VanEck Office and Commercial REIT ETF
ALTAR
Score™		 13.8% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 7.8x P/Sales
ratio		 3.8x
P/BV
ratio		 1.1x Div.
yield		 4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
DESK tracks a tiered modified market-cap weighted index composed of US-listed Office and Commercial REITs. The fund targets the top 25 highest ranked Office and Commerical REITs based on market cap and liquidity.

FUND BASICS
Category US Equities
Fund Sponsor VanEck
Website www.vaneck.com/us/en/investments/office-and-commercial-reit-desk/overview/
Inception date Sep 19, 2023
Assets (mns) $3
Currency USD
Expense ratio 50 bp
Distributions

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 27
Wgt avg mkt cap (mns) $15,482
Large cap (>$10bn) 27.7%
Mid cap ($2-10bn) 56.2%
Small cap (<$2bn) 16.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
VORNADO REALTY TRUST 11.2 %
COUSINS PROPERTIES INC 10.4 %
BOSTON PROPERTIES INC 10.1 %
SL GREEN REALTY CORP 8.2 %
CORPORATE OFFICE PROPERTIES 8.0 %
KILROY REALTY CORP 4.8 %
HIGHWOODS PROPERTIES INC 4.7 %
DOUGLAS EMMETT INC 4.6 %
SIMON PROPERTY GROUP INC 3.8 %
PROLOGIS INC 3.8 %
Total 69.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 100.1 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
5.6% 4.4% -- -- 10.4%

Market Correlations
versus... Beta R-squared
S&P500 0.76 20%
MSCI EAFE 0.62 22%
MSCI Emg. Mkts. 0.34 11%

Technical Indicators
Recent close $39.30
30d moving avg. $37.21
Annualized volatility 18.5%
Short interest (ETF) 1.6%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $1,340

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 442 potential alternatives to the VanEck Office and Commercial REIT ETF ETF based on the alternatives' overlap in portfolio holdings with DESK. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DESK Expense: 50 bp ALTAR Score™: 13.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DESK
Ticker Fund
Name		 Overlap1
vs DESK
(%)		 Expense
ratio
(bp)		 Savings
vs DESK
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs DESK
(%)
RWR State Street SPDR Dow Jones REIT ETF 21.0 25 25 6.6 -7.1
BBRE JPMorgan BetaBuilders MSCI U.S. REIT ETF 20.6 11 39 7.0 -6.8
USRT iShares Core U.S. REIT ETF 20.1 8 42 6.9 -6.9
FRI First Trust S&P REIT Index Fund 19.4 50 0 6.4 -7.3
DFAR Dimensional US Real Estate ETF 19.3 19 31 7.1 -6.7
SCHH Schwab U.S. REIT ETF 18.9 7 43 7.1 -6.7
FREL Fidelity MSCI Real Estate Index ETF 18.2 8 42 6.9 -6.9
IYR iShares U.S. Real Estate ETF 17.9 40 10 6.8 -6.9
VNQ Vanguard Real Estate ETF 17.8 13 37 6.7 -7.1
RWO SPDR Dow Jones Global Real Estate ETF 17.4 50 0 6.3 -7.4
REET iShares Global REIT ETF 16.6 14 36 7.0 -6.8
ERET iShares Environmentally Aware Real Estate ETF 16.1 30 20 6.9 -6.9
RSPR Invesco S&P 500 Equal Weight Real Estate ETF 16.0 40 10 7.4 -6.3
DFGR Dimensional Global Real Estate ETF 15.5 22 28 7.0 -6.8
ICF iShares Cohen & Steers REIT ETF 14.9 33 17 7.0 -6.8
KBWY Invesco KBW Premium Yield Equity REIT ETF 14.8 35 15 8.6 -5.2
VGSR Vert Global Sustainable Real Estate ETF 14.6 47 3 7.0 -6.8
XLRE Real Estate Select Sector SPDR 14.5 8 42 7.0 -6.8
BLDG Cambria Global Real Estate ETF 14.5 60 -10 11.1 -2.6
GQRE FlexShares Global Quality Real Estate Index Fund 13.8 45 5 7.3 -6.5
AVRE Avantis Real Estate ETF 13.8 17 33 6.8 -7.0
JPRE JPMorgan Realty Income ETF 13.1 50 0 6.8 -7.0
PSR Invesco Active U.S. Real Estate Fund 11.6 35 15 6.9 -6.9
JRE Janus Henderson U.S. Real Estate ETF 11.3 65 -15 5.8 -8.0
IVRA Invesco Real Assets ESG ETF 11.2 59 -9 6.2 -7.5
FPRO Fidelity Real Estate Investment ETF 11.1 59 -9 6.0 -7.8
RIET Hoya Capital High Dividend Yield ETF 10.4 50 0 13.6 -0.1
BYRE Principal Real Estate Active Opportunities ETF 9.8 65 -15 6.9 -6.9
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 8.9 30 20 8.8 -4.9
RITA ETFB Green SRI REITs ETF 8.5 50 0 5.5 -8.2
RDOG ALPS REIT Dividend Dogs ETF 8.4 35 15 11.6 -2.2
REAI Intelligent Real Estate ETF 7.4 59 -9 5.6 -8.2
INDS Pacer Industrial Real Estate ETF 6.4 55 -5 6.2 -7.6
NETL NETLease Corporate Real Estate ETF 6.1 60 -10 7.4 -6.3
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF 6.0 7 43 10.0 -3.7
IQRA IQ CBRE Real Assets ETF 6.0 65 -15 5.9 -7.9
XMLV Invesco S&P MidCap Low Volatility ETF 5.9 25 25 6.9 -6.9
BIBL Inspire 100 ETF 5.2 35 15 4.2 -9.6
VRAI Virtus Real Asset Income ETF 4.7 55 -5 8.3 -5.5
LVDS JPMorgan Fundamental Data Science Large Value ETF 4.5 49 1 4.9 -8.9
WTRE WisdomTree New Economy Real Estate Fund 4.5 58 -8 -0.3 -14.1
DTRE First Trust Alerian Disruptive Technology Real Estate ETF 4.5 60 -10 5.4 -8.3
ICAP InfraCap Equity Income Fund ETF 4.2 171 -121 4.5 -9.3
LGLV State Street SPDR US Large Cap Low Volatility Index ETF 4.1 12 38 5.6 -8.1
DIV Global X SuperDividend US ETF 4.1 45 5 9.8 -4.0
KVLE KraneShares Value Line Dynamic Dividend Equity Index ETF 4.1 56 -6 6.8 -6.9
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 3.8 80 -30 6.9 -6.9
MBCC Monarch Blue Chips Core ETF 3.8 125 -75 3.6 -10.1
TBG TBG Dividend Focus ETF 3.8 59 -9 6.2 -7.6
LVHD Franklin U.S. Low Volatility High Dividend Index ETF 3.8 27 23 6.5 -7.2
SPRE SP Funds S&P Global REIT Sharia ETF 3.8 55 -5 5.3 -8.4
PSCF Invesco S&P SmallCap Financials ETF 3.5 29 21 8.5 -5.2
ULVM VictoryShares US Value Momentum ETF 3.5 20 30 6.1 -7.7
FYT First Trust Small Cap Value AlphaDEX Fund 3.4 73 -23 9.9 -3.8
SRET Global X SuperDividend REIT ETF 3.2 59 -9 12.6 -1.1
SPDV AAM S&P 500 High Dividend Value ETF 3.2 29 21 10.8 -3.0
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 3.2 24 26 7.1 -6.6
HUSV First Trust Horizon Managed Volatility Domestic ETF 3.1 70 -20 4.7 -9.1
IQSM IQ Candriam U.S. Mid Cap Equity ETF 3.1 15 35 5.1 -8.7
FNK First Trust Mid Cap Value AlphaDEX Fund 3.1 70 -20 9.7 -4.0
RDIV Invesco S&P Ultra Dividend Revenue ETF 3.1 39 11 9.5 -4.2
SDIV Global X Superdividend ETF 3.0 58 -8 13.8 +0.0
ERTH Invesco MSCI Sustainable Future ETF 3.0 62 -12 3.0 -10.7
DON WisdomTree U.S. MidCap Dividend Fund 2.9 38 12 8.2 -5.6
FTIF First Trust Bloomberg Inflation Sensitive Equity ETF 2.9 60 -10 7.8 -6.0
DEW WisdomTree Global High Dividend Fund 2.8 58 -8 7.2 -6.5
FDVV Fidelity High Dividend ETF 2.8 15 35 6.6 -7.1
JPUS JPMorgan Diversified Return U.S. Equity ETF 2.8 18 32 6.9 -6.9
MIDE Xtrackers S&P MidCap 400 ESG ETF 2.7 15 35 6.7 -7.1
SWP SWP Growth & Income ETF 2.7 99 -49 4.2 -9.6
PABU iShares Paris-Aligned Climate MSCI USA ETF 2.6 10 40 3.6 -10.2
QUVU Hartford Quality Value ETF 2.6 46 4 5.6 -8.2
WDIV SPDR S&P Global Dividend ETF 2.6 40 10 9.1 -4.7
VFMV Vanguard U.S. Minimum Volatility ETF 2.5 13 37 5.7 -8.1
ASLV Allspring Special Large Value ETF 2.5 35 15 5.2 -8.6
NIXT Research Affiliates Deletions ETF 2.5 9 41 6.6 -7.2
MDYV State Street SPDR S&P 400 Mid Cap Value ETF 2.5 15 35 7.9 -5.8
IJJ iShares S&P Mid-Cap 400 Value ETF 2.5 18 32 7.9 -5.8
PFI Invesco Dorsey Wright Financial Momentum ETF 2.4 60 -10 4.8 -9.0
IVOV Vanguard S&P Mid-Cap 400 Value ETF 2.4 10 40 8.0 -5.7
DIVL Madison Dividend Value ETF 2.4 65 -15 4.8 -8.9
BEEX BeeHive ETF 2.4 84 -34 3.7 -10.1
BUYZ Franklin Disruptive Commerce ETF 2.4 50 0 2.5 -11.3
VBR Vanguard Small Cap Value ETF 2.4 7 43 7.9 -5.9
FCPI Fidelity Stocks for Inflation ETF 2.3 15 35 5.9 -7.9
ONEY State Street SPDR Russell 1000 Yield Focus ETF 2.2 20 30 8.6 -5.2
SNPD Xtrackers S&P ESG Dividend Aristocrats ETF 2.2 15 35 6.3 -7.4
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility ETF 2.2 25 25 4.9 -8.8
SPLV Invesco S&P 500 Low Volatility ETF 2.2 25 25 5.1 -8.7
ABLD Abacus FCF Real Assets Leaders ETF 2.2 69 -19 6.7 -7.1
DIVE Dana Concentrated Dividend ETF 2.2 65 -15 6.9 -6.9
JHDV John Hancock U.S. High Dividend ETF 2.2 34 16 5.9 -7.9
SDY State Street SPDR S&P Dividend ETF 2.2 35 15 6.1 -7.7
XMVM Invesco S&P MidCap Value with Momentum ETF 2.1 39 11 7.5 -6.3
BKMC BNY Mellon US Mid Cap Core Equity ETF 2.1 4 46 5.6 -8.2
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF 2.1 15 35 6.1 -7.7
ISHP First Trust Nasdaq Retail ETF 2.1 60 -10 5.5 -8.3
STXM Strive Mid-Cap ETF 2.0 18 32 5.8 -7.9
EQAL Invesco Russell 1000 Equal Weight ETF 2.0 20 30 6.1 -7.7
XMMO Invesco S&P MidCap Momentum ETF 2.0 34 16 3.3 -10.4
FNX First Trust Mid Cap Core AlphaDEX Fund 2.0 60 -10 6.2 -7.5
XJH iShares ESG Screened S&P Mid-Cap ETF 1.9 12 38 5.9 -7.8
IWS iShares Russell Mid-Cap Value ETF 1.9 23 27 6.0 -7.7
BMVP Invesco Bloomberg MVP Multi-factor ETF 1.9 29 21 6.7 -7.1
IMCV iShares Morningstar Mid-Cap Value ETF 1.9 6 44 7.0 -6.8
FMDE Fidelity Enhanced Mid Cap ETF 1.9 23 27 5.4 -8.4
FSMD Fidelity Small-Mid Multifactor ETF 1.9 15 35 6.5 -7.3
NUMV Nuveen ESG Mid-Cap Value ETF 1.9 31 19 5.5 -8.3
FLDZ RiverNorth Patriot ETF 1.9 75 -25 5.6 -8.1
RJDI RJ Eagle Dividend Select Income ETF 1.9 55 -5 4.5 -9.3
FAB First Trust Multi Cap Value AlphaDEX Fund 1.8 67 -17 8.7 -5.1
CHGX AXS Change Finance ESG ETF 1.8 49 1 4.2 -9.5
FNDA Schwab Fundamental US Small Co. Index ETF 1.8 25 25 6.1 -7.6
MDY SPDR S&P Midcap 400 ETF Trust 1.8 23 27 5.9 -7.9
WCEO Hypatia Women CEO ETF 1.8 85 -35 4.7 -9.1
XSLV Invesco S&P SmallCap Low Volatility ETF 1.8 25 25 7.4 -6.4
BLES Inspire Global Hope ETF 1.7 61 -11 5.7 -8.0
FYX First Trust Small Cap Core AlphaDEX Fund 1.7 61 -11 5.4 -8.4
ISCV iShares Morningstar Small Cap Value ETF 1.7 6 44 7.8 -6.0
FLOW Global X U.S. Cash Flow Kings 100 ETF 1.7 25 25 11.1 -2.6
IJH iShares Core S&P Mid-Cap ETF 1.7 5 45 6.1 -7.7
SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF 1.7 3 47 6.1 -7.7
IVOO Vanguard S&P Mid-Cap 400 ETF 1.7 7 43 6.0 -7.7
SCHM Schwab U.S. Mid-Cap ETF 1.7 4 46 5.8 -8.0
PTL Inspire 500 ETF 1.6 9 41 4.4 -9.4
SIXL ETC 6 Meridian Low Beta Equity ETF 1.6 80 -30 6.0 -7.7
DTD WisdomTree U.S. Total Dividend Fund 1.6 28 22 5.7 -8.1
FVD First Trust Value Line Dividend Index Fund 1.6 65 -15 5.8 -8.0
RSPE Invesco ESG S&P 500 Equal Weight ETF 1.6 20 30 5.5 -8.2
IWR iShares Russell Midcap ETF 1.6 19 31 5.4 -8.4
ISMD Inspire Small/Mid Cap ETF 1.6 54 -4 5.0 -8.8
DEMZ Democratic Large Cap Core ETF 1.6 45 5 3.8 -9.9
DES WisdomTree U.S. SmallCap Dividend Fund 1.6 38 12 8.1 -5.6
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF 1.6 30 20 13.7 -0.0
PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF 1.5 60 -10 6.6 -7.1
YALL God Bless America ETF 1.5 65 -15 4.4 -9.3
VUSV Vanguard Wellington U.S. Value Active ETF 1.5 30 20 5.7 -8.1
SMLF iShares U.S. SmallCap Equity Factor ETF 1.5 15 35 4.9 -8.8
NOBL ProShares S&P 500 Dividend Aristocrats ETF 1.5 35 15 11.1 -2.6
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 1.5 29 21 6.4 -7.4
JMEE JPMorgan Market Expansion Enhanced Equity ETF 1.4 24 26 5.9 -7.8
CVAR Cultivar ETF 1.4 87 -37 7.2 -6.6
VB Vanguard Small-Cap ETF 1.4 5 45 5.2 -8.6
HGRO Hedgeye Quality Growth ETF 1.4 70 -20 3.3 -10.4
SIXA ETC 6 Meridian Mega Cap Equity ETF 1.4 80 -30 5.5 -8.2
DGT State Street SPDR Global Dow ETF 1.4 50 0 5.7 -8.1
BDIV AAM Brentview Dividend Growth ETF 1.3 49 1 3.7 -10.1
DLN WisdomTree U.S. LargeCap Dividend Fund 1.3 28 22 5.4 -8.4
XOEF iShares S&P 500 ex S&P 100 ETF 1.3 20 30 4.6 -9.1
HWSM Hotchkis & Wiley SMID Cap Diversified Value ETF 1.3 55 -5 8.8 -4.9
ESML iShares ESG Aware MSCI USA Small-Cap ETF 1.3 17 33 4.9 -8.8
GOP Unusual Whales Subversive Republican Trading ETF 1.3 50 0 4.3 -9.5
NULV Nuveen ESG Large-Cap Value ETF 1.3 26 24 5.1 -8.6
DIVG Invesco S&P 500 High Dividend Growers ETF 1.2 39 11 7.4 -6.4
DYNF BlackRock U.S. Equity Factor Rotation ETF 1.2 30 20 3.8 -10.0
DIVD Altrius Global Dividend ETF Altrius Global Divid ETF 1.2 49 1 7.9 -5.8
SPVM Invesco S&P 500 Value with Momentum ETF 1.2 39 11 6.3 -7.5
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 1.2 7 43 5.3 -8.5
RSP Invesco S&P 500 Equal Weight ETF 1.2 20 30 5.9 -7.9
SIZE iShares MSCI USA Size Factor ETF 1.2 15 35 5.4 -8.3
ISCB iShares Morningstar Small-Cap ETF 1.2 4 46 5.4 -8.4
HDUS Hartford Disciplined US Equity ETF 1.2 19 31 4.7 -9.0
VOT Vanguard Mid-Cap Growth ETF 1.2 7 43 3.1 -10.7
SMMD iShares Russell 2500 ETF 1.2 15 35 5.5 -8.3
STXD Strive 1000 Dividend Growth ETF 1.1 35 15 4.4 -9.3
FLQL Franklin LibertyQ U.S. Equity ETF 1.1 15 35 4.5 -9.2
LCTU BlackRock U.S. Carbon Transition Readiness ETF 1.1 14 36 4.1 -9.6
SFYF SoFi Social 50 ETF 1.1 29 21 0.8 -13.0
AUSF Global X Adaptive U.S. Factor ETF 1.1 27 23 8.1 -5.6
STXK Strive Small-Cap ETF 1.1 18 32 5.2 -8.5
VLUE iShares MSCI USA Value Factor ETF 1.1 15 35 6.2 -7.6
EUSA iShares MSCI USA Equal Weighted ETF 1.1 9 41 5.5 -8.3
FVAL Fidelity Value Factor ETF 1.1 15 35 5.9 -7.9
CGDV Capital Group Dividend Value ETF 1.1 33 17 3.8 -9.9
SCHA Schwab U.S. Small-Cap ETF 1.1 4 46 4.4 -9.4
EQL Alps Equal Sector Weight ETF 1.0 25 25 5.1 -8.7
IMCB iShares Morningstar Mid-Cap ETF 1.0 4 46 5.2 -8.6
SCHV Schwab U.S. Large-Cap Value ETF 1.0 4 46 5.6 -8.2
SMOX Horizon Small/Mid Cap Core Equity ETF 1.0 75 -25 5.3 -8.4
FUNL CornerCap Fundametrics Large-Cap ETF 1.0 50 0 6.3 -7.5
GVUS Marketbeta Russell 1000 Value Equity ETF 1.0 12 38 5.4 -8.4
PRXV Praxis Impact Large Cap Value ETF 1.0 36 14 5.6 -8.2
IJK iShares S&P Mid-Cap 400 Growth ETF 1.0 17 33 4.0 -9.7
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 1.0 10 40 4.1 -9.7
MDYG State Street SPDR S&P 400 Mid Cap Growth ETF 1.0 15 35 4.1 -9.7
EQWL Invesco S&P 100 Equal Weight ETF 1.0 25 25 5.4 -8.4
IWD iShares Russell 1000 Value ETF 1.0 19 31 5.4 -8.4
IUSV iShares Core S&P US Value ETF 1.0 4 46 5.8 -8.0
VONV Vanguard Russell 1000 Value ETF 1.0 7 43 5.5 -8.3
USVM VictoryShares US Small Mid Cap Value Momentum ETF 1.0 25 25 7.7 -6.0
BRNY Burney U.S. Factor Rotation ETF Burney U.S. Factor Rotation 1.0 79 -29 4.1 -9.7
GSPY Gotham Enhanced 500 ETF 1.0 50 0 4.4 -9.4
FLQM Franklin U.S. Mid Cap Multifactor Index ETF 0.9 30 20 7.6 -6.2
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 0.9 15 35 6.2 -7.5
FNY First Trust Mid Cap Growth AlphaDEX Fund 0.9 70 -20 2.1 -11.7
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF 0.9 20 30 5.8 -8.0
SPYV State Street SPDR Portfolio S&P 500 Value ETF 0.9 4 46 5.7 -8.1
IVE iShares S&P 500 Value ETF 0.9 18 32 5.5 -8.2
RFV Invesco S&P Midcap 400 Pure Value ETF 0.9 35 15 11.2 -2.6
STXV Strive 1000 Value ETF 0.9 18 32 6.8 -7.0
VOOV Vanguard S&P 500 Value ETF 0.9 7 43 5.6 -8.1
QUAL iShares MSCI USA Quality Factor ETF 0.9 15 35 4.4 -9.3
DIVB iShares Core Dividend ETF 0.9 5 45 6.9 -6.9
EZM WisdomTree U.S. MidCap Fund 0.9 38 12 8.0 -5.8
CVY Invesco Zacks Multi-Asset Income ETF 0.9 106 -56 10.0 -3.7
USXF iShares ESG Advanced MSCI USA ETF 0.9 10 40 3.8 -10.0
VEGN US Vegan Climate ETF 0.9 60 -10 3.3 -10.5
HAPI Harbor Human Capital Factor US Large Cap ETF 0.9 36 14 4.1 -9.7
WTV WisdomTree US Value ETF 0.9 12 38 7.7 -6.1
JVAL JPMorgan U.S. Value Factor ETF 0.9 12 38 6.7 -7.0
QDF FlexShares Quality Dividend Index Fund 0.9 37 13 5.3 -8.4
SMIG AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF 0.8 60 -10 5.1 -8.6
TMFS Motley Fool Small-Cap Growth ETF 0.8 85 -35 1.3 -12.4
VO Vanguard Mid-Cap ETF 0.8 4 46 21.0 +7.3
VTV Vanguard Value ETF 0.8 4 46 5.8 -8.0
VXF Vanguard Extended Market ETF 0.8 5 45 3.7 -10.0
ILCV iShares Morningstar Value ETF 0.8 4 46 5.3 -8.4
KOCG FIS Knights of Columbus Global Belief ETF 0.8 75 -25 4.4 -9.3
DEUS Xtrackers Russell US Multifactor ETF 0.8 17 33 6.4 -7.3
KLMN Invesco MSCI North America Climate ETF 0.8 9 41 4.3 -9.5
OEI Optimized Equity Income ETF 0.8 75 -25 3.6 -10.2
JPSV JPMorgan Active Small Cap Value ETF 0.8 74 -24 7.5 -6.3
FDRR Fidelity Dividend ETF for Rising Rates 0.8 15 35 5.7 -8.1
FELV Fidelity Enhanced Large Cap Value ETF 0.8 18 32 5.6 -8.2
JOET Virtus Terranova US Quality Momentum ETF 0.8 29 21 3.8 -10.0
JPEF JPMorgan Equity Focus ETF 0.8 50 0 3.8 -10.0
BKSE BNY Mellon US Small Cap Core Equity ETF 0.8 4 46 5.2 -8.5
MGV Vanguard Mega Cap Value ETF 0.8 7 43 5.4 -8.4
EGLE Global X S&P 500 U.S. Revenue Leaders ETF 0.8 19 31 4.7 -9.0
VLU State Street SPDR S&P 1500 Value Tilt ETF 0.8 12 38 6.2 -7.6
NUSC Nuveen ESG Small-Cap ETF 0.8 31 19 4.9 -8.9
JHSC John Hancock Multifactor Small Cap ETF 0.8 42 8 6.0 -7.8
NUDV Nuveen ESG Dividend ETF 0.8 26 24 6.1 -7.7
PFM Invesco Dividend Achievers ETF 0.8 53 -3 4.6 -9.1
JHMM John Hancock Multifactor Mid Cap ETF 0.8 42 8 5.4 -8.3
SLYV State Street SPDR S&P 600 Small Cap Value ETF 0.7 15 35 9.0 -4.8
ZECP Zacks Earnings Consistent Portfolio ETF 0.7 55 -5 4.1 -9.7
USCA Xtrackers MSCI USA Climate Action Equity ETF 0.7 7 43 4.4 -9.4
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 0.7 9 41 3.7 -10.0
SPXT ProShares S&P 500 Ex-Technology ETF 0.7 9 41 4.9 -8.9
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.7 39 11 3.5 -10.2
FQAL Fidelity Quality Factor ETF 0.7 15 35 4.8 -8.9
RAYD Rayliant Quantitative Developed Market Equity ETF 0.7 80 -30 3.6 -10.1
VIOV Vanguard S&P Small-Cap 600 Value ETF 0.7 10 40 9.0 -4.8
GLBL Pacer MSCI World Industry Advantage ETF 0.7 65 -15 3.4 -10.4
CVLC Calvert US Large-Cap Core Responsible Index ETF 0.7 15 35 4.2 -9.6
IJS iShares S&P Small-Cap 600 Value ETF 0.7 18 32 8.9 -4.9
STOX Horizon Core Equity ETF 0.7 70 -20 3.6 -10.2
SFTY Horizon Managed Risk ETF 0.7 77 -27 3.5 -10.3
ETHO Etho Climate Leadership U.S. ETF 0.7 47 3 4.2 -9.5
PRF Invesco FTSE RAFI US 1000 ETF 0.7 34 16 5.6 -8.2
USCL iShares Climate Conscious & Transition MSCI USA ETF 0.7 8 42 4.4 -9.4
MAGA Point Bridge America First ETF 0.7 72 -22 5.2 -8.5
FLQS Franklin U.S. Small Cap Multifactor Index ETF 0.7 35 15 6.1 -7.6
BLCV iShares Large Cap Value Active ETF 0.7 53 -3 6.3 -7.4
AFMC First Trust Active Factor Mid Cap ETF 0.7 65 -15 7.0 -6.8
USMV iShares MSCI USA Min Vol Factor ETF 0.7 15 35 5.3 -8.5
USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF 0.7 10 40 4.2 -9.6
XMAG Defiance Large Cap ex-Mag 7 ETF 0.7 35 15 4.3 -9.5
FDMO Fidelity Momentum Factor ETF 0.6 15 35 2.5 -11.3
DSPY Tema S&P 500 Historical Weight ETF 0.6 18 32 4.4 -9.4
EES WisdomTree U.S. SmallCap Fund 0.6 38 12 7.9 -5.9
NULC Nuveen ESG Large-Cap ETF 0.6 21 29 3.9 -9.8
ISCG iShares Morningstar Small-Cap Growth ETF 0.6 6 44 2.7 -11.0
ESGV Vanguard ESG U.S. Stock ETF 0.6 9 41 4.1 -9.6
IWN iShares Russell 2000 Value ETF 0.6 24 26 4.8 -9.0
QDEF FlexShares Quality Dividend Defensive Index Fund 0.6 37 13 5.4 -8.4
QLC FlexShares US Quality Large Cap Index Fund 0.6 25 25 4.5 -9.2
VTWV Vanguard Russell 2000 Value ETF 0.6 10 40 5.0 -8.8
XSVM Invesco S&P SmallCap Value with Momentum ETF 0.6 36 14 8.3 -5.5
FEGE First Eagle Global Equity ETF 0.6 79 -29 6.1 -7.7
DSI iShares MSCI KLD 400 Social ETF 0.6 25 25 4.1 -9.7
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 0.6 9 41 5.2 -8.6
LRGF iShares U.S. Equity Factor ETF 0.6 8 42 4.6 -9.2
IWX iShares Russell Top 200 Value ETF 0.6 20 30 5.0 -8.8
FAD First Trust Multi Cap Growth AlphaDEX Fund 0.6 64 -14 1.3 -12.5
SPDG State Street SPDR Portfolio S&P Sector Neutral Dividend ETF 0.6 5 45 7.2 -6.5
VOE Vanguard Mid-Cap Value ETF 0.6 7 43 6.8 -7.0
KLMT Invesco MSCI Global Climate 500 ETF 0.6 10 40 5.0 -8.8
WSML iShares MSCI World Small-Cap ETF 0.6 15 35 5.3 -8.4
MMTM State Street SPDR S&P 1500 Momentum Tilt ETF 0.6 12 38 3.6 -10.2
TOPC iShares S&P 500 3% Capped ETF 0.6 15 35 4.4 -9.4
ONEO State Street SPDR Russell 1000 Momentum Focus ETF 0.5 20 30 6.0 -7.8
RZV Invesco S&P Smallcap 600 Pure Value ETF 0.5 35 15 7.2 -6.6
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.5 25 25 4.9 -8.9
SPXV ProShares S&P 500 Ex-Health Care ETF 0.5 9 41 3.9 -9.9
IWB iShares Russell 1000 ETF 0.5 15 35 4.1 -9.6
VONE Vanguard Russell 1000 ETF 0.5 7 43 4.2 -9.6
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.5 11 39 4.1 -9.6
CATH Global X S&P 500 Catholic Values Custom ETF 0.5 29 21 4.0 -9.8
JMOM JPMorgan U.S. Momentum Factor ETF 0.5 12 38 3.3 -10.4
XVV iShares ESG Screened S&P 500 ETF 0.5 8 42 4.1 -9.6
IWV iShares Russell 3000 ETF 0.5 20 30 4.0 -9.8
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market 0.5 3 47 4.3 -9.4
IYY iShares Dow Jones U.S. ETF 0.5 20 30 4.1 -9.7
SCHB Schwab U.S. Broad Market ETF 0.5 3 47 4.2 -9.6
VTI Vanguard Total Stock Market ETF 0.5 3 47 4.1 -9.7
KRMA Global X Conscious Companies ETF 0.5 43 7 5.1 -8.7
VTHR Vanguard Russell 3000 ETF 0.5 7 43 4.1 -9.6
SHE State Street SPDR MSCI USA Gender Diversity ETF 0.5 20 30 4.2 -9.5
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.5 3 47 4.1 -9.6
JHML John Hancock Multifactor Large Cap ETF 0.5 29 21 4.5 -9.3
SPXE ProShares S&P 500 Ex-Energy ETF 0.5 9 41 4.0 -9.7
CHRI Global X S&P 500 Christian Values ETF 0.5 29 21 3.9 -9.8
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 0.5 75 -25 3.1 -10.6
QVML Invesco S&P 500 QVM Multi-factor ETF 0.5 11 39 4.3 -9.5
SCHK Schwab 1000 Index ETF 0.5 5 45 4.2 -9.5
ONEV State Street SPDR Russell 1000 Low Volatility Focus ETF 0.5 20 30 7.3 -6.4
SNPV Xtrackers S&P 500 Value ESG ETF 0.5 15 35 5.5 -8.2
RSSL Global X Russell 2000 ETF 0.5 8 42 2.7 -11.1
SSPY Syntax Stratified LargeCap ETF 0.5 30 20 6.0 -7.7
MNZL Manzil Russell Halal USA Broad MarketETF 0.5 40 10 3.7 -10.0
IWP iShares Russell Mid-Cap Growth ETF 0.5 23 27 2.9 -10.9
PBUS Invesco MSCI USA ETF 0.5 4 46 4.2 -9.6
BBUS JP Morgan Betabuilders U.S. Equity ETF 0.5 2 48 4.1 -9.6
SCHX Schwab U.S. Large-Cap ETF 0.5 3 47 4.2 -9.5
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF 0.5 20 30 4.0 -9.8
EVUS iShares ESG Aware MSCI USA Value ETF 0.5 18 32 5.6 -8.2
FNDB Schwab Fundamental US Broad Market Index ETF 0.5 25 25 6.1 -7.6
ACVF American Conservative Values ETF 0.5 75 -25 3.7 -10.1
FTC First Trust Large Cap Growth AlphaDEX Fund 0.5 59 -9 1.8 -12.0
IVV iShares Core S&P 500 ETF 0.5 3 47 4.2 -9.6
SPY SPDR S&P 500 ETF 0.5 9 41 4.1 -9.6
SPYM State Street SPDR Portfolio S&P 500 ETF 0.5 2 48 4.2 -9.6
VOO Vanguard S&P 500 ETF 0.5 3 47 4.2 -9.6
XJR iShares ESG Screened S&P Small-Cap ETF 0.4 12 38 6.2 -7.6
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.4 12 38 4.4 -9.3
RAFE PIMCO RAFI ESG U.S. ETF 0.4 29 21 6.1 -7.7
RAUS RACWI US ETF 0.4 15 35 4.1 -9.6
ILCB iShares Morningstar U.S. Equity ETF 0.4 3 47 4.1 -9.7
LOWV AB US Low Volatility Equity ETF 0.4 48 2 4.3 -9.4
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 0.4 7 43 4.1 -9.7
VOTE TCW Transform 500 ETF 0.4 5 45 4.1 -9.7
FEX First Trust Large Cap Core AlphaDEX Fund 0.4 59 -9 4.9 -8.8
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.4 20 30 4.7 -9.0
ROUS Hartford Multifactor US Equity ETF 0.4 19 31 5.3 -8.4
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.4 20 30 4.0 -9.7
BKLC BNY Mellon US Large Cap Core Equity ETF 0.4 0 50 4.1 -9.6
IQSU IQ Candriam U.S. Large Cap Equity ETF 0.4 9 41 4.2 -9.6
DHS WisdomTree U.S. High Dividend Fund 0.4 38 12 8.1 -5.6
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.4 39 11 2.3 -11.5
QUS State Street SPDR MSCI USA StrategicFactors ETF 0.4 15 35 5.0 -8.7
USSG Xtrackers MSCI USA ESG Leaders Equity ETF 0.4 10 40 4.2 -9.6
SNPE Xtrackers S&P 500 ESG ETF 0.4 10 40 4.3 -9.4
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF 0.4 3 47 6.4 -7.4
VV Vanguard Large-Cap ETF 0.4 4 46 4.1 -9.7
VIOO Vanguard S&P Small-Cap 600 ETF 0.4 7 43 6.2 -7.5
RWK Invesco S&P MidCap 400 Revenue ETF 0.4 39 11 7.8 -6.0
RVRB Reverb ETF 0.4 30 20 3.8 -10.0
GXLC Global X U.S. 500 ETF 0.4 2 48 4.1 -9.7
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 0.4 20 30 4.2 -9.6
SUSL iShares ESG MSCI USA Leaders ETF 0.4 10 40 4.2 -9.6
STRV Strive 500 ETF 0.4 5 45 4.1 -9.7
WLDR Affinity World Leaders Equity ETF 0.4 67 -17 5.8 -8.0
LCDS JPMorgan Fundamental Data Science Large Core ETF 0.4 30 20 4.0 -9.7
FTA First Trust Large Cap Value AlphaDEX Fund 0.4 59 -9 7.6 -6.1
TOV JLens 500 Jewish Advocacy U.S. ETF 0.4 18 32 3.9 -9.9
IJR iShares Core S&P Small Cap ETF 0.4 6 44 6.3 -7.4
KOKU Xtrackers MSCI Kokusai Equity ETF 0.4 9 41 4.4 -9.4
DWAS Invesco Dorsey Wright SmallCap Momentum ETF 0.4 60 -10 -0.9 -14.7
FDLO Fidelity Low Volatility Factor ETF 0.4 15 35 4.8 -8.9
FYC First Trust Small Cap Growth AlphaDEX Fund 0.4 71 -21 -0.6 -14.4
STXG Strive 1000 Growth ETF 0.4 18 32 3.2 -10.6
FNDX Schwab Fundamental US Large Co. Index ETF 0.4 25 25 6.2 -7.6
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 0.4 45 5 3.5 -10.2
TOK iShares MSCI Kokusai ETF 0.4 26 24 4.3 -9.5
XSMO Invesco S&P SmallCap Momentum ETF 0.3 39 11 3.6 -10.2
JQUA JPMorgan U.S. Quality Factor ETF 0.3 12 38 4.9 -8.8
USMF WisdomTree U.S. Multifactor Fund 0.3 28 22 6.5 -7.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.3 9 41 4.9 -8.9
URTH iShares MSCI World ETF 0.3 24 26 4.3 -9.4
NACP Impact Shares NAACP Minority Empowerment ETF 0.3 49 1 3.6 -10.1
SNPG Xtrackers S&P 500 Growth ESG ETF 0.3 15 35 3.9 -9.9
FTCE First Trust New Constructs Core Earnings Leaders ETF 0.3 60 -10 4.4 -9.3
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF 0.3 50 0 8.0 -5.8
REVS Columbia Research Enhanced Value ETF 0.3 19 31 6.6 -7.2
FESM Fidelity Enhanced Small Cap ETF 0.3 28 22 2.3 -11.5
VT Vanguard Total World Stock ETF 0.3 6 44 5.0 -8.8
MGC Vanguard Mega Cap ETF 0.3 7 43 3.9 -9.9
PSC Principal U.S. Small-Cap ETF 0.3 38 12 3.7 -10.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 0.3 29 21 5.6 -8.2
IWM iShares Russell 2000 ETF 0.3 19 31 2.6 -11.1
RWJ Invesco S&P SmallCap 600 Revenue ETF 0.3 39 11 7.4 -6.3
APUE ActivePassive U.S. Equity ETF 0.3 45 5 3.9 -9.9
ENHU iShares Enhanced Large Cap Core Active ETF 0.3 22 28 4.1 -9.7
SFY SoFi Select 500 ETF 0.3 0 50 3.7 -10.0
ACWI iShares MSCI ACWI ETF 0.3 32 18 4.6 -9.1
FCFY First Trust S&P 500 Diversified Free Cash Flow ETF 0.3 60 -10 9.3 -4.4
JSML Janus Henderson Small Cap Growth Alpha ETF 0.3 30 20 2.6 -11.1
ESG FlexShares Trust FlexShares STOXX US ESG Select Index Fund 0.3 32 18 3.9 -9.8
VTWO Vanguard Russell 2000 ETF 0.3 7 43 2.8 -11.0
VSLU Applied Finance Valuation Large Cap ETF 0.3 49 1 4.8 -8.9
ESGU iShares ESG Aware MSCI USA ETF 0.3 15 35 4.1 -9.6
AFLG First Trust Active Factor Large Cap ETF 0.3 55 -5 5.0 -8.8
EPS WisdomTree U.S. LargeCap Fund 0.3 8 42 4.7 -9.1
JAVA JPMorgan Active Value ETF 0.3 44 6 5.5 -8.2
OMFL Invesco Russell 1000 Dynamic Multifactor ETF 0.2 29 21 4.0 -9.8
IWL iShares Russell Top 200 ETF 0.2 15 35 3.9 -9.9
CALF Pacer US Small Cap Cash Cows 100 ETF 0.2 59 -9 9.0 -4.7
MCDS JPMorgan Fundamental Data Science Mid Core ETF 0.2 35 15 4.9 -8.9
ROSC Hartford Multifactor Small Cap ETF 0.2 34 16 7.2 -6.6
FELC Fidelity Enhanced Large Cap Core ETF 0.2 18 32 4.3 -9.4
DAK Dakota Active Equity ETF 0.2 43 7 3.7 -10.1
ADME Aptus Drawdown Managed Equity ETF 0.2 79 -29 3.3 -10.4
IMCG iShares Morningstar Mid-Cap Growth ETF 0.2 6 44 3.3 -10.5
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 0.2 19 31 5.0 -8.7
PY Principal Value ETF 0.2 15 35 7.0 -6.7
GEW Cambria Global EW ETF 0.2 29 21 5.4 -8.3
SMDX Intech S&P Small-Mid Cap Divers Alp ETF 0.2 35 15 6.3 -7.4
WSGE Warren Street Global Equity ETF 0.2 80 -30 2.9 -10.9
VALQ American Century U.S. Quality Value ETF 0.2 29 21 7.0 -6.7
RWL Invesco S&P 500 Revenue ETF 0.2 39 11 5.7 -8.1
SCDS JPMorgan Fundamental Data Science Small Core ETF 0.2 40 10 3.7 -10.1
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.2 25 25 5.5 -8.3
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 0.1 9 41 4.3 -9.4
OPTZ Optimize Strategy Index ETF 0.1 50 0 3.4 -10.3
OEF iShares S&P 100 ETF 0.1 20 30 3.8 -10.0
RECS Columbia Research Enhanced Core ETF 0.1 15 35 5.3 -8.5
VBK Vanguard Small-Cap Growth ETF 0.1 7 43 1.2 -12.5
IUSG iShares Core S&P U.S. Growth ETF 0.1 4 46 3.1 -10.7
GLOF iShares Global Equity Factor ETF 0.1 20 30 5.6 -8.2
QWLD SPDR MSCI World StrategicFactors ETF 0.1 30 20 5.2 -8.6
VUG Vanguard Growth ETF 0.1 4 46 20.1 +6.4
SPYG State Street SPDR Portfolio S&P 500 Growth ETF 0.1 4 46 3.0 -10.7
VOOG Vanguard S&P 500 Growth ETF 0.1 7 43 18.4 +4.6
IVW iShares S&P 500 Growth ETF 0.1 18 32 2.9 -10.9
SLYG State Street SPDR S&P 600 Small Cap Growth ETF 0.1 15 35 3.7 -10.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 0.1 10 40 3.7 -10.1
IJT iShares S&P Small-Cap 600 Growth ETF 0.1 18 32 3.7 -10.1
GGUS Marketbeta Russell 1000 Growth Equity ETF 0.1 12 38 3.4 -10.4
PKW Invesco Buyback Achievers ETF 0.1 62 -12 7.4 -6.4
LGDX Intech S&P Large Cap Diversified Alpha ETF 0.0 25 25 4.1 -9.7
ILCG iShares Morningstar Growth ETF 0.0 4 46 3.0 -10.7
IWF iShares Russell 1000 Growth ETF 0.0 19 31 14.2 +0.4
VONG Vanguard Russell 1000 Growth ETF 0.0 7 43 3.5 -10.2
PRXG Praxis Impact Large Cap Growth ETF 0.0 36 14 3.1 -10.7
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 8 4.0 -9.7
INRO iShares U.S. Industry Rotation Active ETF 0.0 42 8 3.5 -10.2
IWO iShares Russell 2000 Growth ETF 0.0 24 26 0.5 -13.3
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 29 2.9 -10.9
VTWG Vanguard Russell 2000 Growth ETF 0.0 10 40 0.6 -13.1
EBI Longview Advantage ETF 0.0 35 15 5.9 -7.8

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 VanEck Office and Commercial REIT ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 14.4 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 13.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.77 CATEGORY
AVERAGE		 1.57
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.