Glad to see a fellow fundamental indexer on HN! As a US based investor, I personally invest in the RAFI US broad market fundamental index (FNDB ETF) which does keep up with the Vanguard US total market over the past 10 years except the bubbly years of 2020/2021 & 2024/2025, even with a higher expense ratio.

Last 10 years comparison (VTI vs FNDB): https://www.portfoliovisualizer.com/backtest-portfolio?s=y&s...

In my case, after observing the Covid-19 craziness in market, I decided to dig further on value strategies and discovered this gem from Research Affiliates in Journal of Portfolio Management circa 2012, which completely convinced me on the concept of fundamental indexation as a superior alternative to market-cap weighted total market index.

Rebalancing and the value effect (JPM 2012): https://www.researchaffiliates.com/content/dam/ra/publicatio...

2012 was a long time ago. I'm more inclined to Value myself, but has it held up?

I threw together a quick comparison with that tool (handy, thanks) of Vanguard Growth vs Vanguard Value and it's not too pretty. Sure, Value is less volatile, but...

https://www.portfoliovisualizer.com/backtest-portfolio?s=y&s...

I mean I guess we'll see what happens when the music stops again, but it resembles the same issue as being "right" about a market drop -- that you can be right, but the timing is such that it nevertheless would have been more lucrative to be invested the whole time anyway