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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Vanguard Target Retirement 2040 Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Vanguard Target Retirement 2040 Fund (VFORX) has returned -3.32% so far this year and 15.06% over the past 12 months. Over the last ten years, VFORX has returned 9.48% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
Vanguard Target Retirement 2040 Fund
- 1D
- -0.14%
- 1M
- -7.37%
- YTD
- -3.32%
- 6M
- -0.71%
- 1Y
- 15.06%
- 3Y*
- 13.11%
- 5Y*
- 7.08%
- 10Y*
- 9.48%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jun 7, 2006, VFORX's average daily return is +0.03%, while the average monthly return is +0.69%. At this rate, your investment would double in approximately 8.4 years.
Historically, 66% of months were positive and 34% were negative. The best month was Nov 2020 with a return of +10.3%, while the worst month was Oct 2008 at -16.7%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 5 months.
On a daily basis, VFORX closed higher 54% of trading days. The best single day was Oct 13, 2008 with a return of +10.3%, while the worst single day was Mar 16, 2020 at -9.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.52% | 1.80% | -7.37% | -3.32% | |||||||||
| 2025 | 2.50% | 0.05% | -2.69% | 0.90% | 4.16% | 3.79% | 0.70% | 2.51% | 2.90% | 1.64% | 0.30% | 0.75% | 18.77% |
| 2024 | -0.25% | 3.21% | 2.64% | -3.25% | 3.70% | 1.39% | 2.20% | 2.06% | 2.04% | -2.22% | 3.29% | -2.29% | 12.90% |
| 2023 | 6.53% | -2.87% | 2.64% | 1.11% | -1.01% | 4.48% | 2.89% | -2.37% | -3.77% | -2.55% | 7.90% | 5.03% | 18.56% |
| 2022 | -4.19% | -2.38% | 0.86% | -7.04% | 0.38% | -6.95% | 6.13% | -3.69% | -8.35% | 4.74% | 7.28% | -3.74% | -17.00% |
| 2021 | -0.32% | 2.02% | 2.09% | 3.52% | 1.26% | 1.22% | 0.66% | 1.89% | -3.46% | 4.02% | -2.03% | 3.05% | 14.55% |
Benchmark Metrics
Vanguard Target Retirement 2040 Fund has an annualized alpha of 0.41%, beta of 0.83, and R² of 0.96 versus S&P 500 Index. Calculated based on daily prices since June 08, 2006.
- This fund participated in 88.07% of S&P 500 Index downside but only 84.56% of its upside — more exposed to losses than it benefited from rallies.
- Alpha
- 0.41%
- Beta
- 0.83
- R²
- 0.96
- Upside Capture
- 84.56%
- Downside Capture
- 88.07%
Expense Ratio
VFORX has an expense ratio of 0.08%, which is considered low.
Return for Risk
Risk / Return Rank
VFORX ranks 69 for risk / return — better than 69% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Target Retirement 2040 Fund (VFORX) and compare them to a chosen benchmark (S&P 500 Index).
| VFORX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.22 | 0.90 | +0.33 |
Sortino ratioReturn per unit of downside risk | 1.76 | 1.39 | +0.37 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.40 | +0.15 |
Martin ratioReturn relative to average drawdown | 7.04 | 6.61 | +0.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore VFORX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Vanguard Target Retirement 2040 Fund provided a 2.86% dividend yield over the last twelve months, with an annual payout of $1.38 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.38 | $1.38 | $1.24 | $0.94 | $0.89 | $8.69 | $0.91 | $0.89 | $0.84 | $0.01 | $0.72 | $0.85 |
Dividend yield | 2.86% | 2.77% | 2.86% | 2.38% | 2.60% | 20.68% | 2.06% | 2.28% | 2.58% | 0.04% | 2.40% | 2.99% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Target Retirement 2040 Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.38 | $1.38 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.24 | $1.24 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.94 | $0.94 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.89 | $0.89 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.69 | $8.69 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Vanguard Target Retirement 2040 Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Vanguard Target Retirement 2040 Fund was 51.63%, occurring on Mar 9, 2009. Recovery took 541 trading sessions.
The current Vanguard Target Retirement 2040 Fund drawdown is 7.70%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -51.63% | Oct 15, 2007 | 352 | Mar 9, 2009 | 541 | Apr 29, 2011 | 893 |
| -29.35% | Feb 13, 2020 | 27 | Mar 23, 2020 | 99 | Aug 12, 2020 | 126 |
| -24.32% | Nov 9, 2021 | 235 | Oct 14, 2022 | 339 | Feb 22, 2024 | 574 |
| -19.69% | May 2, 2011 | 108 | Oct 3, 2011 | 113 | Mar 15, 2012 | 221 |
| -16.45% | May 22, 2015 | 183 | Feb 11, 2016 | 128 | Aug 15, 2016 | 311 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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