | 0.18% | $18 | S&P 500 Value Index | | [VAW](https://tactfolio.com/etf/vaw.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Materials 25/50 Index | | [XLB](https://tactfolio.com/etf/xlb.md) | Related fund | 0.08% | $8 | Materials Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VIS and its alternatives did over the same dates Each row measures the alternative and VIS on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VIS | Per year | VIS per year | Worst drop | VIS worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLI](https://tactfolio.com/etf/xli.md) | 0.99 | 10.5% | 10.5% | −62.3% | −63.5% | September 2004 | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.91 | 11.5% | 13.0% | −37.1% | −42.4% | December 2009 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.90 | 9.2% | 10.5% | −60.1% | −63.5% | September 2004 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.89 | 9.8% | 10.5% | −59.3% | −63.5% | September 2004 | | [SPYV](https://tactfolio.com/etf/spyv.md) | 0.87 | 9.1% | 10.5% | −58.5% | −63.5% | September 2004 | | [IVE](https://tactfolio.com/etf/ive.md) | 0.87 | 9.0% | 10.5% | −61.3% | −63.5% | September 2004 | | [VAW](https://tactfolio.com/etf/vaw.md) | 0.85 | 8.7% | 10.5% | −62.2% | −63.5% | September 2004 | | [XLB](https://tactfolio.com/etf/xlb.md) | 0.82 | 8.5% | 10.5% | −59.8% | −63.5% | September 2004 | 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. ## Each VIS alternative, compared ### XLI: State Street Industrial Select Sector SPDR ETF XLI also holds US makers of machines and airplanes, railroads and other industrial companies. It tracks the Industrial Select Sector Index, while VIS tracks the MSCI US Investable Market Industrials 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VIS. It held 83 stocks, against 396 for VIS. From September 2004 to October 2026, XLI returned about 10.5% a year and VIS returned about 10.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLI fund page](https://tactfolio.com/etf/xli.md) for its returns by year and worst drop. ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VIS holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.04% a year, about $4 on $10,000, against $9 for VIS. It held 555 stocks, against 396 for VIS. From December 2009 to October 2026, SCHV returned about 11.5% a year and VIS returned about 13.0% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VIS holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.18% a year, about $18 on $10,000, against $9 for VIS. It held 870 stocks, against 396 for VIS. From September 2004 to October 2026, IWD returned about 9.2% a year and VIS returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VIS holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.03% a year, about $3 on $10,000, against $9 for VIS. It held 298 stocks, against 396 for VIS. From September 2004 to October 2026, VTV returned about 9.8% a year and VIS returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VIS holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.04% a year, about $4 on $10,000, against $9 for VIS. It held 435 stocks, against 396 for VIS. From September 2004 to October 2026, SPYV returned about 9.1% a year and VIS returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ### IVE: iShares S&P 500 Value ETF IVE is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while VIS holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.18% a year, about $18 on $10,000, against $9 for VIS. It held 436 stocks, against 396 for VIS. From September 2004 to October 2026, IVE returned about 9.0% a year and VIS returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### VAW: Vanguard Materials ETF VAW is a looser match. It holds US makers of chemicals, metals, paper and packaging, while VIS holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.09% a year, about $9 on $10,000, against $9 for VIS. It held 110 stocks, against 396 for VIS. From September 2004 to October 2026, VAW returned about 8.7% a year and VIS returned about 10.5% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [VAW fund page](https://tactfolio.com/etf/vaw.md) for its returns by year and worst drop. ### XLB: State Street Materials Select Sector SPDR ETF XLB is a looser match. It holds US makers of chemicals, metals, paper and packaging, while VIS holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.08% a year, about $8 on $10,000, against $9 for VIS. It held 24 stocks, against 396 for VIS. From September 2004 to October 2026, XLB returned about 8.5% a year and VIS returned about 10.5% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [XLB fund page](https://tactfolio.com/etf/xlb.md) for its returns by year and worst drop. ## VIS versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VIS from each other company on this page: - **SPDR (State Street):** [XLI](https://tactfolio.com/etf/xli.md), State Street Industrial Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (related fund, 0.04% a year) - **iShares (BlackRock):** [IWD](https://tactfolio.com/etf/iwd.md), iShares Russell 1000 Value ETF (related fund, 0.18% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VIS and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VIS costs about $9 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VIS to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLI, SCHV or IWD, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VIS and its alternatives in a backtest 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 VIS and XLI, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VIS. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VIS over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VIS only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VIS? XLI is the closest. XLI also holds US makers of machines and airplanes, railroads and other industrial companies. It tracks the Industrial Select Sector Index, while VIS tracks the MSCI US Investable Market Industrials 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VIS? Yes. VTV charges 0.03% a year, SCHV charges 0.04% a year and SPYV charges 0.04% a year, against 0.09% for VIS. On $10,000 that is about $3 a year instead of $9. ### Is VIS or XLI better? Neither is better for everyone. From September 2004 to October 2026, VIS returned about 10.5% a year and XLI returned about 10.5% a year. VIS charges 0.09% a year and XLI charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VIS 10 years ago? It would have grown to about $34,217 by October 16, 2026, with dividends reinvested. That is about 13.1% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Industrials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vis) - [SPDR (State Street): State Street Industrial Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-industrial-select-sector-spdr-etf-xli) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [Vanguard: Vanguard Materials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vaw) - [SPDR (State Street): State Street Materials Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-materials-select-sector-spdr-etf-xlb) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VO alternatives: 8 similar ETFs compared > ETFs similar to VO, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VO. Updated daily. The ETFs most like VO are IWR, SCHM and IJH. IWR, SCHM and IJH hold medium-sized US companies, like VO. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VO: 4 of the same kind and 4 related funds. - VO charges 0.03% a year (about $3 on $10,000). - IWR moved most like VO: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VO alternatives at a glance Each fund below can stand in for VO, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VO** | This fund | 0.03% | $3 | Morningstar US Mid Cap Index | | [IWR](https://tactfolio.com/etf/iwr.md) | Same kind of fund | 0.18% | $18 | Russell MidCap Index | | [SCHM](https://tactfolio.com/etf/schm.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Mid-Cap Total Stock Market Index | | [IJH](https://tactfolio.com/etf/ijh.md) | Same kind of fund | 0.05% | $5 | S&P MidCap 400 Index | | [MDY](https://tactfolio.com/etf/mdy.md) | Same kind of fund | 0.23% | $23 | S&P MidCap 400 Index | | [VB](https://tactfolio.com/etf/vb.md) | Related fund | 0.03% | $3 | Morningstar US Small Cap Index | | [SCHA](https://tactfolio.com/etf/scha.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Small-Cap Total Stock Market Index | | [IWM](https://tactfolio.com/etf/iwm.md) | Related fund | 0.19% | $19 | Russell 2000 Index | | [IJR](https://tactfolio.com/etf/ijr.md) | Related fund | 0.06% | $6 | S&P SmallCap 600 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VO and its alternatives did over the same dates Each row measures the alternative and VO on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VO | Per year | VO per year | Worst drop | VO worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IWR](https://tactfolio.com/etf/iwr.md) | 0.99 | 10.1% | 10.2% | −58.8% | −58.9% | January 2004 | | [SCHM](https://tactfolio.com/etf/schm.md) | 0.97 | 10.9% | 11.2% | −42.4% | −39.4% | January 2011 | | [IJH](https://tactfolio.com/etf/ijh.md) | 0.96 | 9.8% | 10.2% | −55.1% | −58.9% | January 2004 | | [MDY](https://tactfolio.com/etf/mdy.md) | 0.96 | 9.6% | 10.2% | −55.3% | −58.9% | January 2004 | | [VB](https://tactfolio.com/etf/vb.md) | 0.96 | 9.6% | 10.2% | −59.6% | −58.9% | January 2004 | | [SCHA](https://tactfolio.com/etf/scha.md) | 0.93 | 11.8% | 12.6% | −42.4% | −39.4% | November 2009 | | [IWM](https://tactfolio.com/etf/iwm.md) | 0.92 | 8.4% | 10.2% | −58.6% | −58.9% | January 2004 | | [IJR](https://tactfolio.com/etf/ijr.md) | 0.91 | 9.6% | 10.2% | −58.1% | −58.9% | January 2004 | 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. ## Each VO alternative, compared ### IWR: iShares Russell Mid-Cap ETF IWR also holds medium-sized US companies. It tracks the Russell MidCap Index, while VO tracks the Morningstar US Mid Cap Index. It charges 0.18% a year, about $18 on $10,000, against $3 for VO. It held 822 stocks, against 271 for VO. From January 2004 to October 2026, IWR returned about 10.1% a year and VO returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IWR fund page](https://tactfolio.com/etf/iwr.md) for its returns by year and worst drop. ### SCHM: Schwab U.S. Mid-Cap ETF SCHM also holds medium-sized US companies. It tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index, while VO tracks the Morningstar US Mid Cap Index. It charges 0.03% a year, about $3 on $10,000, against $3 for VO. It held 497 stocks, against 271 for VO. From January 2011 to October 2026, SCHM returned about 10.9% a year and VO returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHM fund page](https://tactfolio.com/etf/schm.md) for its returns by year and worst drop. ### IJH: iShares Core S&P Mid-Cap ETF IJH also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while VO tracks the Morningstar US Mid Cap Index. It charges 0.05% a year, about $5 on $10,000, against $3 for VO. It held 408 stocks, against 271 for VO. From January 2004 to October 2026, IJH returned about 9.8% a year and VO returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IJH fund page](https://tactfolio.com/etf/ijh.md) for its returns by year and worst drop. ### MDY: State Street SPDR S&P MidCap 400 ETF Trust MDY also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while VO tracks the Morningstar US Mid Cap Index. It charges 0.23% a year, about $23 on $10,000, against $3 for VO. It held 400 stocks, against 271 for VO. From January 2004 to October 2026, MDY returned about 9.6% a year and VO returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [MDY fund page](https://tactfolio.com/etf/mdy.md) for its returns by year and worst drop. ### VB: Vanguard Morningstar Small-Cap ETF VB is a looser match. It holds small US companies, while VO holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $3 for VO. It held 1,301 stocks, against 271 for VO. From January 2004 to October 2026, VB returned about 9.6% a year and VO returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VB fund page](https://tactfolio.com/etf/vb.md) for its returns by year and worst drop. ### SCHA: Schwab U.S. Small-Cap ETF SCHA is a looser match. It holds small US companies, while VO holds medium-sized US companies. It charges 0.03% a year, about $3 on $10,000, against $3 for VO. It held 1,721 stocks, against 271 for VO. From November 2009 to October 2026, SCHA returned about 11.8% a year and VO returned about 12.6% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [SCHA fund page](https://tactfolio.com/etf/scha.md) for its returns by year and worst drop. ### IWM: iShares Russell 2000 ETF IWM is a looser match. It holds small US companies, while VO holds medium-sized US companies. It charges 0.19% a year, about $19 on $10,000, against $3 for VO. It held 1,983 stocks, against 271 for VO. From January 2004 to October 2026, IWM returned about 8.4% a year and VO returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [IWM fund page](https://tactfolio.com/etf/iwm.md) for its returns by year and worst drop. ### IJR: iShares Core S&P Small-Cap ETF IJR is a looser match. It holds small US companies, while VO holds medium-sized US companies. It charges 0.06% a year, about $6 on $10,000, against $3 for VO. It held 643 stocks, against 271 for VO. From January 2004 to October 2026, IJR returned about 9.6% a year and VO returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [IJR fund page](https://tactfolio.com/etf/ijr.md) for its returns by year and worst drop. ## VO versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VO from each other company on this page: - **iShares (BlackRock):** [IWR](https://tactfolio.com/etf/iwr.md), iShares Russell Mid-Cap ETF (same kind of fund, 0.18% a year) - **Schwab:** [SCHM](https://tactfolio.com/etf/schm.md), Schwab U.S. Mid-Cap ETF (same kind of fund, 0.03% a year) - **SPDR (State Street):** [MDY](https://tactfolio.com/etf/mdy.md), State Street SPDR S&P MidCap 400 ETF Trust (same kind of fund, 0.23% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VO and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VO costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VO to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IWR, SCHM or IJH, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VO and its alternatives in a backtest 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 VO and IWR, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VO. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VO over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VO only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VO? IWR is the closest. IWR also holds medium-sized US companies. It tracks the Russell MidCap Index, while VO tracks the Morningstar US Mid Cap Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VO? Not among the funds here. VO charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VO or IWR better? Neither is better for everyone. From January 2004 to October 2026, VO returned about 10.2% a year and IWR returned about 10.1% a year. VO charges 0.03% a year and IWR charges 0.18%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VO 10 years ago? It would have grown to about $29,726 by October 16, 2026, with dividends reinvested. That is about 11.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo) - [iShares (BlackRock): iShares Russell Mid-Cap ETF fund page](https://www.ishares.com/us/products/239718/ishares-russell-mid-cap-etf) - [Schwab: Schwab U.S. Mid-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000251/c497k.htm) - [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) - [SPDR (State Street): State Street SPDR S&P MidCap 400 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy) - [Vanguard: Vanguard Morningstar Small-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vb) - [Schwab: Schwab U.S. Small-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000252/c497k.htm) - [iShares (BlackRock): iShares Russell 2000 ETF fund page](https://www.ishares.com/us/products/239710/ishares-russell-2000-etf) - [iShares (BlackRock): iShares Core S&P Small-Cap ETF fund page](https://www.ishares.com/us/products/239774/ishares-core-s-p-small-cap-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VONG alternatives: 8 similar ETFs compared > ETFs similar to VONG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VONG. Updated daily. The ETFs most like VONG are IWF, VUG and SCHG. IWF tracks the same index as VONG, so it holds the same stocks. VUG costs less: 0.03% a year against 0.06%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VONG: 1 on the same index, 6 of the same kind and 1 related fund. - VONG charges 0.06% a year (about $6 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - IWF moved most like VONG: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VONG alternatives at a glance Each fund below can stand in for VONG, closest first. "Same index" funds hold the same stocks as VONG. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VONG** | This fund | 0.06% | $6 | Russell 1000 Growth Index | | [IWF](https://tactfolio.com/etf/iwf.md) | Same index | 0.18% | $18 | Russell 1000 Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Same kind of fund | 0.04% | $4 | S&P 500 Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Same kind of fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Same kind of fund | 0.07% | $7 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Same kind of fund | 0.18% | $18 | S&P 500 Growth Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VONG and its alternatives did over the same dates Each row measures the alternative and VONG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VONG | Per year | VONG per year | Worst drop | VONG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IWF](https://tactfolio.com/etf/iwf.md) | 1.00 | 16.3% | 16.4% | −32.7% | −32.7% | September 2010 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.99 | 16.4% | 16.4% | −35.6% | −32.7% | September 2010 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.99 | 16.8% | 16.4% | −34.6% | −32.7% | September 2010 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.99 | 16.5% | 16.4% | −32.7% | −32.7% | September 2010 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.99 | 17.0% | 16.4% | −36.0% | −32.7% | September 2010 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.99 | 16.4% | 16.4% | −32.7% | −32.7% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 0.99 | 16.4% | 16.4% | −32.7% | −32.7% | September 2010 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 14.1% | −35.0% | −32.7% | October 2020 | 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. ## Each VONG alternative, compared ### IWF: iShares Russell 1000 Growth ETF IWF tracks the same Russell 1000 Growth Index as VONG, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $6 for VONG. It held 372 stocks, against 371 for VONG. From September 2010 to October 2026, IWF returned about 16.3% a year and VONG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IWF fund page](https://tactfolio.com/etf/iwf.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while VONG tracks the Russell 1000 Growth Index. It charges 0.03% a year, about $3 on $10,000, against $6 for VONG. It held 135 stocks, against 371 for VONG. From September 2010 to October 2026, VUG returned about 16.4% a year and VONG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG also holds large US companies whose sales and profits are growing fast. It tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while VONG tracks the Russell 1000 Growth Index. It charges 0.04% a year, about $4 on $10,000, against $6 for VONG. It held 195 stocks, against 371 for VONG. From September 2010 to October 2026, SCHG returned about 16.8% a year and VONG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while VONG tracks the Russell 1000 Growth Index. It charges 0.04% a year, about $4 on $10,000, against $6 for VONG. It held 152 stocks, against 371 for VONG. From September 2010 to October 2026, SPYG returned about 16.5% a year and VONG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Mega Cap Growth Index, while VONG tracks the Russell 1000 Growth Index. It charges 0.05% a year, about $5 on $10,000, against $6 for VONG. It held 52 stocks, against 371 for VONG. From September 2010 to October 2026, MGK returned about 17.0% a year and VONG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while VONG tracks the Russell 1000 Growth Index. It charges 0.07% a year, about $7 on $10,000, against $6 for VONG. It held 152 stocks, against 371 for VONG. From September 2010 to October 2026, VOOG returned about 16.4% a year and VONG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while VONG tracks the Russell 1000 Growth Index. It charges 0.18% a year, about $18 on $10,000, against $6 for VONG. It held 152 stocks, against 371 for VONG. From September 2010 to October 2026, IVW returned about 16.4% a year and VONG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VONG holds large US companies whose sales and profits are growing fast. It charges 0.15% a year, about $15 on $10,000, against $6 for VONG. From October 2020 to October 2026, QQQM returned about 16.5% a year and VONG returned about 14.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ## VONG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VONG from each other company on this page: - **iShares (BlackRock):** [IWF](https://tactfolio.com/etf/iwf.md), iShares Russell 1000 Growth ETF (same index, 0.18% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (same kind of fund, 0.04% a year) - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (same kind of fund, 0.04% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VONG and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VONG costs about $6 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VONG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VUG, SCHG or SPYG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VONG and its alternatives in a backtest 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 VONG and IWF, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VONG. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VONG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VONG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VONG? IWF is the closest. IWF tracks the same Russell 1000 Growth Index as VONG, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VONG? Yes. VUG charges 0.03% a year, SCHG charges 0.04% a year and SPYG charges 0.04% a year, against 0.06% for VONG. On $10,000 that is about $3 a year instead of $6. ### Is VONG or IWF better? Neither is better for everyone. From September 2010 to October 2026, VONG returned about 16.4% a year and IWF returned about 16.3% a year. VONG charges 0.06% a year and IWF charges 0.18%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VONG 10 years ago? It would have grown to about $51,985 by October 16, 2026, with dividends reinvested. That is about 17.9% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VOO alternatives: 8 similar ETFs compared > ETFs similar to VOO, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VOO. Updated daily. The ETFs most like VOO are SPYM, IVV and SPY. SPYM, IVV and SPY track the same index as VOO, so they hold the same stocks. SPYM costs less: 0.02% a year against 0.03%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VOO: 3 on the same index and 5 related funds. - VOO charges 0.03% a year (about $3 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - SPYM moved most like VOO: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VOO alternatives at a glance Each fund below can stand in for VOO, closest first. "Same index" funds hold the same stocks as VOO. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VOO** | This fund | 0.03% | $3 | S&P 500 Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Same index | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Same index | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Same index | 0.0945% | $9.45 | S&P 500 Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VTI](https://tactfolio.com/etf/vti.md) | Related fund | 0.03% | $3 | Morningstar US Total Market Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VOO and its alternatives did over the same dates Each row measures the alternative and VOO on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VOO | Per year | VOO per year | Worst drop | VOO worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 14.8% | 14.8% | −33.9% | −34.0% | September 2010 | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 14.8% | 14.8% | −33.9% | −34.0% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 14.8% | 14.8% | −33.7% | −34.0% | September 2010 | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 14.5% | 14.8% | −35.0% | −34.0% | September 2010 | | [SCHB](https://tactfolio.com/etf/schb.md) | 1.00 | 14.4% | 14.8% | −35.3% | −34.0% | September 2010 | | [VTI](https://tactfolio.com/etf/vti.md) | 1.00 | 14.4% | 14.8% | −35.0% | −34.0% | September 2010 | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.6% | 14.8% | −34.3% | −34.0% | September 2010 | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 14.8% | 14.8% | −34.3% | −34.0% | September 2010 | 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. ## Each VOO alternative, compared ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM tracks the same S&P 500 Index as VOO, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.02% a year, about $2 on $10,000, against $3 for VOO. It held 505 stocks, against 505 for VOO. From September 2010 to October 2026, SPYM returned about 14.8% a year and VOO returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV tracks the same S&P 500 Index as VOO, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.03% a year, about $3 on $10,000, against $3 for VOO. It held 505 stocks, against 505 for VOO. From September 2010 to October 2026, IVV returned about 14.8% a year and VOO returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [IVV vs VOO](https://tactfolio.com/etf-comparisons/ivv-vs-voo.md) for the full side-by-side, or the [IVV fund page](https://tactfolio.com/etf/ivv.md). ### SPY: State Street SPDR S&P 500 ETF Trust SPY tracks the same S&P 500 Index as VOO, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.0945% a year, about $9.45 on $10,000, against $3 for VOO. It held 504 stocks, against 505 for VOO. From September 2010 to October 2026, SPY returned about 14.8% a year and VOO returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [SPY vs VOO](https://tactfolio.com/etf-comparisons/spy-vs-voo.md) for the full side-by-side, or the [SPY fund page](https://tactfolio.com/etf/spy.md). ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while VOO holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for VOO. It held 2,446 stocks, against 505 for VOO. From September 2010 to October 2026, ITOT returned about 14.5% a year and VOO returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while VOO holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for VOO. It held 2,409 stocks, against 505 for VOO. From September 2010 to October 2026, SCHB returned about 14.4% a year and VOO returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VTI: Vanguard Morningstar Total Stock Market ETF VTI is a looser match. It holds nearly every US stock, big and small, in one fund, while VOO holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for VOO. It held 3,519 stocks, against 505 for VOO. From September 2010 to October 2026, VTI returned about 14.4% a year and VOO returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md) for the full side-by-side, or the [VTI fund page](https://tactfolio.com/etf/vti.md). ### SCHX: Schwab U.S. Large-Cap ETF SCHX is a looser match. It holds the biggest US companies, weighted by size, while VOO holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for VOO. It held 749 stocks, against 505 for VOO. From September 2010 to October 2026, SCHX returned about 14.6% a year and VOO returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV is a looser match. It holds the biggest US companies, weighted by size, while VOO holds about 500 large US companies in the S&P 500. It charges 0.03% a year, about $3 on $10,000, against $3 for VOO. It held 421 stocks, against 505 for VOO. From September 2010 to October 2026, VV returned about 14.8% a year and VOO returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ## VOO versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VOO from each other company on this page: - **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/spym.md), State Street SPDR Portfolio S&P 500 ETF (same index, 0.02% a year) - **iShares (BlackRock):** [IVV](https://tactfolio.com/etf/ivv.md), iShares Core S&P 500 ETF (same index, 0.03% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VOO and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VOO costs about $3 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VOO to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ITOT, SCHB or VTI, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VOO and its alternatives in a backtest 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 VOO and SPYM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VOO. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VOO over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VOO only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [S&P 500 index funds](https://tactfolio.com/learn/sp500-index-funds): Compare the biggest S&P 500 index funds, ETFs and mutual funds, by yearly fee, see how much fees cost over 30 years, and learn how to buy one. - [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. ## Common questions ### What ETF is most similar to VOO? SPYM is the closest. SPYM tracks the same S&P 500 Index as VOO, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VOO? Yes. SPYM charges 0.02% a year, against 0.03% for VOO. On $10,000 that is about $2 a year instead of $3. ### Is VOO or SPYM better? Neither is better for everyone. From September 2010 to October 2026, VOO returned about 14.8% a year and SPYM returned about 14.8% a year. VOO charges 0.03% a year and SPYM charges 0.02%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VOO 10 years ago? It would have grown to about $42,213 by October 16, 2026, with dividends reinvested. That is about 15.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VOOG alternatives: 8 similar ETFs compared > ETFs similar to VOOG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VOOG. Updated daily. The ETFs most like VOOG are SPYG, IVW and VUG. SPYG and IVW track the same index as VOOG, so they hold the same stocks. VUG costs less: 0.03% a year against 0.07%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VOOG: 2 on the same index, 5 of the same kind and 1 related fund. - VOOG charges 0.07% a year (about $7 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - SPYG moved most like VOOG: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VOOG alternatives at a glance Each fund below can stand in for VOOG, closest first. "Same index" funds hold the same stocks as VOOG. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VOOG** | This fund | 0.07% | $7 | S&P 500 Growth Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Same index | 0.04% | $4 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Same index | 0.18% | $18 | S&P 500 Growth Index | | [VUG](https://tactfolio.com/etf/vug.md) | Same kind of fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Same kind of fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Same kind of fund | 0.06% | $6 | Russell 1000 Growth Index | | [IWF](https://tactfolio.com/etf/iwf.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VOOG and its alternatives did over the same dates Each row measures the alternative and VOOG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VOOG | Per year | VOOG per year | Worst drop | VOOG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SPYG](https://tactfolio.com/etf/spyg.md) | 1.00 | 16.8% | 16.6% | −32.7% | −32.7% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 1.00 | 16.6% | 16.6% | −32.7% | −32.7% | September 2010 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.99 | 16.6% | 16.6% | −35.6% | −32.7% | September 2010 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.99 | 17.2% | 16.6% | −36.0% | −32.7% | September 2010 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.99 | 16.4% | 16.4% | −32.7% | −32.7% | September 2010 | | [IWF](https://tactfolio.com/etf/iwf.md) | 0.99 | 16.5% | 16.6% | −32.7% | −32.7% | September 2010 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.98 | 17.1% | 16.6% | −34.6% | −32.7% | September 2010 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 15.6% | −35.0% | −32.7% | October 2020 | 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. ## Each VOOG alternative, compared ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG tracks the same S&P 500 Growth Index as VOOG, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.04% a year, about $4 on $10,000, against $7 for VOOG. It held 152 stocks, against 152 for VOOG. From September 2010 to October 2026, SPYG returned about 16.8% a year and VOOG returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW tracks the same S&P 500 Growth Index as VOOG, so the two hold the same stocks. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $7 for VOOG. It held 152 stocks, against 152 for VOOG. From September 2010 to October 2026, IVW returned about 16.6% a year and VOOG returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Large Cap Growth Index, while VOOG tracks the S&P 500 Growth Index. It charges 0.03% a year, about $3 on $10,000, against $7 for VOOG. It held 135 stocks, against 152 for VOOG. From September 2010 to October 2026, VUG returned about 16.6% a year and VOOG returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Mega Cap Growth Index, while VOOG tracks the S&P 500 Growth Index. It charges 0.05% a year, about $5 on $10,000, against $7 for VOOG. It held 52 stocks, against 152 for VOOG. From September 2010 to October 2026, MGK returned about 17.2% a year and VOOG returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while VOOG tracks the S&P 500 Growth Index. It charges 0.06% a year, about $6 on $10,000, against $7 for VOOG. It held 371 stocks, against 152 for VOOG. From September 2010 to October 2026, VONG returned about 16.4% a year and VOOG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### IWF: iShares Russell 1000 Growth ETF IWF also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while VOOG tracks the S&P 500 Growth Index. It charges 0.18% a year, about $18 on $10,000, against $7 for VOOG. It held 372 stocks, against 152 for VOOG. From September 2010 to October 2026, IWF returned about 16.5% a year and VOOG returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IWF fund page](https://tactfolio.com/etf/iwf.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG also holds large US companies whose sales and profits are growing fast. It tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while VOOG tracks the S&P 500 Growth Index. It charges 0.04% a year, about $4 on $10,000, against $7 for VOOG. It held 195 stocks, against 152 for VOOG. From September 2010 to October 2026, SCHG returned about 17.1% a year and VOOG returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VOOG holds large US companies whose sales and profits are growing fast. It charges 0.15% a year, about $15 on $10,000, against $7 for VOOG. From October 2020 to October 2026, QQQM returned about 16.5% a year and VOOG returned about 15.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ## VOOG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VOOG from each other company on this page: - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (same index, 0.04% a year) - **iShares (BlackRock):** [IVW](https://tactfolio.com/etf/ivw.md), iShares S&P 500 Growth ETF (same index, 0.18% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (same kind of fund, 0.04% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VOOG and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VOOG costs about $7 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VOOG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VUG, MGK or VONG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VOOG and its alternatives in a backtest 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 VOOG and SPYG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VOOG. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VOOG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VOOG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VOOG? SPYG is the closest. SPYG tracks the same S&P 500 Growth Index as VOOG, so the two hold the same stocks. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VOOG? Yes. VUG charges 0.03% a year, SPYG charges 0.04% a year and SCHG charges 0.04% a year, against 0.07% for VOOG. On $10,000 that is about $3 a year instead of $7. ### Is VOOG or SPYG better? Neither is better for everyone. From September 2010 to October 2026, VOOG returned about 16.6% a year and SPYG returned about 16.8% a year. VOOG charges 0.07% a year and SPYG charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VOOG 10 years ago? It would have grown to about $51,371 by October 16, 2026, with dividends reinvested. That is about 17.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VOX alternatives: 8 similar ETFs compared > ETFs similar to VOX, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VOX. Updated daily. The ETFs most like VOX are XLC, ONEQ and QQQM. XLC holds US phone, media, internet and entertainment companies, like VOX. XLC costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VOX: 1 of the same kind and 7 related funds. - VOX charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, XLC, charges 0.08%. - XLC moved most like VOX: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VOX alternatives at a glance Each fund below can stand in for VOX, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VOX** | This fund | 0.09% | $9 | MSCI US Investable Market Communication Services 25/50 Index | | [XLC](https://tactfolio.com/etf/xlc.md) | Same kind of fund | 0.08% | $8 | Communication Services Select Sector Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VOX and its alternatives did over the same dates Each row measures the alternative and VOX on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VOX | Per year | VOX per year | Worst drop | VOX worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLC](https://tactfolio.com/etf/xlc.md) | 0.98 | 11.1% | 11.0% | −46.7% | −46.8% | June 2018 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.85 | 13.6% | 8.6% | −55.1% | −57.2% | September 2004 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.83 | 16.5% | 11.1% | −35.0% | −46.8% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.83 | 15.5% | 8.6% | −53.4% | −57.2% | September 2004 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.80 | 16.2% | 8.6% | −54.9% | −57.2% | September 2004 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.75 | 21.7% | 8.3% | −34.9% | −46.8% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.75 | 16.2% | 8.6% | −54.6% | −57.2% | September 2004 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.72 | 15.9% | 8.6% | −53.0% | −57.2% | September 2004 | 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. ## Each VOX alternative, compared ### XLC: State Street Communication Services Select Sector SPDR ETF XLC also holds US phone, media, internet and entertainment companies. It tracks the Communication Services Select Sector Index, while VOX tracks the MSCI US Investable Market Communication Services 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VOX. It held 22 stocks, against 111 for VOX. From June 2018 to October 2026, XLC returned about 11.1% a year and VOX returned about 11.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [XLC fund page](https://tactfolio.com/etf/xlc.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VOX holds US phone, media, internet and entertainment companies. It charges 0.21% a year, about $21 on $10,000, against $9 for VOX. It held 1,032 stocks, against 111 for VOX. From September 2004 to October 2026, ONEQ returned about 13.6% a year and VOX returned about 8.6% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VOX holds US phone, media, internet and entertainment companies. It charges 0.15% a year, about $15 on $10,000, against $9 for VOX. From October 2020 to October 2026, QQQM returned about 16.5% a year and VOX returned about 11.1% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VOX holds US phone, media, internet and entertainment companies. It charges 0.18% a year, about $18 on $10,000, against $9 for VOX. From September 2004 to October 2026, QQQ returned about 15.5% a year and VOX returned about 8.6% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while VOX holds US phone, media, internet and entertainment companies. It charges 0.37% a year, about $37 on $10,000, against $9 for VOX. It held 148 stocks, against 111 for VOX. From September 2004 to October 2026, IYW returned about 16.2% a year and VOX returned about 8.6% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while VOX holds US phone, media, internet and entertainment companies. It charges 0.084% a year, about $8.40 on $10,000, against $9 for VOX. It held 282 stocks, against 111 for VOX. From October 2013 to October 2026, FTEC returned about 21.7% a year and VOX returned about 8.3% a year. Over about the last five years they often moved together, but not always (correlation 0.75). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while VOX holds US phone, media, internet and entertainment companies. It charges 0.09% a year, about $9 on $10,000, against $9 for VOX. It held 318 stocks, against 111 for VOX. From September 2004 to October 2026, VGT returned about 16.2% a year and VOX returned about 8.6% a year. Over about the last five years they often moved together, but not always (correlation 0.75). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while VOX holds US phone, media, internet and entertainment companies. It charges 0.08% a year, about $8 on $10,000, against $9 for VOX. It held 75 stocks, against 111 for VOX. From September 2004 to October 2026, XLK returned about 15.9% a year and VOX returned about 8.6% a year. Over about the last five years they often moved together, but not always (correlation 0.72). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ## VOX versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VOX from each other company on this page: - **SPDR (State Street):** [XLC](https://tactfolio.com/etf/xlc.md), State Street Communication Services Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **Fidelity:** [ONEQ](https://tactfolio.com/etf/oneq.md), Fidelity Nasdaq Composite Index ETF (related fund, 0.21% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (related fund, 0.37% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VOX and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VOX costs about $9 a year. XLC costs about $8. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VOX to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLC, ONEQ or QQQM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VOX and its alternatives in a backtest 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 VOX and XLC, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VOX. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VOX over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VOX only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VOX? XLC is the closest. XLC also holds US phone, media, internet and entertainment companies. It tracks the Communication Services Select Sector Index, while VOX tracks the MSCI US Investable Market Communication Services 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VOX? Yes. XLC charges 0.08% a year, XLK charges 0.08% a year and FTEC charges 0.084% a year, against 0.09% for VOX. On $10,000 that is about $8 a year instead of $9. ### Is VOX or XLC better? Neither is better for everyone. From June 2018 to October 2026, VOX returned about 11.0% a year and XLC returned about 11.1% a year. VOX charges 0.09% a year and XLC charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VOX 10 years ago? It would have grown to about $23,565 by October 16, 2026, with dividends reinvested. That is about 8.9% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Communication Services ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vox) - [SPDR (State Street): State Street Communication Services Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-communication-services-select-sector-spdr-etf-xlc) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VPU alternatives: 7 similar ETFs compared > ETFs similar to VPU, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VPU. Updated daily. The ETFs most like VPU are XLU, XLRE and SCHH. XLU holds US electric, gas and water companies, like VPU. XLU costs less: 0.08% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for VPU: 1 of the same kind and 6 related funds. - VPU charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, SCHH, charges 0.07%. - XLU moved most like VPU: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VPU alternatives at a glance Each fund below can stand in for VPU, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VPU** | This fund | 0.09% | $9 | MSCI US Investable Market Utilities 25/50 Index | | [XLU](https://tactfolio.com/etf/xlu.md) | Same kind of fund | 0.08% | $8 | Utilities Select Sector Index | | [XLRE](https://tactfolio.com/etf/xlre.md) | Related fund | 0.08% | $8 | Real Estate Select Sector Index | | [SCHH](https://tactfolio.com/etf/schh.md) | Related fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [IYR](https://tactfolio.com/etf/iyr.md) | Related fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [VNQ](https://tactfolio.com/etf/vnq.md) | Related fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [VDC](https://tactfolio.com/etf/vdc.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Consumer Staples 25/50 Index | | [XLP](https://tactfolio.com/etf/xlp.md) | Related fund | 0.08% | $8 | Consumer Staples Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VPU and its alternatives did over the same dates Each row measures the alternative and VPU on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VPU | Per year | VPU per year | Worst drop | VPU worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLU](https://tactfolio.com/etf/xlu.md) | 1.00 | 9.4% | 9.4% | −46.5% | −46.3% | January 2004 | | [XLRE](https://tactfolio.com/etf/xlre.md) | 0.68 | 6.7% | 9.4% | −38.8% | −36.4% | October 2015 | | [SCHH](https://tactfolio.com/etf/schh.md) | 0.67 | 6.6% | 10.0% | −44.2% | −36.4% | January 2011 | | [IYR](https://tactfolio.com/etf/iyr.md) | 0.67 | 6.7% | 9.4% | −74.1% | −46.3% | January 2004 | | [VNQ](https://tactfolio.com/etf/vnq.md) | 0.66 | 7.3% | 9.3% | −73.1% | −46.3% | September 2004 | | [VDC](https://tactfolio.com/etf/vdc.md) | 0.57 | 9.5% | 9.4% | −34.2% | −46.3% | January 2004 | | [XLP](https://tactfolio.com/etf/xlp.md) | 0.56 | 9.1% | 9.4% | −32.4% | −46.3% | January 2004 | 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. ## Each VPU alternative, compared ### XLU: State Street Utilities Select Sector SPDR ETF XLU also holds US electric, gas and water companies. It tracks the Utilities Select Sector Index, while VPU tracks the MSCI US Investable Market Utilities 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $9 for VPU. It held 31 stocks, against 68 for VPU. From January 2004 to October 2026, XLU returned about 9.4% a year and VPU returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [XLU fund page](https://tactfolio.com/etf/xlu.md) for its returns by year and worst drop. ### XLRE: State Street Real Estate Select Sector SPDR ETF XLRE is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while VPU holds US electric, gas and water companies. It charges 0.08% a year, about $8 on $10,000, against $9 for VPU. It held 30 stocks, against 68 for VPU. From October 2015 to October 2026, XLRE returned about 6.7% a year and VPU returned about 9.4% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [XLRE fund page](https://tactfolio.com/etf/xlre.md) for its returns by year and worst drop. ### SCHH: Schwab U.S. REIT ETF SCHH is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while VPU holds US electric, gas and water companies. It charges 0.07% a year, about $7 on $10,000, against $9 for VPU. It held 117 stocks, against 68 for VPU. From January 2011 to October 2026, SCHH returned about 6.6% a year and VPU returned about 10.0% a year. Over about the last five years they often moved together, but not always (correlation 0.67). Read the [SCHH fund page](https://tactfolio.com/etf/schh.md) for its returns by year and worst drop. ### IYR: iShares U.S. Real Estate ETF IYR is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while VPU holds US electric, gas and water companies. It charges 0.37% a year, about $37 on $10,000, against $9 for VPU. It held 58 stocks, against 68 for VPU. From January 2004 to October 2026, IYR returned about 6.7% a year and VPU returned about 9.4% a year. Over about the last five years they often moved together, but not always (correlation 0.67). Read the [IYR fund page](https://tactfolio.com/etf/iyr.md) for its returns by year and worst drop. ### VNQ: Vanguard Real Estate ETF VNQ is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while VPU holds US electric, gas and water companies. It charges 0.13% a year, about $13 on $10,000, against $9 for VPU. It held 139 stocks, against 68 for VPU. From September 2004 to October 2026, VNQ returned about 7.3% a year and VPU returned about 9.3% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [VNQ fund page](https://tactfolio.com/etf/vnq.md) for its returns by year and worst drop. ### VDC: Vanguard Consumer Staples ETF VDC is a looser match. It holds US companies that sell things people buy in good times and bad, such as food and soap, while VPU holds US electric, gas and water companies. It charges 0.09% a year, about $9 on $10,000, against $9 for VPU. It held 103 stocks, against 68 for VPU. From January 2004 to October 2026, VDC returned about 9.5% a year and VPU returned about 9.4% a year. Over about the last five years they often moved in different ways (correlation 0.57). Read the [VDC fund page](https://tactfolio.com/etf/vdc.md) for its returns by year and worst drop. ### XLP: State Street Consumer Staples Select Sector SPDR ETF XLP is a looser match. It holds US companies that sell things people buy in good times and bad, such as food and soap, while VPU holds US electric, gas and water companies. It charges 0.08% a year, about $8 on $10,000, against $9 for VPU. It held 35 stocks, against 68 for VPU. From January 2004 to October 2026, XLP returned about 9.1% a year and VPU returned about 9.4% a year. Over about the last five years they often moved in different ways (correlation 0.56). Read the [XLP fund page](https://tactfolio.com/etf/xlp.md) for its returns by year and worst drop. ## VPU versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VPU from each other company on this page: - **SPDR (State Street):** [XLU](https://tactfolio.com/etf/xlu.md), State Street Utilities Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **Schwab:** [SCHH](https://tactfolio.com/etf/schh.md), Schwab U.S. REIT ETF (related fund, 0.07% a year) - **iShares (BlackRock):** [IYR](https://tactfolio.com/etf/iyr.md), iShares U.S. Real Estate ETF (related fund, 0.37% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VPU and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VPU costs about $9 a year. SCHH costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VPU to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLU, XLRE or SCHH, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VPU and its alternatives in a backtest 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 VPU and XLU, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VPU. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VPU over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VPU only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VPU? XLU is the closest. XLU also holds US electric, gas and water companies. It tracks the Utilities Select Sector Index, while VPU tracks the MSCI US Investable Market Utilities 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VPU? Yes. SCHH charges 0.07% a year, XLU charges 0.08% a year and XLRE charges 0.08% a year, against 0.09% for VPU. On $10,000 that is about $7 a year instead of $9. ### Is VPU or XLU better? Neither is better for everyone. From January 2004 to October 2026, VPU returned about 9.4% a year and XLU returned about 9.4% a year. VPU charges 0.09% a year and XLU charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VPU 10 years ago? It would have grown to about $23,826 by October 16, 2026, with dividends reinvested. That is about 9.1% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [Vanguard: Vanguard Consumer Staples ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vdc) - [SPDR (State Street): State Street Consumer Staples Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-staples-select-sector-spdr-etf-xlp) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VTI alternatives: 8 similar ETFs compared > ETFs similar to VTI, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VTI. Updated daily. The ETFs most like VTI are ITOT, SCHB and SPYM. ITOT and SCHB hold nearly every US stock, big and small, in one fund, like VTI. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VTI: 2 of the same kind and 6 related funds. - VTI charges 0.03% a year (about $3 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - ITOT moved most like VTI: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VTI alternatives at a glance Each fund below can stand in for VTI, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VTI** | This fund | 0.03% | $3 | Morningstar US Total Market Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Same kind of fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [VV](https://tactfolio.com/etf/vv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VTI and its alternatives did over the same dates Each row measures the alternative and VTI on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VTI | Per year | VTI per year | Worst drop | VTI worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 10.6% | 10.7% | −55.2% | −55.5% | January 2004 | | [SCHB](https://tactfolio.com/etf/schb.md) | 1.00 | 14.2% | 14.2% | −35.3% | −35.0% | November 2009 | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 11.2% | 11.1% | −54.5% | −55.5% | November 2005 | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 9.5% | 9.7% | −55.3% | −55.5% | June 2001 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.4% | −34.0% | −35.0% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 9.4% | 9.7% | −55.2% | −55.5% | June 2001 | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.2% | −34.3% | −35.0% | November 2009 | | [VV](https://tactfolio.com/etf/vv.md) | 1.00 | 11.0% | 10.8% | −54.8% | −55.5% | January 2004 | 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. ## Each VTI alternative, compared ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT also holds nearly every US stock, big and small, in one fund. It tracks the S&P Total Market Index (TMI), while VTI tracks the Morningstar US Total Market Index. It charges 0.03% a year, about $3 on $10,000, against $3 for VTI. It held 2,446 stocks, against 3,519 for VTI. From January 2004 to October 2026, ITOT returned about 10.6% a year and VTI returned about 10.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB also holds nearly every US stock, big and small, in one fund. It tracks the Dow Jones U.S. Broad Stock Market Index, while VTI tracks the Morningstar US Total Market Index. It charges 0.03% a year, about $3 on $10,000, against $3 for VTI. It held 2,409 stocks, against 3,519 for VTI. From November 2009 to October 2026, SCHB returned about 14.2% a year and VTI returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while VTI holds nearly every US stock, big and small, in one fund. It charges 0.02% a year, about $2 on $10,000, against $3 for VTI. It held 505 stocks, against 3,519 for VTI. From November 2005 to October 2026, SPYM returned about 11.2% a year and VTI returned about 11.1% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while VTI holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for VTI. It held 505 stocks, against 3,519 for VTI. From June 2001 to October 2026, IVV returned about 9.5% a year and VTI returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while VTI holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for VTI. It held 505 stocks, against 3,519 for VTI. From September 2010 to October 2026, VOO returned about 14.8% a year and VTI returned about 14.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [VOO vs VTI](https://tactfolio.com/etf-comparisons/voo-vs-vti.md) for the full side-by-side, or the [VOO fund page](https://tactfolio.com/etf/voo.md). ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while VTI holds nearly every US stock, big and small, in one fund. It charges 0.0945% a year, about $9.45 on $10,000, against $3 for VTI. It held 504 stocks, against 3,519 for VTI. From June 2001 to October 2026, SPY returned about 9.4% a year and VTI returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### SCHX: Schwab U.S. Large-Cap ETF SCHX is a looser match. It holds the biggest US companies, weighted by size, while VTI holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for VTI. It held 749 stocks, against 3,519 for VTI. From November 2009 to October 2026, SCHX returned about 14.4% a year and VTI returned about 14.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### VV: Vanguard Morningstar Large-Cap ETF VV is a looser match. It holds the biggest US companies, weighted by size, while VTI holds nearly every US stock, big and small, in one fund. It charges 0.03% a year, about $3 on $10,000, against $3 for VTI. It held 421 stocks, against 3,519 for VTI. From January 2004 to October 2026, VV returned about 11.0% a year and VTI returned about 10.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VV fund page](https://tactfolio.com/etf/vv.md) for its returns by year and worst drop. ## VTI versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VTI from each other company on this page: - **iShares (BlackRock):** [ITOT](https://tactfolio.com/etf/itot.md), iShares Core S&P Total U.S. Stock Market ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (same kind of fund, 0.03% a year) - **SPDR (State Street):** [SPYM](https://tactfolio.com/etf/spym.md), State Street SPDR Portfolio S&P 500 ETF (related fund, 0.02% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VTI and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VTI costs about $3 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VTI to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ITOT, SCHB or SPYM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VTI and its alternatives in a backtest 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 VTI and ITOT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VTI. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VTI over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VTI only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VTI? ITOT is the closest. ITOT also holds nearly every US stock, big and small, in one fund. It tracks the S&P Total Market Index (TMI), while VTI tracks the Morningstar US Total Market Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VTI? Yes. SPYM charges 0.02% a year, against 0.03% for VTI. On $10,000 that is about $2 a year instead of $3. ### Is VTI or ITOT better? Neither is better for everyone. From January 2004 to October 2026, VTI returned about 10.7% a year and ITOT returned about 10.6% a year. VTI charges 0.03% a year and ITOT charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VTI 10 years ago? It would have grown to about $40,105 by October 16, 2026, with dividends reinvested. That is about 14.9% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Total Stock Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vti) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VTV alternatives: 8 similar ETFs compared > ETFs similar to VTV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VTV. Updated daily. The ETFs most like VTV are SCHV, IWD and SPYV. SCHV, IWD and SPYV hold large US companies that look cheap compared with their earnings and assets, like VTV. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VTV: 4 of the same kind and 4 related funds. - VTV charges 0.03% a year (about $3 on $10,000). - SCHV moved most like VTV: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VTV alternatives at a glance Each fund below can stand in for VTV, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VTV** | This fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | [IWD](https://tactfolio.com/etf/iwd.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Same kind of fund | 0.04% | $4 | S&P 500 Value Index | | [IVE](https://tactfolio.com/etf/ive.md) | Same kind of fund | 0.18% | $18 | S&P 500 Value Index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Related fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Related fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Related fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VTV and its alternatives did over the same dates Each row measures the alternative and VTV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VTV | Per year | VTV per year | Worst drop | VTV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.98 | 11.5% | 12.4% | −37.1% | −36.8% | December 2009 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.98 | 9.1% | 9.7% | −60.1% | −59.3% | January 2004 | | [SPYV](https://tactfolio.com/etf/spyv.md) | 0.96 | 8.9% | 9.7% | −58.5% | −59.3% | January 2004 | | [IVE](https://tactfolio.com/etf/ive.md) | 0.96 | 8.9% | 9.7% | −61.3% | −59.3% | January 2004 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.98 | 9.3% | 9.1% | −57.0% | −59.3% | November 2006 | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.93 | 13.5% | 13.3% | −33.4% | −36.8% | October 2011 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.89 | 8.9% | 12.3% | −46.4% | −36.8% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.84 | 11.0% | 12.0% | −37.0% | −36.8% | March 2011 | 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. ## Each VTV alternative, compared ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index, while VTV tracks the Morningstar US Large Cap Value Index. It charges 0.04% a year, about $4 on $10,000, against $3 for VTV. It held 555 stocks, against 298 for VTV. From December 2009 to October 2026, SCHV returned about 11.5% a year and VTV returned about 12.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD also holds large US companies that look cheap compared with their earnings and assets. It tracks the Russell 1000 Value Index, while VTV tracks the Morningstar US Large Cap Value Index. It charges 0.18% a year, about $18 on $10,000, against $3 for VTV. It held 870 stocks, against 298 for VTV. From January 2004 to October 2026, IWD returned about 9.1% a year and VTV returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV also holds large US companies that look cheap compared with their earnings and assets. It tracks the S&P 500 Value Index, while VTV tracks the Morningstar US Large Cap Value Index. It charges 0.04% a year, about $4 on $10,000, against $3 for VTV. It held 435 stocks, against 298 for VTV. From January 2004 to October 2026, SPYV returned about 8.9% a year and VTV returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ### IVE: iShares S&P 500 Value ETF IVE also holds large US companies that look cheap compared with their earnings and assets. It tracks the S&P 500 Value Index, while VTV tracks the Morningstar US Large Cap Value Index. It charges 0.18% a year, about $18 on $10,000, against $3 for VTV. It held 436 stocks, against 298 for VTV. From January 2004 to October 2026, IVE returned about 8.9% a year and VTV returned about 9.7% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while VTV holds large US companies that look cheap compared with their earnings and assets. It charges 0.04% a year, about $4 on $10,000, against $3 for VTV. It held 593 stocks, against 298 for VTV. From November 2006 to October 2026, VYM returned about 9.3% a year and VTV returned about 9.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ### SCHD: Schwab U.S. Dividend Equity ETF SCHD is a looser match. It holds US companies that pay high or steady dividends, while VTV holds large US companies that look cheap compared with their earnings and assets. It charges 0.06% a year, about $6 on $10,000, against $3 for VTV. It held 98 stocks, against 298 for VTV. From October 2011 to October 2026, SCHD returned about 13.5% a year and VTV returned about 13.3% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [SCHD fund page](https://tactfolio.com/etf/schd.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD is a looser match. It holds US companies that pay high or steady dividends, while VTV holds large US companies that look cheap compared with their earnings and assets. It charges 0.07% a year, about $7 on $10,000, against $3 for VTV. It held 78 stocks, against 298 for VTV. From October 2015 to October 2026, SPYD returned about 8.9% a year and VTV returned about 12.3% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV is a looser match. It holds US companies that pay high or steady dividends, while VTV holds large US companies that look cheap compared with their earnings and assets. It charges 0.08% a year, about $8 on $10,000, against $3 for VTV. It held 74 stocks, against 298 for VTV. From March 2011 to October 2026, HDV returned about 11.0% a year and VTV returned about 12.0% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ## VTV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VTV from each other company on this page: - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (same kind of fund, 0.04% a year) - **iShares (BlackRock):** [IWD](https://tactfolio.com/etf/iwd.md), iShares Russell 1000 Value ETF (same kind of fund, 0.18% a year) - **SPDR (State Street):** [SPYV](https://tactfolio.com/etf/spyv.md), State Street SPDR Portfolio S&P 500 Value ETF (same kind of fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VTV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VTV costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VTV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHV, IWD or SPYV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VTV and its alternatives in a backtest 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 SCHV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VTV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VTV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VTV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VTV? SCHV is the closest. SCHV also holds large US companies that look cheap compared with their earnings and assets. It tracks the Dow Jones U.S. Large-Cap Value Total Stock Market Index, while VTV tracks the Morningstar US Large Cap Value Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VTV? Not among the funds here. VTV charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VTV or SCHV better? Neither is better for everyone. From December 2009 to October 2026, VTV returned about 12.4% a year and SCHV returned about 11.5% a year. VTV charges 0.03% a year and SCHV charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VTV 10 years ago? It would have grown to about $33,409 by October 16, 2026, with dividends reinvested. That is about 12.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VUG alternatives: 8 similar ETFs compared > ETFs similar to VUG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VUG. Updated daily. The ETFs most like VUG are MGK, SCHG and SPYG. MGK, SCHG and SPYG hold large US companies whose sales and profits are growing fast, like VUG. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VUG: 7 of the same kind and 1 related fund. - VUG charges 0.03% a year (about $3 on $10,000). - MGK moved most like VUG: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VUG alternatives at a glance Each fund below can stand in for VUG, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VUG** | This fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Same kind of fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Same kind of fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Same kind of fund | 0.04% | $4 | S&P 500 Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Same kind of fund | 0.06% | $6 | Russell 1000 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Same kind of fund | 0.07% | $7 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Same kind of fund | 0.18% | $18 | S&P 500 Growth Index | | [IWF](https://tactfolio.com/etf/iwf.md) | Same kind of fund | 0.18% | $18 | Russell 1000 Growth Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VUG and its alternatives did over the same dates Each row measures the alternative and VUG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VUG | Per year | VUG per year | Worst drop | VUG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [MGK](https://tactfolio.com/etf/mgk.md) | 1.00 | 13.5% | 12.9% | −48.0% | −49.5% | December 2007 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.99 | 16.1% | 15.7% | −34.6% | −35.6% | January 2010 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.99 | 12.0% | 12.1% | −51.3% | −50.7% | January 2004 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.99 | 16.4% | 16.4% | −32.7% | −35.6% | September 2010 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.99 | 16.6% | 16.6% | −32.7% | −35.6% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 0.99 | 12.0% | 12.1% | −49.2% | −50.7% | January 2004 | | [IWF](https://tactfolio.com/etf/iwf.md) | 0.99 | 11.9% | 12.1% | −51.3% | −50.7% | January 2004 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.98 | 16.5% | 14.6% | −35.0% | −35.6% | October 2020 | 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. ## Each VUG alternative, compared ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Mega Cap Growth Index, while VUG tracks the Morningstar US Large Cap Growth Index. It charges 0.05% a year, about $5 on $10,000, against $3 for VUG. It held 52 stocks, against 135 for VUG. From December 2007 to October 2026, MGK returned about 13.5% a year and VUG returned about 12.9% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG also holds large US companies whose sales and profits are growing fast. It tracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while VUG tracks the Morningstar US Large Cap Growth Index. It charges 0.04% a year, about $4 on $10,000, against $3 for VUG. It held 195 stocks, against 135 for VUG. From January 2010 to October 2026, SCHG returned about 16.1% a year and VUG returned about 15.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while VUG tracks the Morningstar US Large Cap Growth Index. It charges 0.04% a year, about $4 on $10,000, against $3 for VUG. It held 152 stocks, against 135 for VUG. From January 2004 to October 2026, SPYG returned about 12.0% a year and VUG returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while VUG tracks the Morningstar US Large Cap Growth Index. It charges 0.06% a year, about $6 on $10,000, against $3 for VUG. It held 371 stocks, against 135 for VUG. From September 2010 to October 2026, VONG returned about 16.4% a year and VUG returned about 16.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while VUG tracks the Morningstar US Large Cap Growth Index. It charges 0.07% a year, about $7 on $10,000, against $3 for VUG. It held 152 stocks, against 135 for VUG. From September 2010 to October 2026, VOOG returned about 16.6% a year and VUG returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW also holds large US companies whose sales and profits are growing fast. It tracks the S&P 500 Growth Index, while VUG tracks the Morningstar US Large Cap Growth Index. It charges 0.18% a year, about $18 on $10,000, against $3 for VUG. It held 152 stocks, against 135 for VUG. From January 2004 to October 2026, IVW returned about 12.0% a year and VUG returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ### IWF: iShares Russell 1000 Growth ETF IWF also holds large US companies whose sales and profits are growing fast. It tracks the Russell 1000 Growth Index, while VUG tracks the Morningstar US Large Cap Growth Index. It charges 0.18% a year, about $18 on $10,000, against $3 for VUG. It held 372 stocks, against 135 for VUG. From January 2004 to October 2026, IWF returned about 11.9% a year and VUG returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IWF fund page](https://tactfolio.com/etf/iwf.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while VUG holds large US companies whose sales and profits are growing fast. It charges 0.15% a year, about $15 on $10,000, against $3 for VUG. From October 2020 to October 2026, QQQM returned about 16.5% a year and VUG returned about 14.6% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ## VUG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VUG from each other company on this page: - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (same kind of fund, 0.04% a year) - **SPDR (State Street):** [SPYG](https://tactfolio.com/etf/spyg.md), State Street SPDR Portfolio S&P 500 Growth ETF (same kind of fund, 0.04% a year) - **iShares (BlackRock):** [IVW](https://tactfolio.com/etf/ivw.md), iShares S&P 500 Growth ETF (same kind of fund, 0.18% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VUG and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VUG costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VUG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as MGK, SCHG or SPYG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VUG and its alternatives in a backtest 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 VUG and MGK, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VUG. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VUG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VUG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VUG? MGK is the closest. MGK also holds large US companies whose sales and profits are growing fast. It tracks the Morningstar US Mega Cap Growth Index, while VUG tracks the Morningstar US Large Cap Growth Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VUG? Not among the funds here. VUG charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VUG or MGK better? Neither is better for everyone. From December 2007 to October 2026, VUG returned about 12.9% a year and MGK returned about 13.5% a year. VUG charges 0.03% a year and MGK charges 0.05%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VUG 10 years ago? It would have grown to about $51,809 by October 16, 2026, with dividends reinvested. That is about 17.9% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [iShares (BlackRock): iShares Russell 1000 Growth ETF fund page](https://www.ishares.com/us/products/239706/ishares-russell-1000-growth-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VV alternatives: 8 similar ETFs compared > ETFs similar to VV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VV. Updated daily. The ETFs most like VV are SCHX, IWB and DIA. SCHX, IWB and DIA hold the biggest US companies, weighted by size, like VV. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VV: 3 of the same kind and 5 related funds. - VV charges 0.03% a year (about $3 on $10,000). The cheapest alternative here, SPYM, charges 0.02%. - SCHX moved most like VV: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VV alternatives at a glance Each fund below can stand in for VV, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VV** | This fund | 0.03% | $3 | Morningstar US Large Cap Index | | [SCHX](https://tactfolio.com/etf/schx.md) | Same kind of fund | 0.03% | $3 | Dow Jones U.S. Large-Cap Total Stock Market Index | | [IWB](https://tactfolio.com/etf/iwb.md) | Same kind of fund | 0.15% | $15 | Russell 1000 Index | | [DIA](https://tactfolio.com/etf/dia.md) | Same kind of fund | 0.16% | $16 | Dow Jones Industrial Average | | [SPYM](https://tactfolio.com/etf/spym.md) | Related fund | 0.02% | $2 | S&P 500 Index | | [IVV](https://tactfolio.com/etf/ivv.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [VOO](https://tactfolio.com/etf/voo.md) | Related fund | 0.03% | $3 | S&P 500 Index | | [SPY](https://tactfolio.com/etf/spy.md) | Related fund | 0.0945% | $9.45 | S&P 500 Index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VV and its alternatives did over the same dates Each row measures the alternative and VV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VV | Per year | VV per year | Worst drop | VV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHX](https://tactfolio.com/etf/schx.md) | 1.00 | 14.4% | 14.5% | −34.3% | −34.3% | November 2009 | | [IWB](https://tactfolio.com/etf/iwb.md) | 1.00 | 10.7% | 11.0% | −55.4% | −54.8% | January 2004 | | [DIA](https://tactfolio.com/etf/dia.md) | 0.91 | 9.7% | 11.0% | −51.9% | −54.8% | January 2004 | | [SPYM](https://tactfolio.com/etf/spym.md) | 1.00 | 11.2% | 11.3% | −54.5% | −54.8% | November 2005 | | [IVV](https://tactfolio.com/etf/ivv.md) | 1.00 | 10.8% | 11.0% | −55.3% | −54.8% | January 2004 | | [VOO](https://tactfolio.com/etf/voo.md) | 1.00 | 14.8% | 14.8% | −34.0% | −34.3% | September 2010 | | [SPY](https://tactfolio.com/etf/spy.md) | 1.00 | 10.8% | 11.0% | −55.2% | −54.8% | January 2004 | | [ITOT](https://tactfolio.com/etf/itot.md) | 1.00 | 10.7% | 11.0% | −55.2% | −54.8% | January 2004 | 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. ## Each VV alternative, compared ### SCHX: Schwab U.S. Large-Cap ETF SCHX also holds the biggest US companies, weighted by size. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, while VV tracks the Morningstar US Large Cap Index. It charges 0.03% a year, about $3 on $10,000, against $3 for VV. It held 749 stocks, against 421 for VV. From November 2009 to October 2026, SCHX returned about 14.4% a year and VV returned about 14.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHX fund page](https://tactfolio.com/etf/schx.md) for its returns by year and worst drop. ### IWB: iShares Russell 1000 ETF IWB also holds the biggest US companies, weighted by size. It tracks the Russell 1000 Index, while VV tracks the Morningstar US Large Cap Index. It charges 0.15% a year, about $15 on $10,000, against $3 for VV. It held 1,023 stocks, against 421 for VV. From January 2004 to October 2026, IWB returned about 10.7% a year and VV returned about 11.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IWB fund page](https://tactfolio.com/etf/iwb.md) for its returns by year and worst drop. ### DIA: State Street SPDR Dow Jones Industrial Average ETF Trust DIA also holds the biggest US companies, weighted by size. It tracks the Dow Jones Industrial Average, while VV tracks the Morningstar US Large Cap Index. It charges 0.16% a year, about $16 on $10,000, against $3 for VV. It held 30 stocks, against 421 for VV. From January 2004 to October 2026, DIA returned about 9.7% a year and VV returned about 11.0% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [DIA fund page](https://tactfolio.com/etf/dia.md) for its returns by year and worst drop. ### SPYM: State Street SPDR Portfolio S&P 500 ETF SPYM is a looser match. It holds about 500 large US companies in the S&P 500, while VV holds the biggest US companies, weighted by size. It charges 0.02% a year, about $2 on $10,000, against $3 for VV. It held 505 stocks, against 421 for VV. From November 2005 to October 2026, SPYM returned about 11.2% a year and VV returned about 11.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPYM fund page](https://tactfolio.com/etf/spym.md) for its returns by year and worst drop. ### IVV: iShares Core S&P 500 ETF IVV is a looser match. It holds about 500 large US companies in the S&P 500, while VV holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $3 for VV. It held 505 stocks, against 421 for VV. From January 2004 to October 2026, IVV returned about 10.8% a year and VV returned about 11.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IVV fund page](https://tactfolio.com/etf/ivv.md) for its returns by year and worst drop. ### VOO: Vanguard S&P 500 ETF VOO is a looser match. It holds about 500 large US companies in the S&P 500, while VV holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $3 for VV. It held 505 stocks, against 421 for VV. From September 2010 to October 2026, VOO returned about 14.8% a year and VV returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VOO fund page](https://tactfolio.com/etf/voo.md) for its returns by year and worst drop. ### SPY: State Street SPDR S&P 500 ETF Trust SPY is a looser match. It holds about 500 large US companies in the S&P 500, while VV holds the biggest US companies, weighted by size. It charges 0.0945% a year, about $9.45 on $10,000, against $3 for VV. It held 504 stocks, against 421 for VV. From January 2004 to October 2026, SPY returned about 10.8% a year and VV returned about 11.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SPY fund page](https://tactfolio.com/etf/spy.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while VV holds the biggest US companies, weighted by size. It charges 0.03% a year, about $3 on $10,000, against $3 for VV. It held 2,446 stocks, against 421 for VV. From January 2004 to October 2026, ITOT returned about 10.7% a year and VV returned about 11.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ## VV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VV from each other company on this page: - **Schwab:** [SCHX](https://tactfolio.com/etf/schx.md), Schwab U.S. Large-Cap ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IWB](https://tactfolio.com/etf/iwb.md), iShares Russell 1000 ETF (same kind of fund, 0.15% a year) - **SPDR (State Street):** [DIA](https://tactfolio.com/etf/dia.md), State Street SPDR Dow Jones Industrial Average ETF Trust (same kind of fund, 0.16% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VV costs about $3 a year. SPYM costs about $2. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHX, IWB or DIA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VV and its alternatives in a backtest 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 VV and SCHX, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to VV? SCHX is the closest. SCHX also holds the biggest US companies, weighted by size. It tracks the Dow Jones U.S. Large-Cap Total Stock Market Index, while VV tracks the Morningstar US Large Cap Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VV? Yes. SPYM charges 0.02% a year, against 0.03% for VV. On $10,000 that is about $2 a year instead of $3. ### Is VV or SCHX better? Neither is better for everyone. From November 2009 to October 2026, VV returned about 14.5% a year and SCHX returned about 14.4% a year. VV charges 0.03% a year and SCHX charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VV 10 years ago? It would have grown to about $42,286 by October 16, 2026, with dividends reinvested. That is about 15.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Morningstar Large-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vv) - [Schwab: Schwab U.S. Large-Cap ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020690/tm266454-2_497k.htm) - [iShares (BlackRock): iShares Russell 1000 ETF fund page](https://www.ishares.com/us/products/239707/ishares-russell-1000-etf) - [SPDR (State Street): State Street SPDR Dow Jones Industrial Average ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-industrial-average-etf-trust-dia) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-etf-spym) - [iShares (BlackRock): iShares Core S&P 500 ETF fund page](https://www.ishares.com/us/products/239726/ishares-core-s-p-500-etf) - [Vanguard: Vanguard S&P 500 ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voo) - [SPDR (State Street): State Street SPDR S&P 500 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-500-etf-trust-spy) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VYM alternatives: 8 similar ETFs compared > ETFs similar to VYM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VYM. Updated daily. The ETFs most like VYM are SCHD, DVY and SDY. SCHD, DVY and SDY hold US companies that pay high or steady dividends, like VYM. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VYM: 6 of the same kind and 2 related funds. - VYM charges 0.04% a year (about $4 on $10,000). - DGRO moved most like VYM: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VYM alternatives at a glance Each fund below can stand in for VYM, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VYM** | This fund | 0.04% | $4 | FTSE High Dividend Yield Index | | [SCHD](https://tactfolio.com/etf/schd.md) | Same kind of fund | 0.06% | $6 | Dow Jones U.S. Dividend 100 Index | | [DVY](https://tactfolio.com/etf/dvy.md) | Same kind of fund | 0.38% | $38 | Dow Jones U.S. Select Dividend Index | | [SDY](https://tactfolio.com/etf/sdy.md) | Same kind of fund | 0.35% | $35 | S&P High Yield Dividend Aristocrats Index | | [SPYD](https://tactfolio.com/etf/spyd.md) | Same kind of fund | 0.07% | $7 | S&P 500 High Dividend Index | | [HDV](https://tactfolio.com/etf/hdv.md) | Same kind of fund | 0.08% | $8 | Morningstar Dividend Yield Focus Index | | [SPHD](https://tactfolio.com/etf/sphd.md) | Same kind of fund | 0.3% | $30 | S&P 500 Low Volatility High Dividend Index | | [DGRO](https://tactfolio.com/etf/dgro.md) | Related fund | 0.08% | $8 | Morningstar US Dividend Growth Index | | [VIG](https://tactfolio.com/etf/vig.md) | Related fund | 0.04% | $4 | S&P U.S. Dividend Growers Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VYM and its alternatives did over the same dates Each row measures the alternative and VYM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VYM | Per year | VYM per year | Worst drop | VYM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHD](https://tactfolio.com/etf/schd.md) | 0.93 | 13.5% | 12.6% | −33.4% | −35.2% | October 2011 | | [DVY](https://tactfolio.com/etf/dvy.md) | 0.93 | 8.0% | 9.3% | −62.6% | −57.0% | November 2006 | | [SDY](https://tactfolio.com/etf/sdy.md) | 0.90 | 8.5% | 9.3% | −54.8% | −57.0% | November 2006 | | [SPYD](https://tactfolio.com/etf/spyd.md) | 0.89 | 8.9% | 11.5% | −46.4% | −35.2% | October 2015 | | [HDV](https://tactfolio.com/etf/hdv.md) | 0.84 | 11.0% | 12.0% | −37.0% | −35.2% | March 2011 | | [SPHD](https://tactfolio.com/etf/sphd.md) | 0.84 | 9.4% | 12.1% | −41.4% | −35.2% | October 2012 | | [DGRO](https://tactfolio.com/etf/dgro.md) | 0.97 | 12.4% | 10.8% | −35.1% | −35.2% | June 2014 | | [VIG](https://tactfolio.com/etf/vig.md) | 0.94 | 10.1% | 9.3% | −46.8% | −57.0% | November 2006 | 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. ## Each VYM alternative, compared ### SCHD: Schwab U.S. Dividend Equity ETF SCHD also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Dividend 100 Index, while VYM tracks the FTSE High Dividend Yield Index. It charges 0.06% a year, about $6 on $10,000, against $4 for VYM. It held 98 stocks, against 593 for VYM. From October 2011 to October 2026, SCHD returned about 13.5% a year and VYM returned about 12.6% a year. Over about the last five years they moved together on most days (correlation 0.93). Read [SCHD vs VYM](https://tactfolio.com/etf-comparisons/schd-vs-vym.md) for the full side-by-side, or the [SCHD fund page](https://tactfolio.com/etf/schd.md). ### DVY: iShares Select Dividend ETF DVY also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Select Dividend Index, while VYM tracks the FTSE High Dividend Yield Index. It charges 0.38% a year, about $38 on $10,000, against $4 for VYM. It held 98 stocks, against 593 for VYM. From November 2006 to October 2026, DVY returned about 8.0% a year and VYM returned about 9.3% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [DVY fund page](https://tactfolio.com/etf/dvy.md) for its returns by year and worst drop. ### SDY: State Street SPDR S&P Dividend ETF SDY also holds US companies that pay high or steady dividends. It tracks the S&P High Yield Dividend Aristocrats Index, while VYM tracks the FTSE High Dividend Yield Index. It charges 0.35% a year, about $35 on $10,000, against $4 for VYM. It held 155 stocks, against 593 for VYM. From November 2006 to October 2026, SDY returned about 8.5% a year and VYM returned about 9.3% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [SDY fund page](https://tactfolio.com/etf/sdy.md) for its returns by year and worst drop. ### SPYD: State Street SPDR Portfolio S&P 500 High Dividend ETF SPYD also holds US companies that pay high or steady dividends. It tracks the S&P 500 High Dividend Index, while VYM tracks the FTSE High Dividend Yield Index. It charges 0.07% a year, about $7 on $10,000, against $4 for VYM. It held 78 stocks, against 593 for VYM. From October 2015 to October 2026, SPYD returned about 8.9% a year and VYM returned about 11.5% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [SPYD fund page](https://tactfolio.com/etf/spyd.md) for its returns by year and worst drop. ### HDV: iShares Core High Dividend ETF HDV also holds US companies that pay high or steady dividends. It tracks the Morningstar Dividend Yield Focus Index, while VYM tracks the FTSE High Dividend Yield Index. It charges 0.08% a year, about $8 on $10,000, against $4 for VYM. It held 74 stocks, against 593 for VYM. From March 2011 to October 2026, HDV returned about 11.0% a year and VYM returned about 12.0% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [HDV fund page](https://tactfolio.com/etf/hdv.md) for its returns by year and worst drop. ### SPHD: Invesco S&P 500 High Dividend Low Volatility ETF SPHD also holds US companies that pay high or steady dividends. It tracks the S&P 500 Low Volatility High Dividend Index, while VYM tracks the FTSE High Dividend Yield Index. It charges 0.3% a year, about $30 on $10,000, against $4 for VYM. From October 2012 to October 2026, SPHD returned about 9.4% a year and VYM returned about 12.1% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [SPHD fund page](https://tactfolio.com/etf/sphd.md) for its returns by year and worst drop. ### DGRO: iShares Core Dividend Growth ETF DGRO is a looser match. It holds US companies that have raised their dividends for many years in a row, while VYM holds US companies that pay high or steady dividends. It charges 0.08% a year, about $8 on $10,000, against $4 for VYM. It held 391 stocks, against 593 for VYM. From June 2014 to October 2026, DGRO returned about 12.4% a year and VYM returned about 10.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [DGRO fund page](https://tactfolio.com/etf/dgro.md) for its returns by year and worst drop. ### VIG: Vanguard Dividend Appreciation ETF VIG is a looser match. It holds US companies that have raised their dividends for many years in a row, while VYM holds US companies that pay high or steady dividends. It charges 0.04% a year, about $4 on $10,000, against $4 for VYM. It held 333 stocks, against 593 for VYM. From November 2006 to October 2026, VIG returned about 10.1% a year and VYM returned about 9.3% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [VIG fund page](https://tactfolio.com/etf/vig.md) for its returns by year and worst drop. ## VYM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VYM from each other company on this page: - **Schwab:** [SCHD](https://tactfolio.com/etf/schd.md), Schwab U.S. Dividend Equity ETF (same kind of fund, 0.06% a year) - **iShares (BlackRock):** [DVY](https://tactfolio.com/etf/dvy.md), iShares Select Dividend ETF (same kind of fund, 0.38% a year) - **SPDR (State Street):** [SDY](https://tactfolio.com/etf/sdy.md), State Street SPDR S&P Dividend ETF (same kind of fund, 0.35% a year) - **Invesco:** [SPHD](https://tactfolio.com/etf/sphd.md), Invesco S&P 500 High Dividend Low Volatility ETF (same kind of fund, 0.3% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VYM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VYM costs about $4 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VYM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHD, DVY or SDY, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VYM and its alternatives in a backtest 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 VYM and SCHD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VYM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VYM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VYM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example. - [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. ## Common questions ### What ETF is most similar to VYM? SCHD is the closest. SCHD also holds US companies that pay high or steady dividends. It tracks the Dow Jones U.S. Dividend 100 Index, while VYM tracks the FTSE High Dividend Yield Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to VYM? Not among the funds here. VYM charges 0.04% a year, about $4 on $10,000, which is as low as or lower than each alternative listed. ### Is VYM or SCHD better? Neither is better for everyone. From October 2011 to October 2026, VYM returned about 12.6% a year and SCHD returned about 13.5% a year. VYM charges 0.04% a year and SCHD charges 0.06%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VYM 10 years ago? It would have grown to about $30,536 by October 16, 2026, with dividends reinvested. That is about 11.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [Schwab: Schwab U.S. Dividend Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020681/tm266454-15_497k.htm) - [iShares (BlackRock): iShares Select Dividend ETF fund page](https://www.ishares.com/us/products/239500/ishares-select-dividend-etf) - [SPDR (State Street): State Street SPDR S&P Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-dividend-etf-sdy) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 High Dividend ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-high-dividend-etf-spyd) - [iShares (BlackRock): iShares Core High Dividend ETF fund page](https://www.ishares.com/us/products/239563/ishares-core-high-dividend-etf) - [Invesco: Invesco S&P 500 High Dividend Low Volatility ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325658/d54028d497k.htm) - [iShares (BlackRock): iShares Core Dividend Growth ETF fund page](https://www.ishares.com/us/products/264623/ishares-core-dividend-growth-etf) - [Vanguard: Vanguard Dividend Appreciation ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vig) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLB alternatives: 5 similar ETFs compared > ETFs similar to XLB, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLB. Updated daily. The ETFs most like XLB are VAW, XLI and VIS. VAW holds US makers of chemicals, metals, paper and packaging, like XLB. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 5 funds can stand in for XLB: 1 of the same kind and 4 related funds. - XLB charges 0.08% a year (about $8 on $10,000). - VAW moved most like XLB: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLB alternatives at a glance Each fund below can stand in for XLB, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLB** | This fund | 0.08% | $8 | Materials Select Sector Index | | [VAW](https://tactfolio.com/etf/vaw.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Materials 25/50 Index | | [XLI](https://tactfolio.com/etf/xli.md) | Related fund | 0.08% | $8 | Industrial Select Sector Index | | [VIS](https://tactfolio.com/etf/vis.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Industrials 25/50 Index | | [VDE](https://tactfolio.com/etf/vde.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Energy 25/50 Index | | [XLE](https://tactfolio.com/etf/xle.md) | Related fund | 0.08% | $8 | Energy Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLB and its alternatives did over the same dates Each row measures the alternative and XLB on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLB | Per year | XLB per year | Worst drop | XLB worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VAW](https://tactfolio.com/etf/vaw.md) | 0.99 | 8.9% | 8.6% | −62.2% | −59.8% | January 2004 | | [XLI](https://tactfolio.com/etf/xli.md) | 0.82 | 9.2% | 8.2% | −62.3% | −59.8% | December 1998 | | [VIS](https://tactfolio.com/etf/vis.md) | 0.82 | 10.5% | 8.5% | −63.5% | −59.8% | September 2004 | | [VDE](https://tactfolio.com/etf/vde.md) | 0.46 | 8.8% | 8.5% | −74.7% | −59.8% | September 2004 | | [XLE](https://tactfolio.com/etf/xle.md) | 0.45 | 9.4% | 8.2% | −71.3% | −59.8% | December 1998 | 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. ## Each XLB alternative, compared ### VAW: Vanguard Materials ETF VAW also holds US makers of chemicals, metals, paper and packaging. It tracks the MSCI US Investable Market Materials 25/50 Index, while XLB tracks the Materials Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLB. It held 110 stocks, against 24 for XLB. From January 2004 to October 2026, VAW returned about 8.9% a year and XLB returned about 8.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VAW fund page](https://tactfolio.com/etf/vaw.md) for its returns by year and worst drop. ### XLI: State Street Industrial Select Sector SPDR ETF XLI is a looser match. It holds US makers of machines and airplanes, railroads and other industrial companies, while XLB holds US makers of chemicals, metals, paper and packaging. It charges 0.08% a year, about $8 on $10,000, against $8 for XLB. It held 83 stocks, against 24 for XLB. From December 1998 to October 2026, XLI returned about 9.2% a year and XLB returned about 8.2% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [XLI fund page](https://tactfolio.com/etf/xli.md) for its returns by year and worst drop. ### VIS: Vanguard Industrials ETF VIS is a looser match. It holds US makers of machines and airplanes, railroads and other industrial companies, while XLB holds US makers of chemicals, metals, paper and packaging. It charges 0.09% a year, about $9 on $10,000, against $8 for XLB. It held 396 stocks, against 24 for XLB. From September 2004 to October 2026, VIS returned about 10.5% a year and XLB returned about 8.5% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [VIS fund page](https://tactfolio.com/etf/vis.md) for its returns by year and worst drop. ### VDE: Vanguard Energy ETF VDE is a looser match. It holds US oil, gas and other energy companies, while XLB holds US makers of chemicals, metals, paper and packaging. It charges 0.09% a year, about $9 on $10,000, against $8 for XLB. It held 111 stocks, against 24 for XLB. From September 2004 to October 2026, VDE returned about 8.8% a year and XLB returned about 8.5% a year. Over about the last five years they often moved in different ways (correlation 0.46). Read the [VDE fund page](https://tactfolio.com/etf/vde.md) for its returns by year and worst drop. ### XLE: State Street Energy Select Sector SPDR ETF XLE is a looser match. It holds US oil, gas and other energy companies, while XLB holds US makers of chemicals, metals, paper and packaging. It charges 0.08% a year, about $8 on $10,000, against $8 for XLB. It held 21 stocks, against 24 for XLB. From December 1998 to October 2026, XLE returned about 9.4% a year and XLB returned about 8.2% a year. Over about the last five years they often moved in different ways (correlation 0.45). Read the [XLE fund page](https://tactfolio.com/etf/xle.md) for its returns by year and worst drop. ## XLB versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLB from each other company on this page: - **Vanguard:** [VAW](https://tactfolio.com/etf/vaw.md), Vanguard Materials ETF (same kind of fund, 0.09% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLB and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLB costs about $8 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLB to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VAW, XLI or VIS, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLB and its alternatives in a backtest 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 XLB and VAW, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLB. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLB over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLB only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLB? VAW is the closest. VAW also holds US makers of chemicals, metals, paper and packaging. It tracks the MSCI US Investable Market Materials 25/50 Index, while XLB tracks the Materials Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLB? Not among the funds here. XLB charges 0.08% a year, about $8 on $10,000, which is as low as or lower than each alternative listed. ### Is XLB or VAW better? Neither is better for everyone. From January 2004 to October 2026, XLB returned about 8.6% a year and VAW returned about 8.9% a year. XLB charges 0.08% a year and VAW charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLB 10 years ago? It would have grown to about $26,823 by October 16, 2026, with dividends reinvested. That is about 10.4% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Materials Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-materials-select-sector-spdr-etf-xlb) - [Vanguard: Vanguard Materials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vaw) - [SPDR (State Street): State Street Industrial Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-industrial-select-sector-spdr-etf-xli) - [Vanguard: Vanguard Industrials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vis) - [Vanguard: Vanguard Energy ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vde) - [SPDR (State Street): State Street Energy Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-energy-select-sector-spdr-etf-xle) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLC alternatives: 8 similar ETFs compared > ETFs similar to XLC, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLC. Updated daily. The ETFs most like XLC are VOX, ONEQ and QQQM. VOX holds US phone, media, internet and entertainment companies, like XLC. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for XLC: 1 of the same kind and 7 related funds. - XLC charges 0.08% a year (about $8 on $10,000). - VOX moved most like XLC: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLC alternatives at a glance Each fund below can stand in for XLC, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLC** | This fund | 0.08% | $8 | Communication Services Select Sector Index | | [VOX](https://tactfolio.com/etf/vox.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Communication Services 25/50 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Related fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Related fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [XLK](https://tactfolio.com/etf/xlk.md) | Related fund | 0.08% | $8 | Technology Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLC and its alternatives did over the same dates Each row measures the alternative and XLC on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLC | Per year | XLC per year | Worst drop | XLC worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VOX](https://tactfolio.com/etf/vox.md) | 0.98 | 11.0% | 11.1% | −46.8% | −46.7% | June 2018 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.82 | 16.9% | 11.1% | −35.2% | −46.7% | June 2018 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.80 | 16.5% | 11.2% | −35.0% | −46.7% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.80 | 19.0% | 11.1% | −35.1% | −46.7% | June 2018 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.76 | 23.1% | 11.1% | −39.4% | −46.7% | June 2018 | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.71 | 22.2% | 11.1% | −34.9% | −46.7% | June 2018 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.71 | 22.5% | 11.1% | −35.1% | −46.7% | June 2018 | | [XLK](https://tactfolio.com/etf/xlk.md) | 0.69 | 22.8% | 11.1% | −33.6% | −46.7% | June 2018 | 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. ## Each XLC alternative, compared ### VOX: Vanguard Communication Services ETF VOX also holds US phone, media, internet and entertainment companies. It tracks the MSCI US Investable Market Communication Services 25/50 Index, while XLC tracks the Communication Services Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLC. It held 111 stocks, against 22 for XLC. From June 2018 to October 2026, VOX returned about 11.0% a year and XLC returned about 11.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VOX fund page](https://tactfolio.com/etf/vox.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while XLC holds US phone, media, internet and entertainment companies. It charges 0.21% a year, about $21 on $10,000, against $8 for XLC. It held 1,032 stocks, against 22 for XLC. From June 2018 to October 2026, ONEQ returned about 16.9% a year and XLC returned about 11.1% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while XLC holds US phone, media, internet and entertainment companies. It charges 0.15% a year, about $15 on $10,000, against $8 for XLC. From October 2020 to October 2026, QQQM returned about 16.5% a year and XLC returned about 11.2% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while XLC holds US phone, media, internet and entertainment companies. It charges 0.18% a year, about $18 on $10,000, against $8 for XLC. From June 2018 to October 2026, QQQ returned about 19.0% a year and XLC returned about 11.1% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW is a looser match. It holds US technology companies, such as makers of chips, software and computers, while XLC holds US phone, media, internet and entertainment companies. It charges 0.37% a year, about $37 on $10,000, against $8 for XLC. It held 148 stocks, against 22 for XLC. From June 2018 to October 2026, IYW returned about 23.1% a year and XLC returned about 11.1% a year. Over about the last five years they often moved together, but not always (correlation 0.76). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC is a looser match. It holds US technology companies, such as makers of chips, software and computers, while XLC holds US phone, media, internet and entertainment companies. It charges 0.084% a year, about $8.40 on $10,000, against $8 for XLC. It held 282 stocks, against 22 for XLC. From June 2018 to October 2026, FTEC returned about 22.2% a year and XLC returned about 11.1% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT is a looser match. It holds US technology companies, such as makers of chips, software and computers, while XLC holds US phone, media, internet and entertainment companies. It charges 0.09% a year, about $9 on $10,000, against $8 for XLC. It held 318 stocks, against 22 for XLC. From June 2018 to October 2026, VGT returned about 22.5% a year and XLC returned about 11.1% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### XLK: State Street Technology Select Sector SPDR ETF XLK is a looser match. It holds US technology companies, such as makers of chips, software and computers, while XLC holds US phone, media, internet and entertainment companies. It charges 0.08% a year, about $8 on $10,000, against $8 for XLC. It held 75 stocks, against 22 for XLC. From June 2018 to October 2026, XLK returned about 22.8% a year and XLC returned about 11.1% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [XLK fund page](https://tactfolio.com/etf/xlk.md) for its returns by year and worst drop. ## XLC versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLC from each other company on this page: - **Vanguard:** [VOX](https://tactfolio.com/etf/vox.md), Vanguard Communication Services ETF (same kind of fund, 0.09% a year) - **Fidelity:** [ONEQ](https://tactfolio.com/etf/oneq.md), Fidelity Nasdaq Composite Index ETF (related fund, 0.21% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (related fund, 0.37% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLC and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLC costs about $8 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLC to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VOX, ONEQ or QQQM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLC and its alternatives in a backtest 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 XLC and VOX, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLC. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLC over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLC only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to XLC? VOX is the closest. VOX also holds US phone, media, internet and entertainment companies. It tracks the MSCI US Investable Market Communication Services 25/50 Index, while XLC tracks the Communication Services Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLC? Not among the funds here. XLC charges 0.08% a year, about $8 on $10,000, which is as low as or lower than each alternative listed. ### Is XLC or VOX better? Neither is better for everyone. From June 2018 to October 2026, XLC returned about 11.1% a year and VOX returned about 11.0% a year. XLC charges 0.08% a year and VOX charges 0.09%. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Communication Services Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-communication-services-select-sector-spdr-etf-xlc) - [Vanguard: Vanguard Communication Services ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vox) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLE alternatives: 6 similar ETFs compared > ETFs similar to XLE, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLE. Updated daily. The ETFs most like XLE are VDE, GSG and DBC. VDE holds US oil, gas and other energy companies, like XLE. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for XLE: 1 of the same kind and 5 related funds. - XLE charges 0.08% a year (about $8 on $10,000). - VDE moved most like XLE: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLE alternatives at a glance Each fund below can stand in for XLE, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLE** | This fund | 0.08% | $8 | Energy Select Sector Index | | [VDE](https://tactfolio.com/etf/vde.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Energy 25/50 Index | | [GSG](https://tactfolio.com/etf/gsg.md) | Related fund | 0.75% | $75 | S&P GSCI Total Return Index | | [DBC](https://tactfolio.com/etf/dbc.md) | Related fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [DJP](https://tactfolio.com/etf/djp.md) | Related fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [XLB](https://tactfolio.com/etf/xlb.md) | Related fund | 0.08% | $8 | Materials Select Sector Index | | [VAW](https://tactfolio.com/etf/vaw.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Materials 25/50 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLE and its alternatives did over the same dates Each row measures the alternative and XLE on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLE | Per year | XLE per year | Worst drop | XLE worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VDE](https://tactfolio.com/etf/vde.md) | 1.00 | 8.8% | 9.4% | −74.7% | −71.3% | September 2004 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.66 | −1.4% | 7.8% | −89.6% | −71.3% | July 2006 | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.66 | 2.8% | 7.5% | −76.4% | −71.3% | February 2006 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.59 | 0.4% | 7.8% | −78.3% | −71.3% | October 2006 | | [XLB](https://tactfolio.com/etf/xlb.md) | 0.45 | 8.2% | 9.4% | −59.8% | −71.3% | December 1998 | | [VAW](https://tactfolio.com/etf/vaw.md) | 0.45 | 8.9% | 10.2% | −62.2% | −71.3% | January 2004 | 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. ## Each XLE alternative, compared ### VDE: Vanguard Energy ETF VDE also holds US oil, gas and other energy companies. It tracks the MSCI US Investable Market Energy 25/50 Index, while XLE tracks the Energy Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLE. It held 111 stocks, against 21 for XLE. From September 2004 to October 2026, VDE returned about 8.8% a year and XLE returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VDE fund page](https://tactfolio.com/etf/vde.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG is a looser match. It holds futures on oil, metals, grains and other raw materials, while XLE holds US oil, gas and other energy companies. It charges 0.75% a year, about $75 on $10,000, against $8 for XLE. From July 2006 to October 2026, GSG lost about 1.4% a year and XLE returned about 7.8% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ### DBC: Invesco DB Commodity Index Tracking Fund DBC is a looser match. It holds futures on oil, metals, grains and other raw materials, while XLE holds US oil, gas and other energy companies. It charges 0.85% a year, about $85 on $10,000, against $8 for XLE. From February 2006 to October 2026, DBC returned about 2.8% a year and XLE returned about 7.5% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP is a looser match. It holds futures on oil, metals, grains and other raw materials, while XLE holds US oil, gas and other energy companies. It charges 0.7% a year, about $70 on $10,000, against $8 for XLE. From October 2006 to October 2026, DJP returned about 0.4% a year and XLE returned about 7.8% a year. Over about the last five years they often moved in different ways (correlation 0.59). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### XLB: State Street Materials Select Sector SPDR ETF XLB is a looser match. It holds US makers of chemicals, metals, paper and packaging, while XLE holds US oil, gas and other energy companies. It charges 0.08% a year, about $8 on $10,000, against $8 for XLE. It held 24 stocks, against 21 for XLE. From December 1998 to October 2026, XLB returned about 8.2% a year and XLE returned about 9.4% a year. Over about the last five years they often moved in different ways (correlation 0.45). Read the [XLB fund page](https://tactfolio.com/etf/xlb.md) for its returns by year and worst drop. ### VAW: Vanguard Materials ETF VAW is a looser match. It holds US makers of chemicals, metals, paper and packaging, while XLE holds US oil, gas and other energy companies. It charges 0.09% a year, about $9 on $10,000, against $8 for XLE. It held 110 stocks, against 21 for XLE. From January 2004 to October 2026, VAW returned about 8.9% a year and XLE returned about 10.2% a year. Over about the last five years they often moved in different ways (correlation 0.45). Read the [VAW fund page](https://tactfolio.com/etf/vaw.md) for its returns by year and worst drop. ## XLE versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLE from each other company on this page: - **Vanguard:** [VDE](https://tactfolio.com/etf/vde.md), Vanguard Energy ETF (same kind of fund, 0.09% a year) - **iShares (BlackRock):** [GSG](https://tactfolio.com/etf/gsg.md), iShares S&P GSCI Commodity-Indexed Trust (related fund, 0.75% a year) - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (related fund, 0.85% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (related fund, 0.7% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLE and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLE costs about $8 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLE to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VDE, GSG or DBC, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLE and its alternatives in a backtest 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 XLE and VDE, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLE. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLE over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLE only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLE? VDE is the closest. VDE also holds US oil, gas and other energy companies. It tracks the MSCI US Investable Market Energy 25/50 Index, while XLE tracks the Energy Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLE? Not among the funds here. XLE charges 0.08% a year, about $8 on $10,000, which is as low as or lower than each alternative listed. ### Is XLE or VDE better? Neither is better for everyone. From September 2004 to October 2026, XLE returned about 9.4% a year and VDE returned about 8.8% a year. XLE charges 0.08% a year and VDE charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLE 10 years ago? It would have grown to about $29,355 by October 16, 2026, with dividends reinvested. That is about 11.4% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Energy Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-energy-select-sector-spdr-etf-xle) - [Vanguard: Vanguard Energy ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vde) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [SPDR (State Street): State Street Materials Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-materials-select-sector-spdr-etf-xlb) - [Vanguard: Vanguard Materials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vaw) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLF alternatives: 6 similar ETFs compared > ETFs similar to XLF, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLF. Updated daily. The ETFs most like XLF are VFH, IWD and VTV. VFH holds US banks, insurers and other financial companies, like XLF. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for XLF: 1 of the same kind and 5 related funds. - XLF charges 0.08% a year (about $8 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - VFH moved most like XLF: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLF alternatives at a glance Each fund below can stand in for XLF, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLF** | This fund | 0.08% | $8 | Financial Select Sector Index | | [VFH](https://tactfolio.com/etf/vfh.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Index (IMI)/Financials 25/50 | | [IWD](https://tactfolio.com/etf/iwd.md) | Related fund | 0.18% | $18 | Russell 1000 Value Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Related fund | 0.04% | $4 | S&P 500 Value Index | | [IVE](https://tactfolio.com/etf/ive.md) | Related fund | 0.18% | $18 | S&P 500 Value Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLF and its alternatives did over the same dates Each row measures the alternative and XLF on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLF | Per year | XLF per year | Worst drop | XLF worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VFH](https://tactfolio.com/etf/vfh.md) | 0.99 | 6.7% | 5.9% | −78.6% | −82.7% | January 2004 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.89 | 8.3% | 6.1% | −60.1% | −82.7% | May 2000 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.88 | 9.7% | 5.9% | −59.3% | −82.7% | January 2004 | | [SPYV](https://tactfolio.com/etf/spyv.md) | 0.88 | 7.9% | 5.3% | −58.5% | −82.7% | October 2000 | | [IVE](https://tactfolio.com/etf/ive.md) | 0.88 | 7.7% | 6.1% | −61.3% | −82.7% | May 2000 | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.87 | 11.5% | 11.7% | −37.1% | −42.9% | December 2009 | 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. ## Each XLF alternative, compared ### VFH: Vanguard Financials ETF VFH also holds US banks, insurers and other financial companies. It tracks the MSCI US Investable Market Index (IMI)/Financials 25/50, while XLF tracks the Financial Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLF. It held 423 stocks, against 76 for XLF. From January 2004 to October 2026, VFH returned about 6.7% a year and XLF returned about 5.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VFH fund page](https://tactfolio.com/etf/vfh.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLF holds US banks, insurers and other financial companies. It charges 0.18% a year, about $18 on $10,000, against $8 for XLF. It held 870 stocks, against 76 for XLF. From May 2000 to October 2026, IWD returned about 8.3% a year and XLF returned about 6.1% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLF holds US banks, insurers and other financial companies. It charges 0.03% a year, about $3 on $10,000, against $8 for XLF. It held 298 stocks, against 76 for XLF. From January 2004 to October 2026, VTV returned about 9.7% a year and XLF returned about 5.9% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLF holds US banks, insurers and other financial companies. It charges 0.04% a year, about $4 on $10,000, against $8 for XLF. It held 435 stocks, against 76 for XLF. From October 2000 to October 2026, SPYV returned about 7.9% a year and XLF returned about 5.3% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ### IVE: iShares S&P 500 Value ETF IVE is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLF holds US banks, insurers and other financial companies. It charges 0.18% a year, about $18 on $10,000, against $8 for XLF. It held 436 stocks, against 76 for XLF. From May 2000 to October 2026, IVE returned about 7.7% a year and XLF returned about 6.1% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLF holds US banks, insurers and other financial companies. It charges 0.04% a year, about $4 on $10,000, against $8 for XLF. It held 555 stocks, against 76 for XLF. From December 2009 to October 2026, SCHV returned about 11.5% a year and XLF returned about 11.7% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ## XLF versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLF from each other company on this page: - **Vanguard:** [VFH](https://tactfolio.com/etf/vfh.md), Vanguard Financials ETF (same kind of fund, 0.09% a year) - **iShares (BlackRock):** [IWD](https://tactfolio.com/etf/iwd.md), iShares Russell 1000 Value ETF (related fund, 0.18% a year) - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLF and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLF costs about $8 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLF to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VFH, IWD or VTV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLF and its alternatives in a backtest 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 XLF and VFH, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLF. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLF over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLF only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLF? VFH is the closest. VFH also holds US banks, insurers and other financial companies. It tracks the MSCI US Investable Market Index (IMI)/Financials 25/50, while XLF tracks the Financial Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLF? Yes. VTV charges 0.03% a year, SPYV charges 0.04% a year and SCHV charges 0.04% a year, against 0.08% for XLF. On $10,000 that is about $3 a year instead of $8. ### Is XLF or VFH better? Neither is better for everyone. From January 2004 to October 2026, XLF returned about 5.9% a year and VFH returned about 6.7% a year. XLF charges 0.08% a year and VFH charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLF 10 years ago? It would have grown to about $34,369 by October 16, 2026, with dividends reinvested. That is about 13.1% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Financial Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-financial-select-sector-spdr-etf-xlf) - [Vanguard: Vanguard Financials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vfh) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLI alternatives: 8 similar ETFs compared > ETFs similar to XLI, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLI. Updated daily. The ETFs most like XLI are VIS, SCHV and IWD. VIS holds US makers of machines and airplanes, railroads and other industrial companies, like XLI. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for XLI: 1 of the same kind and 7 related funds. - XLI charges 0.08% a year (about $8 on $10,000). The cheapest alternative here, VTV, charges 0.03%. - VIS moved most like XLI: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLI alternatives at a glance Each fund below can stand in for XLI, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLI** | This fund | 0.08% | $8 | Industrial Select Sector Index | | [VIS](https://tactfolio.com/etf/vis.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Industrials 25/50 Index | | [SCHV](https://tactfolio.com/etf/schv.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Value Total Stock Market Index | | [IWD](https://tactfolio.com/etf/iwd.md) | Related fund | 0.18% | $18 | Russell 1000 Value Index | | [VTV](https://tactfolio.com/etf/vtv.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Value Index | | [SPYV](https://tactfolio.com/etf/spyv.md) | Related fund | 0.04% | $4 | S&P 500 Value Index | | [IVE](https://tactfolio.com/etf/ive.md) | Related fund | 0.18% | $18 | S&P 500 Value Index | | [VAW](https://tactfolio.com/etf/vaw.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Materials 25/50 Index | | [XLB](https://tactfolio.com/etf/xlb.md) | Related fund | 0.08% | $8 | Materials Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLI and its alternatives did over the same dates Each row measures the alternative and XLI on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLI | Per year | XLI per year | Worst drop | XLI worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VIS](https://tactfolio.com/etf/vis.md) | 0.99 | 10.5% | 10.5% | −63.5% | −62.3% | September 2004 | | [SCHV](https://tactfolio.com/etf/schv.md) | 0.91 | 11.5% | 13.2% | −37.1% | −42.3% | December 2009 | | [IWD](https://tactfolio.com/etf/iwd.md) | 0.90 | 8.3% | 8.8% | −60.1% | −62.3% | May 2000 | | [VTV](https://tactfolio.com/etf/vtv.md) | 0.89 | 9.7% | 10.4% | −59.3% | −62.3% | January 2004 | | [SPYV](https://tactfolio.com/etf/spyv.md) | 0.87 | 7.9% | 8.7% | −58.5% | −62.3% | October 2000 | | [IVE](https://tactfolio.com/etf/ive.md) | 0.87 | 7.7% | 8.8% | −61.3% | −62.3% | May 2000 | | [VAW](https://tactfolio.com/etf/vaw.md) | 0.84 | 8.9% | 10.4% | −62.2% | −62.3% | January 2004 | | [XLB](https://tactfolio.com/etf/xlb.md) | 0.82 | 8.2% | 9.2% | −59.8% | −62.3% | December 1998 | 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. ## Each XLI alternative, compared ### VIS: Vanguard Industrials ETF VIS also holds US makers of machines and airplanes, railroads and other industrial companies. It tracks the MSCI US Investable Market Industrials 25/50 Index, while XLI tracks the Industrial Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLI. It held 396 stocks, against 83 for XLI. From September 2004 to October 2026, VIS returned about 10.5% a year and XLI returned about 10.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VIS fund page](https://tactfolio.com/etf/vis.md) for its returns by year and worst drop. ### SCHV: Schwab U.S. Large-Cap Value ETF SCHV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLI holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.04% a year, about $4 on $10,000, against $8 for XLI. It held 555 stocks, against 83 for XLI. From December 2009 to October 2026, SCHV returned about 11.5% a year and XLI returned about 13.2% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SCHV fund page](https://tactfolio.com/etf/schv.md) for its returns by year and worst drop. ### IWD: iShares Russell 1000 Value ETF IWD is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLI holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.18% a year, about $18 on $10,000, against $8 for XLI. It held 870 stocks, against 83 for XLI. From May 2000 to October 2026, IWD returned about 8.3% a year and XLI returned about 8.8% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [IWD fund page](https://tactfolio.com/etf/iwd.md) for its returns by year and worst drop. ### VTV: Vanguard Morningstar Value ETF VTV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLI holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.03% a year, about $3 on $10,000, against $8 for XLI. It held 298 stocks, against 83 for XLI. From January 2004 to October 2026, VTV returned about 9.7% a year and XLI returned about 10.4% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VTV fund page](https://tactfolio.com/etf/vtv.md) for its returns by year and worst drop. ### SPYV: State Street SPDR Portfolio S&P 500 Value ETF SPYV is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLI holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.04% a year, about $4 on $10,000, against $8 for XLI. It held 435 stocks, against 83 for XLI. From October 2000 to October 2026, SPYV returned about 7.9% a year and XLI returned about 8.7% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [SPYV fund page](https://tactfolio.com/etf/spyv.md) for its returns by year and worst drop. ### IVE: iShares S&P 500 Value ETF IVE is a looser match. It holds large US companies that look cheap compared with their earnings and assets, while XLI holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.18% a year, about $18 on $10,000, against $8 for XLI. It held 436 stocks, against 83 for XLI. From May 2000 to October 2026, IVE returned about 7.7% a year and XLI returned about 8.8% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [IVE fund page](https://tactfolio.com/etf/ive.md) for its returns by year and worst drop. ### VAW: Vanguard Materials ETF VAW is a looser match. It holds US makers of chemicals, metals, paper and packaging, while XLI holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.09% a year, about $9 on $10,000, against $8 for XLI. It held 110 stocks, against 83 for XLI. From January 2004 to October 2026, VAW returned about 8.9% a year and XLI returned about 10.4% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [VAW fund page](https://tactfolio.com/etf/vaw.md) for its returns by year and worst drop. ### XLB: State Street Materials Select Sector SPDR ETF XLB is a looser match. It holds US makers of chemicals, metals, paper and packaging, while XLI holds US makers of machines and airplanes, railroads and other industrial companies. It charges 0.08% a year, about $8 on $10,000, against $8 for XLI. It held 24 stocks, against 83 for XLI. From December 1998 to October 2026, XLB returned about 8.2% a year and XLI returned about 9.2% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [XLB fund page](https://tactfolio.com/etf/xlb.md) for its returns by year and worst drop. ## XLI versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLI from each other company on this page: - **Vanguard:** [VIS](https://tactfolio.com/etf/vis.md), Vanguard Industrials ETF (same kind of fund, 0.09% a year) - **Schwab:** [SCHV](https://tactfolio.com/etf/schv.md), Schwab U.S. Large-Cap Value ETF (related fund, 0.04% a year) - **iShares (BlackRock):** [IWD](https://tactfolio.com/etf/iwd.md), iShares Russell 1000 Value ETF (related fund, 0.18% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLI and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLI costs about $8 a year. VTV costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLI to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VIS, SCHV or IWD, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLI and its alternatives in a backtest 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 XLI and VIS, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLI. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLI over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLI only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLI? VIS is the closest. VIS also holds US makers of machines and airplanes, railroads and other industrial companies. It tracks the MSCI US Investable Market Industrials 25/50 Index, while XLI tracks the Industrial Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLI? Yes. VTV charges 0.03% a year, SCHV charges 0.04% a year and SPYV charges 0.04% a year, against 0.08% for XLI. On $10,000 that is about $3 a year instead of $8. ### Is XLI or VIS better? Neither is better for everyone. From September 2004 to October 2026, XLI returned about 10.5% a year and VIS returned about 10.5% a year. XLI charges 0.08% a year and VIS charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLI 10 years ago? It would have grown to about $34,735 by October 16, 2026, with dividends reinvested. That is about 13.3% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Industrial Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-industrial-select-sector-spdr-etf-xli) - [Vanguard: Vanguard Industrials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vis) - [Schwab: Schwab U.S. Large-Cap Value ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020698/tm266454-4_497k.htm) - [iShares (BlackRock): iShares Russell 1000 Value ETF fund page](https://www.ishares.com/us/products/239708/ishares-russell-1000-value-etf) - [Vanguard: Vanguard Morningstar Value ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtv) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Value ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-value-etf-spyv) - [iShares (BlackRock): iShares S&P 500 Value ETF fund page](https://www.ishares.com/us/products/239728/ishares-s-p-500-value-etf) - [Vanguard: Vanguard Materials ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vaw) - [SPDR (State Street): State Street Materials Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-materials-select-sector-spdr-etf-xlb) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLK alternatives: 8 similar ETFs compared > ETFs similar to XLK, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLK. Updated daily. The ETFs most like XLK are FTEC, VGT and IYW. FTEC, VGT and IYW hold US technology companies, such as makers of chips, software and computers, like XLK. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for XLK: 3 of the same kind and 5 related funds. - XLK charges 0.08% a year (about $8 on $10,000). - FTEC moved most like XLK: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLK alternatives at a glance Each fund below can stand in for XLK, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLK** | This fund | 0.08% | $8 | Technology Select Sector Index | | [FTEC](https://tactfolio.com/etf/ftec.md) | Same kind of fund | 0.084% | $8.40 | MSCI USA IMI Information Technology 25/50 Index | | [VGT](https://tactfolio.com/etf/vgt.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Information Technology 25/50 Index | | [IYW](https://tactfolio.com/etf/iyw.md) | Same kind of fund | 0.37% | $37 | Russell 1000 Technology RIC 22.5/45 Capped Index | | [QQQM](https://tactfolio.com/etf/qqqm.md) | Related fund | 0.15% | $15 | Nasdaq-100 Index | | [QQQ](https://tactfolio.com/etf/qqq.md) | Related fund | 0.18% | $18 | Nasdaq-100 Index | | [ONEQ](https://tactfolio.com/etf/oneq.md) | Related fund | 0.21% | $21 | Nasdaq Composite Index | | [SOXX](https://tactfolio.com/etf/soxx.md) | Related fund | 0.33% | $33 | NYSE Semiconductor Index | | [QQEW](https://tactfolio.com/etf/qqew.md) | Related fund | 0.55% | $55 | Nasdaq-100 Select Equal Weight Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLK and its alternatives did over the same dates Each row measures the alternative and XLK on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLK | Per year | XLK per year | Worst drop | XLK worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [FTEC](https://tactfolio.com/etf/ftec.md) | 0.99 | 21.7% | 21.8% | −34.9% | −33.6% | October 2013 | | [VGT](https://tactfolio.com/etf/vgt.md) | 0.99 | 14.8% | 14.8% | −54.6% | −53.0% | January 2004 | | [IYW](https://tactfolio.com/etf/iyw.md) | 0.98 | 9.4% | 9.2% | −81.9% | −79.8% | May 2000 | | [QQQM](https://tactfolio.com/etf/qqqm.md) | 0.97 | 16.5% | 20.9% | −35.0% | −33.6% | October 2020 | | [QQQ](https://tactfolio.com/etf/qqq.md) | 0.97 | 10.7% | 10.0% | −83.0% | −82.0% | March 1999 | | [ONEQ](https://tactfolio.com/etf/oneq.md) | 0.95 | 13.2% | 15.3% | −55.1% | −53.0% | October 2003 | | [SOXX](https://tactfolio.com/etf/soxx.md) | 0.91 | 13.6% | 12.1% | −70.2% | −57.6% | July 2001 | | [QQEW](https://tactfolio.com/etf/qqew.md) | 0.90 | 11.2% | 16.3% | −58.2% | −53.0% | May 2006 | 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. ## Each XLK alternative, compared ### FTEC: Fidelity MSCI Information Technology Index ETF FTEC also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI USA IMI Information Technology 25/50 Index, while XLK tracks the Technology Select Sector Index. It charges 0.084% a year, about $8.40 on $10,000, against $8 for XLK. It held 282 stocks, against 75 for XLK. From October 2013 to October 2026, FTEC returned about 21.7% a year and XLK returned about 21.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [FTEC fund page](https://tactfolio.com/etf/ftec.md) for its returns by year and worst drop. ### VGT: Vanguard Information Technology ETF VGT also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI US Investable Market Information Technology 25/50 Index, while XLK tracks the Technology Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLK. It held 318 stocks, against 75 for XLK. From January 2004 to October 2026, VGT returned about 14.8% a year and XLK returned about 14.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VGT fund page](https://tactfolio.com/etf/vgt.md) for its returns by year and worst drop. ### IYW: iShares U.S. Technology ETF IYW also holds US technology companies, such as makers of chips, software and computers. It tracks the Russell 1000 Technology RIC 22.5/45 Capped Index, while XLK tracks the Technology Select Sector Index. It charges 0.37% a year, about $37 on $10,000, against $8 for XLK. It held 148 stocks, against 75 for XLK. From May 2000 to October 2026, IYW returned about 9.4% a year and XLK returned about 9.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IYW fund page](https://tactfolio.com/etf/iyw.md) for its returns by year and worst drop. ### QQQM: Invesco NASDAQ 100 ETF QQQM is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while XLK holds US technology companies, such as makers of chips, software and computers. It charges 0.15% a year, about $15 on $10,000, against $8 for XLK. From October 2020 to October 2026, QQQM returned about 16.5% a year and XLK returned about 20.9% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [QQQM fund page](https://tactfolio.com/etf/qqqm.md) for its returns by year and worst drop. ### QQQ: Invesco QQQ Trust, Series 1 QQQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while XLK holds US technology companies, such as makers of chips, software and computers. It charges 0.18% a year, about $18 on $10,000, against $8 for XLK. From March 1999 to October 2026, QQQ returned about 10.7% a year and XLK returned about 10.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [QQQ fund page](https://tactfolio.com/etf/qqq.md) for its returns by year and worst drop. ### ONEQ: Fidelity Nasdaq Composite Index ETF ONEQ is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while XLK holds US technology companies, such as makers of chips, software and computers. It charges 0.21% a year, about $21 on $10,000, against $8 for XLK. It held 1,032 stocks, against 75 for XLK. From October 2003 to October 2026, ONEQ returned about 13.2% a year and XLK returned about 15.3% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [ONEQ fund page](https://tactfolio.com/etf/oneq.md) for its returns by year and worst drop. ### SOXX: iShares Semiconductor ETF SOXX is a looser match. It holds companies that design and make computer chips, while XLK holds US technology companies, such as makers of chips, software and computers. It charges 0.33% a year, about $33 on $10,000, against $8 for XLK. It held 30 stocks, against 75 for XLK. From July 2001 to October 2026, SOXX returned about 13.6% a year and XLK returned about 12.1% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [SOXX fund page](https://tactfolio.com/etf/soxx.md) for its returns by year and worst drop. ### QQEW: First Trust Nasdaq-100 Select Equal Weight ETF QQEW is a looser match. It holds the 100 biggest companies on the Nasdaq outside finance, many of them in technology, while XLK holds US technology companies, such as makers of chips, software and computers. It charges 0.55% a year, about $55 on $10,000, against $8 for XLK. It held 50 stocks, against 75 for XLK. From May 2006 to October 2026, QQEW returned about 11.2% a year and XLK returned about 16.3% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [QQEW fund page](https://tactfolio.com/etf/qqew.md) for its returns by year and worst drop. ## XLK versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLK from each other company on this page: - **Fidelity:** [FTEC](https://tactfolio.com/etf/ftec.md), Fidelity MSCI Information Technology Index ETF (same kind of fund, 0.084% a year) - **Vanguard:** [VGT](https://tactfolio.com/etf/vgt.md), Vanguard Information Technology ETF (same kind of fund, 0.09% a year) - **iShares (BlackRock):** [IYW](https://tactfolio.com/etf/iyw.md), iShares U.S. Technology ETF (same kind of fund, 0.37% a year) - **Invesco:** [QQQM](https://tactfolio.com/etf/qqqm.md), Invesco NASDAQ 100 ETF (related fund, 0.15% a year) - **First Trust:** [QQEW](https://tactfolio.com/etf/qqew.md), First Trust Nasdaq-100 Select Equal Weight ETF (related fund, 0.55% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLK and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLK costs about $8 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLK to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as FTEC, VGT or IYW, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLK and its alternatives in a backtest 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 XLK and FTEC, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLK. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLK over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLK only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLK? FTEC is the closest. FTEC also holds US technology companies, such as makers of chips, software and computers. It tracks the MSCI USA IMI Information Technology 25/50 Index, while XLK tracks the Technology Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLK? Not among the funds here. XLK charges 0.08% a year, about $8 on $10,000, which is as low as or lower than each alternative listed. ### Is XLK or FTEC better? Neither is better for everyone. From October 2013 to October 2026, XLK returned about 21.8% a year and FTEC returned about 21.7% a year. XLK charges 0.08% a year and FTEC charges 0.084%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLK 10 years ago? It would have grown to about $85,806 by October 16, 2026, with dividends reinvested. That is about 24.0% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Technology Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-technology-select-sector-spdr-etf-xlk) - [Fidelity: Fidelity MSCI Information Technology Index ETF fund page](https://www.sec.gov/Archives/edgar/data/945908/000094590825000729/filing10088.htm) - [Vanguard: Vanguard Information Technology ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgt) - [iShares (BlackRock): iShares U.S. Technology ETF fund page](https://www.ishares.com/us/products/239522/ishares-u-s-technology-etf) - [Invesco: Invesco NASDAQ 100 ETF fund page](https://www.sec.gov/Archives/edgar/data/1378872/000119312525325643/d54028d497k.htm) - [Invesco: Invesco QQQ Trust, Series 1 fund page](https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=QQQ) - [Fidelity: Fidelity Nasdaq Composite Index ETF fund page](https://institutional.fidelity.com/app/proxy/content?literatureURL=%2F9871761.PDF) - [iShares (BlackRock): iShares Semiconductor ETF fund page](https://www.ishares.com/us/products/239705/ishares-semiconductor-etf) - [First Trust: First Trust Nasdaq-100 Select Equal Weight ETF fund page](https://www.ftportfolios.com/Retail/Etf/EtfSummary.aspx?Ticker=QQEW) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLP alternatives: 7 similar ETFs compared > ETFs similar to XLP, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLP. Updated daily. The ETFs most like XLP are VDC, USMV and XLV. VDC holds US companies that sell things people buy in good times and bad, such as food and soap, like XLP. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for XLP: 1 of the same kind and 6 related funds. - XLP charges 0.08% a year (about $8 on $10,000). - VDC moved most like XLP: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLP alternatives at a glance Each fund below can stand in for XLP, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLP** | This fund | 0.08% | $8 | Consumer Staples Select Sector Index | | [VDC](https://tactfolio.com/etf/vdc.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Consumer Staples 25/50 Index | | [USMV](https://tactfolio.com/etf/usmv.md) | Related fund | 0.15% | $15 | MSCI USA Minimum Volatility Index | | [XLV](https://tactfolio.com/etf/xlv.md) | Related fund | 0.08% | $8 | Health Care Select Sector Index | | [VHT](https://tactfolio.com/etf/vht.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Health Care 25/50 Index | | [XLU](https://tactfolio.com/etf/xlu.md) | Related fund | 0.08% | $8 | Utilities Select Sector Index | | [VPU](https://tactfolio.com/etf/vpu.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Utilities 25/50 Index | | [QUAL](https://tactfolio.com/etf/qual.md) | Related fund | 0.15% | $15 | MSCI USA Sector Neutral Quality Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLP and its alternatives did over the same dates Each row measures the alternative and XLP on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLP | Per year | XLP per year | Worst drop | XLP worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VDC](https://tactfolio.com/etf/vdc.md) | 0.99 | 9.5% | 9.1% | −34.2% | −32.4% | January 2004 | | [USMV](https://tactfolio.com/etf/usmv.md) | 0.73 | 11.7% | 10.1% | −33.1% | −24.5% | October 2011 | | [XLV](https://tactfolio.com/etf/xlv.md) | 0.62 | 8.9% | 6.9% | −39.2% | −35.9% | December 1998 | | [VHT](https://tactfolio.com/etf/vht.md) | 0.60 | 10.1% | 9.1% | −39.1% | −32.4% | January 2004 | | [XLU](https://tactfolio.com/etf/xlu.md) | 0.57 | 7.4% | 6.9% | −52.3% | −35.9% | December 1998 | | [VPU](https://tactfolio.com/etf/vpu.md) | 0.56 | 9.4% | 9.1% | −46.3% | −32.4% | January 2004 | | [QUAL](https://tactfolio.com/etf/qual.md) | 0.48 | 13.6% | 8.6% | −34.1% | −24.5% | July 2013 | 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. ## Each XLP alternative, compared ### VDC: Vanguard Consumer Staples ETF VDC also holds US companies that sell things people buy in good times and bad, such as food and soap. It tracks the MSCI US Investable Market Consumer Staples 25/50 Index, while XLP tracks the Consumer Staples Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLP. It held 103 stocks, against 35 for XLP. From January 2004 to October 2026, VDC returned about 9.5% a year and XLP returned about 9.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VDC fund page](https://tactfolio.com/etf/vdc.md) for its returns by year and worst drop. ### USMV: iShares MSCI USA Min Vol Factor ETF USMV is a looser match. It holds US stocks picked by rules for steady profits or smaller price swings, while XLP holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.15% a year, about $15 on $10,000, against $8 for XLP. It held 174 stocks, against 35 for XLP. From October 2011 to October 2026, USMV returned about 11.7% a year and XLP returned about 10.1% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [USMV fund page](https://tactfolio.com/etf/usmv.md) for its returns by year and worst drop. ### XLV: State Street Health Care Select Sector SPDR ETF XLV is a looser match. It holds US drug makers, medical device makers and health insurers, while XLP holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.08% a year, about $8 on $10,000, against $8 for XLP. It held 61 stocks, against 35 for XLP. From December 1998 to October 2026, XLV returned about 8.9% a year and XLP returned about 6.9% a year. Over about the last five years they often moved together, but not always (correlation 0.62). Read the [XLV fund page](https://tactfolio.com/etf/xlv.md) for its returns by year and worst drop. ### VHT: Vanguard Health Care ETF VHT is a looser match. It holds US drug makers, medical device makers and health insurers, while XLP holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.09% a year, about $9 on $10,000, against $8 for XLP. It held 412 stocks, against 35 for XLP. From January 2004 to October 2026, VHT returned about 10.1% a year and XLP returned about 9.1% a year. Over about the last five years they often moved together, but not always (correlation 0.60). Read the [VHT fund page](https://tactfolio.com/etf/vht.md) for its returns by year and worst drop. ### XLU: State Street Utilities Select Sector SPDR ETF XLU is a looser match. It holds US electric, gas and water companies, while XLP holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.08% a year, about $8 on $10,000, against $8 for XLP. It held 31 stocks, against 35 for XLP. From December 1998 to October 2026, XLU returned about 7.4% a year and XLP returned about 6.9% a year. Over about the last five years they often moved in different ways (correlation 0.57). Read the [XLU fund page](https://tactfolio.com/etf/xlu.md) for its returns by year and worst drop. ### VPU: Vanguard Utilities ETF VPU is a looser match. It holds US electric, gas and water companies, while XLP holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.09% a year, about $9 on $10,000, against $8 for XLP. It held 68 stocks, against 35 for XLP. From January 2004 to October 2026, VPU returned about 9.4% a year and XLP returned about 9.1% a year. Over about the last five years they often moved in different ways (correlation 0.56). Read the [VPU fund page](https://tactfolio.com/etf/vpu.md) for its returns by year and worst drop. ### QUAL: iShares MSCI USA Quality Factor ETF QUAL is a looser match. It holds US stocks picked by rules for steady profits or smaller price swings, while XLP holds US companies that sell things people buy in good times and bad, such as food and soap. It charges 0.15% a year, about $15 on $10,000, against $8 for XLP. It held 118 stocks, against 35 for XLP. From July 2013 to October 2026, QUAL returned about 13.6% a year and XLP returned about 8.6% a year. Over about the last five years they often moved in different ways (correlation 0.48). Read the [QUAL fund page](https://tactfolio.com/etf/qual.md) for its returns by year and worst drop. ## XLP versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLP from each other company on this page: - **Vanguard:** [VDC](https://tactfolio.com/etf/vdc.md), Vanguard Consumer Staples ETF (same kind of fund, 0.09% a year) - **iShares (BlackRock):** [USMV](https://tactfolio.com/etf/usmv.md), iShares MSCI USA Min Vol Factor ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLP and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLP costs about $8 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLP to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VDC, USMV or XLV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLP and its alternatives in a backtest 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 XLP and VDC, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLP. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLP over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLP only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLP? VDC is the closest. VDC also holds US companies that sell things people buy in good times and bad, such as food and soap. It tracks the MSCI US Investable Market Consumer Staples 25/50 Index, while XLP tracks the Consumer Staples Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLP? Not among the funds here. XLP charges 0.08% a year, about $8 on $10,000, which is as low as or lower than each alternative listed. ### Is XLP or VDC better? Neither is better for everyone. From January 2004 to October 2026, XLP returned about 9.1% a year and VDC returned about 9.5% a year. XLP charges 0.08% a year and VDC charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLP 10 years ago? It would have grown to about $21,891 by October 16, 2026, with dividends reinvested. That is about 8.2% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Consumer Staples Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-staples-select-sector-spdr-etf-xlp) - [Vanguard: Vanguard Consumer Staples ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vdc) - [iShares (BlackRock): iShares MSCI USA Min Vol Factor ETF fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) - [SPDR (State Street): State Street Health Care Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-health-care-select-sector-spdr-etf-xlv) - [Vanguard: Vanguard Health Care ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vht) - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) - [iShares (BlackRock): iShares MSCI USA Quality Factor ETF fund page](https://www.ishares.com/us/products/256101/ishares-msci-usa-quality-factor-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLU alternatives: 7 similar ETFs compared > ETFs similar to XLU, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLU. Updated daily. The ETFs most like XLU are VPU, SCHH and XLRE. VPU holds US electric, gas and water companies, like XLU. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for XLU: 1 of the same kind and 6 related funds. - XLU charges 0.08% a year (about $8 on $10,000). The cheapest alternative here, SCHH, charges 0.07%. - VPU moved most like XLU: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLU alternatives at a glance Each fund below can stand in for XLU, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLU** | This fund | 0.08% | $8 | Utilities Select Sector Index | | [VPU](https://tactfolio.com/etf/vpu.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Utilities 25/50 Index | | [SCHH](https://tactfolio.com/etf/schh.md) | Related fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [XLRE](https://tactfolio.com/etf/xlre.md) | Related fund | 0.08% | $8 | Real Estate Select Sector Index | | [IYR](https://tactfolio.com/etf/iyr.md) | Related fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [VNQ](https://tactfolio.com/etf/vnq.md) | Related fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [XLP](https://tactfolio.com/etf/xlp.md) | Related fund | 0.08% | $8 | Consumer Staples Select Sector Index | | [VDC](https://tactfolio.com/etf/vdc.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Consumer Staples 25/50 Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLU and its alternatives did over the same dates Each row measures the alternative and XLU on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLU | Per year | XLU per year | Worst drop | XLU worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VPU](https://tactfolio.com/etf/vpu.md) | 1.00 | 9.4% | 9.4% | −46.3% | −46.5% | January 2004 | | [SCHH](https://tactfolio.com/etf/schh.md) | 0.66 | 6.6% | 10.1% | −44.2% | −36.1% | January 2011 | | [XLRE](https://tactfolio.com/etf/xlre.md) | 0.66 | 6.7% | 9.5% | −38.8% | −36.1% | October 2015 | | [IYR](https://tactfolio.com/etf/iyr.md) | 0.66 | 8.1% | 7.8% | −74.1% | −52.3% | June 2000 | | [VNQ](https://tactfolio.com/etf/vnq.md) | 0.65 | 7.3% | 9.3% | −73.1% | −46.5% | September 2004 | | [XLP](https://tactfolio.com/etf/xlp.md) | 0.57 | 6.9% | 7.4% | −35.9% | −52.3% | December 1998 | | [VDC](https://tactfolio.com/etf/vdc.md) | 0.57 | 9.5% | 9.4% | −34.2% | −46.5% | January 2004 | 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. ## Each XLU alternative, compared ### VPU: Vanguard Utilities ETF VPU also holds US electric, gas and water companies. It tracks the MSCI US Investable Market Utilities 25/50 Index, while XLU tracks the Utilities Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLU. It held 68 stocks, against 31 for XLU. From January 2004 to October 2026, VPU returned about 9.4% a year and XLU returned about 9.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VPU fund page](https://tactfolio.com/etf/vpu.md) for its returns by year and worst drop. ### SCHH: Schwab U.S. REIT ETF SCHH is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while XLU holds US electric, gas and water companies. It charges 0.07% a year, about $7 on $10,000, against $8 for XLU. It held 117 stocks, against 31 for XLU. From January 2011 to October 2026, SCHH returned about 6.6% a year and XLU returned about 10.1% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [SCHH fund page](https://tactfolio.com/etf/schh.md) for its returns by year and worst drop. ### XLRE: State Street Real Estate Select Sector SPDR ETF XLRE is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while XLU holds US electric, gas and water companies. It charges 0.08% a year, about $8 on $10,000, against $8 for XLU. It held 30 stocks, against 31 for XLU. From October 2015 to October 2026, XLRE returned about 6.7% a year and XLU returned about 9.5% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [XLRE fund page](https://tactfolio.com/etf/xlre.md) for its returns by year and worst drop. ### IYR: iShares U.S. Real Estate ETF IYR is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while XLU holds US electric, gas and water companies. It charges 0.37% a year, about $37 on $10,000, against $8 for XLU. It held 58 stocks, against 31 for XLU. From June 2000 to October 2026, IYR returned about 8.1% a year and XLU returned about 7.8% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [IYR fund page](https://tactfolio.com/etf/iyr.md) for its returns by year and worst drop. ### VNQ: Vanguard Real Estate ETF VNQ is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while XLU holds US electric, gas and water companies. It charges 0.13% a year, about $13 on $10,000, against $8 for XLU. It held 139 stocks, against 31 for XLU. From September 2004 to October 2026, VNQ returned about 7.3% a year and XLU returned about 9.3% a year. Over about the last five years they often moved together, but not always (correlation 0.65). Read the [VNQ fund page](https://tactfolio.com/etf/vnq.md) for its returns by year and worst drop. ### XLP: State Street Consumer Staples Select Sector SPDR ETF XLP is a looser match. It holds US companies that sell things people buy in good times and bad, such as food and soap, while XLU holds US electric, gas and water companies. It charges 0.08% a year, about $8 on $10,000, against $8 for XLU. It held 35 stocks, against 31 for XLU. From December 1998 to October 2026, XLP returned about 6.9% a year and XLU returned about 7.4% a year. Over about the last five years they often moved in different ways (correlation 0.57). Read the [XLP fund page](https://tactfolio.com/etf/xlp.md) for its returns by year and worst drop. ### VDC: Vanguard Consumer Staples ETF VDC is a looser match. It holds US companies that sell things people buy in good times and bad, such as food and soap, while XLU holds US electric, gas and water companies. It charges 0.09% a year, about $9 on $10,000, against $8 for XLU. It held 103 stocks, against 31 for XLU. From January 2004 to October 2026, VDC returned about 9.5% a year and XLU returned about 9.4% a year. Over about the last five years they often moved in different ways (correlation 0.57). Read the [VDC fund page](https://tactfolio.com/etf/vdc.md) for its returns by year and worst drop. ## XLU versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLU from each other company on this page: - **Vanguard:** [VPU](https://tactfolio.com/etf/vpu.md), Vanguard Utilities ETF (same kind of fund, 0.09% a year) - **Schwab:** [SCHH](https://tactfolio.com/etf/schh.md), Schwab U.S. REIT ETF (related fund, 0.07% a year) - **iShares (BlackRock):** [IYR](https://tactfolio.com/etf/iyr.md), iShares U.S. Real Estate ETF (related fund, 0.37% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLU and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLU costs about $8 a year. SCHH costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLU to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VPU, SCHH or XLRE, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLU and its alternatives in a backtest 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 XLU and VPU, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLU. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLU over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLU only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLU? VPU is the closest. VPU also holds US electric, gas and water companies. It tracks the MSCI US Investable Market Utilities 25/50 Index, while XLU tracks the Utilities Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLU? Yes. SCHH charges 0.07% a year, against 0.08% for XLU. On $10,000 that is about $7 a year instead of $8. ### Is XLU or VPU better? Neither is better for everyone. From January 2004 to October 2026, XLU returned about 9.4% a year and VPU returned about 9.4% a year. XLU charges 0.08% a year and VPU charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLU 10 years ago? It would have grown to about $24,222 by October 16, 2026, with dividends reinvested. That is about 9.3% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [SPDR (State Street): State Street Consumer Staples Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-staples-select-sector-spdr-etf-xlp) - [Vanguard: Vanguard Consumer Staples ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vdc) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLV alternatives: 5 similar ETFs compared > ETFs similar to XLV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLV. Updated daily. The ETFs most like XLV are VHT, USMV and VDC. VHT holds US drug makers, medical device makers and health insurers, like XLV. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 5 funds can stand in for XLV: 1 of the same kind and 4 related funds. - XLV charges 0.08% a year (about $8 on $10,000). - VHT moved most like XLV: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLV alternatives at a glance Each fund below can stand in for XLV, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLV** | This fund | 0.08% | $8 | Health Care Select Sector Index | | [VHT](https://tactfolio.com/etf/vht.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Health Care 25/50 Index | | [USMV](https://tactfolio.com/etf/usmv.md) | Related fund | 0.15% | $15 | MSCI USA Minimum Volatility Index | | [VDC](https://tactfolio.com/etf/vdc.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Consumer Staples 25/50 Index | | [QUAL](https://tactfolio.com/etf/qual.md) | Related fund | 0.15% | $15 | MSCI USA Sector Neutral Quality Index | | [XLP](https://tactfolio.com/etf/xlp.md) | Related fund | 0.08% | $8 | Consumer Staples Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLV and its alternatives did over the same dates Each row measures the alternative and XLV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLV | Per year | XLV per year | Worst drop | XLV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VHT](https://tactfolio.com/etf/vht.md) | 0.99 | 10.1% | 9.8% | −39.1% | −39.2% | January 2004 | | [USMV](https://tactfolio.com/etf/usmv.md) | 0.78 | 11.7% | 13.9% | −33.1% | −28.4% | October 2011 | | [VDC](https://tactfolio.com/etf/vdc.md) | 0.63 | 9.5% | 9.8% | −34.2% | −39.2% | January 2004 | | [QUAL](https://tactfolio.com/etf/qual.md) | 0.63 | 13.6% | 11.8% | −34.1% | −28.4% | July 2013 | | [XLP](https://tactfolio.com/etf/xlp.md) | 0.62 | 6.9% | 8.9% | −35.9% | −39.2% | December 1998 | 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. ## Each XLV alternative, compared ### VHT: Vanguard Health Care ETF VHT also holds US drug makers, medical device makers and health insurers. It tracks the MSCI US Investable Market Health Care 25/50 Index, while XLV tracks the Health Care Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLV. It held 412 stocks, against 61 for XLV. From January 2004 to October 2026, VHT returned about 10.1% a year and XLV returned about 9.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VHT fund page](https://tactfolio.com/etf/vht.md) for its returns by year and worst drop. ### USMV: iShares MSCI USA Min Vol Factor ETF USMV is a looser match. It holds US stocks picked by rules for steady profits or smaller price swings, while XLV holds US drug makers, medical device makers and health insurers. It charges 0.15% a year, about $15 on $10,000, against $8 for XLV. It held 174 stocks, against 61 for XLV. From October 2011 to October 2026, USMV returned about 11.7% a year and XLV returned about 13.9% a year. Over about the last five years they often moved together, but not always (correlation 0.78). Read the [USMV fund page](https://tactfolio.com/etf/usmv.md) for its returns by year and worst drop. ### VDC: Vanguard Consumer Staples ETF VDC is a looser match. It holds US companies that sell things people buy in good times and bad, such as food and soap, while XLV holds US drug makers, medical device makers and health insurers. It charges 0.09% a year, about $9 on $10,000, against $8 for XLV. It held 103 stocks, against 61 for XLV. From January 2004 to October 2026, VDC returned about 9.5% a year and XLV returned about 9.8% a year. Over about the last five years they often moved together, but not always (correlation 0.63). Read the [VDC fund page](https://tactfolio.com/etf/vdc.md) for its returns by year and worst drop. ### QUAL: iShares MSCI USA Quality Factor ETF QUAL is a looser match. It holds US stocks picked by rules for steady profits or smaller price swings, while XLV holds US drug makers, medical device makers and health insurers. It charges 0.15% a year, about $15 on $10,000, against $8 for XLV. It held 118 stocks, against 61 for XLV. From July 2013 to October 2026, QUAL returned about 13.6% a year and XLV returned about 11.8% a year. Over about the last five years they often moved together, but not always (correlation 0.63). Read the [QUAL fund page](https://tactfolio.com/etf/qual.md) for its returns by year and worst drop. ### XLP: State Street Consumer Staples Select Sector SPDR ETF XLP is a looser match. It holds US companies that sell things people buy in good times and bad, such as food and soap, while XLV holds US drug makers, medical device makers and health insurers. It charges 0.08% a year, about $8 on $10,000, against $8 for XLV. It held 35 stocks, against 61 for XLV. From December 1998 to October 2026, XLP returned about 6.9% a year and XLV returned about 8.9% a year. Over about the last five years they often moved together, but not always (correlation 0.62). Read the [XLP fund page](https://tactfolio.com/etf/xlp.md) for its returns by year and worst drop. ## XLV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLV from each other company on this page: - **Vanguard:** [VHT](https://tactfolio.com/etf/vht.md), Vanguard Health Care ETF (same kind of fund, 0.09% a year) - **iShares (BlackRock):** [USMV](https://tactfolio.com/etf/usmv.md), iShares MSCI USA Min Vol Factor ETF (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLV costs about $8 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VHT, USMV or VDC, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLV and its alternatives in a backtest 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 XLV and VHT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLV? VHT is the closest. VHT also holds US drug makers, medical device makers and health insurers. It tracks the MSCI US Investable Market Health Care 25/50 Index, while XLV tracks the Health Care Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLV? Not among the funds here. XLV charges 0.08% a year, about $8 on $10,000, which is as low as or lower than each alternative listed. ### Is XLV or VHT better? Neither is better for everyone. From January 2004 to October 2026, XLV returned about 9.8% a year and VHT returned about 10.1% a year. XLV charges 0.08% a year and VHT charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLV 10 years ago? It would have grown to about $29,994 by October 16, 2026, with dividends reinvested. That is about 11.6% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Health Care Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-health-care-select-sector-spdr-etf-xlv) - [Vanguard: Vanguard Health Care ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vht) - [iShares (BlackRock): iShares MSCI USA Min Vol Factor ETF fund page](https://www.ishares.com/us/products/239695/ishares-msci-usa-min-vol-factor-etf) - [Vanguard: Vanguard Consumer Staples ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vdc) - [iShares (BlackRock): iShares MSCI USA Quality Factor ETF fund page](https://www.ishares.com/us/products/256101/ishares-msci-usa-quality-factor-etf) - [SPDR (State Street): State Street Consumer Staples Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-staples-select-sector-spdr-etf-xlp) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLY alternatives: 8 similar ETFs compared > ETFs similar to XLY, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLY. Updated daily. The ETFs most like XLY are VCR, SCHG and VUG. VCR holds US companies that sell things people want but can skip, such as cars, travel and online shopping, like XLY. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for XLY: 1 of the same kind and 7 related funds. - XLY charges 0.08% a year (about $8 on $10,000). The cheapest alternative here, VUG, charges 0.03%. - VCR moved most like XLY: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLY alternatives at a glance Each fund below can stand in for XLY, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLY** | This fund | 0.08% | $8 | Consumer Discretionary Select Sector Index | | [VCR](https://tactfolio.com/etf/vcr.md) | Same kind of fund | 0.09% | $9 | MSCI US Investable Market Consumer Discretionary 25/50 Index | | [SCHG](https://tactfolio.com/etf/schg.md) | Related fund | 0.04% | $4 | Dow Jones U.S. Large-Cap Growth Total Stock Market Index | | [VUG](https://tactfolio.com/etf/vug.md) | Related fund | 0.03% | $3 | Morningstar US Large Cap Growth Index | | [MGK](https://tactfolio.com/etf/mgk.md) | Related fund | 0.05% | $5 | Morningstar US Mega Cap Growth Index | | [VONG](https://tactfolio.com/etf/vong.md) | Related fund | 0.06% | $6 | Russell 1000 Growth Index | | [SPYG](https://tactfolio.com/etf/spyg.md) | Related fund | 0.04% | $4 | S&P 500 Growth Index | | [VOOG](https://tactfolio.com/etf/voog.md) | Related fund | 0.07% | $7 | S&P 500 Growth Index | | [IVW](https://tactfolio.com/etf/ivw.md) | Related fund | 0.18% | $18 | S&P 500 Growth Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLY and its alternatives did over the same dates Each row measures the alternative and XLY on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLY | Per year | XLY per year | Worst drop | XLY worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VCR](https://tactfolio.com/etf/vcr.md) | 0.99 | 10.6% | 10.4% | −61.5% | −59.1% | January 2004 | | [SCHG](https://tactfolio.com/etf/schg.md) | 0.88 | 16.1% | 14.1% | −34.6% | −39.7% | January 2010 | | [VUG](https://tactfolio.com/etf/vug.md) | 0.87 | 12.1% | 10.4% | −50.7% | −59.1% | January 2004 | | [MGK](https://tactfolio.com/etf/mgk.md) | 0.87 | 13.5% | 12.2% | −48.0% | −51.4% | December 2007 | | [VONG](https://tactfolio.com/etf/vong.md) | 0.87 | 16.4% | 14.1% | −32.7% | −39.7% | September 2010 | | [SPYG](https://tactfolio.com/etf/spyg.md) | 0.85 | 7.5% | 10.1% | −67.6% | −59.1% | October 2000 | | [VOOG](https://tactfolio.com/etf/voog.md) | 0.85 | 16.6% | 14.3% | −32.7% | −39.7% | September 2010 | | [IVW](https://tactfolio.com/etf/ivw.md) | 0.85 | 8.9% | 9.7% | −57.3% | −59.1% | May 2000 | 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. ## Each XLY alternative, compared ### VCR: Vanguard Consumer Discretionary ETF VCR also holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It tracks the MSCI US Investable Market Consumer Discretionary 25/50 Index, while XLY tracks the Consumer Discretionary Select Sector Index. It charges 0.09% a year, about $9 on $10,000, against $8 for XLY. It held 277 stocks, against 47 for XLY. From January 2004 to October 2026, VCR returned about 10.6% a year and XLY returned about 10.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VCR fund page](https://tactfolio.com/etf/vcr.md) for its returns by year and worst drop. ### SCHG: Schwab U.S. Large-Cap Growth ETF SCHG is a looser match. It holds large US companies whose sales and profits are growing fast, while XLY holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.04% a year, about $4 on $10,000, against $8 for XLY. It held 195 stocks, against 47 for XLY. From January 2010 to October 2026, SCHG returned about 16.1% a year and XLY returned about 14.1% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SCHG fund page](https://tactfolio.com/etf/schg.md) for its returns by year and worst drop. ### VUG: Vanguard Morningstar Growth ETF VUG is a looser match. It holds large US companies whose sales and profits are growing fast, while XLY holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.03% a year, about $3 on $10,000, against $8 for XLY. It held 135 stocks, against 47 for XLY. From January 2004 to October 2026, VUG returned about 12.1% a year and XLY returned about 10.4% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [VUG fund page](https://tactfolio.com/etf/vug.md) for its returns by year and worst drop. ### MGK: Vanguard Morningstar Mega Cap Growth ETF MGK is a looser match. It holds large US companies whose sales and profits are growing fast, while XLY holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.05% a year, about $5 on $10,000, against $8 for XLY. It held 52 stocks, against 47 for XLY. From December 2007 to October 2026, MGK returned about 13.5% a year and XLY returned about 12.2% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [MGK fund page](https://tactfolio.com/etf/mgk.md) for its returns by year and worst drop. ### VONG: Vanguard Russell 1000 Growth ETF VONG is a looser match. It holds large US companies whose sales and profits are growing fast, while XLY holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.06% a year, about $6 on $10,000, against $8 for XLY. It held 371 stocks, against 47 for XLY. From September 2010 to October 2026, VONG returned about 16.4% a year and XLY returned about 14.1% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [VONG fund page](https://tactfolio.com/etf/vong.md) for its returns by year and worst drop. ### SPYG: State Street SPDR Portfolio S&P 500 Growth ETF SPYG is a looser match. It holds large US companies whose sales and profits are growing fast, while XLY holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.04% a year, about $4 on $10,000, against $8 for XLY. It held 152 stocks, against 47 for XLY. From October 2000 to October 2026, SPYG returned about 7.5% a year and XLY returned about 10.1% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [SPYG fund page](https://tactfolio.com/etf/spyg.md) for its returns by year and worst drop. ### VOOG: Vanguard S&P 500 Growth ETF VOOG is a looser match. It holds large US companies whose sales and profits are growing fast, while XLY holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.07% a year, about $7 on $10,000, against $8 for XLY. It held 152 stocks, against 47 for XLY. From September 2010 to October 2026, VOOG returned about 16.6% a year and XLY returned about 14.3% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [VOOG fund page](https://tactfolio.com/etf/voog.md) for its returns by year and worst drop. ### IVW: iShares S&P 500 Growth ETF IVW is a looser match. It holds large US companies whose sales and profits are growing fast, while XLY holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It charges 0.18% a year, about $18 on $10,000, against $8 for XLY. It held 152 stocks, against 47 for XLY. From May 2000 to October 2026, IVW returned about 8.9% a year and XLY returned about 9.7% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [IVW fund page](https://tactfolio.com/etf/ivw.md) for its returns by year and worst drop. ## XLY versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLY from each other company on this page: - **Vanguard:** [VCR](https://tactfolio.com/etf/vcr.md), Vanguard Consumer Discretionary ETF (same kind of fund, 0.09% a year) - **Schwab:** [SCHG](https://tactfolio.com/etf/schg.md), Schwab U.S. Large-Cap Growth ETF (related fund, 0.04% a year) - **iShares (BlackRock):** [IVW](https://tactfolio.com/etf/ivw.md), iShares S&P 500 Growth ETF (related fund, 0.18% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLY and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLY costs about $8 a year. VUG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLY to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VCR, SCHG or VUG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLY and its alternatives in a backtest 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 XLY and VCR, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLY. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLY over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLY only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Sector rotation](https://tactfolio.com/learn/sector-rotation): Sector rotation explained: the 11 GICS sectors and their ETFs, business-cycle vs momentum rotation, and a classic rule with dated backtest figures. - [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. ## Common questions ### What ETF is most similar to XLY? VCR is the closest. VCR also holds US companies that sell things people want but can skip, such as cars, travel and online shopping. It tracks the MSCI US Investable Market Consumer Discretionary 25/50 Index, while XLY tracks the Consumer Discretionary Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLY? Yes. VUG charges 0.03% a year, SCHG charges 0.04% a year and SPYG charges 0.04% a year, against 0.08% for XLY. On $10,000 that is about $3 a year instead of $8. ### Is XLY or VCR better? Neither is better for everyone. From January 2004 to October 2026, XLY returned about 10.4% a year and VCR returned about 10.6% a year. XLY charges 0.08% a year and VCR charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLY 10 years ago? It would have grown to about $31,589 by October 16, 2026, with dividends reinvested. That is about 12.2% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Consumer Discretionary Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-consumer-discretionary-select-sector-spdr-etf-xly) - [Vanguard: Vanguard Consumer Discretionary ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcr) - [Schwab: Schwab U.S. Large-Cap Growth ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020693/tm266454-3_497k.htm) - [Vanguard: Vanguard Morningstar Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vug) - [Vanguard: Vanguard Morningstar Mega Cap Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/mgk) - [Vanguard: Vanguard Russell 1000 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vong) - [SPDR (State Street): State Street SPDR Portfolio S&P 500 Growth ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-sp-500-growth-etf-spyg) - [Vanguard: Vanguard S&P 500 Growth ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/voog) - [iShares (BlackRock): iShares S&P 500 Growth ETF fund page](https://www.ishares.com/us/products/239725/ishares-s-p-500-growth-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XYLD alternatives: 8 similar ETFs compared > ETFs similar to XYLD, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XYLD. Updated daily. The ETFs most like XYLD are QYLD, GPIX and SPYI. QYLD, GPIX and SPYI hold stocks plus call options sold on them, which trade some of the gains for extra income, like XYLD. GPIX costs less: 0.29% a year against 0.6%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for XYLD: 7 of the same kind and 1 related fund. - XYLD charges 0.6% a year (about $60 on $10,000). The cheapest alternative here, VYM, charges 0.04%. - QYLD moved most like XYLD: a daily correlation of 0.93 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XYLD alternatives at a glance Each fund below can stand in for XYLD, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XYLD** | This fund | 0.6% | $60 | Cboe S&P 500 BuyWrite Index | | [QYLD](https://tactfolio.com/etf/qyld.md) | Same kind of fund | 0.6% | $60 | Cboe NASDAQ-100 BuyWrite V2 Index | | [GPIX](https://tactfolio.com/etf/gpix.md) | Same kind of fund | 0.29% | $29 | No index | | [SPYI](https://tactfolio.com/etf/spyi.md) | Same kind of fund | 0.68% | $68 | No index | | [JEPQ](https://tactfolio.com/etf/jepq.md) | Same kind of fund | 0.35% | $35 | No index | | [JEPI](https://tactfolio.com/etf/jepi.md) | Same kind of fund | 0.35% | $35 | No index | | [QQQI](https://tactfolio.com/etf/qqqi.md) | Same kind of fund | 0.68% | $68 | No index | | [DIVO](https://tactfolio.com/etf/divo.md) | Same kind of fund | 0.56% | $56 | No index | | [VYM](https://tactfolio.com/etf/vym.md) | Related fund | 0.04% | $4 | FTSE High Dividend Yield Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XYLD and its alternatives did over the same dates Each row measures the alternative and XYLD on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XYLD | Per year | XYLD per year | Worst drop | XYLD worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [QYLD](https://tactfolio.com/etf/qyld.md) | 0.93 | 8.5% | 7.9% | −24.8% | −33.5% | December 2013 | | [GPIX](https://tactfolio.com/etf/gpix.md) | 0.90 | 22.5% | 15.4% | −17.5% | −15.5% | October 2023 | | [SPYI](https://tactfolio.com/etf/spyi.md) | 0.88 | 14.7% | 11.6% | −16.5% | −15.5% | August 2022 | | [JEPQ](https://tactfolio.com/etf/jepq.md) | 0.86 | 15.3% | 8.0% | −20.1% | −17.2% | May 2022 | | [JEPI](https://tactfolio.com/etf/jepi.md) | 0.85 | 11.1% | 11.3% | −13.7% | −18.7% | May 2020 | | [QQQI](https://tactfolio.com/etf/qqqi.md) | 0.85 | 18.2% | 13.4% | −20.0% | −15.5% | January 2024 | | [DIVO](https://tactfolio.com/etf/divo.md) | 0.79 | 12.7% | 8.4% | −30.0% | −33.5% | December 2016 | | [VYM](https://tactfolio.com/etf/vym.md) | 0.77 | 11.6% | 8.5% | −35.2% | −33.5% | June 2013 | 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. ## Each XYLD alternative, compared ### QYLD: Global X NASDAQ 100 Covered Call ETF QYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index, while XYLD tracks the Cboe S&P 500 BuyWrite Index. It charges 0.6% a year, about $60 on $10,000, against $60 for XYLD. It held 102 stocks, against 505 for XYLD. From December 2013 to October 2026, QYLD returned about 8.5% a year and XYLD returned about 7.9% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [QYLD fund page](https://tactfolio.com/etf/qyld.md) for its returns by year and worst drop. ### GPIX: Goldman Sachs S&P 500 Premium Income ETF GPIX also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while XYLD tracks the Cboe S&P 500 BuyWrite Index. It charges 0.29% a year, about $29 on $10,000, against $60 for XYLD. It held 492 stocks, against 505 for XYLD. From October 2023 to October 2026, GPIX returned about 22.5% a year and XYLD returned about 15.4% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [GPIX fund page](https://tactfolio.com/etf/gpix.md) for its returns by year and worst drop. ### SPYI: NEOS S&P 500 High Income ETF SPYI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while XYLD tracks the Cboe S&P 500 BuyWrite Index. It charges 0.68% a year, about $68 on $10,000, against $60 for XYLD. It held 510 stocks, against 505 for XYLD. From August 2022 to October 2026, SPYI returned about 14.7% a year and XYLD returned about 11.6% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SPYI fund page](https://tactfolio.com/etf/spyi.md) for its returns by year and worst drop. ### JEPQ: JPMorgan Nasdaq Equity Premium Income ETF JEPQ also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while XYLD tracks the Cboe S&P 500 BuyWrite Index. It charges 0.35% a year, about $35 on $10,000, against $60 for XYLD. It held 110 stocks, against 505 for XYLD. From May 2022 to October 2026, JEPQ returned about 15.3% a year and XYLD returned about 8.0% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [JEPQ fund page](https://tactfolio.com/etf/jepq.md) for its returns by year and worst drop. ### JEPI: JPMorgan Equity Premium Income ETF JEPI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while XYLD tracks the Cboe S&P 500 BuyWrite Index. It charges 0.35% a year, about $35 on $10,000, against $60 for XYLD. It held 135 stocks, against 505 for XYLD. From May 2020 to October 2026, JEPI returned about 11.1% a year and XYLD returned about 11.3% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [JEPI fund page](https://tactfolio.com/etf/jepi.md) for its returns by year and worst drop. ### QQQI: NEOS Nasdaq-100 High Income ETF QQQI also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while XYLD tracks the Cboe S&P 500 BuyWrite Index. It charges 0.68% a year, about $68 on $10,000, against $60 for XYLD. From January 2024 to October 2026, QQQI returned about 18.2% a year and XYLD returned about 13.4% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [QQQI fund page](https://tactfolio.com/etf/qqqi.md) for its returns by year and worst drop. ### DIVO: Amplify CWP Enhanced Dividend Income ETF DIVO also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks no index (its managers pick what it holds), while XYLD tracks the Cboe S&P 500 BuyWrite Index. It charges 0.56% a year, about $56 on $10,000, against $60 for XYLD. It held 30 stocks, against 505 for XYLD. From December 2016 to October 2026, DIVO returned about 12.7% a year and XYLD returned about 8.4% a year. Over about the last five years they often moved together, but not always (correlation 0.79). Read the [DIVO fund page](https://tactfolio.com/etf/divo.md) for its returns by year and worst drop. ### VYM: Vanguard High Dividend Yield ETF VYM is a looser match. It holds US companies that pay high or steady dividends, while XYLD holds stocks plus call options sold on them, which trade some of the gains for extra income. It charges 0.04% a year, about $4 on $10,000, against $60 for XYLD. It held 593 stocks, against 505 for XYLD. From June 2013 to October 2026, VYM returned about 11.6% a year and XYLD returned about 8.5% a year. Over about the last five years they often moved together, but not always (correlation 0.77). Read the [VYM fund page](https://tactfolio.com/etf/vym.md) for its returns by year and worst drop. ## XYLD versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XYLD from each other company on this page: - **Goldman Sachs Asset Management:** [GPIX](https://tactfolio.com/etf/gpix.md), Goldman Sachs S&P 500 Premium Income ETF (same kind of fund, 0.29% a year) - **NEOS:** [SPYI](https://tactfolio.com/etf/spyi.md), NEOS S&P 500 High Income ETF (same kind of fund, 0.68% a year) - **J.P. Morgan Asset Management:** [JEPQ](https://tactfolio.com/etf/jepq.md), JPMorgan Nasdaq Equity Premium Income ETF (same kind of fund, 0.35% a year) - **Amplify ETFs:** [DIVO](https://tactfolio.com/etf/divo.md), Amplify CWP Enhanced Dividend Income ETF (same kind of fund, 0.56% a year) - **Vanguard:** [VYM](https://tactfolio.com/etf/vym.md), Vanguard High Dividend Yield ETF (related fund, 0.04% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XYLD and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XYLD costs about $60 a year. VYM costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XYLD to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as QYLD, GPIX or SPYI, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XYLD and its alternatives in a backtest 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 XYLD and QYLD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XYLD. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XYLD over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XYLD only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.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 ETF is most similar to XYLD? QYLD is the closest. QYLD also holds stocks plus call options sold on them, which trade some of the gains for extra income. It tracks the Cboe NASDAQ-100 BuyWrite V2 Index, while XYLD tracks the Cboe S&P 500 BuyWrite Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to XYLD? Yes. VYM charges 0.04% a year, GPIX charges 0.29% a year and JEPQ charges 0.35% a year, against 0.6% for XYLD. On $10,000 that is about $4 a year instead of $60. ### Is XYLD or QYLD better? Neither is better for everyone. From December 2013 to October 2026, XYLD returned about 7.9% a year and QYLD returned about 8.5% a year. XYLD charges 0.6% a year and QYLD charges 0.6%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XYLD 10 years ago? It would have grown to about $22,924 by October 16, 2026, with dividends reinvested. That is about 8.6% a year. Past returns do not tell you what comes next. ## Sources - [Global X (Mirae Asset): Global X S&P 500 Covered Call ETF fund page](https://www.globalxetfs.com/funds/xyld/) - [Global X (Mirae Asset): Global X NASDAQ 100 Covered Call ETF fund page](https://www.globalxetfs.com/funds/qyld/) - [Goldman Sachs Asset Management: Goldman Sachs S&P 500 Premium Income ETF fund page](https://www.sec.gov/Archives/edgar/data/1479026/000119312526192959/d56481d497k.htm) - [NEOS: NEOS S&P 500 High Income ETF fund page](https://neosfunds.com/spyi/) - [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203) - [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) - [NEOS: NEOS Nasdaq-100 High Income ETF fund page](https://neosfunds.com/qqqi/) - [Amplify ETFs: Amplify CWP Enhanced Dividend Income ETF fund page](https://amplifyetfs.com/divo/) - [Vanguard: Vanguard High Dividend Yield ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vym) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # EFA alternatives: 8 similar ETFs compared > ETFs similar to EFA, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as EFA. Updated daily. The ETFs most like EFA are IEFA, SCHF and VEA. IEFA, SCHF and VEA hold stocks in developed countries outside the US, such as Japan, the UK and Europe, like EFA. SCHF costs less: 0.03% a year against 0.32%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for EFA: 3 of the same kind and 5 related funds. - EFA charges 0.32% a year (about $32 on $10,000). The cheapest alternative here, SCHF, charges 0.03%. - IEFA moved most like EFA: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## EFA alternatives at a glance Each fund below can stand in for EFA, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **EFA** | This fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [IEFA](https://tactfolio.com/etf/iefa.md) | Same kind of fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [SCHF](https://tactfolio.com/etf/schf.md) | Same kind of fund | 0.03% | $3 | FTSE Developed ex US Index | | [VEA](https://tactfolio.com/etf/vea.md) | Same kind of fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | | [EFV](https://tactfolio.com/etf/efv.md) | Related fund | 0.31% | $31 | MSCI EAFE Value Index (Net) | | [IVAL](https://tactfolio.com/etf/ival.md) | Related fund | 0.38% | $38 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How EFA and its alternatives did over the same dates Each row measures the alternative and EFA on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with EFA | Per year | EFA per year | Worst drop | EFA worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IEFA](https://tactfolio.com/etf/iefa.md) | 1.00 | 8.3% | 8.0% | −34.8% | −34.2% | October 2012 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.99 | 7.5% | 7.1% | −34.9% | −34.2% | November 2009 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.99 | 5.1% | 4.5% | −60.7% | −61.0% | July 2007 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.97 | 5.3% | 4.8% | −61.5% | −61.0% | March 2007 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.97 | 6.5% | 6.8% | −36.0% | −34.2% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.97 | 7.7% | 8.0% | −36.2% | −34.2% | October 2012 | | [EFV](https://tactfolio.com/etf/efv.md) | 0.96 | 6.0% | 6.1% | −63.9% | −61.0% | August 2005 | | [IVAL](https://tactfolio.com/etf/ival.md) | 0.88 | 6.7% | 7.7% | −46.1% | −34.2% | December 2014 | 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. ## Each EFA alternative, compared ### IEFA: iShares Core MSCI EAFE ETF IEFA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the MSCI EAFE IMI Index (Net), while EFA tracks the MSCI EAFE Index (Net). It charges 0.07% a year, about $7 on $10,000, against $32 for EFA. It held 2,626 stocks, against 657 for EFA. From October 2012 to October 2026, IEFA returned about 8.3% a year and EFA returned about 8.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the FTSE Developed ex US Index, while EFA tracks the MSCI EAFE Index (Net). It charges 0.03% a year, about $3 on $10,000, against $32 for EFA. It held 1,480 stocks, against 657 for EFA. From November 2009 to October 2026, SCHF returned about 7.5% a year and EFA returned about 7.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the FTSE Developed All Cap ex US Index, while EFA tracks the MSCI EAFE Index (Net). It charges 0.03% a year, about $3 on $10,000, against $32 for EFA. It held 3,903 stocks, against 657 for EFA. From July 2007 to October 2026, VEA returned about 5.1% a year and EFA returned about 4.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while EFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.04% a year, about $4 on $10,000, against $32 for EFA. It held 3,810 stocks, against 657 for EFA. From March 2007 to October 2026, VEU returned about 5.3% a year and EFA returned about 4.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while EFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.05% a year, about $5 on $10,000, against $32 for EFA. It held 8,740 stocks, against 657 for EFA. From January 2011 to October 2026, VXUS returned about 6.5% a year and EFA returned about 6.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while EFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.07% a year, about $7 on $10,000, against $32 for EFA. It held 4,584 stocks, against 657 for EFA. From October 2012 to October 2026, IXUS returned about 7.7% a year and EFA returned about 8.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ### EFV: iShares MSCI EAFE Value ETF EFV is a looser match. It holds stocks outside the US that look cheap compared with their earnings and assets, while EFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.31% a year, about $31 on $10,000, against $32 for EFA. It held 395 stocks, against 657 for EFA. From August 2005 to October 2026, EFV returned about 6.0% a year and EFA returned about 6.1% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [EFV fund page](https://tactfolio.com/etf/efv.md) for its returns by year and worst drop. ### IVAL: Alpha Architect International Quantitative Value ETF IVAL is a looser match. It holds stocks outside the US that look cheap compared with their earnings and assets, while EFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.38% a year, about $38 on $10,000, against $32 for EFA. It held 50 stocks, against 657 for EFA. From December 2014 to October 2026, IVAL returned about 6.7% a year and EFA returned about 7.7% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [IVAL fund page](https://tactfolio.com/etf/ival.md) for its returns by year and worst drop. ## EFA versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to EFA from each other company on this page: - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VEA](https://tactfolio.com/etf/vea.md), Vanguard FTSE Developed Markets ETF (same kind of fund, 0.03% a year) - **Alpha Architect:** [IVAL](https://tactfolio.com/etf/ival.md), Alpha Architect International Quantitative Value ETF (related fund, 0.38% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between EFA and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, EFA costs about $32 a year. SCHF costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping EFA to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IEFA, SCHF or VEA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test EFA and its alternatives in a backtest 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 EFA and IEFA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as EFA. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like EFA over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with EFA only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to EFA? IEFA is the closest. IEFA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the MSCI EAFE IMI Index (Net), while EFA tracks the MSCI EAFE Index (Net). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to EFA? Yes. SCHF charges 0.03% a year, VEA charges 0.03% a year and VEU charges 0.04% a year, against 0.32% for EFA. On $10,000 that is about $3 a year instead of $32. ### Is EFA or IEFA better? Neither is better for everyone. From October 2012 to October 2026, EFA returned about 8.0% a year and IEFA returned about 8.3% a year. EFA charges 0.32% a year and IEFA charges 0.07%. Past returns do not tell you what comes next. ### What if I had put $10,000 in EFA 10 years ago? It would have grown to about $24,112 by October 16, 2026, with dividends reinvested. That is about 9.2% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [iShares (BlackRock): iShares MSCI EAFE Value ETF fund page](https://www.ishares.com/us/products/239628/ishares-msci-eafe-value-etf) - [Alpha Architect: Alpha Architect International Quantitative Value ETF fund page](https://funds.alphaarchitect.com/ival/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # EFV alternatives: 5 similar ETFs compared > ETFs similar to EFV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as EFV. Updated daily. The ETFs most like EFV are IVAL, IEFA and EFA. IVAL holds stocks outside the US that look cheap compared with their earnings and assets, like EFV. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 5 funds can stand in for EFV: 1 of the same kind and 4 related funds. - EFV charges 0.31% a year (about $31 on $10,000). The cheapest alternative here, SCHF, charges 0.03%. - IEFA moved most like EFV: a daily correlation of 0.96 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## EFV alternatives at a glance Each fund below can stand in for EFV, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **EFV** | This fund | 0.31% | $31 | MSCI EAFE Value Index (Net) | | [IVAL](https://tactfolio.com/etf/ival.md) | Same kind of fund | 0.38% | $38 | No index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How EFV and its alternatives did over the same dates Each row measures the alternative and EFV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with EFV | Per year | EFV per year | Worst drop | EFV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IVAL](https://tactfolio.com/etf/ival.md) | 0.90 | 6.7% | 8.0% | −46.1% | −43.2% | December 2014 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.96 | 8.3% | 8.2% | −34.8% | −43.2% | October 2012 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.96 | 6.1% | 6.0% | −61.0% | −63.9% | August 2005 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.95 | 7.5% | 7.0% | −34.9% | −43.2% | November 2009 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.95 | 5.1% | 4.3% | −60.7% | −63.9% | July 2007 | 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. ## Each EFV alternative, compared ### IVAL: Alpha Architect International Quantitative Value ETF IVAL also holds stocks outside the US that look cheap compared with their earnings and assets. It tracks no index (its managers pick what it holds), while EFV tracks the MSCI EAFE Value Index (Net). It charges 0.38% a year, about $38 on $10,000, against $31 for EFV. It held 50 stocks, against 395 for EFV. From December 2014 to October 2026, IVAL returned about 6.7% a year and EFV returned about 8.0% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [IVAL fund page](https://tactfolio.com/etf/ival.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EFV holds stocks outside the US that look cheap compared with their earnings and assets. It charges 0.07% a year, about $7 on $10,000, against $31 for EFV. It held 2,626 stocks, against 395 for EFV. From October 2012 to October 2026, IEFA returned about 8.3% a year and EFV returned about 8.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EFV holds stocks outside the US that look cheap compared with their earnings and assets. It charges 0.32% a year, about $32 on $10,000, against $31 for EFV. It held 657 stocks, against 395 for EFV. From August 2005 to October 2026, EFA returned about 6.1% a year and EFV returned about 6.0% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EFV holds stocks outside the US that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $31 for EFV. It held 1,480 stocks, against 395 for EFV. From November 2009 to October 2026, SCHF returned about 7.5% a year and EFV returned about 7.0% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EFV holds stocks outside the US that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $31 for EFV. It held 3,903 stocks, against 395 for EFV. From July 2007 to October 2026, VEA returned about 5.1% a year and EFV returned about 4.3% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ## EFV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to EFV from each other company on this page: - **Alpha Architect:** [IVAL](https://tactfolio.com/etf/ival.md), Alpha Architect International Quantitative Value ETF (same kind of fund, 0.38% a year) - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) - **Vanguard:** [VEA](https://tactfolio.com/etf/vea.md), Vanguard FTSE Developed Markets ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between EFV and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, EFV costs about $31 a year. SCHF costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping EFV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IVAL, IEFA or EFA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test EFV and its alternatives in a backtest 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 EFV and IVAL, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as EFV. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like EFV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with EFV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to EFV? IVAL is the closest. IVAL also holds stocks outside the US that look cheap compared with their earnings and assets. It tracks no index (its managers pick what it holds), while EFV tracks the MSCI EAFE Value Index (Net). Over about the last five years they moved together on most days. ### Is there a cheaper alternative to EFV? Yes. SCHF charges 0.03% a year, VEA charges 0.03% a year and IEFA charges 0.07% a year, against 0.31% for EFV. On $10,000 that is about $3 a year instead of $31. ### Is EFV or IVAL better? Neither is better for everyone. From December 2014 to October 2026, EFV returned about 8.0% a year and IVAL returned about 6.7% a year. EFV charges 0.31% a year and IVAL charges 0.38%. Past returns do not tell you what comes next. ### What if I had put $10,000 in EFV 10 years ago? It would have grown to about $26,127 by October 16, 2026, with dividends reinvested. That is about 10.1% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI EAFE Value ETF fund page](https://www.ishares.com/us/products/239628/ishares-msci-eafe-value-etf) - [Alpha Architect: Alpha Architect International Quantitative Value ETF fund page](https://funds.alphaarchitect.com/ival/) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # EWJ alternatives: 4 similar ETFs compared > ETFs similar to EWJ, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as EWJ. Updated daily. The ETFs most like EWJ are SCHF, VEA and IEFA. None of them holds exactly what EWJ holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for EWJ: 4 related funds. - EWJ charges 0.49% a year (about $49 on $10,000). The cheapest alternative here, SCHF, charges 0.03%. - SCHF moved most like EWJ: a daily correlation of 0.86 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## EWJ alternatives at a glance Each fund below can stand in for EWJ, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **EWJ** | This fund | 0.49% | $49 | MSCI Japan Index (Net) | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How EWJ and its alternatives did over the same dates Each row measures the alternative and EWJ on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with EWJ | Per year | EWJ per year | Worst drop | EWJ worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.86 | 7.5% | 7.4% | −34.9% | −33.1% | November 2009 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.86 | 5.1% | 4.4% | −60.7% | −52.0% | July 2007 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.85 | 8.3% | 9.1% | −34.8% | −33.1% | October 2012 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.85 | 6.4% | 5.2% | −61.0% | −54.4% | August 2001 | 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. ## Each EWJ alternative, compared ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EWJ holds Japanese stocks. It charges 0.03% a year, about $3 on $10,000, against $49 for EWJ. It held 1,480 stocks, against 167 for EWJ. From November 2009 to October 2026, SCHF returned about 7.5% a year and EWJ returned about 7.4% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EWJ holds Japanese stocks. It charges 0.03% a year, about $3 on $10,000, against $49 for EWJ. It held 3,903 stocks, against 167 for EWJ. From July 2007 to October 2026, VEA returned about 5.1% a year and EWJ returned about 4.4% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EWJ holds Japanese stocks. It charges 0.07% a year, about $7 on $10,000, against $49 for EWJ. It held 2,626 stocks, against 167 for EWJ. From October 2012 to October 2026, IEFA returned about 8.3% a year and EWJ returned about 9.1% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EWJ holds Japanese stocks. It charges 0.32% a year, about $32 on $10,000, against $49 for EWJ. It held 657 stocks, against 167 for EWJ. From August 2001 to October 2026, EFA returned about 6.4% a year and EWJ returned about 5.2% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ## EWJ versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to EWJ from each other company on this page: - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) - **Vanguard:** [VEA](https://tactfolio.com/etf/vea.md), Vanguard FTSE Developed Markets ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between EWJ and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, EWJ costs about $49 a year. SCHF costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping EWJ to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHF, VEA or IEFA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test EWJ and its alternatives in a backtest 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 EWJ and SCHF, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as EWJ. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like EWJ over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with EWJ only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to EWJ? SCHF is the closest. SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while EWJ holds Japanese stocks. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to EWJ? Yes. SCHF charges 0.03% a year, VEA charges 0.03% a year and IEFA charges 0.07% a year, against 0.49% for EWJ. On $10,000 that is about $3 a year instead of $49. ### Is EWJ or SCHF better? Neither is better for everyone. From November 2009 to October 2026, EWJ returned about 7.4% a year and SCHF returned about 7.5% a year. EWJ charges 0.49% a year and SCHF charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in EWJ 10 years ago? It would have grown to about $23,457 by October 16, 2026, with dividends reinvested. That is about 8.9% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI Japan ETF fund page](https://www.ishares.com/us/products/239665/ishares-msci-japan-etf) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IEFA alternatives: 8 similar ETFs compared > ETFs similar to IEFA, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IEFA. Updated daily. The ETFs most like IEFA are EFA, SCHF and VEA. EFA, SCHF and VEA hold stocks in developed countries outside the US, such as Japan, the UK and Europe, like IEFA. SCHF costs less: 0.03% a year against 0.07%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IEFA: 3 of the same kind and 5 related funds. - IEFA charges 0.07% a year (about $7 on $10,000). The cheapest alternative here, SCHF, charges 0.03%. - EFA moved most like IEFA: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IEFA alternatives at a glance Each fund below can stand in for IEFA, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IEFA** | This fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Same kind of fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [SCHF](https://tactfolio.com/etf/schf.md) | Same kind of fund | 0.03% | $3 | FTSE Developed ex US Index | | [VEA](https://tactfolio.com/etf/vea.md) | Same kind of fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | | [EFV](https://tactfolio.com/etf/efv.md) | Related fund | 0.31% | $31 | MSCI EAFE Value Index (Net) | | [IVAL](https://tactfolio.com/etf/ival.md) | Related fund | 0.38% | $38 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IEFA and its alternatives did over the same dates Each row measures the alternative and IEFA on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IEFA | Per year | IEFA per year | Worst drop | IEFA worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [EFA](https://tactfolio.com/etf/efa.md) | 1.00 | 8.0% | 8.3% | −34.2% | −34.8% | October 2012 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.99 | 8.4% | 8.3% | −34.9% | −34.8% | October 2012 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.99 | 8.6% | 8.3% | −35.7% | −34.8% | October 2012 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.97 | 7.8% | 8.3% | −35.0% | −34.8% | October 2012 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.97 | 7.8% | 8.3% | −36.0% | −34.8% | October 2012 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.97 | 7.7% | 8.3% | −36.2% | −34.8% | October 2012 | | [EFV](https://tactfolio.com/etf/efv.md) | 0.96 | 8.2% | 8.3% | −43.2% | −34.8% | October 2012 | | [IVAL](https://tactfolio.com/etf/ival.md) | 0.88 | 6.7% | 8.0% | −46.1% | −34.8% | December 2014 | 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. ## Each IEFA alternative, compared ### EFA: iShares MSCI EAFE ETF EFA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the MSCI EAFE Index (Net), while IEFA tracks the MSCI EAFE IMI Index (Net). It charges 0.32% a year, about $32 on $10,000, against $7 for IEFA. It held 657 stocks, against 2,626 for IEFA. From October 2012 to October 2026, EFA returned about 8.0% a year and IEFA returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the FTSE Developed ex US Index, while IEFA tracks the MSCI EAFE IMI Index (Net). It charges 0.03% a year, about $3 on $10,000, against $7 for IEFA. It held 1,480 stocks, against 2,626 for IEFA. From October 2012 to October 2026, SCHF returned about 8.4% a year and IEFA returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the FTSE Developed All Cap ex US Index, while IEFA tracks the MSCI EAFE IMI Index (Net). It charges 0.03% a year, about $3 on $10,000, against $7 for IEFA. It held 3,903 stocks, against 2,626 for IEFA. From October 2012 to October 2026, VEA returned about 8.6% a year and IEFA returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while IEFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.04% a year, about $4 on $10,000, against $7 for IEFA. It held 3,810 stocks, against 2,626 for IEFA. From October 2012 to October 2026, VEU returned about 7.8% a year and IEFA returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while IEFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.05% a year, about $5 on $10,000, against $7 for IEFA. It held 8,740 stocks, against 2,626 for IEFA. From October 2012 to October 2026, VXUS returned about 7.8% a year and IEFA returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while IEFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.07% a year, about $7 on $10,000, against $7 for IEFA. It held 4,584 stocks, against 2,626 for IEFA. From October 2012 to October 2026, IXUS returned about 7.7% a year and IEFA returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ### EFV: iShares MSCI EAFE Value ETF EFV is a looser match. It holds stocks outside the US that look cheap compared with their earnings and assets, while IEFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.31% a year, about $31 on $10,000, against $7 for IEFA. It held 395 stocks, against 2,626 for IEFA. From October 2012 to October 2026, EFV returned about 8.2% a year and IEFA returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [EFV fund page](https://tactfolio.com/etf/efv.md) for its returns by year and worst drop. ### IVAL: Alpha Architect International Quantitative Value ETF IVAL is a looser match. It holds stocks outside the US that look cheap compared with their earnings and assets, while IEFA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.38% a year, about $38 on $10,000, against $7 for IEFA. It held 50 stocks, against 2,626 for IEFA. From December 2014 to October 2026, IVAL returned about 6.7% a year and IEFA returned about 8.0% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [IVAL fund page](https://tactfolio.com/etf/ival.md) for its returns by year and worst drop. ## IEFA versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IEFA from each other company on this page: - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VEA](https://tactfolio.com/etf/vea.md), Vanguard FTSE Developed Markets ETF (same kind of fund, 0.03% a year) - **Alpha Architect:** [IVAL](https://tactfolio.com/etf/ival.md), Alpha Architect International Quantitative Value ETF (related fund, 0.38% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IEFA and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IEFA costs about $7 a year. SCHF costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IEFA to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as EFA, SCHF or VEA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IEFA and its alternatives in a backtest 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 IEFA and EFA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IEFA. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IEFA over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IEFA only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to IEFA? EFA is the closest. EFA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the MSCI EAFE Index (Net), while IEFA tracks the MSCI EAFE IMI Index (Net). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IEFA? Yes. SCHF charges 0.03% a year, VEA charges 0.03% a year and VEU charges 0.04% a year, against 0.07% for IEFA. On $10,000 that is about $3 a year instead of $7. ### Is IEFA or EFA better? Neither is better for everyone. From October 2012 to October 2026, IEFA returned about 8.3% a year and EFA returned about 8.0% a year. IEFA charges 0.07% a year and EFA charges 0.32%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IEFA 10 years ago? It would have grown to about $24,289 by October 16, 2026, with dividends reinvested. That is about 9.3% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [iShares (BlackRock): iShares MSCI EAFE Value ETF fund page](https://www.ishares.com/us/products/239628/ishares-msci-eafe-value-etf) - [Alpha Architect: Alpha Architect International Quantitative Value ETF fund page](https://funds.alphaarchitect.com/ival/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IMOM alternatives: 7 similar ETFs compared > ETFs similar to IMOM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IMOM. Updated daily. The ETFs most like IMOM are SCHF, VEA and IEFA. None of them holds exactly what IMOM holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for IMOM: 7 related funds. - IMOM charges 0.38% a year (about $38 on $10,000). The cheapest alternative here, SCHF, charges 0.03%. - SCHF moved most like IMOM: a daily correlation of 0.87 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IMOM alternatives at a glance Each fund below can stand in for IMOM, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IMOM** | This fund | 0.38% | $38 | No index | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [PDP](https://tactfolio.com/etf/pdp.md) | Related fund | 0.62% | $62 | Dorsey Wright Technical Leaders Index | | [MTUM](https://tactfolio.com/etf/mtum.md) | Related fund | 0.15% | $15 | MSCI USA Momentum SR Variant Index | | [QMOM](https://tactfolio.com/etf/qmom.md) | Related fund | 0.28% | $28 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IMOM and its alternatives did over the same dates Each row measures the alternative and IMOM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IMOM | Per year | IMOM per year | Worst drop | IMOM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.87 | 9.2% | 6.1% | −34.9% | −45.7% | December 2015 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.87 | 9.1% | 6.1% | −35.7% | −45.7% | December 2015 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.86 | 8.5% | 6.1% | −34.8% | −45.7% | December 2015 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.86 | 8.4% | 6.1% | −34.2% | −45.7% | December 2015 | | [PDP](https://tactfolio.com/etf/pdp.md) | 0.72 | 11.7% | 6.1% | −34.7% | −45.7% | December 2015 | | [MTUM](https://tactfolio.com/etf/mtum.md) | 0.71 | 14.9% | 6.1% | −34.1% | −45.7% | December 2015 | | [QMOM](https://tactfolio.com/etf/qmom.md) | 0.70 | 11.3% | 6.1% | −39.1% | −45.7% | December 2015 | 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. ## Each IMOM alternative, compared ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IMOM holds stocks outside the US whose prices have risen the most lately. It charges 0.03% a year, about $3 on $10,000, against $38 for IMOM. It held 1,480 stocks, against 50 for IMOM. From December 2015 to October 2026, SCHF returned about 9.2% a year and IMOM returned about 6.1% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IMOM holds stocks outside the US whose prices have risen the most lately. It charges 0.03% a year, about $3 on $10,000, against $38 for IMOM. It held 3,903 stocks, against 50 for IMOM. From December 2015 to October 2026, VEA returned about 9.1% a year and IMOM returned about 6.1% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IMOM holds stocks outside the US whose prices have risen the most lately. It charges 0.07% a year, about $7 on $10,000, against $38 for IMOM. It held 2,626 stocks, against 50 for IMOM. From December 2015 to October 2026, IEFA returned about 8.5% a year and IMOM returned about 6.1% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IMOM holds stocks outside the US whose prices have risen the most lately. It charges 0.32% a year, about $32 on $10,000, against $38 for IMOM. It held 657 stocks, against 50 for IMOM. From December 2015 to October 2026, EFA returned about 8.4% a year and IMOM returned about 6.1% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### PDP: Invesco Dorsey Wright Momentum ETF PDP is a looser match. It holds US stocks whose prices have risen the most lately, picked again on a schedule, while IMOM holds stocks outside the US whose prices have risen the most lately. It charges 0.62% a year, about $62 on $10,000, against $38 for IMOM. From December 2015 to October 2026, PDP returned about 11.7% a year and IMOM returned about 6.1% a year. Over about the last five years they often moved together, but not always (correlation 0.72). Read the [PDP fund page](https://tactfolio.com/etf/pdp.md) for its returns by year and worst drop. ### MTUM: iShares MSCI USA Momentum Factor ETF MTUM is a looser match. It holds US stocks whose prices have risen the most lately, picked again on a schedule, while IMOM holds stocks outside the US whose prices have risen the most lately. It charges 0.15% a year, about $15 on $10,000, against $38 for IMOM. It held 125 stocks, against 50 for IMOM. From December 2015 to October 2026, MTUM returned about 14.9% a year and IMOM returned about 6.1% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [MTUM fund page](https://tactfolio.com/etf/mtum.md) for its returns by year and worst drop. ### QMOM: Alpha Architect U.S. Quantitative Momentum ETF QMOM is a looser match. It holds US stocks whose prices have risen the most lately, picked again on a schedule, while IMOM holds stocks outside the US whose prices have risen the most lately. It charges 0.28% a year, about $28 on $10,000, against $38 for IMOM. It held 64 stocks, against 50 for IMOM. From December 2015 to October 2026, QMOM returned about 11.3% a year and IMOM returned about 6.1% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [QMOM fund page](https://tactfolio.com/etf/qmom.md) for its returns by year and worst drop. ## IMOM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IMOM from each other company on this page: - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) - **Vanguard:** [VEA](https://tactfolio.com/etf/vea.md), Vanguard FTSE Developed Markets ETF (related fund, 0.03% a year) - **iShares (BlackRock):** [IEFA](https://tactfolio.com/etf/iefa.md), iShares Core MSCI EAFE ETF (related fund, 0.07% a year) - **Invesco:** [PDP](https://tactfolio.com/etf/pdp.md), Invesco Dorsey Wright Momentum ETF (related fund, 0.62% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IMOM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IMOM costs about $38 a year. SCHF costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IMOM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHF, VEA or IEFA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IMOM and its alternatives in a backtest 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 IMOM and SCHF, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IMOM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IMOM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IMOM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Momentum stocks](https://tactfolio.com/learn/momentum-stocks): Momentum stocks are recent winners that tend to keep winning for a while. - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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. ## Common questions ### What ETF is most similar to IMOM? SCHF is the closest. SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IMOM holds stocks outside the US whose prices have risen the most lately. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to IMOM? Yes. SCHF charges 0.03% a year, VEA charges 0.03% a year and IEFA charges 0.07% a year, against 0.38% for IMOM. On $10,000 that is about $3 a year instead of $38. ### Is IMOM or SCHF better? Neither is better for everyone. From December 2015 to October 2026, IMOM returned about 6.1% a year and SCHF returned about 9.2% a year. IMOM charges 0.38% a year and SCHF charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IMOM 10 years ago? It would have grown to about $19,127 by October 16, 2026, with dividends reinvested. That is about 6.7% a year. Past returns do not tell you what comes next. ## Sources - [Alpha Architect: Alpha Architect International Quantitative Momentum ETF fund page](https://funds.alphaarchitect.com/imom/) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Invesco: Invesco Dorsey Wright Momentum ETF fund page](https://www.sec.gov/Archives/edgar/data/1209466/000119312526372133/d177078d497k.htm) - [iShares (BlackRock): iShares MSCI USA Momentum Factor ETF fund page](https://www.ishares.com/us/products/251614/ishares-msci-usa-momentum-factor-etf) - [Alpha Architect: Alpha Architect U.S. Quantitative Momentum ETF fund page](https://funds.alphaarchitect.com/qmom/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IVAL alternatives: 5 similar ETFs compared > ETFs similar to IVAL, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IVAL. Updated daily. The ETFs most like IVAL are EFV, VEA and IEFA. EFV holds stocks outside the US that look cheap compared with their earnings and assets, like IVAL. EFV costs less: 0.31% a year against 0.38%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 5 funds can stand in for IVAL: 1 of the same kind and 4 related funds. - IVAL charges 0.38% a year (about $38 on $10,000). The cheapest alternative here, VEA, charges 0.03%. - EFV moved most like IVAL: a daily correlation of 0.90 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IVAL alternatives at a glance Each fund below can stand in for IVAL, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IVAL** | This fund | 0.38% | $38 | No index | | [EFV](https://tactfolio.com/etf/efv.md) | Same kind of fund | 0.31% | $31 | MSCI EAFE Value Index (Net) | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IVAL and its alternatives did over the same dates Each row measures the alternative and IVAL on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IVAL | Per year | IVAL per year | Worst drop | IVAL worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [EFV](https://tactfolio.com/etf/efv.md) | 0.90 | 8.0% | 6.7% | −43.2% | −46.1% | December 2014 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.88 | 8.4% | 6.7% | −35.7% | −46.1% | December 2014 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.88 | 8.0% | 6.7% | −34.8% | −46.1% | December 2014 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.88 | 7.7% | 6.7% | −34.2% | −46.1% | December 2014 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.87 | 8.3% | 6.7% | −34.9% | −46.1% | December 2014 | 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. ## Each IVAL alternative, compared ### EFV: iShares MSCI EAFE Value ETF EFV also holds stocks outside the US that look cheap compared with their earnings and assets. It tracks the MSCI EAFE Value Index (Net), while IVAL tracks no index (its managers pick what it holds). It charges 0.31% a year, about $31 on $10,000, against $38 for IVAL. It held 395 stocks, against 50 for IVAL. From December 2014 to October 2026, EFV returned about 8.0% a year and IVAL returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [EFV fund page](https://tactfolio.com/etf/efv.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IVAL holds stocks outside the US that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $38 for IVAL. It held 3,903 stocks, against 50 for IVAL. From December 2014 to October 2026, VEA returned about 8.4% a year and IVAL returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IVAL holds stocks outside the US that look cheap compared with their earnings and assets. It charges 0.07% a year, about $7 on $10,000, against $38 for IVAL. It held 2,626 stocks, against 50 for IVAL. From December 2014 to October 2026, IEFA returned about 8.0% a year and IVAL returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IVAL holds stocks outside the US that look cheap compared with their earnings and assets. It charges 0.32% a year, about $32 on $10,000, against $38 for IVAL. It held 657 stocks, against 50 for IVAL. From December 2014 to October 2026, EFA returned about 7.7% a year and IVAL returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IVAL holds stocks outside the US that look cheap compared with their earnings and assets. It charges 0.03% a year, about $3 on $10,000, against $38 for IVAL. It held 1,480 stocks, against 50 for IVAL. From December 2014 to October 2026, SCHF returned about 8.3% a year and IVAL returned about 6.7% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ## IVAL versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IVAL from each other company on this page: - **iShares (BlackRock):** [EFV](https://tactfolio.com/etf/efv.md), iShares MSCI EAFE Value ETF (same kind of fund, 0.31% a year) - **Vanguard:** [VEA](https://tactfolio.com/etf/vea.md), Vanguard FTSE Developed Markets ETF (related fund, 0.03% a year) - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IVAL and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IVAL costs about $38 a year. VEA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IVAL to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as EFV, VEA or IEFA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IVAL and its alternatives in a backtest 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 IVAL and EFV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IVAL. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IVAL over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IVAL only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to IVAL? EFV is the closest. EFV also holds stocks outside the US that look cheap compared with their earnings and assets. It tracks the MSCI EAFE Value Index (Net), while IVAL tracks no index (its managers pick what it holds). Over about the last five years they moved together on most days. ### Is there a cheaper alternative to IVAL? Yes. VEA charges 0.03% a year, SCHF charges 0.03% a year and IEFA charges 0.07% a year, against 0.38% for IVAL. On $10,000 that is about $3 a year instead of $38. ### Is IVAL or EFV better? Neither is better for everyone. From December 2014 to October 2026, IVAL returned about 6.7% a year and EFV returned about 8.0% a year. IVAL charges 0.38% a year and EFV charges 0.31%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IVAL 10 years ago? It would have grown to about $21,490 by October 16, 2026, with dividends reinvested. That is about 8.0% a year. Past returns do not tell you what comes next. ## Sources - [Alpha Architect: Alpha Architect International Quantitative Value ETF fund page](https://funds.alphaarchitect.com/ival/) - [iShares (BlackRock): iShares MSCI EAFE Value ETF fund page](https://www.ishares.com/us/products/239628/ishares-msci-eafe-value-etf) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IXUS alternatives: 8 similar ETFs compared > ETFs similar to IXUS, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IXUS. Updated daily. The ETFs most like IXUS are VEU, VXUS and SCHF. VEU and VXUS hold stocks in almost every country outside the US, rich and emerging, like IXUS. VEU costs less: 0.04% a year against 0.07%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IXUS: 2 of the same kind and 6 related funds. - IXUS charges 0.07% a year (about $7 on $10,000). The cheapest alternative here, SCHF, charges 0.03%. - VEU moved most like IXUS: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IXUS alternatives at a glance Each fund below can stand in for IXUS, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IXUS** | This fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | | [VEU](https://tactfolio.com/etf/veu.md) | Same kind of fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Same kind of fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [VT](https://tactfolio.com/etf/vt.md) | Related fund | 0.06% | $6 | FTSE Global All Cap Index | | [AVGE](https://tactfolio.com/etf/avge.md) | Related fund | 0.23% | $23 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IXUS and its alternatives did over the same dates Each row measures the alternative and IXUS on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IXUS | Per year | IXUS per year | Worst drop | IXUS worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VEU](https://tactfolio.com/etf/veu.md) | 1.00 | 7.8% | 7.7% | −35.0% | −36.2% | October 2012 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 1.00 | 7.8% | 7.7% | −36.0% | −36.2% | October 2012 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.99 | 8.4% | 7.7% | −34.9% | −36.2% | October 2012 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.99 | 8.6% | 7.7% | −35.7% | −36.2% | October 2012 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.97 | 8.3% | 7.7% | −34.8% | −36.2% | October 2012 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.97 | 8.0% | 7.7% | −34.2% | −36.2% | October 2012 | | [VT](https://tactfolio.com/etf/vt.md) | 0.92 | 11.3% | 7.7% | −34.2% | −36.2% | October 2012 | | [AVGE](https://tactfolio.com/etf/avge.md) | 0.89 | 20.3% | 19.6% | −17.1% | −13.8% | September 2022 | 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. ## Each IXUS alternative, compared ### VEU: Vanguard FTSE All-World ex-US ETF VEU also holds stocks in almost every country outside the US, rich and emerging. It tracks the FTSE All-World ex US Index, while IXUS tracks the MSCI ACWI ex USA IMI Index (Net). It charges 0.04% a year, about $4 on $10,000, against $7 for IXUS. It held 3,810 stocks, against 4,584 for IXUS. From October 2012 to October 2026, VEU returned about 7.8% a year and IXUS returned about 7.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS also holds stocks in almost every country outside the US, rich and emerging. It tracks the FTSE Global All Cap ex US Index, while IXUS tracks the MSCI ACWI ex USA IMI Index (Net). It charges 0.05% a year, about $5 on $10,000, against $7 for IXUS. It held 8,740 stocks, against 4,584 for IXUS. From October 2012 to October 2026, VXUS returned about 7.8% a year and IXUS returned about 7.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.03% a year, about $3 on $10,000, against $7 for IXUS. It held 1,480 stocks, against 4,584 for IXUS. From October 2012 to October 2026, SCHF returned about 8.4% a year and IXUS returned about 7.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.03% a year, about $3 on $10,000, against $7 for IXUS. It held 3,903 stocks, against 4,584 for IXUS. From October 2012 to October 2026, VEA returned about 8.6% a year and IXUS returned about 7.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.07% a year, about $7 on $10,000, against $7 for IXUS. It held 2,626 stocks, against 4,584 for IXUS. From October 2012 to October 2026, IEFA returned about 8.3% a year and IXUS returned about 7.7% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while IXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.32% a year, about $32 on $10,000, against $7 for IXUS. It held 657 stocks, against 4,584 for IXUS. From October 2012 to October 2026, EFA returned about 8.0% a year and IXUS returned about 7.7% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### VT: Vanguard Total World Stock ETF VT is a looser match. It holds stocks all over the world, the US included, while IXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.06% a year, about $6 on $10,000, against $7 for IXUS. It held 10,185 stocks, against 4,584 for IXUS. From October 2012 to October 2026, VT returned about 11.3% a year and IXUS returned about 7.7% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VT fund page](https://tactfolio.com/etf/vt.md) for its returns by year and worst drop. ### AVGE: Avantis All Equity Markets ETF AVGE is a looser match. It holds stocks all over the world, the US included, while IXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.23% a year, about $23 on $10,000, against $7 for IXUS. It held 14 stocks, against 4,584 for IXUS. From September 2022 to October 2026, AVGE returned about 20.3% a year and IXUS returned about 19.6% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [AVGE fund page](https://tactfolio.com/etf/avge.md) for its returns by year and worst drop. ## IXUS versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IXUS from each other company on this page: - **Vanguard:** [VEU](https://tactfolio.com/etf/veu.md), Vanguard FTSE All-World ex-US ETF (same kind of fund, 0.04% a year) - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) - **Avantis Investors (American Century):** [AVGE](https://tactfolio.com/etf/avge.md), Avantis All Equity Markets ETF (related fund, 0.23% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IXUS and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IXUS costs about $7 a year. SCHF costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IXUS to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VEU, VXUS or SCHF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IXUS and its alternatives in a backtest 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 IXUS and VEU, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IXUS. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IXUS over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IXUS only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to IXUS? VEU is the closest. VEU also holds stocks in almost every country outside the US, rich and emerging. It tracks the FTSE All-World ex US Index, while IXUS tracks the MSCI ACWI ex USA IMI Index (Net). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IXUS? Yes. SCHF charges 0.03% a year, VEA charges 0.03% a year and VEU charges 0.04% a year, against 0.07% for IXUS. On $10,000 that is about $3 a year instead of $7. ### Is IXUS or VEU better? Neither is better for everyone. From October 2012 to October 2026, IXUS returned about 7.7% a year and VEU returned about 7.8% a year. IXUS charges 0.07% a year and VEU charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IXUS 10 years ago? It would have grown to about $24,222 by October 16, 2026, with dividends reinvested. That is about 9.3% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) - [Avantis Investors (American Century): Avantis All Equity Markets ETF fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHF alternatives: 8 similar ETFs compared > ETFs similar to SCHF, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHF. Updated daily. The ETFs most like SCHF are VEA, IEFA and EFA. VEA, IEFA and EFA hold stocks in developed countries outside the US, such as Japan, the UK and Europe, like SCHF. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHF: 3 of the same kind and 5 related funds. - SCHF charges 0.03% a year (about $3 on $10,000). - VEA moved most like SCHF: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHF alternatives at a glance Each fund below can stand in for SCHF, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHF** | This fund | 0.03% | $3 | FTSE Developed ex US Index | | [VEA](https://tactfolio.com/etf/vea.md) | Same kind of fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Same kind of fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Same kind of fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [EFV](https://tactfolio.com/etf/efv.md) | Related fund | 0.31% | $31 | MSCI EAFE Value Index (Net) | | [IVAL](https://tactfolio.com/etf/ival.md) | Related fund | 0.38% | $38 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHF and its alternatives did over the same dates Each row measures the alternative and SCHF on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHF | Per year | SCHF per year | Worst drop | SCHF worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VEA](https://tactfolio.com/etf/vea.md) | 1.00 | 7.6% | 7.5% | −35.7% | −34.9% | November 2009 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.99 | 8.3% | 8.4% | −34.8% | −34.9% | October 2012 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.99 | 7.1% | 7.5% | −34.2% | −34.9% | November 2009 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.99 | 7.7% | 8.4% | −36.2% | −34.9% | October 2012 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.98 | 7.1% | 7.5% | −35.0% | −34.9% | November 2009 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.98 | 6.5% | 7.1% | −36.0% | −34.9% | January 2011 | | [EFV](https://tactfolio.com/etf/efv.md) | 0.95 | 7.0% | 7.5% | −43.2% | −34.9% | November 2009 | | [IVAL](https://tactfolio.com/etf/ival.md) | 0.87 | 6.7% | 8.3% | −46.1% | −34.9% | December 2014 | 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. ## Each SCHF alternative, compared ### VEA: Vanguard FTSE Developed Markets ETF VEA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the FTSE Developed All Cap ex US Index, while SCHF tracks the FTSE Developed ex US Index. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHF. It held 3,903 stocks, against 1,480 for SCHF. From November 2009 to October 2026, VEA returned about 7.6% a year and SCHF returned about 7.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the MSCI EAFE IMI Index (Net), while SCHF tracks the FTSE Developed ex US Index. It charges 0.07% a year, about $7 on $10,000, against $3 for SCHF. It held 2,626 stocks, against 1,480 for SCHF. From October 2012 to October 2026, IEFA returned about 8.3% a year and SCHF returned about 8.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the MSCI EAFE Index (Net), while SCHF tracks the FTSE Developed ex US Index. It charges 0.32% a year, about $32 on $10,000, against $3 for SCHF. It held 657 stocks, against 1,480 for SCHF. From November 2009 to October 2026, EFA returned about 7.1% a year and SCHF returned about 7.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while SCHF holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.07% a year, about $7 on $10,000, against $3 for SCHF. It held 4,584 stocks, against 1,480 for SCHF. From October 2012 to October 2026, IXUS returned about 7.7% a year and SCHF returned about 8.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while SCHF holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.04% a year, about $4 on $10,000, against $3 for SCHF. It held 3,810 stocks, against 1,480 for SCHF. From November 2009 to October 2026, VEU returned about 7.1% a year and SCHF returned about 7.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while SCHF holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.05% a year, about $5 on $10,000, against $3 for SCHF. It held 8,740 stocks, against 1,480 for SCHF. From January 2011 to October 2026, VXUS returned about 6.5% a year and SCHF returned about 7.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### EFV: iShares MSCI EAFE Value ETF EFV is a looser match. It holds stocks outside the US that look cheap compared with their earnings and assets, while SCHF holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.31% a year, about $31 on $10,000, against $3 for SCHF. It held 395 stocks, against 1,480 for SCHF. From November 2009 to October 2026, EFV returned about 7.0% a year and SCHF returned about 7.5% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [EFV fund page](https://tactfolio.com/etf/efv.md) for its returns by year and worst drop. ### IVAL: Alpha Architect International Quantitative Value ETF IVAL is a looser match. It holds stocks outside the US that look cheap compared with their earnings and assets, while SCHF holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.38% a year, about $38 on $10,000, against $3 for SCHF. It held 50 stocks, against 1,480 for SCHF. From December 2014 to October 2026, IVAL returned about 6.7% a year and SCHF returned about 8.3% a year. Over about the last five years they moved together on most days (correlation 0.87). Read the [IVAL fund page](https://tactfolio.com/etf/ival.md) for its returns by year and worst drop. ## SCHF versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHF from each other company on this page: - **Vanguard:** [VEA](https://tactfolio.com/etf/vea.md), Vanguard FTSE Developed Markets ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IEFA](https://tactfolio.com/etf/iefa.md), iShares Core MSCI EAFE ETF (same kind of fund, 0.07% a year) - **Alpha Architect:** [IVAL](https://tactfolio.com/etf/ival.md), Alpha Architect International Quantitative Value ETF (related fund, 0.38% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHF and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHF costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHF to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VEA, IEFA or EFA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHF and its alternatives in a backtest 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 SCHF and VEA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHF. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHF over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHF only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to SCHF? VEA is the closest. VEA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the FTSE Developed All Cap ex US Index, while SCHF tracks the FTSE Developed ex US Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHF? Not among the funds here. SCHF charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is SCHF or VEA better? Neither is better for everyone. From November 2009 to October 2026, SCHF returned about 7.5% a year and VEA returned about 7.6% a year. SCHF charges 0.03% a year and VEA charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHF 10 years ago? It would have grown to about $25,726 by October 16, 2026, with dividends reinvested. That is about 9.9% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares MSCI EAFE Value ETF fund page](https://www.ishares.com/us/products/239628/ishares-msci-eafe-value-etf) - [Alpha Architect: Alpha Architect International Quantitative Value ETF fund page](https://funds.alphaarchitect.com/ival/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCZ alternatives: 4 similar ETFs compared > ETFs similar to SCZ, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCZ. Updated daily. The ETFs most like SCZ are IEFA, VEA and EFA. None of them holds exactly what SCZ holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for SCZ: 4 related funds. - SCZ charges 0.4% a year (about $40 on $10,000). The cheapest alternative here, VEA, charges 0.03%. - IEFA moved most like SCZ: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCZ alternatives at a glance Each fund below can stand in for SCZ, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCZ** | This fund | 0.4% | $40 | MSCI EAFE Small Cap Index (Net) | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCZ and its alternatives did over the same dates Each row measures the alternative and SCZ on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCZ | Per year | SCZ per year | Worst drop | SCZ worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.97 | 8.3% | 8.6% | −34.8% | −41.1% | October 2012 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.96 | 4.8% | 5.4% | −59.5% | −61.9% | December 2007 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.96 | 4.3% | 5.4% | −60.0% | −61.9% | December 2007 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.95 | 7.5% | 8.2% | −34.9% | −41.1% | November 2009 | 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. ## Each SCZ alternative, compared ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while SCZ holds small companies in developed countries outside the US. It charges 0.07% a year, about $7 on $10,000, against $40 for SCZ. It held 2,626 stocks, against 2,024 for SCZ. From October 2012 to October 2026, IEFA returned about 8.3% a year and SCZ returned about 8.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while SCZ holds small companies in developed countries outside the US. It charges 0.03% a year, about $3 on $10,000, against $40 for SCZ. It held 3,903 stocks, against 2,024 for SCZ. From December 2007 to October 2026, VEA returned about 4.8% a year and SCZ returned about 5.4% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while SCZ holds small companies in developed countries outside the US. It charges 0.32% a year, about $32 on $10,000, against $40 for SCZ. It held 657 stocks, against 2,024 for SCZ. From December 2007 to October 2026, EFA returned about 4.3% a year and SCZ returned about 5.4% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while SCZ holds small companies in developed countries outside the US. It charges 0.03% a year, about $3 on $10,000, against $40 for SCZ. It held 1,480 stocks, against 2,024 for SCZ. From November 2009 to October 2026, SCHF returned about 7.5% a year and SCZ returned about 8.2% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ## SCZ versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCZ from each other company on this page: - **Vanguard:** [VEA](https://tactfolio.com/etf/vea.md), Vanguard FTSE Developed Markets ETF (related fund, 0.03% a year) - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCZ and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCZ costs about $40 a year. VEA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCZ to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IEFA, VEA or EFA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCZ and its alternatives in a backtest 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 SCZ and IEFA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCZ. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCZ over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCZ only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to SCZ? IEFA is the closest. IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while SCZ holds small companies in developed countries outside the US. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCZ? Yes. VEA charges 0.03% a year, SCHF charges 0.03% a year and IEFA charges 0.07% a year, against 0.4% for SCZ. On $10,000 that is about $3 a year instead of $40. ### Is SCZ or IEFA better? Neither is better for everyone. From October 2012 to October 2026, SCZ returned about 8.6% a year and IEFA returned about 8.3% a year. SCZ charges 0.4% a year and IEFA charges 0.07%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCZ 10 years ago? It would have grown to about $21,649 by October 16, 2026, with dividends reinvested. That is about 8.0% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI EAFE Small-Cap ETF fund page](https://www.ishares.com/us/products/239627/ishares-msci-eafe-small-cap-etf) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VEA alternatives: 8 similar ETFs compared > ETFs similar to VEA, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VEA. Updated daily. The ETFs most like VEA are SCHF, IEFA and EFA. SCHF, IEFA and EFA hold stocks in developed countries outside the US, such as Japan, the UK and Europe, like VEA. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VEA: 3 of the same kind and 5 related funds. - VEA charges 0.03% a year (about $3 on $10,000). - SCHF moved most like VEA: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VEA alternatives at a glance Each fund below can stand in for VEA, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VEA** | This fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [SCHF](https://tactfolio.com/etf/schf.md) | Same kind of fund | 0.03% | $3 | FTSE Developed ex US Index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Same kind of fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Same kind of fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | | [EFV](https://tactfolio.com/etf/efv.md) | Related fund | 0.31% | $31 | MSCI EAFE Value Index (Net) | | [IVAL](https://tactfolio.com/etf/ival.md) | Related fund | 0.38% | $38 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VEA and its alternatives did over the same dates Each row measures the alternative and VEA on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VEA | Per year | VEA per year | Worst drop | VEA worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHF](https://tactfolio.com/etf/schf.md) | 1.00 | 7.5% | 7.6% | −34.9% | −35.7% | November 2009 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.99 | 8.3% | 8.6% | −34.8% | −35.7% | October 2012 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.99 | 4.5% | 5.1% | −61.0% | −60.7% | July 2007 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.99 | 4.9% | 5.1% | −61.5% | −60.7% | July 2007 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.99 | 6.5% | 7.3% | −36.0% | −35.7% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.99 | 7.7% | 8.6% | −36.2% | −35.7% | October 2012 | | [EFV](https://tactfolio.com/etf/efv.md) | 0.95 | 4.3% | 5.1% | −63.9% | −60.7% | July 2007 | | [IVAL](https://tactfolio.com/etf/ival.md) | 0.88 | 6.7% | 8.4% | −46.1% | −35.7% | December 2014 | 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. ## Each VEA alternative, compared ### SCHF: Schwab International Equity ETF SCHF also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the FTSE Developed ex US Index, while VEA tracks the FTSE Developed All Cap ex US Index. It charges 0.03% a year, about $3 on $10,000, against $3 for VEA. It held 1,480 stocks, against 3,903 for VEA. From November 2009 to October 2026, SCHF returned about 7.5% a year and VEA returned about 7.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the MSCI EAFE IMI Index (Net), while VEA tracks the FTSE Developed All Cap ex US Index. It charges 0.07% a year, about $7 on $10,000, against $3 for VEA. It held 2,626 stocks, against 3,903 for VEA. From October 2012 to October 2026, IEFA returned about 8.3% a year and VEA returned about 8.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the MSCI EAFE Index (Net), while VEA tracks the FTSE Developed All Cap ex US Index. It charges 0.32% a year, about $32 on $10,000, against $3 for VEA. It held 657 stocks, against 3,903 for VEA. From July 2007 to October 2026, EFA returned about 4.5% a year and VEA returned about 5.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VEA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.04% a year, about $4 on $10,000, against $3 for VEA. It held 3,810 stocks, against 3,903 for VEA. From July 2007 to October 2026, VEU returned about 4.9% a year and VEA returned about 5.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VEA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.05% a year, about $5 on $10,000, against $3 for VEA. It held 8,740 stocks, against 3,903 for VEA. From January 2011 to October 2026, VXUS returned about 6.5% a year and VEA returned about 7.3% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VEA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.07% a year, about $7 on $10,000, against $3 for VEA. It held 4,584 stocks, against 3,903 for VEA. From October 2012 to October 2026, IXUS returned about 7.7% a year and VEA returned about 8.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ### EFV: iShares MSCI EAFE Value ETF EFV is a looser match. It holds stocks outside the US that look cheap compared with their earnings and assets, while VEA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.31% a year, about $31 on $10,000, against $3 for VEA. It held 395 stocks, against 3,903 for VEA. From July 2007 to October 2026, EFV returned about 4.3% a year and VEA returned about 5.1% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [EFV fund page](https://tactfolio.com/etf/efv.md) for its returns by year and worst drop. ### IVAL: Alpha Architect International Quantitative Value ETF IVAL is a looser match. It holds stocks outside the US that look cheap compared with their earnings and assets, while VEA holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It charges 0.38% a year, about $38 on $10,000, against $3 for VEA. It held 50 stocks, against 3,903 for VEA. From December 2014 to October 2026, IVAL returned about 6.7% a year and VEA returned about 8.4% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [IVAL fund page](https://tactfolio.com/etf/ival.md) for its returns by year and worst drop. ## VEA versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VEA from each other company on this page: - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [IEFA](https://tactfolio.com/etf/iefa.md), iShares Core MSCI EAFE ETF (same kind of fund, 0.07% a year) - **Alpha Architect:** [IVAL](https://tactfolio.com/etf/ival.md), Alpha Architect International Quantitative Value ETF (related fund, 0.38% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VEA and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VEA costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VEA to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHF, IEFA or EFA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VEA and its alternatives in a backtest 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 VEA and SCHF, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VEA. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VEA over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VEA only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to VEA? SCHF is the closest. SCHF also holds stocks in developed countries outside the US, such as Japan, the UK and Europe. It tracks the FTSE Developed ex US Index, while VEA tracks the FTSE Developed All Cap ex US Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VEA? Not among the funds here. VEA charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VEA or SCHF better? Neither is better for everyone. From November 2009 to October 2026, VEA returned about 7.6% a year and SCHF returned about 7.5% a year. VEA charges 0.03% a year and SCHF charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VEA 10 years ago? It would have grown to about $25,563 by October 16, 2026, with dividends reinvested. That is about 9.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [iShares (BlackRock): iShares MSCI EAFE Value ETF fund page](https://www.ishares.com/us/products/239628/ishares-msci-eafe-value-etf) - [Alpha Architect: Alpha Architect International Quantitative Value ETF fund page](https://funds.alphaarchitect.com/ival/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VEU alternatives: 8 similar ETFs compared > ETFs similar to VEU, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VEU. Updated daily. The ETFs most like VEU are VXUS, IXUS and VEA. VXUS and IXUS hold stocks in almost every country outside the US, rich and emerging, like VEU. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VEU: 2 of the same kind and 6 related funds. - VEU charges 0.04% a year (about $4 on $10,000). The cheapest alternative here, VEA, charges 0.03%. - VXUS moved most like VEU: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VEU alternatives at a glance Each fund below can stand in for VEU, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VEU** | This fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Same kind of fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Same kind of fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [VT](https://tactfolio.com/etf/vt.md) | Related fund | 0.06% | $6 | FTSE Global All Cap Index | | [AVGE](https://tactfolio.com/etf/avge.md) | Related fund | 0.23% | $23 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VEU and its alternatives did over the same dates Each row measures the alternative and VEU on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VEU | Per year | VEU per year | Worst drop | VEU worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VXUS](https://tactfolio.com/etf/vxus.md) | 1.00 | 6.5% | 6.6% | −36.0% | −35.0% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 1.00 | 7.7% | 7.8% | −36.2% | −35.0% | October 2012 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.99 | 5.1% | 4.9% | −60.7% | −61.5% | July 2007 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.98 | 7.5% | 7.1% | −34.9% | −35.0% | November 2009 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.97 | 8.3% | 7.8% | −34.8% | −35.0% | October 2012 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.97 | 4.8% | 5.3% | −61.0% | −61.5% | March 2007 | | [VT](https://tactfolio.com/etf/vt.md) | 0.92 | 8.8% | 5.4% | −50.3% | −54.4% | June 2008 | | [AVGE](https://tactfolio.com/etf/avge.md) | 0.89 | 20.3% | 19.6% | −17.1% | −13.7% | September 2022 | 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. ## Each VEU alternative, compared ### VXUS: Vanguard Total International Stock ETF VXUS also holds stocks in almost every country outside the US, rich and emerging. It tracks the FTSE Global All Cap ex US Index, while VEU tracks the FTSE All-World ex US Index. It charges 0.05% a year, about $5 on $10,000, against $4 for VEU. It held 8,740 stocks, against 3,810 for VEU. From January 2011 to October 2026, VXUS returned about 6.5% a year and VEU returned about 6.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS also holds stocks in almost every country outside the US, rich and emerging. It tracks the MSCI ACWI ex USA IMI Index (Net), while VEU tracks the FTSE All-World ex US Index. It charges 0.07% a year, about $7 on $10,000, against $4 for VEU. It held 4,584 stocks, against 3,810 for VEU. From October 2012 to October 2026, IXUS returned about 7.7% a year and VEU returned about 7.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VEU holds stocks in almost every country outside the US, rich and emerging. It charges 0.03% a year, about $3 on $10,000, against $4 for VEU. It held 3,903 stocks, against 3,810 for VEU. From July 2007 to October 2026, VEA returned about 5.1% a year and VEU returned about 4.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VEU holds stocks in almost every country outside the US, rich and emerging. It charges 0.03% a year, about $3 on $10,000, against $4 for VEU. It held 1,480 stocks, against 3,810 for VEU. From November 2009 to October 2026, SCHF returned about 7.5% a year and VEU returned about 7.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VEU holds stocks in almost every country outside the US, rich and emerging. It charges 0.07% a year, about $7 on $10,000, against $4 for VEU. It held 2,626 stocks, against 3,810 for VEU. From October 2012 to October 2026, IEFA returned about 8.3% a year and VEU returned about 7.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VEU holds stocks in almost every country outside the US, rich and emerging. It charges 0.32% a year, about $32 on $10,000, against $4 for VEU. It held 657 stocks, against 3,810 for VEU. From March 2007 to October 2026, EFA returned about 4.8% a year and VEU returned about 5.3% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### VT: Vanguard Total World Stock ETF VT is a looser match. It holds stocks all over the world, the US included, while VEU holds stocks in almost every country outside the US, rich and emerging. It charges 0.06% a year, about $6 on $10,000, against $4 for VEU. It held 10,185 stocks, against 3,810 for VEU. From June 2008 to October 2026, VT returned about 8.8% a year and VEU returned about 5.4% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VT fund page](https://tactfolio.com/etf/vt.md) for its returns by year and worst drop. ### AVGE: Avantis All Equity Markets ETF AVGE is a looser match. It holds stocks all over the world, the US included, while VEU holds stocks in almost every country outside the US, rich and emerging. It charges 0.23% a year, about $23 on $10,000, against $4 for VEU. It held 14 stocks, against 3,810 for VEU. From September 2022 to October 2026, AVGE returned about 20.3% a year and VEU returned about 19.6% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [AVGE fund page](https://tactfolio.com/etf/avge.md) for its returns by year and worst drop. ## VEU versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VEU from each other company on this page: - **iShares (BlackRock):** [IXUS](https://tactfolio.com/etf/ixus.md), iShares Core MSCI Total International Stock ETF (same kind of fund, 0.07% a year) - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) - **Avantis Investors (American Century):** [AVGE](https://tactfolio.com/etf/avge.md), Avantis All Equity Markets ETF (related fund, 0.23% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VEU and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VEU costs about $4 a year. VEA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VEU to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VXUS, IXUS or VEA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VEU and its alternatives in a backtest 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 VEU and VXUS, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VEU. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VEU over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VEU only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to VEU? VXUS is the closest. VXUS also holds stocks in almost every country outside the US, rich and emerging. It tracks the FTSE Global All Cap ex US Index, while VEU tracks the FTSE All-World ex US Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VEU? Yes. VEA charges 0.03% a year and SCHF charges 0.03% a year, against 0.04% for VEU. On $10,000 that is about $3 a year instead of $4. ### Is VEU or VXUS better? Neither is better for everyone. From January 2011 to October 2026, VEU returned about 6.6% a year and VXUS returned about 6.5% a year. VEU charges 0.04% a year and VXUS charges 0.05%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VEU 10 years ago? It would have grown to about $24,534 by October 16, 2026, with dividends reinvested. That is about 9.4% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) - [Avantis Investors (American Century): Avantis All Equity Markets ETF fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VGK alternatives: 4 similar ETFs compared > ETFs similar to VGK, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VGK. Updated daily. The ETFs most like VGK are EFA, IEFA and SCHF. None of them holds exactly what VGK holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for VGK: 4 related funds. - VGK charges 0.06% a year (about $6 on $10,000). The cheapest alternative here, SCHF, charges 0.03%. - EFA moved most like VGK: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VGK alternatives at a glance Each fund below can stand in for VGK, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VGK** | This fund | 0.06% | $6 | FTSE Developed Europe All Cap Index | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VGK and its alternatives did over the same dates Each row measures the alternative and VGK on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VGK | Per year | VGK per year | Worst drop | VGK worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [EFA](https://tactfolio.com/etf/efa.md) | 0.98 | 6.0% | 6.3% | −61.0% | −63.6% | March 2005 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.97 | 8.3% | 8.3% | −34.8% | −37.2% | October 2012 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.96 | 7.5% | 7.3% | −34.9% | −37.2% | November 2009 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.96 | 5.1% | 4.7% | −60.7% | −63.6% | July 2007 | 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. ## Each VGK alternative, compared ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VGK holds European stocks. It charges 0.32% a year, about $32 on $10,000, against $6 for VGK. It held 657 stocks, against 1,243 for VGK. From March 2005 to October 2026, EFA returned about 6.0% a year and VGK returned about 6.3% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VGK holds European stocks. It charges 0.07% a year, about $7 on $10,000, against $6 for VGK. It held 2,626 stocks, against 1,243 for VGK. From October 2012 to October 2026, IEFA returned about 8.3% a year and VGK returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VGK holds European stocks. It charges 0.03% a year, about $3 on $10,000, against $6 for VGK. It held 1,480 stocks, against 1,243 for VGK. From November 2009 to October 2026, SCHF returned about 7.5% a year and VGK returned about 7.3% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VGK holds European stocks. It charges 0.03% a year, about $3 on $10,000, against $6 for VGK. It held 3,903 stocks, against 1,243 for VGK. From July 2007 to October 2026, VEA returned about 5.1% a year and VGK returned about 4.7% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ## VGK versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VGK from each other company on this page: - **iShares (BlackRock):** [EFA](https://tactfolio.com/etf/efa.md), iShares MSCI EAFE ETF (related fund, 0.32% a year) - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VGK and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VGK costs about $6 a year. SCHF costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VGK to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as EFA, IEFA or SCHF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VGK and its alternatives in a backtest 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 VGK and EFA, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VGK. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VGK over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VGK only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to VGK? EFA is the closest. EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VGK holds European stocks. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VGK? Yes. SCHF charges 0.03% a year and VEA charges 0.03% a year, against 0.06% for VGK. On $10,000 that is about $3 a year instead of $6. ### Is VGK or EFA better? Neither is better for everyone. From March 2005 to October 2026, VGK returned about 6.3% a year and EFA returned about 6.0% a year. VGK charges 0.06% a year and EFA charges 0.32%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VGK 10 years ago? It would have grown to about $25,446 by October 16, 2026, with dividends reinvested. That is about 9.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard FTSE Europe ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgk) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VXUS alternatives: 8 similar ETFs compared > ETFs similar to VXUS, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VXUS. Updated daily. The ETFs most like VXUS are VEU, IXUS and VEA. VEU and IXUS hold stocks in almost every country outside the US, rich and emerging, like VXUS. VEU costs less: 0.04% a year against 0.05%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VXUS: 2 of the same kind and 6 related funds. - VXUS charges 0.05% a year (about $5 on $10,000). The cheapest alternative here, VEA, charges 0.03%. - VEU moved most like VXUS: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VXUS alternatives at a glance Each fund below can stand in for VXUS, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VXUS** | This fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [VEU](https://tactfolio.com/etf/veu.md) | Same kind of fund | 0.04% | $4 | FTSE All-World ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Same kind of fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | | [VEA](https://tactfolio.com/etf/vea.md) | Related fund | 0.03% | $3 | FTSE Developed All Cap ex US Index | | [SCHF](https://tactfolio.com/etf/schf.md) | Related fund | 0.03% | $3 | FTSE Developed ex US Index | | [IEFA](https://tactfolio.com/etf/iefa.md) | Related fund | 0.07% | $7 | MSCI EAFE IMI Index (Net) | | [EFA](https://tactfolio.com/etf/efa.md) | Related fund | 0.32% | $32 | MSCI EAFE Index (Net) | | [VT](https://tactfolio.com/etf/vt.md) | Related fund | 0.06% | $6 | FTSE Global All Cap Index | | [AVGE](https://tactfolio.com/etf/avge.md) | Related fund | 0.23% | $23 | No index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VXUS and its alternatives did over the same dates Each row measures the alternative and VXUS on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VXUS | Per year | VXUS per year | Worst drop | VXUS worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VEU](https://tactfolio.com/etf/veu.md) | 1.00 | 6.6% | 6.5% | −35.0% | −36.0% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 1.00 | 7.7% | 7.8% | −36.2% | −36.0% | October 2012 | | [VEA](https://tactfolio.com/etf/vea.md) | 0.99 | 7.3% | 6.5% | −35.7% | −36.0% | January 2011 | | [SCHF](https://tactfolio.com/etf/schf.md) | 0.98 | 7.1% | 6.5% | −34.9% | −36.0% | January 2011 | | [IEFA](https://tactfolio.com/etf/iefa.md) | 0.97 | 8.3% | 7.8% | −34.8% | −36.0% | October 2012 | | [EFA](https://tactfolio.com/etf/efa.md) | 0.97 | 6.8% | 6.5% | −34.2% | −36.0% | January 2011 | | [VT](https://tactfolio.com/etf/vt.md) | 0.92 | 10.2% | 6.5% | −34.2% | −36.0% | January 2011 | | [AVGE](https://tactfolio.com/etf/avge.md) | 0.89 | 20.3% | 19.4% | −17.1% | −13.6% | September 2022 | 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. ## Each VXUS alternative, compared ### VEU: Vanguard FTSE All-World ex-US ETF VEU also holds stocks in almost every country outside the US, rich and emerging. It tracks the FTSE All-World ex US Index, while VXUS tracks the FTSE Global All Cap ex US Index. It charges 0.04% a year, about $4 on $10,000, against $5 for VXUS. It held 3,810 stocks, against 8,740 for VXUS. From January 2011 to October 2026, VEU returned about 6.6% a year and VXUS returned about 6.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS also holds stocks in almost every country outside the US, rich and emerging. It tracks the MSCI ACWI ex USA IMI Index (Net), while VXUS tracks the FTSE Global All Cap ex US Index. It charges 0.07% a year, about $7 on $10,000, against $5 for VXUS. It held 4,584 stocks, against 8,740 for VXUS. From October 2012 to October 2026, IXUS returned about 7.7% a year and VXUS returned about 7.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ### VEA: Vanguard FTSE Developed Markets ETF VEA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.03% a year, about $3 on $10,000, against $5 for VXUS. It held 3,903 stocks, against 8,740 for VXUS. From January 2011 to October 2026, VEA returned about 7.3% a year and VXUS returned about 6.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VEA fund page](https://tactfolio.com/etf/vea.md) for its returns by year and worst drop. ### SCHF: Schwab International Equity ETF SCHF is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.03% a year, about $3 on $10,000, against $5 for VXUS. It held 1,480 stocks, against 8,740 for VXUS. From January 2011 to October 2026, SCHF returned about 7.1% a year and VXUS returned about 6.5% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHF fund page](https://tactfolio.com/etf/schf.md) for its returns by year and worst drop. ### IEFA: iShares Core MSCI EAFE ETF IEFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.07% a year, about $7 on $10,000, against $5 for VXUS. It held 2,626 stocks, against 8,740 for VXUS. From October 2012 to October 2026, IEFA returned about 8.3% a year and VXUS returned about 7.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEFA fund page](https://tactfolio.com/etf/iefa.md) for its returns by year and worst drop. ### EFA: iShares MSCI EAFE ETF EFA is a looser match. It holds stocks in developed countries outside the US, such as Japan, the UK and Europe, while VXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.32% a year, about $32 on $10,000, against $5 for VXUS. It held 657 stocks, against 8,740 for VXUS. From January 2011 to October 2026, EFA returned about 6.8% a year and VXUS returned about 6.5% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [EFA fund page](https://tactfolio.com/etf/efa.md) for its returns by year and worst drop. ### VT: Vanguard Total World Stock ETF VT is a looser match. It holds stocks all over the world, the US included, while VXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.06% a year, about $6 on $10,000, against $5 for VXUS. It held 10,185 stocks, against 8,740 for VXUS. From January 2011 to October 2026, VT returned about 10.2% a year and VXUS returned about 6.5% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VT fund page](https://tactfolio.com/etf/vt.md) for its returns by year and worst drop. ### AVGE: Avantis All Equity Markets ETF AVGE is a looser match. It holds stocks all over the world, the US included, while VXUS holds stocks in almost every country outside the US, rich and emerging. It charges 0.23% a year, about $23 on $10,000, against $5 for VXUS. It held 14 stocks, against 8,740 for VXUS. From September 2022 to October 2026, AVGE returned about 20.3% a year and VXUS returned about 19.4% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [AVGE fund page](https://tactfolio.com/etf/avge.md) for its returns by year and worst drop. ## VXUS versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VXUS from each other company on this page: - **iShares (BlackRock):** [IXUS](https://tactfolio.com/etf/ixus.md), iShares Core MSCI Total International Stock ETF (same kind of fund, 0.07% a year) - **Schwab:** [SCHF](https://tactfolio.com/etf/schf.md), Schwab International Equity ETF (related fund, 0.03% a year) - **Avantis Investors (American Century):** [AVGE](https://tactfolio.com/etf/avge.md), Avantis All Equity Markets ETF (related fund, 0.23% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VXUS and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VXUS costs about $5 a year. VEA costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VXUS to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VEU, IXUS or VEA, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VXUS and its alternatives in a backtest 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 VXUS and VEU, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VXUS. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VXUS over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VXUS only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to VXUS? VEU is the closest. VEU also holds stocks in almost every country outside the US, rich and emerging. It tracks the FTSE All-World ex US Index, while VXUS tracks the FTSE Global All Cap ex US Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VXUS? Yes. VEA charges 0.03% a year, SCHF charges 0.03% a year and VEU charges 0.04% a year, against 0.05% for VXUS. On $10,000 that is about $3 a year instead of $5. ### Is VXUS or VEU better? Neither is better for everyone. From January 2011 to October 2026, VXUS returned about 6.5% a year and VEU returned about 6.6% a year. VXUS charges 0.05% a year and VEU charges 0.04%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VXUS 10 years ago? It would have grown to about $24,178 by October 16, 2026, with dividends reinvested. That is about 9.2% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [Vanguard: Vanguard FTSE Developed Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vea) - [Schwab: Schwab International Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020707/tm266454-7_497k.htm) - [iShares (BlackRock): iShares Core MSCI EAFE ETF fund page](https://www.ishares.com/us/products/244049/ishares-core-msci-eafe-etf) - [iShares (BlackRock): iShares MSCI EAFE ETF fund page](https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf) - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) - [Avantis Investors (American Century): Avantis All Equity Markets ETF fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # EEM alternatives: 6 similar ETFs compared > ETFs similar to EEM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as EEM. Updated daily. The ETFs most like EEM are IEMG, SCHE and VWO. IEMG, SCHE and VWO hold stocks in emerging countries such as China, India, Taiwan and Brazil, like EEM. SCHE costs less: 0.06% a year against 0.72%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for EEM: 3 of the same kind and 3 related funds. - EEM charges 0.72% a year (about $72 on $10,000). The cheapest alternative here, VEU, charges 0.04%. - IEMG moved most like EEM: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## EEM alternatives at a glance Each fund below can stand in for EEM, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **EEM** | This fund | 0.72% | $72 | MSCI Emerging Markets Index (Net) | | [IEMG](https://tactfolio.com/etf/iemg.md) | Same kind of fund | 0.09% | $9 | MSCI Emerging Markets Investable Market Index (USD) (Net) | | [SCHE](https://tactfolio.com/etf/sche.md) | Same kind of fund | 0.06% | $6 | FTSE Emerging Index | | [VWO](https://tactfolio.com/etf/vwo.md) | Same kind of fund | 0.06% | $6 | FTSE Emerging Markets All Cap China A Inclusion Index | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How EEM and its alternatives did over the same dates Each row measures the alternative and EEM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with EEM | Per year | EEM per year | Worst drop | EEM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IEMG](https://tactfolio.com/etf/iemg.md) | 1.00 | 6.0% | 5.3% | −38.7% | −39.8% | October 2012 | | [SCHE](https://tactfolio.com/etf/sche.md) | 0.97 | 4.6% | 4.5% | −36.2% | −39.8% | January 2010 | | [VWO](https://tactfolio.com/etf/vwo.md) | 0.97 | 6.7% | 6.6% | −67.7% | −66.4% | March 2005 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.90 | 5.3% | 4.8% | −61.5% | −66.4% | March 2007 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.90 | 6.5% | 4.3% | −36.0% | −39.8% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.90 | 7.7% | 5.3% | −36.2% | −39.8% | October 2012 | 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. ## Each EEM alternative, compared ### IEMG: iShares Core MSCI Emerging Markets ETF IEMG also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the MSCI Emerging Markets Investable Market Index (USD) (Net), while EEM tracks the MSCI Emerging Markets Index (Net). It charges 0.09% a year, about $9 on $10,000, against $72 for EEM. It held 2,857 stocks, against 1,186 for EEM. From October 2012 to October 2026, IEMG returned about 6.0% a year and EEM returned about 5.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IEMG fund page](https://tactfolio.com/etf/iemg.md) for its returns by year and worst drop. ### SCHE: Schwab Emerging Markets Equity ETF SCHE also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the FTSE Emerging Index, while EEM tracks the MSCI Emerging Markets Index (Net). It charges 0.06% a year, about $6 on $10,000, against $72 for EEM. It held 2,137 stocks, against 1,186 for EEM. From January 2010 to October 2026, SCHE returned about 4.6% a year and EEM returned about 4.5% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHE fund page](https://tactfolio.com/etf/sche.md) for its returns by year and worst drop. ### VWO: Vanguard FTSE Emerging Markets ETF VWO also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the FTSE Emerging Markets All Cap China A Inclusion Index, while EEM tracks the MSCI Emerging Markets Index (Net). It charges 0.06% a year, about $6 on $10,000, against $72 for EEM. It held 6,507 stocks, against 1,186 for EEM. From March 2005 to October 2026, VWO returned about 6.7% a year and EEM returned about 6.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VWO fund page](https://tactfolio.com/etf/vwo.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while EEM holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.04% a year, about $4 on $10,000, against $72 for EEM. It held 3,810 stocks, against 1,186 for EEM. From March 2007 to October 2026, VEU returned about 5.3% a year and EEM returned about 4.8% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while EEM holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.05% a year, about $5 on $10,000, against $72 for EEM. It held 8,740 stocks, against 1,186 for EEM. From January 2011 to October 2026, VXUS returned about 6.5% a year and EEM returned about 4.3% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while EEM holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.07% a year, about $7 on $10,000, against $72 for EEM. It held 4,584 stocks, against 1,186 for EEM. From October 2012 to October 2026, IXUS returned about 7.7% a year and EEM returned about 5.3% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ## EEM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to EEM from each other company on this page: - **Schwab:** [SCHE](https://tactfolio.com/etf/sche.md), Schwab Emerging Markets Equity ETF (same kind of fund, 0.06% a year) - **Vanguard:** [VWO](https://tactfolio.com/etf/vwo.md), Vanguard FTSE Emerging Markets ETF (same kind of fund, 0.06% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between EEM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, EEM costs about $72 a year. VEU costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping EEM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IEMG, SCHE or VWO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test EEM and its alternatives in a backtest 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 EEM and IEMG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as EEM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like EEM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with EEM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to EEM? IEMG is the closest. IEMG also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the MSCI Emerging Markets Investable Market Index (USD) (Net), while EEM tracks the MSCI Emerging Markets Index (Net). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to EEM? Yes. VEU charges 0.04% a year, VXUS charges 0.05% a year and SCHE charges 0.06% a year, against 0.72% for EEM. On $10,000 that is about $4 a year instead of $72. ### Is EEM or IEMG better? Neither is better for everyone. From October 2012 to October 2026, EEM returned about 5.3% a year and IEMG returned about 6.0% a year. EEM charges 0.72% a year and IEMG charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in EEM 10 years ago? It would have grown to about $21,212 by October 16, 2026, with dividends reinvested. That is about 7.8% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf) - [iShares (BlackRock): iShares Core MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/244050/ishares-core-msci-emerging-markets-etf) - [Schwab: Schwab Emerging Markets Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000253/c497k.htm) - [Vanguard: Vanguard FTSE Emerging Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vwo) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IEMG alternatives: 6 similar ETFs compared > ETFs similar to IEMG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IEMG. Updated daily. The ETFs most like IEMG are EEM, SCHE and VWO. EEM, SCHE and VWO hold stocks in emerging countries such as China, India, Taiwan and Brazil, like IEMG. SCHE costs less: 0.06% a year against 0.09%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for IEMG: 3 of the same kind and 3 related funds. - IEMG charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, VEU, charges 0.04%. - EEM moved most like IEMG: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IEMG alternatives at a glance Each fund below can stand in for IEMG, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IEMG** | This fund | 0.09% | $9 | MSCI Emerging Markets Investable Market Index (USD) (Net) | | [EEM](https://tactfolio.com/etf/eem.md) | Same kind of fund | 0.72% | $72 | MSCI Emerging Markets Index (Net) | | [SCHE](https://tactfolio.com/etf/sche.md) | Same kind of fund | 0.06% | $6 | FTSE Emerging Index | | [VWO](https://tactfolio.com/etf/vwo.md) | Same kind of fund | 0.06% | $6 | FTSE Emerging Markets All Cap China A Inclusion Index | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IEMG and its alternatives did over the same dates Each row measures the alternative and IEMG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IEMG | Per year | IEMG per year | Worst drop | IEMG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [EEM](https://tactfolio.com/etf/eem.md) | 1.00 | 5.3% | 6.0% | −39.8% | −38.7% | October 2012 | | [SCHE](https://tactfolio.com/etf/sche.md) | 0.97 | 5.4% | 6.0% | −36.2% | −38.7% | October 2012 | | [VWO](https://tactfolio.com/etf/vwo.md) | 0.97 | 5.3% | 6.0% | −36.4% | −38.7% | October 2012 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.91 | 7.8% | 6.0% | −35.0% | −38.7% | October 2012 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.91 | 7.8% | 6.0% | −36.0% | −38.7% | October 2012 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.91 | 7.7% | 6.0% | −36.2% | −38.7% | October 2012 | 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. ## Each IEMG alternative, compared ### EEM: iShares MSCI Emerging Markets ETF EEM also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the MSCI Emerging Markets Index (Net), while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). It charges 0.72% a year, about $72 on $10,000, against $9 for IEMG. It held 1,186 stocks, against 2,857 for IEMG. From October 2012 to October 2026, EEM returned about 5.3% a year and IEMG returned about 6.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [EEM fund page](https://tactfolio.com/etf/eem.md) for its returns by year and worst drop. ### SCHE: Schwab Emerging Markets Equity ETF SCHE also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the FTSE Emerging Index, while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). It charges 0.06% a year, about $6 on $10,000, against $9 for IEMG. It held 2,137 stocks, against 2,857 for IEMG. From October 2012 to October 2026, SCHE returned about 5.4% a year and IEMG returned about 6.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHE fund page](https://tactfolio.com/etf/sche.md) for its returns by year and worst drop. ### VWO: Vanguard FTSE Emerging Markets ETF VWO also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the FTSE Emerging Markets All Cap China A Inclusion Index, while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). It charges 0.06% a year, about $6 on $10,000, against $9 for IEMG. It held 6,507 stocks, against 2,857 for IEMG. From October 2012 to October 2026, VWO returned about 5.3% a year and IEMG returned about 6.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VWO fund page](https://tactfolio.com/etf/vwo.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while IEMG holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.04% a year, about $4 on $10,000, against $9 for IEMG. It held 3,810 stocks, against 2,857 for IEMG. From October 2012 to October 2026, VEU returned about 7.8% a year and IEMG returned about 6.0% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while IEMG holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.05% a year, about $5 on $10,000, against $9 for IEMG. It held 8,740 stocks, against 2,857 for IEMG. From October 2012 to October 2026, VXUS returned about 7.8% a year and IEMG returned about 6.0% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while IEMG holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.07% a year, about $7 on $10,000, against $9 for IEMG. It held 4,584 stocks, against 2,857 for IEMG. From October 2012 to October 2026, IXUS returned about 7.7% a year and IEMG returned about 6.0% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ## IEMG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IEMG from each other company on this page: - **Schwab:** [SCHE](https://tactfolio.com/etf/sche.md), Schwab Emerging Markets Equity ETF (same kind of fund, 0.06% a year) - **Vanguard:** [VWO](https://tactfolio.com/etf/vwo.md), Vanguard FTSE Emerging Markets ETF (same kind of fund, 0.06% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IEMG and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IEMG costs about $9 a year. VEU costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IEMG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as EEM, SCHE or VWO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IEMG and its alternatives in a backtest 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 IEMG and EEM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IEMG. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IEMG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IEMG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to IEMG? EEM is the closest. EEM also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the MSCI Emerging Markets Index (Net), while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IEMG? Yes. VEU charges 0.04% a year, VXUS charges 0.05% a year and SCHE charges 0.06% a year, against 0.09% for IEMG. On $10,000 that is about $4 a year instead of $9. ### Is IEMG or EEM better? Neither is better for everyone. From October 2012 to October 2026, IEMG returned about 6.0% a year and EEM returned about 5.3% a year. IEMG charges 0.09% a year and EEM charges 0.72%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IEMG 10 years ago? It would have grown to about $22,464 by October 16, 2026, with dividends reinvested. That is about 8.4% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/244050/ishares-core-msci-emerging-markets-etf) - [iShares (BlackRock): iShares MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf) - [Schwab: Schwab Emerging Markets Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000253/c497k.htm) - [Vanguard: Vanguard FTSE Emerging Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vwo) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHE alternatives: 6 similar ETFs compared > ETFs similar to SCHE, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHE. Updated daily. The ETFs most like SCHE are VWO, IEMG and EEM. VWO, IEMG and EEM hold stocks in emerging countries such as China, India, Taiwan and Brazil, like SCHE. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for SCHE: 3 of the same kind and 3 related funds. - SCHE charges 0.06% a year (about $6 on $10,000). The cheapest alternative here, VEU, charges 0.04%. - VWO moved most like SCHE: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHE alternatives at a glance Each fund below can stand in for SCHE, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHE** | This fund | 0.06% | $6 | FTSE Emerging Index | | [VWO](https://tactfolio.com/etf/vwo.md) | Same kind of fund | 0.06% | $6 | FTSE Emerging Markets All Cap China A Inclusion Index | | [IEMG](https://tactfolio.com/etf/iemg.md) | Same kind of fund | 0.09% | $9 | MSCI Emerging Markets Investable Market Index (USD) (Net) | | [EEM](https://tactfolio.com/etf/eem.md) | Same kind of fund | 0.72% | $72 | MSCI Emerging Markets Index (Net) | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHE and its alternatives did over the same dates Each row measures the alternative and SCHE on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHE | Per year | SCHE per year | Worst drop | SCHE worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VWO](https://tactfolio.com/etf/vwo.md) | 1.00 | 4.7% | 4.6% | −36.4% | −36.2% | January 2010 | | [IEMG](https://tactfolio.com/etf/iemg.md) | 0.97 | 6.0% | 5.4% | −38.7% | −36.2% | October 2012 | | [EEM](https://tactfolio.com/etf/eem.md) | 0.97 | 4.5% | 4.6% | −39.8% | −36.2% | January 2010 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.90 | 6.6% | 4.6% | −35.0% | −36.2% | January 2010 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.90 | 6.5% | 4.4% | −36.0% | −36.2% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.89 | 7.7% | 5.4% | −36.2% | −36.2% | October 2012 | 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. ## Each SCHE alternative, compared ### VWO: Vanguard FTSE Emerging Markets ETF VWO also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the FTSE Emerging Markets All Cap China A Inclusion Index, while SCHE tracks the FTSE Emerging Index. It charges 0.06% a year, about $6 on $10,000, against $6 for SCHE. It held 6,507 stocks, against 2,137 for SCHE. From January 2010 to October 2026, VWO returned about 4.7% a year and SCHE returned about 4.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VWO fund page](https://tactfolio.com/etf/vwo.md) for its returns by year and worst drop. ### IEMG: iShares Core MSCI Emerging Markets ETF IEMG also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the MSCI Emerging Markets Investable Market Index (USD) (Net), while SCHE tracks the FTSE Emerging Index. It charges 0.09% a year, about $9 on $10,000, against $6 for SCHE. It held 2,857 stocks, against 2,137 for SCHE. From October 2012 to October 2026, IEMG returned about 6.0% a year and SCHE returned about 5.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEMG fund page](https://tactfolio.com/etf/iemg.md) for its returns by year and worst drop. ### EEM: iShares MSCI Emerging Markets ETF EEM also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the MSCI Emerging Markets Index (Net), while SCHE tracks the FTSE Emerging Index. It charges 0.72% a year, about $72 on $10,000, against $6 for SCHE. It held 1,186 stocks, against 2,137 for SCHE. From January 2010 to October 2026, EEM returned about 4.5% a year and SCHE returned about 4.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [EEM fund page](https://tactfolio.com/etf/eem.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while SCHE holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.04% a year, about $4 on $10,000, against $6 for SCHE. It held 3,810 stocks, against 2,137 for SCHE. From January 2010 to October 2026, VEU returned about 6.6% a year and SCHE returned about 4.6% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while SCHE holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.05% a year, about $5 on $10,000, against $6 for SCHE. It held 8,740 stocks, against 2,137 for SCHE. From January 2011 to October 2026, VXUS returned about 6.5% a year and SCHE returned about 4.4% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while SCHE holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.07% a year, about $7 on $10,000, against $6 for SCHE. It held 4,584 stocks, against 2,137 for SCHE. From October 2012 to October 2026, IXUS returned about 7.7% a year and SCHE returned about 5.4% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ## SCHE versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHE from each other company on this page: - **Vanguard:** [VWO](https://tactfolio.com/etf/vwo.md), Vanguard FTSE Emerging Markets ETF (same kind of fund, 0.06% a year) - **iShares (BlackRock):** [IEMG](https://tactfolio.com/etf/iemg.md), iShares Core MSCI Emerging Markets ETF (same kind of fund, 0.09% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHE and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHE costs about $6 a year. VEU costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHE to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VWO, IEMG or EEM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHE and its alternatives in a backtest 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 SCHE and VWO, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHE. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHE over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHE only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to SCHE? VWO is the closest. VWO also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the FTSE Emerging Markets All Cap China A Inclusion Index, while SCHE tracks the FTSE Emerging Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHE? Yes. VEU charges 0.04% a year and VXUS charges 0.05% a year, against 0.06% for SCHE. On $10,000 that is about $4 a year instead of $6. ### Is SCHE or VWO better? Neither is better for everyone. From January 2010 to October 2026, SCHE returned about 4.6% a year and VWO returned about 4.7% a year. SCHE charges 0.06% a year and VWO charges 0.06%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHE 10 years ago? It would have grown to about $20,726 by October 16, 2026, with dividends reinvested. That is about 7.6% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab Emerging Markets Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000253/c497k.htm) - [Vanguard: Vanguard FTSE Emerging Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vwo) - [iShares (BlackRock): iShares Core MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/244050/ishares-core-msci-emerging-markets-etf) - [iShares (BlackRock): iShares MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VWO alternatives: 6 similar ETFs compared > ETFs similar to VWO, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VWO. Updated daily. The ETFs most like VWO are SCHE, IEMG and EEM. SCHE, IEMG and EEM hold stocks in emerging countries such as China, India, Taiwan and Brazil, like VWO. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for VWO: 3 of the same kind and 3 related funds. - VWO charges 0.06% a year (about $6 on $10,000). The cheapest alternative here, VEU, charges 0.04%. - SCHE moved most like VWO: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VWO alternatives at a glance Each fund below can stand in for VWO, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VWO** | This fund | 0.06% | $6 | FTSE Emerging Markets All Cap China A Inclusion Index | | [SCHE](https://tactfolio.com/etf/sche.md) | Same kind of fund | 0.06% | $6 | FTSE Emerging Index | | [IEMG](https://tactfolio.com/etf/iemg.md) | Same kind of fund | 0.09% | $9 | MSCI Emerging Markets Investable Market Index (USD) (Net) | | [EEM](https://tactfolio.com/etf/eem.md) | Same kind of fund | 0.72% | $72 | MSCI Emerging Markets Index (Net) | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VWO and its alternatives did over the same dates Each row measures the alternative and VWO on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VWO | Per year | VWO per year | Worst drop | VWO worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHE](https://tactfolio.com/etf/sche.md) | 1.00 | 4.6% | 4.7% | −36.2% | −36.4% | January 2010 | | [IEMG](https://tactfolio.com/etf/iemg.md) | 0.97 | 6.0% | 5.3% | −38.7% | −36.4% | October 2012 | | [EEM](https://tactfolio.com/etf/eem.md) | 0.97 | 6.6% | 6.7% | −66.4% | −67.7% | March 2005 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.90 | 5.3% | 5.0% | −61.5% | −67.7% | March 2007 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.90 | 6.5% | 4.3% | −36.0% | −36.4% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.90 | 7.7% | 5.3% | −36.2% | −36.4% | October 2012 | 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. ## Each VWO alternative, compared ### SCHE: Schwab Emerging Markets Equity ETF SCHE also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the FTSE Emerging Index, while VWO tracks the FTSE Emerging Markets All Cap China A Inclusion Index. It charges 0.06% a year, about $6 on $10,000, against $6 for VWO. It held 2,137 stocks, against 6,507 for VWO. From January 2010 to October 2026, SCHE returned about 4.6% a year and VWO returned about 4.7% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SCHE fund page](https://tactfolio.com/etf/sche.md) for its returns by year and worst drop. ### IEMG: iShares Core MSCI Emerging Markets ETF IEMG also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the MSCI Emerging Markets Investable Market Index (USD) (Net), while VWO tracks the FTSE Emerging Markets All Cap China A Inclusion Index. It charges 0.09% a year, about $9 on $10,000, against $6 for VWO. It held 2,857 stocks, against 6,507 for VWO. From October 2012 to October 2026, IEMG returned about 6.0% a year and VWO returned about 5.3% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEMG fund page](https://tactfolio.com/etf/iemg.md) for its returns by year and worst drop. ### EEM: iShares MSCI Emerging Markets ETF EEM also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the MSCI Emerging Markets Index (Net), while VWO tracks the FTSE Emerging Markets All Cap China A Inclusion Index. It charges 0.72% a year, about $72 on $10,000, against $6 for VWO. It held 1,186 stocks, against 6,507 for VWO. From March 2005 to October 2026, EEM returned about 6.6% a year and VWO returned about 6.7% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [EEM fund page](https://tactfolio.com/etf/eem.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VWO holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.04% a year, about $4 on $10,000, against $6 for VWO. It held 3,810 stocks, against 6,507 for VWO. From March 2007 to October 2026, VEU returned about 5.3% a year and VWO returned about 5.0% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VWO holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.05% a year, about $5 on $10,000, against $6 for VWO. It held 8,740 stocks, against 6,507 for VWO. From January 2011 to October 2026, VXUS returned about 6.5% a year and VWO returned about 4.3% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VWO holds stocks in emerging countries such as China, India, Taiwan and Brazil. It charges 0.07% a year, about $7 on $10,000, against $6 for VWO. It held 4,584 stocks, against 6,507 for VWO. From October 2012 to October 2026, IXUS returned about 7.7% a year and VWO returned about 5.3% a year. Over about the last five years they moved together on most days (correlation 0.90). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ## VWO versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VWO from each other company on this page: - **Schwab:** [SCHE](https://tactfolio.com/etf/sche.md), Schwab Emerging Markets Equity ETF (same kind of fund, 0.06% a year) - **iShares (BlackRock):** [IEMG](https://tactfolio.com/etf/iemg.md), iShares Core MSCI Emerging Markets ETF (same kind of fund, 0.09% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VWO and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VWO costs about $6 a year. VEU costs about $4. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VWO to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHE, IEMG or EEM, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VWO and its alternatives in a backtest 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 VWO and SCHE, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VWO. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VWO over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VWO only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule. - [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 ETF is most similar to VWO? SCHE is the closest. SCHE also holds stocks in emerging countries such as China, India, Taiwan and Brazil. It tracks the FTSE Emerging Index, while VWO tracks the FTSE Emerging Markets All Cap China A Inclusion Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VWO? Yes. VEU charges 0.04% a year and VXUS charges 0.05% a year, against 0.06% for VWO. On $10,000 that is about $4 a year instead of $6. ### Is VWO or SCHE better? Neither is better for everyone. From January 2010 to October 2026, VWO returned about 4.7% a year and SCHE returned about 4.6% a year. VWO charges 0.06% a year and SCHE charges 0.06%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VWO 10 years ago? It would have grown to about $20,496 by October 16, 2026, with dividends reinvested. That is about 7.4% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard FTSE Emerging Markets ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vwo) - [Schwab: Schwab Emerging Markets Equity ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000253/c497k.htm) - [iShares (BlackRock): iShares Core MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/244050/ishares-core-msci-emerging-markets-etf) - [iShares (BlackRock): iShares MSCI Emerging Markets ETF fund page](https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # ACWI alternatives: 8 similar ETFs compared > ETFs similar to ACWI, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as ACWI. Updated daily. The ETFs most like ACWI are VT, URTH and AVGE. VT, URTH and AVGE hold stocks all over the world, the US included, like ACWI. VT costs less: 0.06% a year against 0.32%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for ACWI: 3 of the same kind and 5 related funds. - ACWI charges 0.32% a year (about $32 on $10,000). The cheapest alternative here, ITOT, charges 0.03%. - VT moved most like ACWI: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## ACWI alternatives at a glance Each fund below can stand in for ACWI, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **ACWI** | This fund | 0.32% | $32 | MSCI All Country World Index (Net) | | [VT](https://tactfolio.com/etf/vt.md) | Same kind of fund | 0.06% | $6 | FTSE Global All Cap Index | | [URTH](https://tactfolio.com/etf/urth.md) | Same kind of fund | 0.24% | $24 | MSCI World Index (Net) | | [AVGE](https://tactfolio.com/etf/avge.md) | Same kind of fund | 0.23% | $23 | No index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How ACWI and its alternatives did over the same dates Each row measures the alternative and ACWI on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with ACWI | Per year | ACWI per year | Worst drop | ACWI worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VT](https://tactfolio.com/etf/vt.md) | 1.00 | 8.8% | 8.6% | −50.3% | −51.6% | June 2008 | | [URTH](https://tactfolio.com/etf/urth.md) | 0.99 | 12.1% | 11.3% | −34.0% | −33.5% | January 2012 | | [AVGE](https://tactfolio.com/etf/avge.md) | 0.96 | 20.3% | 20.7% | −17.1% | −16.6% | September 2022 | | [ITOT](https://tactfolio.com/etf/itot.md) | 0.97 | 11.8% | 8.4% | −51.5% | −56.3% | March 2008 | | [SCHB](https://tactfolio.com/etf/schb.md) | 0.97 | 14.2% | 10.6% | −35.3% | −33.5% | November 2009 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.92 | 5.3% | 8.4% | −59.2% | −56.3% | March 2008 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.92 | 6.5% | 10.2% | −36.0% | −33.5% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.92 | 7.7% | 11.3% | −36.2% | −33.5% | October 2012 | 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. ## Each ACWI alternative, compared ### VT: Vanguard Total World Stock ETF VT also holds stocks all over the world, the US included. It tracks the FTSE Global All Cap Index, while ACWI tracks the MSCI All Country World Index (Net). It charges 0.06% a year, about $6 on $10,000, against $32 for ACWI. It held 10,185 stocks, against 2,197 for ACWI. From June 2008 to October 2026, VT returned about 8.8% a year and ACWI returned about 8.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VT fund page](https://tactfolio.com/etf/vt.md) for its returns by year and worst drop. ### URTH: iShares MSCI World ETF URTH also holds stocks all over the world, the US included. It tracks the MSCI World Index (Net), while ACWI tracks the MSCI All Country World Index (Net). It charges 0.24% a year, about $24 on $10,000, against $32 for ACWI. It held 1,252 stocks, against 2,197 for ACWI. From January 2012 to October 2026, URTH returned about 12.1% a year and ACWI returned about 11.3% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [URTH fund page](https://tactfolio.com/etf/urth.md) for its returns by year and worst drop. ### AVGE: Avantis All Equity Markets ETF AVGE also holds stocks all over the world, the US included. It tracks no index (its managers pick what it holds), while ACWI tracks the MSCI All Country World Index (Net). It charges 0.23% a year, about $23 on $10,000, against $32 for ACWI. It held 14 stocks, against 2,197 for ACWI. From September 2022 to October 2026, AVGE returned about 20.3% a year and ACWI returned about 20.7% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [AVGE fund page](https://tactfolio.com/etf/avge.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while ACWI holds stocks all over the world, the US included. It charges 0.03% a year, about $3 on $10,000, against $32 for ACWI. It held 2,446 stocks, against 2,197 for ACWI. From March 2008 to October 2026, ITOT returned about 11.8% a year and ACWI returned about 8.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while ACWI holds stocks all over the world, the US included. It charges 0.03% a year, about $3 on $10,000, against $32 for ACWI. It held 2,409 stocks, against 2,197 for ACWI. From November 2009 to October 2026, SCHB returned about 14.2% a year and ACWI returned about 10.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while ACWI holds stocks all over the world, the US included. It charges 0.04% a year, about $4 on $10,000, against $32 for ACWI. It held 3,810 stocks, against 2,197 for ACWI. From March 2008 to October 2026, VEU returned about 5.3% a year and ACWI returned about 8.4% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while ACWI holds stocks all over the world, the US included. It charges 0.05% a year, about $5 on $10,000, against $32 for ACWI. It held 8,740 stocks, against 2,197 for ACWI. From January 2011 to October 2026, VXUS returned about 6.5% a year and ACWI returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while ACWI holds stocks all over the world, the US included. It charges 0.07% a year, about $7 on $10,000, against $32 for ACWI. It held 4,584 stocks, against 2,197 for ACWI. From October 2012 to October 2026, IXUS returned about 7.7% a year and ACWI returned about 11.3% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ## ACWI versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to ACWI from each other company on this page: - **Vanguard:** [VT](https://tactfolio.com/etf/vt.md), Vanguard Total World Stock ETF (same kind of fund, 0.06% a year) - **Avantis Investors (American Century):** [AVGE](https://tactfolio.com/etf/avge.md), Avantis All Equity Markets ETF (same kind of fund, 0.23% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between ACWI and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, ACWI costs about $32 a year. ITOT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping ACWI to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VT, URTH or AVGE, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test ACWI and its alternatives in a backtest 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 ACWI and VT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as ACWI. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like ACWI over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with ACWI only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to ACWI? VT is the closest. VT also holds stocks all over the world, the US included. It tracks the FTSE Global All Cap Index, while ACWI tracks the MSCI All Country World Index (Net). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to ACWI? Yes. ITOT charges 0.03% a year, SCHB charges 0.03% a year and VEU charges 0.04% a year, against 0.32% for ACWI. On $10,000 that is about $3 a year instead of $32. ### Is ACWI or VT better? Neither is better for everyone. From June 2008 to October 2026, ACWI returned about 8.6% a year and VT returned about 8.8% a year. ACWI charges 0.32% a year and VT charges 0.06%. Past returns do not tell you what comes next. ### What if I had put $10,000 in ACWI 10 years ago? It would have grown to about $32,734 by October 16, 2026, with dividends reinvested. That is about 12.6% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI ACWI ETF fund page](https://www.ishares.com/us/products/239600/ishares-msci-acwi-etf) - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) - [iShares (BlackRock): iShares MSCI World ETF fund page](https://www.ishares.com/us/products/239696/ishares-msci-world-etf) - [Avantis Investors (American Century): Avantis All Equity Markets ETF fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # AVGE alternatives: 8 similar ETFs compared > ETFs similar to AVGE, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as AVGE. Updated daily. The ETFs most like AVGE are VT, URTH and ACWI. VT, URTH and ACWI hold stocks all over the world, the US included, like AVGE. VT costs less: 0.06% a year against 0.23%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for AVGE: 3 of the same kind and 5 related funds. - AVGE charges 0.23% a year (about $23 on $10,000). The cheapest alternative here, ITOT, charges 0.03%. - VT moved most like AVGE: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## AVGE alternatives at a glance Each fund below can stand in for AVGE, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **AVGE** | This fund | 0.23% | $23 | No index | | [VT](https://tactfolio.com/etf/vt.md) | Same kind of fund | 0.06% | $6 | FTSE Global All Cap Index | | [URTH](https://tactfolio.com/etf/urth.md) | Same kind of fund | 0.24% | $24 | MSCI World Index (Net) | | [ACWI](https://tactfolio.com/etf/acwi.md) | Same kind of fund | 0.32% | $32 | MSCI All Country World Index (Net) | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How AVGE and its alternatives did over the same dates Each row measures the alternative and AVGE on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with AVGE | Per year | AVGE per year | Worst drop | AVGE worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VT](https://tactfolio.com/etf/vt.md) | 0.97 | 20.5% | 20.3% | −16.5% | −17.1% | September 2022 | | [URTH](https://tactfolio.com/etf/urth.md) | 0.96 | 21.1% | 20.3% | −16.9% | −17.1% | September 2022 | | [ACWI](https://tactfolio.com/etf/acwi.md) | 0.96 | 20.7% | 20.3% | −16.6% | −17.1% | September 2022 | | [ITOT](https://tactfolio.com/etf/itot.md) | 0.95 | 21.1% | 20.3% | −19.4% | −17.1% | September 2022 | | [SCHB](https://tactfolio.com/etf/schb.md) | 0.94 | 21.2% | 20.3% | −19.3% | −17.1% | September 2022 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.89 | 19.6% | 20.3% | −13.7% | −17.1% | September 2022 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.89 | 19.4% | 20.3% | −13.6% | −17.1% | September 2022 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.89 | 19.6% | 20.3% | −13.8% | −17.1% | September 2022 | 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. ## Each AVGE alternative, compared ### VT: Vanguard Total World Stock ETF VT also holds stocks all over the world, the US included. It tracks the FTSE Global All Cap Index, while AVGE tracks no index (its managers pick what it holds). It charges 0.06% a year, about $6 on $10,000, against $23 for AVGE. It held 10,185 stocks, against 14 for AVGE. From September 2022 to October 2026, VT returned about 20.5% a year and AVGE returned about 20.3% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VT fund page](https://tactfolio.com/etf/vt.md) for its returns by year and worst drop. ### URTH: iShares MSCI World ETF URTH also holds stocks all over the world, the US included. It tracks the MSCI World Index (Net), while AVGE tracks no index (its managers pick what it holds). It charges 0.24% a year, about $24 on $10,000, against $23 for AVGE. It held 1,252 stocks, against 14 for AVGE. From September 2022 to October 2026, URTH returned about 21.1% a year and AVGE returned about 20.3% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [URTH fund page](https://tactfolio.com/etf/urth.md) for its returns by year and worst drop. ### ACWI: iShares MSCI ACWI ETF ACWI also holds stocks all over the world, the US included. It tracks the MSCI All Country World Index (Net), while AVGE tracks no index (its managers pick what it holds). It charges 0.32% a year, about $32 on $10,000, against $23 for AVGE. It held 2,197 stocks, against 14 for AVGE. From September 2022 to October 2026, ACWI returned about 20.7% a year and AVGE returned about 20.3% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [ACWI fund page](https://tactfolio.com/etf/acwi.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while AVGE holds stocks all over the world, the US included. It charges 0.03% a year, about $3 on $10,000, against $23 for AVGE. It held 2,446 stocks, against 14 for AVGE. From September 2022 to October 2026, ITOT returned about 21.1% a year and AVGE returned about 20.3% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while AVGE holds stocks all over the world, the US included. It charges 0.03% a year, about $3 on $10,000, against $23 for AVGE. It held 2,409 stocks, against 14 for AVGE. From September 2022 to October 2026, SCHB returned about 21.2% a year and AVGE returned about 20.3% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while AVGE holds stocks all over the world, the US included. It charges 0.04% a year, about $4 on $10,000, against $23 for AVGE. It held 3,810 stocks, against 14 for AVGE. From September 2022 to October 2026, VEU returned about 19.6% a year and AVGE returned about 20.3% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while AVGE holds stocks all over the world, the US included. It charges 0.05% a year, about $5 on $10,000, against $23 for AVGE. It held 8,740 stocks, against 14 for AVGE. From September 2022 to October 2026, VXUS returned about 19.4% a year and AVGE returned about 20.3% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while AVGE holds stocks all over the world, the US included. It charges 0.07% a year, about $7 on $10,000, against $23 for AVGE. It held 4,584 stocks, against 14 for AVGE. From September 2022 to October 2026, IXUS returned about 19.6% a year and AVGE returned about 20.3% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ## AVGE versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to AVGE from each other company on this page: - **Vanguard:** [VT](https://tactfolio.com/etf/vt.md), Vanguard Total World Stock ETF (same kind of fund, 0.06% a year) - **iShares (BlackRock):** [URTH](https://tactfolio.com/etf/urth.md), iShares MSCI World ETF (same kind of fund, 0.24% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between AVGE and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, AVGE costs about $23 a year. ITOT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping AVGE to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VT, URTH or ACWI, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test AVGE and its alternatives in a backtest 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 AVGE and VT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as AVGE. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like AVGE over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with AVGE only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to AVGE? VT is the closest. VT also holds stocks all over the world, the US included. It tracks the FTSE Global All Cap Index, while AVGE tracks no index (its managers pick what it holds). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to AVGE? Yes. ITOT charges 0.03% a year, SCHB charges 0.03% a year and VEU charges 0.04% a year, against 0.23% for AVGE. On $10,000 that is about $3 a year instead of $23. ### Is AVGE or VT better? Neither is better for everyone. From September 2022 to October 2026, AVGE returned about 20.3% a year and VT returned about 20.5% a year. AVGE charges 0.23% a year and VT charges 0.06%. Past returns do not tell you what comes next. ## Sources - [Avantis Investors (American Century): Avantis All Equity Markets ETF fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) - [iShares (BlackRock): iShares MSCI World ETF fund page](https://www.ishares.com/us/products/239696/ishares-msci-world-etf) - [iShares (BlackRock): iShares MSCI ACWI ETF fund page](https://www.ishares.com/us/products/239600/ishares-msci-acwi-etf) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # URTH alternatives: 8 similar ETFs compared > ETFs similar to URTH, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as URTH. Updated daily. The ETFs most like URTH are VT, ACWI and AVGE. VT, ACWI and AVGE hold stocks all over the world, the US included, like URTH. VT costs less: 0.06% a year against 0.24%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for URTH: 3 of the same kind and 5 related funds. - URTH charges 0.24% a year (about $24 on $10,000). The cheapest alternative here, ITOT, charges 0.03%. - VT moved most like URTH: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## URTH alternatives at a glance Each fund below can stand in for URTH, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **URTH** | This fund | 0.24% | $24 | MSCI World Index (Net) | | [VT](https://tactfolio.com/etf/vt.md) | Same kind of fund | 0.06% | $6 | FTSE Global All Cap Index | | [ACWI](https://tactfolio.com/etf/acwi.md) | Same kind of fund | 0.32% | $32 | MSCI All Country World Index (Net) | | [AVGE](https://tactfolio.com/etf/avge.md) | Same kind of fund | 0.23% | $23 | No index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How URTH and its alternatives did over the same dates Each row measures the alternative and URTH on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with URTH | Per year | URTH per year | Worst drop | URTH worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VT](https://tactfolio.com/etf/vt.md) | 0.99 | 11.3% | 12.1% | −34.2% | −34.0% | January 2012 | | [ACWI](https://tactfolio.com/etf/acwi.md) | 0.99 | 11.3% | 12.1% | −33.5% | −34.0% | January 2012 | | [AVGE](https://tactfolio.com/etf/avge.md) | 0.96 | 20.3% | 21.1% | −17.1% | −16.9% | September 2022 | | [ITOT](https://tactfolio.com/etf/itot.md) | 0.98 | 14.4% | 12.1% | −35.0% | −34.0% | January 2012 | | [SCHB](https://tactfolio.com/etf/schb.md) | 0.98 | 14.3% | 12.1% | −35.3% | −34.0% | January 2012 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.89 | 8.0% | 12.1% | −35.0% | −34.0% | January 2012 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.89 | 7.9% | 12.1% | −36.0% | −34.0% | January 2012 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.89 | 7.7% | 11.8% | −36.2% | −34.0% | October 2012 | 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. ## Each URTH alternative, compared ### VT: Vanguard Total World Stock ETF VT also holds stocks all over the world, the US included. It tracks the FTSE Global All Cap Index, while URTH tracks the MSCI World Index (Net). It charges 0.06% a year, about $6 on $10,000, against $24 for URTH. It held 10,185 stocks, against 1,252 for URTH. From January 2012 to October 2026, VT returned about 11.3% a year and URTH returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VT fund page](https://tactfolio.com/etf/vt.md) for its returns by year and worst drop. ### ACWI: iShares MSCI ACWI ETF ACWI also holds stocks all over the world, the US included. It tracks the MSCI All Country World Index (Net), while URTH tracks the MSCI World Index (Net). It charges 0.32% a year, about $32 on $10,000, against $24 for URTH. It held 2,197 stocks, against 1,252 for URTH. From January 2012 to October 2026, ACWI returned about 11.3% a year and URTH returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [ACWI fund page](https://tactfolio.com/etf/acwi.md) for its returns by year and worst drop. ### AVGE: Avantis All Equity Markets ETF AVGE also holds stocks all over the world, the US included. It tracks no index (its managers pick what it holds), while URTH tracks the MSCI World Index (Net). It charges 0.23% a year, about $23 on $10,000, against $24 for URTH. It held 14 stocks, against 1,252 for URTH. From September 2022 to October 2026, AVGE returned about 20.3% a year and URTH returned about 21.1% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [AVGE fund page](https://tactfolio.com/etf/avge.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while URTH holds stocks all over the world, the US included. It charges 0.03% a year, about $3 on $10,000, against $24 for URTH. It held 2,446 stocks, against 1,252 for URTH. From January 2012 to October 2026, ITOT returned about 14.4% a year and URTH returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while URTH holds stocks all over the world, the US included. It charges 0.03% a year, about $3 on $10,000, against $24 for URTH. It held 2,409 stocks, against 1,252 for URTH. From January 2012 to October 2026, SCHB returned about 14.3% a year and URTH returned about 12.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while URTH holds stocks all over the world, the US included. It charges 0.04% a year, about $4 on $10,000, against $24 for URTH. It held 3,810 stocks, against 1,252 for URTH. From January 2012 to October 2026, VEU returned about 8.0% a year and URTH returned about 12.1% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while URTH holds stocks all over the world, the US included. It charges 0.05% a year, about $5 on $10,000, against $24 for URTH. It held 8,740 stocks, against 1,252 for URTH. From January 2012 to October 2026, VXUS returned about 7.9% a year and URTH returned about 12.1% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while URTH holds stocks all over the world, the US included. It charges 0.07% a year, about $7 on $10,000, against $24 for URTH. It held 4,584 stocks, against 1,252 for URTH. From October 2012 to October 2026, IXUS returned about 7.7% a year and URTH returned about 11.8% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ## URTH versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to URTH from each other company on this page: - **Vanguard:** [VT](https://tactfolio.com/etf/vt.md), Vanguard Total World Stock ETF (same kind of fund, 0.06% a year) - **Avantis Investors (American Century):** [AVGE](https://tactfolio.com/etf/avge.md), Avantis All Equity Markets ETF (same kind of fund, 0.23% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between URTH and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, URTH costs about $24 a year. ITOT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping URTH to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VT, ACWI or AVGE, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test URTH and its alternatives in a backtest 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 URTH and VT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as URTH. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like URTH over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with URTH only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to URTH? VT is the closest. VT also holds stocks all over the world, the US included. It tracks the FTSE Global All Cap Index, while URTH tracks the MSCI World Index (Net). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to URTH? Yes. ITOT charges 0.03% a year, SCHB charges 0.03% a year and VEU charges 0.04% a year, against 0.24% for URTH. On $10,000 that is about $3 a year instead of $24. ### Is URTH or VT better? Neither is better for everyone. From January 2012 to October 2026, URTH returned about 12.1% a year and VT returned about 11.3% a year. URTH charges 0.24% a year and VT charges 0.06%. Past returns do not tell you what comes next. ### What if I had put $10,000 in URTH 10 years ago? It would have grown to about $34,643 by October 16, 2026, with dividends reinvested. That is about 13.2% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares MSCI World ETF fund page](https://www.ishares.com/us/products/239696/ishares-msci-world-etf) - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) - [iShares (BlackRock): iShares MSCI ACWI ETF fund page](https://www.ishares.com/us/products/239600/ishares-msci-acwi-etf) - [Avantis Investors (American Century): Avantis All Equity Markets ETF fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VT alternatives: 8 similar ETFs compared > ETFs similar to VT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VT. Updated daily. The ETFs most like VT are ACWI, URTH and AVGE. ACWI, URTH and AVGE hold stocks all over the world, the US included, like VT. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VT: 3 of the same kind and 5 related funds. - VT charges 0.06% a year (about $6 on $10,000). The cheapest alternative here, ITOT, charges 0.03%. - ACWI moved most like VT: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VT alternatives at a glance Each fund below can stand in for VT, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VT** | This fund | 0.06% | $6 | FTSE Global All Cap Index | | [ACWI](https://tactfolio.com/etf/acwi.md) | Same kind of fund | 0.32% | $32 | MSCI All Country World Index (Net) | | [URTH](https://tactfolio.com/etf/urth.md) | Same kind of fund | 0.24% | $24 | MSCI World Index (Net) | | [AVGE](https://tactfolio.com/etf/avge.md) | Same kind of fund | 0.23% | $23 | No index | | [ITOT](https://tactfolio.com/etf/itot.md) | Related fund | 0.03% | $3 | S&P Total Market Index (TMI) | | [SCHB](https://tactfolio.com/etf/schb.md) | Related fund | 0.03% | $3 | Dow Jones U.S. Broad Stock Market Index | | [VEU](https://tactfolio.com/etf/veu.md) | Related fund | 0.04% | $4 | FTSE All-World ex US Index | | [VXUS](https://tactfolio.com/etf/vxus.md) | Related fund | 0.05% | $5 | FTSE Global All Cap ex US Index | | [IXUS](https://tactfolio.com/etf/ixus.md) | Related fund | 0.07% | $7 | MSCI ACWI ex USA IMI Index (Net) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VT and its alternatives did over the same dates Each row measures the alternative and VT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VT | Per year | VT per year | Worst drop | VT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [ACWI](https://tactfolio.com/etf/acwi.md) | 1.00 | 8.6% | 8.8% | −51.6% | −50.3% | June 2008 | | [URTH](https://tactfolio.com/etf/urth.md) | 0.99 | 12.1% | 11.3% | −34.0% | −34.2% | January 2012 | | [AVGE](https://tactfolio.com/etf/avge.md) | 0.97 | 20.3% | 20.5% | −17.1% | −16.5% | September 2022 | | [ITOT](https://tactfolio.com/etf/itot.md) | 0.97 | 12.0% | 8.8% | −47.5% | −50.3% | June 2008 | | [SCHB](https://tactfolio.com/etf/schb.md) | 0.97 | 14.2% | 10.6% | −35.3% | −34.2% | November 2009 | | [VEU](https://tactfolio.com/etf/veu.md) | 0.92 | 5.4% | 8.8% | −54.4% | −50.3% | June 2008 | | [VXUS](https://tactfolio.com/etf/vxus.md) | 0.92 | 6.5% | 10.2% | −36.0% | −34.2% | January 2011 | | [IXUS](https://tactfolio.com/etf/ixus.md) | 0.92 | 7.7% | 11.3% | −36.2% | −34.2% | October 2012 | 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. ## Each VT alternative, compared ### ACWI: iShares MSCI ACWI ETF ACWI also holds stocks all over the world, the US included. It tracks the MSCI All Country World Index (Net), while VT tracks the FTSE Global All Cap Index. It charges 0.32% a year, about $32 on $10,000, against $6 for VT. It held 2,197 stocks, against 10,185 for VT. From June 2008 to October 2026, ACWI returned about 8.6% a year and VT returned about 8.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [ACWI fund page](https://tactfolio.com/etf/acwi.md) for its returns by year and worst drop. ### URTH: iShares MSCI World ETF URTH also holds stocks all over the world, the US included. It tracks the MSCI World Index (Net), while VT tracks the FTSE Global All Cap Index. It charges 0.24% a year, about $24 on $10,000, against $6 for VT. It held 1,252 stocks, against 10,185 for VT. From January 2012 to October 2026, URTH returned about 12.1% a year and VT returned about 11.3% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [URTH fund page](https://tactfolio.com/etf/urth.md) for its returns by year and worst drop. ### AVGE: Avantis All Equity Markets ETF AVGE also holds stocks all over the world, the US included. It tracks no index (its managers pick what it holds), while VT tracks the FTSE Global All Cap Index. It charges 0.23% a year, about $23 on $10,000, against $6 for VT. It held 14 stocks, against 10,185 for VT. From September 2022 to October 2026, AVGE returned about 20.3% a year and VT returned about 20.5% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [AVGE fund page](https://tactfolio.com/etf/avge.md) for its returns by year and worst drop. ### ITOT: iShares Core S&P Total U.S. Stock Market ETF ITOT is a looser match. It holds nearly every US stock, big and small, in one fund, while VT holds stocks all over the world, the US included. It charges 0.03% a year, about $3 on $10,000, against $6 for VT. It held 2,446 stocks, against 10,185 for VT. From June 2008 to October 2026, ITOT returned about 12.0% a year and VT returned about 8.8% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [ITOT fund page](https://tactfolio.com/etf/itot.md) for its returns by year and worst drop. ### SCHB: Schwab U.S. Broad Market ETF SCHB is a looser match. It holds nearly every US stock, big and small, in one fund, while VT holds stocks all over the world, the US included. It charges 0.03% a year, about $3 on $10,000, against $6 for VT. It held 2,409 stocks, against 10,185 for VT. From November 2009 to October 2026, SCHB returned about 14.2% a year and VT returned about 10.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHB fund page](https://tactfolio.com/etf/schb.md) for its returns by year and worst drop. ### VEU: Vanguard FTSE All-World ex-US ETF VEU is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VT holds stocks all over the world, the US included. It charges 0.04% a year, about $4 on $10,000, against $6 for VT. It held 3,810 stocks, against 10,185 for VT. From June 2008 to October 2026, VEU returned about 5.4% a year and VT returned about 8.8% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VEU fund page](https://tactfolio.com/etf/veu.md) for its returns by year and worst drop. ### VXUS: Vanguard Total International Stock ETF VXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VT holds stocks all over the world, the US included. It charges 0.05% a year, about $5 on $10,000, against $6 for VT. It held 8,740 stocks, against 10,185 for VT. From January 2011 to October 2026, VXUS returned about 6.5% a year and VT returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [VXUS fund page](https://tactfolio.com/etf/vxus.md) for its returns by year and worst drop. ### IXUS: iShares Core MSCI Total International Stock ETF IXUS is a looser match. It holds stocks in almost every country outside the US, rich and emerging, while VT holds stocks all over the world, the US included. It charges 0.07% a year, about $7 on $10,000, against $6 for VT. It held 4,584 stocks, against 10,185 for VT. From October 2012 to October 2026, IXUS returned about 7.7% a year and VT returned about 11.3% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [IXUS fund page](https://tactfolio.com/etf/ixus.md) for its returns by year and worst drop. ## VT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VT from each other company on this page: - **iShares (BlackRock):** [ACWI](https://tactfolio.com/etf/acwi.md), iShares MSCI ACWI ETF (same kind of fund, 0.32% a year) - **Avantis Investors (American Century):** [AVGE](https://tactfolio.com/etf/avge.md), Avantis All Equity Markets ETF (same kind of fund, 0.23% a year) - **Schwab:** [SCHB](https://tactfolio.com/etf/schb.md), Schwab U.S. Broad Market ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VT and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VT costs about $6 a year. ITOT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as ACWI, URTH or AVGE, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VT and its alternatives in a backtest 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 VT and ACWI, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VT. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [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. - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to VT? ACWI is the closest. ACWI also holds stocks all over the world, the US included. It tracks the MSCI All Country World Index (Net), while VT tracks the FTSE Global All Cap Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VT? Yes. ITOT charges 0.03% a year, SCHB charges 0.03% a year and VEU charges 0.04% a year, against 0.06% for VT. On $10,000 that is about $3 a year instead of $6. ### Is VT or ACWI better? Neither is better for everyone. From June 2008 to October 2026, VT returned about 8.8% a year and ACWI returned about 8.6% a year. VT charges 0.06% a year and ACWI charges 0.32%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VT 10 years ago? It would have grown to about $32,387 by October 16, 2026, with dividends reinvested. That is about 12.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Total World Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vt) - [iShares (BlackRock): iShares MSCI ACWI ETF fund page](https://www.ishares.com/us/products/239600/ishares-msci-acwi-etf) - [iShares (BlackRock): iShares MSCI World ETF fund page](https://www.ishares.com/us/products/239696/ishares-msci-world-etf) - [Avantis Investors (American Century): Avantis All Equity Markets ETF fund page](https://www.avantisinvestors.com/avantis-investments/en-us/avantis-all-equity-markets-etf/) - [iShares (BlackRock): iShares Core S&P Total U.S. Stock Market ETF fund page](https://www.ishares.com/us/products/239724/ishares-core-s-p-total-u-s-stock-market-etf) - [Schwab: Schwab U.S. Broad Market ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000110465926020685/tm266454-1_497k.htm) - [Vanguard: Vanguard FTSE All-World ex-US ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/veu) - [Vanguard: Vanguard Total International Stock ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vxus) - [iShares (BlackRock): iShares Core MSCI Total International Stock ETF fund page](https://www.ishares.com/us/products/244048/ishares-core-msci-total-international-stock-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # AGG alternatives: 7 similar ETFs compared > ETFs similar to AGG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as AGG. Updated daily. The ETFs most like AGG are SCHZ, BND and IUSB. SCHZ tracks the same index as AGG, so it holds the same bonds. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for AGG: 1 on the same index, 2 of the same kind and 4 related funds. - AGG charges 0.03% a year (about $3 on $10,000). - BND moved most like AGG: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## AGG alternatives at a glance Each fund below can stand in for AGG, closest first. "Same index" funds hold the same bonds as AGG. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **AGG** | This fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Same index | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Same kind of fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Same kind of fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [VCIT](https://tactfolio.com/etf/vcit.md) | Related fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [LQD](https://tactfolio.com/etf/lqd.md) | Related fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How AGG and its alternatives did over the same dates Each row measures the alternative and AGG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with AGG | Per year | AGG per year | Worst drop | AGG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.99 | 1.9% | 2.0% | −18.7% | −18.4% | July 2011 | | [BND](https://tactfolio.com/etf/bnd.md) | 1.00 | 2.9% | 2.9% | −18.6% | −18.4% | April 2007 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.98 | 2.0% | 1.7% | −17.9% | −18.4% | June 2014 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.97 | 3.1% | 3.0% | −23.9% | −18.4% | September 2003 | | [VCIT](https://tactfolio.com/etf/vcit.md) | 0.96 | 4.0% | 2.3% | −20.6% | −18.4% | November 2009 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.95 | 2.0% | 2.3% | −16.1% | −18.4% | November 2009 | | [LQD](https://tactfolio.com/etf/lqd.md) | 0.94 | 3.9% | 3.0% | −24.9% | −18.4% | September 2003 | 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. ## Each AGG alternative, compared ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ tracks the same Bloomberg US Aggregate Bond Index as AGG, so the two hold the same bonds. The main differences are the fee and the fund company. It charges 0.03% a year, about $3 on $10,000, against $3 for AGG. It held 12,355 holdings, against 13,416 for AGG. From July 2011 to October 2026, SCHZ returned about 1.9% a year and AGG returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg U.S. Aggregate Float Adjusted Index, while AGG tracks the Bloomberg US Aggregate Bond Index. It charges 0.03% a year, about $3 on $10,000, against $3 for AGG. It held 11,434 holdings, against 13,416 for AGG. From April 2007 to October 2026, BND returned about 2.9% a year and AGG returned about 2.9% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [AGG vs BND](https://tactfolio.com/etf-comparisons/agg-vs-bnd.md) for the full side-by-side, or the [BND fund page](https://tactfolio.com/etf/bnd.md). ### IUSB: iShares Core Universal USD Bond ETF IUSB also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg U.S. Universal Index, while AGG tracks the Bloomberg US Aggregate Bond Index. It charges 0.06% a year, about $6 on $10,000, against $3 for AGG. It held 18,251 holdings, against 13,416 for AGG. From June 2014 to October 2026, IUSB returned about 2.0% a year and AGG returned about 1.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while AGG holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.15% a year, about $15 on $10,000, against $3 for AGG. It held 17 holdings, against 13,416 for AGG. From September 2003 to October 2026, IEF returned about 3.1% a year and AGG returned about 3.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### VCIT: Vanguard Intermediate-Term Corporate Bond ETF VCIT is a looser match. It holds bonds from large US companies with strong credit ratings, while AGG holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.03% a year, about $3 on $10,000, against $3 for AGG. It held 2,342 holdings, against 13,416 for AGG. From November 2009 to October 2026, VCIT returned about 4.0% a year and AGG returned about 2.3% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VCIT fund page](https://tactfolio.com/etf/vcit.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while AGG holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.03% a year, about $3 on $10,000, against $3 for AGG. It held 102 holdings, against 13,416 for AGG. From November 2009 to October 2026, VGIT returned about 2.0% a year and AGG returned about 2.3% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ### LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF LQD is a looser match. It holds bonds from large US companies with strong credit ratings, while AGG holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.14% a year, about $14 on $10,000, against $3 for AGG. It held 3,171 holdings, against 13,416 for AGG. From September 2003 to October 2026, LQD returned about 3.9% a year and AGG returned about 3.0% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [LQD fund page](https://tactfolio.com/etf/lqd.md) for its returns by year and worst drop. ## AGG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to AGG from each other company on this page: - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (same index, 0.03% a year) - **Vanguard:** [BND](https://tactfolio.com/etf/bnd.md), Vanguard Total Bond Market ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between AGG and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, AGG costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping AGG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as BND, IUSB or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test AGG and its alternatives in a backtest 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 AGG and SCHZ, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as AGG. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like AGG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with AGG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to AGG? SCHZ is the closest. SCHZ tracks the same Bloomberg US Aggregate Bond Index as AGG, so the two hold the same bonds. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to AGG? Not among the funds here. AGG charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is AGG or SCHZ better? Neither is better for everyone. From July 2011 to October 2026, AGG returned about 2.0% a year and SCHZ returned about 1.9% a year. AGG charges 0.03% a year and SCHZ charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in AGG 10 years ago? It would have grown to about $11,412 by October 16, 2026, with dividends reinvested. That is about 1.3% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # BND alternatives: 7 similar ETFs compared > ETFs similar to BND, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as BND. Updated daily. The ETFs most like BND are AGG, SCHZ and IUSB. AGG, SCHZ and IUSB hold a broad mix of US bonds: government, company and mortgage bonds, like BND. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for BND: 3 of the same kind and 4 related funds. - BND charges 0.03% a year (about $3 on $10,000). - AGG moved most like BND: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## BND alternatives at a glance Each fund below can stand in for BND, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **BND** | This fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [AGG](https://tactfolio.com/etf/agg.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Same kind of fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [VCIT](https://tactfolio.com/etf/vcit.md) | Related fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | | [LQD](https://tactfolio.com/etf/lqd.md) | Related fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How BND and its alternatives did over the same dates Each row measures the alternative and BND on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with BND | Per year | BND per year | Worst drop | BND worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [AGG](https://tactfolio.com/etf/agg.md) | 1.00 | 2.9% | 2.9% | −18.4% | −18.6% | April 2007 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.99 | 1.9% | 2.0% | −18.7% | −18.6% | July 2011 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.98 | 2.0% | 1.8% | −17.9% | −18.6% | June 2014 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.98 | 3.1% | 2.9% | −23.9% | −18.6% | April 2007 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.96 | 2.0% | 2.3% | −16.1% | −18.6% | November 2009 | | [VCIT](https://tactfolio.com/etf/vcit.md) | 0.96 | 4.0% | 2.3% | −20.6% | −18.6% | November 2009 | | [LQD](https://tactfolio.com/etf/lqd.md) | 0.94 | 3.9% | 2.9% | −24.9% | −18.6% | April 2007 | 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. ## Each BND alternative, compared ### AGG: iShares Core U.S. Aggregate Bond ETF AGG also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg US Aggregate Bond Index, while BND tracks the Bloomberg U.S. Aggregate Float Adjusted Index. It charges 0.03% a year, about $3 on $10,000, against $3 for BND. It held 13,416 holdings, against 11,434 for BND. From April 2007 to October 2026, AGG returned about 2.9% a year and BND returned about 2.9% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [AGG vs BND](https://tactfolio.com/etf-comparisons/agg-vs-bnd.md) for the full side-by-side, or the [AGG fund page](https://tactfolio.com/etf/agg.md). ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg US Aggregate Bond Index, while BND tracks the Bloomberg U.S. Aggregate Float Adjusted Index. It charges 0.03% a year, about $3 on $10,000, against $3 for BND. It held 12,355 holdings, against 11,434 for BND. From July 2011 to October 2026, SCHZ returned about 1.9% a year and BND returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg U.S. Universal Index, while BND tracks the Bloomberg U.S. Aggregate Float Adjusted Index. It charges 0.06% a year, about $6 on $10,000, against $3 for BND. It held 18,251 holdings, against 11,434 for BND. From June 2014 to October 2026, IUSB returned about 2.0% a year and BND returned about 1.8% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while BND holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.15% a year, about $15 on $10,000, against $3 for BND. It held 17 holdings, against 11,434 for BND. From April 2007 to October 2026, IEF returned about 3.1% a year and BND returned about 2.9% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while BND holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.03% a year, about $3 on $10,000, against $3 for BND. It held 102 holdings, against 11,434 for BND. From November 2009 to October 2026, VGIT returned about 2.0% a year and BND returned about 2.3% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ### VCIT: Vanguard Intermediate-Term Corporate Bond ETF VCIT is a looser match. It holds bonds from large US companies with strong credit ratings, while BND holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.03% a year, about $3 on $10,000, against $3 for BND. It held 2,342 holdings, against 11,434 for BND. From November 2009 to October 2026, VCIT returned about 4.0% a year and BND returned about 2.3% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VCIT fund page](https://tactfolio.com/etf/vcit.md) for its returns by year and worst drop. ### LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF LQD is a looser match. It holds bonds from large US companies with strong credit ratings, while BND holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.14% a year, about $14 on $10,000, against $3 for BND. It held 3,171 holdings, against 11,434 for BND. From April 2007 to October 2026, LQD returned about 3.9% a year and BND returned about 2.9% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [LQD fund page](https://tactfolio.com/etf/lqd.md) for its returns by year and worst drop. ## BND versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to BND from each other company on this page: - **iShares (BlackRock):** [AGG](https://tactfolio.com/etf/agg.md), iShares Core U.S. Aggregate Bond ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between BND and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, BND costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping BND to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as AGG, SCHZ or IUSB, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test BND and its alternatives in a backtest 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 BND and AGG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as BND. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like BND over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with BND only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to BND? AGG is the closest. AGG also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg US Aggregate Bond Index, while BND tracks the Bloomberg U.S. Aggregate Float Adjusted Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to BND? Not among the funds here. BND charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is BND or AGG better? Neither is better for everyone. From April 2007 to October 2026, BND returned about 2.9% a year and AGG returned about 2.9% a year. BND charges 0.03% a year and AGG charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in BND 10 years ago? It would have grown to about $11,492 by October 16, 2026, with dividends reinvested. That is about 1.4% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # EDV alternatives: 4 similar ETFs compared > ETFs similar to EDV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as EDV. Updated daily. The ETFs most like EDV are VGLT, TLT and IEF. VGLT and TLT hold US government bonds that pay back in 20 years or more, like EDV. VGLT costs less: 0.03% a year against 0.05%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for EDV: 2 of the same kind and 2 related funds. - EDV charges 0.05% a year (about $5 on $10,000). The cheapest alternative here, VGLT, charges 0.03%. - VGLT moved most like EDV: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## EDV alternatives at a glance Each fund below can stand in for EDV, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **EDV** | This fund | 0.05% | $5 | Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index | | [VGLT](https://tactfolio.com/etf/vglt.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Long Treasury Bond Index | | [TLT](https://tactfolio.com/etf/tlt.md) | Same kind of fund | 0.15% | $15 | ICE US Treasury 20+ Year Bond Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How EDV and its alternatives did over the same dates Each row measures the alternative and EDV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with EDV | Per year | EDV per year | Worst drop | EDV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VGLT](https://tactfolio.com/etf/vglt.md) | 0.99 | 2.4% | 2.4% | −46.2% | −60.4% | January 2010 | | [TLT](https://tactfolio.com/etf/tlt.md) | 0.99 | 2.2% | 2.0% | −48.4% | −60.4% | January 2008 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.88 | 2.6% | 2.0% | −23.9% | −60.4% | January 2008 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.80 | 2.0% | 1.8% | −16.1% | −60.4% | November 2009 | 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. ## Each EDV alternative, compared ### VGLT: Vanguard Long-Term Treasury ETF VGLT also holds US government bonds that pay back in 20 years or more. It tracks the Bloomberg US Long Treasury Bond Index, while EDV tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. It charges 0.03% a year, about $3 on $10,000, against $5 for EDV. It held 101 holdings, against 80 for EDV. From January 2010 to October 2026, VGLT returned about 2.4% a year and EDV returned about 2.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VGLT fund page](https://tactfolio.com/etf/vglt.md) for its returns by year and worst drop. ### TLT: iShares 20+ Year Treasury Bond ETF TLT also holds US government bonds that pay back in 20 years or more. It tracks the ICE US Treasury 20+ Year Bond Index, while EDV tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. It charges 0.15% a year, about $15 on $10,000, against $5 for EDV. It held 47 holdings, against 80 for EDV. From January 2008 to October 2026, TLT returned about 2.2% a year and EDV returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [TLT fund page](https://tactfolio.com/etf/tlt.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while EDV holds US government bonds that pay back in 20 years or more. It charges 0.15% a year, about $15 on $10,000, against $5 for EDV. It held 17 holdings, against 80 for EDV. From January 2008 to October 2026, IEF returned about 2.6% a year and EDV returned about 2.0% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while EDV holds US government bonds that pay back in 20 years or more. It charges 0.03% a year, about $3 on $10,000, against $5 for EDV. It held 102 holdings, against 80 for EDV. From November 2009 to October 2026, VGIT returned about 2.0% a year and EDV returned about 1.8% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ## EDV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to EDV from each other company on this page: - **iShares (BlackRock):** [TLT](https://tactfolio.com/etf/tlt.md), iShares 20+ Year Treasury Bond ETF (same kind of fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between EDV and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, EDV costs about $5 a year. VGLT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping EDV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VGLT, TLT or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test EDV and its alternatives in a backtest 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 EDV and VGLT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as EDV. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like EDV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with EDV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to EDV? VGLT is the closest. VGLT also holds US government bonds that pay back in 20 years or more. It tracks the Bloomberg US Long Treasury Bond Index, while EDV tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to EDV? Yes. VGLT charges 0.03% a year and VGIT charges 0.03% a year, against 0.05% for EDV. On $10,000 that is about $3 a year instead of $5. ### Is EDV or VGLT better? Neither is better for everyone. From January 2010 to October 2026, EDV returned about 2.4% a year and VGLT returned about 2.4% a year. EDV charges 0.05% a year and VGLT charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in EDV 10 years ago? It would have grown to about $6,641 by October 16, 2026, with dividends reinvested. That is about −4.0% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Extended Duration Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/edv) - [Vanguard: Vanguard Long-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vglt) - [iShares (BlackRock): iShares 20+ Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # HYG alternatives: 4 similar ETFs compared > ETFs similar to HYG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as HYG. Updated daily. The ETFs most like HYG are USHY, JNK and LQD. USHY and JNK hold bonds from US companies with weaker credit, which pay more interest and carry more risk, like HYG. USHY costs less: 0.08% a year against 0.49%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for HYG: 2 of the same kind and 2 related funds. - HYG charges 0.49% a year (about $49 on $10,000). The cheapest alternative here, VCIT, charges 0.03%. - USHY moved most like HYG: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## HYG alternatives at a glance Each fund below can stand in for HYG, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **HYG** | This fund | 0.49% | $49 | iBoxx USD Liquid High Yield Index | | [USHY](https://tactfolio.com/etf/ushy.md) | Same kind of fund | 0.08% | $8 | ICE BofA US High Yield Constrained Index | | [JNK](https://tactfolio.com/etf/jnk.md) | Same kind of fund | 0.4% | $40 | Bloomberg High Yield Very Liquid Index | | [LQD](https://tactfolio.com/etf/lqd.md) | Related fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | | [VCIT](https://tactfolio.com/etf/vcit.md) | Related fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How HYG and its alternatives did over the same dates Each row measures the alternative and HYG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with HYG | Per year | HYG per year | Worst drop | HYG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [USHY](https://tactfolio.com/etf/ushy.md) | 0.99 | 4.4% | 3.9% | −22.4% | −22.0% | October 2017 | | [JNK](https://tactfolio.com/etf/jnk.md) | 0.99 | 4.8% | 4.8% | −38.5% | −34.2% | December 2007 | | [LQD](https://tactfolio.com/etf/lqd.md) | 0.71 | 3.9% | 4.8% | −24.9% | −34.3% | April 2007 | | [VCIT](https://tactfolio.com/etf/vcit.md) | 0.70 | 4.0% | 5.3% | −20.6% | −22.0% | November 2009 | 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. ## Each HYG alternative, compared ### USHY: iShares Broad USD High Yield Corporate Bond ETF USHY also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the ICE BofA US High Yield Constrained Index, while HYG tracks the iBoxx USD Liquid High Yield Index. It charges 0.08% a year, about $8 on $10,000, against $49 for HYG. It held 1,902 holdings, against 1,334 for HYG. From October 2017 to October 2026, USHY returned about 4.4% a year and HYG returned about 3.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [USHY fund page](https://tactfolio.com/etf/ushy.md) for its returns by year and worst drop. ### JNK: State Street SPDR Bloomberg High Yield Bond ETF JNK also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the Bloomberg High Yield Very Liquid Index, while HYG tracks the iBoxx USD Liquid High Yield Index. It charges 0.4% a year, about $40 on $10,000, against $49 for HYG. It held 1,161 holdings, against 1,334 for HYG. From December 2007 to October 2026, JNK returned about 4.8% a year and HYG returned about 4.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [JNK fund page](https://tactfolio.com/etf/jnk.md) for its returns by year and worst drop. ### LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF LQD is a looser match. It holds bonds from large US companies with strong credit ratings, while HYG holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It charges 0.14% a year, about $14 on $10,000, against $49 for HYG. It held 3,171 holdings, against 1,334 for HYG. From April 2007 to October 2026, LQD returned about 3.9% a year and HYG returned about 4.8% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [LQD fund page](https://tactfolio.com/etf/lqd.md) for its returns by year and worst drop. ### VCIT: Vanguard Intermediate-Term Corporate Bond ETF VCIT is a looser match. It holds bonds from large US companies with strong credit ratings, while HYG holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It charges 0.03% a year, about $3 on $10,000, against $49 for HYG. It held 2,342 holdings, against 1,334 for HYG. From November 2009 to October 2026, VCIT returned about 4.0% a year and HYG returned about 5.3% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [VCIT fund page](https://tactfolio.com/etf/vcit.md) for its returns by year and worst drop. ## HYG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to HYG from each other company on this page: - **SPDR (State Street):** [JNK](https://tactfolio.com/etf/jnk.md), State Street SPDR Bloomberg High Yield Bond ETF (same kind of fund, 0.4% a year) - **Vanguard:** [VCIT](https://tactfolio.com/etf/vcit.md), Vanguard Intermediate-Term Corporate Bond ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between HYG and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, HYG costs about $49 a year. VCIT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping HYG to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as USHY, JNK or LQD, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test HYG and its alternatives in a backtest 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 HYG and USHY, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as HYG. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like HYG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with HYG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to HYG? USHY is the closest. USHY also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the ICE BofA US High Yield Constrained Index, while HYG tracks the iBoxx USD Liquid High Yield Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to HYG? Yes. VCIT charges 0.03% a year, USHY charges 0.08% a year and LQD charges 0.14% a year, against 0.49% for HYG. On $10,000 that is about $3 a year instead of $49. ### Is HYG or USHY better? Neither is better for everyone. From October 2017 to October 2026, HYG returned about 3.9% a year and USHY returned about 4.4% a year. HYG charges 0.49% a year and USHY charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in HYG 10 years ago? It would have grown to about $15,032 by October 16, 2026, with dividends reinvested. That is about 4.2% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares iBoxx $ High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf) - [iShares (BlackRock): iShares Broad USD High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/291299/ishares-broad-usd-high-yield-corporate-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg High Yield Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IEF alternatives: 8 similar ETFs compared > ETFs similar to IEF, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IEF. Updated daily. The ETFs most like IEF are VGIT, BND and AGG. VGIT holds US government bonds that pay back in about 3 to 10 years, like IEF. VGIT costs less: 0.03% a year against 0.15%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IEF: 1 of the same kind and 7 related funds. - IEF charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, VGIT, charges 0.03%. - VGIT moved most like IEF: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IEF alternatives at a glance Each fund below can stand in for IEF, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IEF** | This fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [VGLT](https://tactfolio.com/etf/vglt.md) | Related fund | 0.03% | $3 | Bloomberg US Long Treasury Bond Index | | [TLT](https://tactfolio.com/etf/tlt.md) | Related fund | 0.15% | $15 | ICE US Treasury 20+ Year Bond Index | | [EDV](https://tactfolio.com/etf/edv.md) | Related fund | 0.05% | $5 | Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IEF and its alternatives did over the same dates Each row measures the alternative and IEF on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IEF | Per year | IEF per year | Worst drop | IEF worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.98 | 2.0% | 2.2% | −16.1% | −23.9% | November 2009 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.98 | 2.9% | 3.1% | −18.6% | −23.9% | April 2007 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.97 | 3.0% | 3.1% | −18.4% | −23.9% | September 2003 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.97 | 1.9% | 1.7% | −18.7% | −23.9% | July 2011 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.96 | 2.0% | 1.2% | −17.9% | −23.9% | June 2014 | | [VGLT](https://tactfolio.com/etf/vglt.md) | 0.93 | 2.4% | 2.4% | −46.2% | −23.9% | January 2010 | | [TLT](https://tactfolio.com/etf/tlt.md) | 0.91 | 3.4% | 3.4% | −48.4% | −23.9% | July 2002 | | [EDV](https://tactfolio.com/etf/edv.md) | 0.88 | 2.0% | 2.6% | −60.4% | −23.9% | January 2008 | 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. ## Each IEF alternative, compared ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT also holds US government bonds that pay back in about 3 to 10 years. It tracks the Bloomberg US Treasury 3-10 Year Bond Index, while IEF tracks the ICE US Treasury 7-10 Year Bond Index. It charges 0.03% a year, about $3 on $10,000, against $15 for IEF. It held 102 holdings, against 17 for IEF. From November 2009 to October 2026, VGIT returned about 2.0% a year and IEF returned about 2.2% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IEF holds US government bonds that pay back in about 3 to 10 years. It charges 0.03% a year, about $3 on $10,000, against $15 for IEF. It held 11,434 holdings, against 17 for IEF. From April 2007 to October 2026, BND returned about 2.9% a year and IEF returned about 3.1% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IEF holds US government bonds that pay back in about 3 to 10 years. It charges 0.03% a year, about $3 on $10,000, against $15 for IEF. It held 13,416 holdings, against 17 for IEF. From September 2003 to October 2026, AGG returned about 3.0% a year and IEF returned about 3.1% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IEF holds US government bonds that pay back in about 3 to 10 years. It charges 0.03% a year, about $3 on $10,000, against $15 for IEF. It held 12,355 holdings, against 17 for IEF. From July 2011 to October 2026, SCHZ returned about 1.9% a year and IEF returned about 1.7% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IEF holds US government bonds that pay back in about 3 to 10 years. It charges 0.06% a year, about $6 on $10,000, against $15 for IEF. It held 18,251 holdings, against 17 for IEF. From June 2014 to October 2026, IUSB returned about 2.0% a year and IEF returned about 1.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### VGLT: Vanguard Long-Term Treasury ETF VGLT is a looser match. It holds US government bonds that pay back in 20 years or more, while IEF holds US government bonds that pay back in about 3 to 10 years. It charges 0.03% a year, about $3 on $10,000, against $15 for IEF. It held 101 holdings, against 17 for IEF. From January 2010 to October 2026, VGLT returned about 2.4% a year and IEF returned about 2.4% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [VGLT fund page](https://tactfolio.com/etf/vglt.md) for its returns by year and worst drop. ### TLT: iShares 20+ Year Treasury Bond ETF TLT is a looser match. It holds US government bonds that pay back in 20 years or more, while IEF holds US government bonds that pay back in about 3 to 10 years. It charges 0.15% a year, about $15 on $10,000, against $15 for IEF. It held 47 holdings, against 17 for IEF. From July 2002 to October 2026, TLT returned about 3.4% a year and IEF returned about 3.4% a year. Over about the last five years they moved together on most days (correlation 0.91). Read [IEF vs TLT](https://tactfolio.com/etf-comparisons/ief-vs-tlt.md) for the full side-by-side, or the [TLT fund page](https://tactfolio.com/etf/tlt.md). ### EDV: Vanguard Extended Duration Treasury ETF EDV is a looser match. It holds US government bonds that pay back in 20 years or more, while IEF holds US government bonds that pay back in about 3 to 10 years. It charges 0.05% a year, about $5 on $10,000, against $15 for IEF. It held 80 holdings, against 17 for IEF. From January 2008 to October 2026, EDV returned about 2.0% a year and IEF returned about 2.6% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [EDV fund page](https://tactfolio.com/etf/edv.md) for its returns by year and worst drop. ## IEF versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IEF from each other company on this page: - **Vanguard:** [VGIT](https://tactfolio.com/etf/vgit.md), Vanguard Intermediate-Term Treasury ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IEF and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IEF costs about $15 a year. VGIT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IEF to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VGIT, BND or AGG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IEF and its alternatives in a backtest 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 IEF and VGIT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IEF. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IEF over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IEF only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to IEF? VGIT is the closest. VGIT also holds US government bonds that pay back in about 3 to 10 years. It tracks the Bloomberg US Treasury 3-10 Year Bond Index, while IEF tracks the ICE US Treasury 7-10 Year Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IEF? Yes. VGIT charges 0.03% a year, BND charges 0.03% a year and AGG charges 0.03% a year, against 0.15% for IEF. On $10,000 that is about $3 a year instead of $15. ### Is IEF or VGIT better? Neither is better for everyone. From November 2009 to October 2026, IEF returned about 2.2% a year and VGIT returned about 2.0% a year. IEF charges 0.15% a year and VGIT charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IEF 10 years ago? It would have grown to about $10,397 by October 16, 2026, with dividends reinvested. That is about 0.4% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [Vanguard: Vanguard Long-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vglt) - [iShares (BlackRock): iShares 20+ Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) - [Vanguard: Vanguard Extended Duration Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/edv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IUSB alternatives: 7 similar ETFs compared > ETFs similar to IUSB, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IUSB. Updated daily. The ETFs most like IUSB are AGG, BND and SCHZ. AGG, BND and SCHZ hold a broad mix of US bonds: government, company and mortgage bonds, like IUSB. AGG costs less: 0.03% a year against 0.06%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for IUSB: 3 of the same kind and 4 related funds. - IUSB charges 0.06% a year (about $6 on $10,000). The cheapest alternative here, AGG, charges 0.03%. - AGG moved most like IUSB: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IUSB alternatives at a glance Each fund below can stand in for IUSB, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IUSB** | This fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [AGG](https://tactfolio.com/etf/agg.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Same kind of fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [VCIT](https://tactfolio.com/etf/vcit.md) | Related fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | | [LQD](https://tactfolio.com/etf/lqd.md) | Related fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IUSB and its alternatives did over the same dates Each row measures the alternative and IUSB on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IUSB | Per year | IUSB per year | Worst drop | IUSB worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [AGG](https://tactfolio.com/etf/agg.md) | 0.98 | 1.7% | 2.0% | −18.4% | −17.9% | June 2014 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.98 | 1.8% | 2.0% | −18.6% | −17.9% | June 2014 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.98 | 1.7% | 2.0% | −18.7% | −17.9% | June 2014 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.96 | 1.2% | 2.0% | −23.9% | −17.9% | June 2014 | | [VCIT](https://tactfolio.com/etf/vcit.md) | 0.96 | 2.9% | 2.0% | −20.6% | −17.9% | June 2014 | | [LQD](https://tactfolio.com/etf/lqd.md) | 0.95 | 2.5% | 2.0% | −24.9% | −17.9% | June 2014 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.94 | 1.5% | 2.0% | −16.1% | −17.9% | June 2014 | 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. ## Each IUSB alternative, compared ### AGG: iShares Core U.S. Aggregate Bond ETF AGG also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg US Aggregate Bond Index, while IUSB tracks the Bloomberg U.S. Universal Index. It charges 0.03% a year, about $3 on $10,000, against $6 for IUSB. It held 13,416 holdings, against 18,251 for IUSB. From June 2014 to October 2026, AGG returned about 1.7% a year and IUSB returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg U.S. Aggregate Float Adjusted Index, while IUSB tracks the Bloomberg U.S. Universal Index. It charges 0.03% a year, about $3 on $10,000, against $6 for IUSB. It held 11,434 holdings, against 18,251 for IUSB. From June 2014 to October 2026, BND returned about 1.8% a year and IUSB returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg US Aggregate Bond Index, while IUSB tracks the Bloomberg U.S. Universal Index. It charges 0.03% a year, about $3 on $10,000, against $6 for IUSB. It held 12,355 holdings, against 18,251 for IUSB. From June 2014 to October 2026, SCHZ returned about 1.7% a year and IUSB returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while IUSB holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.15% a year, about $15 on $10,000, against $6 for IUSB. It held 17 holdings, against 18,251 for IUSB. From June 2014 to October 2026, IEF returned about 1.2% a year and IUSB returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### VCIT: Vanguard Intermediate-Term Corporate Bond ETF VCIT is a looser match. It holds bonds from large US companies with strong credit ratings, while IUSB holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.03% a year, about $3 on $10,000, against $6 for IUSB. It held 2,342 holdings, against 18,251 for IUSB. From June 2014 to October 2026, VCIT returned about 2.9% a year and IUSB returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VCIT fund page](https://tactfolio.com/etf/vcit.md) for its returns by year and worst drop. ### LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF LQD is a looser match. It holds bonds from large US companies with strong credit ratings, while IUSB holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.14% a year, about $14 on $10,000, against $6 for IUSB. It held 3,171 holdings, against 18,251 for IUSB. From June 2014 to October 2026, LQD returned about 2.5% a year and IUSB returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [LQD fund page](https://tactfolio.com/etf/lqd.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while IUSB holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.03% a year, about $3 on $10,000, against $6 for IUSB. It held 102 holdings, against 18,251 for IUSB. From June 2014 to October 2026, VGIT returned about 1.5% a year and IUSB returned about 2.0% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ## IUSB versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IUSB from each other company on this page: - **Vanguard:** [BND](https://tactfolio.com/etf/bnd.md), Vanguard Total Bond Market ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IUSB and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IUSB costs about $6 a year. AGG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IUSB to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as AGG, BND or SCHZ, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IUSB and its alternatives in a backtest 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 IUSB and AGG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IUSB. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IUSB over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IUSB only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to IUSB? AGG is the closest. AGG also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg US Aggregate Bond Index, while IUSB tracks the Bloomberg U.S. Universal Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IUSB? Yes. AGG charges 0.03% a year, BND charges 0.03% a year and SCHZ charges 0.03% a year, against 0.06% for IUSB. On $10,000 that is about $3 a year instead of $6. ### Is IUSB or AGG better? Neither is better for everyone. From June 2014 to October 2026, IUSB returned about 2.0% a year and AGG returned about 1.7% a year. IUSB charges 0.06% a year and AGG charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IUSB 10 years ago? It would have grown to about $11,732 by October 16, 2026, with dividends reinvested. That is about 1.6% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # JNK alternatives: 4 similar ETFs compared > ETFs similar to JNK, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as JNK. Updated daily. The ETFs most like JNK are USHY, HYG and VCIT. USHY and HYG hold bonds from US companies with weaker credit, which pay more interest and carry more risk, like JNK. USHY costs less: 0.08% a year against 0.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for JNK: 2 of the same kind and 2 related funds. - JNK charges 0.4% a year (about $40 on $10,000). The cheapest alternative here, VCIT, charges 0.03%. - USHY moved most like JNK: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## JNK alternatives at a glance Each fund below can stand in for JNK, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **JNK** | This fund | 0.4% | $40 | Bloomberg High Yield Very Liquid Index | | [USHY](https://tactfolio.com/etf/ushy.md) | Same kind of fund | 0.08% | $8 | ICE BofA US High Yield Constrained Index | | [HYG](https://tactfolio.com/etf/hyg.md) | Same kind of fund | 0.49% | $49 | iBoxx USD Liquid High Yield Index | | [VCIT](https://tactfolio.com/etf/vcit.md) | Related fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | | [LQD](https://tactfolio.com/etf/lqd.md) | Related fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How JNK and its alternatives did over the same dates Each row measures the alternative and JNK on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with JNK | Per year | JNK per year | Worst drop | JNK worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [USHY](https://tactfolio.com/etf/ushy.md) | 0.99 | 4.4% | 3.8% | −22.4% | −22.9% | October 2017 | | [HYG](https://tactfolio.com/etf/hyg.md) | 0.99 | 4.8% | 4.8% | −34.2% | −38.5% | December 2007 | | [VCIT](https://tactfolio.com/etf/vcit.md) | 0.69 | 4.0% | 5.3% | −20.6% | −22.9% | November 2009 | | [LQD](https://tactfolio.com/etf/lqd.md) | 0.69 | 3.8% | 4.8% | −24.9% | −38.5% | December 2007 | 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. ## Each JNK alternative, compared ### USHY: iShares Broad USD High Yield Corporate Bond ETF USHY also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the ICE BofA US High Yield Constrained Index, while JNK tracks the Bloomberg High Yield Very Liquid Index. It charges 0.08% a year, about $8 on $10,000, against $40 for JNK. It held 1,902 holdings, against 1,161 for JNK. From October 2017 to October 2026, USHY returned about 4.4% a year and JNK returned about 3.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [USHY fund page](https://tactfolio.com/etf/ushy.md) for its returns by year and worst drop. ### HYG: iShares iBoxx $ High Yield Corporate Bond ETF HYG also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the iBoxx USD Liquid High Yield Index, while JNK tracks the Bloomberg High Yield Very Liquid Index. It charges 0.49% a year, about $49 on $10,000, against $40 for JNK. It held 1,334 holdings, against 1,161 for JNK. From December 2007 to October 2026, HYG returned about 4.8% a year and JNK returned about 4.8% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [HYG fund page](https://tactfolio.com/etf/hyg.md) for its returns by year and worst drop. ### VCIT: Vanguard Intermediate-Term Corporate Bond ETF VCIT is a looser match. It holds bonds from large US companies with strong credit ratings, while JNK holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It charges 0.03% a year, about $3 on $10,000, against $40 for JNK. It held 2,342 holdings, against 1,161 for JNK. From November 2009 to October 2026, VCIT returned about 4.0% a year and JNK returned about 5.3% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [VCIT fund page](https://tactfolio.com/etf/vcit.md) for its returns by year and worst drop. ### LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF LQD is a looser match. It holds bonds from large US companies with strong credit ratings, while JNK holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It charges 0.14% a year, about $14 on $10,000, against $40 for JNK. It held 3,171 holdings, against 1,161 for JNK. From December 2007 to October 2026, LQD returned about 3.8% a year and JNK returned about 4.8% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [LQD fund page](https://tactfolio.com/etf/lqd.md) for its returns by year and worst drop. ## JNK versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to JNK from each other company on this page: - **iShares (BlackRock):** [USHY](https://tactfolio.com/etf/ushy.md), iShares Broad USD High Yield Corporate Bond ETF (same kind of fund, 0.08% a year) - **Vanguard:** [VCIT](https://tactfolio.com/etf/vcit.md), Vanguard Intermediate-Term Corporate Bond ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between JNK and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, JNK costs about $40 a year. VCIT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping JNK to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as USHY, HYG or VCIT, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test JNK and its alternatives in a backtest 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 JNK and USHY, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as JNK. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like JNK over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with JNK only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to JNK? USHY is the closest. USHY also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the ICE BofA US High Yield Constrained Index, while JNK tracks the Bloomberg High Yield Very Liquid Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to JNK? Yes. VCIT charges 0.03% a year, USHY charges 0.08% a year and LQD charges 0.14% a year, against 0.4% for JNK. On $10,000 that is about $3 a year instead of $40. ### Is JNK or USHY better? Neither is better for everyone. From October 2017 to October 2026, JNK returned about 3.8% a year and USHY returned about 4.4% a year. JNK charges 0.4% a year and USHY charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in JNK 10 years ago? It would have grown to about $15,075 by October 16, 2026, with dividends reinvested. That is about 4.2% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Bloomberg High Yield Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) - [iShares (BlackRock): iShares Broad USD High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/291299/ishares-broad-usd-high-yield-corporate-bond-etf) - [iShares (BlackRock): iShares iBoxx $ High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf) - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # LQD alternatives: 8 similar ETFs compared > ETFs similar to LQD, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as LQD. Updated daily. The ETFs most like LQD are VCIT, IUSB and AGG. VCIT holds bonds from large US companies with strong credit ratings, like LQD. VCIT costs less: 0.03% a year against 0.14%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for LQD: 1 of the same kind and 7 related funds. - LQD charges 0.14% a year (about $14 on $10,000). The cheapest alternative here, VCIT, charges 0.03%. - VCIT moved most like LQD: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## LQD alternatives at a glance Each fund below can stand in for LQD, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **LQD** | This fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | | [VCIT](https://tactfolio.com/etf/vcit.md) | Same kind of fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [HYG](https://tactfolio.com/etf/hyg.md) | Related fund | 0.49% | $49 | iBoxx USD Liquid High Yield Index | | [USHY](https://tactfolio.com/etf/ushy.md) | Related fund | 0.08% | $8 | ICE BofA US High Yield Constrained Index | | [JNK](https://tactfolio.com/etf/jnk.md) | Related fund | 0.4% | $40 | Bloomberg High Yield Very Liquid Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How LQD and its alternatives did over the same dates Each row measures the alternative and LQD on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with LQD | Per year | LQD per year | Worst drop | LQD worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VCIT](https://tactfolio.com/etf/vcit.md) | 0.97 | 4.0% | 3.6% | −20.6% | −24.9% | November 2009 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.95 | 2.0% | 2.5% | −17.9% | −24.9% | June 2014 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.94 | 3.0% | 3.9% | −18.4% | −24.9% | September 2003 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.94 | 2.9% | 3.9% | −18.6% | −24.9% | April 2007 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.94 | 1.9% | 3.1% | −18.7% | −24.9% | July 2011 | | [HYG](https://tactfolio.com/etf/hyg.md) | 0.71 | 4.8% | 3.9% | −34.3% | −24.9% | April 2007 | | [USHY](https://tactfolio.com/etf/ushy.md) | 0.69 | 4.4% | 1.9% | −22.4% | −24.9% | October 2017 | | [JNK](https://tactfolio.com/etf/jnk.md) | 0.69 | 4.8% | 3.8% | −38.5% | −24.9% | December 2007 | 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. ## Each LQD alternative, compared ### VCIT: Vanguard Intermediate-Term Corporate Bond ETF VCIT also holds bonds from large US companies with strong credit ratings. It tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index, while LQD tracks the iBoxx USD Liquid Investment Grade Index. It charges 0.03% a year, about $3 on $10,000, against $14 for LQD. It held 2,342 holdings, against 3,171 for LQD. From November 2009 to October 2026, VCIT returned about 4.0% a year and LQD returned about 3.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VCIT fund page](https://tactfolio.com/etf/vcit.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while LQD holds bonds from large US companies with strong credit ratings. It charges 0.06% a year, about $6 on $10,000, against $14 for LQD. It held 18,251 holdings, against 3,171 for LQD. From June 2014 to October 2026, IUSB returned about 2.0% a year and LQD returned about 2.5% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while LQD holds bonds from large US companies with strong credit ratings. It charges 0.03% a year, about $3 on $10,000, against $14 for LQD. It held 13,416 holdings, against 3,171 for LQD. From September 2003 to October 2026, AGG returned about 3.0% a year and LQD returned about 3.9% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while LQD holds bonds from large US companies with strong credit ratings. It charges 0.03% a year, about $3 on $10,000, against $14 for LQD. It held 11,434 holdings, against 3,171 for LQD. From April 2007 to October 2026, BND returned about 2.9% a year and LQD returned about 3.9% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while LQD holds bonds from large US companies with strong credit ratings. It charges 0.03% a year, about $3 on $10,000, against $14 for LQD. It held 12,355 holdings, against 3,171 for LQD. From July 2011 to October 2026, SCHZ returned about 1.9% a year and LQD returned about 3.1% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### HYG: iShares iBoxx $ High Yield Corporate Bond ETF HYG is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while LQD holds bonds from large US companies with strong credit ratings. It charges 0.49% a year, about $49 on $10,000, against $14 for LQD. It held 1,334 holdings, against 3,171 for LQD. From April 2007 to October 2026, HYG returned about 4.8% a year and LQD returned about 3.9% a year. Over about the last five years they often moved together, but not always (correlation 0.71). Read the [HYG fund page](https://tactfolio.com/etf/hyg.md) for its returns by year and worst drop. ### USHY: iShares Broad USD High Yield Corporate Bond ETF USHY is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while LQD holds bonds from large US companies with strong credit ratings. It charges 0.08% a year, about $8 on $10,000, against $14 for LQD. It held 1,902 holdings, against 3,171 for LQD. From October 2017 to October 2026, USHY returned about 4.4% a year and LQD returned about 1.9% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [USHY fund page](https://tactfolio.com/etf/ushy.md) for its returns by year and worst drop. ### JNK: State Street SPDR Bloomberg High Yield Bond ETF JNK is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while LQD holds bonds from large US companies with strong credit ratings. It charges 0.4% a year, about $40 on $10,000, against $14 for LQD. It held 1,161 holdings, against 3,171 for LQD. From December 2007 to October 2026, JNK returned about 4.8% a year and LQD returned about 3.8% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [JNK fund page](https://tactfolio.com/etf/jnk.md) for its returns by year and worst drop. ## LQD versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to LQD from each other company on this page: - **Vanguard:** [VCIT](https://tactfolio.com/etf/vcit.md), Vanguard Intermediate-Term Corporate Bond ETF (same kind of fund, 0.03% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (related fund, 0.03% a year) - **SPDR (State Street):** [JNK](https://tactfolio.com/etf/jnk.md), State Street SPDR Bloomberg High Yield Bond ETF (related fund, 0.4% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between LQD and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, LQD costs about $14 a year. VCIT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping LQD to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VCIT, IUSB or AGG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test LQD and its alternatives in a backtest 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 LQD and VCIT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as LQD. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like LQD over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with LQD only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to LQD? VCIT is the closest. VCIT also holds bonds from large US companies with strong credit ratings. It tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index, while LQD tracks the iBoxx USD Liquid Investment Grade Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to LQD? Yes. VCIT charges 0.03% a year, AGG charges 0.03% a year and BND charges 0.03% a year, against 0.14% for LQD. On $10,000 that is about $3 a year instead of $14. ### Is LQD or VCIT better? Neither is better for everyone. From November 2009 to October 2026, LQD returned about 3.6% a year and VCIT returned about 4.0% a year. LQD charges 0.14% a year and VCIT charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in LQD 10 years ago? It would have grown to about $12,154 by October 16, 2026, with dividends reinvested. That is about 2.0% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares iBoxx $ High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf) - [iShares (BlackRock): iShares Broad USD High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/291299/ishares-broad-usd-high-yield-corporate-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg High Yield Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHP alternatives: 8 similar ETFs compared > ETFs similar to SCHP, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHP. Updated daily. The ETFs most like SCHP are TIP, VTIP and IEF. TIP and VTIP hold US government bonds whose value rises with inflation (TIPS), like SCHP. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SCHP: 2 of the same kind and 6 related funds. - SCHP charges 0.03% a year (about $3 on $10,000). - TIP moved most like SCHP: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHP alternatives at a glance Each fund below can stand in for SCHP, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHP** | This fund | 0.03% | $3 | Bloomberg US Treasury Inflation-Linked Bond Index (Series-L) | | [TIP](https://tactfolio.com/etf/tip.md) | Same kind of fund | 0.18% | $18 | ICE U.S. Treasury Inflation Linked Bond Index | | [VTIP](https://tactfolio.com/etf/vtip.md) | Same kind of fund | 0.03% | $3 | Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHP and its alternatives did over the same dates Each row measures the alternative and SCHP on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHP | Per year | SCHP per year | Worst drop | SCHP worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [TIP](https://tactfolio.com/etf/tip.md) | 0.99 | 2.6% | 2.6% | −14.5% | −14.3% | August 2010 | | [VTIP](https://tactfolio.com/etf/vtip.md) | 0.88 | 2.2% | 1.6% | −6.3% | −14.3% | October 2012 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.82 | 1.9% | 2.6% | −23.9% | −14.3% | August 2010 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.82 | 2.1% | 2.6% | −18.4% | −14.3% | August 2010 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.82 | 2.1% | 2.6% | −18.6% | −14.3% | August 2010 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.82 | 1.9% | 2.3% | −18.7% | −14.3% | July 2011 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.81 | 1.8% | 2.6% | −16.1% | −14.3% | August 2010 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.81 | 2.0% | 2.2% | −17.9% | −14.3% | June 2014 | 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. ## Each SCHP alternative, compared ### TIP: iShares TIPS Bond ETF TIP also holds US government bonds whose value rises with inflation (TIPS). It tracks the ICE U.S. Treasury Inflation Linked Bond Index, while SCHP tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). It charges 0.18% a year, about $18 on $10,000, against $3 for SCHP. It held 48 holdings, against 49 for SCHP. From August 2010 to October 2026, TIP returned about 2.6% a year and SCHP returned about 2.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [TIP fund page](https://tactfolio.com/etf/tip.md) for its returns by year and worst drop. ### VTIP: Vanguard Short-Term Inflation-Protected Securities ETF VTIP also holds US government bonds whose value rises with inflation (TIPS). It tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while SCHP tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). It charges 0.03% a year, about $3 on $10,000, against $3 for SCHP. It held 25 holdings, against 49 for SCHP. From October 2012 to October 2026, VTIP returned about 2.2% a year and SCHP returned about 1.6% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [VTIP fund page](https://tactfolio.com/etf/vtip.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while SCHP holds US government bonds whose value rises with inflation (TIPS). It charges 0.15% a year, about $15 on $10,000, against $3 for SCHP. It held 17 holdings, against 49 for SCHP. From August 2010 to October 2026, IEF returned about 1.9% a year and SCHP returned about 2.6% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while SCHP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $3 for SCHP. It held 13,416 holdings, against 49 for SCHP. From August 2010 to October 2026, AGG returned about 2.1% a year and SCHP returned about 2.6% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while SCHP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $3 for SCHP. It held 11,434 holdings, against 49 for SCHP. From August 2010 to October 2026, BND returned about 2.1% a year and SCHP returned about 2.6% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while SCHP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $3 for SCHP. It held 12,355 holdings, against 49 for SCHP. From July 2011 to October 2026, SCHZ returned about 1.9% a year and SCHP returned about 2.3% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while SCHP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $3 for SCHP. It held 102 holdings, against 49 for SCHP. From August 2010 to October 2026, VGIT returned about 1.8% a year and SCHP returned about 2.6% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while SCHP holds US government bonds whose value rises with inflation (TIPS). It charges 0.06% a year, about $6 on $10,000, against $3 for SCHP. It held 18,251 holdings, against 49 for SCHP. From June 2014 to October 2026, IUSB returned about 2.0% a year and SCHP returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ## SCHP versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHP from each other company on this page: - **iShares (BlackRock):** [TIP](https://tactfolio.com/etf/tip.md), iShares TIPS Bond ETF (same kind of fund, 0.18% a year) - **Vanguard:** [VTIP](https://tactfolio.com/etf/vtip.md), Vanguard Short-Term Inflation-Protected Securities ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHP and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHP costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHP to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as TIP, VTIP or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHP and its alternatives in a backtest 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 SCHP and TIP, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHP. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHP over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHP only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to SCHP? TIP is the closest. TIP also holds US government bonds whose value rises with inflation (TIPS). It tracks the ICE U.S. Treasury Inflation Linked Bond Index, while SCHP tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L). Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHP? Not among the funds here. SCHP charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is SCHP or TIP better? Neither is better for everyone. From August 2010 to October 2026, SCHP returned about 2.6% a year and TIP returned about 2.6% a year. SCHP charges 0.03% a year and TIP charges 0.18%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHP 10 years ago? It would have grown to about $12,578 by October 16, 2026, with dividends reinvested. That is about 2.3% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. TIPS ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000187/c497k.htm) - [iShares (BlackRock): iShares TIPS Bond ETF fund page](https://www.ishares.com/us/products/239467/ishares-tips-bond-etf) - [Vanguard: Vanguard Short-Term Inflation-Protected Securities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtip) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHZ alternatives: 7 similar ETFs compared > ETFs similar to SCHZ, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHZ. Updated daily. The ETFs most like SCHZ are AGG, BND and IUSB. AGG tracks the same index as SCHZ, so it holds the same bonds. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for SCHZ: 1 on the same index, 2 of the same kind and 4 related funds. - SCHZ charges 0.03% a year (about $3 on $10,000). - AGG moved most like SCHZ: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHZ alternatives at a glance Each fund below can stand in for SCHZ, closest first. "Same index" funds hold the same bonds as SCHZ. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHZ** | This fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [AGG](https://tactfolio.com/etf/agg.md) | Same index | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Same kind of fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Same kind of fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [VCIT](https://tactfolio.com/etf/vcit.md) | Related fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [LQD](https://tactfolio.com/etf/lqd.md) | Related fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHZ and its alternatives did over the same dates Each row measures the alternative and SCHZ on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHZ | Per year | SCHZ per year | Worst drop | SCHZ worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [AGG](https://tactfolio.com/etf/agg.md) | 0.99 | 2.0% | 1.9% | −18.4% | −18.7% | July 2011 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.99 | 2.0% | 1.9% | −18.6% | −18.7% | July 2011 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.98 | 2.0% | 1.7% | −17.9% | −18.7% | June 2014 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.97 | 1.7% | 1.9% | −23.9% | −18.7% | July 2011 | | [VCIT](https://tactfolio.com/etf/vcit.md) | 0.96 | 3.5% | 1.9% | −20.6% | −18.7% | July 2011 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.95 | 1.7% | 1.9% | −16.1% | −18.7% | July 2011 | | [LQD](https://tactfolio.com/etf/lqd.md) | 0.94 | 3.1% | 1.9% | −24.9% | −18.7% | July 2011 | 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. ## Each SCHZ alternative, compared ### AGG: iShares Core U.S. Aggregate Bond ETF AGG tracks the same Bloomberg US Aggregate Bond Index as SCHZ, so the two hold the same bonds. The main differences are the fee and the fund company. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHZ. It held 13,416 holdings, against 12,355 for SCHZ. From July 2011 to October 2026, AGG returned about 2.0% a year and SCHZ returned about 1.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg U.S. Aggregate Float Adjusted Index, while SCHZ tracks the Bloomberg US Aggregate Bond Index. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHZ. It held 11,434 holdings, against 12,355 for SCHZ. From July 2011 to October 2026, BND returned about 2.0% a year and SCHZ returned about 1.9% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB also holds a broad mix of US bonds: government, company and mortgage bonds. It tracks the Bloomberg U.S. Universal Index, while SCHZ tracks the Bloomberg US Aggregate Bond Index. It charges 0.06% a year, about $6 on $10,000, against $3 for SCHZ. It held 18,251 holdings, against 12,355 for SCHZ. From June 2014 to October 2026, IUSB returned about 2.0% a year and SCHZ returned about 1.7% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while SCHZ holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.15% a year, about $15 on $10,000, against $3 for SCHZ. It held 17 holdings, against 12,355 for SCHZ. From July 2011 to October 2026, IEF returned about 1.7% a year and SCHZ returned about 1.9% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### VCIT: Vanguard Intermediate-Term Corporate Bond ETF VCIT is a looser match. It holds bonds from large US companies with strong credit ratings, while SCHZ holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHZ. It held 2,342 holdings, against 12,355 for SCHZ. From July 2011 to October 2026, VCIT returned about 3.5% a year and SCHZ returned about 1.9% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [VCIT fund page](https://tactfolio.com/etf/vcit.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while SCHZ holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.03% a year, about $3 on $10,000, against $3 for SCHZ. It held 102 holdings, against 12,355 for SCHZ. From July 2011 to October 2026, VGIT returned about 1.7% a year and SCHZ returned about 1.9% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ### LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF LQD is a looser match. It holds bonds from large US companies with strong credit ratings, while SCHZ holds a broad mix of US bonds: government, company and mortgage bonds. It charges 0.14% a year, about $14 on $10,000, against $3 for SCHZ. It held 3,171 holdings, against 12,355 for SCHZ. From July 2011 to October 2026, LQD returned about 3.1% a year and SCHZ returned about 1.9% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [LQD fund page](https://tactfolio.com/etf/lqd.md) for its returns by year and worst drop. ## SCHZ versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHZ from each other company on this page: - **iShares (BlackRock):** [AGG](https://tactfolio.com/etf/agg.md), iShares Core U.S. Aggregate Bond ETF (same index, 0.03% a year) - **Vanguard:** [BND](https://tactfolio.com/etf/bnd.md), Vanguard Total Bond Market ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHZ and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHZ costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHZ to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as BND, IUSB or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHZ and its alternatives in a backtest 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 SCHZ and AGG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHZ. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHZ over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHZ only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to SCHZ? AGG is the closest. AGG tracks the same Bloomberg US Aggregate Bond Index as SCHZ, so the two hold the same bonds. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHZ? Not among the funds here. SCHZ charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is SCHZ or AGG better? Neither is better for everyone. From July 2011 to October 2026, SCHZ returned about 1.9% a year and AGG returned about 2.0% a year. SCHZ charges 0.03% a year and AGG charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHZ 10 years ago? It would have grown to about $11,334 by October 16, 2026, with dividends reinvested. That is about 1.3% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SHY alternatives: 8 similar ETFs compared > ETFs similar to SHY, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SHY. Updated daily. The ETFs most like SHY are VGSH, VGIT and IEF. VGSH holds US government bonds that pay back in 1 to 3 years, like SHY. VGSH costs less: 0.03% a year against 0.15%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SHY: 1 of the same kind and 7 related funds. - SHY charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, VGSH, charges 0.03%. - VGSH moved most like SHY: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SHY alternatives at a glance Each fund below can stand in for SHY, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SHY** | This fund | 0.15% | $15 | ICE U.S. Treasury 1-3 Year Bond Index | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Treasury 1-3 Year Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [SHV](https://tactfolio.com/etf/shv.md) | Related fund | 0.15% | $15 | ICE Short US Treasury Securities Index | | [BIL](https://tactfolio.com/etf/bil.md) | Related fund | 0.1353% | $13.53 | Bloomberg 1-3 Month U.S. Treasury Bill Index | | [SGOV](https://tactfolio.com/etf/sgov.md) | Related fund | 0.09% | $9 | ICE 0-3 Month US Treasury Securities Index | | [TFLO](https://tactfolio.com/etf/tflo.md) | Related fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Index | | [USFR](https://tactfolio.com/etf/usfr.md) | Related fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SHY and its alternatives did over the same dates Each row measures the alternative and SHY on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SHY | Per year | SHY per year | Worst drop | SHY worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VGSH](https://tactfolio.com/etf/vgsh.md) | 0.98 | 1.4% | 1.3% | −5.7% | −5.7% | November 2009 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.91 | 2.0% | 1.3% | −16.1% | −5.7% | November 2009 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.85 | 3.4% | 2.0% | −23.9% | −5.7% | July 2002 | | [SHV](https://tactfolio.com/etf/shv.md) | 0.53 | 1.6% | 1.9% | −0.4% | −5.7% | January 2007 | | [BIL](https://tactfolio.com/etf/bil.md) | 0.14 | 1.4% | 1.8% | −0.8% | −5.7% | May 2007 | | [SGOV](https://tactfolio.com/etf/sgov.md) | 0.12 | 3.0% | 1.4% | 0.0% | −5.7% | June 2020 | | [TFLO](https://tactfolio.com/etf/tflo.md) | 0.05 | 2.0% | 1.5% | −5.0% | −5.7% | February 2014 | | [USFR](https://tactfolio.com/etf/usfr.md) | 0.03 | 2.0% | 1.5% | −2.2% | −5.7% | February 2014 | 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. ## Each SHY alternative, compared ### VGSH: Vanguard Short-Term Treasury ETF VGSH also holds US government bonds that pay back in 1 to 3 years. It tracks the Bloomberg US Treasury 1-3 Year Bond Index, while SHY tracks the ICE U.S. Treasury 1-3 Year Bond Index. It charges 0.03% a year, about $3 on $10,000, against $15 for SHY. It held 92 holdings, against 90 for SHY. From November 2009 to October 2026, VGSH returned about 1.4% a year and SHY returned about 1.3% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [VGSH fund page](https://tactfolio.com/etf/vgsh.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while SHY holds US government bonds that pay back in 1 to 3 years. It charges 0.03% a year, about $3 on $10,000, against $15 for SHY. It held 102 holdings, against 90 for SHY. From November 2009 to October 2026, VGIT returned about 2.0% a year and SHY returned about 1.3% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while SHY holds US government bonds that pay back in 1 to 3 years. It charges 0.15% a year, about $15 on $10,000, against $15 for SHY. It held 17 holdings, against 90 for SHY. From July 2002 to October 2026, IEF returned about 3.4% a year and SHY returned about 2.0% a year. Over about the last five years they moved together on most days (correlation 0.85). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### SHV: iShares 0-1 Year Treasury Bond ETF SHV is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while SHY holds US government bonds that pay back in 1 to 3 years. It charges 0.15% a year, about $15 on $10,000, against $15 for SHY. It held 19 holdings, against 90 for SHY. From January 2007 to October 2026, SHV returned about 1.6% a year and SHY returned about 1.9% a year. Over about the last five years they often moved in different ways (correlation 0.53). Read the [SHV fund page](https://tactfolio.com/etf/shv.md) for its returns by year and worst drop. ### BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF BIL is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while SHY holds US government bonds that pay back in 1 to 3 years. It charges 0.1353% a year, about $13.53 on $10,000, against $15 for SHY. It held 34 holdings, against 90 for SHY. From May 2007 to October 2026, BIL returned about 1.4% a year and SHY returned about 1.8% a year. Over about the last five years they often moved in different ways (correlation 0.14). Read the [BIL fund page](https://tactfolio.com/etf/bil.md) for its returns by year and worst drop. ### SGOV: iShares 0-3 Month Treasury Bond ETF SGOV is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while SHY holds US government bonds that pay back in 1 to 3 years. It charges 0.09% a year, about $9 on $10,000, against $15 for SHY. From June 2020 to October 2026, SGOV returned about 3.0% a year and SHY returned about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.12). Read the [SGOV fund page](https://tactfolio.com/etf/sgov.md) for its returns by year and worst drop. ### TFLO: iShares Treasury Floating Rate Bond ETF TFLO is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while SHY holds US government bonds that pay back in 1 to 3 years. It charges 0.15% a year, about $15 on $10,000, against $15 for SHY. It held 8 holdings, against 90 for SHY. From February 2014 to October 2026, TFLO returned about 2.0% a year and SHY returned about 1.5% a year. Over about the last five years they often moved in different ways (correlation 0.05). Read the [TFLO fund page](https://tactfolio.com/etf/tflo.md) for its returns by year and worst drop. ### USFR: WisdomTree Floating Rate Treasury Fund USFR is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while SHY holds US government bonds that pay back in 1 to 3 years. It charges 0.15% a year, about $15 on $10,000, against $15 for SHY. It held 5 holdings, against 90 for SHY. From February 2014 to October 2026, USFR returned about 2.0% a year and SHY returned about 1.5% a year. Over about the last five years they often moved in different ways (correlation 0.03). Read the [USFR fund page](https://tactfolio.com/etf/usfr.md) for its returns by year and worst drop. ## SHY versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SHY from each other company on this page: - **Vanguard:** [VGSH](https://tactfolio.com/etf/vgsh.md), Vanguard Short-Term Treasury ETF (same kind of fund, 0.03% a year) - **SPDR (State Street):** [BIL](https://tactfolio.com/etf/bil.md), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (related fund, 0.1353% a year) - **WisdomTree:** [USFR](https://tactfolio.com/etf/usfr.md), WisdomTree Floating Rate Treasury Fund (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SHY and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SHY costs about $15 a year. VGSH costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SHY to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VGSH, VGIT or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SHY and its alternatives in a backtest 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 SHY and VGSH, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SHY. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SHY over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SHY only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to SHY? VGSH is the closest. VGSH also holds US government bonds that pay back in 1 to 3 years. It tracks the Bloomberg US Treasury 1-3 Year Bond Index, while SHY tracks the ICE U.S. Treasury 1-3 Year Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SHY? Yes. VGSH charges 0.03% a year, VGIT charges 0.03% a year and SGOV charges 0.09% a year, against 0.15% for SHY. On $10,000 that is about $3 a year instead of $15. ### Is SHY or VGSH better? Neither is better for everyone. From November 2009 to October 2026, SHY returned about 1.3% a year and VGSH returned about 1.4% a year. SHY charges 0.15% a year and VGSH charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SHY 10 years ago? It would have grown to about $11,813 by October 16, 2026, with dividends reinvested. That is about 1.7% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) - [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) - [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) - [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) - [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # TIP alternatives: 8 similar ETFs compared > ETFs similar to TIP, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as TIP. Updated daily. The ETFs most like TIP are SCHP, VTIP and IEF. SCHP and VTIP hold US government bonds whose value rises with inflation (TIPS), like TIP. SCHP costs less: 0.03% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for TIP: 2 of the same kind and 6 related funds. - TIP charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, SCHP, charges 0.03%. - SCHP moved most like TIP: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## TIP alternatives at a glance Each fund below can stand in for TIP, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **TIP** | This fund | 0.18% | $18 | ICE U.S. Treasury Inflation Linked Bond Index | | [SCHP](https://tactfolio.com/etf/schp.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Treasury Inflation-Linked Bond Index (Series-L) | | [VTIP](https://tactfolio.com/etf/vtip.md) | Same kind of fund | 0.03% | $3 | Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How TIP and its alternatives did over the same dates Each row measures the alternative and TIP on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with TIP | Per year | TIP per year | Worst drop | TIP worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHP](https://tactfolio.com/etf/schp.md) | 0.99 | 2.6% | 2.6% | −14.3% | −14.5% | August 2010 | | [VTIP](https://tactfolio.com/etf/vtip.md) | 0.88 | 2.2% | 1.5% | −6.3% | −14.5% | October 2012 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.83 | 3.1% | 3.4% | −23.9% | −14.5% | December 2003 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.83 | 3.0% | 3.4% | −18.4% | −14.5% | December 2003 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.83 | 2.9% | 3.3% | −18.6% | −14.5% | April 2007 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.83 | 1.9% | 2.2% | −18.7% | −14.5% | July 2011 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.82 | 2.0% | 2.1% | −17.9% | −14.5% | June 2014 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.81 | 2.0% | 2.6% | −16.1% | −14.5% | November 2009 | 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. ## Each TIP alternative, compared ### SCHP: Schwab U.S. TIPS ETF SCHP also holds US government bonds whose value rises with inflation (TIPS). It tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), while TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index. It charges 0.03% a year, about $3 on $10,000, against $18 for TIP. It held 49 holdings, against 48 for TIP. From August 2010 to October 2026, SCHP returned about 2.6% a year and TIP returned about 2.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHP fund page](https://tactfolio.com/etf/schp.md) for its returns by year and worst drop. ### VTIP: Vanguard Short-Term Inflation-Protected Securities ETF VTIP also holds US government bonds whose value rises with inflation (TIPS). It tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index. It charges 0.03% a year, about $3 on $10,000, against $18 for TIP. It held 25 holdings, against 48 for TIP. From October 2012 to October 2026, VTIP returned about 2.2% a year and TIP returned about 1.5% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [VTIP fund page](https://tactfolio.com/etf/vtip.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while TIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.15% a year, about $15 on $10,000, against $18 for TIP. It held 17 holdings, against 48 for TIP. From December 2003 to October 2026, IEF returned about 3.1% a year and TIP returned about 3.4% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while TIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $18 for TIP. It held 13,416 holdings, against 48 for TIP. From December 2003 to October 2026, AGG returned about 3.0% a year and TIP returned about 3.4% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while TIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $18 for TIP. It held 11,434 holdings, against 48 for TIP. From April 2007 to October 2026, BND returned about 2.9% a year and TIP returned about 3.3% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while TIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $18 for TIP. It held 12,355 holdings, against 48 for TIP. From July 2011 to October 2026, SCHZ returned about 1.9% a year and TIP returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.83). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while TIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.06% a year, about $6 on $10,000, against $18 for TIP. It held 18,251 holdings, against 48 for TIP. From June 2014 to October 2026, IUSB returned about 2.0% a year and TIP returned about 2.1% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while TIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $18 for TIP. It held 102 holdings, against 48 for TIP. From November 2009 to October 2026, VGIT returned about 2.0% a year and TIP returned about 2.6% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ## TIP versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to TIP from each other company on this page: - **Schwab:** [SCHP](https://tactfolio.com/etf/schp.md), Schwab U.S. TIPS ETF (same kind of fund, 0.03% a year) - **Vanguard:** [VTIP](https://tactfolio.com/etf/vtip.md), Vanguard Short-Term Inflation-Protected Securities ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between TIP and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, TIP costs about $18 a year. SCHP costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping TIP to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHP, VTIP or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test TIP and its alternatives in a backtest 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 TIP and SCHP, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as TIP. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like TIP over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with TIP only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to TIP? SCHP is the closest. SCHP also holds US government bonds whose value rises with inflation (TIPS). It tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), while TIP tracks the ICE U.S. Treasury Inflation Linked Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to TIP? Yes. SCHP charges 0.03% a year, VTIP charges 0.03% a year and AGG charges 0.03% a year, against 0.18% for TIP. On $10,000 that is about $3 a year instead of $18. ### Is TIP or SCHP better? Neither is better for everyone. From August 2010 to October 2026, TIP returned about 2.6% a year and SCHP returned about 2.6% a year. TIP charges 0.18% a year and SCHP charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in TIP 10 years ago? It would have grown to about $12,419 by October 16, 2026, with dividends reinvested. That is about 2.2% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares TIPS Bond ETF fund page](https://www.ishares.com/us/products/239467/ishares-tips-bond-etf) - [Schwab: Schwab U.S. TIPS ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000187/c497k.htm) - [Vanguard: Vanguard Short-Term Inflation-Protected Securities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtip) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # TLT alternatives: 4 similar ETFs compared > ETFs similar to TLT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as TLT. Updated daily. The ETFs most like TLT are VGLT, EDV and IEF. VGLT and EDV hold US government bonds that pay back in 20 years or more, like TLT. VGLT costs less: 0.03% a year against 0.15%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for TLT: 2 of the same kind and 2 related funds. - TLT charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, VGLT, charges 0.03%. - VGLT moved most like TLT: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## TLT alternatives at a glance Each fund below can stand in for TLT, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **TLT** | This fund | 0.15% | $15 | ICE US Treasury 20+ Year Bond Index | | [VGLT](https://tactfolio.com/etf/vglt.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Long Treasury Bond Index | | [EDV](https://tactfolio.com/etf/edv.md) | Same kind of fund | 0.05% | $5 | Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How TLT and its alternatives did over the same dates Each row measures the alternative and TLT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with TLT | Per year | TLT per year | Worst drop | TLT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VGLT](https://tactfolio.com/etf/vglt.md) | 1.00 | 2.4% | 2.3% | −46.2% | −48.4% | January 2010 | | [EDV](https://tactfolio.com/etf/edv.md) | 0.99 | 2.0% | 2.2% | −60.4% | −48.4% | January 2008 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.91 | 3.4% | 3.4% | −23.9% | −48.4% | July 2002 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.84 | 2.0% | 2.0% | −16.1% | −48.4% | November 2009 | 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. ## Each TLT alternative, compared ### VGLT: Vanguard Long-Term Treasury ETF VGLT also holds US government bonds that pay back in 20 years or more. It tracks the Bloomberg US Long Treasury Bond Index, while TLT tracks the ICE US Treasury 20+ Year Bond Index. It charges 0.03% a year, about $3 on $10,000, against $15 for TLT. It held 101 holdings, against 47 for TLT. From January 2010 to October 2026, VGLT returned about 2.4% a year and TLT returned about 2.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VGLT fund page](https://tactfolio.com/etf/vglt.md) for its returns by year and worst drop. ### EDV: Vanguard Extended Duration Treasury ETF EDV also holds US government bonds that pay back in 20 years or more. It tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while TLT tracks the ICE US Treasury 20+ Year Bond Index. It charges 0.05% a year, about $5 on $10,000, against $15 for TLT. It held 80 holdings, against 47 for TLT. From January 2008 to October 2026, EDV returned about 2.0% a year and TLT returned about 2.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [EDV fund page](https://tactfolio.com/etf/edv.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while TLT holds US government bonds that pay back in 20 years or more. It charges 0.15% a year, about $15 on $10,000, against $15 for TLT. It held 17 holdings, against 47 for TLT. From July 2002 to October 2026, IEF returned about 3.4% a year and TLT returned about 3.4% a year. Over about the last five years they moved together on most days (correlation 0.91). Read [IEF vs TLT](https://tactfolio.com/etf-comparisons/ief-vs-tlt.md) for the full side-by-side, or the [IEF fund page](https://tactfolio.com/etf/ief.md). ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while TLT holds US government bonds that pay back in 20 years or more. It charges 0.03% a year, about $3 on $10,000, against $15 for TLT. It held 102 holdings, against 47 for TLT. From November 2009 to October 2026, VGIT returned about 2.0% a year and TLT returned about 2.0% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ## TLT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to TLT from each other company on this page: - **Vanguard:** [VGLT](https://tactfolio.com/etf/vglt.md), Vanguard Long-Term Treasury ETF (same kind of fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between TLT and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, TLT costs about $15 a year. VGLT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping TLT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VGLT, EDV or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test TLT and its alternatives in a backtest 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 TLT and VGLT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as TLT. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like TLT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with TLT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to TLT? VGLT is the closest. VGLT also holds US government bonds that pay back in 20 years or more. It tracks the Bloomberg US Long Treasury Bond Index, while TLT tracks the ICE US Treasury 20+ Year Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to TLT? Yes. VGLT charges 0.03% a year, VGIT charges 0.03% a year and EDV charges 0.05% a year, against 0.15% for TLT. On $10,000 that is about $3 a year instead of $15. ### Is TLT or VGLT better? Neither is better for everyone. From January 2010 to October 2026, TLT returned about 2.3% a year and VGLT returned about 2.4% a year. TLT charges 0.15% a year and VGLT charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in TLT 10 years ago? It would have grown to about $8,104 by October 16, 2026, with dividends reinvested. That is about −2.1% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares 20+ Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) - [Vanguard: Vanguard Long-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vglt) - [Vanguard: Vanguard Extended Duration Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/edv) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # USHY alternatives: 4 similar ETFs compared > ETFs similar to USHY, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as USHY. Updated daily. The ETFs most like USHY are JNK, HYG and LQD. JNK and HYG hold bonds from US companies with weaker credit, which pay more interest and carry more risk, like USHY. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for USHY: 2 of the same kind and 2 related funds. - USHY charges 0.08% a year (about $8 on $10,000). The cheapest alternative here, VCIT, charges 0.03%. - JNK moved most like USHY: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## USHY alternatives at a glance Each fund below can stand in for USHY, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **USHY** | This fund | 0.08% | $8 | ICE BofA US High Yield Constrained Index | | [JNK](https://tactfolio.com/etf/jnk.md) | Same kind of fund | 0.4% | $40 | Bloomberg High Yield Very Liquid Index | | [HYG](https://tactfolio.com/etf/hyg.md) | Same kind of fund | 0.49% | $49 | iBoxx USD Liquid High Yield Index | | [LQD](https://tactfolio.com/etf/lqd.md) | Related fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | | [VCIT](https://tactfolio.com/etf/vcit.md) | Related fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How USHY and its alternatives did over the same dates Each row measures the alternative and USHY on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with USHY | Per year | USHY per year | Worst drop | USHY worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [JNK](https://tactfolio.com/etf/jnk.md) | 0.99 | 3.8% | 4.4% | −22.9% | −22.4% | October 2017 | | [HYG](https://tactfolio.com/etf/hyg.md) | 0.99 | 3.9% | 4.4% | −22.0% | −22.4% | October 2017 | | [LQD](https://tactfolio.com/etf/lqd.md) | 0.69 | 1.9% | 4.4% | −24.9% | −22.4% | October 2017 | | [VCIT](https://tactfolio.com/etf/vcit.md) | 0.68 | 2.6% | 4.4% | −20.6% | −22.4% | October 2017 | 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. ## Each USHY alternative, compared ### JNK: State Street SPDR Bloomberg High Yield Bond ETF JNK also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the Bloomberg High Yield Very Liquid Index, while USHY tracks the ICE BofA US High Yield Constrained Index. It charges 0.4% a year, about $40 on $10,000, against $8 for USHY. It held 1,161 holdings, against 1,902 for USHY. From October 2017 to October 2026, JNK returned about 3.8% a year and USHY returned about 4.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [JNK fund page](https://tactfolio.com/etf/jnk.md) for its returns by year and worst drop. ### HYG: iShares iBoxx $ High Yield Corporate Bond ETF HYG also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the iBoxx USD Liquid High Yield Index, while USHY tracks the ICE BofA US High Yield Constrained Index. It charges 0.49% a year, about $49 on $10,000, against $8 for USHY. It held 1,334 holdings, against 1,902 for USHY. From October 2017 to October 2026, HYG returned about 3.9% a year and USHY returned about 4.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [HYG fund page](https://tactfolio.com/etf/hyg.md) for its returns by year and worst drop. ### LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF LQD is a looser match. It holds bonds from large US companies with strong credit ratings, while USHY holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It charges 0.14% a year, about $14 on $10,000, against $8 for USHY. It held 3,171 holdings, against 1,902 for USHY. From October 2017 to October 2026, LQD returned about 1.9% a year and USHY returned about 4.4% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [LQD fund page](https://tactfolio.com/etf/lqd.md) for its returns by year and worst drop. ### VCIT: Vanguard Intermediate-Term Corporate Bond ETF VCIT is a looser match. It holds bonds from large US companies with strong credit ratings, while USHY holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It charges 0.03% a year, about $3 on $10,000, against $8 for USHY. It held 2,342 holdings, against 1,902 for USHY. From October 2017 to October 2026, VCIT returned about 2.6% a year and USHY returned about 4.4% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [VCIT fund page](https://tactfolio.com/etf/vcit.md) for its returns by year and worst drop. ## USHY versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to USHY from each other company on this page: - **SPDR (State Street):** [JNK](https://tactfolio.com/etf/jnk.md), State Street SPDR Bloomberg High Yield Bond ETF (same kind of fund, 0.4% a year) - **Vanguard:** [VCIT](https://tactfolio.com/etf/vcit.md), Vanguard Intermediate-Term Corporate Bond ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between USHY and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, USHY costs about $8 a year. VCIT costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping USHY to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as JNK, HYG or LQD, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test USHY and its alternatives in a backtest 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 USHY and JNK, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as USHY. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like USHY over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with USHY only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to USHY? JNK is the closest. JNK also holds bonds from US companies with weaker credit, which pay more interest and carry more risk. It tracks the Bloomberg High Yield Very Liquid Index, while USHY tracks the ICE BofA US High Yield Constrained Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to USHY? Yes. VCIT charges 0.03% a year, against 0.08% for USHY. On $10,000 that is about $3 a year instead of $8. ### Is USHY or JNK better? Neither is better for everyone. From October 2017 to October 2026, USHY returned about 4.4% a year and JNK returned about 3.8% a year. USHY charges 0.08% a year and JNK charges 0.4%. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Broad USD High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/291299/ishares-broad-usd-high-yield-corporate-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg High Yield Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) - [iShares (BlackRock): iShares iBoxx $ High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf) - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VCIT alternatives: 8 similar ETFs compared > ETFs similar to VCIT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VCIT. Updated daily. The ETFs most like VCIT are LQD, AGG and BND. LQD holds bonds from large US companies with strong credit ratings, like VCIT. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VCIT: 1 of the same kind and 7 related funds. - VCIT charges 0.03% a year (about $3 on $10,000). - LQD moved most like VCIT: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VCIT alternatives at a glance Each fund below can stand in for VCIT, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VCIT** | This fund | 0.03% | $3 | Bloomberg U.S. 5-10 Year Corporate Bond Index | | [LQD](https://tactfolio.com/etf/lqd.md) | Same kind of fund | 0.14% | $14 | iBoxx USD Liquid Investment Grade Index | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [HYG](https://tactfolio.com/etf/hyg.md) | Related fund | 0.49% | $49 | iBoxx USD Liquid High Yield Index | | [JNK](https://tactfolio.com/etf/jnk.md) | Related fund | 0.4% | $40 | Bloomberg High Yield Very Liquid Index | | [USHY](https://tactfolio.com/etf/ushy.md) | Related fund | 0.08% | $8 | ICE BofA US High Yield Constrained Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VCIT and its alternatives did over the same dates Each row measures the alternative and VCIT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VCIT | Per year | VCIT per year | Worst drop | VCIT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [LQD](https://tactfolio.com/etf/lqd.md) | 0.97 | 3.6% | 4.0% | −24.9% | −20.6% | November 2009 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.96 | 2.3% | 4.0% | −18.4% | −20.6% | November 2009 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.96 | 2.3% | 4.0% | −18.6% | −20.6% | November 2009 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.96 | 1.9% | 3.5% | −18.7% | −20.6% | July 2011 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.96 | 2.0% | 2.9% | −17.9% | −20.6% | June 2014 | | [HYG](https://tactfolio.com/etf/hyg.md) | 0.70 | 5.3% | 4.0% | −22.0% | −20.6% | November 2009 | | [JNK](https://tactfolio.com/etf/jnk.md) | 0.69 | 5.3% | 4.0% | −22.9% | −20.6% | November 2009 | | [USHY](https://tactfolio.com/etf/ushy.md) | 0.68 | 4.4% | 2.6% | −22.4% | −20.6% | October 2017 | 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. ## Each VCIT alternative, compared ### LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF LQD also holds bonds from large US companies with strong credit ratings. It tracks the iBoxx USD Liquid Investment Grade Index, while VCIT tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index. It charges 0.14% a year, about $14 on $10,000, against $3 for VCIT. It held 3,171 holdings, against 2,342 for VCIT. From November 2009 to October 2026, LQD returned about 3.6% a year and VCIT returned about 4.0% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [LQD fund page](https://tactfolio.com/etf/lqd.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VCIT holds bonds from large US companies with strong credit ratings. It charges 0.03% a year, about $3 on $10,000, against $3 for VCIT. It held 13,416 holdings, against 2,342 for VCIT. From November 2009 to October 2026, AGG returned about 2.3% a year and VCIT returned about 4.0% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VCIT holds bonds from large US companies with strong credit ratings. It charges 0.03% a year, about $3 on $10,000, against $3 for VCIT. It held 11,434 holdings, against 2,342 for VCIT. From November 2009 to October 2026, BND returned about 2.3% a year and VCIT returned about 4.0% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VCIT holds bonds from large US companies with strong credit ratings. It charges 0.03% a year, about $3 on $10,000, against $3 for VCIT. It held 12,355 holdings, against 2,342 for VCIT. From July 2011 to October 2026, SCHZ returned about 1.9% a year and VCIT returned about 3.5% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VCIT holds bonds from large US companies with strong credit ratings. It charges 0.06% a year, about $6 on $10,000, against $3 for VCIT. It held 18,251 holdings, against 2,342 for VCIT. From June 2014 to October 2026, IUSB returned about 2.0% a year and VCIT returned about 2.9% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### HYG: iShares iBoxx $ High Yield Corporate Bond ETF HYG is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while VCIT holds bonds from large US companies with strong credit ratings. It charges 0.49% a year, about $49 on $10,000, against $3 for VCIT. It held 1,334 holdings, against 2,342 for VCIT. From November 2009 to October 2026, HYG returned about 5.3% a year and VCIT returned about 4.0% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [HYG fund page](https://tactfolio.com/etf/hyg.md) for its returns by year and worst drop. ### JNK: State Street SPDR Bloomberg High Yield Bond ETF JNK is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while VCIT holds bonds from large US companies with strong credit ratings. It charges 0.4% a year, about $40 on $10,000, against $3 for VCIT. It held 1,161 holdings, against 2,342 for VCIT. From November 2009 to October 2026, JNK returned about 5.3% a year and VCIT returned about 4.0% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [JNK fund page](https://tactfolio.com/etf/jnk.md) for its returns by year and worst drop. ### USHY: iShares Broad USD High Yield Corporate Bond ETF USHY is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while VCIT holds bonds from large US companies with strong credit ratings. It charges 0.08% a year, about $8 on $10,000, against $3 for VCIT. It held 1,902 holdings, against 2,342 for VCIT. From October 2017 to October 2026, USHY returned about 4.4% a year and VCIT returned about 2.6% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [USHY fund page](https://tactfolio.com/etf/ushy.md) for its returns by year and worst drop. ## VCIT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VCIT from each other company on this page: - **iShares (BlackRock):** [LQD](https://tactfolio.com/etf/lqd.md), iShares iBoxx $ Investment Grade Corporate Bond ETF (same kind of fund, 0.14% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (related fund, 0.03% a year) - **SPDR (State Street):** [JNK](https://tactfolio.com/etf/jnk.md), State Street SPDR Bloomberg High Yield Bond ETF (related fund, 0.4% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VCIT and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VCIT costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VCIT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as LQD, AGG or BND, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VCIT and its alternatives in a backtest 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 VCIT and LQD, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VCIT. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VCIT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VCIT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to VCIT? LQD is the closest. LQD also holds bonds from large US companies with strong credit ratings. It tracks the iBoxx USD Liquid Investment Grade Index, while VCIT tracks the Bloomberg U.S. 5-10 Year Corporate Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VCIT? Not among the funds here. VCIT charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VCIT or LQD better? Neither is better for everyone. From November 2009 to October 2026, VCIT returned about 4.0% a year and LQD returned about 3.6% a year. VCIT charges 0.03% a year and LQD charges 0.14%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VCIT 10 years ago? It would have grown to about $12,801 by October 16, 2026, with dividends reinvested. That is about 2.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Intermediate-Term Corporate Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vcit) - [iShares (BlackRock): iShares iBoxx $ Investment Grade Corporate Bond ETF fund page](https://www.ishares.com/us/products/239566/ishares-iboxx-investment-grade-corporate-bond-etf) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares iBoxx $ High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg High Yield Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) - [iShares (BlackRock): iShares Broad USD High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/291299/ishares-broad-usd-high-yield-corporate-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VGIT alternatives: 8 similar ETFs compared > ETFs similar to VGIT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VGIT. Updated daily. The ETFs most like VGIT are IEF, BND and AGG. IEF holds US government bonds that pay back in about 3 to 10 years, like VGIT. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VGIT: 1 of the same kind and 7 related funds. - VGIT charges 0.03% a year (about $3 on $10,000). - IEF moved most like VGIT: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VGIT alternatives at a glance Each fund below can stand in for VGIT, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VGIT** | This fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [IEF](https://tactfolio.com/etf/ief.md) | Same kind of fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [VGLT](https://tactfolio.com/etf/vglt.md) | Related fund | 0.03% | $3 | Bloomberg US Long Treasury Bond Index | | [TLT](https://tactfolio.com/etf/tlt.md) | Related fund | 0.15% | $15 | ICE US Treasury 20+ Year Bond Index | | [EDV](https://tactfolio.com/etf/edv.md) | Related fund | 0.05% | $5 | Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VGIT and its alternatives did over the same dates Each row measures the alternative and VGIT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VGIT | Per year | VGIT per year | Worst drop | VGIT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IEF](https://tactfolio.com/etf/ief.md) | 0.98 | 2.2% | 2.0% | −23.9% | −16.1% | November 2009 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.96 | 2.3% | 2.0% | −18.6% | −16.1% | November 2009 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.95 | 2.3% | 2.0% | −18.4% | −16.1% | November 2009 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.95 | 1.9% | 1.7% | −18.7% | −16.1% | July 2011 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.94 | 2.0% | 1.5% | −17.9% | −16.1% | June 2014 | | [VGLT](https://tactfolio.com/etf/vglt.md) | 0.86 | 2.4% | 2.1% | −46.2% | −16.1% | January 2010 | | [TLT](https://tactfolio.com/etf/tlt.md) | 0.84 | 2.0% | 2.0% | −48.4% | −16.1% | November 2009 | | [EDV](https://tactfolio.com/etf/edv.md) | 0.80 | 1.8% | 2.0% | −60.4% | −16.1% | November 2009 | 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. ## Each VGIT alternative, compared ### IEF: iShares 7-10 Year Treasury Bond ETF IEF also holds US government bonds that pay back in about 3 to 10 years. It tracks the ICE US Treasury 7-10 Year Bond Index, while VGIT tracks the Bloomberg US Treasury 3-10 Year Bond Index. It charges 0.15% a year, about $15 on $10,000, against $3 for VGIT. It held 17 holdings, against 102 for VGIT. From November 2009 to October 2026, IEF returned about 2.2% a year and VGIT returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VGIT holds US government bonds that pay back in about 3 to 10 years. It charges 0.03% a year, about $3 on $10,000, against $3 for VGIT. It held 11,434 holdings, against 102 for VGIT. From November 2009 to October 2026, BND returned about 2.3% a year and VGIT returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VGIT holds US government bonds that pay back in about 3 to 10 years. It charges 0.03% a year, about $3 on $10,000, against $3 for VGIT. It held 13,416 holdings, against 102 for VGIT. From November 2009 to October 2026, AGG returned about 2.3% a year and VGIT returned about 2.0% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VGIT holds US government bonds that pay back in about 3 to 10 years. It charges 0.03% a year, about $3 on $10,000, against $3 for VGIT. It held 12,355 holdings, against 102 for VGIT. From July 2011 to October 2026, SCHZ returned about 1.9% a year and VGIT returned about 1.7% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VGIT holds US government bonds that pay back in about 3 to 10 years. It charges 0.06% a year, about $6 on $10,000, against $3 for VGIT. It held 18,251 holdings, against 102 for VGIT. From June 2014 to October 2026, IUSB returned about 2.0% a year and VGIT returned about 1.5% a year. Over about the last five years they moved together on most days (correlation 0.94). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### VGLT: Vanguard Long-Term Treasury ETF VGLT is a looser match. It holds US government bonds that pay back in 20 years or more, while VGIT holds US government bonds that pay back in about 3 to 10 years. It charges 0.03% a year, about $3 on $10,000, against $3 for VGIT. It held 101 holdings, against 102 for VGIT. From January 2010 to October 2026, VGLT returned about 2.4% a year and VGIT returned about 2.1% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [VGLT fund page](https://tactfolio.com/etf/vglt.md) for its returns by year and worst drop. ### TLT: iShares 20+ Year Treasury Bond ETF TLT is a looser match. It holds US government bonds that pay back in 20 years or more, while VGIT holds US government bonds that pay back in about 3 to 10 years. It charges 0.15% a year, about $15 on $10,000, against $3 for VGIT. It held 47 holdings, against 102 for VGIT. From November 2009 to October 2026, TLT returned about 2.0% a year and VGIT returned about 2.0% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [TLT fund page](https://tactfolio.com/etf/tlt.md) for its returns by year and worst drop. ### EDV: Vanguard Extended Duration Treasury ETF EDV is a looser match. It holds US government bonds that pay back in 20 years or more, while VGIT holds US government bonds that pay back in about 3 to 10 years. It charges 0.05% a year, about $5 on $10,000, against $3 for VGIT. It held 80 holdings, against 102 for VGIT. From November 2009 to October 2026, EDV returned about 1.8% a year and VGIT returned about 2.0% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [EDV fund page](https://tactfolio.com/etf/edv.md) for its returns by year and worst drop. ## VGIT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VGIT from each other company on this page: - **iShares (BlackRock):** [IEF](https://tactfolio.com/etf/ief.md), iShares 7-10 Year Treasury Bond ETF (same kind of fund, 0.15% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VGIT and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VGIT costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VGIT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IEF, BND or AGG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VGIT and its alternatives in a backtest 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 VGIT and IEF, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VGIT. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VGIT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VGIT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to VGIT? IEF is the closest. IEF also holds US government bonds that pay back in about 3 to 10 years. It tracks the ICE US Treasury 7-10 Year Bond Index, while VGIT tracks the Bloomberg US Treasury 3-10 Year Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VGIT? Not among the funds here. VGIT charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VGIT or IEF better? Neither is better for everyone. From November 2009 to October 2026, VGIT returned about 2.0% a year and IEF returned about 2.2% a year. VGIT charges 0.03% a year and IEF charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VGIT 10 years ago? It would have grown to about $11,123 by October 16, 2026, with dividends reinvested. That is about 1.1% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [Vanguard: Vanguard Long-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vglt) - [iShares (BlackRock): iShares 20+ Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) - [Vanguard: Vanguard Extended Duration Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/edv) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VGLT alternatives: 4 similar ETFs compared > ETFs similar to VGLT, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VGLT. Updated daily. The ETFs most like VGLT are TLT, EDV and IEF. TLT and EDV hold US government bonds that pay back in 20 years or more, like VGLT. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for VGLT: 2 of the same kind and 2 related funds. - VGLT charges 0.03% a year (about $3 on $10,000). - TLT moved most like VGLT: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VGLT alternatives at a glance Each fund below can stand in for VGLT, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VGLT** | This fund | 0.03% | $3 | Bloomberg US Long Treasury Bond Index | | [TLT](https://tactfolio.com/etf/tlt.md) | Same kind of fund | 0.15% | $15 | ICE US Treasury 20+ Year Bond Index | | [EDV](https://tactfolio.com/etf/edv.md) | Same kind of fund | 0.05% | $5 | Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VGLT and its alternatives did over the same dates Each row measures the alternative and VGLT on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VGLT | Per year | VGLT per year | Worst drop | VGLT worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [TLT](https://tactfolio.com/etf/tlt.md) | 1.00 | 2.3% | 2.4% | −48.4% | −46.2% | January 2010 | | [EDV](https://tactfolio.com/etf/edv.md) | 0.99 | 2.4% | 2.4% | −60.4% | −46.2% | January 2010 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.93 | 2.4% | 2.4% | −23.9% | −46.2% | January 2010 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.86 | 2.1% | 2.4% | −16.1% | −46.2% | January 2010 | 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. ## Each VGLT alternative, compared ### TLT: iShares 20+ Year Treasury Bond ETF TLT also holds US government bonds that pay back in 20 years or more. It tracks the ICE US Treasury 20+ Year Bond Index, while VGLT tracks the Bloomberg US Long Treasury Bond Index. It charges 0.15% a year, about $15 on $10,000, against $3 for VGLT. It held 47 holdings, against 101 for VGLT. From January 2010 to October 2026, TLT returned about 2.3% a year and VGLT returned about 2.4% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [TLT fund page](https://tactfolio.com/etf/tlt.md) for its returns by year and worst drop. ### EDV: Vanguard Extended Duration Treasury ETF EDV also holds US government bonds that pay back in 20 years or more. It tracks the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, while VGLT tracks the Bloomberg US Long Treasury Bond Index. It charges 0.05% a year, about $5 on $10,000, against $3 for VGLT. It held 80 holdings, against 101 for VGLT. From January 2010 to October 2026, EDV returned about 2.4% a year and VGLT returned about 2.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [EDV fund page](https://tactfolio.com/etf/edv.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while VGLT holds US government bonds that pay back in 20 years or more. It charges 0.15% a year, about $15 on $10,000, against $3 for VGLT. It held 17 holdings, against 101 for VGLT. From January 2010 to October 2026, IEF returned about 2.4% a year and VGLT returned about 2.4% a year. Over about the last five years they moved together on most days (correlation 0.93). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while VGLT holds US government bonds that pay back in 20 years or more. It charges 0.03% a year, about $3 on $10,000, against $3 for VGLT. It held 102 holdings, against 101 for VGLT. From January 2010 to October 2026, VGIT returned about 2.1% a year and VGLT returned about 2.4% a year. Over about the last five years they moved together on most days (correlation 0.86). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ## VGLT versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VGLT from each other company on this page: - **iShares (BlackRock):** [TLT](https://tactfolio.com/etf/tlt.md), iShares 20+ Year Treasury Bond ETF (same kind of fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VGLT and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VGLT costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VGLT to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as TLT, EDV or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VGLT and its alternatives in a backtest 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 VGLT and TLT, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VGLT. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VGLT over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VGLT only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to VGLT? TLT is the closest. TLT also holds US government bonds that pay back in 20 years or more. It tracks the ICE US Treasury 20+ Year Bond Index, while VGLT tracks the Bloomberg US Long Treasury Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VGLT? Not among the funds here. VGLT charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VGLT or TLT better? Neither is better for everyone. From January 2010 to October 2026, VGLT returned about 2.4% a year and TLT returned about 2.3% a year. VGLT charges 0.03% a year and TLT charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VGLT 10 years ago? It would have grown to about $8,597 by October 16, 2026, with dividends reinvested. That is about −1.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Long-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vglt) - [iShares (BlackRock): iShares 20+ Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239454/ishares-20-year-treasury-bond-etf) - [Vanguard: Vanguard Extended Duration Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/edv) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VGSH alternatives: 8 similar ETFs compared > ETFs similar to VGSH, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VGSH. Updated daily. The ETFs most like VGSH are SHY, VGIT and IEF. SHY holds US government bonds that pay back in 1 to 3 years, like VGSH. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VGSH: 1 of the same kind and 7 related funds. - VGSH charges 0.03% a year (about $3 on $10,000). - SHY moved most like VGSH: a daily correlation of 0.98 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VGSH alternatives at a glance Each fund below can stand in for VGSH, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VGSH** | This fund | 0.03% | $3 | Bloomberg US Treasury 1-3 Year Bond Index | | [SHY](https://tactfolio.com/etf/shy.md) | Same kind of fund | 0.15% | $15 | ICE U.S. Treasury 1-3 Year Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [SHV](https://tactfolio.com/etf/shv.md) | Related fund | 0.15% | $15 | ICE Short US Treasury Securities Index | | [BIL](https://tactfolio.com/etf/bil.md) | Related fund | 0.1353% | $13.53 | Bloomberg 1-3 Month U.S. Treasury Bill Index | | [SGOV](https://tactfolio.com/etf/sgov.md) | Related fund | 0.09% | $9 | ICE 0-3 Month US Treasury Securities Index | | [TFLO](https://tactfolio.com/etf/tflo.md) | Related fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Index | | [USFR](https://tactfolio.com/etf/usfr.md) | Related fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VGSH and its alternatives did over the same dates Each row measures the alternative and VGSH on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VGSH | Per year | VGSH per year | Worst drop | VGSH worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SHY](https://tactfolio.com/etf/shy.md) | 0.98 | 1.3% | 1.4% | −5.7% | −5.7% | November 2009 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.91 | 2.0% | 1.4% | −16.1% | −5.7% | November 2009 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.84 | 2.2% | 1.4% | −23.9% | −5.7% | November 2009 | | [SHV](https://tactfolio.com/etf/shv.md) | 0.53 | 1.4% | 1.4% | −0.4% | −5.7% | November 2009 | | [BIL](https://tactfolio.com/etf/bil.md) | 0.14 | 1.4% | 1.4% | −0.4% | −5.7% | November 2009 | | [SGOV](https://tactfolio.com/etf/sgov.md) | 0.13 | 3.0% | 1.5% | 0.0% | −5.7% | June 2020 | | [TFLO](https://tactfolio.com/etf/tflo.md) | 0.05 | 2.0% | 1.5% | −5.0% | −5.7% | February 2014 | | [USFR](https://tactfolio.com/etf/usfr.md) | 0.02 | 2.0% | 1.5% | −2.2% | −5.7% | February 2014 | 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. ## Each VGSH alternative, compared ### SHY: iShares 1-3 Year Treasury Bond ETF SHY also holds US government bonds that pay back in 1 to 3 years. It tracks the ICE U.S. Treasury 1-3 Year Bond Index, while VGSH tracks the Bloomberg US Treasury 1-3 Year Bond Index. It charges 0.15% a year, about $15 on $10,000, against $3 for VGSH. It held 90 holdings, against 92 for VGSH. From November 2009 to October 2026, SHY returned about 1.3% a year and VGSH returned about 1.4% a year. Over about the last five years they moved almost exactly together (correlation 0.98). Read the [SHY fund page](https://tactfolio.com/etf/shy.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while VGSH holds US government bonds that pay back in 1 to 3 years. It charges 0.03% a year, about $3 on $10,000, against $3 for VGSH. It held 102 holdings, against 92 for VGSH. From November 2009 to October 2026, VGIT returned about 2.0% a year and VGSH returned about 1.4% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while VGSH holds US government bonds that pay back in 1 to 3 years. It charges 0.15% a year, about $15 on $10,000, against $3 for VGSH. It held 17 holdings, against 92 for VGSH. From November 2009 to October 2026, IEF returned about 2.2% a year and VGSH returned about 1.4% a year. Over about the last five years they often moved together, but not always (correlation 0.84). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### SHV: iShares 0-1 Year Treasury Bond ETF SHV is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while VGSH holds US government bonds that pay back in 1 to 3 years. It charges 0.15% a year, about $15 on $10,000, against $3 for VGSH. It held 19 holdings, against 92 for VGSH. From November 2009 to October 2026, SHV returned about 1.4% a year and VGSH returned about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.53). Read the [SHV fund page](https://tactfolio.com/etf/shv.md) for its returns by year and worst drop. ### BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF BIL is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while VGSH holds US government bonds that pay back in 1 to 3 years. It charges 0.1353% a year, about $13.53 on $10,000, against $3 for VGSH. It held 34 holdings, against 92 for VGSH. From November 2009 to October 2026, BIL returned about 1.4% a year and VGSH returned about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.14). Read the [BIL fund page](https://tactfolio.com/etf/bil.md) for its returns by year and worst drop. ### SGOV: iShares 0-3 Month Treasury Bond ETF SGOV is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while VGSH holds US government bonds that pay back in 1 to 3 years. It charges 0.09% a year, about $9 on $10,000, against $3 for VGSH. From June 2020 to October 2026, SGOV returned about 3.0% a year and VGSH returned about 1.5% a year. Over about the last five years they often moved in different ways (correlation 0.13). Read the [SGOV fund page](https://tactfolio.com/etf/sgov.md) for its returns by year and worst drop. ### TFLO: iShares Treasury Floating Rate Bond ETF TFLO is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while VGSH holds US government bonds that pay back in 1 to 3 years. It charges 0.15% a year, about $15 on $10,000, against $3 for VGSH. It held 8 holdings, against 92 for VGSH. From February 2014 to October 2026, TFLO returned about 2.0% a year and VGSH returned about 1.5% a year. Over about the last five years they often moved in different ways (correlation 0.05). Read the [TFLO fund page](https://tactfolio.com/etf/tflo.md) for its returns by year and worst drop. ### USFR: WisdomTree Floating Rate Treasury Fund USFR is a looser match. It holds US government bills and notes that pay back within months, so the price barely moves, while VGSH holds US government bonds that pay back in 1 to 3 years. It charges 0.15% a year, about $15 on $10,000, against $3 for VGSH. It held 5 holdings, against 92 for VGSH. From February 2014 to October 2026, USFR returned about 2.0% a year and VGSH returned about 1.5% a year. Over about the last five years they often moved in different ways (correlation 0.02). Read the [USFR fund page](https://tactfolio.com/etf/usfr.md) for its returns by year and worst drop. ## VGSH versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VGSH from each other company on this page: - **iShares (BlackRock):** [SHY](https://tactfolio.com/etf/shy.md), iShares 1-3 Year Treasury Bond ETF (same kind of fund, 0.15% a year) - **SPDR (State Street):** [BIL](https://tactfolio.com/etf/bil.md), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (related fund, 0.1353% a year) - **WisdomTree:** [USFR](https://tactfolio.com/etf/usfr.md), WisdomTree Floating Rate Treasury Fund (related fund, 0.15% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VGSH and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VGSH costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VGSH to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SHY, VGIT or IEF, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VGSH and its alternatives in a backtest 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 VGSH and SHY, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VGSH. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VGSH over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VGSH only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to VGSH? SHY is the closest. SHY also holds US government bonds that pay back in 1 to 3 years. It tracks the ICE U.S. Treasury 1-3 Year Bond Index, while VGSH tracks the Bloomberg US Treasury 1-3 Year Bond Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VGSH? Not among the funds here. VGSH charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VGSH or SHY better? Neither is better for everyone. From November 2009 to October 2026, VGSH returned about 1.4% a year and SHY returned about 1.3% a year. VGSH charges 0.03% a year and SHY charges 0.15%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VGSH 10 years ago? It would have grown to about $11,930 by October 16, 2026, with dividends reinvested. That is about 1.8% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) - [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) - [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) - [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) - [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VTIP alternatives: 8 similar ETFs compared > ETFs similar to VTIP, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VTIP. Updated daily. The ETFs most like VTIP are SCHP, TIP and VGIT. SCHP and TIP hold US government bonds whose value rises with inflation (TIPS), like VTIP. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for VTIP: 2 of the same kind and 6 related funds. - VTIP charges 0.03% a year (about $3 on $10,000). - SCHP moved most like VTIP: a daily correlation of 0.88 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VTIP alternatives at a glance Each fund below can stand in for VTIP, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VTIP** | This fund | 0.03% | $3 | Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index | | [SCHP](https://tactfolio.com/etf/schp.md) | Same kind of fund | 0.03% | $3 | Bloomberg US Treasury Inflation-Linked Bond Index (Series-L) | | [TIP](https://tactfolio.com/etf/tip.md) | Same kind of fund | 0.18% | $18 | ICE U.S. Treasury Inflation Linked Bond Index | | [VGIT](https://tactfolio.com/etf/vgit.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 3-10 Year Bond Index | | [IEF](https://tactfolio.com/etf/ief.md) | Related fund | 0.15% | $15 | ICE US Treasury 7-10 Year Bond Index | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VTIP and its alternatives did over the same dates Each row measures the alternative and VTIP on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VTIP | Per year | VTIP per year | Worst drop | VTIP worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHP](https://tactfolio.com/etf/schp.md) | 0.88 | 1.6% | 2.2% | −14.3% | −6.3% | October 2012 | | [TIP](https://tactfolio.com/etf/tip.md) | 0.88 | 1.5% | 2.2% | −14.5% | −6.3% | October 2012 | | [VGIT](https://tactfolio.com/etf/vgit.md) | 0.70 | 1.3% | 2.2% | −16.1% | −6.3% | October 2012 | | [IEF](https://tactfolio.com/etf/ief.md) | 0.66 | 1.0% | 2.2% | −23.9% | −6.3% | October 2012 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.65 | 1.6% | 2.2% | −18.4% | −6.3% | October 2012 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.65 | 1.6% | 2.2% | −18.6% | −6.3% | October 2012 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.65 | 1.6% | 2.2% | −18.7% | −6.3% | October 2012 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.64 | 2.0% | 2.5% | −17.9% | −6.3% | June 2014 | 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. ## Each VTIP alternative, compared ### SCHP: Schwab U.S. TIPS ETF SCHP also holds US government bonds whose value rises with inflation (TIPS). It tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), while VTIP tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. It charges 0.03% a year, about $3 on $10,000, against $3 for VTIP. It held 49 holdings, against 25 for VTIP. From October 2012 to October 2026, SCHP returned about 1.6% a year and VTIP returned about 2.2% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [SCHP fund page](https://tactfolio.com/etf/schp.md) for its returns by year and worst drop. ### TIP: iShares TIPS Bond ETF TIP also holds US government bonds whose value rises with inflation (TIPS). It tracks the ICE U.S. Treasury Inflation Linked Bond Index, while VTIP tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. It charges 0.18% a year, about $18 on $10,000, against $3 for VTIP. It held 48 holdings, against 25 for VTIP. From October 2012 to October 2026, TIP returned about 1.5% a year and VTIP returned about 2.2% a year. Over about the last five years they moved together on most days (correlation 0.88). Read the [TIP fund page](https://tactfolio.com/etf/tip.md) for its returns by year and worst drop. ### VGIT: Vanguard Intermediate-Term Treasury ETF VGIT is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while VTIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $3 for VTIP. It held 102 holdings, against 25 for VTIP. From October 2012 to October 2026, VGIT returned about 1.3% a year and VTIP returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [VGIT fund page](https://tactfolio.com/etf/vgit.md) for its returns by year and worst drop. ### IEF: iShares 7-10 Year Treasury Bond ETF IEF is a looser match. It holds US government bonds that pay back in about 3 to 10 years, while VTIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.15% a year, about $15 on $10,000, against $3 for VTIP. It held 17 holdings, against 25 for VTIP. From October 2012 to October 2026, IEF returned about 1.0% a year and VTIP returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [IEF fund page](https://tactfolio.com/etf/ief.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VTIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $3 for VTIP. It held 13,416 holdings, against 25 for VTIP. From October 2012 to October 2026, AGG returned about 1.6% a year and VTIP returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.65). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VTIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $3 for VTIP. It held 11,434 holdings, against 25 for VTIP. From October 2012 to October 2026, BND returned about 1.6% a year and VTIP returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.65). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VTIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.03% a year, about $3 on $10,000, against $3 for VTIP. It held 12,355 holdings, against 25 for VTIP. From October 2012 to October 2026, SCHZ returned about 1.6% a year and VTIP returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.65). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while VTIP holds US government bonds whose value rises with inflation (TIPS). It charges 0.06% a year, about $6 on $10,000, against $3 for VTIP. It held 18,251 holdings, against 25 for VTIP. From June 2014 to October 2026, IUSB returned about 2.0% a year and VTIP returned about 2.5% a year. Over about the last five years they often moved together, but not always (correlation 0.64). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ## VTIP versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VTIP from each other company on this page: - **Schwab:** [SCHP](https://tactfolio.com/etf/schp.md), Schwab U.S. TIPS ETF (same kind of fund, 0.03% a year) - **iShares (BlackRock):** [TIP](https://tactfolio.com/etf/tip.md), iShares TIPS Bond ETF (same kind of fund, 0.18% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VTIP and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VTIP costs about $3 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VTIP to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHP, TIP or VGIT, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VTIP and its alternatives in a backtest 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 VTIP and SCHP, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VTIP. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VTIP over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VTIP only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to VTIP? SCHP is the closest. SCHP also holds US government bonds whose value rises with inflation (TIPS). It tracks the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), while VTIP tracks the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to VTIP? Not among the funds here. VTIP charges 0.03% a year, about $3 on $10,000, which is as low as or lower than each alternative listed. ### Is VTIP or SCHP better? Neither is better for everyone. From October 2012 to October 2026, VTIP returned about 2.2% a year and SCHP returned about 1.6% a year. VTIP charges 0.03% a year and SCHP charges 0.03%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VTIP 10 years ago? It would have grown to about $13,465 by October 16, 2026, with dividends reinvested. That is about 3.0% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Short-Term Inflation-Protected Securities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vtip) - [Schwab: Schwab U.S. TIPS ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000187/c497k.htm) - [iShares (BlackRock): iShares TIPS Bond ETF fund page](https://www.ishares.com/us/products/239467/ishares-tips-bond-etf) - [Vanguard: Vanguard Intermediate-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgit) - [iShares (BlackRock): iShares 7-10 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239456/ishares-7-10-year-treasury-bond-etf) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # BNDX alternatives: 7 similar ETFs compared > ETFs similar to BNDX, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as BNDX. Updated daily. The ETFs most like BNDX are IGOV, BWX and AGG. IGOV and BWX hold government and company bonds from outside the US, like BNDX. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for BNDX: 2 of the same kind and 5 related funds. - BNDX charges 0.07% a year (about $7 on $10,000). The cheapest alternative here, AGG, charges 0.03%. - AGG moved most like BNDX: a daily correlation of 0.82 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## BNDX alternatives at a glance Each fund below can stand in for BNDX, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **BNDX** | This fund | 0.07% | $7 | Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged) | | [IGOV](https://tactfolio.com/etf/igov.md) | Same kind of fund | 0.35% | $35 | FTSE World Government Bond Index - Developed Markets Capped Select Index | | [BWX](https://tactfolio.com/etf/bwx.md) | Same kind of fund | 0.35% | $35 | Bloomberg Global Treasury ex-US Capped Index | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [EMB](https://tactfolio.com/etf/emb.md) | Related fund | 0.39% | $39 | J.P. Morgan Emerging Markets Bond Index Global Diversified Core | Fees come from each fund company, checked on the dates shown on each fund's page. ## How BNDX and its alternatives did over the same dates Each row measures the alternative and BNDX on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with BNDX | Per year | BNDX per year | Worst drop | BNDX worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IGOV](https://tactfolio.com/etf/igov.md) | 0.70 | −1.1% | 2.2% | −35.9% | −16.2% | June 2013 | | [BWX](https://tactfolio.com/etf/bwx.md) | 0.68 | −1.0% | 2.2% | −34.0% | −16.2% | June 2013 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.82 | 1.8% | 2.2% | −18.4% | −16.2% | June 2013 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.82 | 1.8% | 2.2% | −18.6% | −16.2% | June 2013 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.82 | 1.7% | 2.2% | −18.7% | −16.2% | June 2013 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.81 | 2.0% | 2.1% | −17.9% | −16.2% | June 2014 | | [EMB](https://tactfolio.com/etf/emb.md) | 0.60 | 3.1% | 2.2% | −28.7% | −16.2% | June 2013 | 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. ## Each BNDX alternative, compared ### IGOV: iShares International Treasury Bond ETF IGOV also holds government and company bonds from outside the US. It tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index, while BNDX tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged). It charges 0.35% a year, about $35 on $10,000, against $7 for BNDX. It held 981 holdings, against 6,837 for BNDX. From June 2013 to October 2026, IGOV lost about 1.1% a year and BNDX returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [IGOV fund page](https://tactfolio.com/etf/igov.md) for its returns by year and worst drop. ### BWX: State Street SPDR Bloomberg International Treasury Bond ETF BWX also holds government and company bonds from outside the US. It tracks the Bloomberg Global Treasury ex-US Capped Index, while BNDX tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged). It charges 0.35% a year, about $35 on $10,000, against $7 for BNDX. It held 1,440 holdings, against 6,837 for BNDX. From June 2013 to October 2026, BWX lost about 1.0% a year and BNDX returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [BWX fund page](https://tactfolio.com/etf/bwx.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while BNDX holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $7 for BNDX. It held 13,416 holdings, against 6,837 for BNDX. From June 2013 to October 2026, AGG returned about 1.8% a year and BNDX returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while BNDX holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $7 for BNDX. It held 11,434 holdings, against 6,837 for BNDX. From June 2013 to October 2026, BND returned about 1.8% a year and BNDX returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while BNDX holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $7 for BNDX. It held 12,355 holdings, against 6,837 for BNDX. From June 2013 to October 2026, SCHZ returned about 1.7% a year and BNDX returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.82). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while BNDX holds government and company bonds from outside the US. It charges 0.06% a year, about $6 on $10,000, against $7 for BNDX. It held 18,251 holdings, against 6,837 for BNDX. From June 2014 to October 2026, IUSB returned about 2.0% a year and BNDX returned about 2.1% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### EMB: iShares J.P. Morgan USD Emerging Markets Bond ETF EMB is a looser match. It holds bonds from governments and companies in emerging countries, while BNDX holds government and company bonds from outside the US. It charges 0.39% a year, about $39 on $10,000, against $7 for BNDX. It held 616 holdings, against 6,837 for BNDX. From June 2013 to October 2026, EMB returned about 3.1% a year and BNDX returned about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.60). Read the [EMB fund page](https://tactfolio.com/etf/emb.md) for its returns by year and worst drop. ## BNDX versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to BNDX from each other company on this page: - **iShares (BlackRock):** [IGOV](https://tactfolio.com/etf/igov.md), iShares International Treasury Bond ETF (same kind of fund, 0.35% a year) - **SPDR (State Street):** [BWX](https://tactfolio.com/etf/bwx.md), State Street SPDR Bloomberg International Treasury Bond ETF (same kind of fund, 0.35% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between BNDX and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, BNDX costs about $7 a year. AGG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping BNDX to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IGOV, BWX or AGG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test BNDX and its alternatives in a backtest 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 BNDX and IGOV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as BNDX. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like BNDX over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with BNDX only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to BNDX? IGOV is the closest. IGOV also holds government and company bonds from outside the US. It tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index, while BNDX tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged). Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to BNDX? Yes. AGG charges 0.03% a year, BND charges 0.03% a year and SCHZ charges 0.03% a year, against 0.07% for BNDX. On $10,000 that is about $3 a year instead of $7. ### Is BNDX or IGOV better? Neither is better for everyone. From June 2013 to October 2026, BNDX returned about 2.2% a year and IGOV lost about 1.1% a year. BNDX charges 0.07% a year and IGOV charges 0.35%. Past returns do not tell you what comes next. ### What if I had put $10,000 in BNDX 10 years ago? It would have grown to about $11,571 by October 16, 2026, with dividends reinvested. That is about 1.5% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Total International Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bndx) - [iShares (BlackRock): iShares International Treasury Bond ETF fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg International Treasury Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-international-treasury-bond-etf-bwx) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares J.P. Morgan USD Emerging Markets Bond ETF fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # BWX alternatives: 7 similar ETFs compared > ETFs similar to BWX, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as BWX. Updated daily. The ETFs most like BWX are IGOV, BNDX and AGG. IGOV and BNDX hold government and company bonds from outside the US, like BWX. BNDX costs less: 0.07% a year against 0.35%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for BWX: 2 of the same kind and 5 related funds. - BWX charges 0.35% a year (about $35 on $10,000). The cheapest alternative here, AGG, charges 0.03%. - IGOV moved most like BWX: a daily correlation of 0.92 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## BWX alternatives at a glance Each fund below can stand in for BWX, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **BWX** | This fund | 0.35% | $35 | Bloomberg Global Treasury ex-US Capped Index | | [IGOV](https://tactfolio.com/etf/igov.md) | Same kind of fund | 0.35% | $35 | FTSE World Government Bond Index - Developed Markets Capped Select Index | | [BNDX](https://tactfolio.com/etf/bndx.md) | Same kind of fund | 0.07% | $7 | Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged) | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [EMB](https://tactfolio.com/etf/emb.md) | Related fund | 0.39% | $39 | J.P. Morgan Emerging Markets Bond Index Global Diversified Core | Fees come from each fund company, checked on the dates shown on each fund's page. ## How BWX and its alternatives did over the same dates Each row measures the alternative and BWX on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with BWX | Per year | BWX per year | Worst drop | BWX worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IGOV](https://tactfolio.com/etf/igov.md) | 0.92 | 0.0% | 0.4% | −35.9% | −34.0% | January 2009 | | [BNDX](https://tactfolio.com/etf/bndx.md) | 0.68 | 2.2% | −1.0% | −16.2% | −34.0% | June 2013 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.73 | 2.8% | 0.4% | −18.4% | −34.0% | October 2007 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.73 | 2.8% | 0.4% | −18.6% | −34.0% | October 2007 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.73 | 1.9% | −0.9% | −18.7% | −34.0% | July 2011 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.73 | 2.0% | −1.6% | −17.9% | −34.0% | June 2014 | | [EMB](https://tactfolio.com/etf/emb.md) | 0.65 | 4.4% | 0.3% | −34.7% | −34.0% | December 2007 | 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. ## Each BWX alternative, compared ### IGOV: iShares International Treasury Bond ETF IGOV also holds government and company bonds from outside the US. It tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index, while BWX tracks the Bloomberg Global Treasury ex-US Capped Index. It charges 0.35% a year, about $35 on $10,000, against $35 for BWX. It held 981 holdings, against 1,440 for BWX. From January 2009 to October 2026, IGOV returned about 0.0% a year and BWX returned about 0.4% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [IGOV fund page](https://tactfolio.com/etf/igov.md) for its returns by year and worst drop. ### BNDX: Vanguard Total International Bond ETF BNDX also holds government and company bonds from outside the US. It tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged), while BWX tracks the Bloomberg Global Treasury ex-US Capped Index. It charges 0.07% a year, about $7 on $10,000, against $35 for BWX. It held 6,837 holdings, against 1,440 for BWX. From June 2013 to October 2026, BNDX returned about 2.2% a year and BWX lost about 1.0% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [BNDX fund page](https://tactfolio.com/etf/bndx.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while BWX holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $35 for BWX. It held 13,416 holdings, against 1,440 for BWX. From October 2007 to October 2026, AGG returned about 2.8% a year and BWX returned about 0.4% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while BWX holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $35 for BWX. It held 11,434 holdings, against 1,440 for BWX. From October 2007 to October 2026, BND returned about 2.8% a year and BWX returned about 0.4% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while BWX holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $35 for BWX. It held 12,355 holdings, against 1,440 for BWX. From July 2011 to October 2026, SCHZ returned about 1.9% a year and BWX lost about 0.9% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while BWX holds government and company bonds from outside the US. It charges 0.06% a year, about $6 on $10,000, against $35 for BWX. It held 18,251 holdings, against 1,440 for BWX. From June 2014 to October 2026, IUSB returned about 2.0% a year and BWX lost about 1.6% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### EMB: iShares J.P. Morgan USD Emerging Markets Bond ETF EMB is a looser match. It holds bonds from governments and companies in emerging countries, while BWX holds government and company bonds from outside the US. It charges 0.39% a year, about $39 on $10,000, against $35 for BWX. It held 616 holdings, against 1,440 for BWX. From December 2007 to October 2026, EMB returned about 4.4% a year and BWX returned about 0.3% a year. Over about the last five years they often moved together, but not always (correlation 0.65). Read the [EMB fund page](https://tactfolio.com/etf/emb.md) for its returns by year and worst drop. ## BWX versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to BWX from each other company on this page: - **iShares (BlackRock):** [IGOV](https://tactfolio.com/etf/igov.md), iShares International Treasury Bond ETF (same kind of fund, 0.35% a year) - **Vanguard:** [BNDX](https://tactfolio.com/etf/bndx.md), Vanguard Total International Bond ETF (same kind of fund, 0.07% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between BWX and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, BWX costs about $35 a year. AGG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping BWX to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IGOV, BNDX or AGG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test BWX and its alternatives in a backtest 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 BWX and IGOV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as BWX. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like BWX over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with BWX only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to BWX? IGOV is the closest. IGOV also holds government and company bonds from outside the US. It tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index, while BWX tracks the Bloomberg Global Treasury ex-US Capped Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to BWX? Yes. AGG charges 0.03% a year, BND charges 0.03% a year and SCHZ charges 0.03% a year, against 0.35% for BWX. On $10,000 that is about $3 a year instead of $35. ### Is BWX or IGOV better? Neither is better for everyone. From January 2009 to October 2026, BWX returned about 0.4% a year and IGOV returned about 0.0% a year. BWX charges 0.35% a year and IGOV charges 0.35%. Past returns do not tell you what comes next. ### What if I had put $10,000 in BWX 10 years ago? It would have grown to about $8,782 by October 16, 2026, with dividends reinvested. That is about −1.3% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Bloomberg International Treasury Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-international-treasury-bond-etf-bwx) - [iShares (BlackRock): iShares International Treasury Bond ETF fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf) - [Vanguard: Vanguard Total International Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bndx) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares J.P. Morgan USD Emerging Markets Bond ETF fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # EMB alternatives: 6 similar ETFs compared > ETFs similar to EMB, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as EMB. Updated daily. The ETFs most like EMB are JNK, HYG and USHY. None of them holds exactly what EMB holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for EMB: 6 related funds. - EMB charges 0.39% a year (about $39 on $10,000). The cheapest alternative here, BNDX, charges 0.07%. - JNK moved most like EMB: a daily correlation of 0.81 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## EMB alternatives at a glance Each fund below can stand in for EMB, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **EMB** | This fund | 0.39% | $39 | J.P. Morgan Emerging Markets Bond Index Global Diversified Core | | [JNK](https://tactfolio.com/etf/jnk.md) | Related fund | 0.4% | $40 | Bloomberg High Yield Very Liquid Index | | [HYG](https://tactfolio.com/etf/hyg.md) | Related fund | 0.49% | $49 | iBoxx USD Liquid High Yield Index | | [USHY](https://tactfolio.com/etf/ushy.md) | Related fund | 0.08% | $8 | ICE BofA US High Yield Constrained Index | | [IGOV](https://tactfolio.com/etf/igov.md) | Related fund | 0.35% | $35 | FTSE World Government Bond Index - Developed Markets Capped Select Index | | [BWX](https://tactfolio.com/etf/bwx.md) | Related fund | 0.35% | $35 | Bloomberg Global Treasury ex-US Capped Index | | [BNDX](https://tactfolio.com/etf/bndx.md) | Related fund | 0.07% | $7 | Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged) | Fees come from each fund company, checked on the dates shown on each fund's page. ## How EMB and its alternatives did over the same dates Each row measures the alternative and EMB on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with EMB | Per year | EMB per year | Worst drop | EMB worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [JNK](https://tactfolio.com/etf/jnk.md) | 0.81 | 4.8% | 4.4% | −38.5% | −34.7% | December 2007 | | [HYG](https://tactfolio.com/etf/hyg.md) | 0.81 | 4.8% | 4.4% | −34.2% | −34.7% | December 2007 | | [USHY](https://tactfolio.com/etf/ushy.md) | 0.80 | 4.4% | 2.3% | −22.4% | −28.7% | October 2017 | | [IGOV](https://tactfolio.com/etf/igov.md) | 0.66 | 0.0% | 5.2% | −35.9% | −28.7% | January 2009 | | [BWX](https://tactfolio.com/etf/bwx.md) | 0.65 | 0.3% | 4.4% | −34.0% | −34.7% | December 2007 | | [BNDX](https://tactfolio.com/etf/bndx.md) | 0.60 | 2.2% | 3.1% | −16.2% | −28.7% | June 2013 | 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. ## Each EMB alternative, compared ### JNK: State Street SPDR Bloomberg High Yield Bond ETF JNK is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while EMB holds bonds from governments and companies in emerging countries. It charges 0.4% a year, about $40 on $10,000, against $39 for EMB. It held 1,161 holdings, against 616 for EMB. From December 2007 to October 2026, JNK returned about 4.8% a year and EMB returned about 4.4% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [JNK fund page](https://tactfolio.com/etf/jnk.md) for its returns by year and worst drop. ### HYG: iShares iBoxx $ High Yield Corporate Bond ETF HYG is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while EMB holds bonds from governments and companies in emerging countries. It charges 0.49% a year, about $49 on $10,000, against $39 for EMB. It held 1,334 holdings, against 616 for EMB. From December 2007 to October 2026, HYG returned about 4.8% a year and EMB returned about 4.4% a year. Over about the last five years they often moved together, but not always (correlation 0.81). Read the [HYG fund page](https://tactfolio.com/etf/hyg.md) for its returns by year and worst drop. ### USHY: iShares Broad USD High Yield Corporate Bond ETF USHY is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while EMB holds bonds from governments and companies in emerging countries. It charges 0.08% a year, about $8 on $10,000, against $39 for EMB. It held 1,902 holdings, against 616 for EMB. From October 2017 to October 2026, USHY returned about 4.4% a year and EMB returned about 2.3% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [USHY fund page](https://tactfolio.com/etf/ushy.md) for its returns by year and worst drop. ### IGOV: iShares International Treasury Bond ETF IGOV is a looser match. It holds government and company bonds from outside the US, while EMB holds bonds from governments and companies in emerging countries. It charges 0.35% a year, about $35 on $10,000, against $39 for EMB. It held 981 holdings, against 616 for EMB. From January 2009 to October 2026, IGOV returned about 0.0% a year and EMB returned about 5.2% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [IGOV fund page](https://tactfolio.com/etf/igov.md) for its returns by year and worst drop. ### BWX: State Street SPDR Bloomberg International Treasury Bond ETF BWX is a looser match. It holds government and company bonds from outside the US, while EMB holds bonds from governments and companies in emerging countries. It charges 0.35% a year, about $35 on $10,000, against $39 for EMB. It held 1,440 holdings, against 616 for EMB. From December 2007 to October 2026, BWX returned about 0.3% a year and EMB returned about 4.4% a year. Over about the last five years they often moved together, but not always (correlation 0.65). Read the [BWX fund page](https://tactfolio.com/etf/bwx.md) for its returns by year and worst drop. ### BNDX: Vanguard Total International Bond ETF BNDX is a looser match. It holds government and company bonds from outside the US, while EMB holds bonds from governments and companies in emerging countries. It charges 0.07% a year, about $7 on $10,000, against $39 for EMB. It held 6,837 holdings, against 616 for EMB. From June 2013 to October 2026, BNDX returned about 2.2% a year and EMB returned about 3.1% a year. Over about the last five years they often moved together, but not always (correlation 0.60). Read the [BNDX fund page](https://tactfolio.com/etf/bndx.md) for its returns by year and worst drop. ## EMB versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to EMB from each other company on this page: - **SPDR (State Street):** [JNK](https://tactfolio.com/etf/jnk.md), State Street SPDR Bloomberg High Yield Bond ETF (related fund, 0.4% a year) - **Vanguard:** [BNDX](https://tactfolio.com/etf/bndx.md), Vanguard Total International Bond ETF (related fund, 0.07% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between EMB and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, EMB costs about $39 a year. BNDX costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping EMB to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as JNK, HYG or USHY, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test EMB and its alternatives in a backtest 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 EMB and JNK, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as EMB. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like EMB over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with EMB only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to EMB? JNK is the closest. JNK is a looser match. It holds bonds from US companies with weaker credit, which pay more interest and carry more risk, while EMB holds bonds from governments and companies in emerging countries. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to EMB? Yes. BNDX charges 0.07% a year, USHY charges 0.08% a year and IGOV charges 0.35% a year, against 0.39% for EMB. On $10,000 that is about $7 a year instead of $39. ### Is EMB or JNK better? Neither is better for everyone. From December 2007 to October 2026, EMB returned about 4.4% a year and JNK returned about 4.8% a year. EMB charges 0.39% a year and JNK charges 0.4%. Past returns do not tell you what comes next. ### What if I had put $10,000 in EMB 10 years ago? It would have grown to about $12,801 by October 16, 2026, with dividends reinvested. That is about 2.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares J.P. Morgan USD Emerging Markets Bond ETF fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg High Yield Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-high-yield-bond-etf-jnk) - [iShares (BlackRock): iShares iBoxx $ High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/239565/ishares-iboxx-high-yield-corporate-bond-etf) - [iShares (BlackRock): iShares Broad USD High Yield Corporate Bond ETF fund page](https://www.ishares.com/us/products/291299/ishares-broad-usd-high-yield-corporate-bond-etf) - [iShares (BlackRock): iShares International Treasury Bond ETF fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg International Treasury Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-international-treasury-bond-etf-bwx) - [Vanguard: Vanguard Total International Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bndx) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IGOV alternatives: 7 similar ETFs compared > ETFs similar to IGOV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IGOV. Updated daily. The ETFs most like IGOV are BWX, BNDX and AGG. BWX and BNDX hold government and company bonds from outside the US, like IGOV. BNDX costs less: 0.07% a year against 0.35%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for IGOV: 2 of the same kind and 5 related funds. - IGOV charges 0.35% a year (about $35 on $10,000). The cheapest alternative here, AGG, charges 0.03%. - BWX moved most like IGOV: a daily correlation of 0.92 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IGOV alternatives at a glance Each fund below can stand in for IGOV, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IGOV** | This fund | 0.35% | $35 | FTSE World Government Bond Index - Developed Markets Capped Select Index | | [BWX](https://tactfolio.com/etf/bwx.md) | Same kind of fund | 0.35% | $35 | Bloomberg Global Treasury ex-US Capped Index | | [BNDX](https://tactfolio.com/etf/bndx.md) | Same kind of fund | 0.07% | $7 | Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged) | | [AGG](https://tactfolio.com/etf/agg.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [BND](https://tactfolio.com/etf/bnd.md) | Related fund | 0.03% | $3 | Bloomberg U.S. Aggregate Float Adjusted Index | | [SCHZ](https://tactfolio.com/etf/schz.md) | Related fund | 0.03% | $3 | Bloomberg US Aggregate Bond Index | | [IUSB](https://tactfolio.com/etf/iusb.md) | Related fund | 0.06% | $6 | Bloomberg U.S. Universal Index | | [EMB](https://tactfolio.com/etf/emb.md) | Related fund | 0.39% | $39 | J.P. Morgan Emerging Markets Bond Index Global Diversified Core | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IGOV and its alternatives did over the same dates Each row measures the alternative and IGOV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IGOV | Per year | IGOV per year | Worst drop | IGOV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [BWX](https://tactfolio.com/etf/bwx.md) | 0.92 | 0.4% | 0.0% | −34.0% | −35.9% | January 2009 | | [BNDX](https://tactfolio.com/etf/bndx.md) | 0.70 | 2.2% | −1.1% | −16.2% | −35.9% | June 2013 | | [AGG](https://tactfolio.com/etf/agg.md) | 0.73 | 2.5% | 0.0% | −18.4% | −35.9% | January 2009 | | [BND](https://tactfolio.com/etf/bnd.md) | 0.73 | 2.6% | 0.0% | −18.6% | −35.9% | January 2009 | | [SCHZ](https://tactfolio.com/etf/schz.md) | 0.73 | 1.9% | −1.0% | −18.7% | −35.9% | July 2011 | | [IUSB](https://tactfolio.com/etf/iusb.md) | 0.73 | 2.0% | −1.7% | −17.9% | −35.9% | June 2014 | | [EMB](https://tactfolio.com/etf/emb.md) | 0.66 | 5.2% | 0.0% | −28.7% | −35.9% | January 2009 | 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. ## Each IGOV alternative, compared ### BWX: State Street SPDR Bloomberg International Treasury Bond ETF BWX also holds government and company bonds from outside the US. It tracks the Bloomberg Global Treasury ex-US Capped Index, while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. It charges 0.35% a year, about $35 on $10,000, against $35 for IGOV. It held 1,440 holdings, against 981 for IGOV. From January 2009 to October 2026, BWX returned about 0.4% a year and IGOV returned about 0.0% a year. Over about the last five years they moved together on most days (correlation 0.92). Read the [BWX fund page](https://tactfolio.com/etf/bwx.md) for its returns by year and worst drop. ### BNDX: Vanguard Total International Bond ETF BNDX also holds government and company bonds from outside the US. It tracks the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (Hedged), while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. It charges 0.07% a year, about $7 on $10,000, against $35 for IGOV. It held 6,837 holdings, against 981 for IGOV. From June 2013 to October 2026, BNDX returned about 2.2% a year and IGOV lost about 1.1% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [BNDX fund page](https://tactfolio.com/etf/bndx.md) for its returns by year and worst drop. ### AGG: iShares Core U.S. Aggregate Bond ETF AGG is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IGOV holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $35 for IGOV. It held 13,416 holdings, against 981 for IGOV. From January 2009 to October 2026, AGG returned about 2.5% a year and IGOV returned about 0.0% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [AGG fund page](https://tactfolio.com/etf/agg.md) for its returns by year and worst drop. ### BND: Vanguard Total Bond Market ETF BND is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IGOV holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $35 for IGOV. It held 11,434 holdings, against 981 for IGOV. From January 2009 to October 2026, BND returned about 2.6% a year and IGOV returned about 0.0% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [BND fund page](https://tactfolio.com/etf/bnd.md) for its returns by year and worst drop. ### SCHZ: Schwab U.S. Aggregate Bond ETF SCHZ is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IGOV holds government and company bonds from outside the US. It charges 0.03% a year, about $3 on $10,000, against $35 for IGOV. It held 12,355 holdings, against 981 for IGOV. From July 2011 to October 2026, SCHZ returned about 1.9% a year and IGOV lost about 1.0% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [SCHZ fund page](https://tactfolio.com/etf/schz.md) for its returns by year and worst drop. ### IUSB: iShares Core Universal USD Bond ETF IUSB is a looser match. It holds a broad mix of US bonds: government, company and mortgage bonds, while IGOV holds government and company bonds from outside the US. It charges 0.06% a year, about $6 on $10,000, against $35 for IGOV. It held 18,251 holdings, against 981 for IGOV. From June 2014 to October 2026, IUSB returned about 2.0% a year and IGOV lost about 1.7% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [IUSB fund page](https://tactfolio.com/etf/iusb.md) for its returns by year and worst drop. ### EMB: iShares J.P. Morgan USD Emerging Markets Bond ETF EMB is a looser match. It holds bonds from governments and companies in emerging countries, while IGOV holds government and company bonds from outside the US. It charges 0.39% a year, about $39 on $10,000, against $35 for IGOV. It held 616 holdings, against 981 for IGOV. From January 2009 to October 2026, EMB returned about 5.2% a year and IGOV returned about 0.0% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [EMB fund page](https://tactfolio.com/etf/emb.md) for its returns by year and worst drop. ## IGOV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IGOV from each other company on this page: - **SPDR (State Street):** [BWX](https://tactfolio.com/etf/bwx.md), State Street SPDR Bloomberg International Treasury Bond ETF (same kind of fund, 0.35% a year) - **Vanguard:** [BNDX](https://tactfolio.com/etf/bndx.md), Vanguard Total International Bond ETF (same kind of fund, 0.07% a year) - **Schwab:** [SCHZ](https://tactfolio.com/etf/schz.md), Schwab U.S. Aggregate Bond ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IGOV and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IGOV costs about $35 a year. AGG costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IGOV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as BWX, BNDX or AGG, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IGOV and its alternatives in a backtest 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 IGOV and BWX, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IGOV. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IGOV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IGOV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to IGOV? BWX is the closest. BWX also holds government and company bonds from outside the US. It tracks the Bloomberg Global Treasury ex-US Capped Index, while IGOV tracks the FTSE World Government Bond Index - Developed Markets Capped Select Index. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to IGOV? Yes. AGG charges 0.03% a year, BND charges 0.03% a year and SCHZ charges 0.03% a year, against 0.35% for IGOV. On $10,000 that is about $3 a year instead of $35. ### Is IGOV or BWX better? Neither is better for everyone. From January 2009 to October 2026, IGOV returned about 0.0% a year and BWX returned about 0.4% a year. IGOV charges 0.35% a year and BWX charges 0.35%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IGOV 10 years ago? It would have grown to about $8,589 by October 16, 2026, with dividends reinvested. That is about −1.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares International Treasury Bond ETF fund page](https://www.ishares.com/us/products/239830/ishares-international-treasury-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg International Treasury Bond ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-international-treasury-bond-etf-bwx) - [Vanguard: Vanguard Total International Bond ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bndx) - [iShares (BlackRock): iShares Core U.S. Aggregate Bond ETF fund page](https://www.ishares.com/us/products/239458/ishares-core-u-s-aggregate-bond-etf) - [Vanguard: Vanguard Total Bond Market ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/bnd) - [Schwab: Schwab U.S. Aggregate Bond ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000188/c497k.htm) - [iShares (BlackRock): iShares Core Universal USD Bond ETF fund page](https://www.ishares.com/us/products/264615/ishares-core-universal-usd-bond-etf) - [iShares (BlackRock): iShares J.P. Morgan USD Emerging Markets Bond ETF fund page](https://www.ishares.com/us/products/239572/ishares-j-p-morgan-usd-emerging-markets-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # BIL alternatives: 6 similar ETFs compared > ETFs similar to BIL, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as BIL. Updated daily. The ETFs most like BIL are SGOV, SHV and TFLO. SGOV, SHV and TFLO hold US government bills and notes that pay back within months, so the price barely moves, like BIL. SGOV costs less: 0.09% a year against 0.1353%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for BIL: 4 of the same kind and 2 related funds. - BIL charges 0.1353% a year (about $13.53 on $10,000). The cheapest alternative here, VGSH, charges 0.03%. - SGOV moved most like BIL: a daily correlation of 0.68 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## BIL alternatives at a glance Each fund below can stand in for BIL, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **BIL** | This fund | 0.1353% | $13.53 | Bloomberg 1-3 Month U.S. Treasury Bill Index | | [SGOV](https://tactfolio.com/etf/sgov.md) | Same kind of fund | 0.09% | $9 | ICE 0-3 Month US Treasury Securities Index | | [SHV](https://tactfolio.com/etf/shv.md) | Same kind of fund | 0.15% | $15 | ICE Short US Treasury Securities Index | | [TFLO](https://tactfolio.com/etf/tflo.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Index | | [USFR](https://tactfolio.com/etf/usfr.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Bond Index | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 1-3 Year Bond Index | | [SHY](https://tactfolio.com/etf/shy.md) | Related fund | 0.15% | $15 | ICE U.S. Treasury 1-3 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How BIL and its alternatives did over the same dates Each row measures the alternative and BIL on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with BIL | Per year | BIL per year | Worst drop | BIL worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SGOV](https://tactfolio.com/etf/sgov.md) | 0.68 | 3.0% | 2.9% | 0.0% | −0.1% | June 2020 | | [SHV](https://tactfolio.com/etf/shv.md) | 0.62 | 1.5% | 1.4% | −0.4% | −0.8% | May 2007 | | [TFLO](https://tactfolio.com/etf/tflo.md) | 0.41 | 2.0% | 1.8% | −5.0% | −0.2% | February 2014 | | [USFR](https://tactfolio.com/etf/usfr.md) | 0.33 | 2.0% | 1.8% | −2.2% | −0.2% | February 2014 | | [VGSH](https://tactfolio.com/etf/vgsh.md) | 0.14 | 1.4% | 1.4% | −5.7% | −0.4% | November 2009 | | [SHY](https://tactfolio.com/etf/shy.md) | 0.14 | 1.8% | 1.4% | −5.7% | −0.8% | May 2007 | 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. ## Each BIL alternative, compared ### SGOV: iShares 0-3 Month Treasury Bond ETF SGOV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE 0-3 Month US Treasury Securities Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. It charges 0.09% a year, about $9 on $10,000, against $13.53 for BIL. From June 2020 to October 2026, SGOV returned about 3.0% a year and BIL returned about 2.9% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [SGOV fund page](https://tactfolio.com/etf/sgov.md) for its returns by year and worst drop. ### SHV: iShares 0-1 Year Treasury Bond ETF SHV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE Short US Treasury Securities Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. It charges 0.15% a year, about $15 on $10,000, against $13.53 for BIL. It held 19 holdings, against 34 for BIL. From May 2007 to October 2026, SHV returned about 1.5% a year and BIL returned about 1.4% a year. Over about the last five years they often moved together, but not always (correlation 0.62). Read the [SHV fund page](https://tactfolio.com/etf/shv.md) for its returns by year and worst drop. ### TFLO: iShares Treasury Floating Rate Bond ETF TFLO also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. It charges 0.15% a year, about $15 on $10,000, against $13.53 for BIL. It held 8 holdings, against 34 for BIL. From February 2014 to October 2026, TFLO returned about 2.0% a year and BIL returned about 1.8% a year. Over about the last five years they often moved in different ways (correlation 0.41). Read the [TFLO fund page](https://tactfolio.com/etf/tflo.md) for its returns by year and worst drop. ### USFR: WisdomTree Floating Rate Treasury Fund USFR also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Bond Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. It charges 0.15% a year, about $15 on $10,000, against $13.53 for BIL. It held 5 holdings, against 34 for BIL. From February 2014 to October 2026, USFR returned about 2.0% a year and BIL returned about 1.8% a year. Over about the last five years they often moved in different ways (correlation 0.33). Read the [USFR fund page](https://tactfolio.com/etf/usfr.md) for its returns by year and worst drop. ### VGSH: Vanguard Short-Term Treasury ETF VGSH is a looser match. It holds US government bonds that pay back in 1 to 3 years, while BIL holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.03% a year, about $3 on $10,000, against $13.53 for BIL. It held 92 holdings, against 34 for BIL. From November 2009 to October 2026, VGSH returned about 1.4% a year and BIL returned about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.14). Read the [VGSH fund page](https://tactfolio.com/etf/vgsh.md) for its returns by year and worst drop. ### SHY: iShares 1-3 Year Treasury Bond ETF SHY is a looser match. It holds US government bonds that pay back in 1 to 3 years, while BIL holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.15% a year, about $15 on $10,000, against $13.53 for BIL. It held 90 holdings, against 34 for BIL. From May 2007 to October 2026, SHY returned about 1.8% a year and BIL returned about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.14). Read the [SHY fund page](https://tactfolio.com/etf/shy.md) for its returns by year and worst drop. ## BIL versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to BIL from each other company on this page: - **iShares (BlackRock):** [SGOV](https://tactfolio.com/etf/sgov.md), iShares 0-3 Month Treasury Bond ETF (same kind of fund, 0.09% a year) - **WisdomTree:** [USFR](https://tactfolio.com/etf/usfr.md), WisdomTree Floating Rate Treasury Fund (same kind of fund, 0.15% a year) - **Vanguard:** [VGSH](https://tactfolio.com/etf/vgsh.md), Vanguard Short-Term Treasury ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between BIL and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, BIL costs about $13.53 a year. VGSH costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping BIL to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SGOV, SHV or TFLO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test BIL and its alternatives in a backtest 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 BIL and SGOV, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as BIL. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like BIL over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with BIL only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 ETF is most similar to BIL? SGOV is the closest. SGOV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE 0-3 Month US Treasury Securities Index, while BIL tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to BIL? Yes. VGSH charges 0.03% a year and SGOV charges 0.09% a year, against 0.1353% for BIL. On $10,000 that is about $3 a year instead of $13.53. ### Is BIL or SGOV better? Neither is better for everyone. From June 2020 to October 2026, BIL returned about 2.9% a year and SGOV returned about 3.0% a year. BIL charges 0.1353% a year and SGOV charges 0.09%. Past returns do not tell you what comes next. ### What if I had put $10,000 in BIL 10 years ago? It would have grown to about $12,578 by October 16, 2026, with dividends reinvested. That is about 2.3% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) - [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) - [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) - [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) - [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) - [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) - [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SGOV alternatives: 6 similar ETFs compared > ETFs similar to SGOV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SGOV. Updated daily. The ETFs most like SGOV are BIL, SHV and TFLO. BIL, SHV and TFLO hold US government bills and notes that pay back within months, so the price barely moves, like SGOV. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for SGOV: 4 of the same kind and 2 related funds. - SGOV charges 0.09% a year (about $9 on $10,000). The cheapest alternative here, VGSH, charges 0.03%. - BIL moved most like SGOV: a daily correlation of 0.68 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SGOV alternatives at a glance Each fund below can stand in for SGOV, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SGOV** | This fund | 0.09% | $9 | ICE 0-3 Month US Treasury Securities Index | | [BIL](https://tactfolio.com/etf/bil.md) | Same kind of fund | 0.1353% | $13.53 | Bloomberg 1-3 Month U.S. Treasury Bill Index | | [SHV](https://tactfolio.com/etf/shv.md) | Same kind of fund | 0.15% | $15 | ICE Short US Treasury Securities Index | | [TFLO](https://tactfolio.com/etf/tflo.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Index | | [USFR](https://tactfolio.com/etf/usfr.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Bond Index | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 1-3 Year Bond Index | | [SHY](https://tactfolio.com/etf/shy.md) | Related fund | 0.15% | $15 | ICE U.S. Treasury 1-3 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SGOV and its alternatives did over the same dates Each row measures the alternative and SGOV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SGOV | Per year | SGOV per year | Worst drop | SGOV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [BIL](https://tactfolio.com/etf/bil.md) | 0.68 | 2.9% | 3.0% | −0.1% | 0.0% | June 2020 | | [SHV](https://tactfolio.com/etf/shv.md) | 0.59 | 2.8% | 3.0% | −0.4% | 0.0% | June 2020 | | [TFLO](https://tactfolio.com/etf/tflo.md) | 0.38 | 3.1% | 3.0% | −0.1% | 0.0% | June 2020 | | [USFR](https://tactfolio.com/etf/usfr.md) | 0.30 | 3.0% | 3.0% | −0.4% | 0.0% | June 2020 | | [VGSH](https://tactfolio.com/etf/vgsh.md) | 0.13 | 1.5% | 3.0% | −5.7% | 0.0% | June 2020 | | [SHY](https://tactfolio.com/etf/shy.md) | 0.12 | 1.4% | 3.0% | −5.7% | 0.0% | June 2020 | 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. ## Each SGOV alternative, compared ### BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF BIL also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, while SGOV tracks the ICE 0-3 Month US Treasury Securities Index. It charges 0.1353% a year, about $13.53 on $10,000, against $9 for SGOV. From June 2020 to October 2026, BIL returned about 2.9% a year and SGOV returned about 3.0% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [BIL fund page](https://tactfolio.com/etf/bil.md) for its returns by year and worst drop. ### SHV: iShares 0-1 Year Treasury Bond ETF SHV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE Short US Treasury Securities Index, while SGOV tracks the ICE 0-3 Month US Treasury Securities Index. It charges 0.15% a year, about $15 on $10,000, against $9 for SGOV. From June 2020 to October 2026, SHV returned about 2.8% a year and SGOV returned about 3.0% a year. Over about the last five years they often moved in different ways (correlation 0.59). Read the [SHV fund page](https://tactfolio.com/etf/shv.md) for its returns by year and worst drop. ### TFLO: iShares Treasury Floating Rate Bond ETF TFLO also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Index, while SGOV tracks the ICE 0-3 Month US Treasury Securities Index. It charges 0.15% a year, about $15 on $10,000, against $9 for SGOV. From June 2020 to October 2026, TFLO returned about 3.1% a year and SGOV returned about 3.0% a year. Over about the last five years they often moved in different ways (correlation 0.38). Read the [TFLO fund page](https://tactfolio.com/etf/tflo.md) for its returns by year and worst drop. ### USFR: WisdomTree Floating Rate Treasury Fund USFR also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Bond Index, while SGOV tracks the ICE 0-3 Month US Treasury Securities Index. It charges 0.15% a year, about $15 on $10,000, against $9 for SGOV. From June 2020 to October 2026, USFR returned about 3.0% a year and SGOV returned about 3.0% a year. Over about the last five years they often moved in different ways (correlation 0.30). Read the [USFR fund page](https://tactfolio.com/etf/usfr.md) for its returns by year and worst drop. ### VGSH: Vanguard Short-Term Treasury ETF VGSH is a looser match. It holds US government bonds that pay back in 1 to 3 years, while SGOV holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.03% a year, about $3 on $10,000, against $9 for SGOV. From June 2020 to October 2026, VGSH returned about 1.5% a year and SGOV returned about 3.0% a year. Over about the last five years they often moved in different ways (correlation 0.13). Read the [VGSH fund page](https://tactfolio.com/etf/vgsh.md) for its returns by year and worst drop. ### SHY: iShares 1-3 Year Treasury Bond ETF SHY is a looser match. It holds US government bonds that pay back in 1 to 3 years, while SGOV holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.15% a year, about $15 on $10,000, against $9 for SGOV. From June 2020 to October 2026, SHY returned about 1.4% a year and SGOV returned about 3.0% a year. Over about the last five years they often moved in different ways (correlation 0.12). Read the [SHY fund page](https://tactfolio.com/etf/shy.md) for its returns by year and worst drop. ## SGOV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SGOV from each other company on this page: - **SPDR (State Street):** [BIL](https://tactfolio.com/etf/bil.md), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (same kind of fund, 0.1353% a year) - **WisdomTree:** [USFR](https://tactfolio.com/etf/usfr.md), WisdomTree Floating Rate Treasury Fund (same kind of fund, 0.15% a year) - **Vanguard:** [VGSH](https://tactfolio.com/etf/vgsh.md), Vanguard Short-Term Treasury ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SGOV and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SGOV costs about $9 a year. VGSH costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SGOV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as BIL, SHV or TFLO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SGOV and its alternatives in a backtest 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 SGOV and BIL, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SGOV. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SGOV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SGOV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 ETF is most similar to SGOV? BIL is the closest. BIL also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, while SGOV tracks the ICE 0-3 Month US Treasury Securities Index. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to SGOV? Yes. VGSH charges 0.03% a year, against 0.09% for SGOV. On $10,000 that is about $3 a year instead of $9. ### Is SGOV or BIL better? Neither is better for everyone. From June 2020 to October 2026, SGOV returned about 3.0% a year and BIL returned about 2.9% a year. SGOV charges 0.09% a year and BIL charges 0.1353%. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) - [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) - [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) - [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) - [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) - [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SHV alternatives: 6 similar ETFs compared > ETFs similar to SHV, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SHV. Updated daily. The ETFs most like SHV are BIL, SGOV and TFLO. BIL, SGOV and TFLO hold US government bills and notes that pay back within months, so the price barely moves, like SHV. SGOV costs less: 0.09% a year against 0.15%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for SHV: 4 of the same kind and 2 related funds. - SHV charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, VGSH, charges 0.03%. - BIL moved most like SHV: a daily correlation of 0.62 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SHV alternatives at a glance Each fund below can stand in for SHV, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SHV** | This fund | 0.15% | $15 | ICE Short US Treasury Securities Index | | [BIL](https://tactfolio.com/etf/bil.md) | Same kind of fund | 0.1353% | $13.53 | Bloomberg 1-3 Month U.S. Treasury Bill Index | | [SGOV](https://tactfolio.com/etf/sgov.md) | Same kind of fund | 0.09% | $9 | ICE 0-3 Month US Treasury Securities Index | | [TFLO](https://tactfolio.com/etf/tflo.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Index | | [USFR](https://tactfolio.com/etf/usfr.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Bond Index | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 1-3 Year Bond Index | | [SHY](https://tactfolio.com/etf/shy.md) | Related fund | 0.15% | $15 | ICE U.S. Treasury 1-3 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SHV and its alternatives did over the same dates Each row measures the alternative and SHV on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SHV | Per year | SHV per year | Worst drop | SHV worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [BIL](https://tactfolio.com/etf/bil.md) | 0.62 | 1.4% | 1.5% | −0.8% | −0.4% | May 2007 | | [SGOV](https://tactfolio.com/etf/sgov.md) | 0.59 | 3.0% | 2.8% | 0.0% | −0.4% | June 2020 | | [TFLO](https://tactfolio.com/etf/tflo.md) | 0.32 | 2.0% | 1.9% | −5.0% | −0.4% | February 2014 | | [USFR](https://tactfolio.com/etf/usfr.md) | 0.28 | 2.0% | 1.9% | −2.2% | −0.4% | February 2014 | | [VGSH](https://tactfolio.com/etf/vgsh.md) | 0.53 | 1.4% | 1.4% | −5.7% | −0.4% | November 2009 | | [SHY](https://tactfolio.com/etf/shy.md) | 0.53 | 1.9% | 1.6% | −5.7% | −0.4% | January 2007 | 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. ## Each SHV alternative, compared ### BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF BIL also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, while SHV tracks the ICE Short US Treasury Securities Index. It charges 0.1353% a year, about $13.53 on $10,000, against $15 for SHV. It held 34 holdings, against 19 for SHV. From May 2007 to October 2026, BIL returned about 1.4% a year and SHV returned about 1.5% a year. Over about the last five years they often moved together, but not always (correlation 0.62). Read the [BIL fund page](https://tactfolio.com/etf/bil.md) for its returns by year and worst drop. ### SGOV: iShares 0-3 Month Treasury Bond ETF SGOV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE 0-3 Month US Treasury Securities Index, while SHV tracks the ICE Short US Treasury Securities Index. It charges 0.09% a year, about $9 on $10,000, against $15 for SHV. From June 2020 to October 2026, SGOV returned about 3.0% a year and SHV returned about 2.8% a year. Over about the last five years they often moved in different ways (correlation 0.59). Read the [SGOV fund page](https://tactfolio.com/etf/sgov.md) for its returns by year and worst drop. ### TFLO: iShares Treasury Floating Rate Bond ETF TFLO also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Index, while SHV tracks the ICE Short US Treasury Securities Index. It charges 0.15% a year, about $15 on $10,000, against $15 for SHV. It held 8 holdings, against 19 for SHV. From February 2014 to October 2026, TFLO returned about 2.0% a year and SHV returned about 1.9% a year. Over about the last five years they often moved in different ways (correlation 0.32). Read the [TFLO fund page](https://tactfolio.com/etf/tflo.md) for its returns by year and worst drop. ### USFR: WisdomTree Floating Rate Treasury Fund USFR also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Bond Index, while SHV tracks the ICE Short US Treasury Securities Index. It charges 0.15% a year, about $15 on $10,000, against $15 for SHV. It held 5 holdings, against 19 for SHV. From February 2014 to October 2026, USFR returned about 2.0% a year and SHV returned about 1.9% a year. Over about the last five years they often moved in different ways (correlation 0.28). Read the [USFR fund page](https://tactfolio.com/etf/usfr.md) for its returns by year and worst drop. ### VGSH: Vanguard Short-Term Treasury ETF VGSH is a looser match. It holds US government bonds that pay back in 1 to 3 years, while SHV holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.03% a year, about $3 on $10,000, against $15 for SHV. It held 92 holdings, against 19 for SHV. From November 2009 to October 2026, VGSH returned about 1.4% a year and SHV returned about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.53). Read the [VGSH fund page](https://tactfolio.com/etf/vgsh.md) for its returns by year and worst drop. ### SHY: iShares 1-3 Year Treasury Bond ETF SHY is a looser match. It holds US government bonds that pay back in 1 to 3 years, while SHV holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.15% a year, about $15 on $10,000, against $15 for SHV. It held 90 holdings, against 19 for SHV. From January 2007 to October 2026, SHY returned about 1.9% a year and SHV returned about 1.6% a year. Over about the last five years they often moved in different ways (correlation 0.53). Read the [SHY fund page](https://tactfolio.com/etf/shy.md) for its returns by year and worst drop. ## SHV versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SHV from each other company on this page: - **SPDR (State Street):** [BIL](https://tactfolio.com/etf/bil.md), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (same kind of fund, 0.1353% a year) - **WisdomTree:** [USFR](https://tactfolio.com/etf/usfr.md), WisdomTree Floating Rate Treasury Fund (same kind of fund, 0.15% a year) - **Vanguard:** [VGSH](https://tactfolio.com/etf/vgsh.md), Vanguard Short-Term Treasury ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SHV and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SHV costs about $15 a year. VGSH costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SHV to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as BIL, SGOV or TFLO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SHV and its alternatives in a backtest 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 SHV and BIL, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SHV. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SHV over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SHV only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 ETF is most similar to SHV? BIL is the closest. BIL also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, while SHV tracks the ICE Short US Treasury Securities Index. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to SHV? Yes. VGSH charges 0.03% a year, SGOV charges 0.09% a year and BIL charges 0.1353% a year, against 0.15% for SHV. On $10,000 that is about $3 a year instead of $15. ### Is SHV or BIL better? Neither is better for everyone. From May 2007 to October 2026, SHV returned about 1.5% a year and BIL returned about 1.4% a year. SHV charges 0.15% a year and BIL charges 0.1353%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SHV 10 years ago? It would have grown to about $12,602 by October 16, 2026, with dividends reinvested. That is about 2.3% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) - [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) - [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) - [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) - [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) - [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # TFLO alternatives: 6 similar ETFs compared > ETFs similar to TFLO, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as TFLO. Updated daily. The ETFs most like TFLO are BIL, SGOV and SHV. BIL, SGOV and SHV hold US government bills and notes that pay back within months, so the price barely moves, like TFLO. SGOV costs less: 0.09% a year against 0.15%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for TFLO: 4 of the same kind and 2 related funds. - TFLO charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, VGSH, charges 0.03%. - BIL moved most like TFLO: a daily correlation of 0.41 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## TFLO alternatives at a glance Each fund below can stand in for TFLO, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **TFLO** | This fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Index | | [BIL](https://tactfolio.com/etf/bil.md) | Same kind of fund | 0.1353% | $13.53 | Bloomberg 1-3 Month U.S. Treasury Bill Index | | [SGOV](https://tactfolio.com/etf/sgov.md) | Same kind of fund | 0.09% | $9 | ICE 0-3 Month US Treasury Securities Index | | [SHV](https://tactfolio.com/etf/shv.md) | Same kind of fund | 0.15% | $15 | ICE Short US Treasury Securities Index | | [USFR](https://tactfolio.com/etf/usfr.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Bond Index | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 1-3 Year Bond Index | | [SHY](https://tactfolio.com/etf/shy.md) | Related fund | 0.15% | $15 | ICE U.S. Treasury 1-3 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How TFLO and its alternatives did over the same dates Each row measures the alternative and TFLO on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with TFLO | Per year | TFLO per year | Worst drop | TFLO worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [BIL](https://tactfolio.com/etf/bil.md) | 0.41 | 1.8% | 2.0% | −0.2% | −5.0% | February 2014 | | [SGOV](https://tactfolio.com/etf/sgov.md) | 0.38 | 3.0% | 3.1% | 0.0% | −0.1% | June 2020 | | [SHV](https://tactfolio.com/etf/shv.md) | 0.32 | 1.9% | 2.0% | −0.4% | −5.0% | February 2014 | | [USFR](https://tactfolio.com/etf/usfr.md) | 0.30 | 2.0% | 2.0% | −2.2% | −5.0% | February 2014 | | [VGSH](https://tactfolio.com/etf/vgsh.md) | 0.05 | 1.5% | 2.0% | −5.7% | −5.0% | February 2014 | | [SHY](https://tactfolio.com/etf/shy.md) | 0.05 | 1.5% | 2.0% | −5.7% | −5.0% | February 2014 | 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. ## Each TFLO alternative, compared ### BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF BIL also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. It charges 0.1353% a year, about $13.53 on $10,000, against $15 for TFLO. It held 34 holdings, against 8 for TFLO. From February 2014 to October 2026, BIL returned about 1.8% a year and TFLO returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.41). Read the [BIL fund page](https://tactfolio.com/etf/bil.md) for its returns by year and worst drop. ### SGOV: iShares 0-3 Month Treasury Bond ETF SGOV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE 0-3 Month US Treasury Securities Index, while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. It charges 0.09% a year, about $9 on $10,000, against $15 for TFLO. From June 2020 to October 2026, SGOV returned about 3.0% a year and TFLO returned about 3.1% a year. Over about the last five years they often moved in different ways (correlation 0.38). Read the [SGOV fund page](https://tactfolio.com/etf/sgov.md) for its returns by year and worst drop. ### SHV: iShares 0-1 Year Treasury Bond ETF SHV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE Short US Treasury Securities Index, while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. It charges 0.15% a year, about $15 on $10,000, against $15 for TFLO. It held 19 holdings, against 8 for TFLO. From February 2014 to October 2026, SHV returned about 1.9% a year and TFLO returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.32). Read the [SHV fund page](https://tactfolio.com/etf/shv.md) for its returns by year and worst drop. ### USFR: WisdomTree Floating Rate Treasury Fund USFR also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Bond Index, while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. It charges 0.15% a year, about $15 on $10,000, against $15 for TFLO. It held 5 holdings, against 8 for TFLO. From February 2014 to October 2026, USFR returned about 2.0% a year and TFLO returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.30). Read the [USFR fund page](https://tactfolio.com/etf/usfr.md) for its returns by year and worst drop. ### VGSH: Vanguard Short-Term Treasury ETF VGSH is a looser match. It holds US government bonds that pay back in 1 to 3 years, while TFLO holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.03% a year, about $3 on $10,000, against $15 for TFLO. It held 92 holdings, against 8 for TFLO. From February 2014 to October 2026, VGSH returned about 1.5% a year and TFLO returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.05). Read the [VGSH fund page](https://tactfolio.com/etf/vgsh.md) for its returns by year and worst drop. ### SHY: iShares 1-3 Year Treasury Bond ETF SHY is a looser match. It holds US government bonds that pay back in 1 to 3 years, while TFLO holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.15% a year, about $15 on $10,000, against $15 for TFLO. It held 90 holdings, against 8 for TFLO. From February 2014 to October 2026, SHY returned about 1.5% a year and TFLO returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.05). Read the [SHY fund page](https://tactfolio.com/etf/shy.md) for its returns by year and worst drop. ## TFLO versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to TFLO from each other company on this page: - **SPDR (State Street):** [BIL](https://tactfolio.com/etf/bil.md), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (same kind of fund, 0.1353% a year) - **WisdomTree:** [USFR](https://tactfolio.com/etf/usfr.md), WisdomTree Floating Rate Treasury Fund (same kind of fund, 0.15% a year) - **Vanguard:** [VGSH](https://tactfolio.com/etf/vgsh.md), Vanguard Short-Term Treasury ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between TFLO and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, TFLO costs about $15 a year. VGSH costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping TFLO to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as BIL, SGOV or SHV, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test TFLO and its alternatives in a backtest 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 TFLO and BIL, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as TFLO. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like TFLO over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with TFLO only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 ETF is most similar to TFLO? BIL is the closest. BIL also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, while TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. Over about the last five years they often moved in different ways. ### Is there a cheaper alternative to TFLO? Yes. VGSH charges 0.03% a year, SGOV charges 0.09% a year and BIL charges 0.1353% a year, against 0.15% for TFLO. On $10,000 that is about $3 a year instead of $15. ### Is TFLO or BIL better? Neither is better for everyone. From February 2014 to October 2026, TFLO returned about 2.0% a year and BIL returned about 1.8% a year. TFLO charges 0.15% a year and BIL charges 0.1353%. Past returns do not tell you what comes next. ### What if I had put $10,000 in TFLO 10 years ago? It would have grown to about $12,801 by October 16, 2026, with dividends reinvested. That is about 2.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) - [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) - [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) - [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) - [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) - [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) - [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # USFR alternatives: 6 similar ETFs compared > ETFs similar to USFR, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as USFR. Updated daily. The ETFs most like USFR are BIL, SGOV and TFLO. BIL, SGOV and TFLO hold US government bills and notes that pay back within months, so the price barely moves, like USFR. SGOV costs less: 0.09% a year against 0.15%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 6 funds can stand in for USFR: 4 of the same kind and 2 related funds. - USFR charges 0.15% a year (about $15 on $10,000). The cheapest alternative here, VGSH, charges 0.03%. - BIL moved most like USFR: a daily correlation of 0.33 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## USFR alternatives at a glance Each fund below can stand in for USFR, closest first. "Same kind" funds hold the same kind of bonds through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **USFR** | This fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Bond Index | | [BIL](https://tactfolio.com/etf/bil.md) | Same kind of fund | 0.1353% | $13.53 | Bloomberg 1-3 Month U.S. Treasury Bill Index | | [SGOV](https://tactfolio.com/etf/sgov.md) | Same kind of fund | 0.09% | $9 | ICE 0-3 Month US Treasury Securities Index | | [TFLO](https://tactfolio.com/etf/tflo.md) | Same kind of fund | 0.15% | $15 | Bloomberg U.S. Treasury Floating Rate Index | | [SHV](https://tactfolio.com/etf/shv.md) | Same kind of fund | 0.15% | $15 | ICE Short US Treasury Securities Index | | [SHY](https://tactfolio.com/etf/shy.md) | Related fund | 0.15% | $15 | ICE U.S. Treasury 1-3 Year Bond Index | | [VGSH](https://tactfolio.com/etf/vgsh.md) | Related fund | 0.03% | $3 | Bloomberg US Treasury 1-3 Year Bond Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How USFR and its alternatives did over the same dates Each row measures the alternative and USFR on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with USFR | Per year | USFR per year | Worst drop | USFR worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [BIL](https://tactfolio.com/etf/bil.md) | 0.33 | 1.8% | 2.0% | −0.2% | −2.2% | February 2014 | | [SGOV](https://tactfolio.com/etf/sgov.md) | 0.30 | 3.0% | 3.0% | 0.0% | −0.4% | June 2020 | | [TFLO](https://tactfolio.com/etf/tflo.md) | 0.30 | 2.0% | 2.0% | −5.0% | −2.2% | February 2014 | | [SHV](https://tactfolio.com/etf/shv.md) | 0.28 | 1.9% | 2.0% | −0.4% | −2.2% | February 2014 | | [SHY](https://tactfolio.com/etf/shy.md) | 0.03 | 1.5% | 2.0% | −5.7% | −2.2% | February 2014 | | [VGSH](https://tactfolio.com/etf/vgsh.md) | 0.02 | 1.5% | 2.0% | −5.7% | −2.2% | February 2014 | 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. ## Each USFR alternative, compared ### BIL: State Street SPDR Bloomberg 1-3 Month T-Bill ETF BIL also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, while USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. It charges 0.1353% a year, about $13.53 on $10,000, against $15 for USFR. It held 34 holdings, against 5 for USFR. From February 2014 to October 2026, BIL returned about 1.8% a year and USFR returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.33). Read the [BIL fund page](https://tactfolio.com/etf/bil.md) for its returns by year and worst drop. ### SGOV: iShares 0-3 Month Treasury Bond ETF SGOV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE 0-3 Month US Treasury Securities Index, while USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. It charges 0.09% a year, about $9 on $10,000, against $15 for USFR. From June 2020 to October 2026, SGOV returned about 3.0% a year and USFR returned about 3.0% a year. Over about the last five years they often moved in different ways (correlation 0.30). Read the [SGOV fund page](https://tactfolio.com/etf/sgov.md) for its returns by year and worst drop. ### TFLO: iShares Treasury Floating Rate Bond ETF TFLO also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg U.S. Treasury Floating Rate Index, while USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. It charges 0.15% a year, about $15 on $10,000, against $15 for USFR. It held 8 holdings, against 5 for USFR. From February 2014 to October 2026, TFLO returned about 2.0% a year and USFR returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.30). Read the [TFLO fund page](https://tactfolio.com/etf/tflo.md) for its returns by year and worst drop. ### SHV: iShares 0-1 Year Treasury Bond ETF SHV also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the ICE Short US Treasury Securities Index, while USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. It charges 0.15% a year, about $15 on $10,000, against $15 for USFR. It held 19 holdings, against 5 for USFR. From February 2014 to October 2026, SHV returned about 1.9% a year and USFR returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.28). Read the [SHV fund page](https://tactfolio.com/etf/shv.md) for its returns by year and worst drop. ### SHY: iShares 1-3 Year Treasury Bond ETF SHY is a looser match. It holds US government bonds that pay back in 1 to 3 years, while USFR holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.15% a year, about $15 on $10,000, against $15 for USFR. It held 90 holdings, against 5 for USFR. From February 2014 to October 2026, SHY returned about 1.5% a year and USFR returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.03). Read the [SHY fund page](https://tactfolio.com/etf/shy.md) for its returns by year and worst drop. ### VGSH: Vanguard Short-Term Treasury ETF VGSH is a looser match. It holds US government bonds that pay back in 1 to 3 years, while USFR holds US government bills and notes that pay back within months, so the price barely moves. It charges 0.03% a year, about $3 on $10,000, against $15 for USFR. It held 92 holdings, against 5 for USFR. From February 2014 to October 2026, VGSH returned about 1.5% a year and USFR returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.02). Read the [VGSH fund page](https://tactfolio.com/etf/vgsh.md) for its returns by year and worst drop. ## USFR versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to USFR from each other company on this page: - **SPDR (State Street):** [BIL](https://tactfolio.com/etf/bil.md), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (same kind of fund, 0.1353% a year) - **iShares (BlackRock):** [SGOV](https://tactfolio.com/etf/sgov.md), iShares 0-3 Month Treasury Bond ETF (same kind of fund, 0.09% a year) - **Vanguard:** [VGSH](https://tactfolio.com/etf/vgsh.md), Vanguard Short-Term Treasury ETF (related fund, 0.03% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between USFR and its alternatives - **What it tracks.** A fund on the same index holds the same bonds. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, USFR costs about $15 a year. VGSH costs about $3. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping USFR to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as BIL, SGOV or TFLO, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test USFR and its alternatives in a backtest 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 USFR and BIL, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as USFR. Then come funds that hold the same kind of bonds through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like USFR over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with USFR only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures. - [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it. - [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 ETF is most similar to USFR? BIL is the closest. BIL also holds US government bills and notes that pay back within months, so the price barely moves. It tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, while USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. Over about the last five years they often moved in different ways. ### Is there a cheaper alternative to USFR? Yes. VGSH charges 0.03% a year, SGOV charges 0.09% a year and BIL charges 0.1353% a year, against 0.15% for USFR. On $10,000 that is about $3 a year instead of $15. ### Is USFR or BIL better? Neither is better for everyone. From February 2014 to October 2026, USFR returned about 2.0% a year and BIL returned about 1.8% a year. USFR charges 0.15% a year and BIL charges 0.1353%. Past returns do not tell you what comes next. ### What if I had put $10,000 in USFR 10 years ago? It would have grown to about $12,813 by October 16, 2026, with dividends reinvested. That is about 2.5% a year. Past returns do not tell you what comes next. ## Sources - [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) - [SPDR (State Street): State Street SPDR Bloomberg 1-3 Month T-Bill ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-bloomberg-1-3-month-t-bill-etf-bil) - [iShares (BlackRock): iShares 0-3 Month Treasury Bond ETF fund page](https://www.ishares.com/us/products/314116/ishares-0-3-month-treasury-bond-etf) - [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) - [iShares (BlackRock): iShares 0-1 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239466/ishares-01-year-treasury-bond-etf) - [iShares (BlackRock): iShares 1-3 Year Treasury Bond ETF fund page](https://www.ishares.com/us/products/239452/ishares-1-3-year-treasury-bond-etf) - [Vanguard: Vanguard Short-Term Treasury ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vgsh) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # IYR alternatives: 7 similar ETFs compared > ETFs similar to IYR, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IYR. Updated daily. The ETFs most like IYR are VNQ, SCHH and XLRE. VNQ, SCHH and XLRE hold US real estate investment trusts (REITs), companies that own and rent out property, like IYR. SCHH costs less: 0.07% a year against 0.37%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for IYR: 3 of the same kind and 4 related funds. - IYR charges 0.37% a year (about $37 on $10,000). The cheapest alternative here, SCHH, charges 0.07%. - VNQ moved most like IYR: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IYR alternatives at a glance Each fund below can stand in for IYR, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IYR** | This fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [VNQ](https://tactfolio.com/etf/vnq.md) | Same kind of fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [SCHH](https://tactfolio.com/etf/schh.md) | Same kind of fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [XLRE](https://tactfolio.com/etf/xlre.md) | Same kind of fund | 0.08% | $8 | Real Estate Select Sector Index | | [RWO](https://tactfolio.com/etf/rwo.md) | Related fund | 0.5% | $50 | Dow Jones Global Select Real Estate Securities Index | | [RWX](https://tactfolio.com/etf/rwx.md) | Related fund | 0.59% | $59 | Dow Jones Global ex-U.S. Select Real Estate Securities Index | | [VPU](https://tactfolio.com/etf/vpu.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Utilities 25/50 Index | | [XLU](https://tactfolio.com/etf/xlu.md) | Related fund | 0.08% | $8 | Utilities Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IYR and its alternatives did over the same dates Each row measures the alternative and IYR on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IYR | Per year | IYR per year | Worst drop | IYR worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VNQ](https://tactfolio.com/etf/vnq.md) | 1.00 | 7.3% | 6.5% | −73.1% | −74.1% | September 2004 | | [SCHH](https://tactfolio.com/etf/schh.md) | 0.99 | 6.6% | 7.0% | −44.2% | −42.3% | January 2011 | | [XLRE](https://tactfolio.com/etf/xlre.md) | 0.99 | 6.7% | 5.6% | −38.8% | −42.3% | October 2015 | | [RWO](https://tactfolio.com/etf/rwo.md) | 0.96 | 3.6% | 5.7% | −67.7% | −67.0% | May 2008 | | [RWX](https://tactfolio.com/etf/rwx.md) | 0.70 | 0.4% | 4.5% | −73.6% | −74.1% | December 2006 | | [VPU](https://tactfolio.com/etf/vpu.md) | 0.67 | 9.4% | 6.7% | −46.3% | −74.1% | January 2004 | | [XLU](https://tactfolio.com/etf/xlu.md) | 0.66 | 7.8% | 8.1% | −52.3% | −74.1% | June 2000 | 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. ## Each IYR alternative, compared ### VNQ: Vanguard Real Estate ETF VNQ also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the MSCI US Investable Market Real Estate 25/50 Index, while IYR tracks the Dow Jones U.S. Real Estate Capped Index. It charges 0.13% a year, about $13 on $10,000, against $37 for IYR. It held 139 stocks, against 58 for IYR. From September 2004 to October 2026, VNQ returned about 7.3% a year and IYR returned about 6.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [VNQ fund page](https://tactfolio.com/etf/vnq.md) for its returns by year and worst drop. ### SCHH: Schwab U.S. REIT ETF SCHH also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Dow Jones Equity All REIT Capped Index, while IYR tracks the Dow Jones U.S. Real Estate Capped Index. It charges 0.07% a year, about $7 on $10,000, against $37 for IYR. It held 117 stocks, against 58 for IYR. From January 2011 to October 2026, SCHH returned about 6.6% a year and IYR returned about 7.0% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHH fund page](https://tactfolio.com/etf/schh.md) for its returns by year and worst drop. ### XLRE: State Street Real Estate Select Sector SPDR ETF XLRE also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Real Estate Select Sector Index, while IYR tracks the Dow Jones U.S. Real Estate Capped Index. It charges 0.08% a year, about $8 on $10,000, against $37 for IYR. It held 30 stocks, against 58 for IYR. From October 2015 to October 2026, XLRE returned about 6.7% a year and IYR returned about 5.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLRE fund page](https://tactfolio.com/etf/xlre.md) for its returns by year and worst drop. ### RWO: State Street SPDR Dow Jones Global Real Estate ETF RWO is a looser match. It holds property companies around the world, while IYR holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.5% a year, about $50 on $10,000, against $37 for IYR. It held 224 stocks, against 58 for IYR. From May 2008 to October 2026, RWO returned about 3.6% a year and IYR returned about 5.7% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [RWO fund page](https://tactfolio.com/etf/rwo.md) for its returns by year and worst drop. ### RWX: State Street SPDR Dow Jones International Real Estate ETF RWX is a looser match. It holds property companies around the world, while IYR holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.59% a year, about $59 on $10,000, against $37 for IYR. It held 126 stocks, against 58 for IYR. From December 2006 to October 2026, RWX returned about 0.4% a year and IYR returned about 4.5% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [RWX fund page](https://tactfolio.com/etf/rwx.md) for its returns by year and worst drop. ### VPU: Vanguard Utilities ETF VPU is a looser match. It holds US electric, gas and water companies, while IYR holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.09% a year, about $9 on $10,000, against $37 for IYR. It held 68 stocks, against 58 for IYR. From January 2004 to October 2026, VPU returned about 9.4% a year and IYR returned about 6.7% a year. Over about the last five years they often moved together, but not always (correlation 0.67). Read the [VPU fund page](https://tactfolio.com/etf/vpu.md) for its returns by year and worst drop. ### XLU: State Street Utilities Select Sector SPDR ETF XLU is a looser match. It holds US electric, gas and water companies, while IYR holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.08% a year, about $8 on $10,000, against $37 for IYR. It held 31 stocks, against 58 for IYR. From June 2000 to October 2026, XLU returned about 7.8% a year and IYR returned about 8.1% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [XLU fund page](https://tactfolio.com/etf/xlu.md) for its returns by year and worst drop. ## IYR versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IYR from each other company on this page: - **Vanguard:** [VNQ](https://tactfolio.com/etf/vnq.md), Vanguard Real Estate ETF (same kind of fund, 0.13% a year) - **Schwab:** [SCHH](https://tactfolio.com/etf/schh.md), Schwab U.S. REIT ETF (same kind of fund, 0.07% a year) - **SPDR (State Street):** [XLRE](https://tactfolio.com/etf/xlre.md), State Street Real Estate Select Sector SPDR ETF (same kind of fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IYR and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IYR costs about $37 a year. SCHH costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping IYR to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VNQ, SCHH or XLRE, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test IYR and its alternatives in a backtest 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 IYR and VNQ, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IYR. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IYR over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IYR only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to IYR? VNQ is the closest. VNQ also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the MSCI US Investable Market Real Estate 25/50 Index, while IYR tracks the Dow Jones U.S. Real Estate Capped Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IYR? Yes. SCHH charges 0.07% a year, XLRE charges 0.08% a year and XLU charges 0.08% a year, against 0.37% for IYR. On $10,000 that is about $7 a year instead of $37. ### Is IYR or VNQ better? Neither is better for everyone. From September 2004 to October 2026, IYR returned about 6.5% a year and VNQ returned about 7.3% a year. IYR charges 0.37% a year and VNQ charges 0.13%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IYR 10 years ago? It would have grown to about $16,824 by October 16, 2026, with dividends reinvested. That is about 5.3% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [SPDR (State Street): State Street SPDR Dow Jones Global Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-global-real-estate-etf-rwo) - [SPDR (State Street): State Street SPDR Dow Jones International Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # REM alternatives: 4 similar ETFs compared > ETFs similar to REM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as REM. Updated daily. The ETFs most like REM are VNQ, IYR and SCHH. None of them holds exactly what REM holds, so each is a looser match. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 4 funds can stand in for REM: 4 related funds. - REM charges 0.48% a year (about $48 on $10,000). The cheapest alternative here, SCHH, charges 0.07%. - VNQ moved most like REM: a daily correlation of 0.73 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## REM alternatives at a glance Each fund below can stand in for REM, closest first. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **REM** | This fund | 0.48% | $48 | FTSE Nareit All Mortgage Capped Index | | [VNQ](https://tactfolio.com/etf/vnq.md) | Related fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [IYR](https://tactfolio.com/etf/iyr.md) | Related fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [SCHH](https://tactfolio.com/etf/schh.md) | Related fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [XLRE](https://tactfolio.com/etf/xlre.md) | Related fund | 0.08% | $8 | Real Estate Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How REM and its alternatives did over the same dates Each row measures the alternative and REM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with REM | Per year | REM per year | Worst drop | REM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [VNQ](https://tactfolio.com/etf/vnq.md) | 0.73 | 5.1% | −2.2% | −70.6% | −74.7% | May 2007 | | [IYR](https://tactfolio.com/etf/iyr.md) | 0.73 | 4.3% | −2.2% | −71.9% | −74.7% | May 2007 | | [SCHH](https://tactfolio.com/etf/schh.md) | 0.72 | 6.6% | 2.0% | −44.2% | −68.5% | January 2011 | | [XLRE](https://tactfolio.com/etf/xlre.md) | 0.70 | 6.7% | 1.2% | −38.8% | −68.5% | October 2015 | 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. ## Each REM alternative, compared ### VNQ: Vanguard Real Estate ETF VNQ is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while REM holds US companies that lend money for property or own mortgage bonds. It charges 0.13% a year, about $13 on $10,000, against $48 for REM. It held 139 stocks, against 30 for REM. From May 2007 to October 2026, VNQ returned about 5.1% a year and REM lost about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [VNQ fund page](https://tactfolio.com/etf/vnq.md) for its returns by year and worst drop. ### IYR: iShares U.S. Real Estate ETF IYR is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while REM holds US companies that lend money for property or own mortgage bonds. It charges 0.37% a year, about $37 on $10,000, against $48 for REM. It held 58 stocks, against 30 for REM. From May 2007 to October 2026, IYR returned about 4.3% a year and REM lost about 2.2% a year. Over about the last five years they often moved together, but not always (correlation 0.73). Read the [IYR fund page](https://tactfolio.com/etf/iyr.md) for its returns by year and worst drop. ### SCHH: Schwab U.S. REIT ETF SCHH is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while REM holds US companies that lend money for property or own mortgage bonds. It charges 0.07% a year, about $7 on $10,000, against $48 for REM. It held 117 stocks, against 30 for REM. From January 2011 to October 2026, SCHH returned about 6.6% a year and REM returned about 2.0% a year. Over about the last five years they often moved together, but not always (correlation 0.72). Read the [SCHH fund page](https://tactfolio.com/etf/schh.md) for its returns by year and worst drop. ### XLRE: State Street Real Estate Select Sector SPDR ETF XLRE is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while REM holds US companies that lend money for property or own mortgage bonds. It charges 0.08% a year, about $8 on $10,000, against $48 for REM. It held 30 stocks, against 30 for REM. From October 2015 to October 2026, XLRE returned about 6.7% a year and REM returned about 1.2% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [XLRE fund page](https://tactfolio.com/etf/xlre.md) for its returns by year and worst drop. ## REM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to REM from each other company on this page: - **Vanguard:** [VNQ](https://tactfolio.com/etf/vnq.md), Vanguard Real Estate ETF (related fund, 0.13% a year) - **Schwab:** [SCHH](https://tactfolio.com/etf/schh.md), Schwab U.S. REIT ETF (related fund, 0.07% a year) - **SPDR (State Street):** [XLRE](https://tactfolio.com/etf/xlre.md), State Street Real Estate Select Sector SPDR ETF (related fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between REM and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, REM costs about $48 a year. SCHH costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping REM to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as VNQ, IYR or SCHH, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test REM and its alternatives in a backtest 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 REM and VNQ, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as REM. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like REM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with REM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to REM? VNQ is the closest. VNQ is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while REM holds US companies that lend money for property or own mortgage bonds. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to REM? Yes. SCHH charges 0.07% a year, XLRE charges 0.08% a year and VNQ charges 0.13% a year, against 0.48% for REM. On $10,000 that is about $7 a year instead of $48. ### Is REM or VNQ better? Neither is better for everyone. From May 2007 to October 2026, REM lost about 2.2% a year and VNQ returned about 5.1% a year. REM charges 0.48% a year and VNQ charges 0.13%. Past returns do not tell you what comes next. ### What if I had put $10,000 in REM 10 years ago? It would have grown to about $10,407 by October 16, 2026, with dividends reinvested. That is about 0.4% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Mortgage Real Estate ETF fund page](https://www.ishares.com/us/products/239543/ishares-mortgage-real-estate-etf) - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # RWO alternatives: 5 similar ETFs compared > ETFs similar to RWO, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as RWO. Updated daily. The ETFs most like RWO are RWX, VNQ and SCHH. RWX holds property companies around the world, like RWO. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 5 funds can stand in for RWO: 1 of the same kind and 4 related funds. - RWO charges 0.5% a year (about $50 on $10,000). The cheapest alternative here, SCHH, charges 0.07%. - VNQ moved most like RWO: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## RWO alternatives at a glance Each fund below can stand in for RWO, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **RWO** | This fund | 0.5% | $50 | Dow Jones Global Select Real Estate Securities Index | | [RWX](https://tactfolio.com/etf/rwx.md) | Same kind of fund | 0.59% | $59 | Dow Jones Global ex-U.S. Select Real Estate Securities Index | | [VNQ](https://tactfolio.com/etf/vnq.md) | Related fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [SCHH](https://tactfolio.com/etf/schh.md) | Related fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [IYR](https://tactfolio.com/etf/iyr.md) | Related fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [XLRE](https://tactfolio.com/etf/xlre.md) | Related fund | 0.08% | $8 | Real Estate Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How RWO and its alternatives did over the same dates Each row measures the alternative and RWO on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with RWO | Per year | RWO per year | Worst drop | RWO worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [RWX](https://tactfolio.com/etf/rwx.md) | 0.80 | 0.8% | 3.6% | −67.1% | −67.7% | May 2008 | | [VNQ](https://tactfolio.com/etf/vnq.md) | 0.97 | 6.2% | 3.6% | −66.9% | −67.7% | May 2008 | | [SCHH](https://tactfolio.com/etf/schh.md) | 0.96 | 6.6% | 5.1% | −44.2% | −43.3% | January 2011 | | [IYR](https://tactfolio.com/etf/iyr.md) | 0.96 | 5.7% | 3.6% | −67.0% | −67.7% | May 2008 | | [XLRE](https://tactfolio.com/etf/xlre.md) | 0.95 | 6.7% | 3.5% | −38.8% | −43.3% | October 2015 | 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. ## Each RWO alternative, compared ### RWX: State Street SPDR Dow Jones International Real Estate ETF RWX also holds property companies around the world. It tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index, while RWO tracks the Dow Jones Global Select Real Estate Securities Index. It charges 0.59% a year, about $59 on $10,000, against $50 for RWO. It held 126 stocks, against 224 for RWO. From May 2008 to October 2026, RWX returned about 0.8% a year and RWO returned about 3.6% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [RWX fund page](https://tactfolio.com/etf/rwx.md) for its returns by year and worst drop. ### VNQ: Vanguard Real Estate ETF VNQ is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while RWO holds property companies around the world. It charges 0.13% a year, about $13 on $10,000, against $50 for RWO. It held 139 stocks, against 224 for RWO. From May 2008 to October 2026, VNQ returned about 6.2% a year and RWO returned about 3.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [VNQ fund page](https://tactfolio.com/etf/vnq.md) for its returns by year and worst drop. ### SCHH: Schwab U.S. REIT ETF SCHH is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while RWO holds property companies around the world. It charges 0.07% a year, about $7 on $10,000, against $50 for RWO. It held 117 stocks, against 224 for RWO. From January 2011 to October 2026, SCHH returned about 6.6% a year and RWO returned about 5.1% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [SCHH fund page](https://tactfolio.com/etf/schh.md) for its returns by year and worst drop. ### IYR: iShares U.S. Real Estate ETF IYR is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while RWO holds property companies around the world. It charges 0.37% a year, about $37 on $10,000, against $50 for RWO. It held 58 stocks, against 224 for RWO. From May 2008 to October 2026, IYR returned about 5.7% a year and RWO returned about 3.6% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [IYR fund page](https://tactfolio.com/etf/iyr.md) for its returns by year and worst drop. ### XLRE: State Street Real Estate Select Sector SPDR ETF XLRE is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while RWO holds property companies around the world. It charges 0.08% a year, about $8 on $10,000, against $50 for RWO. It held 30 stocks, against 224 for RWO. From October 2015 to October 2026, XLRE returned about 6.7% a year and RWO returned about 3.5% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [XLRE fund page](https://tactfolio.com/etf/xlre.md) for its returns by year and worst drop. ## RWO versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to RWO from each other company on this page: - **Vanguard:** [VNQ](https://tactfolio.com/etf/vnq.md), Vanguard Real Estate ETF (related fund, 0.13% a year) - **Schwab:** [SCHH](https://tactfolio.com/etf/schh.md), Schwab U.S. REIT ETF (related fund, 0.07% a year) - **iShares (BlackRock):** [IYR](https://tactfolio.com/etf/iyr.md), iShares U.S. Real Estate ETF (related fund, 0.37% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between RWO and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, RWO costs about $50 a year. SCHH costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping RWO to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as RWX, VNQ or SCHH, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test RWO and its alternatives in a backtest 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 RWO and RWX, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as RWO. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like RWO over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with RWO only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to RWO? RWX is the closest. RWX also holds property companies around the world. It tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index, while RWO tracks the Dow Jones Global Select Real Estate Securities Index. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to RWO? Yes. SCHH charges 0.07% a year, XLRE charges 0.08% a year and VNQ charges 0.13% a year, against 0.5% for RWO. On $10,000 that is about $7 a year instead of $50. ### Is RWO or RWX better? Neither is better for everyone. From May 2008 to October 2026, RWO returned about 3.6% a year and RWX returned about 0.8% a year. RWO charges 0.5% a year and RWX charges 0.59%. Past returns do not tell you what comes next. ### What if I had put $10,000 in RWO 10 years ago? It would have grown to about $14,174 by October 16, 2026, with dividends reinvested. That is about 3.5% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Dow Jones Global Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-global-real-estate-etf-rwo) - [SPDR (State Street): State Street SPDR Dow Jones International Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # RWX alternatives: 5 similar ETFs compared > ETFs similar to RWX, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as RWX. Updated daily. The ETFs most like RWX are RWO, VNQ and IYR. RWO holds property companies around the world, like RWX. RWO costs less: 0.5% a year against 0.59%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 5 funds can stand in for RWX: 1 of the same kind and 4 related funds. - RWX charges 0.59% a year (about $59 on $10,000). The cheapest alternative here, SCHH, charges 0.07%. - RWO moved most like RWX: a daily correlation of 0.80 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## RWX alternatives at a glance Each fund below can stand in for RWX, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **RWX** | This fund | 0.59% | $59 | Dow Jones Global ex-U.S. Select Real Estate Securities Index | | [RWO](https://tactfolio.com/etf/rwo.md) | Same kind of fund | 0.5% | $50 | Dow Jones Global Select Real Estate Securities Index | | [VNQ](https://tactfolio.com/etf/vnq.md) | Related fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [IYR](https://tactfolio.com/etf/iyr.md) | Related fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [SCHH](https://tactfolio.com/etf/schh.md) | Related fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [XLRE](https://tactfolio.com/etf/xlre.md) | Related fund | 0.08% | $8 | Real Estate Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How RWX and its alternatives did over the same dates Each row measures the alternative and RWX on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with RWX | Per year | RWX per year | Worst drop | RWX worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [RWO](https://tactfolio.com/etf/rwo.md) | 0.80 | 3.6% | 0.8% | −67.7% | −67.1% | May 2008 | | [VNQ](https://tactfolio.com/etf/vnq.md) | 0.70 | 5.2% | 0.4% | −73.1% | −73.6% | December 2006 | | [IYR](https://tactfolio.com/etf/iyr.md) | 0.70 | 4.5% | 0.4% | −74.1% | −73.6% | December 2006 | | [SCHH](https://tactfolio.com/etf/schh.md) | 0.69 | 6.6% | 2.0% | −44.2% | −43.4% | January 2011 | | [XLRE](https://tactfolio.com/etf/xlre.md) | 0.68 | 6.7% | 0.5% | −38.8% | −43.4% | October 2015 | 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. ## Each RWX alternative, compared ### RWO: State Street SPDR Dow Jones Global Real Estate ETF RWO also holds property companies around the world. It tracks the Dow Jones Global Select Real Estate Securities Index, while RWX tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index. It charges 0.5% a year, about $50 on $10,000, against $59 for RWX. It held 224 stocks, against 126 for RWX. From May 2008 to October 2026, RWO returned about 3.6% a year and RWX returned about 0.8% a year. Over about the last five years they often moved together, but not always (correlation 0.80). Read the [RWO fund page](https://tactfolio.com/etf/rwo.md) for its returns by year and worst drop. ### VNQ: Vanguard Real Estate ETF VNQ is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while RWX holds property companies around the world. It charges 0.13% a year, about $13 on $10,000, against $59 for RWX. It held 139 stocks, against 126 for RWX. From December 2006 to October 2026, VNQ returned about 5.2% a year and RWX returned about 0.4% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [VNQ fund page](https://tactfolio.com/etf/vnq.md) for its returns by year and worst drop. ### IYR: iShares U.S. Real Estate ETF IYR is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while RWX holds property companies around the world. It charges 0.37% a year, about $37 on $10,000, against $59 for RWX. It held 58 stocks, against 126 for RWX. From December 2006 to October 2026, IYR returned about 4.5% a year and RWX returned about 0.4% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [IYR fund page](https://tactfolio.com/etf/iyr.md) for its returns by year and worst drop. ### SCHH: Schwab U.S. REIT ETF SCHH is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while RWX holds property companies around the world. It charges 0.07% a year, about $7 on $10,000, against $59 for RWX. It held 117 stocks, against 126 for RWX. From January 2011 to October 2026, SCHH returned about 6.6% a year and RWX returned about 2.0% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [SCHH fund page](https://tactfolio.com/etf/schh.md) for its returns by year and worst drop. ### XLRE: State Street Real Estate Select Sector SPDR ETF XLRE is a looser match. It holds US real estate investment trusts (REITs), companies that own and rent out property, while RWX holds property companies around the world. It charges 0.08% a year, about $8 on $10,000, against $59 for RWX. It held 30 stocks, against 126 for RWX. From October 2015 to October 2026, XLRE returned about 6.7% a year and RWX returned about 0.5% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [XLRE fund page](https://tactfolio.com/etf/xlre.md) for its returns by year and worst drop. ## RWX versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to RWX from each other company on this page: - **Vanguard:** [VNQ](https://tactfolio.com/etf/vnq.md), Vanguard Real Estate ETF (related fund, 0.13% a year) - **iShares (BlackRock):** [IYR](https://tactfolio.com/etf/iyr.md), iShares U.S. Real Estate ETF (related fund, 0.37% a year) - **Schwab:** [SCHH](https://tactfolio.com/etf/schh.md), Schwab U.S. REIT ETF (related fund, 0.07% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between RWX and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, RWX costs about $59 a year. SCHH costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping RWX to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as RWO, VNQ or IYR, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test RWX and its alternatives in a backtest 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 RWX and RWO, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as RWX. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like RWX over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with RWX only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to RWX? RWO is the closest. RWO also holds property companies around the world. It tracks the Dow Jones Global Select Real Estate Securities Index, while RWX tracks the Dow Jones Global ex-U.S. Select Real Estate Securities Index. Over about the last five years they often moved together, but not always. ### Is there a cheaper alternative to RWX? Yes. SCHH charges 0.07% a year, XLRE charges 0.08% a year and VNQ charges 0.13% a year, against 0.59% for RWX. On $10,000 that is about $7 a year instead of $59. ### Is RWX or RWO better? Neither is better for everyone. From May 2008 to October 2026, RWX returned about 0.8% a year and RWO returned about 3.6% a year. RWX charges 0.59% a year and RWO charges 0.5%. Past returns do not tell you what comes next. ### What if I had put $10,000 in RWX 10 years ago? It would have grown to about $10,733 by October 16, 2026, with dividends reinvested. That is about 0.7% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street SPDR Dow Jones International Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) - [SPDR (State Street): State Street SPDR Dow Jones Global Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-global-real-estate-etf-rwo) - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # SCHH alternatives: 7 similar ETFs compared > ETFs similar to SCHH, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SCHH. Updated daily. The ETFs most like SCHH are XLRE, VNQ and IYR. XLRE, VNQ and IYR hold US real estate investment trusts (REITs), companies that own and rent out property, like SCHH. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for SCHH: 3 of the same kind and 4 related funds. - SCHH charges 0.07% a year (about $7 on $10,000). - XLRE moved most like SCHH: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SCHH alternatives at a glance Each fund below can stand in for SCHH, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SCHH** | This fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [XLRE](https://tactfolio.com/etf/xlre.md) | Same kind of fund | 0.08% | $8 | Real Estate Select Sector Index | | [VNQ](https://tactfolio.com/etf/vnq.md) | Same kind of fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [IYR](https://tactfolio.com/etf/iyr.md) | Same kind of fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [RWO](https://tactfolio.com/etf/rwo.md) | Related fund | 0.5% | $50 | Dow Jones Global Select Real Estate Securities Index | | [RWX](https://tactfolio.com/etf/rwx.md) | Related fund | 0.59% | $59 | Dow Jones Global ex-U.S. Select Real Estate Securities Index | | [VPU](https://tactfolio.com/etf/vpu.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Utilities 25/50 Index | | [XLU](https://tactfolio.com/etf/xlu.md) | Related fund | 0.08% | $8 | Utilities Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SCHH and its alternatives did over the same dates Each row measures the alternative and SCHH on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SCHH | Per year | SCHH per year | Worst drop | SCHH worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [XLRE](https://tactfolio.com/etf/xlre.md) | 0.99 | 6.7% | 4.2% | −38.8% | −44.2% | October 2015 | | [VNQ](https://tactfolio.com/etf/vnq.md) | 0.99 | 7.4% | 6.6% | −42.4% | −44.2% | January 2011 | | [IYR](https://tactfolio.com/etf/iyr.md) | 0.99 | 7.0% | 6.6% | −42.3% | −44.2% | January 2011 | | [RWO](https://tactfolio.com/etf/rwo.md) | 0.96 | 5.1% | 6.6% | −43.3% | −44.2% | January 2011 | | [RWX](https://tactfolio.com/etf/rwx.md) | 0.69 | 2.0% | 6.6% | −43.4% | −44.2% | January 2011 | | [VPU](https://tactfolio.com/etf/vpu.md) | 0.67 | 10.0% | 6.6% | −36.4% | −44.2% | January 2011 | | [XLU](https://tactfolio.com/etf/xlu.md) | 0.66 | 10.1% | 6.6% | −36.1% | −44.2% | January 2011 | 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. ## Each SCHH alternative, compared ### XLRE: State Street Real Estate Select Sector SPDR ETF XLRE also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Real Estate Select Sector Index, while SCHH tracks the Dow Jones Equity All REIT Capped Index. It charges 0.08% a year, about $8 on $10,000, against $7 for SCHH. It held 30 stocks, against 117 for SCHH. From October 2015 to October 2026, XLRE returned about 6.7% a year and SCHH returned about 4.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLRE fund page](https://tactfolio.com/etf/xlre.md) for its returns by year and worst drop. ### VNQ: Vanguard Real Estate ETF VNQ also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the MSCI US Investable Market Real Estate 25/50 Index, while SCHH tracks the Dow Jones Equity All REIT Capped Index. It charges 0.13% a year, about $13 on $10,000, against $7 for SCHH. It held 139 stocks, against 117 for SCHH. From January 2011 to October 2026, VNQ returned about 7.4% a year and SCHH returned about 6.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VNQ fund page](https://tactfolio.com/etf/vnq.md) for its returns by year and worst drop. ### IYR: iShares U.S. Real Estate ETF IYR also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Dow Jones U.S. Real Estate Capped Index, while SCHH tracks the Dow Jones Equity All REIT Capped Index. It charges 0.37% a year, about $37 on $10,000, against $7 for SCHH. It held 58 stocks, against 117 for SCHH. From January 2011 to October 2026, IYR returned about 7.0% a year and SCHH returned about 6.6% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IYR fund page](https://tactfolio.com/etf/iyr.md) for its returns by year and worst drop. ### RWO: State Street SPDR Dow Jones Global Real Estate ETF RWO is a looser match. It holds property companies around the world, while SCHH holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.5% a year, about $50 on $10,000, against $7 for SCHH. It held 224 stocks, against 117 for SCHH. From January 2011 to October 2026, RWO returned about 5.1% a year and SCHH returned about 6.6% a year. Over about the last five years they moved almost exactly together (correlation 0.96). Read the [RWO fund page](https://tactfolio.com/etf/rwo.md) for its returns by year and worst drop. ### RWX: State Street SPDR Dow Jones International Real Estate ETF RWX is a looser match. It holds property companies around the world, while SCHH holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.59% a year, about $59 on $10,000, against $7 for SCHH. It held 126 stocks, against 117 for SCHH. From January 2011 to October 2026, RWX returned about 2.0% a year and SCHH returned about 6.6% a year. Over about the last five years they often moved together, but not always (correlation 0.69). Read the [RWX fund page](https://tactfolio.com/etf/rwx.md) for its returns by year and worst drop. ### VPU: Vanguard Utilities ETF VPU is a looser match. It holds US electric, gas and water companies, while SCHH holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.09% a year, about $9 on $10,000, against $7 for SCHH. It held 68 stocks, against 117 for SCHH. From January 2011 to October 2026, VPU returned about 10.0% a year and SCHH returned about 6.6% a year. Over about the last five years they often moved together, but not always (correlation 0.67). Read the [VPU fund page](https://tactfolio.com/etf/vpu.md) for its returns by year and worst drop. ### XLU: State Street Utilities Select Sector SPDR ETF XLU is a looser match. It holds US electric, gas and water companies, while SCHH holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.08% a year, about $8 on $10,000, against $7 for SCHH. It held 31 stocks, against 117 for SCHH. From January 2011 to October 2026, XLU returned about 10.1% a year and SCHH returned about 6.6% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [XLU fund page](https://tactfolio.com/etf/xlu.md) for its returns by year and worst drop. ## SCHH versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SCHH from each other company on this page: - **SPDR (State Street):** [XLRE](https://tactfolio.com/etf/xlre.md), State Street Real Estate Select Sector SPDR ETF (same kind of fund, 0.08% a year) - **Vanguard:** [VNQ](https://tactfolio.com/etf/vnq.md), Vanguard Real Estate ETF (same kind of fund, 0.13% a year) - **iShares (BlackRock):** [IYR](https://tactfolio.com/etf/iyr.md), iShares U.S. Real Estate ETF (same kind of fund, 0.37% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SCHH and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SCHH costs about $7 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping SCHH to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as XLRE, VNQ or IYR, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test SCHH and its alternatives in a backtest 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 SCHH and XLRE, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SCHH. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SCHH over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SCHH only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to SCHH? XLRE is the closest. XLRE also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Real Estate Select Sector Index, while SCHH tracks the Dow Jones Equity All REIT Capped Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SCHH? Not among the funds here. SCHH charges 0.07% a year, about $7 on $10,000, which is as low as or lower than each alternative listed. ### Is SCHH or XLRE better? Neither is better for everyone. From October 2015 to October 2026, SCHH returned about 4.2% a year and XLRE returned about 6.7% a year. SCHH charges 0.07% a year and XLRE charges 0.08%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SCHH 10 years ago? It would have grown to about $14,675 by October 16, 2026, with dividends reinvested. That is about 3.9% a year. Past returns do not tell you what comes next. ## Sources - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [SPDR (State Street): State Street SPDR Dow Jones Global Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-global-real-estate-etf-rwo) - [SPDR (State Street): State Street SPDR Dow Jones International Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # VNQ alternatives: 7 similar ETFs compared > ETFs similar to VNQ, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as VNQ. Updated daily. The ETFs most like VNQ are IYR, SCHH and XLRE. IYR, SCHH and XLRE hold US real estate investment trusts (REITs), companies that own and rent out property, like VNQ. SCHH costs less: 0.07% a year against 0.13%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for VNQ: 3 of the same kind and 4 related funds. - VNQ charges 0.13% a year (about $13 on $10,000). The cheapest alternative here, SCHH, charges 0.07%. - IYR moved most like VNQ: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## VNQ alternatives at a glance Each fund below can stand in for VNQ, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **VNQ** | This fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [IYR](https://tactfolio.com/etf/iyr.md) | Same kind of fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [SCHH](https://tactfolio.com/etf/schh.md) | Same kind of fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [XLRE](https://tactfolio.com/etf/xlre.md) | Same kind of fund | 0.08% | $8 | Real Estate Select Sector Index | | [RWO](https://tactfolio.com/etf/rwo.md) | Related fund | 0.5% | $50 | Dow Jones Global Select Real Estate Securities Index | | [RWX](https://tactfolio.com/etf/rwx.md) | Related fund | 0.59% | $59 | Dow Jones Global ex-U.S. Select Real Estate Securities Index | | [VPU](https://tactfolio.com/etf/vpu.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Utilities 25/50 Index | | [XLU](https://tactfolio.com/etf/xlu.md) | Related fund | 0.08% | $8 | Utilities Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How VNQ and its alternatives did over the same dates Each row measures the alternative and VNQ on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with VNQ | Per year | VNQ per year | Worst drop | VNQ worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [IYR](https://tactfolio.com/etf/iyr.md) | 1.00 | 6.5% | 7.3% | −74.1% | −73.1% | September 2004 | | [SCHH](https://tactfolio.com/etf/schh.md) | 0.99 | 6.6% | 7.4% | −44.2% | −42.4% | January 2011 | | [XLRE](https://tactfolio.com/etf/xlre.md) | 0.99 | 6.7% | 5.5% | −38.8% | −42.4% | October 2015 | | [RWO](https://tactfolio.com/etf/rwo.md) | 0.97 | 3.6% | 6.2% | −67.7% | −66.9% | May 2008 | | [RWX](https://tactfolio.com/etf/rwx.md) | 0.70 | 0.4% | 5.2% | −73.6% | −73.1% | December 2006 | | [VPU](https://tactfolio.com/etf/vpu.md) | 0.66 | 9.3% | 7.3% | −46.3% | −73.1% | September 2004 | | [XLU](https://tactfolio.com/etf/xlu.md) | 0.65 | 9.3% | 7.3% | −46.5% | −73.1% | September 2004 | 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. ## Each VNQ alternative, compared ### IYR: iShares U.S. Real Estate ETF IYR also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Dow Jones U.S. Real Estate Capped Index, while VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index. It charges 0.37% a year, about $37 on $10,000, against $13 for VNQ. It held 58 stocks, against 139 for VNQ. From September 2004 to October 2026, IYR returned about 6.5% a year and VNQ returned about 7.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IYR fund page](https://tactfolio.com/etf/iyr.md) for its returns by year and worst drop. ### SCHH: Schwab U.S. REIT ETF SCHH also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Dow Jones Equity All REIT Capped Index, while VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index. It charges 0.07% a year, about $7 on $10,000, against $13 for VNQ. It held 117 stocks, against 139 for VNQ. From January 2011 to October 2026, SCHH returned about 6.6% a year and VNQ returned about 7.4% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHH fund page](https://tactfolio.com/etf/schh.md) for its returns by year and worst drop. ### XLRE: State Street Real Estate Select Sector SPDR ETF XLRE also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Real Estate Select Sector Index, while VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index. It charges 0.08% a year, about $8 on $10,000, against $13 for VNQ. It held 30 stocks, against 139 for VNQ. From October 2015 to October 2026, XLRE returned about 6.7% a year and VNQ returned about 5.5% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [XLRE fund page](https://tactfolio.com/etf/xlre.md) for its returns by year and worst drop. ### RWO: State Street SPDR Dow Jones Global Real Estate ETF RWO is a looser match. It holds property companies around the world, while VNQ holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.5% a year, about $50 on $10,000, against $13 for VNQ. It held 224 stocks, against 139 for VNQ. From May 2008 to October 2026, RWO returned about 3.6% a year and VNQ returned about 6.2% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [RWO fund page](https://tactfolio.com/etf/rwo.md) for its returns by year and worst drop. ### RWX: State Street SPDR Dow Jones International Real Estate ETF RWX is a looser match. It holds property companies around the world, while VNQ holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.59% a year, about $59 on $10,000, against $13 for VNQ. It held 126 stocks, against 139 for VNQ. From December 2006 to October 2026, RWX returned about 0.4% a year and VNQ returned about 5.2% a year. Over about the last five years they often moved together, but not always (correlation 0.70). Read the [RWX fund page](https://tactfolio.com/etf/rwx.md) for its returns by year and worst drop. ### VPU: Vanguard Utilities ETF VPU is a looser match. It holds US electric, gas and water companies, while VNQ holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.09% a year, about $9 on $10,000, against $13 for VNQ. It held 68 stocks, against 139 for VNQ. From September 2004 to October 2026, VPU returned about 9.3% a year and VNQ returned about 7.3% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [VPU fund page](https://tactfolio.com/etf/vpu.md) for its returns by year and worst drop. ### XLU: State Street Utilities Select Sector SPDR ETF XLU is a looser match. It holds US electric, gas and water companies, while VNQ holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.08% a year, about $8 on $10,000, against $13 for VNQ. It held 31 stocks, against 139 for VNQ. From September 2004 to October 2026, XLU returned about 9.3% a year and VNQ returned about 7.3% a year. Over about the last five years they often moved together, but not always (correlation 0.65). Read the [XLU fund page](https://tactfolio.com/etf/xlu.md) for its returns by year and worst drop. ## VNQ versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to VNQ from each other company on this page: - **iShares (BlackRock):** [IYR](https://tactfolio.com/etf/iyr.md), iShares U.S. Real Estate ETF (same kind of fund, 0.37% a year) - **Schwab:** [SCHH](https://tactfolio.com/etf/schh.md), Schwab U.S. REIT ETF (same kind of fund, 0.07% a year) - **SPDR (State Street):** [XLRE](https://tactfolio.com/etf/xlre.md), State Street Real Estate Select Sector SPDR ETF (same kind of fund, 0.08% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between VNQ and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, VNQ costs about $13 a year. SCHH costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping VNQ to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IYR, SCHH or XLRE, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test VNQ and its alternatives in a backtest 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 VNQ and IYR, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as VNQ. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like VNQ over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VNQ only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to VNQ? IYR is the closest. IYR also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Dow Jones U.S. Real Estate Capped Index, while VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to VNQ? Yes. SCHH charges 0.07% a year, XLRE charges 0.08% a year and XLU charges 0.08% a year, against 0.13% for VNQ. On $10,000 that is about $7 a year instead of $13. ### Is VNQ or IYR better? Neither is better for everyone. From September 2004 to October 2026, VNQ returned about 7.3% a year and IYR returned about 6.5% a year. VNQ charges 0.13% a year and IYR charges 0.37%. Past returns do not tell you what comes next. ### What if I had put $10,000 in VNQ 10 years ago? It would have grown to about $16,445 by October 16, 2026, with dividends reinvested. That is about 5.1% a year. Past returns do not tell you what comes next. ## Sources - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [SPDR (State Street): State Street SPDR Dow Jones Global Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-global-real-estate-etf-rwo) - [SPDR (State Street): State Street SPDR Dow Jones International Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # XLRE alternatives: 7 similar ETFs compared > ETFs similar to XLRE, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as XLRE. Updated daily. The ETFs most like XLRE are SCHH, VNQ and IYR. SCHH, VNQ and IYR hold US real estate investment trusts (REITs), companies that own and rent out property, like XLRE. SCHH costs less: 0.07% a year against 0.08%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 7 funds can stand in for XLRE: 3 of the same kind and 4 related funds. - XLRE charges 0.08% a year (about $8 on $10,000). The cheapest alternative here, SCHH, charges 0.07%. - SCHH moved most like XLRE: a daily correlation of 0.99 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## XLRE alternatives at a glance Each fund below can stand in for XLRE, closest first. "Same kind" funds hold the same kind of stocks through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **XLRE** | This fund | 0.08% | $8 | Real Estate Select Sector Index | | [SCHH](https://tactfolio.com/etf/schh.md) | Same kind of fund | 0.07% | $7 | Dow Jones Equity All REIT Capped Index | | [VNQ](https://tactfolio.com/etf/vnq.md) | Same kind of fund | 0.13% | $13 | MSCI US Investable Market Real Estate 25/50 Index | | [IYR](https://tactfolio.com/etf/iyr.md) | Same kind of fund | 0.37% | $37 | Dow Jones U.S. Real Estate Capped Index | | [RWO](https://tactfolio.com/etf/rwo.md) | Related fund | 0.5% | $50 | Dow Jones Global Select Real Estate Securities Index | | [RWX](https://tactfolio.com/etf/rwx.md) | Related fund | 0.59% | $59 | Dow Jones Global ex-U.S. Select Real Estate Securities Index | | [VPU](https://tactfolio.com/etf/vpu.md) | Related fund | 0.09% | $9 | MSCI US Investable Market Utilities 25/50 Index | | [XLU](https://tactfolio.com/etf/xlu.md) | Related fund | 0.08% | $8 | Utilities Select Sector Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How XLRE and its alternatives did over the same dates Each row measures the alternative and XLRE on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with XLRE | Per year | XLRE per year | Worst drop | XLRE worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SCHH](https://tactfolio.com/etf/schh.md) | 0.99 | 4.2% | 6.7% | −44.2% | −38.8% | October 2015 | | [VNQ](https://tactfolio.com/etf/vnq.md) | 0.99 | 5.5% | 6.7% | −42.4% | −38.8% | October 2015 | | [IYR](https://tactfolio.com/etf/iyr.md) | 0.99 | 5.6% | 6.7% | −42.3% | −38.8% | October 2015 | | [RWO](https://tactfolio.com/etf/rwo.md) | 0.95 | 3.5% | 6.7% | −43.3% | −38.8% | October 2015 | | [RWX](https://tactfolio.com/etf/rwx.md) | 0.68 | 0.5% | 6.7% | −43.4% | −38.8% | October 2015 | | [VPU](https://tactfolio.com/etf/vpu.md) | 0.68 | 9.4% | 6.7% | −36.4% | −38.8% | October 2015 | | [XLU](https://tactfolio.com/etf/xlu.md) | 0.66 | 9.5% | 6.7% | −36.1% | −38.8% | October 2015 | 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. ## Each XLRE alternative, compared ### SCHH: Schwab U.S. REIT ETF SCHH also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Dow Jones Equity All REIT Capped Index, while XLRE tracks the Real Estate Select Sector Index. It charges 0.07% a year, about $7 on $10,000, against $8 for XLRE. It held 117 stocks, against 30 for XLRE. From October 2015 to October 2026, SCHH returned about 4.2% a year and XLRE returned about 6.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [SCHH fund page](https://tactfolio.com/etf/schh.md) for its returns by year and worst drop. ### VNQ: Vanguard Real Estate ETF VNQ also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the MSCI US Investable Market Real Estate 25/50 Index, while XLRE tracks the Real Estate Select Sector Index. It charges 0.13% a year, about $13 on $10,000, against $8 for XLRE. It held 139 stocks, against 30 for XLRE. From October 2015 to October 2026, VNQ returned about 5.5% a year and XLRE returned about 6.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [VNQ fund page](https://tactfolio.com/etf/vnq.md) for its returns by year and worst drop. ### IYR: iShares U.S. Real Estate ETF IYR also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Dow Jones U.S. Real Estate Capped Index, while XLRE tracks the Real Estate Select Sector Index. It charges 0.37% a year, about $37 on $10,000, against $8 for XLRE. It held 58 stocks, against 30 for XLRE. From October 2015 to October 2026, IYR returned about 5.6% a year and XLRE returned about 6.7% a year. Over about the last five years they moved almost exactly together (correlation 0.99). Read the [IYR fund page](https://tactfolio.com/etf/iyr.md) for its returns by year and worst drop. ### RWO: State Street SPDR Dow Jones Global Real Estate ETF RWO is a looser match. It holds property companies around the world, while XLRE holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.5% a year, about $50 on $10,000, against $8 for XLRE. It held 224 stocks, against 30 for XLRE. From October 2015 to October 2026, RWO returned about 3.5% a year and XLRE returned about 6.7% a year. Over about the last five years they moved almost exactly together (correlation 0.95). Read the [RWO fund page](https://tactfolio.com/etf/rwo.md) for its returns by year and worst drop. ### RWX: State Street SPDR Dow Jones International Real Estate ETF RWX is a looser match. It holds property companies around the world, while XLRE holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.59% a year, about $59 on $10,000, against $8 for XLRE. It held 126 stocks, against 30 for XLRE. From October 2015 to October 2026, RWX returned about 0.5% a year and XLRE returned about 6.7% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [RWX fund page](https://tactfolio.com/etf/rwx.md) for its returns by year and worst drop. ### VPU: Vanguard Utilities ETF VPU is a looser match. It holds US electric, gas and water companies, while XLRE holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.09% a year, about $9 on $10,000, against $8 for XLRE. It held 68 stocks, against 30 for XLRE. From October 2015 to October 2026, VPU returned about 9.4% a year and XLRE returned about 6.7% a year. Over about the last five years they often moved together, but not always (correlation 0.68). Read the [VPU fund page](https://tactfolio.com/etf/vpu.md) for its returns by year and worst drop. ### XLU: State Street Utilities Select Sector SPDR ETF XLU is a looser match. It holds US electric, gas and water companies, while XLRE holds US real estate investment trusts (REITs), companies that own and rent out property. It charges 0.08% a year, about $8 on $10,000, against $8 for XLRE. It held 31 stocks, against 30 for XLRE. From October 2015 to October 2026, XLU returned about 9.5% a year and XLRE returned about 6.7% a year. Over about the last five years they often moved together, but not always (correlation 0.66). Read the [XLU fund page](https://tactfolio.com/etf/xlu.md) for its returns by year and worst drop. ## XLRE versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to XLRE from each other company on this page: - **Schwab:** [SCHH](https://tactfolio.com/etf/schh.md), Schwab U.S. REIT ETF (same kind of fund, 0.07% a year) - **Vanguard:** [VNQ](https://tactfolio.com/etf/vnq.md), Vanguard Real Estate ETF (same kind of fund, 0.13% a year) - **iShares (BlackRock):** [IYR](https://tactfolio.com/etf/iyr.md), iShares U.S. Real Estate ETF (same kind of fund, 0.37% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between XLRE and its alternatives - **What it tracks.** A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, XLRE costs about $8 a year. SCHH costs about $7. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Swapping XLRE to harvest a tax loss Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting. The IRS wash sale rule blocks the loss if you buy a "substantially identical" security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as SCHH, VNQ or IYR, are less likely to. Ask a tax professional before you rely on this. Read the IRS rules in [Publication 550](https://www.irs.gov/publications/p550). ## Test XLRE and its alternatives in a backtest 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 XLRE and SCHH, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as XLRE. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like XLRE over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with XLRE only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Portfolio rebalancing](https://tactfolio.com/learn/portfolio-rebalancing): What portfolio rebalancing is, why a 60/40 mix drifts, calendar vs threshold methods, and how taxes and costs fit in. - [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 ETF is most similar to XLRE? SCHH is the closest. SCHH also holds US real estate investment trusts (REITs), companies that own and rent out property. It tracks the Dow Jones Equity All REIT Capped Index, while XLRE tracks the Real Estate Select Sector Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to XLRE? Yes. SCHH charges 0.07% a year, against 0.08% for XLRE. On $10,000 that is about $7 a year instead of $8. ### Is XLRE or SCHH better? Neither is better for everyone. From October 2015 to October 2026, XLRE returned about 6.7% a year and SCHH returned about 4.2% a year. XLRE charges 0.08% a year and SCHH charges 0.07%. Past returns do not tell you what comes next. ### What if I had put $10,000 in XLRE 10 years ago? It would have grown to about $18,948 by October 16, 2026, with dividends reinvested. That is about 6.6% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): State Street Real Estate Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-real-estate-select-sector-spdr-etf-xlre) - [Schwab: Schwab U.S. REIT ETF fund page](https://www.sec.gov/Archives/edgar/data/1454889/000088454626000300/c497k.htm) - [Vanguard: Vanguard Real Estate ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vnq) - [iShares (BlackRock): iShares U.S. Real Estate ETF fund page](https://www.ishares.com/us/products/239520/ishares-u-s-real-estate-etf) - [SPDR (State Street): State Street SPDR Dow Jones Global Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-global-real-estate-etf-rwo) - [SPDR (State Street): State Street SPDR Dow Jones International Real Estate ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-dow-jones-international-real-estate-etf-rwx) - [Vanguard: Vanguard Utilities ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vpu) - [SPDR (State Street): State Street Utilities Select Sector SPDR ETF fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-utilities-select-sector-spdr-etf-xlu) - [IRS Publication 550: wash sales](https://www.irs.gov/publications/p550) > 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. --- # DBC alternatives: 8 similar ETFs compared > ETFs similar to DBC, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as DBC. Updated daily. The ETFs most like DBC are GSG, DJP and GLDM. GSG and DJP hold futures on oil, metals, grains and other raw materials, like DBC. DJP costs less: 0.7% a year against 0.85%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for DBC: 2 of the same kind and 6 related funds. - DBC charges 0.85% a year (about $85 on $10,000). The cheapest alternative here, GLDM, charges 0.1%. - GSG moved most like DBC: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## DBC alternatives at a glance Each fund below can stand in for DBC, closest first. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **DBC** | This fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [GSG](https://tactfolio.com/etf/gsg.md) | Same kind of fund | 0.75% | $75 | S&P GSCI Total Return Index | | [DJP](https://tactfolio.com/etf/djp.md) | Same kind of fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [GLDM](https://tactfolio.com/etf/gldm.md) | Related fund | 0.1% | $10 | LBMA Gold Price PM | | [SGOL](https://tactfolio.com/etf/sgol.md) | Related fund | 0.17% | $17 | LBMA Gold Price PM | | [BAR](https://tactfolio.com/etf/bar.md) | Related fund | 0.1749% | $17.49 | LBMA Gold Price PM | | [AAAU](https://tactfolio.com/etf/aaau.md) | Related fund | 0.18% | $18 | LBMA Gold Price PM | | [IAU](https://tactfolio.com/etf/iau.md) | Related fund | 0.25% | $25 | LBMA Gold Price | | [GLD](https://tactfolio.com/etf/gld.md) | Related fund | 0.4% | $40 | LBMA Gold Price PM | Fees come from each fund company, checked on the dates shown on each fund's page. ## How DBC and its alternatives did over the same dates Each row measures the alternative and DBC on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with DBC | Per year | DBC per year | Worst drop | DBC worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.97 | −1.4% | 2.6% | −89.6% | −76.4% | July 2006 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.91 | 0.4% | 2.8% | −78.3% | −76.4% | October 2006 | | [GLDM](https://tactfolio.com/etf/gldm.md) | 0.31 | 15.3% | 10.5% | −26.3% | −41.7% | June 2018 | | [SGOL](https://tactfolio.com/etf/sgol.md) | 0.31 | 8.5% | 3.5% | −45.5% | −66.1% | September 2009 | | [BAR](https://tactfolio.com/etf/bar.md) | 0.31 | 13.2% | 11.2% | −26.3% | −41.7% | September 2017 | | [AAAU](https://tactfolio.com/etf/aaau.md) | 0.31 | 16.6% | 11.3% | −26.3% | −41.7% | August 2018 | | [IAU](https://tactfolio.com/etf/iau.md) | 0.31 | 9.8% | 2.8% | −45.1% | −76.4% | February 2006 | | [GLD](https://tactfolio.com/etf/gld.md) | 0.31 | 9.7% | 2.8% | −45.6% | −76.4% | February 2006 | 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. ## Each DBC alternative, compared ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG also holds futures on oil, metals, grains and other raw materials. It tracks the S&P GSCI Total Return Index, while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. It charges 0.75% a year, about $75 on $10,000, against $85 for DBC. From July 2006 to October 2026, GSG lost about 1.4% a year and DBC returned about 2.6% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP also holds futures on oil, metals, grains and other raw materials. It tracks the Bloomberg Commodity Index Total Return, while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. It charges 0.7% a year, about $70 on $10,000, against $85 for DBC. From October 2006 to October 2026, DJP returned about 0.4% a year and DBC returned about 2.8% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### GLDM: SPDR Gold MiniShares GLDM is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials. It charges 0.1% a year, about $10 on $10,000, against $85 for DBC. From June 2018 to October 2026, GLDM returned about 15.3% a year and DBC returned about 10.5% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [GLDM fund page](https://tactfolio.com/etf/gldm.md) for its returns by year and worst drop. ### SGOL: abrdn Physical Gold Shares ETF SGOL is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials. It charges 0.17% a year, about $17 on $10,000, against $85 for DBC. From September 2009 to October 2026, SGOL returned about 8.5% a year and DBC returned about 3.5% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [SGOL fund page](https://tactfolio.com/etf/sgol.md) for its returns by year and worst drop. ### BAR: GraniteShares Gold Trust BAR is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials. It charges 0.1749% a year, about $17.49 on $10,000, against $85 for DBC. From September 2017 to October 2026, BAR returned about 13.2% a year and DBC returned about 11.2% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [BAR fund page](https://tactfolio.com/etf/bar.md) for its returns by year and worst drop. ### AAAU: Goldman Sachs Physical Gold ETF AAAU is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials. It charges 0.18% a year, about $18 on $10,000, against $85 for DBC. From August 2018 to October 2026, AAAU returned about 16.6% a year and DBC returned about 11.3% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [AAAU fund page](https://tactfolio.com/etf/aaau.md) for its returns by year and worst drop. ### IAU: iShares Gold Trust IAU is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials. It charges 0.25% a year, about $25 on $10,000, against $85 for DBC. From February 2006 to October 2026, IAU returned about 9.8% a year and DBC returned about 2.8% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [IAU fund page](https://tactfolio.com/etf/iau.md) for its returns by year and worst drop. ### GLD: SPDR Gold Shares GLD is a looser match. It holds gold bars kept in a vault, while DBC holds futures on oil, metals, grains and other raw materials. It charges 0.4% a year, about $40 on $10,000, against $85 for DBC. From February 2006 to October 2026, GLD returned about 9.7% a year and DBC returned about 2.8% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [GLD fund page](https://tactfolio.com/etf/gld.md) for its returns by year and worst drop. ## DBC versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to DBC from each other company on this page: - **iShares (BlackRock):** [GSG](https://tactfolio.com/etf/gsg.md), iShares S&P GSCI Commodity-Indexed Trust (same kind of fund, 0.75% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (same kind of fund, 0.7% a year) - **SPDR (State Street):** [GLDM](https://tactfolio.com/etf/gldm.md), SPDR Gold MiniShares (related fund, 0.1% a year) - **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/sgol.md), abrdn Physical Gold Shares ETF (related fund, 0.17% a year) - **GraniteShares:** [BAR](https://tactfolio.com/etf/bar.md), GraniteShares Gold Trust (related fund, 0.1749% a year) - **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/aaau.md), Goldman Sachs Physical Gold ETF (related fund, 0.18% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between DBC and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, DBC costs about $85 a year. GLDM costs about $10. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test DBC and its alternatives in a backtest 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 DBC and GSG, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as DBC. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like DBC over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with DBC only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to DBC? GSG is the closest. GSG also holds futures on oil, metals, grains and other raw materials. It tracks the S&P GSCI Total Return Index, while DBC tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to DBC? Yes. GLDM charges 0.1% a year, SGOL charges 0.17% a year and BAR charges 0.1749% a year, against 0.85% for DBC. On $10,000 that is about $10 a year instead of $85. ### Is DBC or GSG better? Neither is better for everyone. From July 2006 to October 2026, DBC returned about 2.6% a year and GSG lost about 1.4% a year. DBC charges 0.85% a year and GSG charges 0.75%. Past returns do not tell you what comes next. ### What if I had put $10,000 in DBC 10 years ago? It would have grown to about $26,150 by October 16, 2026, with dividends reinvested. That is about 10.1% a year. Past returns do not tell you what comes next. ## Sources - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) > 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. --- # DJP alternatives: 8 similar ETFs compared > ETFs similar to DJP, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as DJP. Updated daily. The ETFs most like DJP are DBC, GSG and GLDM. DBC and GSG hold futures on oil, metals, grains and other raw materials, like DJP. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for DJP: 2 of the same kind and 6 related funds. - DJP charges 0.7% a year (about $70 on $10,000). The cheapest alternative here, GLDM, charges 0.1%. - DBC moved most like DJP: a daily correlation of 0.91 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## DJP alternatives at a glance Each fund below can stand in for DJP, closest first. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **DJP** | This fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [DBC](https://tactfolio.com/etf/dbc.md) | Same kind of fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [GSG](https://tactfolio.com/etf/gsg.md) | Same kind of fund | 0.75% | $75 | S&P GSCI Total Return Index | | [GLDM](https://tactfolio.com/etf/gldm.md) | Related fund | 0.1% | $10 | LBMA Gold Price PM | | [SGOL](https://tactfolio.com/etf/sgol.md) | Related fund | 0.17% | $17 | LBMA Gold Price PM | | [BAR](https://tactfolio.com/etf/bar.md) | Related fund | 0.1749% | $17.49 | LBMA Gold Price PM | | [AAAU](https://tactfolio.com/etf/aaau.md) | Related fund | 0.18% | $18 | LBMA Gold Price PM | | [IAU](https://tactfolio.com/etf/iau.md) | Related fund | 0.25% | $25 | LBMA Gold Price | | [GLD](https://tactfolio.com/etf/gld.md) | Related fund | 0.4% | $40 | LBMA Gold Price PM | Fees come from each fund company, checked on the dates shown on each fund's page. ## How DJP and its alternatives did over the same dates Each row measures the alternative and DJP on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with DJP | Per year | DJP per year | Worst drop | DJP worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.91 | 2.8% | 0.4% | −76.4% | −78.3% | October 2006 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.89 | −0.5% | 0.4% | −89.6% | −78.3% | October 2006 | | [GLDM](https://tactfolio.com/etf/gldm.md) | 0.43 | 15.3% | 9.8% | −26.3% | −35.6% | June 2018 | | [SGOL](https://tactfolio.com/etf/sgol.md) | 0.43 | 8.5% | 2.0% | −45.5% | −70.2% | September 2009 | | [BAR](https://tactfolio.com/etf/bar.md) | 0.43 | 13.2% | 9.3% | −26.3% | −38.4% | September 2017 | | [AAAU](https://tactfolio.com/etf/aaau.md) | 0.43 | 16.6% | 10.8% | −26.3% | −35.6% | August 2018 | | [IAU](https://tactfolio.com/etf/iau.md) | 0.43 | 9.9% | 0.4% | −45.1% | −78.3% | October 2006 | | [GLD](https://tactfolio.com/etf/gld.md) | 0.42 | 9.7% | 0.4% | −45.6% | −78.3% | October 2006 | 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. ## Each DJP alternative, compared ### DBC: Invesco DB Commodity Index Tracking Fund DBC also holds futures on oil, metals, grains and other raw materials. It tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while DJP tracks the Bloomberg Commodity Index Total Return. It charges 0.85% a year, about $85 on $10,000, against $70 for DJP. From October 2006 to October 2026, DBC returned about 2.8% a year and DJP returned about 0.4% a year. Over about the last five years they moved together on most days (correlation 0.91). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG also holds futures on oil, metals, grains and other raw materials. It tracks the S&P GSCI Total Return Index, while DJP tracks the Bloomberg Commodity Index Total Return. It charges 0.75% a year, about $75 on $10,000, against $70 for DJP. From October 2006 to October 2026, GSG lost about 0.5% a year and DJP returned about 0.4% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ### GLDM: SPDR Gold MiniShares GLDM is a looser match. It holds gold bars kept in a vault, while DJP holds futures on oil, metals, grains and other raw materials. It charges 0.1% a year, about $10 on $10,000, against $70 for DJP. From June 2018 to October 2026, GLDM returned about 15.3% a year and DJP returned about 9.8% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [GLDM fund page](https://tactfolio.com/etf/gldm.md) for its returns by year and worst drop. ### SGOL: abrdn Physical Gold Shares ETF SGOL is a looser match. It holds gold bars kept in a vault, while DJP holds futures on oil, metals, grains and other raw materials. It charges 0.17% a year, about $17 on $10,000, against $70 for DJP. From September 2009 to October 2026, SGOL returned about 8.5% a year and DJP returned about 2.0% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [SGOL fund page](https://tactfolio.com/etf/sgol.md) for its returns by year and worst drop. ### BAR: GraniteShares Gold Trust BAR is a looser match. It holds gold bars kept in a vault, while DJP holds futures on oil, metals, grains and other raw materials. It charges 0.1749% a year, about $17.49 on $10,000, against $70 for DJP. From September 2017 to October 2026, BAR returned about 13.2% a year and DJP returned about 9.3% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [BAR fund page](https://tactfolio.com/etf/bar.md) for its returns by year and worst drop. ### AAAU: Goldman Sachs Physical Gold ETF AAAU is a looser match. It holds gold bars kept in a vault, while DJP holds futures on oil, metals, grains and other raw materials. It charges 0.18% a year, about $18 on $10,000, against $70 for DJP. From August 2018 to October 2026, AAAU returned about 16.6% a year and DJP returned about 10.8% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [AAAU fund page](https://tactfolio.com/etf/aaau.md) for its returns by year and worst drop. ### IAU: iShares Gold Trust IAU is a looser match. It holds gold bars kept in a vault, while DJP holds futures on oil, metals, grains and other raw materials. It charges 0.25% a year, about $25 on $10,000, against $70 for DJP. From October 2006 to October 2026, IAU returned about 9.9% a year and DJP returned about 0.4% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [IAU fund page](https://tactfolio.com/etf/iau.md) for its returns by year and worst drop. ### GLD: SPDR Gold Shares GLD is a looser match. It holds gold bars kept in a vault, while DJP holds futures on oil, metals, grains and other raw materials. It charges 0.4% a year, about $40 on $10,000, against $70 for DJP. From October 2006 to October 2026, GLD returned about 9.7% a year and DJP returned about 0.4% a year. Over about the last five years they often moved in different ways (correlation 0.42). Read the [GLD fund page](https://tactfolio.com/etf/gld.md) for its returns by year and worst drop. ## DJP versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to DJP from each other company on this page: - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (same kind of fund, 0.85% a year) - **iShares (BlackRock):** [GSG](https://tactfolio.com/etf/gsg.md), iShares S&P GSCI Commodity-Indexed Trust (same kind of fund, 0.75% a year) - **SPDR (State Street):** [GLDM](https://tactfolio.com/etf/gldm.md), SPDR Gold MiniShares (related fund, 0.1% a year) - **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/sgol.md), abrdn Physical Gold Shares ETF (related fund, 0.17% a year) - **GraniteShares:** [BAR](https://tactfolio.com/etf/bar.md), GraniteShares Gold Trust (related fund, 0.1749% a year) - **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/aaau.md), Goldman Sachs Physical Gold ETF (related fund, 0.18% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between DJP and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, DJP costs about $70 a year. GLDM costs about $10. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test DJP and its alternatives in a backtest 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 DJP and DBC, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as DJP. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like DJP over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with DJP only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to DJP? DBC is the closest. DBC also holds futures on oil, metals, grains and other raw materials. It tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while DJP tracks the Bloomberg Commodity Index Total Return. Over about the last five years they moved together on most days. ### Is there a cheaper alternative to DJP? Yes. GLDM charges 0.1% a year, SGOL charges 0.17% a year and BAR charges 0.1749% a year, against 0.7% for DJP. On $10,000 that is about $10 a year instead of $70. ### Is DJP or DBC better? Neither is better for everyone. From October 2006 to October 2026, DJP returned about 0.4% a year and DBC returned about 2.8% a year. DJP charges 0.7% a year and DBC charges 0.85%. Past returns do not tell you what comes next. ### What if I had put $10,000 in DJP 10 years ago? It would have grown to about $22,115 by October 16, 2026, with dividends reinvested. That is about 8.3% a year. Past returns do not tell you what comes next. ## Sources - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) > 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. --- # GSG alternatives: 8 similar ETFs compared > ETFs similar to GSG, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as GSG. Updated daily. The ETFs most like GSG are DBC, DJP and GLDM. DBC and DJP hold futures on oil, metals, grains and other raw materials, like GSG. DJP costs less: 0.7% a year against 0.75%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for GSG: 2 of the same kind and 6 related funds. - GSG charges 0.75% a year (about $75 on $10,000). The cheapest alternative here, GLDM, charges 0.1%. - DBC moved most like GSG: a daily correlation of 0.97 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## GSG alternatives at a glance Each fund below can stand in for GSG, closest first. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **GSG** | This fund | 0.75% | $75 | S&P GSCI Total Return Index | | [DBC](https://tactfolio.com/etf/dbc.md) | Same kind of fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [DJP](https://tactfolio.com/etf/djp.md) | Same kind of fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [GLDM](https://tactfolio.com/etf/gldm.md) | Related fund | 0.1% | $10 | LBMA Gold Price PM | | [SGOL](https://tactfolio.com/etf/sgol.md) | Related fund | 0.17% | $17 | LBMA Gold Price PM | | [BAR](https://tactfolio.com/etf/bar.md) | Related fund | 0.1749% | $17.49 | LBMA Gold Price PM | | [AAAU](https://tactfolio.com/etf/aaau.md) | Related fund | 0.18% | $18 | LBMA Gold Price PM | | [IAU](https://tactfolio.com/etf/iau.md) | Related fund | 0.25% | $25 | LBMA Gold Price | | [GLD](https://tactfolio.com/etf/gld.md) | Related fund | 0.4% | $40 | LBMA Gold Price PM | Fees come from each fund company, checked on the dates shown on each fund's page. ## How GSG and its alternatives did over the same dates Each row measures the alternative and GSG on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with GSG | Per year | GSG per year | Worst drop | GSG worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.97 | 2.6% | −1.4% | −76.4% | −89.6% | July 2006 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.89 | 0.4% | −0.5% | −78.3% | −89.6% | October 2006 | | [GLDM](https://tactfolio.com/etf/gldm.md) | 0.23 | 15.3% | 9.6% | −26.3% | −57.6% | June 2018 | | [SGOL](https://tactfolio.com/etf/sgol.md) | 0.23 | 8.5% | 1.3% | −45.5% | −79.8% | September 2009 | | [BAR](https://tactfolio.com/etf/bar.md) | 0.23 | 13.2% | 10.9% | −26.3% | −57.6% | September 2017 | | [AAAU](https://tactfolio.com/etf/aaau.md) | 0.23 | 16.6% | 10.4% | −26.3% | −57.6% | August 2018 | | [IAU](https://tactfolio.com/etf/iau.md) | 0.23 | 9.6% | −1.4% | −45.1% | −89.6% | July 2006 | | [GLD](https://tactfolio.com/etf/gld.md) | 0.23 | 9.4% | −1.4% | −45.6% | −89.6% | July 2006 | 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. ## Each GSG alternative, compared ### DBC: Invesco DB Commodity Index Tracking Fund DBC also holds futures on oil, metals, grains and other raw materials. It tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while GSG tracks the S&P GSCI Total Return Index. It charges 0.85% a year, about $85 on $10,000, against $75 for GSG. From July 2006 to October 2026, DBC returned about 2.6% a year and GSG lost about 1.4% a year. Over about the last five years they moved almost exactly together (correlation 0.97). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP also holds futures on oil, metals, grains and other raw materials. It tracks the Bloomberg Commodity Index Total Return, while GSG tracks the S&P GSCI Total Return Index. It charges 0.7% a year, about $70 on $10,000, against $75 for GSG. From October 2006 to October 2026, DJP returned about 0.4% a year and GSG lost about 0.5% a year. Over about the last five years they moved together on most days (correlation 0.89). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### GLDM: SPDR Gold MiniShares GLDM is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials. It charges 0.1% a year, about $10 on $10,000, against $75 for GSG. From June 2018 to October 2026, GLDM returned about 15.3% a year and GSG returned about 9.6% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [GLDM fund page](https://tactfolio.com/etf/gldm.md) for its returns by year and worst drop. ### SGOL: abrdn Physical Gold Shares ETF SGOL is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials. It charges 0.17% a year, about $17 on $10,000, against $75 for GSG. From September 2009 to October 2026, SGOL returned about 8.5% a year and GSG returned about 1.3% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [SGOL fund page](https://tactfolio.com/etf/sgol.md) for its returns by year and worst drop. ### BAR: GraniteShares Gold Trust BAR is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials. It charges 0.1749% a year, about $17.49 on $10,000, against $75 for GSG. From September 2017 to October 2026, BAR returned about 13.2% a year and GSG returned about 10.9% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [BAR fund page](https://tactfolio.com/etf/bar.md) for its returns by year and worst drop. ### AAAU: Goldman Sachs Physical Gold ETF AAAU is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials. It charges 0.18% a year, about $18 on $10,000, against $75 for GSG. From August 2018 to October 2026, AAAU returned about 16.6% a year and GSG returned about 10.4% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [AAAU fund page](https://tactfolio.com/etf/aaau.md) for its returns by year and worst drop. ### IAU: iShares Gold Trust IAU is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials. It charges 0.25% a year, about $25 on $10,000, against $75 for GSG. From July 2006 to October 2026, IAU returned about 9.6% a year and GSG lost about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [IAU fund page](https://tactfolio.com/etf/iau.md) for its returns by year and worst drop. ### GLD: SPDR Gold Shares GLD is a looser match. It holds gold bars kept in a vault, while GSG holds futures on oil, metals, grains and other raw materials. It charges 0.4% a year, about $40 on $10,000, against $75 for GSG. From July 2006 to October 2026, GLD returned about 9.4% a year and GSG lost about 1.4% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [GLD fund page](https://tactfolio.com/etf/gld.md) for its returns by year and worst drop. ## GSG versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to GSG from each other company on this page: - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (same kind of fund, 0.85% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (same kind of fund, 0.7% a year) - **SPDR (State Street):** [GLDM](https://tactfolio.com/etf/gldm.md), SPDR Gold MiniShares (related fund, 0.1% a year) - **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/sgol.md), abrdn Physical Gold Shares ETF (related fund, 0.17% a year) - **GraniteShares:** [BAR](https://tactfolio.com/etf/bar.md), GraniteShares Gold Trust (related fund, 0.1749% a year) - **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/aaau.md), Goldman Sachs Physical Gold ETF (related fund, 0.18% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between GSG and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, GSG costs about $75 a year. GLDM costs about $10. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test GSG and its alternatives in a backtest 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 GSG and DBC, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as GSG. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like GSG over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with GSG only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to GSG? DBC is the closest. DBC also holds futures on oil, metals, grains and other raw materials. It tracks the DBIQ Optimum Yield Diversified Commodity Index Excess Return, while GSG tracks the S&P GSCI Total Return Index. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to GSG? Yes. GLDM charges 0.1% a year, SGOL charges 0.17% a year and BAR charges 0.1749% a year, against 0.75% for GSG. On $10,000 that is about $10 a year instead of $75. ### Is GSG or DBC better? Neither is better for everyone. From July 2006 to October 2026, GSG lost about 1.4% a year and DBC returned about 2.6% a year. GSG charges 0.75% a year and DBC charges 0.85%. Past returns do not tell you what comes next. ### What if I had put $10,000 in GSG 10 years ago? It would have grown to about $24,445 by October 16, 2026, with dividends reinvested. That is about 9.3% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) > 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. --- # AAAU alternatives: 8 similar ETFs compared > ETFs similar to AAAU, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as AAAU. Updated daily. The ETFs most like AAAU are GLDM, SGOL and BAR. GLDM, SGOL, BAR and GLD track the same index as AAAU, so they hold the same investments. GLDM costs less: 0.1% a year against 0.18%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for AAAU: 4 on the same index, 1 of the same kind and 3 related funds. - AAAU charges 0.18% a year (about $18 on $10,000). The cheapest alternative here, GLDM, charges 0.1%. - GLDM moved most like AAAU: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## AAAU alternatives at a glance Each fund below can stand in for AAAU, closest first. "Same index" funds hold the same investments as AAAU. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **AAAU** | This fund | 0.18% | $18 | LBMA Gold Price PM | | [GLDM](https://tactfolio.com/etf/gldm.md) | Same index | 0.1% | $10 | LBMA Gold Price PM | | [SGOL](https://tactfolio.com/etf/sgol.md) | Same index | 0.17% | $17 | LBMA Gold Price PM | | [BAR](https://tactfolio.com/etf/bar.md) | Same index | 0.1749% | $17.49 | LBMA Gold Price PM | | [GLD](https://tactfolio.com/etf/gld.md) | Same index | 0.4% | $40 | LBMA Gold Price PM | | [IAU](https://tactfolio.com/etf/iau.md) | Same kind of fund | 0.25% | $25 | LBMA Gold Price | | [DJP](https://tactfolio.com/etf/djp.md) | Related fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [DBC](https://tactfolio.com/etf/dbc.md) | Related fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [GSG](https://tactfolio.com/etf/gsg.md) | Related fund | 0.75% | $75 | S&P GSCI Total Return Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How AAAU and its alternatives did over the same dates Each row measures the alternative and AAAU on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with AAAU | Per year | AAAU per year | Worst drop | AAAU worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [GLDM](https://tactfolio.com/etf/gldm.md) | 1.00 | 16.6% | 16.6% | −26.3% | −26.3% | August 2018 | | [SGOL](https://tactfolio.com/etf/sgol.md) | 1.00 | 16.6% | 16.6% | −26.3% | −26.3% | August 2018 | | [BAR](https://tactfolio.com/etf/bar.md) | 1.00 | 16.6% | 16.6% | −26.3% | −26.3% | August 2018 | | [GLD](https://tactfolio.com/etf/gld.md) | 1.00 | 16.3% | 16.6% | −26.4% | −26.3% | August 2018 | | [IAU](https://tactfolio.com/etf/iau.md) | 1.00 | 16.5% | 16.6% | −26.4% | −26.3% | August 2018 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.43 | 10.8% | 16.6% | −35.6% | −26.3% | August 2018 | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.31 | 11.3% | 16.6% | −41.7% | −26.3% | August 2018 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.23 | 10.4% | 16.6% | −57.6% | −26.3% | August 2018 | 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. ## Each AAAU alternative, compared ### GLDM: SPDR Gold MiniShares GLDM tracks the same LBMA Gold Price PM as AAAU, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.1% a year, about $10 on $10,000, against $18 for AAAU. From August 2018 to October 2026, GLDM returned about 16.6% a year and AAAU returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLDM fund page](https://tactfolio.com/etf/gldm.md) for its returns by year and worst drop. ### SGOL: abrdn Physical Gold Shares ETF SGOL tracks the same LBMA Gold Price PM as AAAU, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.17% a year, about $17 on $10,000, against $18 for AAAU. From August 2018 to October 2026, SGOL returned about 16.6% a year and AAAU returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SGOL fund page](https://tactfolio.com/etf/sgol.md) for its returns by year and worst drop. ### BAR: GraniteShares Gold Trust BAR tracks the same LBMA Gold Price PM as AAAU, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.1749% a year, about $17.49 on $10,000, against $18 for AAAU. From August 2018 to October 2026, BAR returned about 16.6% a year and AAAU returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [BAR fund page](https://tactfolio.com/etf/bar.md) for its returns by year and worst drop. ### GLD: SPDR Gold Shares GLD tracks the same LBMA Gold Price PM as AAAU, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.4% a year, about $40 on $10,000, against $18 for AAAU. From August 2018 to October 2026, GLD returned about 16.3% a year and AAAU returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLD fund page](https://tactfolio.com/etf/gld.md) for its returns by year and worst drop. ### IAU: iShares Gold Trust IAU also holds gold bars kept in a vault. It tracks the LBMA Gold Price, while AAAU tracks the LBMA Gold Price PM. It charges 0.25% a year, about $25 on $10,000, against $18 for AAAU. From August 2018 to October 2026, IAU returned about 16.5% a year and AAAU returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IAU fund page](https://tactfolio.com/etf/iau.md) for its returns by year and worst drop. ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP is a looser match. It holds futures on oil, metals, grains and other raw materials, while AAAU holds gold bars kept in a vault. It charges 0.7% a year, about $70 on $10,000, against $18 for AAAU. From August 2018 to October 2026, DJP returned about 10.8% a year and AAAU returned about 16.6% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### DBC: Invesco DB Commodity Index Tracking Fund DBC is a looser match. It holds futures on oil, metals, grains and other raw materials, while AAAU holds gold bars kept in a vault. It charges 0.85% a year, about $85 on $10,000, against $18 for AAAU. From August 2018 to October 2026, DBC returned about 11.3% a year and AAAU returned about 16.6% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG is a looser match. It holds futures on oil, metals, grains and other raw materials, while AAAU holds gold bars kept in a vault. It charges 0.75% a year, about $75 on $10,000, against $18 for AAAU. From August 2018 to October 2026, GSG returned about 10.4% a year and AAAU returned about 16.6% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ## AAAU versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to AAAU from each other company on this page: - **SPDR (State Street):** [GLDM](https://tactfolio.com/etf/gldm.md), SPDR Gold MiniShares (same index, 0.1% a year) - **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/sgol.md), abrdn Physical Gold Shares ETF (same index, 0.17% a year) - **GraniteShares:** [BAR](https://tactfolio.com/etf/bar.md), GraniteShares Gold Trust (same index, 0.1749% a year) - **iShares (BlackRock):** [IAU](https://tactfolio.com/etf/iau.md), iShares Gold Trust (same kind of fund, 0.25% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (related fund, 0.7% a year) - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (related fund, 0.85% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between AAAU and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, AAAU costs about $18 a year. GLDM costs about $10. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test AAAU and its alternatives in a backtest 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 AAAU and GLDM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as AAAU. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like AAAU over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with AAAU only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to AAAU? GLDM is the closest. GLDM tracks the same LBMA Gold Price PM as AAAU, so the two hold the same investments. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to AAAU? Yes. GLDM charges 0.1% a year, SGOL charges 0.17% a year and BAR charges 0.1749% a year, against 0.18% for AAAU. On $10,000 that is about $10 a year instead of $18. ### Is AAAU or GLDM better? Neither is better for everyone. From August 2018 to October 2026, AAAU returned about 16.6% a year and GLDM returned about 16.6% a year. AAAU charges 0.18% a year and GLDM charges 0.1%. Past returns do not tell you what comes next. ## Sources - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) > 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. --- # BAR alternatives: 8 similar ETFs compared > ETFs similar to BAR, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as BAR. Updated daily. The ETFs most like BAR are GLDM, SGOL and AAAU. GLDM, SGOL, AAAU and GLD track the same index as BAR, so they hold the same investments. GLDM costs less: 0.1% a year against 0.1749%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for BAR: 4 on the same index, 1 of the same kind and 3 related funds. - BAR charges 0.1749% a year (about $17.49 on $10,000). The cheapest alternative here, GLDM, charges 0.1%. - GLDM moved most like BAR: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## BAR alternatives at a glance Each fund below can stand in for BAR, closest first. "Same index" funds hold the same investments as BAR. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **BAR** | This fund | 0.1749% | $17.49 | LBMA Gold Price PM | | [GLDM](https://tactfolio.com/etf/gldm.md) | Same index | 0.1% | $10 | LBMA Gold Price PM | | [SGOL](https://tactfolio.com/etf/sgol.md) | Same index | 0.17% | $17 | LBMA Gold Price PM | | [AAAU](https://tactfolio.com/etf/aaau.md) | Same index | 0.18% | $18 | LBMA Gold Price PM | | [GLD](https://tactfolio.com/etf/gld.md) | Same index | 0.4% | $40 | LBMA Gold Price PM | | [IAU](https://tactfolio.com/etf/iau.md) | Same kind of fund | 0.25% | $25 | LBMA Gold Price | | [DJP](https://tactfolio.com/etf/djp.md) | Related fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [DBC](https://tactfolio.com/etf/dbc.md) | Related fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [GSG](https://tactfolio.com/etf/gsg.md) | Related fund | 0.75% | $75 | S&P GSCI Total Return Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How BAR and its alternatives did over the same dates Each row measures the alternative and BAR on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with BAR | Per year | BAR per year | Worst drop | BAR worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [GLDM](https://tactfolio.com/etf/gldm.md) | 1.00 | 15.3% | 15.3% | −26.3% | −26.3% | June 2018 | | [SGOL](https://tactfolio.com/etf/sgol.md) | 1.00 | 13.1% | 13.2% | −26.3% | −26.3% | September 2017 | | [AAAU](https://tactfolio.com/etf/aaau.md) | 1.00 | 16.6% | 16.6% | −26.3% | −26.3% | August 2018 | | [GLD](https://tactfolio.com/etf/gld.md) | 1.00 | 12.9% | 13.2% | −26.4% | −26.3% | September 2017 | | [IAU](https://tactfolio.com/etf/iau.md) | 1.00 | 13.1% | 13.2% | −26.4% | −26.3% | September 2017 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.43 | 9.3% | 13.2% | −38.4% | −26.3% | September 2017 | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.31 | 11.2% | 13.2% | −41.7% | −26.3% | September 2017 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.23 | 10.9% | 13.2% | −57.6% | −26.3% | September 2017 | 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. ## Each BAR alternative, compared ### GLDM: SPDR Gold MiniShares GLDM tracks the same LBMA Gold Price PM as BAR, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.1% a year, about $10 on $10,000, against $17.49 for BAR. From June 2018 to October 2026, GLDM returned about 15.3% a year and BAR returned about 15.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLDM fund page](https://tactfolio.com/etf/gldm.md) for its returns by year and worst drop. ### SGOL: abrdn Physical Gold Shares ETF SGOL tracks the same LBMA Gold Price PM as BAR, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.17% a year, about $17 on $10,000, against $17.49 for BAR. From September 2017 to October 2026, SGOL returned about 13.1% a year and BAR returned about 13.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SGOL fund page](https://tactfolio.com/etf/sgol.md) for its returns by year and worst drop. ### AAAU: Goldman Sachs Physical Gold ETF AAAU tracks the same LBMA Gold Price PM as BAR, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $17.49 for BAR. From August 2018 to October 2026, AAAU returned about 16.6% a year and BAR returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [AAAU fund page](https://tactfolio.com/etf/aaau.md) for its returns by year and worst drop. ### GLD: SPDR Gold Shares GLD tracks the same LBMA Gold Price PM as BAR, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.4% a year, about $40 on $10,000, against $17.49 for BAR. From September 2017 to October 2026, GLD returned about 12.9% a year and BAR returned about 13.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLD fund page](https://tactfolio.com/etf/gld.md) for its returns by year and worst drop. ### IAU: iShares Gold Trust IAU also holds gold bars kept in a vault. It tracks the LBMA Gold Price, while BAR tracks the LBMA Gold Price PM. It charges 0.25% a year, about $25 on $10,000, against $17.49 for BAR. From September 2017 to October 2026, IAU returned about 13.1% a year and BAR returned about 13.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IAU fund page](https://tactfolio.com/etf/iau.md) for its returns by year and worst drop. ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP is a looser match. It holds futures on oil, metals, grains and other raw materials, while BAR holds gold bars kept in a vault. It charges 0.7% a year, about $70 on $10,000, against $17.49 for BAR. From September 2017 to October 2026, DJP returned about 9.3% a year and BAR returned about 13.2% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### DBC: Invesco DB Commodity Index Tracking Fund DBC is a looser match. It holds futures on oil, metals, grains and other raw materials, while BAR holds gold bars kept in a vault. It charges 0.85% a year, about $85 on $10,000, against $17.49 for BAR. From September 2017 to October 2026, DBC returned about 11.2% a year and BAR returned about 13.2% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG is a looser match. It holds futures on oil, metals, grains and other raw materials, while BAR holds gold bars kept in a vault. It charges 0.75% a year, about $75 on $10,000, against $17.49 for BAR. From September 2017 to October 2026, GSG returned about 10.9% a year and BAR returned about 13.2% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ## BAR versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to BAR from each other company on this page: - **SPDR (State Street):** [GLDM](https://tactfolio.com/etf/gldm.md), SPDR Gold MiniShares (same index, 0.1% a year) - **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/sgol.md), abrdn Physical Gold Shares ETF (same index, 0.17% a year) - **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/aaau.md), Goldman Sachs Physical Gold ETF (same index, 0.18% a year) - **iShares (BlackRock):** [IAU](https://tactfolio.com/etf/iau.md), iShares Gold Trust (same kind of fund, 0.25% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (related fund, 0.7% a year) - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (related fund, 0.85% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between BAR and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, BAR costs about $17.49 a year. GLDM costs about $10. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test BAR and its alternatives in a backtest 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 BAR and GLDM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as BAR. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like BAR over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with BAR only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to BAR? GLDM is the closest. GLDM tracks the same LBMA Gold Price PM as BAR, so the two hold the same investments. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to BAR? Yes. GLDM charges 0.1% a year and SGOL charges 0.17% a year, against 0.1749% for BAR. On $10,000 that is about $10 a year instead of $17.49. ### Is BAR or GLDM better? Neither is better for everyone. From June 2018 to October 2026, BAR returned about 15.3% a year and GLDM returned about 15.3% a year. BAR charges 0.1749% a year and GLDM charges 0.1%. Past returns do not tell you what comes next. ## Sources - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) > 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. --- # GLD alternatives: 8 similar ETFs compared > ETFs similar to GLD, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as GLD. Updated daily. The ETFs most like GLD are GLDM, SGOL and BAR. GLDM, SGOL, BAR and AAAU track the same index as GLD, so they hold the same investments. GLDM costs less: 0.1% a year against 0.4%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for GLD: 4 on the same index, 1 of the same kind and 3 related funds. - GLD charges 0.4% a year (about $40 on $10,000). The cheapest alternative here, GLDM, charges 0.1%. - GLDM moved most like GLD: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## GLD alternatives at a glance Each fund below can stand in for GLD, closest first. "Same index" funds hold the same investments as GLD. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **GLD** | This fund | 0.4% | $40 | LBMA Gold Price PM | | [GLDM](https://tactfolio.com/etf/gldm.md) | Same index | 0.1% | $10 | LBMA Gold Price PM | | [SGOL](https://tactfolio.com/etf/sgol.md) | Same index | 0.17% | $17 | LBMA Gold Price PM | | [BAR](https://tactfolio.com/etf/bar.md) | Same index | 0.1749% | $17.49 | LBMA Gold Price PM | | [AAAU](https://tactfolio.com/etf/aaau.md) | Same index | 0.18% | $18 | LBMA Gold Price PM | | [IAU](https://tactfolio.com/etf/iau.md) | Same kind of fund | 0.25% | $25 | LBMA Gold Price | | [DJP](https://tactfolio.com/etf/djp.md) | Related fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [DBC](https://tactfolio.com/etf/dbc.md) | Related fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [GSG](https://tactfolio.com/etf/gsg.md) | Related fund | 0.75% | $75 | S&P GSCI Total Return Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How GLD and its alternatives did over the same dates Each row measures the alternative and GLD on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with GLD | Per year | GLD per year | Worst drop | GLD worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [GLDM](https://tactfolio.com/etf/gldm.md) | 1.00 | 15.3% | 15.0% | −26.3% | −26.4% | June 2018 | | [SGOL](https://tactfolio.com/etf/sgol.md) | 1.00 | 8.5% | 8.3% | −45.5% | −45.6% | September 2009 | | [BAR](https://tactfolio.com/etf/bar.md) | 1.00 | 13.2% | 12.9% | −26.3% | −26.4% | September 2017 | | [AAAU](https://tactfolio.com/etf/aaau.md) | 1.00 | 16.6% | 16.3% | −26.3% | −26.4% | August 2018 | | [IAU](https://tactfolio.com/etf/iau.md) | 1.00 | 10.8% | 10.6% | −45.1% | −45.6% | January 2005 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.42 | 0.4% | 9.7% | −78.3% | −45.6% | October 2006 | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.31 | 2.8% | 9.7% | −76.4% | −45.6% | February 2006 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.23 | −1.4% | 9.4% | −89.6% | −45.6% | July 2006 | 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. ## Each GLD alternative, compared ### GLDM: SPDR Gold MiniShares GLDM tracks the same LBMA Gold Price PM as GLD, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.1% a year, about $10 on $10,000, against $40 for GLD. From June 2018 to October 2026, GLDM returned about 15.3% a year and GLD returned about 15.0% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLDM fund page](https://tactfolio.com/etf/gldm.md) for its returns by year and worst drop. ### SGOL: abrdn Physical Gold Shares ETF SGOL tracks the same LBMA Gold Price PM as GLD, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.17% a year, about $17 on $10,000, against $40 for GLD. From September 2009 to October 2026, SGOL returned about 8.5% a year and GLD returned about 8.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SGOL fund page](https://tactfolio.com/etf/sgol.md) for its returns by year and worst drop. ### BAR: GraniteShares Gold Trust BAR tracks the same LBMA Gold Price PM as GLD, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.1749% a year, about $17.49 on $10,000, against $40 for GLD. From September 2017 to October 2026, BAR returned about 13.2% a year and GLD returned about 12.9% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [BAR fund page](https://tactfolio.com/etf/bar.md) for its returns by year and worst drop. ### AAAU: Goldman Sachs Physical Gold ETF AAAU tracks the same LBMA Gold Price PM as GLD, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $40 for GLD. From August 2018 to October 2026, AAAU returned about 16.6% a year and GLD returned about 16.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [AAAU fund page](https://tactfolio.com/etf/aaau.md) for its returns by year and worst drop. ### IAU: iShares Gold Trust IAU also holds gold bars kept in a vault. It tracks the LBMA Gold Price, while GLD tracks the LBMA Gold Price PM. It charges 0.25% a year, about $25 on $10,000, against $40 for GLD. From January 2005 to October 2026, IAU returned about 10.8% a year and GLD returned about 10.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [GLD vs IAU](https://tactfolio.com/etf-comparisons/gld-vs-iau.md) for the full side-by-side, or the [IAU fund page](https://tactfolio.com/etf/iau.md). ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP is a looser match. It holds futures on oil, metals, grains and other raw materials, while GLD holds gold bars kept in a vault. It charges 0.7% a year, about $70 on $10,000, against $40 for GLD. From October 2006 to October 2026, DJP returned about 0.4% a year and GLD returned about 9.7% a year. Over about the last five years they often moved in different ways (correlation 0.42). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### DBC: Invesco DB Commodity Index Tracking Fund DBC is a looser match. It holds futures on oil, metals, grains and other raw materials, while GLD holds gold bars kept in a vault. It charges 0.85% a year, about $85 on $10,000, against $40 for GLD. From February 2006 to October 2026, DBC returned about 2.8% a year and GLD returned about 9.7% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG is a looser match. It holds futures on oil, metals, grains and other raw materials, while GLD holds gold bars kept in a vault. It charges 0.75% a year, about $75 on $10,000, against $40 for GLD. From July 2006 to October 2026, GSG lost about 1.4% a year and GLD returned about 9.4% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ## GLD versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to GLD from each other company on this page: - **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/sgol.md), abrdn Physical Gold Shares ETF (same index, 0.17% a year) - **GraniteShares:** [BAR](https://tactfolio.com/etf/bar.md), GraniteShares Gold Trust (same index, 0.1749% a year) - **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/aaau.md), Goldman Sachs Physical Gold ETF (same index, 0.18% a year) - **iShares (BlackRock):** [IAU](https://tactfolio.com/etf/iau.md), iShares Gold Trust (same kind of fund, 0.25% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (related fund, 0.7% a year) - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (related fund, 0.85% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between GLD and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, GLD costs about $40 a year. GLDM costs about $10. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test GLD and its alternatives in a backtest 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 GLD and GLDM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as GLD. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like GLD over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with GLD only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to GLD? GLDM is the closest. GLDM tracks the same LBMA Gold Price PM as GLD, so the two hold the same investments. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to GLD? Yes. GLDM charges 0.1% a year, SGOL charges 0.17% a year and BAR charges 0.1749% a year, against 0.4% for GLD. On $10,000 that is about $10 a year instead of $40. ### Is GLD or GLDM better? Neither is better for everyone. From June 2018 to October 2026, GLD returned about 15.0% a year and GLDM returned about 15.3% a year. GLD charges 0.4% a year and GLDM charges 0.1%. Past returns do not tell you what comes next. ### What if I had put $10,000 in GLD 10 years ago? It would have grown to about $32,014 by October 16, 2026, with dividends reinvested. That is about 12.3% a year. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) > 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. --- # GLDM alternatives: 8 similar ETFs compared > ETFs similar to GLDM, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as GLDM. Updated daily. The ETFs most like GLDM are SGOL, BAR and AAAU. SGOL, BAR, AAAU and GLD track the same index as GLDM, so they hold the same investments. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for GLDM: 4 on the same index, 1 of the same kind and 3 related funds. - GLDM charges 0.1% a year (about $10 on $10,000). - SGOL moved most like GLDM: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## GLDM alternatives at a glance Each fund below can stand in for GLDM, closest first. "Same index" funds hold the same investments as GLDM. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **GLDM** | This fund | 0.1% | $10 | LBMA Gold Price PM | | [SGOL](https://tactfolio.com/etf/sgol.md) | Same index | 0.17% | $17 | LBMA Gold Price PM | | [BAR](https://tactfolio.com/etf/bar.md) | Same index | 0.1749% | $17.49 | LBMA Gold Price PM | | [AAAU](https://tactfolio.com/etf/aaau.md) | Same index | 0.18% | $18 | LBMA Gold Price PM | | [GLD](https://tactfolio.com/etf/gld.md) | Same index | 0.4% | $40 | LBMA Gold Price PM | | [IAU](https://tactfolio.com/etf/iau.md) | Same kind of fund | 0.25% | $25 | LBMA Gold Price | | [DJP](https://tactfolio.com/etf/djp.md) | Related fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [DBC](https://tactfolio.com/etf/dbc.md) | Related fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [GSG](https://tactfolio.com/etf/gsg.md) | Related fund | 0.75% | $75 | S&P GSCI Total Return Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How GLDM and its alternatives did over the same dates Each row measures the alternative and GLDM on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with GLDM | Per year | GLDM per year | Worst drop | GLDM worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [SGOL](https://tactfolio.com/etf/sgol.md) | 1.00 | 15.3% | 15.3% | −26.3% | −26.3% | June 2018 | | [BAR](https://tactfolio.com/etf/bar.md) | 1.00 | 15.3% | 15.3% | −26.3% | −26.3% | June 2018 | | [AAAU](https://tactfolio.com/etf/aaau.md) | 1.00 | 16.6% | 16.6% | −26.3% | −26.3% | August 2018 | | [GLD](https://tactfolio.com/etf/gld.md) | 1.00 | 15.0% | 15.3% | −26.4% | −26.3% | June 2018 | | [IAU](https://tactfolio.com/etf/iau.md) | 1.00 | 15.2% | 15.3% | −26.4% | −26.3% | June 2018 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.43 | 9.8% | 15.3% | −35.6% | −26.3% | June 2018 | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.31 | 10.5% | 15.3% | −41.7% | −26.3% | June 2018 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.23 | 9.6% | 15.3% | −57.6% | −26.3% | June 2018 | 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. ## Each GLDM alternative, compared ### SGOL: abrdn Physical Gold Shares ETF SGOL tracks the same LBMA Gold Price PM as GLDM, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.17% a year, about $17 on $10,000, against $10 for GLDM. From June 2018 to October 2026, SGOL returned about 15.3% a year and GLDM returned about 15.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SGOL fund page](https://tactfolio.com/etf/sgol.md) for its returns by year and worst drop. ### BAR: GraniteShares Gold Trust BAR tracks the same LBMA Gold Price PM as GLDM, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.1749% a year, about $17.49 on $10,000, against $10 for GLDM. From June 2018 to October 2026, BAR returned about 15.3% a year and GLDM returned about 15.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [BAR fund page](https://tactfolio.com/etf/bar.md) for its returns by year and worst drop. ### AAAU: Goldman Sachs Physical Gold ETF AAAU tracks the same LBMA Gold Price PM as GLDM, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $10 for GLDM. From August 2018 to October 2026, AAAU returned about 16.6% a year and GLDM returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [AAAU fund page](https://tactfolio.com/etf/aaau.md) for its returns by year and worst drop. ### GLD: SPDR Gold Shares GLD tracks the same LBMA Gold Price PM as GLDM, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.4% a year, about $40 on $10,000, against $10 for GLDM. From June 2018 to October 2026, GLD returned about 15.0% a year and GLDM returned about 15.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLD fund page](https://tactfolio.com/etf/gld.md) for its returns by year and worst drop. ### IAU: iShares Gold Trust IAU also holds gold bars kept in a vault. It tracks the LBMA Gold Price, while GLDM tracks the LBMA Gold Price PM. It charges 0.25% a year, about $25 on $10,000, against $10 for GLDM. From June 2018 to October 2026, IAU returned about 15.2% a year and GLDM returned about 15.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IAU fund page](https://tactfolio.com/etf/iau.md) for its returns by year and worst drop. ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP is a looser match. It holds futures on oil, metals, grains and other raw materials, while GLDM holds gold bars kept in a vault. It charges 0.7% a year, about $70 on $10,000, against $10 for GLDM. From June 2018 to October 2026, DJP returned about 9.8% a year and GLDM returned about 15.3% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### DBC: Invesco DB Commodity Index Tracking Fund DBC is a looser match. It holds futures on oil, metals, grains and other raw materials, while GLDM holds gold bars kept in a vault. It charges 0.85% a year, about $85 on $10,000, against $10 for GLDM. From June 2018 to October 2026, DBC returned about 10.5% a year and GLDM returned about 15.3% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG is a looser match. It holds futures on oil, metals, grains and other raw materials, while GLDM holds gold bars kept in a vault. It charges 0.75% a year, about $75 on $10,000, against $10 for GLDM. From June 2018 to October 2026, GSG returned about 9.6% a year and GLDM returned about 15.3% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ## GLDM versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to GLDM from each other company on this page: - **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/sgol.md), abrdn Physical Gold Shares ETF (same index, 0.17% a year) - **GraniteShares:** [BAR](https://tactfolio.com/etf/bar.md), GraniteShares Gold Trust (same index, 0.1749% a year) - **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/aaau.md), Goldman Sachs Physical Gold ETF (same index, 0.18% a year) - **iShares (BlackRock):** [IAU](https://tactfolio.com/etf/iau.md), iShares Gold Trust (same kind of fund, 0.25% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (related fund, 0.7% a year) - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (related fund, 0.85% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between GLDM and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, GLDM costs about $10 a year. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test GLDM and its alternatives in a backtest 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 GLDM and SGOL, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as GLDM. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like GLDM over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with GLDM only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to GLDM? SGOL is the closest. SGOL tracks the same LBMA Gold Price PM as GLDM, so the two hold the same investments. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to GLDM? Not among the funds here. GLDM charges 0.1% a year, about $10 on $10,000, which is as low as or lower than each alternative listed. ### Is GLDM or SGOL better? Neither is better for everyone. From June 2018 to October 2026, GLDM returned about 15.3% a year and SGOL returned about 15.3% a year. GLDM charges 0.1% a year and SGOL charges 0.17%. Past returns do not tell you what comes next. ## Sources - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) > 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. --- # IAU alternatives: 8 similar ETFs compared > ETFs similar to IAU, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as IAU. Updated daily. The ETFs most like IAU are GLDM, SGOL and BAR. GLDM, SGOL and BAR hold gold bars kept in a vault, like IAU. GLDM costs less: 0.1% a year against 0.25%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for IAU: 5 of the same kind and 3 related funds. - IAU charges 0.25% a year (about $25 on $10,000). The cheapest alternative here, GLDM, charges 0.1%. - GLDM moved most like IAU: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## IAU alternatives at a glance Each fund below can stand in for IAU, closest first. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **IAU** | This fund | 0.25% | $25 | LBMA Gold Price | | [GLDM](https://tactfolio.com/etf/gldm.md) | Same kind of fund | 0.1% | $10 | LBMA Gold Price PM | | [SGOL](https://tactfolio.com/etf/sgol.md) | Same kind of fund | 0.17% | $17 | LBMA Gold Price PM | | [BAR](https://tactfolio.com/etf/bar.md) | Same kind of fund | 0.1749% | $17.49 | LBMA Gold Price PM | | [AAAU](https://tactfolio.com/etf/aaau.md) | Same kind of fund | 0.18% | $18 | LBMA Gold Price PM | | [GLD](https://tactfolio.com/etf/gld.md) | Same kind of fund | 0.4% | $40 | LBMA Gold Price PM | | [DJP](https://tactfolio.com/etf/djp.md) | Related fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [DBC](https://tactfolio.com/etf/dbc.md) | Related fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [GSG](https://tactfolio.com/etf/gsg.md) | Related fund | 0.75% | $75 | S&P GSCI Total Return Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How IAU and its alternatives did over the same dates Each row measures the alternative and IAU on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with IAU | Per year | IAU per year | Worst drop | IAU worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [GLDM](https://tactfolio.com/etf/gldm.md) | 1.00 | 15.3% | 15.2% | −26.3% | −26.4% | June 2018 | | [SGOL](https://tactfolio.com/etf/sgol.md) | 1.00 | 8.5% | 8.5% | −45.5% | −45.1% | September 2009 | | [BAR](https://tactfolio.com/etf/bar.md) | 1.00 | 13.2% | 13.1% | −26.3% | −26.4% | September 2017 | | [AAAU](https://tactfolio.com/etf/aaau.md) | 1.00 | 16.6% | 16.5% | −26.3% | −26.4% | August 2018 | | [GLD](https://tactfolio.com/etf/gld.md) | 1.00 | 10.6% | 10.8% | −45.6% | −45.1% | January 2005 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.43 | 0.4% | 9.9% | −78.3% | −45.1% | October 2006 | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.31 | 2.8% | 9.8% | −76.4% | −45.1% | February 2006 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.23 | −1.4% | 9.6% | −89.6% | −45.1% | July 2006 | 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. ## Each IAU alternative, compared ### GLDM: SPDR Gold MiniShares GLDM also holds gold bars kept in a vault. It tracks the LBMA Gold Price PM, while IAU tracks the LBMA Gold Price. It charges 0.1% a year, about $10 on $10,000, against $25 for IAU. From June 2018 to October 2026, GLDM returned about 15.3% a year and IAU returned about 15.2% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLDM fund page](https://tactfolio.com/etf/gldm.md) for its returns by year and worst drop. ### SGOL: abrdn Physical Gold Shares ETF SGOL also holds gold bars kept in a vault. It tracks the LBMA Gold Price PM, while IAU tracks the LBMA Gold Price. It charges 0.17% a year, about $17 on $10,000, against $25 for IAU. From September 2009 to October 2026, SGOL returned about 8.5% a year and IAU returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [SGOL fund page](https://tactfolio.com/etf/sgol.md) for its returns by year and worst drop. ### BAR: GraniteShares Gold Trust BAR also holds gold bars kept in a vault. It tracks the LBMA Gold Price PM, while IAU tracks the LBMA Gold Price. It charges 0.1749% a year, about $17.49 on $10,000, against $25 for IAU. From September 2017 to October 2026, BAR returned about 13.2% a year and IAU returned about 13.1% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [BAR fund page](https://tactfolio.com/etf/bar.md) for its returns by year and worst drop. ### AAAU: Goldman Sachs Physical Gold ETF AAAU also holds gold bars kept in a vault. It tracks the LBMA Gold Price PM, while IAU tracks the LBMA Gold Price. It charges 0.18% a year, about $18 on $10,000, against $25 for IAU. From August 2018 to October 2026, AAAU returned about 16.6% a year and IAU returned about 16.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [AAAU fund page](https://tactfolio.com/etf/aaau.md) for its returns by year and worst drop. ### GLD: SPDR Gold Shares GLD also holds gold bars kept in a vault. It tracks the LBMA Gold Price PM, while IAU tracks the LBMA Gold Price. It charges 0.4% a year, about $40 on $10,000, against $25 for IAU. From January 2005 to October 2026, GLD returned about 10.6% a year and IAU returned about 10.8% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read [GLD vs IAU](https://tactfolio.com/etf-comparisons/gld-vs-iau.md) for the full side-by-side, or the [GLD fund page](https://tactfolio.com/etf/gld.md). ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP is a looser match. It holds futures on oil, metals, grains and other raw materials, while IAU holds gold bars kept in a vault. It charges 0.7% a year, about $70 on $10,000, against $25 for IAU. From October 2006 to October 2026, DJP returned about 0.4% a year and IAU returned about 9.9% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### DBC: Invesco DB Commodity Index Tracking Fund DBC is a looser match. It holds futures on oil, metals, grains and other raw materials, while IAU holds gold bars kept in a vault. It charges 0.85% a year, about $85 on $10,000, against $25 for IAU. From February 2006 to October 2026, DBC returned about 2.8% a year and IAU returned about 9.8% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG is a looser match. It holds futures on oil, metals, grains and other raw materials, while IAU holds gold bars kept in a vault. It charges 0.75% a year, about $75 on $10,000, against $25 for IAU. From July 2006 to October 2026, GSG lost about 1.4% a year and IAU returned about 9.6% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ## IAU versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to IAU from each other company on this page: - **SPDR (State Street):** [GLDM](https://tactfolio.com/etf/gldm.md), SPDR Gold MiniShares (same kind of fund, 0.1% a year) - **abrdn (Aberdeen):** [SGOL](https://tactfolio.com/etf/sgol.md), abrdn Physical Gold Shares ETF (same kind of fund, 0.17% a year) - **GraniteShares:** [BAR](https://tactfolio.com/etf/bar.md), GraniteShares Gold Trust (same kind of fund, 0.1749% a year) - **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/aaau.md), Goldman Sachs Physical Gold ETF (same kind of fund, 0.18% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (related fund, 0.7% a year) - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (related fund, 0.85% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between IAU and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, IAU costs about $25 a year. GLDM costs about $10. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test IAU and its alternatives in a backtest 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 IAU and GLDM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as IAU. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like IAU over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with IAU only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to IAU? GLDM is the closest. GLDM also holds gold bars kept in a vault. It tracks the LBMA Gold Price PM, while IAU tracks the LBMA Gold Price. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to IAU? Yes. GLDM charges 0.1% a year, SGOL charges 0.17% a year and BAR charges 0.1749% a year, against 0.25% for IAU. On $10,000 that is about $10 a year instead of $25. ### Is IAU or GLDM better? Neither is better for everyone. From June 2018 to October 2026, IAU returned about 15.2% a year and GLDM returned about 15.3% a year. IAU charges 0.25% a year and GLDM charges 0.1%. Past returns do not tell you what comes next. ### What if I had put $10,000 in IAU 10 years ago? It would have grown to about $32,473 by October 16, 2026, with dividends reinvested. That is about 12.5% a year. Past returns do not tell you what comes next. ## Sources - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) > 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. --- # SGOL alternatives: 8 similar ETFs compared > ETFs similar to SGOL, closest first, with each fund's fee, what it tracks, and returns and worst drops on the same dates as SGOL. Updated daily. The ETFs most like SGOL are GLDM, BAR and AAAU. GLDM, BAR, AAAU and GLD track the same index as SGOL, so they hold the same investments. GLDM costs less: 0.1% a year against 0.17%. Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026. ## Key points - 8 funds can stand in for SGOL: 4 on the same index, 1 of the same kind and 3 related funds. - SGOL charges 0.17% a year (about $17 on $10,000). The cheapest alternative here, GLDM, charges 0.1%. - GLDM moved most like SGOL: a daily correlation of 1.00 over about the last five years. - Returns and drops for each pair use the same dates for both funds. ## SGOL alternatives at a glance Each fund below can stand in for SGOL, closest first. "Same index" funds hold the same investments as SGOL. "Same kind" funds hold the same kind of investments through a different index. "Related" funds make a different bet that often moves the same way. | ETF | How close | Yearly fee | Fee on $10,000 | Tracks | | --- | --- | --- | --- | --- | | **SGOL** | This fund | 0.17% | $17 | LBMA Gold Price PM | | [GLDM](https://tactfolio.com/etf/gldm.md) | Same index | 0.1% | $10 | LBMA Gold Price PM | | [BAR](https://tactfolio.com/etf/bar.md) | Same index | 0.1749% | $17.49 | LBMA Gold Price PM | | [AAAU](https://tactfolio.com/etf/aaau.md) | Same index | 0.18% | $18 | LBMA Gold Price PM | | [GLD](https://tactfolio.com/etf/gld.md) | Same index | 0.4% | $40 | LBMA Gold Price PM | | [IAU](https://tactfolio.com/etf/iau.md) | Same kind of fund | 0.25% | $25 | LBMA Gold Price | | [DJP](https://tactfolio.com/etf/djp.md) | Related fund | 0.7% | $70 | Bloomberg Commodity Index Total Return | | [DBC](https://tactfolio.com/etf/dbc.md) | Related fund | 0.85% | $85 | DBIQ Optimum Yield Diversified Commodity Index Excess Return | | [GSG](https://tactfolio.com/etf/gsg.md) | Related fund | 0.75% | $75 | S&P GSCI Total Return Index | Fees come from each fund company, checked on the dates shown on each fund's page. ## How SGOL and its alternatives did over the same dates Each row measures the alternative and SGOL on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together. | ETF | Moves with SGOL | Per year | SGOL per year | Worst drop | SGOL worst drop | Since | | --- | --- | --- | --- | --- | --- | --- | | [GLDM](https://tactfolio.com/etf/gldm.md) | 1.00 | 15.3% | 15.3% | −26.3% | −26.3% | June 2018 | | [BAR](https://tactfolio.com/etf/bar.md) | 1.00 | 13.2% | 13.1% | −26.3% | −26.3% | September 2017 | | [AAAU](https://tactfolio.com/etf/aaau.md) | 1.00 | 16.6% | 16.6% | −26.3% | −26.3% | August 2018 | | [GLD](https://tactfolio.com/etf/gld.md) | 1.00 | 8.3% | 8.5% | −45.6% | −45.5% | September 2009 | | [IAU](https://tactfolio.com/etf/iau.md) | 1.00 | 8.5% | 8.5% | −45.1% | −45.5% | September 2009 | | [DJP](https://tactfolio.com/etf/djp.md) | 0.43 | 2.0% | 8.5% | −70.2% | −45.5% | September 2009 | | [DBC](https://tactfolio.com/etf/dbc.md) | 0.31 | 3.5% | 8.5% | −66.1% | −45.5% | September 2009 | | [GSG](https://tactfolio.com/etf/gsg.md) | 0.23 | 1.3% | 8.5% | −79.8% | −45.5% | September 2009 | 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. ## Each SGOL alternative, compared ### GLDM: SPDR Gold MiniShares GLDM tracks the same LBMA Gold Price PM as SGOL, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.1% a year, about $10 on $10,000, against $17 for SGOL. From June 2018 to October 2026, GLDM returned about 15.3% a year and SGOL returned about 15.3% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLDM fund page](https://tactfolio.com/etf/gldm.md) for its returns by year and worst drop. ### BAR: GraniteShares Gold Trust BAR tracks the same LBMA Gold Price PM as SGOL, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.1749% a year, about $17.49 on $10,000, against $17 for SGOL. From September 2017 to October 2026, BAR returned about 13.2% a year and SGOL returned about 13.1% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [BAR fund page](https://tactfolio.com/etf/bar.md) for its returns by year and worst drop. ### AAAU: Goldman Sachs Physical Gold ETF AAAU tracks the same LBMA Gold Price PM as SGOL, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.18% a year, about $18 on $10,000, against $17 for SGOL. From August 2018 to October 2026, AAAU returned about 16.6% a year and SGOL returned about 16.6% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [AAAU fund page](https://tactfolio.com/etf/aaau.md) for its returns by year and worst drop. ### GLD: SPDR Gold Shares GLD tracks the same LBMA Gold Price PM as SGOL, so the two hold the same investments. The main differences are the fee and the fund company. It charges 0.4% a year, about $40 on $10,000, against $17 for SGOL. From September 2009 to October 2026, GLD returned about 8.3% a year and SGOL returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [GLD fund page](https://tactfolio.com/etf/gld.md) for its returns by year and worst drop. ### IAU: iShares Gold Trust IAU also holds gold bars kept in a vault. It tracks the LBMA Gold Price, while SGOL tracks the LBMA Gold Price PM. It charges 0.25% a year, about $25 on $10,000, against $17 for SGOL. From September 2009 to October 2026, IAU returned about 8.5% a year and SGOL returned about 8.5% a year. Over about the last five years they moved almost exactly together (correlation 1.00). Read the [IAU fund page](https://tactfolio.com/etf/iau.md) for its returns by year and worst drop. ### DJP: iPath Bloomberg Commodity Index Total Return ETN DJP is a looser match. It holds futures on oil, metals, grains and other raw materials, while SGOL holds gold bars kept in a vault. It charges 0.7% a year, about $70 on $10,000, against $17 for SGOL. From September 2009 to October 2026, DJP returned about 2.0% a year and SGOL returned about 8.5% a year. Over about the last five years they often moved in different ways (correlation 0.43). Read the [DJP fund page](https://tactfolio.com/etf/djp.md) for its returns by year and worst drop. ### DBC: Invesco DB Commodity Index Tracking Fund DBC is a looser match. It holds futures on oil, metals, grains and other raw materials, while SGOL holds gold bars kept in a vault. It charges 0.85% a year, about $85 on $10,000, against $17 for SGOL. From September 2009 to October 2026, DBC returned about 3.5% a year and SGOL returned about 8.5% a year. Over about the last five years they often moved in different ways (correlation 0.31). Read the [DBC fund page](https://tactfolio.com/etf/dbc.md) for its returns by year and worst drop. ### GSG: iShares S&P GSCI Commodity-Indexed Trust GSG is a looser match. It holds futures on oil, metals, grains and other raw materials, while SGOL holds gold bars kept in a vault. It charges 0.75% a year, about $75 on $10,000, against $17 for SGOL. From September 2009 to October 2026, GSG returned about 1.3% a year and SGOL returned about 8.5% a year. Over about the last five years they often moved in different ways (correlation 0.23). Read the [GSG fund page](https://tactfolio.com/etf/gsg.md) for its returns by year and worst drop. ## SGOL versions from other fund companies Some people keep all their funds with one company. Here is the closest fund to SGOL from each other company on this page: - **SPDR (State Street):** [GLDM](https://tactfolio.com/etf/gldm.md), SPDR Gold MiniShares (same index, 0.1% a year) - **GraniteShares:** [BAR](https://tactfolio.com/etf/bar.md), GraniteShares Gold Trust (same index, 0.1749% a year) - **Goldman Sachs Asset Management:** [AAAU](https://tactfolio.com/etf/aaau.md), Goldman Sachs Physical Gold ETF (same index, 0.18% a year) - **iShares (BlackRock):** [IAU](https://tactfolio.com/etf/iau.md), iShares Gold Trust (same kind of fund, 0.25% a year) - **iPath (Barclays):** [DJP](https://tactfolio.com/etf/djp.md), iPath Bloomberg Commodity Index Total Return ETN (related fund, 0.7% a year) - **Invesco:** [DBC](https://tactfolio.com/etf/dbc.md), Invesco DB Commodity Index Tracking Fund (related fund, 0.85% a year) Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company's index mutual fund, are not listed here. ## How to choose between SGOL and its alternatives - **What it tracks.** A fund on the same index holds the same investments. A different index can mean different weights, more or fewer holdings, or a different mix. - **The fee.** The difference is often small. On $10,000, SGOL costs about $17 a year. GLDM costs about $10. - **History.** An older fund has been through more bad markets, so you can see how far it fell. - **What you already own.** Two funds that move together add little variety. A fund with a low correlation behaves more on its own. ## Test SGOL and its alternatives in a backtest 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 SGOL and GLDM, and see how each would have done on the same dates, or how a mix of both would have done. ## The details Alternatives are picked from facts, not from returns. First come funds that track the same index as SGOL. Then come funds that hold the same kind of investments through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds. Within each group, the funds whose daily returns moved most like SGOL over about the last five years come first. Returns and worst drops use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with SGOL only on days both traded. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures. ## Research and test it - [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat. - [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022. - [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 ETF is most similar to SGOL? GLDM is the closest. GLDM tracks the same LBMA Gold Price PM as SGOL, so the two hold the same investments. The main differences are the fee and the fund company. Over about the last five years they moved almost exactly together. ### Is there a cheaper alternative to SGOL? Yes. GLDM charges 0.1% a year, against 0.17% for SGOL. On $10,000 that is about $10 a year instead of $17. ### Is SGOL or GLDM better? Neither is better for everyone. From June 2018 to October 2026, SGOL returned about 15.3% a year and GLDM returned about 15.3% a year. SGOL charges 0.17% a year and GLDM charges 0.1%. Past returns do not tell you what comes next. ### What if I had put $10,000 in SGOL 10 years ago? It would have grown to about $32,589 by October 16, 2026, with dividends reinvested. That is about 12.5% a year. Past returns do not tell you what comes next. ## Sources - [abrdn (Aberdeen): abrdn Physical Gold Shares ETF fund page](https://www.sec.gov/Archives/edgar/data/1450923/000199937126004879/sgol-10k_123125.htm) - [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/) - [GraniteShares: GraniteShares Gold Trust fund page](https://graniteshares.com/etfs/bar/) - [Goldman Sachs Asset Management: Goldman Sachs Physical Gold ETF fund page](https://www.sec.gov/Archives/edgar/data/1708646/000119312526067559/d56933d10k.htm) - [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/) - [iShares (BlackRock): iShares Gold Trust fund page](https://www.ishares.com/us/products/239561/ishares-gold-trust) - [iPath (Barclays): iPath Bloomberg Commodity Index Total Return ETN fund page](https://www.sec.gov/Archives/edgar/data/312070/000191870426003783/form424b2.htm) - [Invesco: Invesco DB Commodity Index Tracking Fund fund page](https://www.sec.gov/Archives/edgar/data/1328237/000119312526368455/d105975d424b3.htm) - [iShares (BlackRock): iShares S&P GSCI Commodity-Indexed Trust fund page](https://www.ishares.com/us/products/239757/ishares-sp-gsci-commodityindexed-trust) > 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.