PY vs VTV: Grades, Fees and Holdings Compared

Principal Value ETF

PYBNasdaq

Vanguard Morningstar Value ETF

VTVANYSE Arca

Overlap

33.7%by weight

Expense ratio

VTV −0.12pt a year

PY0.15%VTV0.03%

Avg volume · 30D

VTV 186.0×the volume

PY15.2KVTV2.83M

10Y return · a year

VTV +1.5pt

PY+11.5%VTV+13.0%

PY vs VTV Performance

Oct 29, 2021 – Oct 30, 2026

+52.7%PY+79.8%VTV

Expense ratio: PY 0.15%; VTV 0.03%, better
Fund size: PY $246M; VTV $252B
1Y total return: PY +15.5%; VTV +25.3%, better
Yield (12M): PY 1.67%; VTV 1.83%, better
Holdings: PY 102; VTV 300
Avg volume (30D): PY 15.2K sh; VTV 2.83M sh, better
NAV per share: PY $58.98; VTV $228.00
52W range

ETF.net Grade

Pillar letters and Scores for PY, VTV, with each pillar’s weight
Pillar	PY	VTV
Cost30% weight	B67	A96Higher
Mission25% weight	B68	A89Higher
Risk15% weight	B58	A84Higher
Tradability15% weight	C50	B65Higher
Holdings10% weight	C42	C51Higher
Durability5% weight	C41	A88Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. PY and VTV are both graded against the same 40 US Value Index funds, so their Grades compare head to head.

US Value Index⁠

Category · 40 funds

See all 40 ›

VTV ranks 2nd and PY 17th of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 84
Rank 2AVTVVanguard Morningstar Value ETFScore 83
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 17BFVALFidelity Value Factor ETFScore 59
Rank 17BPYPrincipal Value ETFScore 59
Rank 17BREVSColumbia Research Enhanced Value ETFScore 59

Our read on each fund

ETF.net Research

PYBPrincipal Value ETF

VTVAVanguard Morningstar Value ETF

In short

PY No data

VTV Value investing for three cents on every hundred dollars a year. Since 2004, VTV has run a passive, fully invested portfolio of roughly 300 large US companies that screen cheap, at a fee near the industry floor.

Stated mandate

PY No data

VTV The fund seeks to track a large-capitalization U.S. value-stock benchmark through passive indexing and substantial replication of that index.

Why people hold it

PY No data

VTV 0.03% a year, about a sixth of the 0.18% median for US value funds. Cost is the part of the outcome the fund actually controls.
Same recipe, very different sticker: PRXV tracks the same declared value index and charges 0.36%, twelve times VTV's fee.
Passively managed, full replication, fully invested. No manager hunches, no cash sitting idle, and the fund has tracked its benchmark closely.vanguard.com
One of the largest and most actively traded funds in the US value aisle, the kind of scale that keeps bid-ask spreads thin for ordinary orders.

Worth knowing

PY No data

VTV Large caps only, about 300 of them. Cheap mid- and small-cap stocks live in separate funds (VOE, VTWV), so this is one slice of value, not the whole market.
It is a value screen by design, so the priciest fast growers are largely filtered out. In growth-led stretches it can move very differently from a total-market fund.
Income arrives quarterly, in four instalments rather than a monthly drip.

Full PY profile⁠

Full VTV profile⁠

PY vs VTV Holdings

How PY and VTV differ

Overlap by weight

33.7%

Shared holdings make up 66.3% of PY and 42.5% of VTV.

Level by level

Holdings70 in both33.7%
Sector11 Sectors81.5%
Countryby domicile97.9%
Asset classEquity100%

Sector

Sector weights in PY and VTV, widest gap first
Sector	More in PYMore in VTV	PY	VTV
Technology	PY +12.1 points	26.4%	14.3%
Financials	VTV +5.2 points	17.2%	22.4%
Consumer Discretionary	PY +4.3 points	8.0%	3.7%
Utilities	VTV +2.9 points	1.3%	4.2%
Industrials	VTV +2.9 points	10.3%	13.2%
Health Care	VTV +2.4 points	14.4%	16.8%
Materials	VTV +2.1 points	1.0%	3.1%
Real Estate	VTV +1.7 points	0.8%	2.5%
Communication	PY +1.5 points	4.5%	3.0%
Energy	VTV +1.4 points	6.8%	8.2%
Consumer Staples	PY +0.6 points	9.3%	8.7%

Country, concentration and asset class

Country by domicile

Country weights in PY and VTV, widest gap first
Country	More in PYMore in VTV	PY	VTV
United States	VTV +2.1 points	97.9%	100.0%
Switzerland	PY +1.2 points	1.2%	0.0%
China	PY +0.9 points	0.9%	0.0%

Concentration

Weight in the 10 largest Holdings

PY26.2%
VTV23.6%

Securities held

PY101
VTV299

Asset class

PY: Equity
VTV: Equity

Holdings

Only in PY31
In both70
Only in VTV229

Only in PY

31 securities, 33.7% of PY by weight

Apple Inc Common Stock USD.000019.17%
Amazon.com Inc Common Stock USD.013.12%
Visa Inc Class A Shares Common Stock USD.00011.82%
Mastercard Inc A Common Stock USD.00011.37%
Intel Corp Common Stock USD.0011.19%
Apa Corp Common Stock USD.6250.93%
Host Hotels & Resorts Inc Reit USD.010.87%
Masco Corp Common Stock USD1.00.86%
Stanley Black & Decker Inc Common Stock USD2.50.81%
Idex Corp Common Stock USD.010.81%
Assurant Inc Common Stock USD.010.80%
Jm Smucker Co/The Common Stock0.79%
Pentair PLC Common Stock USD.010.78%
Nordson Corp Common Stock0.78%
Avery Dennison Corp Common Stock USD1.00.77%
Airbnb Inc Class A Common Stock USD.00010.77%
Smith (A.o.) Corp Common Stock USD1.00.76%
Omnicom Group Common Stock USD.150.75%
Invesco Ltd Common Stock USD.20.71%
Molson Coors Beverage Co B Common Stock USD.010.69%
Costco Wholesale Corp Common Stock USD.0050.66%
Marvell Technology Inc Common Stock USD.0020.60%
Tesla Inc Common Stock USD.0010.58%
Godaddy Inc Class A Common Stock USD.0010.58%
Fortinet Inc Common Stock USD.0010.55%
Lululemon Athletica Inc Common Stock USD.0050.48%
Deckers Outdoor Corp Common Stock USD.010.47%
Western Digital Corp Common Stock USD.010.44%
Vertex Pharmaceuticals Inc Common Stock USD.010.42%
Seagate Technology Holdings Common Stock USD.000010.18%
State Street Institutional Us State St Inst Us Gov Mm Prem0.16%

Only in VTV

229 securities, 57.7% of VTV by weight

Micron Technology Inc4.57%
Berkshire Hathaway Inc2.93%
Caterpillar Inc1.42%
Philip Morris International Inc1.13%
RTX Corp0.95%
Goldman Sachs Group Inc/The0.93%
Morgan Stanley0.84%
Linde PLC0.83%
Citigroup Inc0.82%
International Business Machines Corp0.79%
Gilead Sciences Inc0.70%
Deere & Co0.65%
Abbott Laboratories0.65%
AT&T Inc0.64%
Eaton Corp PLC0.63%
Pfizer Inc0.62%
General Electric Co0.62%
Union Pacific Corp0.61%
American Express Co0.58%
ConocoPhillips0.57%
Blackrock Inc0.56%
Berkshire Hathaway Inc0.55%
Danaher Corp0.53%
Uber Technologies Inc0.50%
Prologis Inc0.47%
Newmont Corp0.46%
Parker-Hannifin Corp0.46%
S&P Global Inc0.43%
Altria Group Inc0.43%
Valero Energy Corp0.42%
Medtronic PLC0.42%
Lowe's Cos Inc0.39%
Phillips 660.39%
Freeport-McMoRan Inc0.38%
McKesson Corp0.38%
Trane Technologies PLC0.38%
Bank of New York Mellon Corp/The0.37%
CME Group Inc0.36%
Southern Co/The0.36%
Johnson Controls International plc0.34%
Duke Energy Corp0.34%
PNC Financial Services Group Inc/The0.34%
Emerson Electric Co0.33%
CSX Corp0.33%
Constellation Energy Corp0.32%
Intercontinental Exchange Inc0.32%
3M Co0.32%
Williams Cos Inc/The0.32%
Elevance Health Inc0.31%
McDonald's Corp0.31%

Weight gaps

All 70 Holdings in both funds, largest gap first.

Holding weights in PY and VTV, widest gap first
Holding	More in PYMore in VTV	PY	VTV
JPMorgan Chase & Co Common Stock USD1.0JPM	VTV +3.10 points	0.24%	3.34%
AbbVie Inc Common Stock USD.01ABBV	VTV +1.32 points	0.44%	1.76%
Exxonmobil Holdings Corp Common StockXOM	VTV +0.91 points	1.65%	2.56%
Marathon Petroleum Corp Common Stock USD.01MPC	PY +0.87 points	1.29%	0.42%
Walmart Inc Common Stock USD.1WMT	VTV +0.87 points	0.86%	1.73%
Lockheed Martin Corp Common Stock USD1.0LMT	PY +0.83 points	1.28%	0.45%
Travelers Cos Inc/The Common StockTRV	PY +0.81 points	1.09%	0.28%
Chubb Ltd Common StockCB	PY +0.79 points	1.22%	0.43%
Eog Resources Inc Common Stock USD.01EOG	PY +0.79 points	1.06%	0.27%
Johnson & Johnson Common Stock USD1.0JNJ	VTV +0.78 points	1.64%	2.42%
The Cigna Group Common Stock USD.01CI	PY +0.78 points	1.05%	0.27%
Broadridge Financial Solutio Common Stock USD.01BR	PY +0.76 points	0.79%	0.03%
Procter & Gamble Co/The Common StockPG	PY +0.75 points	2.03%	1.28%
UnitedHealth Group Inc Common Stock USD.01UNH	PY +0.75 points	2.00%	1.25%
Ametek Inc Common Stock USD.01AME	PY +0.74 points	0.96%	0.22%
Automatic Data Processing Common Stock USD.1ADP	PY +0.74 points	1.13%	0.39%
Allstate Corp Common Stock USD.01ALL	PY +0.74 points	0.95%	0.21%
PayPal Holdings Inc Common StockPYPL	PY +0.73 points	0.84%	0.11%
Honeywell International Inc Common StockHON	PY +0.73 points	0.98%	0.25%
Colgate Palmolive Co Common Stock USD1.0CL	PY +0.72 points	0.98%	0.26%
Wells Fargo & Co Common Stock USD1.666WFC	VTV +0.72 points	0.20%	0.92%
Accenture PLC Class A Common Stock USD.0000225ACN	PY +0.72 points	1.15%	0.43%
Becton Dickinson and Co Common Stock USD1.0BDX	PY +0.71 points	0.90%	0.19%
Illinois Tool Works Common Stock USD.01ITW	PY +0.71 points	0.97%	0.26%
Us Bancorp Common Stock USD.01USB	PY +0.69 points	1.03%	0.34%
Prudential Financial Inc Common Stock USD.01PRU	PY +0.69 points	0.84%	0.15%
Capital One Financial Corp Common Stock USD.01COF	PY +0.69 points	1.14%	0.45%
Fedex Corp Common Stock USD.1FDX	PY +0.68 points	0.91%	0.23%
Kraft Heinz Co/The Common Stock USD.01KHC	PY +0.68 points	0.75%	0.07%
Dell Technologies C Common StockDELL	PY +0.67 points	0.97%	0.30%
Sherwin Williams Co/The Common Stock USD1.0SHW	PY +0.64 points	0.94%	0.30%
Zoetis Inc Common Stock USD.01ZTS	PY +0.64 points	0.74%	0.10%
Ameriprise Financial Inc Common Stock USD.01AMP	PY +0.63 points	0.80%	0.17%
Te Connectivity PLC Common Stock USD.01TEL	PY +0.64 points	0.87%	0.23%
Cisco Systems Inc Common Stock USD.001CSCO	VTV +0.64 points	0.81%	1.45%
Ford Motor Co Common Stock USD.01F	PY +0.61 points	0.79%	0.18%
Bristol Myers Squibb Co Common Stock USD.1BMY	PY +0.61 points	1.09%	0.48%
Edison International Common StockEIX	PY +0.60 points	0.68%	0.08%
Comcast Corp Class A Common Stock USD.01CMCSA	PY +0.59 points	0.88%	0.29%
Resmed Inc Common Stock USD.004RMD	PY +0.58 points	0.64%	0.06%
T Mobile Us Inc Common Stock USD.0001TMUS	PY +0.55 points	0.82%	0.27%
General Dynamics Corp Common Stock USD1.0GD	PY +0.53 points	0.85%	0.32%
Verizon Communications Inc Common Stock USD.1VZ	PY +0.53 points	1.25%	0.72%
Cvs Health Corp Common Stock USD.01CVS	PY +0.51 points	0.93%	0.42%
Hp Inc Common Stock USD.01HPQ	PY +0.51 points	0.62%	0.11%
Stryker Corp Common Stock USD.1SYK	PY +0.51 points	0.87%	0.36%
Progressive Corp Common Stock USD1.0PGR	PY +0.49 points	0.95%	0.46%
Corpay Inc Common Stock USD.001CPAY	PY +0.49 points	0.58%	0.09%
Salesforce Inc Common Stock USD.001CRM	PY +0.48 points	1.16%	0.68%
Schwab (Charles) Corp Common Stock USD.01SCHW	PY +0.46 points	1.07%	0.61%
Hewlett Packard Enterprise Common Stock USD.01HPE	PY +0.44 points	0.75%	0.31%
Texas Instruments Inc Common Stock USD1.0TXN	PY +0.43 points	0.92%	0.49%
Synchrony Financial Common Stock USD.001SYF	PY +0.40 points	0.49%	0.09%
Adobe Inc Common Stock USD.0001ADBE	PY +0.41 points	0.77%	0.36%
Bank of America Corp Common Stock USD.01BAC	PY +0.34 points	1.71%	1.37%
Paychex Inc Common Stock USD.01PAYX	PY +0.31 points	0.43%	0.12%
Intuit Inc Common Stock USD.01INTU	PY +0.28 points	0.57%	0.29%
Merck & Co. Inc. Common Stock USD.5MRK	PY +0.29 points	1.65%	1.36%
Qualcomm Inc Common Stock USD.0001QCOM	PY +0.24 points	0.97%	0.73%
Amgen Inc Common Stock USD.0001AMGN	VTV +0.24 points	0.63%	0.87%
Pepsico Inc Common Stock USD.017PEP	PY +0.23 points	0.89%	0.66%
Analog Devices Inc Common Stock USD.167ADI	PY +0.20 points	0.93%	0.73%
Chevron Corp Common Stock USD.75CVX	VTV +0.20 points	1.26%	1.46%
Iqvia Holdings Inc Common Stock USD.01IQV	PY +0.18 points	0.35%	0.17%
Coca Cola Co/The Common Stock USD.25KO	PY +0.17 points	1.44%	1.27%
Slb Ltd Common Stock USD.01SLB	PY +0.16 points	0.43%	0.27%
Nextera Energy Inc Common Stock USD.01NEE	PY +0.07 points	0.64%	0.57%
Thermo Fisher Scientific Inc Common Stock USD1.0TMO	PY +0.06 points	1.01%	0.95%
Walt Disney Co/The Common Stock USD.01DIS	PY +0.04 points	0.73%	0.69%
Home Depot Inc Common Stock USD.05HD	VTV +0.03 points	1.05%	1.08%

All 100 PY holdings⁠All 331 VTV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PY vs VTV Cost

Overpaying PY vs VTV

$2,499

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

PY 0.15%
$3,137
VTV 0.03%
$638

Amount$10,000

Years30 years

Cost over time

PY 0.15%
VTV 0.03%
Overpaying

Year by year

Year	PY	VTV	Overpaying
10	$274	$55	$219
20	$1,071	$216	$855
30	$3,137	$638	$2,499

Expense ratio

0.15%PY
0.03%VTV, cheaper

VTV0.03%PY0.15%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

VTV cheapest of 40 funds

PY 13th cheapest of 40 funds

PY vs VTV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PY 1.67%; VTV 1.83%, better
Payout (12M): PY $0.98; VTV $4.16
Last payment: PY $0.22; VTV $1.02
Ex-dividend: PY Oct 1, 2026; VTV Sep 28, 2026
Paid on: PY Oct 5, 2026; VTV Sep 30, 2026
Frequency: PY Quarterly; VTV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PYQuarterly · 40 paymentsAll PY payments⁠

VTVQuarterly · 39 paymentsAll VTV payments⁠

PY vs VTV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PY 12.4%VTV 11.3%, better
Return per unit of riskSharpe ratio, 3 years: PY 1.07VTV 1.44, better
Worst fallMax drawdown, 5 years: PY −17.8%VTV −17.0%, better
Market sensitivityBeta, 5 years: PY 0.83VTV 0.69; Market = 1

PY and VTV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VTV
Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026VTV
Head-to-Head
VTV leads VYM over 10 years. The recent gap is one year
Oct 23, 2026VTV
Category Review
U.S. value funds beat the S&P 500 over the past year, but the funds did not move together
Updated Oct 21, 2026VTV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VTV
Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026VTV

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PY vs VTV

In short

Stated mandate

Why people hold it

Worth knowing

How PY and VTV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PY

Only in VTV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list

The best growth ETF is the cheap one on the index you want

VTV leads VYM over 10 years. The recent gap is one year

U.S. value funds beat the S&P 500 over the past year, but the funds did not move together

The best value ETF depends on whose list you bought

One US value fund returned 68% with Micron at 22.5%. The median returned 22%