VIVAX vs. VTV

Last updated Jun 4, 2026

VIVAX (Vanguard Value Index Fund) and VTV (Vanguard Value ETF) are both Large Cap Value Equities funds from Vanguard. Over the past 10 years, VIVAX returned 12.27%/yr vs 12.48%/yr for VTV. With a 0.99 correlation, they move nearly in lockstep. VIVAX charges 0.17%/yr vs 0.04%/yr for VTV.

Performance

VIVAX vs. VTV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Value Index Fund (VIVAX) and Vanguard Value ETF (VTV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VIVAX having a 12.20% return and VTV slightly higher at 12.30%. Both investments have delivered pretty close results over the past 10 years, with VIVAX having a 12.27% annualized return and VTV not far ahead at 12.48%.

VIVAX

• 1D: 0.86%
• 1M: 4.21%
• YTD: 12.20%
• 6M: 13.03%
• 1Y: 26.06%
• 3Y*: 17.88%
• 5Y*: 11.03%
• 10Y*: 12.27%

VTV

• 1D: 0.01%
• 1M: 4.23%
• YTD: 12.30%
• 6M: 13.12%
• 1Y: 26.25%
• 3Y*: 18.28%
• 5Y*: 11.24%
• 10Y*: 12.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VIVAX vs. VTV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIVAX Vanguard Value Index Fund	12.20%	14.50%	15.85%	9.08%	-2.18%	26.32%	2.18%	25.66%	-5.56%	16.98%
VTV Vanguard Value ETF	12.30%	15.27%	15.95%	9.32%	-2.09%	26.53%	2.33%	25.66%	-5.47%	17.15%

Correlation

The correlation between VIVAX and VTV is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.99

The correlation between VIVAX and VTV has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

VIVAX vs. VTV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VIVAX

VIVAX Risk / Return Rank: 81
VIVAX Sharpe Ratio Rank: 82
VIVAX Sortino Ratio Rank: 80
VIVAX Omega Ratio Rank: 71
VIVAX Calmar Ratio Rank: 87
VIVAX Martin Ratio Rank: 84

VTV

VTV Risk / Return Rank: 79
VTV Sharpe Ratio Rank: 78
VTV Sortino Ratio Rank: 82
VTV Omega Ratio Rank: 77
VTV Calmar Ratio Rank: 79
VTV Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIVAX vs. VTV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Value Index Fund (VIVAX) and Vanguard Value ETF (VTV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	VIVAX	VTV	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.61	+0.05
Sortino ratio: Return per unit of downside risk	3.79	3.74	+0.05
Omega ratio: Gain probability vs. loss probability	1.47	1.47	+0.01
Calmar ratio: Return relative to maximum drawdown	4.21	4.15	+0.06
Martin ratio: Return relative to average drawdown	15.84	15.69	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIVAX vs. VTV - Sharpe Ratio Comparison

The current VIVAX Sharpe Ratio is 2.66, which is comparable to the VTV Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of VIVAX and VTV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VIVAX	VTV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.61	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.81	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.75	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.51	+0.04

Drawdowns

VIVAX vs. VTV - Drawdown Comparison

The maximum VIVAX drawdown since its inception was -59.38%, roughly equal to the maximum VTV drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for VIVAX and VTV.

Drawdown Indicators

	VIVAX	VTV	Difference
Max Drawdown Largest peak-to-trough decline	-59.38%	-59.27%	-0.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.37%	-6.35%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-14.90%	-14.52%	-0.38%
Max Drawdown (5Y) Largest decline over 5 years	-17.17%	-17.04%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	-36.81%	-36.78%	-0.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.07%	-7.87%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.68%	+0.01%

Volatility

VIVAX vs. VTV - Volatility Comparison

Vanguard Value Index Fund (VIVAX) has a higher volatility of 2.71% compared to Vanguard Value ETF (VTV) at 2.52%. This indicates that VIVAX's price experiences larger fluctuations and is considered to be riskier than VTV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIVAX	VTV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	2.52%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	7.64%	7.55%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	10.09%	10.11%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	13.88%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	16.67%	+0.07%

VIVAX vs. VTV - Expense Ratio Comparison

VIVAX has a 0.17% expense ratio, which is higher than VTV's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIVAX vs. VTV - Dividend Comparison

VIVAX's dividend yield for the trailing twelve months is around 1.75%, less than VTV's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIVAX Vanguard Value Index Fund	1.75%	1.42%	2.19%	2.33%	2.39%	2.02%	2.43%	2.39%	2.59%	2.18%	2.33%	2.46%
VTV Vanguard Value ETF	1.86%	2.05%	2.31%	2.46%	2.52%	2.15%	2.56%	2.50%	2.73%	2.29%	2.44%	2.60%

Frequently Asked Questions

Can I hold both VIVAX and VTV in my portfolio?

With a correlation of 1.00, VIVAX and VTV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VIVAX or VTV?

VIVAX has higher volatility (2.71%) compared to VTV (2.52%). In terms of maximum drawdown, VIVAX dropped -59.38% vs VTV's -59.27%.

Which has better risk-adjusted returns?

VIVAX currently has the higher Sharpe Ratio (2.66 vs 2.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.