ETF Evaluator:
Vanguard Small-Cap Value ETF (VBR)
Follow This ETF
(as of Jul 31)
Best Performing in Small Value Over the Last Year
| 46.7% | Harbor SMID Cap Value ETF (EPSV) |
| 45.4% | EA Bridgeway Omni Small-Cap Value ETF (BSVO) |
| 44.7% | Invesco S&P SmallCap 600® Pure Value ETF (RZV) |
| 43.5% | Avantis US Small Cap Equity ETF (AVSC) |
| 43.0% | Vanguard Russell 2000 Value ETF (VTWV) |
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ETF Details
Vanguard Small-Cap Value ETF Overview
Vanguard Small-Cap Value ETF (VBR) is a passively managed U.S. Equity Small Value exchange-traded fund (ETF). Vanguard launched the ETF in 2004.
The investment seeks to track the performance of the CRSP U.S. Small Cap Value Index that measures the investment return of small-capitalization value stocks.
The fund advisor employs an indexing investment approach designed to track the performance of the CRSP U.S. Small Cap Value Index, a broadly diversified index of value stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.
About Vanguard Small-Cap Value ETF (VBR)
There are 2 members of the management team with an average tenure of 1.36 years: Aaron Choi (2025) and Kenny Narzikul (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: DJ US Total Stock Market TR USD index with a weighting of 100% and CRSP US Small Cap Value TR USD index with a weighting of 100%. Vanguard Small-Cap Value ETF has 841 securities in its portfolio. The top 10 holdings constitute 6.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Vanguard Small-Cap Value ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Vanguard Small-Cap Value ETF has 2.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.9% There is 2.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Vanguard Small-Cap Value ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $36 billion in total assets, which is above the $2 billion average for the Small Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VBR Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard Small-Cap Value ETF expense ratio is low compared to funds in the Small Value category. Vanguard Small-Cap Value ETF has an expense ratio of 0.05%, which is 89% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard Small-Cap Value ETF has a portfolio turnover rate of 25%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 61% for the Small Value category.
Recently, in the month of June 2026, Vanguard Small-Cap Value ETF returned 3.9%, which earned it a grade of D, as the Small Value category had an average return of 4.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Vanguard Small-Cap Value ETF has a trailing yield of 1.78%, which is equal to the 1.78% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard Small-Cap Value ETF Grades
Year to date, the ETF has returned 15.8%, 2.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 27.0% over the past year (grade of D), 16.1% over the past three years (grade of C) and 9.2% per year over the past five years (grade of B) and 11.0% per year over the past 10 years (grade of B).
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VBR Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VBR Return (NAV) | 3.9% | 12.3% | 27.0% | 16.1% | 9.2% | 11.0% |
| VBR Return (Price) | 3.9% | 12.4% | 27.1% | 16.1% | 9.2% | 11.0% |
| NAV +/- Price Return | -0.016% | -0.019% | -0.063% | -0.016% | -0.008% | -0.004% |
| Small Value Avg | 4.6% | 13.4% | 30.2% | 15.0% | 8.0% | 10.5% |
| VBR Grade (NAV) | D | D | D | C | B | B |
| +/- Category (NAV) | -0.7% | -1.0% | -3.2% | 1.1% | 1.2% | 0.5% |
| VBR Tax-Cost Ratio | na | na | 0.6% | 0.7% | 0.7% | 0.7% |
VBR Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VBR Return (NAV) | 15.8% | 9.1% | 12.4% | 16.0% | -9.3% | 28.1% | 5.8% | 22.8% | -12.2% | 11.8% | 24.8% |
| VBR Return (Price) | 15.9% | 9.1% | 12.4% | 16.0% | -9.4% | 28.1% | 5.9% | 22.8% | -12.3% | 11.8% | 24.9% |
| NAV +/- Price Ret | 0.005% | 0.000% | -0.000% | 0.001% | 0.007% | -0.001% | 0.008% | 0.0% | 0.3% | 0.1% | 0.4% |
| Small Value Avg | 18.1% | 6.8% | 7.8% | 17.3% | -10.6% | 32.4% | 3.3% | 21.6% | -12.0% | 9.8% | 29.7% |
| VBR Grade (NAV) | D | B | A | D | B | D | B | B | C | B | F |
| +/- Category | -2.3% | 2.3% | 4.6% | -1.3% | 1.3% | -4.3% | 2.5% | 1.2% | -0.2% | 2.0% | -4.9% |
| Risk Measures | |
| Beta: | 0.95 |
| R-Squared: | 57% |
| Standard Deviation: | 16.4% |
| Category Risk Index: | 0.89 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.35 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 1.8% |
| Total Assets: | $ 66,753 Mil |
| Share Class Assets: | $ 36,858 Mil |
| Turnover: | 25.0% |
| Expense Ratio: | 0.05% |
| Index Fund: | Yes |
| Index Tracked: | DJ US Total Stock Market TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Choi Aaron (2025), Narzikul Kenny (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 841 |
| % in Top 10 Holdings: | 6.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.3% |
Portfolio Allocation |
|
| Domestic Stock: | 96.9% |
| Foreign Stock: | 2.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Vanguard |
| Phone Number: | 866-499-8473 |
| Website: | www.vanguard.com |
| Inception Date: | January 26, 2004 |
Expenses and Fees
| Expense Ratio (%): | 0.05% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.47% |
