VDE(VDE)
AI Look-Through Summary
AI GeneratedThe portfolio is heavily skewed towards energy, with nearly 90% of its allocation concentrated in this sector. This is accompanied by a significant market-cap bias, as the top holdings are all large-cap stocks with market values exceeding $100 billion. The valuation profile appears to be relatively expensive, with a weighted P/E ratio of 20.8x and a weighted P/B ratio of 3.37x.
The dominance of XOM and CVX in the portfolio creates concentration risk, as these two holdings account for nearly 36% of the fund's assets. The sector mix is also noteworthy, as it diverges significantly from the broader market, which has a more diversified allocation across various sectors. A favorable macro environment for this portfolio would likely be one characterized by rising oil prices and increasing energy demand, while an unfavorable environment could be marked by declining commodity prices or increased regulatory scrutiny of the industry.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:30:20.009065+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the name VDE is energy, and the fund's composition demonstrates an exceptionally high degree of alignment with this focus. The portfolio is heavily weighted toward upstream and midstream companies such as Exxon Mobil and Chevron, which collectively account for over thirty-five percent of total assets under management. Every single top holding listed falls squarely within the energy sector, eliminating any ambiguity regarding the fund's strategic direction or thematic purity. There are no unrelated holdings in technology, healthcare, or consumer sectors that would dilute the intended exposure, ensuring that investors receive a concentrated basket strictly adhering to the stated investment objective without deviation toward broader market trends.
Concentration risk is pronounced due to the significant weight of mega-cap integrated oil and gas producers within the top ten positions, which collectively represent nearly sixty-three percent of the portfolio. This structure suggests the fund relies heavily on established industry leaders rather than a diversified array of smaller thematic players, potentially limiting upside from niche energy subsectors while providing stability through large-cap dominance. The sector breakdown confirms that eighty-eight point two percent is allocated to energy, with negligible exposure elsewhere, indicating the vehicle functions more as a specialized leveraged play on traditional hydrocarbons than a broad-based commodity index. While this lack of diversification across other sectors reinforces thematic coherence, it also means performance will be tightly coupled with the fortunes of the largest public oil companies rather than reflecting wider industrial or material trends often associated with broader energy themes.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 19:59:04.314167+00
🏢 Sector Analysis
AI GeneratedThe VDE ETF exhibits an exceptionally concentrated exposure to the energy sector, with holdings in this industry accounting for 88.2% of total assets and comprising 44 distinct positions. This overwhelming allocation suggests a narrow investment thesis focused almost exclusively on equity participation within the oil, gas, and renewable power infrastructure subsectors. The fund's composition is further characterized by significant reliance on its largest constituents; XOM alone represents over one-fifth of the portfolio, while CVX adds another 14.3%. Such high weighting in a limited number of top-tier companies indicates that performance will be heavily driven by the fortunes of these specific mega-cap energy firms rather than broad-based sector diversification.
Concentration risk is notably elevated within this structure, as evidenced by the fact that the top ten holdings collectively command 62.4% of the fund's value. This level of aggregation implies a lack of dispersion across smaller or mid-tier energy companies and leaves the portfolio vulnerable to idiosyncratic events affecting its largest names. The near-total absence of allocations in basic materials, industrials, and other sectors reinforces that this is not a diversified broad-market vehicle but rather a specialized play intended for investors seeking direct correlation with commodity cycles and capital expenditure trends within the energy complex.
The top five holdings further illustrate a tilt toward traditional fossil fuel giants alongside pipeline operators like WMB, suggesting an underlying factor exposure to dividends and value characteristics often associated with mature industries. While the inclusion of 44 energy names provides some nominal breadth compared to holding just three or four stocks, the sheer dominance of the sector means that macroeconomic shifts impacting global energy demand will disproportionately influence the fund's trajectory. The data reflects a strategy prioritized for maximum exposure to the energy complex rather than risk mitigation through industry diversification.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 23:22:17.037396+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VDE's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VDE's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 70 | 72.3% |
| ONEOONEO | $25M | — | 33 | 67.8% |
| VYMVanguard High Dividend Yield Index Fund ETF Shares | $90B | — | 41 | 65.8% |
| QUSQUS | $1B | — | 21 | 62.3% |
| VONEVONE | $10B | — | 21 | 62.3% |
72% of VDE's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VDE's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVDE's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 95% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 78% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VDE collectively pay out 76% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 69% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVDE is up 37.6% over the last 12 months. The underlying weighted earnings growth of its constituents is +4.9%. The remaining +32.7% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 75% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VDE's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VDE's analyzed weight, 54% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 46% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 75% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHCVX at 13.5% contributes an estimated 55% of portfolio variance.VDE holds 50 stocks but behaves like an 30-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VDE has a Passive Crowding Score of 43/100. On average, 13.0% of the market capitalization of VDE's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 37 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | CVX | Chevron Corp. Energy | 13.51% | 32.0x | 6/9 |
| 2 | COP | ConocoPhillips Energy | 5.51% | 19.1x | 6/9 |
| 3 | WMB | Williams Cos. Inc. Energy | 3.97% | 32.8x | 7/9 |
| 4 | VLO | Valero Energy Corp. Energy | 3.50% | 21.9x | 6/9 |
| 5 | MPC | Marathon Petroleum Corp. Energy | 3.38% | 20.1x | 7/9 |
| 6 | SLB | Schlumberger Ltd. Energy | 3.11% | 20.8x | 4/9 |
| 7 | EOG | EOG Resources Inc. Energy | 3.11% | 13.6x | 3/9 |
| 8 | PSX | Phillips 66 Energy | 3.00% | 19.9x | 6/9 |
| 9 | KMI | Kinder Morgan Inc./DE Energy | 2.73% | 21.8x | 6/9 |
| 10 | TRGP | Targa Resources Corp. Energy | 2.54% | 28.7x | 5/9 |
| 11 | OKE | ONEOK Inc. Energy | 2.41% | 16.6x | 6/9 |
| 12 | BKR | Baker Hughes Co. Class A Energy | 2.41% | 18.0x | 7/9 |
| 13 | LNG | Cheniere Energy Inc. Energy | 2.23% | 43.8x | 7/9 |
| 14 | DVN | Devon Energy Corp. Energy | 2.05% | 12.0x | 6/9 |
| 15 | FANG | Diamondback Energy Inc. Energy | 1.46% | 191.7x | 5/9 |
Historical Holdings Snapshots
Browse how VDE’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 54.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CVX | 13.51% | 8,977,234 | $1.5B |
| 2 | COP | 5.51% | 5,842,048 | $607.3M |
| 3 | WMB | 3.97% | 5,880,773 | $437.2M |
| 4 | VLO | 3.50% | 1,479,023 | $385.2M |
| 5 | MPC | 3.38% | 1,457,424 | $372.6M |
| 6 | SLB | 3.11% | 7,363,866 | $342.3M |
| 7 | EOG | 3.11% | 2,640,323 | $342.5M |
| 8 | PSX | 3.00% | 1,951,926 | $330.0M |
| 9 | KMI | 2.73% | 9,398,264 | $300.5M |
| 10 | TRGP | 2.54% | 1,041,689 | $279.3M |
| 11 | BKR | 2.41% | 4,773,585 | $264.9M |
| 12 | OKE | 2.41% | 3,048,058 | $265.0M |
| 13 | LNG | 2.23% | 1,025,698 | $245.2M |
| 14 | DVN | 2.05% | 5,477,003 | $226.3M |
| 15 | FANG | 1.46% | 912,076 | $160.3M |
2026-07-17
15 holdings · 54.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CVX | 13.51% | 8,977,234 | $1.5B |
| 2 | COP | 5.51% | 5,842,048 | $607.3M |
| 3 | WMB | 3.97% | 5,880,773 | $437.2M |
| 4 | VLO | 3.50% | 1,479,023 | $385.2M |
| 5 | MPC | 3.38% | 1,457,424 | $372.6M |
| 6 | SLB | 3.11% | 7,363,866 | $342.3M |
| 7 | EOG | 3.11% | 2,640,323 | $342.5M |
| 8 | PSX | 3.00% | 1,951,926 | $330.0M |
| 9 | KMI | 2.73% | 9,398,264 | $300.5M |
| 10 | TRGP | 2.54% | 1,041,689 | $279.3M |
| 11 | OKE | 2.41% | 3,048,058 | $265.0M |
| 12 | BKR | 2.41% | 4,773,585 | $264.9M |
| 13 | LNG | 2.23% | 1,025,698 | $245.2M |
| 14 | DVN | 2.05% | 5,477,003 | $226.3M |
| 15 | FANG | 1.46% | 912,076 | $160.3M |
2026-07-16
15 holdings · 54.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | CVX | 13.51% | 8,977,234 | $1.5B |
| 2 | COP | 5.51% | 5,842,048 | $607.3M |
| 3 | WMB | 3.97% | 5,880,773 | $437.2M |
| 4 | VLO | 3.50% | 1,479,023 | $385.2M |
| 5 | MPC | 3.38% | 1,457,424 | $372.6M |
| 6 | SLB | 3.11% | 7,363,866 | $342.3M |
| 7 | EOG | 3.11% | 2,640,323 | $342.5M |
| 8 | PSX | 3.00% | 1,951,926 | $330.0M |
| 9 | KMI | 2.73% | 9,398,264 | $300.5M |
| 10 | TRGP | 2.54% | 1,041,689 | $279.3M |
| 11 | OKE | 2.41% | 3,048,058 | $265.0M |
| 12 | BKR | 2.41% | 4,773,585 | $264.9M |
| 13 | LNG | 2.23% | 1,025,698 | $245.2M |
| 14 | DVN | 2.05% | 5,477,003 | $226.3M |
| 15 | FANG | 1.46% | 912,076 | $160.3M |
2026-07-15
15 holdings · 75.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 21.98% | 17,762,935 | $2.6B |
| 2 | CVX | 14.21% | 9,145,297 | $1.7B |
| 3 | COP | 5.78% | 5,953,429 | $678.6M |
| 4 | WMB | 3.64% | 5,990,888 | $427.7M |
| 5 | SLB | 3.49% | 7,501,605 | $409.2M |
| 6 | MPC | 3.15% | 1,484,690 | $369.3M |
| 7 | VLO | 3.14% | 1,506,720 | $368.9M |
| 8 | EOG | 3.06% | 2,689,769 | $358.8M |
| 9 | PSX | 2.98% | 1,988,449 | $349.7M |
| 10 | BKR | 2.65% | 4,862,878 | $310.6M |
| 11 | KMI | 2.53% | 9,574,265 | $297.6M |
| 12 | TRGP | 2.31% | 1,061,190 | $270.7M |
| 13 | OKE | 2.22% | 3,105,082 | $260.6M |
| 14 | DVN | 2.11% | 5,579,496 | $248.2M |
| 15 | LNG | 2.00% | 1,044,912 | $235.0M |
2026-07-14
15 holdings · 75.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 21.98% | 17,762,935 | $2.6B |
| 2 | CVX | 14.21% | 9,145,297 | $1.7B |
| 3 | COP | 5.78% | 5,953,429 | $678.6M |
| 4 | WMB | 3.64% | 5,990,888 | $427.7M |
| 5 | SLB | 3.49% | 7,501,605 | $409.2M |
| 6 | MPC | 3.15% | 1,484,690 | $369.3M |
| 7 | VLO | 3.14% | 1,506,720 | $368.9M |
| 8 | EOG | 3.06% | 2,689,769 | $358.8M |
| 9 | PSX | 2.98% | 1,988,449 | $349.7M |
| 10 | BKR | 2.65% | 4,862,878 | $310.6M |
| 11 | KMI | 2.53% | 9,574,265 | $297.6M |
| 12 | TRGP | 2.31% | 1,061,190 | $270.7M |
| 13 | OKE | 2.22% | 3,105,082 | $260.6M |
| 14 | DVN | 2.11% | 5,579,496 | $248.2M |
| 15 | LNG | 2.00% | 1,044,912 | $235.0M |
2026-07-13
15 holdings · 75.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | XOM | 21.98% | 17,762,935 | $2.6B |
| 2 | CVX | 14.21% | 9,145,297 | $1.7B |
| 3 | COP | 5.78% | 5,953,429 | $678.6M |
| 4 | WMB | 3.64% | 5,990,888 | $427.7M |
| 5 | SLB | 3.49% | 7,501,605 | $409.2M |
| 6 | MPC | 3.15% | 1,484,690 | $369.3M |
| 7 | VLO | 3.14% | 1,506,720 | $368.9M |
| 8 | EOG | 3.06% | 2,689,769 | $358.8M |
| 9 | PSX | 2.98% | 1,988,449 | $349.7M |
| 10 | BKR | 2.65% | 4,862,878 | $310.6M |
| 11 | KMI | 2.53% | 9,574,265 | $297.6M |
| 12 | TRGP | 2.31% | 1,061,190 | $270.7M |
| 13 | OKE | 2.22% | 3,105,082 | $260.6M |
| 14 | DVN | 2.11% | 5,579,496 | $248.2M |
| 15 | LNG | 2.00% | 1,044,912 | $235.0M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove VDE Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VDE’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.