At a glance
VBR charges 0.05% a year, below the 0.1% average of the 8 funds most like it (the 3rd cheapest of 9). It has $67.80B in assets, the 3rd largest of that group; it paid 1.82% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.8% with distributions reinvested (S&P 500: +11.5%), the best of those 9 funds; over three years it returned +19.8% a year. At its worst it fell 20.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 5.9% of the fund, out of 840 in all.
The short version
Vanguard Small-Cap Value ETF (VBR) is an index fund that owns about 840 smaller US companies classed as value stocks (shares priced low relative to measures like earnings) by the CRSP US Small Cap Value Index. Its yearly fee, or expense ratio, of 0.05% is half the 0.10% average of similar funds, and no single company dominates: the 10 largest holdings made up under 6% of assets as of June 30, 2026.
Price history
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VBR +20.8% over the year to Oct 30, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VBR official prospectus, to Dec 31, 2025 | — | +9.09% | — | +10.56% | +10.15% | — |
| VBR price data to Oct 30, 2026 | +16.6% | +20.8% | +19.8% | +8.9% | — | +16.0% |
- Over the year to Oct 30, 2026, VBR returned +20.8%, 1st of 9 among similar funds.
- Its 5-year annualized return was +8.9%.
- Its worst full calendar year was 2022 (-9.3%); its best was 2021 (+28.1%).
- The deepest fall in its price history was 24.2% (Nov 25, 2024 to Apr 8, 2025), recovered by Dec 5, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.6% | — |
| 2025 | +9.1% | +9.09% |
| 2024 | +12.4% | +12.39% |
| 2023 | +16.0% | +16.00% |
| 2022 | -9.3% | -9.29% |
| 2021 | +28.1% | +28.07% |
| 2020 | — | +5.82% |
| 2019 | — | +22.76% |
| 2018 | — | -12.22% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.2% over that stretch · deepest drop along the way 20.4%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.3600 | |
| 2025 | $4.1400 | +5.6% |
| 2024 | $3.9200 | +2.9% |
| 2023 | $3.8100 | +18.0% |
| 2022 | $3.2300 | +3.2% |
| 2021 | $3.1300 |
What's inside
As of Jun 30, 2026, the fund held 840 securities; the ten largest made up 5.88% of assets.
| Holding | Weight | |
|---|---|---|
| Jabil Inc | 0.87% | |
| NRG Energy Inc | 0.66% | |
| Tapestry Inc | 0.63% | |
| Atmos Energy Corp | 0.62% | |
| Williams-Sonoma Inc | 0.59% | |
| Moderna Inc | 0.54% | |
| Smurfit Westrock PLC | 0.52% | |
| F5 Inc | 0.50% | |
| US Foods Holding Corp | 0.48% | |
| JB Hunt Transport Services Inc | 0.47% | |
| Expand Energy Corp | 0.47% | |
| CH Robinson Worldwide Inc | 0.45% | |
| Omnicom Group Inc | 0.44% | |
| TD SYNNEX Corp | 0.41% | |
| Reliance Inc | 0.41% |
By country
United States 99.79%By asset type
Stocks 99.79%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $16.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.03%, +0.99%, +3.92%.
How it works
VBR is the exchange-traded share class of Vanguard Small-Cap Value Index Fund; its shares represent a stake in the same portfolio as the fund's other share classes. There is no stock picker. The fund aims to track the CRSP US Small Cap Value Index, and the index provider decides which small US companies count as value stocks (shares priced low relative to measures such as earnings).
The fund tries to copy the index, holding all or nearly all of its stocks in about the same proportions, and must keep at least 80% of net assets in index stocks under normal conditions. As of June 30, 2026, it held about 840 stocks, led by Jabil (0.87%), NRG Energy (0.66%), Tapestry (0.63%), Atmos Energy (0.62%) and Williams-Sonoma (0.59%). Because it follows the index up or down, it makes no attempt to dodge falling markets. Portfolio turnover, a gauge of how much of the portfolio changes in a year, was 25% in the prospectus filed April 28, 2026.
There is no leverage or options strategy. Shares trade on NYSE Arca at market prices, which can drift slightly from the value of the stocks inside. Only a limited number of financial firms, called authorized participants, can create or redeem shares directly with the fund, and they aren't obligated to.
What it really costs
- VBR charges 0.05% a year, versus an average of 0.1% for the similar funds below (3rd of 9, cheapest first).
- Of that, 0.04% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $5 in the first year and $64 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VBR | $5 | $16 | $28 | $64 |
In a retirement portfolio
It adds hundreds of smaller US value companies that large-company index funds hold little of, but it remains an all-stock fund with sharp swings.
The figures here start after the 2008 crisis. In the first quarter of 2020, as COVID hit, the fund lost 34.87%. In the 2022 bear market (a long, broad slide in stocks), it fell 20.4% between January and September, regaining its peak 14.5 months after the low. Its deepest drop since mid-2020 was 24.2%, from November 2024 to April 2025, regained 7.9 months after the low. Its worst calendar year from 2018 to 2025 was 2018, down 12.22%. Drawing income during such slumps means cashing in shares at low prices, so many retirees keep cash or bonds for spending.
Income is modest: a 1.83% yield over the 12 months to October 27, 2026, paid quarterly. Costs are low: the SEC's standard example puts fees on $10,000 at $64 over 10 years. Past results don't predict future returns, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors whose portfolios lean on large-company index funds and who want exposure to hundreds of smaller US value stocks for 0.05% a year.
- Long-term holders who can sit through steep falls, such as the 34.87% loss in the first quarter of 2020, without needing to cash out.
- Investors wary of concentration: the 10 largest holdings, led by Jabil and NRG Energy, made up under 6% of assets as of June 30, 2026.
Look elsewhere if
- Investors who need high income: the yield was 1.83% over the 12 months to October 27, 2026, paid quarterly.
- Investors who want fast-growing companies; the prospectus warns the value approach can trail funds that use a different investment style.
- Anyone who may need the money within a few years: in 2022 it fell 20.4% and took 14.5 months from the low to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VBR this fund | — | 0.05% | $67.80B | +20.8% | +19.8% |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity E… | 53% | 0.07% | $2.03B | +16.5% | +22.2% |
| ISCV iShares Morningstar Small Cap Value ETF | 52% | 0.06% | $691.9M | +17.1% | +20.1% |
| SCHM Schwab US Mid-Cap ETF | 50% | 0.04% | $14.86B | +20.5% | +18.9% |
| VB Vanguard Small Cap ETF | 46% | 0.05% | $188.70B | +16.1% | +19.7% |
| DFAS Dimensional U.S. Small Cap ETF | 41% | 0.27% | $15.31B | +19.4% | +17.5% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 41% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 41% | 0.05% | $124.33B | +15.3% | +16.6% |
Questions investors ask
Is VBR good for retirement?
It can fill a supporting role, but it isn't built for income or stability. VBR adds hundreds of smaller US value companies for a 0.05% expense ratio, which may complement a portfolio built on large-company funds. It also swings hard: it lost 34.87% in the first quarter of 2020 and fell 20.4% during the 2022 bear market. Its yield was 1.83% over the 12 months to October 27, 2026, paid quarterly.
What's the difference between VBR and ISCV?
Mostly the index provider and fund size. VBR tracks the CRSP US Small Cap Value Index for 0.05% a year; iShares Morningstar Small Cap Value ETF (ISCV) charges 0.06%. Their holdings overlapped by 52%, based on SEC filings. Returns were nearly identical: as of October 27, 2026, ISCV gained 17.1% over one year and 20.1% a year over three years, versus 16.9% and 19.9% for VBR. VBR's fund held $67.8 billion across all share classes on June 30, 2026, against ISCV's $692 million on July 31, 2026.
Does VBR pay dividends?
Yes. VBR pays dividends quarterly, passing along income from the companies it owns. Over the 12 months to October 27, 2026, it paid $4.42 per share, a trailing yield of 1.83%. Because companies change their payouts, the amount varies from one payment to the next. That yield is modest, so VBR works more as a growth and diversification holding than as an income source.
What is VBR's expense ratio?
VBR's expense ratio is 0.05% a year, according to its prospectus filed April 28, 2026, and that includes a 0.04% management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost $5 in the first year, $28 over five years and $64 over 10 years. That fee was below the 0.10% average of the similar funds we compared and ranked third-lowest of nine.
How has VBR performed over the last 10 years?
VBR returned an average of 10.15% a year over the 10 years to December 31, 2025, according to its prospectus, and 10.56% a year over five years. The ride was uneven: it gained 28.07% in 2021 and 22.76% in 2019 but lost 12.22% in 2018 and 9.29% in 2022. Based on share price, it returned 16.9% over the 12 months to October 27, 2026. Past results don't predict future returns.