VFMV
Vanguard U.S. Minimum Volatility ETF
The Fund seeks to provide long-term capital appreciation with lower volatility relative to the broad U.S. equity market.
US
EQUITY
Active
MANAGEMENT STYLE
13 bp
EXPENSES
$110.0 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Vanguard |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 13, 2018 |
| Assets (mns) | $110 |
| Expense ratio | 13 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Delayed |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| KIRBY CORP | 2.0 % |
| NETAPP INC | 1.9 % |
| COMMVAULT SYSTEMS INC | 1.9 % |
| TEXAS INSTRUMENTS INC | 1.8 % |
| ELI LILLY & CO | 1.7 % |
| MCKESSON CORP | 1.7 % |
| TJX COMPANIES INC | 1.6 % |
| T-MOBILE US, INC. | 1.6 % |
| FTI CONSULTING INC | 1.6 % |
| REPUBLIC SERVICES INC | 1.6 % |
Constituent Breakdown
| Number of holdings | 165 |
| Herfindahl-Hirschman Index | 108 |
| Wgt avg mkt cap (mns) | $226,971 |
| Large cap (>$10bn) | 63.5% |
| Mid cap ($2-10bn) | 25.8% |
| Small cap (<$2bn) | 10.6% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 97.4 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 9.3% | 16.4% | 11.2% | 7.3% | 7.9% | -- | 8.9% | Volatility | 7.9% | 8.8% | 12.0% | 12.1% | 16.0% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.69 | 84% |
| MSCI EAFE | 0.64 | 68% |
| MSCI Emg Mkts | 0.40 | 27% |
Liquidity Measures
| Avg. volume (000) | 5 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.18% |
| ADV of underlying (mns) | $148,243 |
Technical Indicators
| Recent close | $115.74 |
| 30d moving avg. | $114.63 |
| Annualized volatility | 13.5% |
| Relative strength (RSI) | 59 |
| Short interest (ETF) | 0.4% |
| Short interest (underlying) | 1.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. VFMV |
Expenses vs. VFMV |
ALTAR Score™ vs. VFMV |
|---|---|---|---|---|
| USMV | iShares MSCI USA Min Vol Factor ETF | 43.7% | +2 bp | +0.7% |
| FDLO | Fidelity Low Volatility Factor ETF | 33.6% | +2 bp | +0.3% |
| ESMV | iShares ESG MSCI USA Min Vol Factor ETF | 33.3% | +5 bp | +0.7% |
| ROUS | Hartford Multifactor US Equity ETF | 33.3% | +6 bp | +1.8% |
| QLV | FlexShares US Quality Low Volatility Index Fund | 31.9% | +9 bp | -1.1% |
| SELV | SEI Enhanced Low Volatility U.S. Large Cap ETF | 31.6% | +2 bp | +1.5% |
| ACWV | iShares MSCI Global Min Vol Factor ETF | 31.2% | +7 bp | +1.1% |
| QUS | SPDR MSCI USA StrategicFactors ETF | 31.2% | +2 bp | +0.8% |
| AUSF | Global X Adaptive U.S. Factor ETF | 30.8% | +14 bp | +3.6% |
| XRLV | Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF | 29.4% | +12 bp | +0.3% |
Risk and Returns: VFMV vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
VFMV
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
VFMV
5.1%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.1% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. VFMV's ALTAR Score™ is approximately
0.3 standard deviations
below
the category average. This places VFMV in the 40th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
VFMV
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| VFMV (13 bp) Percentile rank | 7 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| VFMV | 13.0 | 18.0 | 31 |
| Peer Avg. | 47.5 | 20.2 | 67.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .