DIVL vs VOO
Madison Dividend Value ETF vs Vanguard S&P 500 ETF
Which is better, DIVL or VOO?
Large Cap Value against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y and the full window. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 39.5%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DIVL | VOO |
|---|---|---|
| Expense Ratio | 0.65% | 0.03%Best |
| AUM | $63M | $997.4B |
| Dividend Yield | 1.73% | 1.08% |
| Holdings | 40 | 509 |
| YTD Return | +11.71% | +13.37%Best |
| 1Y Return | +12.96% | +20.08%Best |
| 3Y Return (annualized) | +11.23% | +21.29%Best |
| 5Y Return (annualized) | - | +12.89% |
| Volatility (annualized) | 11.7%Best | 12.8% |
| Max Drawdown | -14.1%Best | -18.7% |
| $10,000 over 3.1 years | $13,758 | $18,252Best |
| Top 10 Weight | 39.5% | 36.4%Best |
| Fund Family | Madison Funds | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Aug 14, 2023 | Sep 7, 2010 |
Volatility and max drawdown, and the $10,000 over 3.1 years row, are measured over the window both funds cover: Aug 15, 2023 to Sep 4, 2026 (3.1 years).
DIVL vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.1 years both funds cover.
DIVL vs VOO Performance
Madison Dividend Value ETF (DIVL) is an ETF from Madison Funds and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year DIVL returned +12.96% while VOO returned +20.08%. Year to date, DIVL is up 11.71% versus a gain of 13.37% for VOO.
Over three years, DIVL compounded at +11.23% per year against +21.29% for VOO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 12.8% compared with 11.7% for DIVL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -14.1% for DIVL and -18.7% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.57. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DIVL charges 0.65% per year while VOO charges 0.03%. On a $10,000 position that is $65 vs $3 annually, a gap of $62 per year that compounds over a long holding period. On income, DIVL currently yields 1.73% against 1.08% for VOO.
Holdings Overlap
99.8% of DIVL's money is in holdings VOO also owns. 11.4% of VOO's money is in holdings DIVL also owns.
Most of DIVL is already inside VOO. Owning both mostly buys the same companies twice.
The two holdings books were reported 48 days apart, DIVL as of Aug 17, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
37 positions in common, counted across the 37 positions we hold weights for in DIVL and 505 in VOO, against full books of 40 and 509.
What only one of them owns
Our book lists 460 positions for VOO that do not appear in our book for DIVL (88.1% of the fund), and 0 for DIVL that do not appear in VOO (0.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in DIVL | Weight in VOO | Difference |
|---|---|---|---|
| JNJJohnson & Johnson - Common | 5.35% | 0.95% | 4.40% |
| XOMExxon Mobil Corp. | 4.91% | 0.88% | 4.03% |
| CVXChevron Corp | 4.88% | 0.48% | 4.40% |
| ABBVAbbvie Inc. | 3.46% | 0.69% | 2.77% |
| NEENextera Energy Inc | 3.83% | 0.28% | 3.55% |
| JPMJpmorgan Chase | 2.84% | 1.26% | 1.58% |
| UNPUnion Pacific Corp | 3.64% | 0.25% | 3.39% |
| CMECme Group Inc. | 3.60% | 0.12% | 3.48% |
| PGProcter & Gamble Company | 3.18% | 0.53% | 2.65% |
| COPConocophillips Common Stock USD 0.01 | 3.38% | 0.20% | 3.18% |
99.8% of DIVL is already inside VOO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DIVL or VOO?
DIVL has an expense ratio of 0.65% while VOO charges 0.03%. VOO is the cheaper option, by $62 a year on a $10,000 investment.
Which performed better, DIVL or VOO?
Over the past year DIVL returned +12.96% vs +20.08% for VOO, so VOO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DIVL or VOO?
VOO has been the more volatile fund at 12.8% annualized versus 11.7% for DIVL. Worst drawdown: DIVL -14.1% vs VOO -18.7%.
Should I hold both DIVL and VOO?
DIVL and VOO have a monthly-return correlation of 0.57, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between DIVL and VOO?
99.8% of DIVL's money is in holdings VOO also owns. 11.4% of VOO's is in holdings DIVL also owns. They hold 37 positions in common, counted across the 37 positions we hold weights for in DIVL and 505 in VOO.
Which pays a higher dividend, DIVL or VOO?
DIVL yields 1.73% while VOO yields 1.08%, so DIVL currently pays the higher dividend yield.
Is VOO better than DIVL?
VOO has a lower expense ratio. VOO led over 1Y, 3Y and the full window. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 39.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.