ken250:

I don't like comparisons like these.

If you look at the x-rays for VWNDX, VWNFX, and IWD you will see the problem.

The definition of value for an index is rigid, whereas managers have more freedom in how they can measure/define value. Limiting one's selection filter to BtM just doesn't cut it.

Good Luck, Ken.

Ken: 

I actually like these comparisions.  It is a real world comparison.

Two investors walk in to the mutual fund marketplace on the same day.  One picks an (low-cost) active large value fund and the other picks an indexed ETF. Investors do this every day.

I am simply trying to prove that it is not that crazy to pick a low-cost active fund.

Petrocelli