VanEck Office and Commercial REIT ETF
ALTAR
Score™		 13.5% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 8.0x P/Sales
ratio		 3.9x
P/BV
ratio		 1.1x Div.
yield		 3.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
DESK tracks a tiered modified market-cap weighted index composed of US-listed Office and Commercial REITs. The fund targets the top 25 highest ranked Office and Commerical REITs based on market cap and liquidity.

FUND BASICS
Category US Equities
Fund Sponsor VanEck
Website www.vaneck.com/us/en/investments/office-and-commercial-reit-desk/overview/
Inception date Sep 19, 2023
Assets (mns) $3
Currency USD
Expense ratio 50 bp
Distributions

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 27
Wgt avg mkt cap (mns) $15,482
Large cap (>$10bn) 27.7%
Mid cap ($2-10bn) 56.2%
Small cap (<$2bn) 16.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
VORNADO REALTY TRUST 11.4 %
COUSINS PROPERTIES INC 10.3 %
BOSTON PROPERTIES INC 10.2 %
SL GREEN REALTY CORP 8.4 %
CORPORATE OFFICE PROPERTIES 7.9 %
KILROY REALTY CORP 5.0 %
HIGHWOODS PROPERTIES INC 4.9 %
DOUGLAS EMMETT INC 4.7 %
SIMON PROPERTY GROUP INC 3.8 %
PROLOGIS INC 3.7 %
Total 70.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 100.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
5.6% 4.4% -- -- 10.4%

Market Correlations
versus... Beta R-squared
S&P500 0.76 20%
MSCI EAFE 0.62 22%
MSCI Emg. Mkts. 0.34 11%

Technical Indicators
Recent close $40.10
30d moving avg. $37.83
Annualized volatility 18.5%
Short interest (ETF) 1.6%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.3%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $1,340

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 442 potential alternatives to the VanEck Office and Commercial REIT ETF ETF based on the alternatives' overlap in portfolio holdings with DESK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DESK Expense: 50 bp ALTAR Score™: 13.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DESK
Ticker Fund
Name		 Overlap1
vs DESK
(%)		 Expense
ratio
(bp)		 Savings
vs DESK
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs DESK
(%)
RWR State Street SPDR Dow Jones REIT ETF 20.7 25 25 6.7 -6.9
BBRE JPMorgan BetaBuilders MSCI U.S. REIT ETF 20.3 11 39 7.0 -6.5
USRT iShares Core U.S. REIT ETF 20.0 8 42 6.9 -6.6
FRI First Trust S&P REIT Index Fund 19.2 50 0 6.5 -7.1
DFAR Dimensional US Real Estate ETF 19.1 19 31 7.2 -6.4
SCHH Schwab U.S. REIT ETF 18.7 7 43 7.2 -6.3
FREL Fidelity MSCI Real Estate Index ETF 17.9 8 42 7.1 -6.5
IYR iShares U.S. Real Estate ETF 17.7 40 10 7.0 -6.5
VNQ Vanguard Real Estate ETF 17.5 13 37 6.8 -6.7
RWO SPDR Dow Jones Global Real Estate ETF 17.2 50 0 6.3 -7.2
REET iShares Global REIT ETF 16.8 14 36 7.0 -6.5
ERET iShares Environmentally Aware Real Estate ETF 16.2 30 20 6.9 -6.6
RSPR Invesco S&P 500 Equal Weight Real Estate ETF 15.8 40 10 7.6 -5.9
DFGR Dimensional Global Real Estate ETF 15.5 22 28 7.0 -6.5
BLDG Cambria Global Real Estate ETF 15.0 60 -10 11.1 -2.5
KBWY Invesco KBW Premium Yield Equity REIT ETF 14.8 35 15 8.5 -5.0
ICF iShares Cohen & Steers REIT ETF 14.6 33 17 7.2 -6.3
VGSR Vert Global Sustainable Real Estate ETF 14.6 47 3 7.0 -6.6
XLRE Real Estate Select Sector SPDR 14.2 8 42 7.2 -6.4
AVRE Avantis Real Estate ETF 13.7 17 33 6.9 -6.7
GQRE FlexShares Global Quality Real Estate Index Fund 13.6 45 5 7.4 -6.1
JPRE JPMorgan Realty Income ETF 13.0 50 0 6.9 -6.6
PSR Invesco Active U.S. Real Estate Fund 11.5 35 15 7.0 -6.5
JRE Janus Henderson U.S. Real Estate ETF 11.1 65 -15 5.8 -7.8
IVRA Invesco Real Assets ESG ETF 11.0 59 -9 6.3 -7.3
RIET Hoya Capital High Dividend Yield ETF 10.9 50 0 13.8 +0.3
FPRO Fidelity Real Estate Investment ETF 10.9 59 -9 6.1 -7.4
BYRE Principal Real Estate Active Opportunities ETF 9.6 65 -15 7.0 -6.5
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 8.9 30 20 8.9 -4.6
RDOG ALPS REIT Dividend Dogs ETF 8.5 35 15 11.9 -1.6
RITA ETFB Green SRI REITs ETF 8.3 50 0 5.6 -7.9
REAI Intelligent Real Estate ETF 7.3 59 -9 5.6 -7.9
PABU iShares Paris-Aligned Climate MSCI USA ETF 6.6 10 40 3.7 -9.9
INDS Pacer Industrial Real Estate ETF 6.2 55 -5 6.1 -7.4
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF 6.0 7 43 10.1 -3.4
IQRA IQ CBRE Real Assets ETF 5.9 65 -15 5.9 -7.6
NETL NETLease Corporate Real Estate ETF 5.9 60 -10 7.6 -6.0
XMLV Invesco S&P MidCap Low Volatility ETF 5.9 25 25 6.9 -6.6
BIBL Inspire 100 ETF 5.2 35 15 4.0 -9.5
VRAI Virtus Real Asset Income ETF 4.6 55 -5 8.4 -5.1
LVDS JPMorgan Fundamental Data Science Large Value ETF 4.5 49 1 4.8 -8.8
WTRE WisdomTree New Economy Real Estate Fund 4.3 58 -8 -0.3 -13.9
DTRE First Trust Alerian Disruptive Technology Real Estate ETF 4.3 60 -10 5.6 -8.0
ICAP InfraCap Equity Income Fund ETF 4.3 171 -121 4.4 -9.2
DIV Global X SuperDividend US ETF 4.2 45 5 10.0 -3.6
LGLV State Street SPDR US Large Cap Low Volatility Index ETF 4.1 12 38 5.7 -7.8
KVLE KraneShares Value Line Dynamic Dividend Equity Index ETF 4.1 56 -6 6.8 -6.8
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 3.8 80 -30 6.9 -6.7
MBCC Monarch Blue Chips Core ETF 3.8 125 -75 3.6 -9.9
TBG TBG Dividend Focus ETF 3.8 59 -9 6.3 -7.2
LVHD Franklin U.S. Low Volatility High Dividend Index ETF 3.8 27 23 6.5 -7.0
SPRE SP Funds S&P Global REIT Sharia ETF 3.7 55 -5 5.3 -8.3
SRET Global X SuperDividend REIT ETF 3.5 59 -9 12.7 -0.9
PSCF Invesco S&P SmallCap Financials ETF 3.5 29 21 8.3 -5.2
ULVM VictoryShares US Value Momentum ETF 3.5 20 30 6.0 -7.5
FYT First Trust Small Cap Value AlphaDEX Fund 3.4 73 -23 9.7 -3.8
ABLD Abacus FCF Real Assets Leaders ETF 3.4 69 -19 6.8 -6.8
SPDV AAM S&P 500 High Dividend Value ETF 3.3 29 21 10.9 -2.6
FNK First Trust Mid Cap Value AlphaDEX Fund 3.2 70 -20 9.7 -3.9
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 3.2 24 26 7.1 -6.4
SDIV Global X Superdividend ETF 3.2 58 -8 14.0 +0.5
IQSM IQ Candriam U.S. Mid Cap Equity ETF 3.1 15 35 5.0 -8.5
RDIV Invesco S&P Ultra Dividend Revenue ETF 3.1 39 11 9.6 -3.9
HUSV First Trust Horizon Managed Volatility Domestic ETF 3.1 70 -20 4.8 -8.7
ERTH Invesco MSCI Sustainable Future ETF 3.0 62 -12 3.0 -10.5
DON WisdomTree U.S. MidCap Dividend Fund 2.9 38 12 8.1 -5.5
FTIF First Trust Bloomberg Inflation Sensitive Equity ETF 2.9 60 -10 7.9 -5.6
DEW WisdomTree Global High Dividend Fund 2.8 58 -8 7.3 -6.3
FDVV Fidelity High Dividend ETF 2.8 15 35 6.7 -6.9
JPUS JPMorgan Diversified Return U.S. Equity ETF 2.8 18 32 6.8 -6.7
WDIV SPDR S&P Global Dividend ETF 2.8 40 10 9.1 -4.5
SWP SWP Growth & Income ETF 2.7 99 -49 4.2 -9.3
MIDE Xtrackers S&P MidCap 400 ESG ETF 2.7 15 35 6.6 -6.9
NIXT Research Affiliates Deletions ETF 2.7 9 41 6.5 -7.0
QUVU Hartford Quality Value ETF 2.6 46 4 5.3 -8.2
VFMV Vanguard U.S. Minimum Volatility ETF 2.5 13 37 5.8 -7.8
ASLV Allspring Special Large Value ETF 2.5 35 15 5.1 -8.4
MDYV State Street SPDR S&P 400 Mid Cap Value ETF 2.5 15 35 7.8 -5.7
IJJ iShares S&P Mid-Cap 400 Value ETF 2.5 18 32 7.8 -5.7
IVOV Vanguard S&P Mid-Cap 400 Value ETF 2.5 10 40 7.9 -5.7
BEEX BeeHive ETF 2.5 84 -34 3.7 -9.8
PFI Invesco Dorsey Wright Financial Momentum ETF 2.4 60 -10 4.6 -8.9
DIVL Madison Dividend Value ETF 2.4 65 -15 4.9 -8.6
VBR Vanguard Small Cap Value ETF 2.4 7 43 7.8 -5.8
BUYZ Franklin Disruptive Commerce ETF 2.4 50 0 2.5 -11.1
DIVE Dana Concentrated Dividend ETF 2.3 65 -15 7.0 -6.5
ONEY State Street SPDR Russell 1000 Yield Focus ETF 2.3 20 30 8.6 -4.9
FCPI Fidelity Stocks for Inflation ETF 2.3 15 35 5.8 -7.7
SNPD Xtrackers S&P ESG Dividend Aristocrats ETF 2.2 15 35 6.3 -7.2
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 2.2 25 25 4.9 -8.6
SPLV Invesco S&P 500 Low Volatility ETF 2.2 25 25 5.1 -8.4
JHDV John Hancock U.S. High Dividend ETF 2.2 34 16 5.7 -7.8
SDY State Street SPDR S&P Dividend ETF 2.1 35 15 6.1 -7.4
XMVM Invesco S&P MidCap Value with Momentum ETF 2.1 39 11 7.5 -6.1
BKMC BNY Mellon US Mid Cap Core Equity ETF 2.1 4 46 5.5 -8.0
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF 2.1 15 35 5.9 -7.6
ISHP First Trust Nasdaq Retail ETF 2.1 60 -10 5.5 -8.0
FNX First Trust Mid Cap Core AlphaDEX Fund 2.1 60 -10 6.0 -7.5
EQL Alps Equal Sector Weight ETF 2.1 25 25 5.1 -8.4
STXM Strive Mid-Cap ETF 2.0 18 32 5.9 -7.7
EQAL Invesco Russell 1000 Equal Weight ETF 2.0 20 30 6.1 -7.4
XMMO Invesco S&P MidCap Momentum ETF 2.0 34 16 3.2 -10.4
IWS iShares Russell Mid-Cap Value ETF 1.9 23 27 5.9 -7.6
XJH iShares ESG Screened S&P Mid-Cap ETF 1.9 12 38 5.8 -7.7
FNDA Schwab Fundamental US Small Co. Index ETF 1.9 25 25 5.9 -7.6
BMVP Invesco Bloomberg MVP Multi-factor ETF 1.9 29 21 6.8 -6.7
IMCV iShares Morningstar Mid-Cap Value ETF 1.9 6 44 7.1 -6.5
FMDE Fidelity Enhanced Mid Cap ETF 1.9 23 27 5.3 -8.2
FSMD Fidelity Small-Mid Multifactor ETF 1.9 15 35 6.3 -7.3
NUMV Nuveen ESG Mid-Cap Value ETF 1.9 31 19 5.6 -8.0
FAB First Trust Multi Cap Value AlphaDEX Fund 1.9 67 -17 8.7 -4.9
FLDZ RiverNorth Patriot ETF 1.9 75 -25 5.6 -7.9
FLOW Global X U.S. Cash Flow Kings 100 ETF 1.8 25 25 11.5 -2.0
RJDI RJ Eagle Dividend Select Income ETF 1.8 55 -5 4.5 -9.1
MDY SPDR S&P Midcap 400 ETF Trust 1.8 23 27 5.8 -7.8
CHGX AXS Change Finance ESG ETF 1.8 49 1 4.2 -9.4
FYX First Trust Small Cap Core AlphaDEX Fund 1.8 61 -11 5.1 -8.4
WCEO Hypatia Women CEO ETF 1.8 85 -35 4.6 -8.9
XSLV Invesco S&P SmallCap Low Volatility ETF 1.8 25 25 7.4 -6.2
ISCV iShares Morningstar Small Cap Value ETF 1.7 6 44 7.7 -5.8
BLES Inspire Global Hope ETF 1.7 61 -11 5.7 -7.8
SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF 1.7 3 47 5.9 -7.6
IVOO Vanguard S&P Mid-Cap 400 ETF 1.7 7 43 5.9 -7.6
SCHM Schwab U.S. Mid-Cap ETF 1.7 4 46 5.6 -7.9
IJH iShares Core S&P Mid-Cap ETF 1.7 5 45 5.9 -7.6
PTL Inspire 500 ETF 1.6 9 41 4.3 -9.2
SIXL ETC 6 Meridian Low Beta Equity ETF 1.6 80 -30 6.0 -7.5
DTD WisdomTree U.S. Total Dividend Fund 1.6 28 22 5.7 -7.9
FVD First Trust Value Line Dividend Index Fund 1.6 65 -15 5.8 -7.7
RSPE Invesco ESG S&P 500 Equal Weight ETF 1.6 20 30 5.4 -8.1
IWR iShares Russell Midcap ETF 1.6 19 31 5.3 -8.3
ISMD Inspire Small/Mid Cap ETF 1.6 54 -4 4.8 -8.7
YALL God Bless America ETF 1.6 65 -15 4.5 -9.1
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF 1.6 60 -10 6.4 -7.1
DES WisdomTree U.S. SmallCap Dividend Fund 1.6 38 12 7.9 -5.6
VUSV Vanguard Wellington U.S. Value Active ETF 1.5 30 20 5.7 -7.8
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 1.5 30 20 13.6 +0.1
DEMZ Democratic Large Cap Core ETF 1.5 45 5 3.7 -9.8
SMLF iShares U.S. SmallCap Equity Factor ETF 1.5 15 35 4.8 -8.8
NOBL ProShares S&P 500 Dividend Aristocrats ETF 1.5 35 15 11.1 -2.4
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 1.5 29 21 6.2 -7.3
JMEE JPMorgan Market Expansion Enhanced Equity ETF 1.4 24 26 5.8 -7.7
CVAR Cultivar ETF 1.4 87 -37 7.3 -6.2
VB Vanguard Small-Cap ETF 1.4 5 45 5.1 -8.5
DGT State Street SPDR Global Dow ETF 1.4 50 0 5.6 -8.0
HGRO Hedgeye Quality Growth ETF 1.4 70 -20 3.3 -10.3
SIXA ETC 6 Meridian Mega Cap Equity ETF 1.4 80 -30 5.5 -8.0
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF 1.4 55 -5 8.8 -4.7
GOP Unusual Whales Subversive Republican Trading ETF 1.3 50 0 4.1 -9.4
ESML iShares ESG Aware MSCI USA Small-Cap ETF 1.3 17 33 4.8 -8.8
DLN WisdomTree U.S. LargeCap Dividend Fund 1.3 28 22 5.4 -8.1
BDIV AAM Brentview Dividend Growth ETF 1.3 49 1 3.6 -9.9
XOEF iShares S&P 500 ex S&P 100 ETF 1.3 20 30 4.6 -9.0
DIVD Altrius Global Dividend ETF Altrius Global Divid ETF 1.3 49 1 8.0 -5.5
NULV Nuveen ESG Large-Cap Value ETF 1.3 26 24 5.2 -8.3
DIVG Invesco S&P 500 High Dividend Growers ETF 1.2 39 11 7.4 -6.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 1.2 30 20 3.7 -9.8
SPVM Invesco S&P 500 Value with Momentum ETF 1.2 39 11 6.4 -7.1
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 1.2 7 43 5.1 -8.4
RSP Invesco S&P 500 Equal Weight ETF 1.2 20 30 5.8 -7.7
ISCB iShares Morningstar Small-Cap ETF 1.2 4 46 5.3 -8.3
VOT Vanguard Mid-Cap Growth ETF 1.2 7 43 3.0 -10.6
HDUS Hartford Disciplined US Equity ETF 1.2 19 31 4.7 -8.8
SMMD iShares Russell 2500 ETF 1.2 15 35 5.3 -8.2
SIZE iShares MSCI USA Size Factor ETF 1.1 15 35 5.4 -8.1
FLQL Franklin LibertyQ U.S. Equity ETF 1.1 15 35 4.5 -9.1
STXK Strive Small-Cap ETF 1.1 18 32 5.0 -8.5
STXD Strive 1000 Dividend Growth ETF 1.1 35 15 4.3 -9.2
SFYF SoFi Social 50 ETF 1.1 29 21 0.7 -12.8
EUSA iShares MSCI USA Equal Weighted ETF 1.1 9 41 5.4 -8.1
LCTU BlackRock U.S. Carbon Transition Readiness ETF 1.1 14 36 4.1 -9.4
SCHA Schwab U.S. Small-Cap ETF 1.1 4 46 4.1 -9.4
FVAL Fidelity Value Factor ETF 1.1 15 35 5.9 -7.6
CGDV Capital Group Dividend Value ETF 1.1 33 17 3.8 -9.8
AUSF Global X Adaptive U.S. Factor ETF 1.1 27 23 8.3 -5.2
SCHV Schwab U.S. Large-Cap Value ETF 1.0 4 46 5.4 -8.1
MDYG State Street SPDR S&P 400 Mid Cap Growth ETF 1.0 15 35 4.0 -9.6
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 1.0 10 40 4.0 -9.5
IMCB iShares Morningstar Mid-Cap ETF 1.0 4 46 5.1 -8.4
SMOX Horizon Small/Mid Cap Core Equity ETF 1.0 75 -25 5.1 -8.4
FUNL CornerCap Fundametrics Large-Cap ETF 1.0 50 0 6.3 -7.3
GVUS Marketbeta Russell 1000 Value Equity ETF 1.0 12 38 5.3 -8.3
VONV Vanguard Russell 1000 Value ETF 1.0 7 43 5.4 -8.2
PRXV Praxis Impact Large Cap Value ETF 1.0 36 14 5.4 -8.1
EQWL Invesco S&P 100 Equal Weight ETF 1.0 25 25 5.3 -8.2
IUSV iShares Core S&P US Value ETF 1.0 4 46 5.8 -7.7
IWD iShares Russell 1000 Value ETF 1.0 19 31 5.2 -8.3
IJK iShares S&P Mid-Cap 400 Growth ETF 1.0 17 33 3.9 -9.6
USVM VictoryShares US Small Mid Cap Value Momentum ETF 1.0 25 25 7.5 -6.0
GSPY Gotham Enhanced 500 ETF 1.0 50 0 4.3 -9.2
FNY First Trust Mid Cap Growth AlphaDEX Fund 1.0 70 -20 1.9 -11.6
FLQM Franklin U.S. Mid Cap Multifactor Index ETF 0.9 30 20 7.7 -5.9
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 0.9 15 35 6.0 -7.6
SPYV State Street SPDR Portfolio S&P 500 Value ETF 0.9 4 46 5.7 -7.9
USXF iShares ESG Advanced MSCI USA ETF 0.9 10 40 3.6 -9.9
VOOV Vanguard S&P 500 Value ETF 0.9 7 43 5.6 -7.9
IVE iShares S&P 500 Value ETF 0.9 18 32 5.5 -8.0
RFV Invesco S&P Midcap 400 Pure Value ETF 0.9 35 15 11.1 -2.4
STXV Strive 1000 Value ETF 0.9 18 32 6.8 -6.7
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF 0.9 20 30 5.8 -7.7
EZM WisdomTree U.S. MidCap Fund 0.9 38 12 7.8 -5.7
CVY Invesco Zacks Multi-Asset Income ETF 0.9 106 -56 10.0 -3.5
DIVB iShares Core Dividend ETF 0.9 5 45 7.0 -6.6
VLUE iShares MSCI USA Value Factor ETF 0.9 15 35 5.9 -7.6
HAPI Harbor Human Capital Factor US Large Cap ETF 0.9 36 14 4.1 -9.4
VXF Vanguard Extended Market ETF 0.9 5 45 3.6 -9.9
WTV WisdomTree US Value ETF 0.9 12 38 7.8 -5.7
JVAL JPMorgan U.S. Value Factor ETF 0.9 12 38 6.5 -7.0
VO Vanguard Mid-Cap ETF 0.9 4 46 20.7 +7.2
QDF FlexShares Quality Dividend Index Fund 0.9 37 13 5.3 -8.3
VTV Vanguard Value ETF 0.9 4 46 5.7 -7.8
QUAL iShares MSCI USA Quality Factor ETF 0.8 15 35 4.4 -9.1
ILCV iShares Morningstar Value ETF 0.8 4 46 5.3 -8.2
KOCG FIS Knights of Columbus Global Belief ETF 0.8 75 -25 4.5 -9.1
EGLE Global X S&P 500 U.S. Revenue Leaders ETF 0.8 19 31 4.8 -8.8
DEUS Xtrackers Russell US Multifactor ETF 0.8 17 33 6.4 -7.1
KLMN Invesco MSCI North America Climate ETF 0.8 9 41 4.2 -9.3
VEGN US Vegan Climate ETF 0.8 60 -10 3.1 -10.5
SMIG AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF 0.8 60 -10 5.0 -8.5
TMFS Motley Fool Small-Cap Growth ETF 0.8 85 -35 1.2 -12.3
JPSV JPMorgan Active Small Cap Value ETF 0.8 74 -24 7.3 -6.2
FDRR Fidelity Dividend ETF for Rising Rates 0.8 15 35 5.8 -7.8
VLU State Street SPDR S&P 1500 Value Tilt ETF 0.8 12 38 6.2 -7.4
FELV Fidelity Enhanced Large Cap Value ETF 0.8 18 32 5.4 -8.1
OEI Optimized Equity Income ETF 0.8 75 -25 3.6 -10.0
MGV Vanguard Mega Cap Value ETF 0.8 7 43 5.3 -8.3
JOET Virtus Terranova US Quality Momentum ETF 0.8 29 21 3.7 -9.8
JPEF JPMorgan Equity Focus ETF 0.8 50 0 3.7 -9.8
BKSE BNY Mellon US Small Cap Core Equity ETF 0.8 4 46 5.1 -8.5
JHSC John Hancock Multifactor Small Cap ETF 0.8 42 8 5.8 -7.7
NUSC Nuveen ESG Small-Cap ETF 0.8 31 19 4.8 -8.8
NUDV Nuveen ESG Dividend ETF 0.8 26 24 6.1 -7.4
SLYV State Street SPDR S&P 600 Small Cap Value ETF 0.8 15 35 8.7 -4.8
PFM Invesco Dividend Achievers ETF 0.8 53 -3 4.7 -8.9
VIOV Vanguard S&P Small-Cap 600 Value ETF 0.8 10 40 8.7 -4.8
JHMM John Hancock Multifactor Mid Cap ETF 0.8 42 8 5.4 -8.2
IJS iShares S&P Small-Cap 600 Value ETF 0.7 18 32 8.7 -4.8
ZECP Zacks Earnings Consistent Portfolio ETF 0.7 55 -5 4.1 -9.5
USCA Xtrackers MSCI USA Climate Action Equity ETF 0.7 7 43 4.4 -9.2
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.7 9 41 3.6 -10.0
SPXT ProShares S&P 500 Ex-Technology ETF 0.7 9 41 4.9 -8.6
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.7 39 11 3.4 -10.1
GLBL Pacer MSCI World Industry Advantage ETF 0.7 65 -15 3.3 -10.2
FQAL Fidelity Quality Factor ETF 0.7 15 35 4.8 -8.7
RAYD Rayliant Quantitative Developed Market Equity ETF 0.7 80 -30 3.5 -10.0
ETHO Etho Climate Leadership U.S. ETF 0.7 47 3 4.1 -9.4
STOX Horizon Core Equity ETF 0.7 70 -20 3.5 -10.0
SFTY Horizon Managed Risk ETF 0.7 77 -27 3.4 -10.1
CVLC Calvert US Large-Cap Core Responsible Index ETF 0.7 15 35 4.1 -9.4
PRF Invesco FTSE RAFI US 1000 ETF 0.7 34 16 5.5 -8.0
MAGA Point Bridge America First ETF 0.7 72 -22 5.2 -8.3
FLQS Franklin U.S. Small Cap Multifactor Index ETF 0.7 35 15 5.9 -7.6
AFMC First Trust Active Factor Mid Cap ETF 0.7 65 -15 6.8 -6.7
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF 0.7 10 40 4.2 -9.4
USMV iShares MSCI USA Min Vol Factor ETF 0.7 15 35 5.4 -8.1
XMAG Defiance Large Cap ex-Mag 7 ETF 0.7 35 15 4.2 -9.4
FDMO Fidelity Momentum Factor ETF 0.6 15 35 2.3 -11.2
ESGV Vanguard ESG U.S. Stock ETF 0.6 9 41 4.1 -9.5
DSPY Tema S&P 500 Historical Weight ETF 0.6 18 32 4.3 -9.2
VTWV Vanguard Russell 2000 Value ETF 0.6 10 40 4.8 -8.8
EES WisdomTree U.S. SmallCap Fund 0.6 38 12 7.7 -5.9
NULC Nuveen ESG Large-Cap ETF 0.6 21 29 3.9 -9.7
BLCV iShares Large Cap Value Active ETF 0.6 53 -3 6.1 -7.4
FEGE First Eagle Global Equity ETF 0.6 79 -29 6.1 -7.4
IWN iShares Russell 2000 Value ETF 0.6 24 26 4.6 -8.9
ISCG iShares Morningstar Small-Cap Growth ETF 0.6 6 44 2.6 -10.9
DSI iShares MSCI KLD 400 Social ETF 0.6 25 25 4.1 -9.5
QDEF FlexShares Quality Dividend Defensive Index Fund 0.6 37 13 5.4 -8.1
QLC FlexShares US Quality Large Cap Index Fund 0.6 25 25 4.5 -9.1
XSVM Invesco S&P SmallCap Value with Momentum ETF 0.6 36 14 8.1 -5.4
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 0.6 9 41 5.2 -8.4
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.6 64 -14 1.1 -12.4
LRGF iShares U.S. Equity Factor ETF 0.6 8 42 4.6 -9.0
SPDG State Street SPDR Portfolio S&P Sector Neutral Dividend ETF 0.6 5 45 7.3 -6.2
VOE Vanguard Mid-Cap Value ETF 0.6 7 43 6.8 -6.7
IWX iShares Russell Top 200 Value ETF 0.6 20 30 4.9 -8.6
WSML iShares MSCI World Small-Cap ETF 0.6 15 35 5.2 -8.3
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF 0.6 12 38 3.6 -9.9
KLMT Invesco MSCI Global Climate 500 ETF 0.6 10 40 4.8 -8.7
USCL iShares Climate Conscious & Transition MSCI USA ETF 0.6 8 42 4.4 -9.2
ONEO State Street SPDR Russell 1000 Momentum Focus ETF 0.6 20 30 5.9 -7.7
TOPC iShares S&P 500 3% Capped ETF 0.6 15 35 4.3 -9.2
SHE State Street SPDR MSCI USA Gender Diversity ETF 0.6 20 30 4.2 -9.3
RZV Invesco S&P Smallcap 600 Pure Value ETF 0.5 35 15 6.9 -6.6
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.5 25 25 4.8 -8.7
VONE Vanguard Russell 1000 ETF 0.5 7 43 4.2 -9.3
SCHB Schwab U.S. Broad Market ETF 0.5 3 47 4.1 -9.4
SPXV ProShares S&P 500 Ex-Health Care ETF 0.5 9 41 3.8 -9.7
CATH Global X S&P 500 Catholic Values Custom ETF 0.5 29 21 4.0 -9.6
CHRI Global X S&P 500 Christian Values ETF 0.5 29 21 3.9 -9.6
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market 0.5 3 47 4.3 -9.2
VTI Vanguard Total Stock Market ETF 0.5 3 47 4.1 -9.5
IWB iShares Russell 1000 ETF 0.5 15 35 4.1 -9.4
VTHR Vanguard Russell 3000 ETF 0.5 7 43 4.1 -9.5
KRMA Global X Conscious Companies ETF 0.5 43 7 5.1 -8.4
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.5 11 39 4.1 -9.5
JMOM JPMorgan U.S. Momentum Factor ETF 0.5 12 38 3.2 -10.4
IWV iShares Russell 3000 ETF 0.5 20 30 4.0 -9.6
XVV iShares ESG Screened S&P 500 ETF 0.5 8 42 4.1 -9.5
IYY iShares Dow Jones U.S. ETF 0.5 20 30 4.0 -9.5
SCHK Schwab 1000 Index ETF 0.5 5 45 4.2 -9.4
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.5 3 47 4.1 -9.5
BRNY Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation 0.5 79 -29 3.9 -9.7
JHML John Hancock Multifactor Large Cap ETF 0.5 29 21 4.4 -9.1
SPXE ProShares S&P 500 Ex-Energy ETF 0.5 9 41 4.0 -9.6
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 0.5 75 -25 3.1 -10.5
QVML Invesco S&P 500 QVM Multi-factor ETF 0.5 11 39 4.2 -9.3
IWP iShares Russell Mid-Cap Growth ETF 0.5 23 27 2.8 -10.7
ONEV State Street SPDR Russell 1000 Low Volatility Focus ETF 0.5 20 30 7.4 -6.2
SCHX Schwab U.S. Large-Cap ETF 0.5 3 47 4.2 -9.3
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF 0.5 20 30 3.9 -9.6
SNPV Xtrackers S&P 500 Value ESG ETF 0.5 15 35 5.2 -8.3
RSSL Global X Russell 2000 ETF 0.5 8 42 2.6 -11.0
MNZL Manzil Russell Halal USA Broad MarketETF 0.5 40 10 3.6 -9.9
SSPY Syntax Stratified LargeCap ETF 0.5 30 20 6.0 -7.5
FTC First Trust Large Cap Growth AlphaDEX Fund 0.5 59 -9 1.6 -11.9
FNDB Schwab Fundamental US Broad Market Index ETF 0.5 25 25 6.1 -7.4
PBUS Invesco MSCI USA ETF 0.5 4 46 4.1 -9.4
BBUS JP Morgan Betabuilders U.S. Equity ETF 0.5 2 48 4.1 -9.4
SPY SPDR S&P 500 ETF 0.5 9 41 4.1 -9.4
SPYM State Street SPDR Portfolio S&P 500 ETF 0.5 2 48 4.2 -9.4
VOO Vanguard S&P 500 ETF 0.5 3 47 4.2 -9.4
XJR iShares ESG Screened S&P Small-Cap ETF 0.5 12 38 5.9 -7.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.5 12 38 4.4 -9.2
EVUS iShares ESG Aware MSCI USA Value ETF 0.5 18 32 5.6 -7.9
ACVF American Conservative Values ETF 0.5 75 -25 3.6 -9.9
IVV iShares Core S&P 500 ETF 0.5 3 47 4.2 -9.4
RAUS RACWI US ETF 0.4 15 35 4.1 -9.4
RAFE PIMCO RAFI ESG U.S. ETF 0.4 29 21 6.0 -7.5
ILCB iShares Morningstar U.S. Equity ETF 0.4 3 47 4.0 -9.5
FEX First Trust Large Cap Core AlphaDEX Fund 0.4 59 -9 4.8 -8.7
LOWV AB US Low Volatility Equity ETF 0.4 48 2 4.4 -9.1
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 0.4 7 43 4.0 -9.5
VOTE TCW Transform 500 ETF 0.4 5 45 4.0 -9.5
ROUS Hartford Multifactor US Equity ETF 0.4 19 31 5.3 -8.3
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.4 20 30 3.8 -9.7
BKLC BNY Mellon US Large Cap Core Equity ETF 0.4 0 50 4.1 -9.4
IQSU IQ Candriam U.S. Large Cap Equity ETF 0.4 9 41 4.1 -9.5
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF 0.4 3 47 6.2 -7.4
VIOO Vanguard S&P Small-Cap 600 ETF 0.4 7 43 6.0 -7.6
QUS State Street SPDR MSCI USA StrategicFactors ETF 0.4 15 35 5.1 -8.5
VV Vanguard Large-Cap ETF 0.4 4 46 4.0 -9.5
DHS WisdomTree U.S. High Dividend Fund 0.4 38 12 8.2 -5.3
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.4 39 11 2.2 -11.4
GXLC Global X U.S. 500 ETF 0.4 2 48 4.0 -9.5
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 0.4 10 40 4.2 -9.4
SNPE Xtrackers S&P 500 ESG ETF 0.4 10 40 4.3 -9.3
SUSL iShares ESG MSCI USA Leaders ETF 0.4 10 40 4.1 -9.4
RWK Invesco S&P MidCap 400 Revenue ETF 0.4 39 11 7.7 -5.9
RVRB Reverb ETF 0.4 30 20 3.6 -9.9
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 0.4 20 30 4.1 -9.4
IJR iShares Core S&P Small Cap ETF 0.4 6 44 6.1 -7.4
FYC First Trust Small Cap Growth AlphaDEX Fund 0.4 71 -21 -0.6 -14.2
TOV JLens 500 Jewish Advocacy U.S. ETF 0.4 18 32 3.9 -9.7
FTA First Trust Large Cap Value AlphaDEX Fund 0.4 59 -9 7.8 -5.8
WLDR Affinity World Leaders Equity ETF 0.4 67 -17 5.5 -8.0
LCDS JPMorgan Fundamental Data Science Large Core ETF 0.4 30 20 4.0 -9.5
KOKU Xtrackers MSCI Kokusai Equity ETF 0.4 9 41 4.3 -9.2
FNDX Schwab Fundamental US Large Co. Index ETF 0.4 25 25 6.1 -7.4
DWAS Invesco Dorsey Wright SmallCap Momentum ETF 0.4 60 -10 -0.9 -14.4
FDLO Fidelity Low Volatility Factor ETF 0.4 15 35 4.9 -8.6
STXG Strive 1000 Growth ETF 0.4 18 32 3.2 -10.4
TOK iShares MSCI Kokusai ETF 0.4 26 24 4.2 -9.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.4 9 41 4.8 -8.8
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 0.4 45 5 3.5 -10.0
XSMO Invesco S&P SmallCap Momentum ETF 0.3 39 11 3.4 -10.1
JQUA JPMorgan U.S. Quality Factor ETF 0.3 12 38 4.8 -8.7
USMF WisdomTree U.S. Multifactor Fund 0.3 28 22 6.3 -7.2
FTCE First Trust New Constructs Core Earnings Leaders ETF 0.3 60 -10 4.5 -9.0
URTH iShares MSCI World ETF 0.3 24 26 4.3 -9.3
SNPG Xtrackers S&P 500 Growth ESG ETF 0.3 15 35 3.7 -9.8
NACP Impact Shares NAACP Minority Empowerment ETF 0.3 49 1 3.5 -10.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 30 4.6 -8.9
MGC Vanguard Mega Cap ETF 0.3 7 43 3.8 -9.7
VT Vanguard Total World Stock ETF 0.3 6 44 4.9 -8.6
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF 0.3 50 0 8.1 -5.5
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF 0.3 60 -10 9.8 -3.7
REVS Columbia Research Enhanced Value ETF 0.3 19 31 6.6 -6.9
FESM Fidelity Enhanced Small Cap ETF 0.3 28 22 2.1 -11.4
IWM iShares Russell 2000 ETF 0.3 19 31 2.5 -11.0
PSC Principal U.S. Small-Cap ETF 0.3 38 12 3.5 -10.0
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 0.3 29 21 5.4 -8.1
RWJ Invesco S&P SmallCap 600 Revenue ETF 0.3 39 11 7.2 -6.3
SFY SoFi Select 500 ETF 0.3 0 50 3.6 -9.9
ENHU iShares Enhanced Large Cap Core Active ETF 0.3 22 28 4.0 -9.5
APUE ActivePassive U.S. Equity ETF 0.3 45 5 3.9 -9.7
ACWI iShares MSCI ACWI ETF 0.3 32 18 4.6 -9.0
JSML Janus Henderson Small Cap Growth Alpha ETF 0.3 30 20 2.5 -11.1
VTWO Vanguard Russell 2000 ETF 0.3 7 43 2.6 -10.9
ESGU iShares ESG Aware MSCI USA ETF 0.3 15 35 4.1 -9.4
ESG FlexShares Trust FlexShares STOXX US ESG Select Index Fund 0.3 32 18 3.9 -9.7
VSLU Applied Finance Valuation Large Cap ETF 0.3 49 1 4.9 -8.6
AFLG First Trust Active Factor Large Cap ETF 0.3 55 -5 5.0 -8.6
EPS WisdomTree U.S. LargeCap Fund 0.3 8 42 4.7 -8.9
JAVA JPMorgan Active Value ETF 0.3 44 6 5.4 -8.2
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 0.2 29 21 3.9 -9.6
IWL iShares Russell Top 200 ETF 0.2 15 35 3.8 -9.7
MCDS JPMorgan Fundamental Data Science Mid Core ETF 0.2 35 15 4.7 -8.8
ROSC Hartford Multifactor Small Cap ETF 0.2 34 16 7.0 -6.5
CALF Pacer US Small Cap Cash Cows 100 ETF 0.2 59 -9 9.2 -4.4
FELC Fidelity Enhanced Large Cap Core ETF 0.2 18 32 4.3 -9.2
DAK Dakota Active Equity ETF 0.2 43 7 3.7 -9.8
ADME Aptus Drawdown Managed Equity ETF 0.2 79 -29 3.3 -10.2
IMCG iShares Morningstar Mid-Cap Growth ETF 0.2 6 44 3.2 -10.4
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 0.2 19 31 5.0 -8.5
GEW Cambria Global EW ETF 0.2 29 21 5.3 -8.2
PY Principal Value ETF 0.2 15 35 7.1 -6.4
SMDX Intech S&P Small-Mid Cap Divers Alp ETF 0.2 35 15 6.2 -7.3
WSGE Warren Street Global Equity ETF 0.2 80 -30 2.8 -10.8
VALQ American Century U.S. Quality Value ETF 0.2 29 21 7.1 -6.4
RWL Invesco S&P 500 Revenue ETF 0.2 39 11 5.7 -7.8
SCDS JPMorgan Fundamental Data Science Small Core ETF 0.2 40 10 3.5 -10.1
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.2 25 25 5.3 -8.2
OEF iShares S&P 100 ETF 0.1 20 30 3.8 -9.8
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 0.1 9 41 4.3 -9.2
OPTZ Optimize Strategy Index ETF 0.1 50 0 3.1 -10.4
RECS Columbia Research Enhanced Core ETF 0.1 15 35 5.3 -8.2
VBK Vanguard Small-Cap Growth ETF 0.1 7 43 1.2 -12.3
IUSG iShares Core S&P U.S. Growth ETF 0.1 4 46 3.0 -10.5
GLOF iShares Global Equity Factor ETF 0.1 20 30 5.5 -8.0
SUSA iShares MSCI USA ESG Select ETF 0.1 25 25 3.9 -9.6
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 20 5.2 -8.3
VUG Vanguard Growth ETF 0.1 4 46 20.1 +6.6
VOOG Vanguard S&P 500 Growth ETF 0.1 7 43 18.1 +4.6
SPYG State Street SPDR Portfolio S&P 500 Growth ETF 0.1 4 46 3.0 -10.5
IVW iShares S&P 500 Growth ETF 0.1 18 32 2.9 -10.7
SLYG State Street SPDR S&P 600 Small Cap Growth ETF 0.1 15 35 3.5 -10.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 0.1 10 40 3.5 -10.0
IJT iShares S&P Small-Cap 600 Growth ETF 0.1 18 32 3.5 -10.0
GGUS Marketbeta Russell 1000 Growth Equity ETF 0.1 12 38 3.4 -10.1
PKW Invesco Buyback Achievers ETF 0.1 62 -12 7.4 -6.2
VONG Vanguard Russell 1000 Growth ETF 0.0 7 43 3.6 -10.0
LGDX Intech S&P Large Cap Diversified Alpha ETF 0.0 25 25 4.1 -9.4
IWF iShares Russell 1000 Growth ETF 0.0 19 31 14.3 +0.8
ILCG iShares Morningstar Growth ETF 0.0 4 46 3.0 -10.6
PRXG Praxis Impact Large Cap Growth ETF 0.0 36 14 3.1 -10.5
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 8 4.0 -9.6
INRO iShares U.S. Industry Rotation Active ETF 0.0 42 8 3.4 -10.1
IWO iShares Russell 2000 Growth ETF 0.0 24 26 0.5 -13.1
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 29 2.8 -10.7
VTWG Vanguard Russell 2000 Growth ETF 0.0 10 40 0.6 -12.9
EBI Longview Advantage ETF 0.0 35 15 5.8 -7.7

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 VanEck Office and Commercial REIT ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.4 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 13.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.77 CATEGORY
AVERAGE		 1.57
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.