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 December 2025 as the baseline (latest available CPI).

The current value of the Vanguard Value ETF is 198.29 (as of the close of Jan 28, 2026), 0.25% lower than the all-time high of 198.78 (Jan 22, 2026).

Since January 30, 2004, the inflation-adjusted total return for the ETF has been 307.02%, which is equivalent to an annual growth rate of 6.59%.

In nominal values, the total return since this date has been 612.18%, or an annualized rate of 9.34%.

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
Jan 2026	198.29	198.29
Dec 2025	190.99	190.99
Nov 2025	189.46	189.5
Oct 2025	184.81	184.81
Sep 2025	185.11	185.53
Aug 2025	181.41	181.36
Jul 2025	175.79	175.25
Jun 2025	175.76	174.95
May 2025	170.09	168.73
Apr 2025	165.56	163.9
Mar 2025	172.32	170.06
Feb 2025	177.07	174.35
Jan 2025	176.43	172.95
Dec 2024	170.15	165.71
Nov 2024	181.8	176.99
Oct 2024	172	167.55
Sep 2024	174.61	169.89
Aug 2024	172.26	167.33
Jul 2024	167.57	162.65
Jun 2024	160.17	155.29
May 2024	159.99	155.06
Apr 2024	155.59	150.55
Mar 2024	162.56	156.68
Feb 2024	155.57	148.98
Jan 2024	151.48	144.17
Dec 2023	150.99	142.93
Nov 2023	143.55	136.01
Oct 2023	134.29	127.5
Sep 2023	137.87	130.95
Aug 2023	142.91	135.4
Jul 2023	147.03	138.7
Jun 2023	142.39	134.07
May 2023	134.6	126.33
Apr 2023	140.74	131.75
Mar 2023	138.99	129.46
Feb 2023	140.1	130.06
Jan 2023	145.59	134.41
Dec 2022	142.78	130.77
Nov 2022	147.21	135.25
Oct 2022	138.75	127.6
Sep 2022	124.68	114.2
Aug 2022	135.54	123.88
Jul 2022	139.22	127.29
Jun 2022	132.5	121.16
May 2022	145.83	131.54
Apr 2022	143.97	128.44
Mar 2022	152.06	134.91
Feb 2022	149.19	130.62
Jan 2022	152.31	132.15
Dec 2021	155.26	133.58
Nov 2021	145.62	124.9
Oct 2021	150.92	128.82
Sep 2021	144.32	122.17
Aug 2021	150.66	127.18
Jul 2021	147.88	124.58
Jun 2021	147.1	123.34
May 2021	150.34	124.89
Apr 2021	147.25	121.35
Mar 2021	143.52	117.31
Feb 2021	135.51	109.99
Jan 2021	129.77	104.75
Dec 2020	131.36	105.58
Nov 2020	127.03	102.01
Oct 2020	112.59	90.47
Sep 2020	114.72	92.14
Aug 2020	117.49	94.23
Jul 2020	113.13	90.45
Jun 2020	109.6	87.19
May 2020	111.33	88.09
Apr 2020	108.22	85.62
Mar 2020	97.13	77.37
Feb 2020	113.81	90.85
Jan 2020	126.39	100.62
Dec 2019	130.14	103.2
Nov 2019	126.68	100.55
Oct 2019	122.41	97.21
Sep 2019	120.4	95.4
Aug 2019	116.47	92.21
Jul 2019	120.03	95.03
Jun 2019	119.24	94.25
May 2019	111.35	87.99
Apr 2019	119.12	93.94
Mar 2019	115.85	90.88
Feb 2019	115.85	90.37
Jan 2019	113.1	87.85
Dec 2018	105.95	82.14
Nov 2018	116.25	90.41
Oct 2018	112.19	87.55
Sep 2018	118.28	92.14
Aug 2018	117.68	91.57
Jul 2018	115.56	89.87
Jun 2018	110.43	85.87
May 2018	110.38	85.7
Apr 2018	110.17	85.18
Mar 2018	110.15	84.83
Feb 2018	113.19	86.97
Jan 2018	118.98	91.01
Dec 2017	114.25	86.91
Nov 2017	112.33	85.51
Oct 2017	108.51	82.6
Sep 2017	106.49	81.11
Aug 2017	103.96	78.76
Jul 2017	104.76	79.14
Jun 2017	103.1	77.93
May 2017	101.37	76.56
Apr 2017	101.39	76.51
Mar 2017	101.73	76.53
Feb 2017	102.76	77.24
Jan 2017	99.51	74.57
Dec 2016	99.6	74.21
Nov 2016	96.99	72.24
Oct 2016	91.36	68.15
Sep 2016	92.49	68.9
Aug 2016	93.15	69.23
Jul 2016	92.61	68.77
Jun 2016	89.93	66.89
May 2016	89.22	66.14
Apr 2016	88.64	65.45
Mar 2016	87.73	64.47
Feb 2016	82.58	60.42
Jan 2016	82.56	60.36
Dec 2015	86.83	63.38
Nov 2015	87.54	64.12
Oct 2015	86.88	63.77
Sep 2015	80.67	59.24
Aug 2015	82.65	60.78
Jul 2015	87.65	64.55
Jun 2015	86.79	63.91
May 2015	89.08	65.37
Apr 2015	88.49	64.61
Mar 2015	87.55	63.79
Feb 2015	89.26	64.65
Jan 2015	85.13	61.39
Dec 2014	88.35	64.02
Nov 2014	87.54	63.79
Oct 2014	84.97	62.25
Sep 2014	83.26	61.16
Aug 2014	84.4	61.95
Jul 2014	81.46	59.89
Jun 2014	82.41	60.62
May 2014	81.02	59.48
Apr 2014	80.19	58.67
Mar 2014	79.77	58.17
Feb 2014	78.19	56.65
Jan 2014	75.48	54.48
Dec 2013	78.66	56.57
Nov 2013	77.05	55.41
Oct 2013	74.52	53.71
Sep 2013	71.07	51.35
Aug 2013	69.56	50.21
Jul 2013	72.31	52.12
Jun 2013	68.64	49.46
May 2013	69.52	49.97
Apr 2013	67.89	48.72
Mar 2013	66.35	47.66
Feb 2013	63.94	45.81
Jan 2013	63.63	45.22
Dec 2012	60	42.51
Nov 2012	58.61	41.64
Oct 2012	58.76	41.94
Sep 2012	58.97	42.11
Aug 2012	57.57	40.93
Jul 2012	57.04	40.33
Jun 2012	56.28	39.86
May 2012	53.64	38.04
Apr 2012	56.95	40.43
Mar 2012	57.65	40.81
Feb 2012	56.48	39.68
Jan 2012	54.61	38.2
Dec 2011	53.01	36.92
Nov 2011	51.58	36.01
Oct 2011	51.82	36.21
Sep 2011	46.9	32.84
Aug 2011	50.43	35.25
Jul 2011	53.74	37.46
Jun 2011	55.73	38.82
May 2011	56.88	39.66
Apr 2011	57.94	40.22
Mar 2011	56.64	39.06
Feb 2011	57.21	39.07
Jan 2011	55.27	37.56
Dec 2010	53.99	36.52
Nov 2010	50.09	33.82
Oct 2010	50.43	34.03
Sep 2010	49.15	33.13
Aug 2010	45.72	30.8
Jul 2010	47.81	32.16
Jun 2010	44.85	30.16
May 2010	47.25	31.81
Apr 2010	51.26	34.49
Mar 2010	50.45	33.88
Feb 2010	47.73	31.92
Jan 2010	46.52	31.11
Dec 2009	47.85	31.89
Nov 2009	47.19	31.51
Oct 2009	44.53	29.7
Sep 2009	45.78	30.51
Aug 2009	44.38	29.56
Jul 2009	42.28	28.09
Jun 2009	39.09	26.02
May 2009	39.86	26.31
Apr 2009	37.33	24.56
Mar 2009	33.71	22.12
Feb 2009	31.23	20.45
Jan 2009	36.3	23.65
Dec 2008	41.01	26.61
Nov 2008	40	26.22
Oct 2008	42.03	28.09
Sep 2008	49.66	33.53
Aug 2008	53.25	36
Jul 2008	52.18	35.42
Jun 2008	52.55	35.49
May 2008	58.67	39.22
Apr 2008	59.51	39.45
Mar 2008	57.42	37.83
Feb 2008	58.18	38.01
Jan 2008	60.72	39.55
Dec 2007	64.05	41.51
Nov 2007	65.03	42.17
Oct 2007	68.88	44.41
Sep 2007	68.92	44.34
Aug 2007	66.75	42.83
Jul 2007	65.67	42.21
Jun 2007	68.9	44.3
May 2007	70.51	45.24
Apr 2007	68.49	43.68
Mar 2007	66.16	41.92
Feb 2007	65.65	41.23
Jan 2007	67.07	41.89
Dec 2006	66.75	41.57
Nov 2006	65.22	40.55
Oct 2006	63.8	39.73
Sep 2006	61.52	38.52
Aug 2006	59.93	37.71
Jul 2006	59.07	37.09
Jun 2006	57.78	36.18
May 2006	57.38	35.85
Apr 2006	59.09	36.74
Mar 2006	58.17	35.87
Feb 2006	57.59	35.31
Jan 2006	57.2	35
Dec 2005	55.94	33.97
Nov 2005	55.34	33.74
Oct 2005	53.02	32.59
Sep 2005	54.57	33.48
Aug 2005	54.3	32.91
Jul 2005	54.91	33.11
Jun 2005	53.79	32.29
May 2005	53.09	31.85
Apr 2005	51.75	31.08
Mar 2005	52.93	31.58
Feb 2005	54.28	32.13
Jan 2005	52.78	31.06
Dec 2004	53.97	31.69
Nov 2004	52.01	30.65
Oct 2004	49.66	29.26
Sep 2004	49.16	28.81
Aug 2004	48.67	28.46
Jul 2004	48.02	28.06
Jun 2004	48.67	28.49
May 2004	47.65	27.81
Apr 2004	47.58	27.6
Mar 2004	48.56	28.08
Feb 2004	49.72	28.57
Jan 2004	48.72	27.84

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 December 31, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	12.25%	15.26%
Last 3 years	10.18%	13.46%
Last 5 years	7.77%	12.59%
Last 10 years	8.2%	11.66%
Last 20 years	6.33%	9.02%

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 Jan 28, 2026	198.29
Highest Jan 22, 2026	198.78
Highest, Inflation-Adjusted Jan 22, 2026	198.78
Annualized return Since Jan 30, 2004	9.34%
Annualized return, Inflation-Adjusted Since Jan 30, 2004	6.59%