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Select up to 4 funds for institutional 10-axis comparison, fee drag, and holdings overlap
10 Quantitative Fund Axes · Substitute vs. Diversifier Classifier · |A ∩ B| Shared Index Holdings
Holistic investor holding friction: Net Expense Ratio (Annual) + 30-Day Median Bid-Ask Spread (Amortized)
Cumulative wealth lost to expense drag assuming $10,000 invested at 8.0% annualized gross growth
| Horizon | Hypothetical Gross ($) | VYM4 bps |
|---|---|---|
| 1 Year | $10,800.00 | $10,796.00 -$4.00 drag |
| 3 Years | $12,597.12 | $12,583.13 -$13.99 drag |
| 5 Years | $14,693.28 | $14,666.09 -$27.19 drag |
| 10 Years | $21,589.25 | $21,509.42 -$79.83 drag |
Comprehensive institutional factor alignment across pilot universe
| Quantitative Axis | VYMVanguard High Dividend Yield ETF |
|---|---|
| 1. Official Benchmark Index | Broad U.S. Equity Index |
| 2. Style Box & Legal Structure | High dividend yieldETF |
| 3. Net Expense Ratio & 1Y True TCO | 0.04% (4 bps) TCO (1Y): 5 bps |
| 4. 10Y Compounded Fee Drag ($10K) | -$79.83 |
| 5. Total Fund AUM Scale & $ Volume | $81.3B $0.2B / day |
| 6. Holdings Breadth | 594 securities |
| 7. Top 10 Concentration % | 28.5% |
| 8. Total Returns (1Y / 3Y / 5Y) | +30.9% / +68.7% / +12.4% |
| 9. Distribution Yield & Annual Amount | $2.45/sh (1.65%) quarterly |
| 10. Tracking Volatility (Beta to S&P 500) | 1.00 |
11. 30-Day Median Bid-Ask Spread SEC Form N-CEN Item C.21 NBBO Spread:Median rolling 30-day transaction friction between national best bid and offer (NBBO). Measures liquidity cost incurred upon capital entry and exit. | 1.0 bps (0.01%) |
12. True TCO (1Y / 3Y / 5Y Horizon) True Total Cost of Ownership (TCO):Combines ongoing Net Expense Ratio with amortized trading spread:TCO(H) = Expense + (Spread / H)SPY excels for tactical turnover ($H=1$), while VOO dominates multi-year compounding ($H=5$). | 5 / 4.33 / 4.2 bps |