Vanguard International Dividend Appreciation ETF
ALTAR
Score™		 6.9% info Recommen-
dation		 AVOID
2020E    2021E
P/E
ratio		 16.7x P/Sales
ratio		 1.7x
P/BV
ratio		 2.2x Div.
yield		 2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Vanguard International Dividend Appreciation ETF tracks a market-cap-weighted index of developed and emerging market firms (ex-US) that have increased their annual dividends for 7 or more consecutive years.

FUND BASICS
Category International Equities
Fund Sponsor Vanguard
Website institutional.vanguard.com
Inception date Feb 25, 2016
Assets (mns) $1,534
Currency USD
Expense ratio 25 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 405
Wgt avg mkt cap (mns) $104,061
Large cap (>$10bn) 83.7%
Mid cap ($2-10bn) 14.4%
Small cap (<$2bn) 1.9%
Developed mkts 74.6%
Emerging mkts 25.4%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 5.0 %
NESTLE SA-REG 4.9 %
SAMSUNG ELECTRONICS CO LTD 4.2 %
ROCHE HOLDING AG-GENUSSCHEIN 3.9 %
NOVARTIS AG-REG 3.6 %
LVMH MOET HENNESSY LOUIS VUI 3.4 %
ASML HOLDING NV 1.9 %
AIA GROUP LTD 1.9 %
NIPPON TELEGRAPH AND TELEPHONE COR 1.7 %
L'OREAL 1.7 %
Total 32.4 %

TOP COUNTRY EXPOSURE
SWITZERLAND 14.5 %
JAPAN 11.5 %
FRANCE 10.1 %
INDIA 9.6 %
CANADA 6.6 %
BRITAIN 6.5 %
CHINA 5.8 %
HONG KONG 5.7 %
SOUTH KOREA 4.3 %
NETHERLANDS 4.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 29)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.9% 7.7% -- -- 7.2%

Market Correlations
versus... Beta R-squared
S&P500 0.77 71%
MSCI EAFE 0.90 87%
MSCI Emg. Mkts. 0.70 75%

Technical Indicators
Recent close $58.76
30d moving avg. $63.04
Annualized volatility 12.0%
Short interest (ETF) 0.2%
Relative strength (RSI) 36

Liquidity measures
Avg. volume (thou.) 190
Turnover 0.7%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $13,964

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Vanguard International Dividend Appreciation ETF ETF based on the alternatives' overlap in portfolio holdings with VIGI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: VIGI Expense: 25 bp ALTAR Score™: 6.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VIGI
Ticker Fund
Name		 Overlap1
vs VIGI
(%)		 Expense
ratio
(bp)		 Savings
vs VIGI
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs VIGI
(%)
IGRO iShares International Dividend Growth ETF 37.3 22 3 9.7 +2.8
EFG iShares MSCI EAFE Growth ETF 36.1 40 -15 5.7 -1.2
IQLT iShares Edge MSCI Intl Quality Factor ETF 34.8 30 -5 7.3 +0.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 33.6 30 -5 5.6 -1.3
IDHQ Invesco S&P International Developed High Quality ETF 29.7 29 -4 6.5 -0.4
QEFA SPDR MSCI EAFE Quality Mix ETF 29.1 30 -5 7.9 +1.0
IDMO Invesco S&P International Developed Momentum ETF 29.1 25 0 5.6 -1.4
IEV iShares Europe ETF 28.1 59 -34 8.5 +1.6
BBEU JPMorgan BetaBuilders Europe ETF 27.4 9 16 9.0 +2.1
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 27.3 30 -5 8.5 +1.6
FLEE Franklin FTSE Europe ETF 27.3 9 16 8.7 +1.7
DBEU Xtrackers MSCI Europe Hedged Equity ETF 27.1 45 -20 8.1 +1.2
FLEH Franklin FTSE Europe Hedged ETF 27.0 9 16 8.6 +1.7
PDEV Principal International Multi-Factor Core Index ETF 26.6 25 0 8.2 +1.2
IEUR iShares Core MSCI Europe ETF 26.3 9 16 9.1 +2.2
VGK Vanguard FTSE Europe ETF 25.4 8 17 9.2 +2.3
FEU SPDR Portfolio Europe ETF 25.4 9 16 9.1 +2.2
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 25.3 25 0 8.3 +1.4
IQSI IQ Candriam ESG International Equity ETF 25.0 15 10 8.8 +1.9
RFEU First Trust Riverfront Dynamic Europe ETF 24.6 83 -58 6.3 -0.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 24.4 16 9 8.5 +1.6
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 24.2 20 5 8.7 +1.8
EUDG WisdomTree Europe Quality Dividend Growth Fund 24.1 58 -33 7.7 +0.8
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 24.0 48 -23 0.0 -6.9
HFXI IQ 50 Percent Hedged FTSE International ETF 23.7 20 5 9.0 +2.1
SCHF Schwab International Equity ETF 23.4 6 19 9.0 +2.1
GSIE Goldman Sachs ActiveBeta International Equity ETF 23.0 25 0 8.3 +1.4
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 22.9 7 18 9.2 +2.3
EFA iShares MSCI EAFE ETF 22.8 32 -7 8.7 +1.8
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 22.4 14 11 8.3 +1.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 22.3 35 -10 8.4 +1.5
VSGX Vanguard ESG International Stock ETF 22.3 17 8 8.8 +1.9
IDEV iShares Core MSCI International Developed Markets ETF 22.1 5 20 8.9 +2.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 21.6 40 -15 8.8 +1.9
OEUR O'shares FTSE Europe Quality Dividend ETF 21.6 48 -23 7.8 +0.9
ESGD iShares MSCI EAFE ESG Optimized ETF 21.5 20 5 8.7 +1.8
CWI SPDR MSCI ACWI ex-US ETF 21.5 30 -5 9.1 +2.2
VEA Vanguard FTSE Developed Markets ETF 21.4 5 20 9.2 +2.3
IEFA iShares Core MSCI EAFE ETF 21.4 7 18 8.9 +2.0
ACWX iShares MSCI ACWI ex U.S. ETF 21.1 32 -7 9.1 +2.2
FDEV Fidelity Targeted International Factor ETF 21.0 39 -14 7.5 +0.6
VEU Vanguard FTSE All-World ex-US Index Fund 20.9 8 17 9.3 +2.4
SPDW SPDR Portfolio Developed World ex-US ETF 20.6 4 21 8.9 +2.0
IXUS ishares Core MSCI Total International Stock ETF 20.6 9 16 9.2 +2.3
RFDI First Trust Riverfront Dynamic Developed International ETF 20.6 83 -58 7.8 +0.9
VXUS Vanguard Total International Stock Index Fund 20.1 8 17 9.4 +2.4
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 20.1 32 -7 7.4 +0.5
JHMD John Hancock Multifactor Developed International ETF 20.0 45 -20 9.1 +2.2
ISDX Invesco Strategic Developed ex-US ETF 19.7 23 2 9.8 +2.9
EFAD ProShares MSCI EAFE Dividend Growers ETF 19.6 50 -25 7.8 +0.9
CIL Victory CEMP International Volatility Weighted Index ETF 19.1 45 -20 8.9 +2.0
RNDM Developed International Equity Select ETF 19.1 65 -40 8.0 +1.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 18.7 39 -14 8.0 +1.1
EFAV iShares Edge MSCI Min Vol EAFE ETF 18.7 20 5 6.4 -0.5
EUDV ProShares MSCI Europe Dividend Growers ETF 18.5 55 -30 8.5 +1.6
FLAX Franklin FTSE Asia Ex Japan ETF 18.4 19 6 9.8 +2.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 18.3 68 -43 9.1 +2.2
CIZ Victory CEMP Developed Enhanced Volatility Weighted Index ET 18.2 45 -20 8.9 +1.9
TPIF Timothy Plan International ETF 18.2 62 -37 8.6 +1.6
DOL WisdomTree International LargeCap Dividend Fund 18.2 48 -23 10.4 +3.5
JHEM John Hancock Multifactor Emerging Markets ETF 18.0 55 -30 10.6 +3.7
EUMV iShares Edge MSCI Min Vol Europe ETF 17.6 25 0 6.4 -0.5
EURZ Xtrackers Eurozone Equity ETF 17.5 9 16 9.0 +2.1
IQIN IQ 500 International ETF 17.4 25 0 10.8 +3.9
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 17.3 45 -20 8.6 +1.7
QINT American Century Quality Diversified International ETF 17.2 39 -14 7.4 +0.5
EZU iShares MSCI Eurozone ETF 16.7 49 -24 8.8 +1.8
NUDM Nuveen ESG International Developed Markets Equity ETF 16.6 40 -15 8.3 +1.4
EEM iShares MSCI Emerging Markets ETF 16.4 68 -43 9.8 +2.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 16.3 30 -5 10.1 +3.2
IQDG WisdomTree International Quality Dividend Growth Fund 16.1 38 -13 7.8 +0.9
FIVA Fidelity International Value Factor ETF 16.1 39 -14 13.0 +6.0
FNDF Schwab Fundamental International Large Co. Index ETF 16.1 25 0 10.8 +3.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 16.0 32 -7 8.3 +1.4
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 15.9 58 -33 7.6 +0.7
EEMA iShares MSCI Emerging Markets Asia ETF 15.8 50 -25 9.8 +2.8
DWM WisdomTree International Equity Fund 15.7 48 -23 10.3 +3.4
IEMG iShares Core MSCI Emerging Markets ETF 15.7 14 11 10.3 +3.4
PIZ Invesco DWA Developed Markets Momentum ETF 15.6 80 -55 6.0 -0.9
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 15.6 61 -36 6.4 -0.5
VPL Vanguard FTSE Pacific ETF 15.6 8 17 9.2 +2.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 15.5 65 -40 9.9 +3.0
HEDJ WisdomTree Europe Hedged Equity Fund 15.4 58 -33 9.7 +2.8
SCID Global X Scientific Beta Europe ETF 15.4 38 -13 8.8 +1.9
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 15.4 35 -10 10.5 +3.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 15.4 45 -20 10.1 +3.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 15.3 45 -20 11.1 +4.2
ISZE iShares Edge MSCI Intl Size Factor ETF 15.2 30 -5 8.7 +1.8
RBIN Nationwide Risk-Based International Equity ETF 15.2 42 -17 8.2 +1.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 14.9 95 -70 12.0 +5.1
ESGE iShares ESG MSCI EM ETF 14.9 25 0 11.3 +4.4
JPEU JPMorgan Diversified Return Europe Equity ETF 14.7 37 -12 8.7 +1.7
MVIN Natixis Seeyond International Minimum Volatility ETF 14.5 55 -30 7.1 +0.2
FLSW Franklin FTSE Switzerland ETF 14.5 9 16 6.3 -0.6
EWL iShares MSCI Switzerland ETF 14.5 50 -25 5.7 -1.2
DNL WisdomTree Global ex-US Dividend Growth Fund 14.5 58 -33 9.4 +2.4
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 14.2 24 1 8.9 +2.0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 14.2 39 -14 11.2 +4.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 13.8 20 5 9.1 +2.2

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 International Dividend Appreciation ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.5 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.49 CATEGORY
AVERAGE		 1.58
 
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.