| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Growth (VUG) | 100.0 | 1355.9 | 69.0 | 1377.0 |
| Value (VTV) | 100.0 | 821.2 | 66.8 | 821.2 |
VUG and VTV adjusted close indexed to 100 at the shared startVUG (Vanguard growth) and VTV (Vanguard value), both daily, rebased to 100 at their shared start. Uses split- and dividend-adjusted close. The spread between the lines is the growth-minus-value factor over the selected window, the same construct the factor-investing literature tracks.
As of 11 Aug 2026, the Growth (VUG) line stands at 1355.9 and the Value (VTV) line at 821.2 (both base = 100 at the shared start). The Growth (VUG) line is up 16.8% over the past year and above its long-run median of 241.7.
When the VUG line runs above the VTV line, growth stocks are winning. Growth leadership tends to mark falling real rates, technology cycles and stable macro regimes. When value leads, investors are being paid for taking leverage and cyclicality, typically during recoveries, rising-rate regimes or commodity booms. The post-2014 growth leadership is one of the most protracted in modern history.
VUG and VTV split the US large-cap universe into growth and value style buckets using a consistent, rules-based methodology. Using a paired style family from the same issuer keeps the comparison clean: both ETFs draw from the same parent universe and rebalance on the same schedule, so the spread isolates the style factor rather than mixing in issuer or methodology noise.
Growth and value style definitions vary across index providers, so this spread moves differently from growth-value spreads built on MSCI, FTSE or S&P style indexes. VUG and VTV overlap somewhat at the boundaries, since style classification is fuzzy. The window begins in 2004 when the ETFs launched, missing the 1990s growth and 2000s value cycles. Treat the chart as context for the style factor, not investment advice.
On the rebased scale (100 at January 2004), VUG has climbed to roughly 1,279 while VTV sits near 801, so growth leads by roughly 60 percentage points. Both bottomed together in March 2009 at the financial-crisis low. Value briefly outperformed during the 2016-2017 reflation and again in late 2021 through 2022 when rate hikes compressed growth multiples, but each value comeback reversed within a year or two. VTV is currently at its all-time rebased high.
Style-rotation funds and equity allocators use the growth-minus-value spread as the headline gauge of which equity style is being rewarded. Sustained growth leadership supports growth-tilted portfolios; value comebacks support shifting toward financials, energy and industrials. The spread's direction over a six-to-twelve-month window matters more than the level.
Growth stocks carry long-duration cash flows, so they are especially sensitive to real yields. Allocators track the growth-value spread alongside the 10-year real yield (proxied in the ten-year-yield-vs-inflation benchmark) to separate growth leadership driven by earnings from growth leadership driven by falling discount rates. When growth leads while real yields fall, the discount-rate channel is doing the work.
Because VUG is heavily weighted toward mega-cap technology, sustained growth leadership can mean either broad growth strength or just a handful of tech giants doing all the work. Allocators cross-reference this spread with the equal-vs-cap-weight benchmark to distinguish broad growth leadership from mega-cap concentration.
As of 11 Aug 2026, the Growth (VUG) line stands at 1355.9 and the Value (VTV) line at 821.2 (both base = 100 at the shared start). The Growth (VUG) line is up 16.8% over the past year and above its long-run median of 241.7.
This benchmark is built on daily data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
The chart is built from Growth (VUG) and Value (VTV), sourced from Yahoo Finance.
Yes, and decisively. Since January 2004 the VUG line has risen to roughly 1,279 on the rebased scale while the VTV line sits near 801, so growth leads by roughly 60 percentage points. Value briefly outperformed during the 2016-2017 reflation and again in late 2021 through 2022 when rate hikes compressed growth multiples, but each value comeback reversed within a year or two.
The summary callout measures how much the VUG line has outperformed (positive) or underperformed (negative) the VTV line over the selected window, expressed as a percentage. A positive reading means growth stocks have beaten value stocks; a negative reading would mean value has won. The spread is computed over whichever range you have selected.
Value leadership historically clusters in recoveries when cyclicals and financials rebound, in rising-rate regimes when long-duration growth multiples compress, and during commodity booms when energy and materials lead. The 2016-2017 reflation and the 2022 rate-hike cycle were clear value comebacks. Each reversed within one to two years as growth leadership reasserted.
Growth vs value compares two style buckets (growth and value) of the same large-cap universe, isolating the style factor. Large vs small compares two different size universes (Russell 2000 and S&P 500), isolating the size factor. The two are independent: growth can beat value while small caps beat large, or vice versa, depending on which factors are working.
One tested idea, through the evidence stack. No migration of any kind.