According to vanguard web-site the return for S & P 500 index fund for last 5 years has been -2.38%. The return of the value index fund is +2.43% for last 5 years. This indicates a difference of about 5% points annualized for last 5 years.
In other words, value has outperformed blend with a wide margin for last 5 years.
Now, this is interesting. The growth index fund returns for the last 5 years has been -6.94% annualized. The value stocks have outperformed growth stocks by about 9.5% annualized for last 5 years.
I think this is a good time to invest in growth again. The value outperformance seen here for the last 5 years cannot continue forever. Either growth is undervalued or value is overvalued.
If the growth is undervalued then it should provide decent returns for next few years.