VTWV vs. VRTVX

Last updated Jun 25, 2026

VTWV (Vanguard Russell 2000 Value ETF) and VRTVX (Vanguard Russell 2000 Value Index Fund Institutional Shares) are both Small Cap Value Equities funds from Vanguard. Over the past 10 years, VTWV returned 10.92%/yr vs 10.91%/yr for VRTVX. Their correlation of 0.95 suggests significant overlap in exposure. VTWV charges 0.10%/yr vs 0.08%/yr for VRTVX.

Performance

VTWV vs. VRTVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 Value ETF (VTWV) and Vanguard Russell 2000 Value Index Fund Institutional Shares (VRTVX). 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 VTWV having a 21.33% return and VRTVX slightly lower at 20.90%. Both investments have delivered pretty close results over the past 10 years, with VTWV having a 10.92% annualized return and VRTVX not far behind at 10.91%.

VTWV

• 1D: 0.38%
• 1M: 3.80%
• YTD: 21.33%
• 6M: 18.75%
• 1Y: 42.06%
• 3Y*: 19.77%
• 5Y*: 7.49%
• 10Y*: 10.92%

VRTVX

• 1D: -0.25%
• 1M: 3.38%
• YTD: 20.90%
• 6M: 18.36%
• 1Y: 41.45%
• 3Y*: 19.39%
• 5Y*: 7.33%
• 10Y*: 10.91%

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

VTWV vs. VRTVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTWV Vanguard Russell 2000 Value ETF	21.33%	12.72%	7.83%	14.67%	-14.46%	27.90%	4.88%	22.44%	-13.34%	8.06%
VRTVX Vanguard Russell 2000 Value Index Fund Institutional Shares	20.90%	12.21%	8.07%	14.71%	-14.52%	28.06%	4.81%	22.40%	-12.83%	7.91%

Correlation

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

Return for Risk

VTWV vs. VRTVX — Risk / Return Rank

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

VTWV

VTWV Risk / Return Rank: 82
VTWV Sharpe Ratio Rank: 80
VTWV Sortino Ratio Rank: 81
VTWV Omega Ratio Rank: 74
VTWV Calmar Ratio Rank: 90
VTWV Martin Ratio Rank: 87

VRTVX

VRTVX Risk / Return Rank: 82
VRTVX Sharpe Ratio Rank: 79
VRTVX Sortino Ratio Rank: 77
VRTVX Omega Ratio Rank: 65
VRTVX Calmar Ratio Rank: 94
VRTVX Martin Ratio Rank: 92

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.

VTWV vs. VRTVX - Risk-Adjusted Trends Comparison

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

	VTWV	VRTVX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.36	-0.06
Sortino ratio: Return per unit of downside risk	3.23	3.30	-0.08
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	4.89	5.03	-0.14
Martin ratio: Return relative to average drawdown	16.72	17.09	-0.37

VTWV vs. VRTVX - Sharpe Ratio Comparison

The current VTWV Sharpe Ratio is 2.30, which is comparable to the VRTVX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of VTWV and VRTVX, 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

VTWV vs. VRTVX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

VTWV vs. VRTVX - Volatility Comparison

Vanguard Russell 2000 Value ETF (VTWV) and Vanguard Russell 2000 Value Index Fund Institutional Shares (VRTVX) have volatilities of 5.32% and 5.29%, 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

	VTWV	VRTVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	5.29%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	12.48%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	18.38%	18.24%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.71%	21.66%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	23.72%	-0.18%

VTWV vs. VRTVX - Expense Ratio Comparison

VTWV has a 0.10% expense ratio, which is higher than VRTVX's 0.08% 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

VTWV vs. VRTVX - Dividend Comparison

VTWV's dividend yield for the trailing twelve months is around 1.63%, less than VRTVX's 1.65% 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 VTWV and VRTVX in my portfolio?

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

VTWV has higher volatility (5.32%) compared to VRTVX (5.29%). In terms of maximum drawdown, VTWV dropped -45.73% vs VRTVX's -45.98%.

Which has better risk-adjusted returns?

VRTVX currently has the higher Sharpe Ratio (2.36 vs 2.30), 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.