Inflation-Adjusted Value ETF (VTV)

The Vanguard Value ETF (VTV) tracks the CRSP US Large Cap Value Index, providing exposure to large-capitalization US stocks that are considered undervalued relative to their fundamentals.

Investors focused on long-term value must look beyond nominal prices to accurately gauge an investment's real growth in purchasing power. To facilitate this analysis, this page adjusts the historical price of VTV for inflation using the US Consumer Price Index to reveal its real performance over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use September 2025 as the baseline (latest available CPI).

The current value of the Vanguard Value ETF is 190.57 (as of the close of Dec 4, 2025), 0.01% lower than the all-time high of 190.59 (Dec 3, 2025).

Since January 30, 2004, the inflation-adjusted total return for the ETF has been 288.27%, which is equivalent to an annual growth rate of 6.41%.

In nominal values, the total return since this date has been 580.95%, or an annualized rate of 9.18%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
Dec 2025	190.57	190.57
Nov 2025	190.48	190.48
Oct 2025	185.76	185.76
Sep 2025	186.49	186.49
Aug 2025	182.76	182.3
Jul 2025	177.1	176.15
Jun 2025	177.07	175.85
May 2025	171.36	169.6
Apr 2025	166.8	164.74
Mar 2025	173.61	170.94
Feb 2025	178.39	175.25
Jan 2025	177.75	173.84
Dec 2024	171.42	166.56
Nov 2024	183.16	177.91
Oct 2024	173.28	168.41
Sep 2024	175.91	170.77
Aug 2024	173.54	168.2
Jul 2024	168.82	163.49
Jun 2024	161.37	156.09
May 2024	161.18	155.86
Apr 2024	156.75	151.32
Mar 2024	163.77	157.48
Feb 2024	156.73	149.75
Jan 2024	152.61	144.92
Dec 2023	152.12	143.67
Nov 2023	144.62	136.71
Oct 2023	135.29	128.15
Sep 2023	138.9	131.63
Aug 2023	143.98	136.1
Jul 2023	148.13	139.42
Jun 2023	143.46	134.76
May 2023	135.61	126.98
Apr 2023	141.79	132.43
Mar 2023	140.03	130.13
Feb 2023	141.15	130.73
Jan 2023	146.68	135.11
Dec 2022	143.85	131.45
Nov 2022	148.31	135.94
Oct 2022	139.78	128.25
Sep 2022	125.61	114.79
Aug 2022	136.55	124.52
Jul 2022	140.26	127.94
Jun 2022	133.49	121.78
May 2022	146.92	132.21
Apr 2022	145.04	129.1
Mar 2022	153.19	135.6
Feb 2022	150.31	131.29
Jan 2022	153.45	132.83
Dec 2021	156.42	134.27
Nov 2021	146.71	125.54
Oct 2021	152.05	129.48
Sep 2021	145.4	122.8
Aug 2021	151.78	127.84
Jul 2021	148.98	125.22
Jun 2021	148.2	123.97
May 2021	151.47	125.54
Apr 2021	148.35	121.97
Mar 2021	144.6	117.92
Feb 2021	136.52	110.55
Jan 2021	130.73	105.29
Dec 2020	132.34	106.13
Nov 2020	127.97	102.53
Oct 2020	113.43	90.93
Sep 2020	115.57	92.62
Aug 2020	118.36	94.72
Jul 2020	113.97	90.92
Jun 2020	110.42	87.64
May 2020	112.17	88.54
Apr 2020	109.03	86.06
Mar 2020	97.86	77.77
Feb 2020	114.66	91.31
Jan 2020	127.34	101.14
Dec 2019	131.11	103.73
Nov 2019	127.63	101.07
Oct 2019	123.32	97.71
Sep 2019	121.3	95.89
Aug 2019	117.34	92.69
Jul 2019	120.93	95.52
Jun 2019	120.13	94.74
May 2019	112.18	88.45
Apr 2019	120.01	94.42
Mar 2019	116.72	91.35
Feb 2019	116.72	90.84
Jan 2019	113.95	88.31
Dec 2018	106.74	82.57
Nov 2018	117.12	90.88
Oct 2018	113.03	88
Sep 2018	119.16	92.61
Aug 2018	118.56	92.04
Jul 2018	116.42	90.33
Jun 2018	111.25	86.31
May 2018	111.21	86.14
Apr 2018	111	85.62
Mar 2018	110.97	85.27
Feb 2018	114.04	87.42
Jan 2018	119.87	91.48
Dec 2017	115.1	87.36
Nov 2017	113.17	85.95
Oct 2017	109.32	83.02
Sep 2017	107.29	81.53
Aug 2017	104.74	79.17
Jul 2017	105.54	79.54
Jun 2017	103.87	78.33
May 2017	102.13	76.95
Apr 2017	102.15	76.9
Mar 2017	102.49	76.93
Feb 2017	103.52	77.64
Jan 2017	100.26	74.96
Dec 2016	100.34	74.59
Nov 2016	97.72	72.61
Oct 2016	92.04	68.5
Sep 2016	93.18	69.26
Aug 2016	93.84	69.59
Jul 2016	93.3	69.12
Jun 2016	90.6	67.23
May 2016	89.89	66.48
Apr 2016	89.3	65.78
Mar 2016	88.39	64.8
Feb 2016	83.2	60.74
Jan 2016	83.18	60.67
Dec 2015	87.48	63.71
Nov 2015	88.2	64.45
Oct 2015	87.53	64.1
Sep 2015	81.28	59.54
Aug 2015	83.27	61.1
Jul 2015	88.31	64.89
Jun 2015	87.43	64.24
May 2015	89.74	65.71
Apr 2015	89.15	64.94
Mar 2015	88.2	64.12
Feb 2015	89.92	64.99
Jan 2015	85.76	61.71
Dec 2014	89	64.35
Nov 2014	88.19	64.12
Oct 2014	85.6	62.58
Sep 2014	83.88	61.47
Aug 2014	85.03	62.27
Jul 2014	82.07	60.2
Jun 2014	83.03	60.93
May 2014	81.62	59.78
Apr 2014	80.79	58.97
Mar 2014	80.37	58.47
Feb 2014	78.77	56.94
Jan 2014	76.04	54.76
Dec 2013	79.25	56.86
Nov 2013	77.62	55.7
Oct 2013	75.08	53.98
Sep 2013	71.6	51.62
Aug 2013	70.08	50.46
Jul 2013	72.85	52.39
Jun 2013	69.15	49.71
May 2013	70.04	50.23
Apr 2013	68.4	48.97
Mar 2013	66.85	47.91
Feb 2013	64.42	46.05
Jan 2013	64.11	45.45
Dec 2012	60.45	42.73
Nov 2012	59.04	41.85
Oct 2012	59.2	42.16
Sep 2012	59.41	42.33
Aug 2012	58	41.14
Jul 2012	57.47	40.54
Jun 2012	56.7	40.06
May 2012	54.04	38.24
Apr 2012	57.37	40.64
Mar 2012	58.08	41.02
Feb 2012	56.91	39.89
Jan 2012	55.02	38.39
Dec 2011	53.41	37.11
Nov 2011	51.96	36.19
Oct 2011	52.21	36.4
Sep 2011	47.25	33.01
Aug 2011	50.81	35.44
Jul 2011	54.14	37.66
Jun 2011	56.15	39.02
May 2011	57.31	39.87
Apr 2011	58.38	40.42
Mar 2011	57.06	39.26
Feb 2011	57.64	39.27
Jan 2011	55.68	37.75
Dec 2010	54.4	36.71
Nov 2010	50.47	34
Oct 2010	50.8	34.21
Sep 2010	49.52	33.3
Aug 2010	46.06	30.96
Jul 2010	48.17	32.33
Jun 2010	45.18	30.32
May 2010	47.6	31.97
Apr 2010	51.65	34.67
Mar 2010	50.83	34.06
Feb 2010	48.08	32.09
Jan 2010	46.87	31.27
Dec 2009	48.21	32.05
Nov 2009	47.55	31.67
Oct 2009	44.86	29.86
Sep 2009	46.13	30.67
Aug 2009	44.72	29.71
Jul 2009	42.59	28.24
Jun 2009	39.39	26.16
May 2009	40.16	26.44
Apr 2009	37.6	24.69
Mar 2009	33.96	22.24
Feb 2009	31.46	20.55
Jan 2009	36.57	23.78
Dec 2008	41.32	26.74
Nov 2008	40.3	26.35
Oct 2008	42.34	28.23
Sep 2008	50.03	33.7
Aug 2008	53.64	36.18
Jul 2008	52.57	35.6
Jun 2008	52.94	35.67
May 2008	59.11	39.43
Apr 2008	59.96	39.65
Mar 2008	57.84	38.03
Feb 2008	58.61	38.2
Jan 2008	61.17	39.75
Dec 2007	64.53	41.73
Nov 2007	65.51	42.39
Oct 2007	69.4	44.64
Sep 2007	69.44	44.57
Aug 2007	67.25	43.05
Jul 2007	66.16	42.43
Jun 2007	69.41	44.53
May 2007	71.03	45.48
Apr 2007	69	43.91
Mar 2007	66.65	42.14
Feb 2007	66.14	41.44
Jan 2007	67.57	42.11
Dec 2006	67.25	41.78
Nov 2006	65.71	40.76
Oct 2006	64.28	39.94
Sep 2006	61.98	38.72
Aug 2006	60.38	37.91
Jul 2006	59.51	37.28
Jun 2006	58.21	36.36
May 2006	57.81	36.04
Apr 2006	59.53	36.93
Mar 2006	58.61	36.05
Feb 2006	58.02	35.49
Jan 2006	57.62	35.18
Dec 2005	56.36	34.15
Nov 2005	55.75	33.92
Oct 2005	53.42	32.76
Sep 2005	54.98	33.65
Aug 2005	54.71	33.08
Jul 2005	55.32	33.28
Jun 2005	54.19	32.45
May 2005	53.49	32.01
Apr 2005	52.13	31.24
Mar 2005	53.33	31.74
Feb 2005	54.69	32.29
Jan 2005	53.18	31.22
Dec 2004	54.37	31.86
Nov 2004	52.4	30.81
Oct 2004	50.03	29.41
Sep 2004	49.53	28.96
Aug 2004	49.04	28.61
Jul 2004	48.37	28.21
Jun 2004	49.04	28.64
May 2004	48.01	27.95
Apr 2004	47.94	27.75
Mar 2004	48.92	28.23
Feb 2004	50.09	28.71
Jan 2004	49.08	27.99

Returns from Investing in the Vanguard Value ETF

How much did an investment in the VTV ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the Vanguard Value ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2011.

Year	Inflation-Adjusted Return	Nominal Return
2024	12.68%	15.94%
2023	5.75%	9.3%
2022	-8.04%	-2.1%
2021	18.2%	26.52%
2020	0.93%	2.31%
2019	22.83%	25.64%
2018	-7.26%	-5.49%
2017	14.71%	17.13%
2016	14.7%	17.08%
2015	-1.71%	-0.99%
2014	12.31%	13.16%
2013	31.1%	33.07%
2012	13.19%	15.16%
2011	-1.82%	1.09%
2010	12.84%	14.52%
2009	16.67%	19.84%
2008	-35.96%	-35.9%
2007	-4.05%	-0.13%
2006	19.33%	22.36%
2005	3.65%	7.19%

Vanguard Value Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the Vanguard Value over various trailing periods ending September 30, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	6.01%	9.21%
Last 3 years	14.08%	17.56%
Last 5 years	10.04%	15.03%
Last 10 years	8.66%	12.09%
Last 20 years	6.3%	8.94%

Real Returns of Investing in the Vanguard Value

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Vanguard Value five years ago yielded an 104.23% nominal gain, but the real return (the actual increase in buying power) was 62.65%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Sep 2025	$204.23	104.23%	62.65%
Last 10 years Feb 2015 - Sep 2025	$286.97	186.97%	107.39%

About the Vanguard Value ETF

The Vanguard Value ETF (VTV) is an exchange-traded fund that seeks to track the performance of the CRSP US Large Cap Value Index. Launched in January 2004, VTV focuses on large-cap US companies that are trading at lower valuations relative to their book value, earnings, and other fundamental metrics.

The fund typically includes companies from sectors such as financials, healthcare, energy, and industrials that may be temporarily out of favor but have strong underlying business fundamentals. VTV provides investors with a cost-effective way to gain targeted exposure to value-oriented large-cap US equities through a single diversified investment.

Last Close Dec 4, 2025	190.57
Highest Dec 3, 2025	190.59
Highest, Inflation-Adjusted Dec 3, 2025	190.59
Annualized return Since Jan 30, 2004	9.18%
Annualized return, Inflation-Adjusted Since Jan 30, 2004	6.41%