Page 318 - DCAC Feb 2026 Files

Vanguard Target Ret 2040 12/31/25

PEER GROUP ANALYSIS - IM Mixed-Asset Target 2040 (MF) RISK VS. RETURN (5 YEARS*)
26.0 12.0

10.0
20.0
8.0
14.0 Return (%)
Return 6.0

8.0
4.0
2.0
2.0
9.0 9.9 10.8 11.7 12.6 13.5 14.4 15.3
-4.0
Risk (Standard Deviation %)
Last Year 1 3 5 7 10
Quarter To Date Year Years Years Years Years Standard
Return
¢ £ Vanguard Target Ret 2040 2.69 (35) 18.76 (28) 18.76 (28) 16.63 (37) 8.57 (44) 11.61 (40) 10.13 (29) Deviation
˜  Vanguard Target 2040 Composite Index 2.81 (25) 18.77 (27) 18.77 (27) 16.76 (33) 8.82 (29) 11.95 (25) 10.42 (19) ¢ £ Vanguard Target Ret 2040 8.57 11.93
˜  Vanguard Target 2040 Composite Index 8.82 11.77
Median 2.58 17.55 17.55 16.21 8.47 11.45 9.82 ¾ Median 8.47 12.44
CALENDAR YEAR RETURNS AND PERCENTILE RANKINGS
2024 2023 2022 2021 2020 2019 2018
Vanguard Target Ret 2040 12.88 (47) 18.34 (45) -16.98 (34) 14.56 (81) 15.47 (39) 23.86 (44) -7.32 (31)
Vanguard Target 2040 Composite Index 12.99 (42) 18.60 (39) -16.51 (22) 14.84 (74) 16.31 (28) 24.19 (36) -7.22 (27)
Target-Date 2040 Median 12.80 18.10 -17.85 15.78 14.74 23.63 -7.99

ASSET ALLOCATION UP/DOWN CAPTURE (01/01/21 - 12/31/25)
150.0
Equity 74.9% 125.0
Up Capture 100.0
Fixed Income 22.2%

Cash 75.0
2.7%
50.0
50.0 65.0 80.0 95.0 110.0 125.0 140.0 150.0
Others 0.1%
Down Capture
0.0% 25.0% 50.0% 75.0% 100.0%
Vanguard Target Ret 2040
*If less than 5 years, data is since inception of fund share class.

37