Vanguard Health Care Index Fund
ALTAR
Score™		 5.3% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 22.9x P/Sales
ratio		 1.9x
P/BV
ratio		 4.2x Div.
yield		 1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Vanguard Health Care ETF seeks to track the performance of the MSCI US Investable Market Health Care Index.

FUND BASICS
Category US Equities
Fund Sponsor Vanguard Group Inc/The
Website www.vanguard.com
Inception date Jan 26, 2004
Assets (mns) $11,260
Currency USD
Expense ratio 10 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 429
Wgt avg mkt cap (mns) $117,246
Large cap (>$10bn) 87.1%
Mid cap ($2-10bn) 9.1%
Small cap (<$2bn) 3.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
JOHNSON & JOHNSON 8.3 %
UNITEDHEALTH GROUP INC 6.2 %
MERCK & CO. INC. 4.2 %
PFIZER INC 4.2 %
ABBVIE INC 3.6 %
ABBOTT LABORATORIES 3.6 %
THERMO FISHER SCIENTIFIC INC 3.3 %
AMGEN INC 3.2 %
ELI LILLY & CO 3.0 %
BRISTOL-MYERS SQUIBB CO 2.8 %
Total 42.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.5 %
IRELAND 3.6 %
BRITAIN 0.4 %
NETHERLANDS 0.1 %
SWITZERLAND 0.1 %
CANADA 0.0 %
CAYMAN ISLANDS 0.0 %
PUERTO RICO 0.0 %
BERMUDA 0.0 %
COSTA RICA 0.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
1.1% 12.3% 8.4% 16.2% 10.1%

Market Correlations
versus... Beta R-squared
S&P500 0.82 74%
MSCI EAFE 0.75 55%
MSCI Emg. Mkts. 0.55 46%

Technical Indicators
Recent close $198.64
30d moving avg. $193.32
Annualized volatility 16.1%
Short interest (ETF) 1.1%
Short interest (Underlying) 2.9%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 267
Turnover 0.5%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $51,965

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Vanguard Health Care Index Fund ETF based on the alternatives' overlap in portfolio holdings with VHT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VHT Expense: 10 bp ALTAR Score™: 5.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VHT
Ticker Fund
Name		 Overlap1
vs VHT
(%)		 Expense
ratio
(bp)		 Savings
vs VHT
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs VHT
(%)
FHLC Fidelity MSCI Health Care Index ETF 97.5 8 2 5.4 +0.1
IYH iShares U.S. Healthcare ETF 88.7 43 -33 6.0 +0.7
XLV Health Care Select Sector SPDR Fund 81.4 13 -3 7.0 +1.7
JHMH John Hancock Multifactor Healthcare ETF 77.0 40 -30 5.9 +0.6
IXJ iShares Global Healthcare ETF 66.2 46 -36 6.2 +0.9
IEHS iShares Evolved U.S. Healthcare Staples ETF 56.8 18 -8 5.6 +0.3
RYH Invesco S&P 500 Equal Weight Health Care ETF 53.2 40 -30 6.4 +1.1
IEIH iShares Evolved U.S. Innovative Healthcare ETF 50.4 18 -8 2.9 -2.4
FXH First Trust Health Care AlphaDEX Fund 35.8 62 -52 4.4 -1.0
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 35.6 60 -50 6.1 +0.8
PJP Invesco Dynamic Pharmaceuticals ETF 32.7 56 -46 10.8 +5.5
FTXH First Trust Nasdaq Pharmaceuticals ETF 32.0 60 -50 8.6 +3.3
MTUM iShares Edge MSCI USA Momentum Factor ETF 30.1 15 -5 4.0 -1.3
GDNA Goldman Sachs Motif Human Evolution ETF 28.4 50 -40 0.3 -5.1
VIRS Pacer BioThreat Strategy ETF 26.5 70 -60 4.4 -1.0
JKD iShares Morningstar Large-Cap ETF 26.1 20 -10 5.6 +0.2
LNGR Global X Longevity Thematic ETF 26.0 50 -40 3.1 -2.3
PPH VanEck Vectors Pharmaceutical ETF 25.9 36 -26 10.1 +4.8
IHE iShares U.S. Pharmaceuticals ETF 25.7 42 -32 5.4 +0.1
IHI iShares U.S. Medical Devices ETF 25.4 43 -33 3.4 -1.9
HDIV QRAFT AI-Enhanced U.S. High Dividend ETF 25.0 75 -65 6.1 +0.8
MGV Vanguard Mega Cap Value ETF 24.6 7 3 7.2 +1.9
HLAL Wahed FTSE USA Shariah ETF 23.5 50 -40 4.5 -0.8
HTEC ROBO Global Healthcare Technology & Innovation ETF 23.4 68 -58 0.2 -5.2
SPHQ Invesco S&P 500 Quality ETF 22.7 15 -5 4.6 -0.8
VTV Vanguard Value Index Fund 22.0 4 6 7.4 +2.0
USMC Principal U.S. Mega-Cap Multi-Factor Index ETF 21.8 12 -2 4.7 -0.6
XPH SPDR S&P Pharmaceuticals ETF 21.8 35 -25 4.4 -0.9
VOOV Vanguard S&P 500 Value ETF 20.6 15 -5 7.3 +2.0
SPYV SPDR Portfolio S&P 500 Value ETF 20.5 4 6 7.4 +2.0
IVE iShares S&P 500 Value ETF 20.5 18 -8 7.2 +1.9
OUSA O'Shares FTSE US Quality Dividend ETF 20.2 48 -38 5.6 +0.3
HDV iShares Core High Dividend ETF 20.2 8 2 6.7 +1.4
RBUS Nationwide Risk-Based U.S. Equity ETF 20.0 30 -20 5.0 -0.3
XOUT GraniteShares XOUT U.S. Large Cap ETF 19.9 60 -50 4.3 -1.0
IBB iShares NASDAQ Biotechnology ETF 19.7 47 -37 0.2 -5.2
SPXT ProShares S&P 500 Ex-Technology ETF 19.7 27 -17 5.6 +0.3
IUSV iShares Core S&P U.S. Value ETF 19.6 4 6 7.4 +2.1
XHE SPDR S&P Health Care Equipment ETF 19.0 35 -25 1.7 -3.7
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 18.9 25 -15 5.9 +0.6
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 18.8 49 -39 4.0 -1.3
VFMO Vanguard U.S. Momentum Factor ETF 18.8 13 -3 1.1 -4.2
SPLV Invesco S&P 500 Low Volatility ETF 18.6 25 -15 5.6 +0.3
FTCS First Trust Capital Strength ETF 18.4 58 -48 4.8 -0.5
MXDU Nationwide Maximum Diversification US Core Equity ETF 17.4 34 -24 4.8 -0.5
MMTM SPDR S&P 1500 Momentum Tilt ETF 17.3 12 -2 4.8 -0.5
IWX iShares Russell Top 200 Value ETF 17.2 20 -10 7.1 +1.8
AIEQ AI Powered Equity ETF 17.1 87 -77 3.6 -1.7
VYM Vanguard High Dividend Yield Index ETF 17.1 6 4 7.3 +2.0
RAFE PIMCO RAFI ESG U.S. ETF 16.8 29 -19 7.7 +2.4
PWB Invesco Dynamic Large Cap Growth ETF 16.7 55 -45 3.3 -2.0
FTHI First Trust High Income ETF 16.6 85 -75 4.9 -0.4
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 16.6 17 -7 6.5 +1.2
SCHV Schwab U.S. Large-Cap Value ETF 16.6 4 6 7.1 +1.8
WOMN Impact Shares YWCA Women's Empowerment ETF 16.4 75 -65 4.4 -0.9
USMV iShares Edge MSCI Min Vol USA ETF 16.4 15 -5 5.5 +0.1
SPXN ProShares S&P 500 Ex-Financials ETF 16.3 27 -17 4.9 -0.4
DGRW WisdomTree U.S. Quality Dividend Growth Fund 16.3 28 -18 6.4 +1.1
FTLB First Trust Hedged BuyWrite Income ETF 16.2 85 -75 4.9 -0.4
DGRO iShares Core Dividend Growth ETF 16.2 8 2 6.6 +1.3
IHF iShares U.S. Healthcare Providers ETF 16.2 43 -33 7.6 +2.3
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 16.1 49 -39 5.1 -0.2
QUS SPDR MSCI USA StrategicFactors ETF 15.9 15 -5 5.8 +0.5
DSTL Distillate US Fundamental Stability & Value ETF 15.8 39 -29 6.4 +1.1
FAD First Trust Multi Cap Growth AlphaDEX Fund 15.7 66 -56 2.5 -2.8
FBT First Trust NYSE Arca Biotechnology Index Fund 15.7 55 -45 -0.9 -6.2
SFY SoFi Select 500 ETF 15.7 0 10 5.2 -0.2
VIG Vanguard Dividend Appreciation Index Fund 15.7 6 4 5.3 0.0
EQWL Invesco Russell Top 200 Equal Weight ETF 15.4 25 -15 6.0 +0.7
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 15.3 35 -25 5.4 +0.0
EXT WisdomTree U.S. Total Earnings Fund 15.3 28 -18 5.2 -0.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 15.3 30 -20 6.5 +1.2
BBH VanEck Vectors Biotech ETF 15.3 35 -25 3.7 -1.6
JVAL JPMorgan U.S. Value Factor ETF 15.2 12 -2 8.7 +3.4
DEF Invesco Defensive Equity ETF 15.1 55 -45 5.0 -0.3
SCIU Global X Scientific Beta US ETF 15.1 19 -9 5.7 +0.4
ESGV Vanguard ESG U.S. Stock ETF 15.1 12 -2 5.1 -0.2
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 15.0 9 1 5.5 +0.2
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 14.9 9 1 5.8 +0.5
FDRR Fidelity Dividend ETF for Rising Rates 14.9 29 -19 6.9 +1.6
XT iShares Exponential Technologies ETF 14.9 47 -37 5.0 -0.3
CACG ClearBridge All Cap Growth ETF 14.9 54 -44 4.3 -1.0
VONV Vanguard Russell 1000 Value Index Fund 14.9 8 2 7.2 +1.9
ROUS Hartford Multifactor US Equity ETF 14.8 19 -9 7.3 +2.0
DLN WisdomTree U.S. LargeCap Dividend Fund 14.8 28 -18 6.3 +1.0
SPXE ProShares S&P 500 Ex-Energy ETF 14.7 27 -17 5.2 -0.1
VXF Vanguard Extended Market Index Fund 14.7 7 3 3.8 -1.6
CCOR Core Alternative ETF 14.7 123 -113 4.4 -1.0
PBP Invesco S&P 500 BuyWrite ETF 14.7 49 -39 5.0 -0.3
IWL iShares Russell Top 200 ETF 14.6 15 -5 5.0 -0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 14.5 20 -10 5.3 -0.0
JQUA JPMorgan U.S. Quality Factor ETF 14.5 12 -2 5.2 -0.1
BKMC BNY Mellon US Mid Cap Core Equity ETF 14.4 4 6 5.8 +0.4
HSPX Global X S&P 500 Covered Call ETF 14.4 65 -55 4.8 -0.5
ITOT iShares Core S&P Total U.S. Stock Market ETF 14.4 3 7 5.1 -0.2
SCHB Schwab U.S. Broad Market ETF 14.4 3 7 5.2 -0.1
ONEO SPDR Russell 1000 Momentum Focus ETF 14.4 20 -10 6.4 +1.1
IWV iShares Russell 3000 ETF 14.4 20 -10 5.0 -0.3
IQSU IQ Candriam ESG US Equity ETF 14.3 9 1 5.0 -0.3
IWF iShares Russell 1000 Growth ETF 14.3 19 -9 4.1 -1.3

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Vanguard Health Care Index Fund
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 20.8 %
Divided by: Fwd. P/BV 3.8 x
Less: Expense ratio 10 bp
Equals: ALTAR Score 5.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.39 CATEGORY
AVERAGE		 1.52
 
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.