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 May 2026 as the baseline (latest available CPI).

The current value of the Vanguard Value ETF is 218.03 (as of the close of Jun 16, 2026), 0.1% lower than the all-time high of 218.24 (Jun 15, 2026).

Since January 30, 2004, the inflation-adjusted total return for the ETF has been 335.14%, which is equivalent to an annual growth rate of 6.79%.

In nominal values, the total return since this date has been 687.39%, or an annualized rate of 9.66%.

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 same present-value method used by the US Inflation Calculator to compare dollar amounts across different years. 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
Jun 2026	218.03	218.03
May 2026	211.85	211.85
Apr 2026	208.09	206.78
Mar 2026	199.12	196.2
Feb 2026	211.39	206.13
Jan 2026	204.69	198.66
Dec 2025	196.43	189.95
Nov 2025	194.86	188.47
Oct 2025	183.8	183.8
Sep 2025	190.38	184.52
Aug 2025	186.58	180.37
Jul 2025	180.8	174.29
Jun 2025	180.77	173.99
May 2025	174.94	167.81
Apr 2025	170.28	163
Mar 2025	177.24	169.13
Feb 2025	182.12	173.4
Jan 2025	181.46	172.01
Dec 2024	175	164.8
Nov 2024	186.98	176.03
Oct 2024	176.9	166.63
Sep 2024	179.58	168.96
Aug 2024	177.17	166.42
Jul 2024	172.34	161.76
Jun 2024	164.74	154.44
May 2024	164.55	154.21
Apr 2024	160.03	149.72
Mar 2024	167.19	155.82
Feb 2024	160.01	148.17
Jan 2024	155.8	143.38
Dec 2023	155.3	142.15
Nov 2023	147.64	135.27
Oct 2023	138.11	126.8
Sep 2023	141.8	130.24
Aug 2023	146.98	134.66
Jul 2023	151.23	137.94
Jun 2023	146.45	133.34
May 2023	138.44	125.64
Apr 2023	144.75	131.03
Mar 2023	142.95	128.75
Feb 2023	144.09	129.35
Jan 2023	149.74	133.68
Dec 2022	146.85	130.06
Nov 2022	151.41	134.51
Oct 2022	142.7	126.9
Sep 2022	128.23	113.57
Aug 2022	139.4	123.2
Jul 2022	143.19	126.59
Jun 2022	136.28	120.5
May 2022	149.98	130.82
Apr 2022	148.07	127.74
Mar 2022	156.39	134.17
Feb 2022	153.45	129.91
Jan 2022	156.66	131.42
Dec 2021	159.69	132.85
Nov 2021	149.77	124.22
Oct 2021	155.22	128.11
Sep 2021	148.43	121.5
Aug 2021	154.95	126.49
Jul 2021	152.09	123.9
Jun 2021	151.3	122.66
May 2021	154.63	124.21
Apr 2021	151.45	120.69
Mar 2021	147.62	116.67
Feb 2021	139.37	109.38
Jan 2021	133.46	104.18
Dec 2020	135.1	105.01
Nov 2020	130.65	101.45
Oct 2020	115.79	89.97
Sep 2020	117.99	91.64
Aug 2020	120.84	93.72
Jul 2020	116.35	89.96
Jun 2020	112.73	86.72
May 2020	114.51	87.61
Apr 2020	111.3	85.15
Mar 2020	99.9	76.95
Feb 2020	117.05	90.35
Jan 2020	130	100.07
Dec 2019	133.85	102.64
Nov 2019	130.29	100
Oct 2019	125.9	96.68
Sep 2019	123.83	94.88
Aug 2019	119.79	91.71
Jul 2019	123.45	94.51
Jun 2019	122.64	93.74
May 2019	114.52	87.51
Apr 2019	122.52	93.42
Mar 2019	119.16	90.38
Feb 2019	119.16	89.88
Jan 2019	116.33	87.37
Dec 2018	108.97	81.69
Nov 2018	119.56	89.92
Oct 2018	115.39	87.07
Sep 2018	121.65	91.63
Aug 2018	121.04	91.07
Jul 2018	118.85	89.38
Jun 2018	113.58	85.4
May 2018	113.53	85.23
Apr 2018	113.31	84.72
Mar 2018	113.29	84.36
Feb 2018	116.42	86.5
Jan 2018	122.38	90.51
Dec 2017	117.51	86.44
Nov 2017	115.53	85.04
Oct 2017	111.6	82.14
Sep 2017	109.53	80.67
Aug 2017	106.92	78.33
Jul 2017	107.75	78.7
Jun 2017	106.04	77.51
May 2017	104.26	76.14
Apr 2017	104.28	76.09
Mar 2017	104.63	76.11
Feb 2017	105.68	76.82
Jan 2017	102.35	74.16
Dec 2016	102.44	73.8
Nov 2016	99.76	71.84
Oct 2016	93.97	67.78
Sep 2016	95.12	68.53
Aug 2016	95.8	68.85
Jul 2016	95.25	68.39
Jun 2016	92.49	66.52
May 2016	91.77	65.78
Apr 2016	91.17	65.09
Mar 2016	90.23	64.12
Feb 2016	84.93	60.09
Jan 2016	84.92	60.03
Dec 2015	89.31	63.03
Nov 2015	90.04	63.76
Oct 2015	89.36	63.42
Sep 2015	82.97	58.91
Aug 2015	85.01	60.45
Jul 2015	90.15	64.2
Jun 2015	89.26	63.56
May 2015	91.62	65.01
Apr 2015	91.01	64.25
Mar 2015	90.04	63.44
Feb 2015	91.8	64.3
Jan 2015	87.55	61.06
Dec 2014	90.86	63.67
Nov 2014	90.03	63.44
Oct 2014	87.39	61.91
Sep 2014	85.63	60.82
Aug 2014	86.81	61.61
Jul 2014	83.78	59.56
Jun 2014	84.76	60.28
May 2014	83.33	59.15
Apr 2014	82.48	58.35
Mar 2014	82.04	57.85
Feb 2014	80.41	56.34
Jan 2014	77.63	54.19
Dec 2013	80.91	56.26
Nov 2013	79.24	55.11
Oct 2013	76.64	53.41
Sep 2013	73.09	51.07
Aug 2013	71.55	49.93
Jul 2013	74.37	51.84
Jun 2013	70.6	49.19
May 2013	71.5	49.7
Apr 2013	69.83	48.45
Mar 2013	68.24	47.4
Feb 2013	65.76	45.56
Jan 2013	65.44	44.97
Dec 2012	61.71	42.28
Nov 2012	60.28	41.41
Oct 2012	60.44	41.72
Sep 2012	60.65	41.88
Aug 2012	59.21	40.7
Jul 2012	58.67	40.11
Jun 2012	57.89	39.64
May 2012	55.17	37.83
Apr 2012	58.57	40.21
Mar 2012	59.29	40.59
Feb 2012	58.09	39.47
Jan 2012	56.17	37.99
Dec 2011	54.52	36.72
Nov 2011	53.05	35.81
Oct 2011	53.3	36.01
Sep 2011	48.24	32.66
Aug 2011	51.87	35.06
Jul 2011	55.27	37.26
Jun 2011	57.32	38.61
May 2011	58.5	39.45
Apr 2011	59.6	40
Mar 2011	58.25	38.85
Feb 2011	58.84	38.86
Jan 2011	56.84	37.35
Dec 2010	55.53	36.32
Nov 2010	51.52	33.64
Oct 2010	51.86	33.85
Sep 2010	50.55	32.95
Aug 2010	47.02	30.63
Jul 2010	49.17	31.99
Jun 2010	46.12	30
May 2010	48.59	31.64
Apr 2010	52.72	34.3
Mar 2010	51.89	33.7
Feb 2010	49.09	31.75
Jan 2010	47.85	30.94
Dec 2009	49.21	31.71
Nov 2009	48.54	31.33
Oct 2009	45.8	29.54
Sep 2009	47.09	30.35
Aug 2009	45.65	29.4
Jul 2009	43.48	27.94
Jun 2009	40.21	25.88
May 2009	41	26.16
Apr 2009	38.39	24.43
Mar 2009	34.67	22
Feb 2009	32.12	20.34
Jan 2009	37.34	23.52
Dec 2008	42.18	26.46
Nov 2008	41.14	26.08
Oct 2008	43.22	27.93
Sep 2008	51.08	33.35
Aug 2008	54.76	35.8
Jul 2008	53.67	35.23
Jun 2008	54.05	35.29
May 2008	60.35	39.01
Apr 2008	61.21	39.24
Mar 2008	59.05	37.63
Feb 2008	59.84	37.8
Jan 2008	62.45	39.33
Dec 2007	65.87	41.29
Nov 2007	66.88	41.94
Oct 2007	70.85	44.17
Sep 2007	70.89	44.1
Aug 2007	68.65	42.59
Jul 2007	67.54	41.98
Jun 2007	70.86	44.06
May 2007	72.52	45
Apr 2007	70.44	43.44
Mar 2007	68.04	41.69
Feb 2007	67.52	41
Jan 2007	68.98	41.66
Dec 2006	68.65	41.34
Nov 2006	67.08	40.33
Oct 2006	65.62	39.51
Sep 2006	63.28	38.31
Aug 2006	61.64	37.51
Jul 2006	60.75	36.89
Jun 2006	59.43	35.98
May 2006	59.01	35.66
Apr 2006	60.77	36.54
Mar 2006	59.83	35.67
Feb 2006	59.23	35.12
Jan 2006	58.83	34.81
Dec 2005	57.53	33.79
Nov 2005	56.92	33.56
Oct 2005	54.54	32.42
Sep 2005	56.13	33.3
Aug 2005	55.85	32.73
Jul 2005	56.48	32.93
Jun 2005	55.32	32.11
May 2005	54.6	31.68
Apr 2005	53.22	30.91
Mar 2005	54.44	31.4
Feb 2005	55.83	31.95
Jan 2005	54.29	30.89
Dec 2004	55.51	31.52
Nov 2004	53.49	30.49
Oct 2004	51.08	29.1
Sep 2004	50.56	28.65
Aug 2004	50.06	28.31
Jul 2004	49.38	27.91
Jun 2004	50.06	28.34
May 2004	49.01	27.66
Apr 2004	48.94	27.45
Mar 2004	49.94	27.93
Feb 2004	51.13	28.41
Jan 2004	50.11	27.69

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 May 31, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	21.1%	26.24%
Last 3 years	15.24%	19.02%
Last 5 years	6.5%	11.27%
Last 10 years	8.73%	12.41%
Last 20 years	6.6%	9.32%

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 68.69% nominal gain, but the real return (the actual increase in buying power) was 36.6%.

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 2021 - Sep 2025	$168.69	68.69%	36.6%
Last 10 years Feb 2016 - Sep 2025	$307.05	207.05%	124.15%

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 Jun 16, 2026	218.03
Highest Jun 15, 2026	218.24
Highest, Inflation-Adjusted Jun 15, 2026	218.24
Annualized return Since Jan 30, 2004	9.66%
Annualized return, Inflation-Adjusted Since Jan 30, 2004	6.79%