VONG - SCHG: You Won't Believe How Expensive This Growth ETF Is

• The Schwab U.S. Large-Cap Growth ETF has a forward price-earnings ratio of 38.66, much higher than its peers in the U.S. Large-Cap Growth Category.
• Last quarter's earnings and revenue beats for the fund's top holdings were less than impressive, and actually lagged the Russell 1000 which is trading at a much cheaper multiple.
• The highest P/E stocks outperformed the lowest P/E stocks by over 34% in 2020, the largest margin of victory in at least 70 years.
• Given SCHG's higher volatility, valuation, and concentration, I can't justify a buy recommendation today and would suggest investors de-risk with a simple broad-market Index ETF instead.

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