Vanguard Extended Market Index Fund
ALTAR
Score™		 3.6% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 45.8x P/Sales
ratio		 1.7x
P/BV
ratio		 2.4x Div.
yield		 1.3%


  • 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) $9,965
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 3212
Wgt avg mkt cap (mns) $28,814
Large cap (>$10bn) 32.5%
Mid cap ($2-10bn) 47.7%
Small cap (<$2bn) 18.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TESLA MOTORS INC 5.4 %
SQUARE, INC. CLASS A 1.0 %
VEEVA SYSTEMS INC-CLASS A 0.7 %
LULULEMON ATHLETICA INC 0.6 %
BLACKSTONE GROUP LP/THE 0.6 %
NXP SEMICONDUCTORS NV 0.6 %
WORKDAY INC-CLASS A 0.6 %
COSTAR GROUP INC 0.6 %
TWILIO, INC. CLASS A 0.5 %
DOCUSIGN, INC. 0.5 %
Total 11.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 89.7 %
BERMUDA 1.5 %
NETHERLANDS 0.7 %
IRELAND 0.6 %
BRITAIN 0.6 %
PUERTO RICO 0.1 %
CAYMAN ISLANDS 0.1 %
CANADA 0.1 %



HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
3.8% 13.0% 11.3% 12.1% 10.0%

Market Correlations
versus... Beta R-squared
S&P500 1.24 91%
MSCI EAFE 1.29 80%
MSCI Emg. Mkts. 0.93 66%

Technical Indicators
Recent close $129.72
30d moving avg. $129.94
Annualized volatility 23.1%
Short interest (ETF) 0.2%
Short interest (Underlying) 5.9%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 299
Turnover 0.4%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $22,569

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™: 3.6%


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 59.2 5 1 5.5 +1.8
PBSM Invesco PureBeta MSCI USA Small Cap ETF 55.1 6 0 5.4 +1.7
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 46.4 17 -11 5.0 +1.4
SCHA Schwab U.S. Small-Cap ETF 43.6 4 2 5.0 +1.3
FAD First Trust Multi Cap Growth AlphaDEX Fund 39.0 66 -60 2.4 -1.2
TUSA First Trust Total US Market AlphaDEX ETF 38.8 70 -64 6.0 +2.3
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 38.5 7 -1 5.3 +1.7
JHMM John Hancock Multifactor Mid Cap ETF 38.2 42 -36 5.7 +2.0
SFYX Sofi Next 500 ETF 37.6 0 6 6.0 +2.4
IWR iShares Russell Midcap ETF 36.9 19 -13 5.6 +2.0
SCHM Schwab U.S. Mid-Cap ETF 36.6 4 2 6.2 +2.5
BKSE BNY Mellon US Small Cap Core Equity ETF 35.6 4 2 5.9 +2.3
IUSS Invesco Strategic US Small Company ETF 35.4 23 -17 5.4 +1.8
SMMD iShares Russell 2500 ETF 35.3 15 -9 6.0 +2.3
FNDA Schwab Fundamental U.S. Small Co. Index ETF 34.3 25 -19 7.7 +4.0
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 33.3 39 -33 4.8 +1.2
FSMD Fidelity Small-Mid Factor ETF 33.2 29 -23 6.5 +2.9
FNX First Trust Mid Cap Core AlphaDEX Fund 32.4 61 -55 6.7 +3.1
VBK Vanguard Small-Cap Growth Index Fund 32.2 7 -1 2.4 -1.3
VTWO Vanguard Russell 2000 Index Fund 31.9 10 -4 3.8 +0.1
IWM iShares Russell 2000 ETF 31.9 19 -13 3.5 -0.1
VBR Vanguard Small Cap Value Index Fund 30.6 7 -1 8.5 +4.8
EQAL Invesco Russell 1000 Equal Weight ETF 30.0 20 -14 6.0 +2.4
EZM WisdomTree U.S. MidCap Earnings Fund 29.9 38 -32 9.2 +5.6
BKMC BNY Mellon US Mid Cap Core Equity ETF 29.4 4 2 5.4 +1.7
IVOO Vanguard S&P Mid-Cap 400 ETF 29.3 10 -4 6.6 +3.0
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 29.2 20 -14 5.1 +1.5
EWMC Invesco S&P MidCap 400 Equal Weight ETF 28.8 40 -34 7.6 +4.0
IJH iShares Core S&P Mid-Cap ETF 28.8 5 1 6.8 +3.2
SPMD SPDR Portfolio Mid Cap ETF 28.8 5 1 6.8 +3.2
MDY SPDR S&P Midcap 400 ETF Trust 28.8 23 -17 6.7 +3.0
VFMO Vanguard U.S. Momentum Factor ETF 28.6 13 -7 0.8 -2.8
SMDY Syntax Stratified MidCap ETF 27.5 30 -24 7.0 +3.4
IWS iShares Russell Mid-Cap Value ETF 27.5 24 -18 7.2 +3.5
IWP iShares Russell Mid-Cap Growth ETF 26.4 24 -18 3.0 -0.6
RWK Invesco S&P MidCap 400 Revenue ETF 25.3 39 -33 8.5 +4.9
ONEO SPDR Russell 1000 Momentum Focus ETF 25.2 20 -14 6.5 +2.9
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 24.8 25 -19 6.6 +3.0
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 24.0 29 -23 7.0 +3.3
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 22.7 20 -14 9.6 +5.9
NUSC Nuveen ESG Small-Cap ETF 22.6 40 -34 5.0 +1.4
AVUS Avantis U.S. Equity ETF 22.1 15 -9 6.0 +2.3
FNY First Trust Mid Cap Growth AlphaDEX Fund 21.9 70 -64 2.1 -1.5
RNMC Mid Cap US Equity Select ETF 21.7 60 -54 7.8 +4.2
VFLQ Vanguard U.S. Liquidity Factor ETF 21.7 14 -8 4.3 +0.7
JKH iShares Morningstar Mid-Cap Growth ETF 21.4 30 -24 2.1 -1.5
VFQY Vanguard U.S. Quality Factor ETF 21.2 13 -7 6.6 +3.0
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 21.1 15 -9 5.1 +1.4
MDYG SPDR S&P 400 Mid Cap Growth ETF 20.6 15 -9 5.2 +1.6
IJK iShares S&P Mid-Cap 400 Growth ETF 20.6 24 -18 5.1 +1.5
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 20.5 17 -11 6.4 +2.8
SIZE iShares Edge MSCI USA Size Factor ETF 20.2 15 -9 6.2 +2.6
JMOM JPMorgan U.S. Momentum Factor ETF 20.2 12 -6 3.5 -0.1
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 20.0 24 -18 6.7 +3.1
IWO iShares Russell 2000 Growth ETF 20.0 24 -18 -0.1 -3.8
VTWG Vanguard Russell 2000 Growth Index Fund 19.8 15 -9 0.1 -3.5
DON WisdomTree U.S. MidCap Dividend Fund 19.5 38 -32 7.9 +4.3
EUSA iShares MSCI USA Equal Weighted ETF 19.5 15 -9 6.2 +2.6
AFMC First Trust Active Factor Mid Cap ETF 19.3 65 -59 6.5 +2.9
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 19.2 29 -23 5.3 +1.6
IWN iShares Russell 2000 Value ETF 19.1 24 -18 7.2 +3.6
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 19.1 15 -9 6.8 +3.2
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 19.0 24 -18 6.2 +2.6
VTWV Vanguard Russell 2000 Value Index Fund 18.7 15 -9 7.4 +3.7
ONEV SPDR Russell 1000 Low Volatility Focus ETF 18.1 20 -14 7.1 +3.4
MDYV SPDR S&P 400 Mid Cap Value ETF 18.1 15 -9 8.9 +5.3
IJJ iShares S&P Mid-Cap 400 Value ETF 18.1 25 -19 8.8 +5.2
IVOV Vanguard S&P Mid-Cap 400 Value ETF 18.0 15 -9 8.8 +5.1
VO Vanguard Mid-Cap Index Fund 17.5 4 2 5.3 +1.6
VFVA Vanguard U.S. Value Factor ETF 17.2 14 -8 11.5 +7.8
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 17.0 21 -15 3.4 -0.3
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 16.9 35 -29 5.8 +2.2
JHSC John Hancock Multifactor Small Cap ETF 16.9 42 -36 5.9 +2.2
FAB First Trust Multi Cap Value AlphaDEX Fund 16.8 71 -65 10.1 +6.5
CFA VictoryShares US 500 Volatility Weighted Index ETF 16.8 35 -29 5.8 +2.2
ITOT iShares Core S&P Total U.S. Stock Market ETF 16.8 3 3 5.4 +1.8
SCHB Schwab U.S. Broad Market ETF 16.7 3 3 5.5 +1.8
VTHR Vanguard Russell 3000 Index Fund 16.3 10 -4 5.4 +1.8
IWV iShares Russell 3000 ETF 16.2 20 -14 5.3 +1.7
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 16.1 29 -23 6.2 +2.6
ESGV Vanguard ESG U.S. Stock ETF 16.0 12 -6 5.5 +1.9
VTI Vanguard Total Stock Market Index Fund 15.8 3 3 5.4 +1.8
FTC First Trust Large Cap Growth AlphaDEX Fund 15.7 61 -55 2.9 -0.8
VFMF Vanguard U.S. Multifactor ETF 15.6 19 -13 7.6 +4.0
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 15.3 29 -23 9.6 +6.0
BOSS Global X Founder-Run Companies ETF 15.3 45 -39 3.4 -0.3
VCR Vanguard Consumer Discretionary Index Fund 15.2 10 -4 3.8 +0.2
FDIS Fidelity MSCI Consumer Discretionary Index ETF 14.9 8 -2 3.3 -0.3
TPLC Timothy Plan US Large Cap Core ETF 14.9 52 -46 5.4 +1.8
BFOR Barron's 400 ETF 14.8 65 -59 6.7 +3.1
VOT Vanguard Mid-Cap Growth Index Fund 14.4 7 -1 3.2 -0.4
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 13.9 9 -3 6.0 +2.4
JKK iShares Morningstar Small-Cap Growth ETF 13.9 30 -24 1.1 -2.5
VHT Vanguard Health Care Index Fund 13.9 10 -4 5.5 +1.9
FHLC Fidelity MSCI Health Care Index ETF 13.8 8 -2 5.6 +2.0
FNDB Schwab Fundamental U.S. Broad Market Index ETF 13.7 25 -19 7.2 +3.5
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 13.7 35 -29 5.5 +1.9
FYX First Trust Small Cap Core AlphaDEX Fund 13.6 63 -57 6.5 +2.8
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 13.6 20 -14 4.8 +1.2
KOMP SPDR Kensho New Economies Composite ETF 13.4 20 -14 2.4 -1.2

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:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 8.4 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 6 bp
Equals: ALTAR Score 3.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.50 CATEGORY
AVERAGE		 1.51
 
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.