1 Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients.
2Comparison uses AUM as of 11/2024. There is no guarantee that any individual investor will save money due to the reductions in expense ratios. Figures are estimates and should not be relied on. For illustrative purposes only. See corporate.vanguard.com/feecuts for details.
3Data assume that a pair of constant $10,000 portfolios are invested in Vanguard funds and non-Vanguard funds and divided to reflect the relative market share of each fund, based on its actual assets under management over time. Data reflect actual fund expense ratios of all U.S.-domiciled mutual funds and exchange-traded funds, as of December 31, 2024.
4See, for example, Considerations for index fund investing, Vanguard, August 2024.
5For the ten-year period ended December 31, 2024, 6 of 6 Vanguard money market funds, 70 of 97 bond funds, 21 of 23 balanced funds, and 168 of 191 stock funds, or 265 of 317 Vanguard funds overall, outperformed their peer group averages. Results will vary for other time periods. Only U.S.-domiciled funds with a minimum ten-year history were included in the comparison. The competitive performance data shown represent past performance, which is not a guarantee of future results. All investments are subject to risks. For the most recent performance, visit vanguard.com/performance.
6 The dollar-weighted average expense ratio for actively managed, non-Vanguard fixed income mutual funds and ETFs is 0.53%, more than five times the equivalent Vanguard expense ratio of 0.10%. Source: Vanguard calculations using Morningstar data. Expense ratios weighted by assets as of November 30, 2024.
7 For the ten-year period
ended December 31, 2024, 6 of 6 Vanguard money market funds and 40 of 44 actively managed bond funds, or 46 of 50 Vanguard active fixed income funds overall, outperformed their peer group averages. Results will vary for other time periods. Only funds with a minimum ten-year history were included in the comparison. The competitive performance data shown represent past performance, which is not a guarantee of future results. All investments are subject to risks. For the most recent performance, visit vanguard.com/performance.
8 The Vanguard Cash Plus Account program APY (annual percentage yield) is 3.65% as of April 30, 2025. The APY will vary and may change at any time. Source for average bank savings yield of 0.41%: FDIC National Rates and Rate Caps as of April 21, 2025. Cash Plus bank sweep program APY is current as of date of publication. Current APY is available at vanguard.com. The Vanguard Cash Plus Account is a brokerage account offered by Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA. Some third-party institutions may not accept the Cash Plus Account routing number for transactions. If you have any issues using the routing number on a third-party website, contact the provider. There may be other material differences between these products that must be considered prior to investing.
Bank Sweep program balances are held at one or more Program Banks, earn a variable rate of interest, and are not securities covered by SIPC. They are not cash balances held by Vanguard Brokerage Services (VBS), a division of Vanguard Marketing Corporation (VMC); VMC is not a bank. Balances are eligible for FDIC insurance subject to applicable limits. See the list of participating Program Banks.
9 Source: Vanguard and FDIC National Rates and Rate Caps. This example is for illustrative purposes only and does not represent the return on any particular investment. It assumes a $10,000 investment, no additional transactions are made and factors in compounding. It is based on an estimate of total interest earned during the period May 24, 2022, through December 30, 2024, using the Vanguard Cash Plus bank sweep program’s actual daily APY (annual percentage yield will vary and may change at any time). For savings accounts, the applicable monthly APY according to FDIC National Rates and Rate caps was used as the daily APY for each month presented (During this time the average APY rate for Savings was 0.46%, and the Cash Plus Account was 4.15%.) There may be other material differences between these products that must be considered prior to investing, including the level of risk associated with each product type. Past performance is no guarantee of future results.
10 The J.D. Power 2025 U.S. Investor Satisfaction Study surveyed approximately 4,000 self-directed investors. Vanguard previously secured the number 1 ranking in 2021, 2022, and 2023, and the number 2 ranking in 2024. The survey was fielded between January and December 2024 and measured satisfaction in seven key dimensions on a 1,000-point scale: product and service offerings meet investors’ needs; ease in doing business with the firm; digital channels; people; value for fees paid; and level of trust with the firm. For J.D. Power 2025 award information, visit jdpower.com/awards. Use of study results in promotional materials is subject to a license fee; no compensation was provided for award consideration.
11 Vanguard received the first overall ranking in Morningstar's 2025 "Robo-Advisor Report" among 15 other robo-advisors selected by Morningstar. Morningstar evaluated each provider across the following weighted criteria as of December 2024, to determine their rankings: total price (30%); the process used to select investments, construct portfolios, and match portfolios with investors (30%); the parent organization behind the digital platform (20%); and breadth of services (20%). Additional details about Morningstar's methodology are available on its website (https://www.morningstar.com/specials/your-guide-to-getting-started-with-robo-investing). Current fees may vary for Vanguard advisory services and the other robo-advisors considered. Although Vanguard compensates Morningstar for marketing services, Morningstar's opinions and evaluations are independent and unrelated to the selection of Vanguard for this ranking. Following the independent announcement of this ranking, Vanguard purchased a license from Morningstar for the right to include this rating in Vanguard marketing. Source: “2025 Robo-Advisor Report" by Dan Culloton, et al. ©2025 Morningstar, Inc. All rights reserved.
12 According to Cerulli research, the industry average asset-based advisory fee ranges from 1.25% for a client with $100,000 in investable assets to 0.67% for a client with $10 million. Advisory fees exclude products’ embedded management fees and are self-reported by advisors. Source: Cerulli Associates. The Cerulli Edge: The Americas Asset and Wealth Management Edition: The Fees Issue, March 2025.
Vanguard Personal Advisor Select and Vanguard Personal Advisor Wealth Management charge fees based on a tiered fee schedule (maximum 0.30%) calculated as an average advisory fee on all advised assets. Vanguard Digital Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.20% for its all-index investment options and 0.25% for an active/index mix. Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. Vanguard Digital Advisor and Vanguard Personal Advisor reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios charged by a fund, such as fees paid to the funds' third-party managers which are not credited. While we generally recommend using low-cost Vanguard funds to build your portfolio, actively managed funds will have higher expense ratios than index funds. Please review each service's advisory brochure for more fee information. You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account.