Wealthy PotVTI vs VTV: The Whole US Market or Its Large-Cap Value Slice?
VTV is not a rival to VTI. It is a piece of it. Every one of VTV's 305 holdings in its June 2026 SEC filing was also a VTI holding, and together those stocks made up 38.7% of VTI, by our calculation. Both funds charge 0.03% a year. VTV owns the large value companies (banks, industrials, health care, energy) and leaves out the big technology names and every mid and small company. It pays more income, a 1.89% SEC yield against 1.03%, and over the ten years to 30 June 2026 it returned 2.37 percentage points a year less than VTI. VTI is the one-fund core. VTV is a value tilt.
Table of Contents
The Short Answer
- Overlap: 99.5% one way, 38.7% the other. All of VTV's stock holdings are VTI stocks (the remaining 0.5% of VTV was cash). Those stocks are 38.7% of VTI. That is our calculation from both funds' SEC holdings filings for 30 June 2026.
- Same fee. Both ETFs charge 0.03% in Vanguard's April 2026 prospectus. VTV was 0.04% in the April 2025 prospectus.
- VTV pays more income. 30-day SEC yield on 30 September 2026: VTV 1.89%, VTI 1.03%.
- VTI has the better ten-year record. To 30 June 2026 at NAV: VTI 15.04% a year, VTV 12.67%. Over the latest year VTV led, 25.92% to 23.16%.
- VTV holds far fewer stocks. 308 against 3,531. VTV has no mid-cap or small-cap companies at all.
- VTV has been calmer. Three-year standard deviation of 11.55% against 13.45% for VTI. Its worst quarter in the prospectus was deeper, though: -25.03% against -20.89%, both in early 2020.
How Much of VTI Is Already VTV
The prospectus language explains the overlap before any arithmetic. VTI's index "represents 100% of the investable U.S. stock market," including "large-, mid-, small-, and micro-cap stocks." VTV's index is "a broadly diversified index made up of the value stocks of large U.S. companies, as determined by the index provider." Both indexes come from the same provider. One is the whole market; the other is its large-cap value portion.
The holdings filings confirm it. We matched both funds' Form N-PORT reports for the period ended 30 June 2026, using the same data as our Portfolio Overlap Checker.
| Overlap measure, 30 June 2026 | Result |
|---|---|
| VTV holdings also held by VTI | 305 of 305 |
| Share of VTV's weight in stocks VTI also owns | 99.5% (the rest is cash) |
| Share of VTI's weight in stocks VTV also owns | 38.7% |
| Overlap (sum of the smaller weight in each shared stock) | 38.7% |
The shared stocks carry very different weights:
| Stock | Weight in VTI | Weight in VTV |
|---|---|---|
| Micron Technology | 1.80% | 4.87% |
| Berkshire Hathaway | 1.28% | 3.47% |
| JPMorgan Chase | 1.12% | 3.06% |
| Johnson & Johnson | 0.84% | 2.29% |
| Exxon Mobil | 0.78% | 2.12% |
| Walmart | 0.69% | 1.86% |
| Caterpillar | 0.68% | 1.83% |
| AbbVie | 0.61% | 1.66% |
VTV's big names carry roughly two and a half to three times their VTI weight. The 61% of VTI that VTV does not own starts with Nvidia (6.36% of VTI), Apple (5.87%), Alphabet (5.18%), Microsoft (3.83%) and Amazon (3.19%), and runs through thousands of mid and small companies.
VTI vs VTV Side by Side
| VTI | VTV | |
|---|---|---|
| Current name | Vanguard Morningstar Total Stock Market ETF | Vanguard Morningstar Value ETF |
| Index | Morningstar US Total Market Index | Morningstar US Large Cap Value Index |
| Expense ratio | 0.03% | 0.03% |
| Prospectus cost of $10,000 over 10 years | $39 | $39 |
| Number of stocks | 3,531 | 308 |
| Top 10 holdings, % of assets | 33.4% | 24.1% |
| Median market cap | $336.5B | $165.5B |
| Price/earnings ratio | 27.0x | 21.4x |
| Price/book ratio | 4.9x | 3.2x |
| 3-year standard deviation | 13.45% | 11.55% |
| 30-day SEC yield (30 Sep 2026) | 1.03% | 1.89% |
| Portfolio turnover, fiscal 2025 | 3% | 8% |
| ETF share class net assets | $663.5 billion | $186.1 billion |
| Inception | 24 May 2001 | 26 January 2004 |
Where the Two Funds Differ
Both fact sheets use the same sector scheme (the Industry Classification Benchmark), so the weights compare like with like.
| Sector (ICB), 30 June 2026 | VTI | VTV | Difference |
|---|---|---|---|
| Technology | 41.0% | 11.9% | -29.1 |
| Financials | 10.0% | 21.3% | +11.3 |
| Industrials | 12.5% | 16.6% | +4.1 |
| Health Care | 9.1% | 13.9% | +4.8 |
| Consumer Discretionary | 12.3% | 8.2% | -4.1 |
| Consumer Staples | 3.4% | 7.8% | +4.4 |
| Energy | 3.2% | 6.8% | +3.6 |
| Utilities | 2.5% | 5.3% | +2.8 |
| Telecommunications | 2.1% | 3.3% | +1.2 |
| Real Estate | 2.3% | 2.5% | +0.2 |
| Basic Materials | 1.6% | 2.2% | +0.6 |
The technology gap is the whole story in one row. VTI is 41% technology because the largest US companies are technology companies. VTV is under 12%, and its largest sector is financials. Everything else VTV overweights (industrials, health care, staples, energy, utilities) is what is left once the big growth names are removed.
Valuation follows. VTV traded at 21.4 times earnings and 3.2 times book value on 30 June 2026, against 27.0 and 4.9 for VTI. That is what "value" means in practice: you pay less for each dollar of current earnings, and you accept slower expected growth.
Size is the gap people miss. VTV's index covers only large companies. VTI's median holding by market cap was $336.5 billion, VTV's $165.5 billion, but VTI also holds thousands of mid and small companies that VTV leaves out entirely. If you swap VTI for VTV, you drop small caps along with growth stocks.
What the Value Tilt Has Been Worth
| Average annual return at NAV | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| VTI, to 30 Jun 2026 | 23.16% | 20.43% | 12.24% | 15.04% |
| VTV, to 30 Jun 2026 | 25.92% | 18.01% | 12.32% | 12.67% |
| VTV minus VTI | +2.76 | -2.42 | +0.08 | -2.37 |
| VTI, to 30 Sep 2026 | 15.33% | 22.32% | 12.56% | 14.70% |
| VTV, to 30 Sep 2026 | 18.19% | 18.75% | 12.43% | 12.28% |
| VTV minus VTI | +2.86 | -3.57 | -0.13 | -2.42 |
On both dates the pattern is the same. Over ten years VTI won by close to two and a half points a year, mostly on the strength of large technology stocks VTV does not own. Over the latest year VTV won by nearly three points. Five-year results were close to a tie. Value and growth take turns, and the turns can last years.
| Hypothetical $10,000 held for 10 years | Ending value |
|---|---|
| At VTI's 10-year return to 30 Jun 2026 (15.04%) | $40,597 |
| At VTV's 10-year return to 30 Jun 2026 (12.67%) | $32,967 |
Taxes matter in a brokerage account. In the prospectus figures to 31 December 2025, taxes on distributions cut VTV's ten-year return from 11.67% to 11.00% a year, a 0.67-point drag. For VTI the drag was 0.47 points (14.25% to 13.78%). The prospectus assumes the highest individual federal tax bracket, so your own drag depends on your bracket.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Both Funds Changed Their Names in July 2026
Vanguard's supplement dated 29 July 2026 says Morningstar "has announced the acquisition of the Center for Research in Security Prices ('CRSP') and its CRSP Market Indexes." VTI became the Vanguard Morningstar Total Stock Market ETF, tracking the Morningstar US Total Market Index. VTV became the Vanguard Morningstar Value ETF, tracking the Morningstar US Large Cap Value Index. The supplement states that "each Fund's investment objective, strategies, and polices remain unchanged." Tickers and fees did not change. The April 2026 prospectus and the June 2026 fact sheets still show the CRSP names because they predate the rename.
Which One Fits You
One US stock fund: VTI. It already owns every VTV stock, plus the growth companies and the mid and small caps VTV leaves out, at the same 0.03%.
A deliberate value tilt: VTV. If your portfolio already leans on the largest technology companies, through a 401(k) S&P 500 fund, say, or company stock, VTV is a cheap way to lean the other way. Decide the size of the tilt before you buy, so a few lagging years do not decide it for you.
Holding both. VTI plus VTV is the whole market with extra weight in banks, industrials, health care and energy. That is a reasonable portfolio if it is what you want, but it adds no company VTI did not already hold.
Taxable account. VTV's 1.89% yield means more taxable dividends each year than VTI's 1.03%. On $100,000 that is roughly $1,890 against $1,030 of reportable income, our arithmetic assuming the yields hold. In an IRA or 401(k) the difference does not matter. Switching an existing position at a gain is a taxable sale, so redirecting new money is usually cheaper.
Mutual fund versions. Vanguard's April 2026 prospectus lists VTSAX at 0.04% for VTI's fund and VVIAX at 0.05% for VTV's, each generally with a $3,000 minimum at Vanguard. The ETFs cost less, carry "no minimum dollar amount you must invest," and can be held at Fidelity, Schwab or any other broker.
If you are weighing value against the S&P 500 instead, see VOO vs VTV. For the growth side of the same split, see VTI vs VUG. If what you really want is dividend income, compare VTV vs VYM and VTI vs VYM.
Sources & Methodology
- Vanguard Index Funds, Form 485BPOS filed 28 April 2026: ETF Shares fee tables for VTI and VTV (0.03% each), cost examples, turnover, index descriptions, after-tax returns to 31 December 2025, Admiral Shares fees and minimum.
- Vanguard Index Funds, Form 485BPOS filed 29 April 2025: the prior VTV ETF fee of 0.04%.
- Vanguard, Form 497 supplement dated 29 July 2026: the renaming of both funds and their indexes.
- Vanguard VTI fact sheet and VTV fact sheet, both as of 30 June 2026: returns, holdings, sectors, valuation, volatility and net assets.
- Vanguard VTI profile and VTV profile: 30-day SEC yields and returns as of 30 September 2026, and the current fund names.
- VTI Form N-PORT and VTV Form N-PORT, both for the period ended 30 June 2026: the holdings behind the overlap figures.
How the overlap was computed. We matched both N-PORT holdings lists and summed, for each shared stock, the smaller of its two weights, the same method as our Portfolio Overlap Checker. The N-PORT count of 305 VTV holdings differs from the fact sheet's 308 stocks because the two documents count lines differently.
Notes and limits. Vanguard's April 2026 prospectus says VTV's fee table was "restated to reflect current fees"; we did not find a dated supplement for the cut from 0.04%, so no date is given. Returns from 30 June and 30 September 2026 are shown in separate rows and never mixed.
This article is for general education and is not investment, tax or legal advice. Fund data changes daily, and past performance does not guarantee future results. All investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026. Confirm current figures with Vanguard and consider speaking with a licensed financial professional before acting.
FAQ: VTI vs VTV
Is VTV better than VTI?
Over ten years, no: VTI returned 15.04% a year at NAV to 30 June 2026 against 12.67% for VTV. Over the latest year VTV led, 25.92% to 23.16%. VTV yields more and has been less volatile over three years.
Should I hold both VTI and VTV?
Only if you want to overweight large value stocks on purpose. Every VTV holding is already in VTI, so adding VTV changes your weights rather than adding new companies.
How much do VTI and VTV overlap?
From their 30 June 2026 SEC filings, all of VTV's stock holdings are in VTI (99.5% of its assets, the rest cash), and those stocks are 38.7% of VTI.
Do VTI and VTV have the same expense ratio?
Yes, 0.03% each in Vanguard's April 2026 prospectus.
Which pays more dividends?
VTV. Its 30-day SEC yield was 1.89% on 30 September 2026, against 1.03% for VTI.
Does VTV own small-cap stocks?
No. Its index covers the value stocks of large US companies only. VTI includes large, mid, small and micro caps.
Is VTI plus VTV the same as VOO plus VTV?
Close but not identical. VTI adds mid and small caps that VOO lacks. On our calculation 98.6% of VTV is in VOO stocks; see VOO vs VTV.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"VTI vs VTV: The Whole US Market or Its Large-Cap Value Slice?" Wealthy Pot, 2026. https://wealthypot.com/vti-vs-vtv/
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