VFORX Performance — Vanguard Target Retirement 2040 Fund, Investor Shares
Data updated: 2026-08-28
VFORX returned +9.39% year to date and +19.33% over one year to Jun 2026. Annualised returns are +16.04% over 3 years and +8.42% over 5 years. The fund beat its Target-Date category average: $100 invested three years ago grew to $156, against $150 for the category, and to $119 over one year, against $118. Volatility over the past three years was 10.21% a year. In the 12 months to Jun 2026 the fund took in a net $3.3B, and assets reached $119.66B.
VFORX Growth of $100
What $100 invested in Vanguard Target Retirement 2040 Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Target-Date category average over the same months.
| Period | VFORX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $119 | $118 |
| 3 years (Jul 2023 – Jun 2026) | $156 | $150 |
| 5 years (Jul 2021 – Jun 2026) | $150 | $143 |
| Since data start (Jul 2019 – Jun 2026) | $206 | $187 |
VFORX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +9.39% |
| 1 year | +19.33% |
| 3 years (annualised) | +16.04% |
| 5 years (annualised) | +8.42% |
VFORX Annual Returns
Calendar-year total returns of Vanguard Target Retirement 2040 Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +9.39% |
| 2025 | +18.76% |
| 2024 | +12.88% |
| 2023 | +18.34% |
| 2022 | −16.98% |
| 2021 | +14.56% |
| 2020 | +15.47% |
| 2019 (Jul–Dec) | +7.90% |
VFORX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +2.5% | +1.8% | −5.3% | +7.0% | +3.6% | −0.1% | — | — | — | — | — | — |
| 2025 | +2.5% | 0.0% | −2.7% | +0.9% | +4.2% | +3.8% | +0.7% | +2.5% | +2.9% | +1.6% | +0.3% | +0.7% |
| 2024 | −0.1% | +3.2% | +2.6% | −3.2% | +3.7% | +1.4% | +2.2% | +2.1% | +2.0% | −2.2% | +3.3% | −2.5% |
| 2023 | +6.5% | −2.9% | +2.6% | +1.1% | −1.0% | +4.5% | +2.9% | −2.4% | −3.8% | −2.5% | +7.9% | +4.8% |
| 2022 | −4.2% | −2.4% | +0.9% | −7.0% | +0.4% | −6.9% | +6.1% | −3.7% | −8.4% | +4.7% | +7.3% | −3.7% |
| 2021 | −0.3% | +2.0% | +2.1% | +3.5% | +1.3% | +1.2% | +0.7% | +1.9% | −3.5% | +4.0% | −2.0% | +3.1% |
| 2020 | −0.8% | −6.0% | −12.3% | +9.5% | +4.3% | +2.7% | +4.4% | +4.8% | −2.4% | −1.8% | +10.3% | +4.1% |
| 2019 | — | — | — | — | — | — | +0.2% | −1.3% | +1.7% | +2.2% | +2.2% | +2.8% |
VFORX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 10.21%
- 3-year Sharpe ratio: 1.13 (vs 4.5% risk-free rate)
- Best month: +7.90% (Nov 2023)
- Worst month: −5.33% (Mar 2026)
VFORX Fund Flows
Monthly money in and out of Vanguard Target Retirement 2040 Fund, from SEC Form N-PORT.
- 12-month net flow: $3.3B
- 12-month gross sales (incl. reinvestments): $16.8B
- Sales ÷ redemptions: 1.24×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $904.2M | $1.3B | −$427.8M |
| May 2026 | $958.3M | $1.2B | −$257.8M |
| Apr 2026 | $1.3B | $1.0B | $259.8M |
| Mar 2026 | $1.2B | $902.7M | $302.3M |
| Feb 2026 | $1.1B | $973.2M | $138.8M |
| Jan 2026 | $1.9B | $1.7B | $200.2M |
| Dec 2025 | $4.5B | $1.3B | $3.2B |
| Nov 2025 | $857.1M | $797.9M | $59.2M |
| Oct 2025 | $1.1B | $991.2M | $66.4M |
| Sep 2025 | $1.1B | $1.1B | −$47.3M |
| Aug 2025 | $899.3M | $1.1B | −$155.8M |
| Jul 2025 | $966.5M | $1.0B | −$64.0M |
VFORX Assets Under Management
Net assets of Vanguard Target Retirement 2040 Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $119.66B |
| 2026-03-31 | $108.46B |
| 2025-12-31 | $109.14B |
| 2025-09-30 | $105.92B |
| 2025-06-30 | $99.96B |
| 2025-03-31 | $91.17B |
| 2024-12-31 | $91.71B |
| 2024-09-30 | $93.13B |
| 2024-06-30 | $87.20B |
| 2024-03-31 | $85.08B |
| 2023-12-31 | $79.55B |
| 2023-09-30 | $72.13B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.