Vanguard Extended Market Index Fund
ALTAR
Score™		 2.5% info Recommen-
dation		 AVOID
2020E    2021E
P/E
ratio		 63.6x P/Sales
ratio		 2.3x
P/BV
ratio		 3.4x Div.
yield		 0.9%


  • 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 Dec 27, 2001
Assets (mns) $14,858
Currency USD
Expense ratio 6 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 3299
Wgt avg mkt cap (mns) $53,827
Large cap (>$10bn) 38.5%
Mid cap ($2-10bn) 45.5%
Small cap (<$2bn) 13.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
SQUARE, INC. CLASS A 1.1 %
ZOOM VIDEO COMMUNICATIONS, INC. CL 1.0 %
UBER TECHNOLOGIES, INC. 1.0 %
TWILIO, INC. CLASS A 0.6 %
SNAP, INC. CLASS A 0.6 %
NXP SEMICONDUCTORS NV 0.6 %
DOCUSIGN, INC. 0.6 %
BLACKSTONE GROUP LP/THE 0.6 %
CROWDSTRIKE HOLDINGS, INC. CLASS A 0.5 %
LULULEMON ATHLETICA INC 0.5 %
Total 7.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 89.9 %
BERMUDA 1.3 %
BRITAIN 0.8 %
NETHERLANDS 0.7 %
IRELAND 0.5 %
PUERTO RICO 0.1 %
CAYMAN ISLANDS 0.1 %
CANADA 0.1 %
SWITZERLAND 0.0 %
BAHAMAS 0.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
32.4% 32.4% 16.1% 13.2% 11.3%

Market Correlations
versus... Beta R-squared
S&P500 1.28 90%
MSCI EAFE 1.24 83%
MSCI Emg. Mkts. 1.00 69%

Technical Indicators
Recent close $176.38
30d moving avg. $167.89
Annualized volatility 25.4%
Short interest (ETF) 1.2%
Short interest (Underlying) 5.9%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 715
Turnover 0.9%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $135,494

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Vanguard Extended Market Index Fund 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: 6 bp ALTAR Score™: 2.5%


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 Small-Cap ETF 59.6 5 1 4.4 +1.9
PBSM Invesco PureBeta MSCI USA Small Cap ETF 55.8 6 0 4.0 +1.5
SCHA Schwab U.S. Small-Cap ETF 47.8 4 2 3.6 +1.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 45.9 17 -11 4.0 +1.5
IWR iShares Russell Midcap ETF 39.2 19 -13 4.7 +2.2
TUSA First Trust Total US Market AlphaDEX ETF 38.7 70 -64 4.8 +2.3
FAD First Trust Multi Cap Growth AlphaDEX Fund 37.9 66 -60 1.8 -0.7
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 37.5 7 -1 3.9 +1.4
JHMM John Hancock Multifactor Mid Cap ETF 36.7 42 -36 4.7 +2.2
SFYX Sofi Next 500 ETF 36.1 0 6 4.8 +2.3
SCHM Schwab U.S. Mid-Cap ETF 36.1 4 2 5.0 +2.5
VTWO Vanguard Russell 2000 Index Fund 35.0 10 -4 2.6 +0.2
IWM iShares Russell 2000 ETF 34.9 19 -13 2.5 +0.0
BKSE BNY Mellon US Small Cap Core Equity ETF 34.8 4 2 4.7 +2.2
SMMD iShares Russell 2500 ETF 33.8 15 -9 4.7 +2.2
IUSS Invesco Strategic US Small Company ETF 33.8 23 -17 3.6 +1.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 32.6 39 -33 3.4 +1.0
VFMO Vanguard U.S. Momentum Factor ETF 32.6 13 -7 1.4 -1.1
FNDA Schwab Fundamental U.S. Small Co. Index ETF 32.2 25 -19 4.8 +2.3
VBR Vanguard Small Cap Value Index Fund 32.2 7 -1 6.4 +3.9
BKMC BNY Mellon US Mid Cap Core Equity ETF 31.2 4 2 4.9 +2.4
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 31.2 20 -14 3.8 +1.3
VBK Vanguard Small-Cap Growth Index Fund 31.1 7 -1 1.9 -0.6
FSMD Fidelity Small-Mid Factor ETF 30.8 29 -23 5.2 +2.7
EQAL Invesco Russell 1000 Equal Weight ETF 30.0 20 -14 5.0 +2.6
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 28.9 25 -19 4.9 +2.4
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 28.9 29 -23 7.2 +4.8
FNX First Trust Mid Cap Core AlphaDEX Fund 28.5 61 -55 5.0 +2.6
IVOO Vanguard S&P Mid-Cap 400 ETF 28.2 10 -4 5.3 +2.8
EWMC Invesco S&P MidCap 400 Equal Weight ETF 27.8 40 -34 5.6 +3.2
IJH iShares Core S&P Mid-Cap ETF 27.8 5 1 5.3 +2.8
SPMD SPDR Portfolio Mid Cap ETF 27.8 5 1 5.3 +2.8
MDY SPDR S&P Midcap 400 ETF Trust 27.8 23 -17 5.1 +2.6
IWP iShares Russell Mid-Cap Growth ETF 27.6 24 -18 2.6 +0.2
SMDY Syntax Stratified MidCap ETF 26.7 30 -24 5.1 +2.7
IWS iShares Russell Mid-Cap Value ETF 26.6 24 -18 5.9 +3.5
XJH iShares ESG Screened S&P Mid-Cap ETF 26.2 12 -6 5.4 +2.9
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 25.6 39 -33 3.9 +1.5
ONEO SPDR Russell 1000 Momentum Focus ETF 25.5 20 -14 5.6 +3.1
RWK Invesco S&P MidCap 400 Revenue ETF 24.4 39 -33 6.3 +3.9
AVUS Avantis U.S. Equity ETF 24.2 15 -9 4.8 +2.3
EZM WisdomTree U.S. MidCap Earnings Fund 23.9 38 -32 7.5 +5.0
ESGV Vanguard ESG U.S. Stock ETF 23.7 12 -6 4.5 +2.0
NUSC Nuveen ESG Small-Cap ETF 22.3 40 -34 3.9 +1.5
VTWG Vanguard Russell 2000 Growth Index Fund 22.2 15 -9 0.1 -2.4
IWO iShares Russell 2000 Growth ETF 22.2 24 -18 -0.1 -2.6
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 22.0 9 -3 3.3 +0.8
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 21.8 20 -14 7.1 +4.7
VFQY Vanguard U.S. Quality Factor ETF 21.7 13 -7 5.3 +2.8
SIZE iShares MSCI USA Size Factor ETF 21.5 15 -9 5.1 +2.6
EUSA iShares MSCI USA Equal Weighted ETF 21.4 15 -9 5.1 +2.6
JMOM JPMorgan U.S. Momentum Factor ETF 21.3 12 -6 3.0 +0.5
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 21.1 29 -23 6.0 +3.5
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 20.9 15 -9 6.0 +3.5
VFLQ Vanguard U.S. Liquidity Factor ETF 20.8 14 -8 3.5 +1.0
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 20.6 17 -11 5.6 +3.2
JKH iShares Morningstar Mid-Cap Growth ETF 20.5 30 -24 1.9 -0.6
STSB iShares Factors US Small Blend Style ETF 20.5 35 -29 2.9 +0.4
IWN iShares Russell 2000 Value ETF 20.4 24 -18 5.0 +2.6
VTWV Vanguard Russell 2000 Value Index Fund 20.3 15 -9 5.1 +2.6
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 20.2 21 -15 2.9 +0.4
STMB iShares Factors US Mid Blend Style ETF 20.1 30 -24 4.9 +2.5
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 19.2 15 -9 4.1 +1.7
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 19.2 29 -23 4.2 +1.7
VO Vanguard Mid-Cap Index Fund 19.0 4 2 4.5 +2.1
VFVA Vanguard U.S. Value Factor ETF 19.0 14 -8 8.4 +6.0
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 18.9 24 -18 4.9 +2.4
MDYG SPDR S&P 400 Mid Cap Growth ETF 18.8 15 -9 3.7 +1.2
IJK iShares S&P Mid-Cap 400 Growth ETF 18.8 17 -11 3.7 +1.2
AFMC First Trust Active Factor Mid Cap ETF 18.7 65 -59 5.2 +2.7
MDYV SPDR S&P 400 Mid Cap Value ETF 18.4 15 -9 6.9 +4.4
IJJ iShares S&P Mid-Cap 400 Value ETF 18.4 18 -12 6.9 +4.4
IVOV Vanguard S&P Mid-Cap 400 Value ETF 18.3 15 -9 6.7 +4.2
RNMC Mid Cap US Equity Select ETF 18.3 60 -54 6.0 +3.6
ITOT iShares Core S&P Total U.S. Stock Market ETF 18.1 3 3 4.4 +1.9
SCHB Schwab U.S. Broad Market ETF 18.0 3 3 4.5 +2.0
VTHR Vanguard Russell 3000 Index Fund 18.0 10 -4 4.4 +1.9
FTC First Trust Large Cap Growth AlphaDEX Fund 17.9 61 -55 2.2 -0.3
FAB First Trust Multi Cap Value AlphaDEX Fund 17.9 71 -65 7.5 +5.1
FNY First Trust Mid Cap Growth AlphaDEX Fund 17.7 70 -64 1.6 -0.9
VOT Vanguard Mid-Cap Growth Index Fund 17.5 7 -1 2.7 +0.2
VTI Vanguard Total Stock Market Index Fund 17.5 3 3 4.4 +1.9
DFAU Dimensional US Core Equity Market ETF 17.2 12 -6 4.7 +2.2
IWV iShares Russell 3000 ETF 17.2 20 -14 4.3 +1.8
DON WisdomTree U.S. MidCap Dividend Fund 17.1 38 -32 6.7 +4.2
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 17.0 75 -69 2.0 -0.5
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 16.9 24 -18 5.4 +3.0
JHSC John Hancock Multifactor Small Cap ETF 16.8 42 -36 4.5 +2.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 16.8 30 -24 5.0 +2.6
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 16.7 9 -3 5.0 +2.5
ONEV SPDR Russell 1000 Low Volatility Focus ETF 16.2 20 -14 6.2 +3.7
FTEC Fidelity MSCI Information Technology Index ETF 15.9 8 -2 3.9 +1.4
MTUM iShares MSCI USA Momentum Factor ETF 15.9 15 -9 2.2 -0.2
VFMF Vanguard U.S. Multifactor ETF 15.9 19 -13 6.1 +3.6
VGT Vanguard Information Technology Index Fund 15.8 10 -4 3.9 +1.4
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 15.7 35 -29 5.1 +2.6
CFA VictoryShares US 500 Volatility Weighted Index ETF 15.7 35 -29 5.0 +2.6
IGM iShares Expanded Tech Sector ETF 15.4 46 -40 3.3 +0.8
FNDB Schwab Fundamental U.S. Broad Market Index ETF 15.3 25 -19 5.7 +3.2
FEX First Trust Large Cap Core AlphaDEX Fund 15.2 60 -54 4.7 +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 Extended Market Index Fund
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 8.1 %
Divided by: Fwd. P/BV 3.2 x
Less: Expense ratio 6 bp
Equals: ALTAR Score 2.5 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

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