Value stocks usually trade at low prices relative to their performance. These five funds are among the few small-cap index funds that focus all or in part on value selection: The Vanguard Small-Cap Value Index Fund (VISVX), the Dimensional Investing Tax-Managed U.S. Targeted Value Portfolio (DTMVX), the Dimensional Investing U.S. Targeted Value Portfolio (DFFVX), the TIAA-CREF Small-Cap Blend Index Fund (TISBX), and the Fidelity Small Cap Enhanced Index Fund (FCPEX).

For a diversified portfolio, consider adding these small-cap index funds that focus mostly or all on value.

Vanguard Small-Cap Value Index Fund

The Vanguard Small-Cap Value Index Fund is one of the few small-cap index funds to focus exclusively on value stocks. As of October 2019, the fund had more than $30 billion net assets invested in 858 U.S. small- and mid-cap stocks that generally track the CRSP U.S. Small-Cap Value Index. The fund’s expense ratio is relatively low, at 0.19%. The largest percentage of the fund's holdings are in the financial sector, at 35.1%, followed by the industrial sector at 20.90% and consumer services at 11%. 

Dimensional Investing Tax-Managed U.S. Targeted Value Portfolio

The Dimensional Investing Tax-Managed U.S. Targeted Value Portfolio invests at least 80% of its assets in a large and diverse group of small- and mid-cap stocks that are determined to be value stocks. Its benchmark fund is the Russel 2000 Value Index (RUJ). Stocks are generally weighted inside the portfolio based on their actual market capitalizations. The fund attempts to enhance returns with tax management strategies and has an expense ratio of 0.44%. As of October 2019, the fund's net assets were $4.66 billion. The largest percentage of the fund's holdings are in the financial sector, at 30%, followed by the industrial sector at 19.4% and consumer cyclical at 14.9%. 

Dimensional Investing U.S. Targeted Value Portfolio

The Dimensional Investing U.S. Targeted Value Portfolio also invests its $10.68 billion in assets (as of October 2019) primarily in value stocks of small- and mid-sized companies. The fund may apply derivative strategies to adjust for variable market exposure caused by the movement of cash in and out of the portfolio. Its expense ratio of 0.37% is considered to be low for its category. The largest percentage of the fund's holdings are in the financial sector, at 28.55%, followed by the industrial sector at 19.5% and consumer cyclical at 15.2%. 

TIAA-CREF Small-Cap Blend Index Fund

The TIAA-CREF Small-Cap Blend Index Fund invests at least 80% of its assets in value and growth stocks found in the Russell 2000 Index. The fund's net assets were $3.01 billion as of October 2019, and its expense ratio was very low, at 0.06%. The largest percentage of the fund's holdings are in the financial sector, at 16.80%, followed by the industrial sector at 15.28% and the health care sector at 15.24%.

Fidelity Small Cap Enhanced Index Fund

The Fidelity Small Cap Enhanced Index Fund also tracks the Russell 2000 Index, but in addition, its managers employ computer-aided quantitative analysis to identify small-cap value stocks within the index that have the potential to outperform the index. As of October 2019, the fund's net assets were $811.64 million. Its expense ratio of 0.64% is considered to be average for its category. The largest percentage of the fund's holdings are in the technology sector, at 20.3%, the industrial sector, at 16.1%, and financial services, at 15.9%.