Vanguard Extended Market
ALTAR
Score™
3.3% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
28.2x P/Sales
ratio
1.5x
P/BV
ratio
2.3x Div.
yield
1.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Vanguard Extended Market ETF seeks investment results that correspond to the price and yield performance of the S&P Completion Index. The index consists mid- and small-cap stocks diversified across growth and value styles.

FUND BASICS
Category US Equities
Fund Sponsor Vanguard
Website www.vanguard.com
Inception date Jan 04, 2002
Assets (mns) $8,058
Currency USD
Expense ratio 7 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian JPMorgan Chase Bank
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 3268
Wgt avg mkt cap (mns) $7,573
Large cap (>$10bn) 21.7%
Mid cap ($2-10bn) 57.6%
Small cap (<$2bn) 20.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SERVICENOW INC 1.0 %
TESLA MOTORS INC 0.9 %
BLACKSTONE GROUP LP/THE 0.7 %
LULULEMON ATHLETICA INC 0.5 %
WORKDAY INC-CLASS A 0.5 %
SQUARE, INC. CLASS A 0.4 %
PALO ALTO NETWORKS INC 0.4 %
COSTAR GROUP INC 0.4 %
SPLUNK INC 0.4 %
DEXCOM INC 0.4 %
Total 5.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.4 %
BERMUDA 1.6 %
BRITAIN 0.7 %
IRELAND 0.4 %
PUERTO RICO 0.2 %
CAYMAN ISLANDS 0.2 %
NETHERLANDS 0.1 %
SWITZERLAND 0.1 %
CANADA 0.0 %
BAHAMAS 0.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
25.3% 11.9% 8.8% 13.4% 10.2%

Market Correlations
versus... Beta R-squared
S&P500 1.12 86%
MSCI EAFE 0.99 55%
MSCI Emg. Mkts. 0.67 40%

Technical Indicators
Recent close $123.99
30d moving avg. $121.31
Annualized volatility 14.6%
Short interest (ETF) 0.3%
Short interest (Underlying) 5.9%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 296
Turnover 0.5%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $61,244

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: VXF Expense: 7 bp ALTAR Score™: 3.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH VXF
Ticker Fund
Name
Overlap1
vs VXF
(%)
Expense
ratio
(bp)
Savings
vs VXF
(bp)
ALTAR
Score™
(%)
ALTAR
vs VXF
(%)
VB Vanguard Smallcap ETF 67.1 5 2 5.5 +2.2
PBSM Invesco PureBeta MSCI USA Small Cap 64.0 6 1 5.3 +2.0
SCHA Schwab U.S. Small-Cap 52.6 4 3 4.9 +1.7
SPSM SPDR Portfolio Small Cap 50.5 5 2 4.7 +1.5
SPMD SPDR Portfolio Mid Cap 48.4 5 2 6.0 +2.8
OSIZ Invesco Russell 1000 Size Factor ETF 47.7 19 -12 6.2 +2.9
ESML iShares MSCI USA Small-Cap ESG Optimized 45.5 17 -10 4.7 +1.4
SFYX SoFi Next 500 45.3 0 7 5.6 +2.4
SMMD iShares Russell 2500 42.8 15 -8 5.5 +2.3
SCHM Schwab US Mid Cap 42.5 4 3 6.2 +3.0
IUSS Invesco Strategic US Small Company 41.4 23 -16 6.1 +2.9
FNDA Schwab Fundamental Small Cap 41.1 25 -18 5.9 +2.7
VTWO Vanguard Russell 2000 38.5 15 -8 3.6 +0.3
JHMM John Hancock Multifactor Mid Cap 38.5 44 -37 5.8 +2.6
FSMD Fidelity Small-Mid Factor ETF 38.4 29 -22 6.3 +3.1
IWM iShares Russell 2000 38.3 19 -12 3.5 +0.3
EZM WisdomTree Midcap Earnings 38.0 38 -31 7.6 +4.4
VBR Vanguard Small-Cap Value ETF 37.3 7 0 7.6 +4.4
TUSA First Trust Total US Market AlphaDEX 36.8 70 -63 6.5 +3.3
IWR iShares Russell Midcap 34.9 19 -12 5.8 +2.6

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

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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 Extended Market
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 7.0 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 7 bp
Equals: ALTAR Score 3.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.56
 
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.