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XBRL risk/return summary

Extensible Business Reporting Language (XBRL) risk/return summaries are interactive files that allow an investor to view, download, and compare certain information regarding a fund's objectives, fees, performance, and risks. Generally, XBRL risk/return summaries will be available on vanguard.com within 15 business days of the annual update to a fund's prospectus.

Learn more about Vanguard funds.

Mutual funds

Mutual funds

NameFundRisk/return summary
500 Index Fund0040, 0540, 1940
Alternative Strategies Fund1298
Balanced Index Fund0002, 0502, 0869
California Intermediate-Term Tax-Exempt Fund0100, 5100
California Long-Term Tax-Exempt Fund0075, 0575
California Municipal Money Market Fund0062
Capital Opportunity Fund0111, 5111
Capital Value Fund0328
Consumer Discretionary Index Fund5483
Consumer Staples Index Fund5484
Convertible Securities Fund0082
Core Bond Fund1320
Developed Markets Index Fund0127, 0137, 1397, 1457
Diversified Equity Fund0608
Dividend Appreciation Index Fund0602, 5702
Dividend Growth Fund0057
Emerging Markets Government Bond Index Fund
Purchase fee: 0.75%
0520, 1120, 2020
Emerging Markets Select Stock Fund0752
Emerging Markets Stock Index Fund0533, 5533, 0239, 1865
Energy Fund0051, 0551
Energy Index Fund5480
Equity Income Fund0065, 0565
European Stock Index Fund0079, 0579, 0235, 1863
Explorer Fund0024, 5024
Explorer Value Fund1690
Extended Duration Treasury Index Fund1275, 1276
Extended Market Index Fund0098, 0598, 0856, 1860, 1898
Federal Money Market Fund0033
Financials Index Fund5486
FTSE All-World ex-US Index Fund0770, 0881, 1866, 0570
FTSE All-World ex-US Small-Cap Index Fund
Purchase fee: 0.25%
Redemption fee: 0.25%
1684, 0884
FTSE Social Index Fund0213, 0223
Global Equity Fund0129
Global ex-U.S. Real Estate Index Fund
Purchase fee: 0.25%
Redemption fee: 0.25%
0738, 1758, 1858
Global Minimum Volatility Fund1194, 0594
GNMA Fund0036, 0536
Growth and Income Fund0093, 0593
Growth Index Fund0009, 0509, 0868
Health Care Fund0052, 0552
Health Care Index Fund5485
High Dividend Yield Index Fund0623
High Yield Corporate Fund0029, 0529
High-Yield Tax-Exempt Fund0044, 5044
Industrials Index Fund5482
Inflation Protected Securities Fund0119, 5119, 1190
Information Technology Index Fund5487
Institutional Index Fund0094, 0854
Institutional Target Retirement 2015 Fund1663
Institutional Target Retirement 2020 Fund1664
Institutional Target Retirement 2025 Fund1665
Institutional Target Retirement 2030 Fund1666
Institutional Target Retirement 2035 Fund1667
Institutional Target Retirement 2040 Fund1668
Institutional Target Retirement 2045 Fund1669
Institutional Target Retirement 2050 Fund1670
Institutional Target Retirement 2055 Fund1671
Institutional Target Retirement 2060 Fund1672
Institutional Target Retirement 2065 Fund1792
Institutional Target Retirement Income Fund1673
Institutional Total Stock Market Index Fund0870, 0871
Intermediate-Term Bond Index Fund0314, 0504, 1874, 5314
Intermediate-Term Corporate Bond Index Fund
Purchase fee: 0.25%
1646, 1946
Intermediate-Term Government Bond Index Fund1643, 1943
Intermediate-Term Investment-Grade Fund0071, 0571
Intermediate-Term Tax-Exempt Fund0042, 0542
Intermediate-Term Treasury Fund0035, 0535
International Dividend Appreciation Index Fund0515, 2015
International Explorer Fund0126
International Growth Fund0081, 0581
International High Dividend Yield Index Fund0530, 1530
International Value Fund0046
Large-Cap Index Fund0307, 5307, 0807
LifeStrategy Conservative Growth Fund0724
LifeStrategy Growth Fund0122
LifeStrategy Income Fund0723
LifeStrategy Moderate Growth Fund0914
Limited-Term Tax-Exempt Fund0031, 0531
Long-Term Bond Index Fund0522, 0545, 1872
Long-Term Corporate Bond Index Fund
Purchase fee: 1.00%
1647, 1947
Long-Term Government Bond Index Fund1644, 1944
Long-Term Investment-Grade Fund0028, 0568
Long-Term Tax-Exempt Fund0043, 0543
Long-Term Treasury Fund0083, 0583
Managed Payout Fund1498
Market Liquidity Fund1142
Market Neutral Fund0634, 0734
Massachusetts Tax-Exempt Fund0168
Materials Index Fund5481
Mega Cap Growth Index0838
Mega Cap Index Fund0828
Mega Cap Value Index0839
Mid-Cap Growth Fund0301
Mid-Cap Growth Index Fund0832, 5832
Mid-Cap Index Fund0859, 5859, 0864, 1859
Mid-Cap Value Index Fund0835, 5835
Morgan Growth Fund0026, 0526
Mortgage-Backed Securities Index Fund1648, 1948
Municipal Cash Management Fund1143
Municipal Money Market Fund0045
New Jersey Long-Term Tax-Exempt Fund0014, 0514
New Jersey Municipal Money Market Fund0095
New York Long-Term Tax-Exempt Fund0076, 0576
New York Municipal Money Market Fund0163
Ohio Long-Term Tax-Exempt Fund0097
Pacific Stock Index Fund0072, 0572, 0237, 1864
Pennsylvania Long-Term Tax-Exempt Fund0077, 0577
Pennsylvania Municipal Money Market Fund0063
Precious Metals and Mining Fund0053
Prime Money Market Fund0030, 0066
PRIMECAP Core Fund1220
PRIMECAP Fund0059, 0559
REIT Index Fund0123, 5123, 3123
Russell 1000 Growth Index Fund1850
Russell 1000 Index Fund1848
Russell 1000 Value Index Fund1849
Russell 2000 Growth Index Fund1853
Russell 2000 Index Fund1851
Russell 2000 Value Index Fund1852
Russell 3000 Index Fund1854
S&P 500 Growth Index Fund1841
S&P 500 Value Index Fund1840
S&P Mid-Cap 400 Growth Index Fund1843
S&P Mid-Cap 400 Index Fund1842
S&P Mid-Cap 400 Value Index Fund1844
S&P Small-Cap 600 Growth Index Fund1847
S&P Small-Cap 600 Index Fund1845
S&P Small-Cap 600 Value Index Fund1846
Selected Value Fund0934
Short-Term Bond Index Fund0132, 5132, 0732, 0733
Short-Term Corporate Bond Index Fund1645, 1945
Short-Term Federal Fund0049, 0549
Short-Term Government Bond Index Fund1642, 1942
Short-Term Inflation-Protected Securities Fund0567, 1867, 1967
Short-Term Investment Grade Fund0039, 0539, 0858
Short-Term Tax-Exempt Fund0041, 0541
Short-Term Treasury Fund0032, 0532
Small-Cap Growth Index Fund0861, 0866, 5861
Small-Cap Index Fund0048, 0548, 0857, 1861
Small-Cap Value Index Fund0860, 0865, 5860
STAR Fund0056
Strategic Equity Fund0114
Strategic Small-Cap Equity Fund0615
Structured Broad Market Fund0882, 0883
Structured Large-Cap Equity Fund0872, 0873
Target Retirement Income Fund0308
Target Retirement 2015 Fund0303
Target Retirement 2020 Fund0682
Target Retirement 2025 Fund0304
Target Retirement 2030 Fund0695
Target Retirement 2035 Fund0305
Target Retirement 2040 Fund0696
Target Retirement 2045 Fund0306
Target Retirement 2050 Fund0699
Target Retirement 2055 Fund1487
Target Retirement 2060 Fund1691
Target Retirement 2065 Fund1791
Tax-Exempt Bond Index Fund1491, 0591
Tax-Managed Balanced Fund0103
Tax-Managed Capital Appreciation Fund5102, 0135
Tax-Managed Small-Cap Fund0116, 0118
Telecommunication Services Index Fund5488
Total Bond Market Index Fund0084, 0222, 0584, 0850, 1884
Total Bond Market II Index Fund0635, 0660
Total International Bond Index Fund0511, 1231, 1831, 1999, 2011
Total International Stock Index Fund0113, 0569, 1869, 1870, 1969
Total Stock Market Index Fund0085, 0585, 0855, 1785, 1871
Total World Stock Index Fund0628, 0826
Treasury Money Market Fund0011
Ultra-Short-Term Bond Fund0592, 1492
U.S. Growth Fund0023, 0523
U.S. Value Fund0124
Utilities Index Fund5489
Value Index Fund0006, 0506, 0867
Wellesley Income Fund0027, 0527
Wellington Fund0021, 0521
Windsor Fund0022, 5022
Windsor II Fund0073, 0573
ETFs

ETFs

NameFundRisk/return summary
500 Index ETF0968
Consumer Discretionary ETF0954
Consumer Staples ETF0955
Dividend Appreciation ETF0920
Emerging Markets Government Bond Index ETF3820
Energy ETF0951
Extended Duration Treasury ETF0930
Extended Market ETF0965
Financials ETF0957
FTSE All-World ex-US ETF0991
FTSE All-World ex-US Small-Cap ETF3184
FTSE Developed Markets ETF0936
Global ex-U.S. Real Estate ETF3358
Growth ETF0967
Health Care ETF0956
High Dividend Yield ETF0923
Industrials ETF0953
Information Technology ETF0958
Intermediate-Term Bond ETF0925
Intermediate-Term Corporate Bond ETF3146
Intermediate-Term Government Bond ETF3143
International Dividend Appreciation Index ETF4415
International High Dividend Yield Index ETF4430
Large-Cap ETF0961
Long-Term Bond ETF0927
Long-Term Corporate Bond ETF3147
Long-Term Government Bond ETF3144
Materials ETF0952
Mega Cap ETF3137
Mega Cap Growth ETF3138
Mega Cap Value ETF3139
Mid-Cap ETF0939
Mid-Cap Growth ETF0932
Mid-Cap Value ETF0935
Mortgage-Backed Securities ETF3148
MSCI Emerging Markets ETF0964
MSCI Europe ETF0963
MSCI Pacific ETF0962
REIT ETF0986
Russell 1000 ETF3348
Russell 1000 Growth ETF3350
Russell 1000 Value ETF3349
Russell 2000 ETF3351
Russell 2000 Growth ETF3353
Russell 2000 Value ETF3352
Russell 3000 ETF3354
S&P 500 Growth ETF3341
S&P 500 Value ETF3340
S&P Mid-Cap 400 ETF3342
S&P Mid-Cap 400 Growth ETF3343
S&P Mid-Cap 400 Value ETF3344
S&P Small-Cap 600 ETF3345
S&P Small-Cap 600 Growth ETF3347
S&P Small-Cap 600 Value ETF3346
Short-Term Bond ETF0924
Short-Term Corporate Bond ETF3145
Short-Term Government Bond ETF3142
Short-Term Inflation-Protected Securities ETF3365
Small-Cap ETF0969
Small-Cap Growth ETF0938
Small-Cap Value ETF0937
Tax-Exempt Bond ETF4391
Telecommunication Services ETF0959
Total Bond Market ETF0928
Total International Bond Index ETF3711
Total International Stock ETF3369
Total Stock Market ETF0970
Total World Stock ETF3141
Utilities ETF0960
Value ETF0966
Annuities

Annuities

NameFundRisk/return summary
VVIF-Balanced0106
VVIF-Capital Growth0277
VVIF-Conservative Allocation0710
VVIF-Diversified Value0278
VVIF-Equity Income0108
VVIF-Equity Index0107
VVIF-Growth0109
VVIF-High Yield Bond0260
VVIF-International0110
VVIF-Mid-Cap Index0288
VVIF-Moderate Allocation0712
VVIF-Money Market0104
VVIF-REIT Index0349
VVIF-Short-Term Investment-Grade0274
VVIF-Small Company Growth0161
VVIF-Total Bond Market Index0257
VVIF-Total Stock Market Index0287