Vanguard U.S. Minimum Volatility
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.7x P/Sales
ratio
2.2x
P/BV
ratio
2.3x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Fund seeks to provide long-term capital appreciation with lower volatility relative to the broad U.S. equity market.

FUND BASICS
Category US Equities
Fund Sponsor Vanguard
Website www.vangaurd.com
Inception date Feb 13, 2018
Assets (mns) $86
Currency USD
Expense ratio 13 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 208
Wgt avg mkt cap (mns) $42,146
Large cap (>$10bn) 43.8%
Mid cap ($2-10bn) 25.3%
Small cap (<$2bn) 31.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PAYCHEX INC 1.6 %
AMDOCS LTD 1.5 %
CITRIX SYSTEMS INC 1.5 %
WESTERN UNION CO 1.5 %
REPUBLIC SERVICES INC 1.5 %
MCDONALD'S CORP 1.5 %
KKR REAL ESTATE FINANCE TRUST INC. 1.5 %
NEWMONT MINING CORP 1.5 %
EXTRA SPACE STORAGE INC 1.5 %
VERIZON COMMUNICATIONS INC 1.5 %
Total 15.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.6 %
BERMUDA 0.9 %
BAHAMAS 0.7 %
IRELAND 0.7 %
CANADA 0.2 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
24.0% 15.0% -- -- 13.5%

Market Correlations
versus... Beta R-squared
S&P500 0.71 84%
MSCI EAFE 0.70 59%
MSCI Emg. Mkts. 0.49 41%

Technical Indicators
Recent close $90.61
30d moving avg. $89.62
Annualized volatility 11.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 11
Turnover 1.2%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $22,724

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Vanguard U.S. Minimum Volatility ETF based on the alternatives' overlap in portfolio holdings with VFMV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VFMV Expense: 13 bp ALTAR Score™: 5.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VFMV
Ticker Fund
Name
Overlap1
vs VFMV
(%)
Expense
ratio
(bp)
Savings
vs VFMV
(bp)
ALTAR
Score™
(%)
ALTAR
vs VFMV
(%)
LVUS Hartford Multifactor Low Volatility US Equity 32.8 21 -8 5.8 +0.4
USMV iShares MSCI USA Minimum Volatility 32.7 15 -2 5.2 -0.2
HUSV First Trust Horizon Managed Volatility Domestic 27.7 70 -57 4.7 -0.7
FDLO Fidelity Low Volatility Factor 27.6 29 -16 5.3 -0.1
ROUS Lattice U.S. Equity Strategy ETF 25.8 19 -6 6.4 +1.0
JMIN JPMorgan U.S. Minimum Volatility 25.1 12 1 5.6 +0.2
SPLV Invesco S&P 500 Low Volatility 23.9 25 -12 5.2 -0.2
LVHB Elkhorn Lunt Low Vol/High Beta Tactical 23.8 52 -39 5.0 -0.5
ACWV iShares MSCI World Minimum Volatility 22.9 20 -7 5.5 +0.1
LSLT Salt Low truBeta US Market 22.8 0 13 6.9 +1.5
AUSF Global X Adaptive U.S. Factor 22.8 27 -14 8.2 +2.8
RBUS Nationwide Risk-Based U.S. Equity 22.5 30 -17 6.1 +0.7
LGLV SPDR Russell 1000 Low Volatility 22.5 12 1 5.2 -0.2
QUS SPDR MSCI USA Quality Mix 22.0 15 -2 6.0 +0.6
SMMV iShares Edge MSCI Min Vol USA Small-Cap 20.9 20 -7 5.1 -0.3
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity 20.9 29 -16 6.3 +0.9
DYNF BlackRock U.S. Equity Factor Rotation 20.7 30 -17 6.5 +1.1
DEF Invesco Defensive Equity 20.4 59 -46 4.9 -0.6
JPUS JPMorgan Diversified Return U.S. Equity 19.9 19 -6 6.3 +0.9
QLV FlexShares US Quality Low Volatility 19.9 22 -9 5.0 -0.4

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Vanguard U.S. Minimum Volatility
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.3 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 13 bp
Equals: ALTAR Score 5.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.64 CATEGORY
AVERAGE
1.55
 
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.