At a glance
VTWV charges 0.1% a year, below the 0.18% average of the 8 funds most like it (the 3rd cheapest of 9). It has $1.45B in assets, the 7th largest of that group; it paid 1.69% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.6% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +22.0% a year. At its worst it fell 43.0% in the 2020 crash (S&P 500: 33.7%) and 22.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows. Its ten largest positions make up 5.4% of the fund, out of 1,425 in all.
The short version
Vanguard Russell 2000 Value ETF (VTWV) is an index fund that tracks the Russell 2000 Value Index, a measure of small US companies classed as value stocks. It held 1,425 stocks as of August 31, 2026. Its 0.10% expense ratio is below the 0.18% average of similar funds and under the 0.24% charged by iShares Russell 2000 Value ETF (IWN), the fund whose holdings overlap with it most.
Price history
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VTWV +20.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VTWV official prospectus, to Dec 31, 2024 | — | +7.98% | — | +7.26% | +7.08% | — |
| VTWV price data to Oct 27, 2026 | +19.8% | +20.6% | +22.0% | +7.8% | +10.0% | +10.4% |
- Over the year to Oct 27, 2026, VTWV returned +20.6%, 5th of 9 among similar funds.
- Its 5-year annualized return was +7.8% and its 10-year +10.0%.
- In the 2020 COVID crash it fell 43% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2022 (-14.5%); its best was 2013 (+34.9%).
- The deepest fall in its price history was 45.7% (Aug 21, 2018 to Mar 23, 2020), recovered by Dec 15, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.8% | — |
| 2025 | +12.7% | — |
| 2024 | +7.8% | +7.98% |
| 2023 | +14.7% | +14.66% |
| 2022 | -14.5% | -14.56% |
| 2021 | +27.9% | +28.13% |
| 2020 | +4.9% | +4.74% |
| 2019 | +22.4% | +22.33% |
| 2018 | -13.3% | -12.92% |
| 2017 | +8.1% | — |
| 2016 | +31.6% | — |
| 2015 | -7.5% | — |
| 2014 | +4.2% | — |
| 2013 | +34.9% | — |
| 2012 | +16.2% | — |
| 2011 | -4.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.9% over that stretch · deepest drop along the way 43%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.5% over that stretch · deepest drop along the way 22.7%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.3400 | |
| 2025 | $2.8700 | +11.7% |
| 2024 | $2.5700 | -6.9% |
| 2023 | $2.7600 | +9.5% |
| 2022 | $2.5200 | +7.7% |
| 2021 | $2.3400 | +36.0% |
| 2020 | $1.7200 | -15.7% |
| 2019 | $2.0400 | +7.4% |
| 2018 | $1.9000 | +6.0% |
| 2017 | $1.7920 | +10.5% |
| 2016 | $1.6220 | +0.1% |
| 2015 | $1.6210 | +7.9% |
| 2014 | $1.5030 | +22.9% |
| 2013 | $1.2230 | -1.2% |
| 2012 | $1.2380 | +71.9% |
| 2011 | $0.7200 |
What's inside
As of Aug 31, 2026, the fund held 1,425 securities; the ten largest made up 5.38% of assets.
| Holding | Weight | |
|---|---|---|
| UMB Financial Corp | 0.62% | |
| CareTrust REIT Inc | 0.57% | |
| Jackson Financial Inc | 0.57% | |
| SM Energy Co | 0.56% | |
| Viasat Inc | 0.55% | |
| Cytokinetics Inc | 0.54% | |
| Old National Bancorp/IN | 0.51% | |
| SSR Mining Inc | 0.50% | |
| Terex Corp | 0.47% | |
| PBF Energy Inc | 0.47% | |
| Terreno Realty Corp | 0.46% | |
| Matson Inc | 0.44% | |
| Macerich Co | 0.44% | |
| Essential Properties Realty Trust Inc | 0.43% | |
| United Bankshares Inc/WV | 0.43% |
By country
United States 99.85%By asset type
Stocks 99.85%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $119.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.97%, 0.00%, +0.31%.
How it works
VTWV is the exchange-traded share class of Vanguard Russell 2000 Value Index Fund. ETF shareholders own part of the same portfolio as the fund's other share classes. The fund tracks the Russell 2000 Value Index, which measures small-capitalization value stocks in the United States. "Small-cap" means companies with a fairly small total stock market value. "Value" stocks are ones that look cheap compared with measures such as earnings or assets.
Vanguard aims to hold all, or nearly all, of the index's stocks, each in about the same proportion as its weight in the index. This is called replication. Under normal conditions, at least 80% of net assets must be in index stocks. As of August 31, 2026, the fund held 1,425 stocks, and the 10 largest made up just 5.38% of assets. The three largest were UMB Financial (0.62%), CareTrust REIT (0.57%) and Jackson Financial (0.57%). The prospectus notes that financial companies made up a significant part of the index.
The fund trades when the index changes, not when a manager has a view. Portfolio turnover was 26% in the prospectus filed December 19, 2025. The fund also held 0.57% in cash and very small positions in Russell 2000 futures and total return swaps. Shares trade on Nasdaq at market prices, which can differ slightly from the value of the holdings.
What it really costs
- VTWV charges 0.1% a year, versus an average of 0.18% for the similar funds below (3rd of 9, cheapest first).
- Of that, 0.08% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $10 in the first year and $128 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VTWV | $10 | $32 | $56 | $128 |
In a retirement portfolio
Small-cap value stocks can widen a portfolio's reach beyond large companies, but their losses have been deeper than a typical core stock fund's.
VTWV adds small US value companies, which large-cap index funds barely hold. The trade-off is large swings. Its deepest drop was 45.7%, from August 21, 2018 to March 23, 2020. Most of that came in the COVID crash, when it fell 43% in about a month. It got back to its old high by December 15, 2020. In the 2022 bear market it fell 22.7% and needed about 21.5 months to recover, until July 15, 2024. Its worst calendar year was 2022, at -14.56%. The fund launched in 2010, so it has no record from the 2008 crisis. Anyone who had to sell or draw income during those slumps would have locked in losses. The trailing 12-month yield was 1.69% as of October 27, 2026, paid quarterly, and the fund costs 0.10% a year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting low-cost small-cap value exposure: 0.10% a year versus 0.24% for IWN, which shares 78% of its holdings.
- Long-term holders who can sit through deep drops, like the 43% fall in early 2020 that took about eight months to recover.
- People who want a wide spread: 1,425 stocks as of August 31, 2026, with no single holding much above 0.6% of assets.
Look elsewhere if
- Investors who may need to sell in a downturn; the 22.7% drop in 2022 took about 21.5 months to recover.
- Income seekers wanting a high payout; the trailing yield was 1.69% as of October 27, 2026, paid quarterly.
- Those wary of heavy exposure to banks and other financials, which the prospectus flags as a significant share of the index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VTWV this fund | — | 0.1% | $1.45B | +20.6% | +22.0% |
| IWN iShares Russell 2000 Value ETF | 78% | 0.24% | $14.53B | +23.9% | +19.8% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 43% | 0.07% | $6.45B | +16.7% | +18.6% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 43% | 0.15% | $248.2M | +17.1% | +18.9% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 41% | 0.03% | $16.92B | +21.7% | +17.4% |
| DFSV Dimensional US Small Cap Value ETF | 41% | 0.3% | $8.21B | +23.6% | +20.0% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 40% | 0.1% | $1.98B | +19.0% | +19.4% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 40% | 0.29% | $12.0M | +16.0% | — |
Questions investors ask
What's the difference between VTWV and IWN?
The main difference is cost. Both iShares Russell 2000 Value ETF (IWN) and VTWV focus on small US value stocks, and about 78% of their holdings overlap in their latest N-PORT reports. VTWV charges 0.10% a year and IWN charges 0.24%. IWN is much bigger, with about $14.5 billion in net assets as of June 30, 2026, against about $1.45 billion for VTWV's whole fund, all share classes, as of August 31, 2026.
Does VTWV pay dividends?
Yes. VTWV pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $3.19 per share, a yield of 1.69%. The payout comes from the dividends of the 1,425 small US companies it held as of August 31, 2026. It can change from quarter to quarter as those companies raise, cut or stop their dividends. The fund aims to track an index, not to produce income.
Is VTWV good for retirement?
It depends on its role. VTWV may suit retirement savers who want a small-company value slice alongside broader holdings, and who can wait out deep drops. It fell 43% in the 2020 COVID crash and 22.7% in 2022. The 2022 loss took about 21.5 months to recover. It costs 0.10% a year and yielded 1.69% as of October 27, 2026. Past results don't predict future ones.
What is VTWV's expense ratio?
VTWV's expense ratio is 0.10%, according to its prospectus filed December 19, 2025. That includes a 0.08% management fee. In the SEC's standard example, $10,000 earning 5% a year would cost about $10 in fees after one year, $56 after five years and $128 after ten. The average for similar funds is 0.18%. VTWV ranks 3rd cheapest of 9 in its comparison group.
What are VTWV's top holdings?
As of August 31, 2026, VTWV's largest holdings were UMB Financial (0.62%), CareTrust REIT (0.57%), Jackson Financial (0.57%), SM Energy (0.56%) and Viasat (0.55%). No single stock matters much. The top 10 made up just 5.38% of the fund's 1,425 holdings. Banks, insurers and real estate trusts appear often among the largest positions. That fits the prospectus warning that financial companies make up a significant part of the index.