VRTVX vs. VTWV

Last updated Jun 24, 2026

VRTVX (Vanguard Russell 2000 Value Index Fund Institutional Shares) and VTWV (Vanguard Russell 2000 Value ETF) are both Small Cap Value Equities funds from Vanguard. Over the past 10 years, VRTVX returned 10.93%/yr vs 10.87%/yr for VTWV. Their correlation of 0.95 suggests significant overlap in exposure. VRTVX charges 0.08%/yr vs 0.10%/yr for VTWV.

Performance

VRTVX vs. VTWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 Value Index Fund Institutional Shares (VRTVX) and Vanguard Russell 2000 Value ETF (VTWV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VRTVX having a 21.21% return and VTWV slightly lower at 20.87%. Both investments have delivered pretty close results over the past 10 years, with VRTVX having a 10.93% annualized return and VTWV not far behind at 10.87%.

VRTVX

• 1D: 0.47%
• 1M: 3.65%
• YTD: 21.21%
• 6M: 19.11%
• 1Y: 43.12%
• 3Y*: 19.49%
• 5Y*: 7.66%
• 10Y*: 10.93%

VTWV

• 1D: -0.30%
• 1M: 3.41%
• YTD: 20.87%
• 6M: 18.73%
• 1Y: 42.70%
• 3Y*: 19.62%
• 5Y*: 7.38%
• 10Y*: 10.87%

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

VRTVX vs. VTWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRTVX Vanguard Russell 2000 Value Index Fund Institutional Shares	21.21%	12.21%	8.07%	14.71%	-14.52%	28.06%	4.81%	22.40%	-12.83%	7.91%
VTWV Vanguard Russell 2000 Value ETF	20.87%	12.72%	7.83%	14.67%	-14.46%	27.90%	4.88%	22.44%	-13.34%	8.06%

Correlation

The correlation between VRTVX and VTWV 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	0.99
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.95

The correlation between VRTVX and VTWV has been stable across timeframes, ranging from 0.95 to 1.00 - a consistent structural relationship.

Return for Risk

VRTVX vs. VTWV — Risk / Return Rank

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

VRTVX

VRTVX Risk / Return Rank: 83
VRTVX Sharpe Ratio Rank: 82
VRTVX Sortino Ratio Rank: 79
VRTVX Omega Ratio Rank: 67
VRTVX Calmar Ratio Rank: 95
VRTVX Martin Ratio Rank: 93

VTWV

VTWV Risk / Return Rank: 80
VTWV Sharpe Ratio Rank: 77
VTWV Sortino Ratio Rank: 78
VTWV Omega Ratio Rank: 70
VTWV Calmar Ratio Rank: 88
VTWV Martin Ratio Rank: 85

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.

VRTVX vs. VTWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 2000 Value Index Fund Institutional Shares (VRTVX) and Vanguard Russell 2000 Value ETF (VTWV). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VRTVX	VTWV	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.33	+0.15
Sortino ratio: Return per unit of downside risk	3.45	3.27	+0.18
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	5.30	4.97	+0.34
Martin ratio: Return relative to average drawdown	18.02	16.97	+1.05

VRTVX vs. VTWV - Sharpe Ratio Comparison

The current VRTVX Sharpe Ratio is 2.48, which is comparable to the VTWV Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of VRTVX and VTWV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VRTVX vs. VTWV - Drawdown Comparison

The maximum VRTVX drawdown since its inception was -45.98%, roughly equal to the maximum VTWV drawdown of -45.73%. Use the drawdown chart below to compare losses from any high point for VRTVX and VTWV.

Drawdown Indicators

	VRTVX	VTWV	Difference
Max Drawdown Largest peak-to-trough decline	-45.98%	-45.73%	-0.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	-8.64%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-26.85%	-26.72%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-26.85%	-26.72%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	-45.98%	-45.73%	-0.25%
Current Drawdown Current decline from peak	0.00%	-0.30%	+0.30%
Average Drawdown Average peak-to-trough decline	-7.75%	-7.79%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.52%	-0.01%

Volatility

VRTVX vs. VTWV - Volatility Comparison

Vanguard Russell 2000 Value Index Fund Institutional Shares (VRTVX) and Vanguard Russell 2000 Value ETF (VTWV) have volatilities of 5.28% and 5.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRTVX	VTWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	5.34%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	12.47%	12.61%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.28%	18.42%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.66%	21.71%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.75%	23.54%	+0.21%

VRTVX vs. VTWV - Expense Ratio Comparison

VRTVX has a 0.08% expense ratio, which is lower than VTWV's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VRTVX vs. VTWV - Dividend Comparison

VRTVX's dividend yield for the trailing twelve months is around 1.65%, more than VTWV's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VRTVX Vanguard Russell 2000 Value Index Fund Institutional Shares	1.65%	1.49%	1.84%	2.08%	2.15%	1.56%	1.54%	1.87%	2.17%	1.74%	1.52%	2.16%
VTWV Vanguard Russell 2000 Value ETF	1.63%	1.79%	1.78%	2.02%	2.07%	1.60%	1.49%	1.82%	2.04%	1.63%	1.57%	2.03%

Frequently Asked Questions

Can I hold both VRTVX and VTWV in my portfolio?

With a correlation of 1.00, VRTVX and VTWV 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, VRTVX or VTWV?

VTWV has higher volatility (5.34%) compared to VRTVX (5.28%). In terms of maximum drawdown, VRTVX dropped -45.98% vs VTWV's -45.73%.

Which has better risk-adjusted returns?

VRTVX currently has the higher Sharpe Ratio (2.48 vs 2.33), 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.