*For the 10-year period ended December 31, 2023, 6 of 6 Vanguard money market funds, 82 of 98 Vanguard bond funds, 21 of 23 Vanguard balanced funds, and 172 of 188 Vanguard stock funds—for a total of 281 of 315 Vanguard funds—outperformed their Lipper peer-group averages. Results will vary for other time periods. Onlymutual funds and ETFs (exchange-traded funds)with a minimum 10-year history were included in the comparison. Source: Lipper, a Thomson Reuters Company.The competitive performance data shown represent past performance, which is not a guarantee of future results.View fund performance
**Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients.
†Vanguard average ETF and mutual fund expense ratio: 0.08%. Industry average ETF and mutual fund expense ratio: 0.44%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.
††This hypothetical example assumes a 6% rate of return, a 4% inflation rate, that expense ratios are cut from 0.80% to 0.30%, that withdrawals are adjusted for inflation, and that the entire portfolio is liquidated over 35 years.
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Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a Target Retirement Fund is not guaranteed at any time, including on or after the target date.
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