VBR vs VOE
Vanguard Morningstar Small-Cap Value ETF vs Vanguard Morningstar Mid-Cap Value ETF
Which is better, VBR or VOE?
Small Cap Value against Mid Cap Value.
VOE led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. VBR is less concentrated, with 5.9% of the fund in its ten largest positions against 13.1%.
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 | VBR | VOE |
|---|---|---|
| Expense Ratio | 0.05%Tie | 0.05%Tie |
| AUM | $37.3B | $23.9B |
| Dividend Yield | 1.76% | 1.80% |
| Holdings | 847 | 176 |
| YTD Return | +12.49% | +13.62%Best |
| 1Y Return | +15.86% | +19.01%Best |
| 3Y Return (annualized) | +16.60% | +17.30%Best |
| 5Y Return (annualized) | +9.45% | +9.86%Best |
| Volatility (annualized) | 19.7% | 17.6%Best |
| Max Drawdown | -64.0% | -63.4%Best |
| $10,000 over 5 years | $15,706 | $16,003Best |
| Top 10 Weight | 5.9%Best | 13.1% |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Small Cap Value | Mid Cap Value |
| Inception | Jan 26, 2004 | Aug 17, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Aug 24, 2006 to Sep 22, 2026 (20.1 years).
VBR vs VOE 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 20.1 years both funds cover.
VBR vs VOE Performance
Vanguard Morningstar Small-Cap Value ETF (VBR) is an ETF from Vanguard (US) and Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US). Over the past year VBR returned +15.86% while VOE returned +19.01%. Year to date, VBR is up 12.49% versus a gain of 13.62% for VOE.
Over three years, VBR compounded at +16.60% per year against +17.30% for VOE; over five years the annualized figures are +9.45% and +9.86% respectively. Across the full 20-year window we track, VOE has the edge at +7.74% annualized vs +7.33%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VBR has been the more volatile fund, with annualized monthly volatility of 19.7% compared with 17.6% for VOE. 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 -64.0% for VBR and -63.4% for VOE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
VBR charges 0.05% per year while VOE charges 0.05%. On a $10,000 position that is $5 vs $5 annually. On income, VBR currently yields 1.76% against 1.80% for VOE.
Holdings Overlap
3.4% of VBR's money is in holdings VOE also owns. 2.5% of VOE's money is in holdings VBR also owns.
VBR and VOE share little of their money.
16 positions in common, counted across the 836 positions we hold weights for in VBR and 171 in VOE, against full books of 847 and 176.
What only one of them owns
Our book lists 151 positions for VOE that do not appear in our book for VBR (95.2% of the fund), and 786 for VBR that do not appear in VOE (93.2%).
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 VBR | Weight in VOE | Difference |
|---|---|---|---|
| STLDSteel Dynamics, Inc. | 0.34% | 0.29% | 0.05% |
| CNCCentene | 0.34% | 0.26% | 0.08% |
| QQnity Electronics Inc | 0.36% | 0.23% | 0.13% |
| NINisource Inc. | 0.24% | 0.18% | 0.06% |
| DOWDow Inc. | 0.21% | 0.18% | 0.03% |
| GISGeneral Mills In | 0.20% | 0.16% | 0.04% |
| LNTAlliant Energy Corp. | 0.21% | 0.15% | 0.06% |
| FTVFortive Corp. | 0.20% | 0.15% | 0.05% |
| NVRNvr Inc. | 0.19% | 0.13% | 0.06% |
| EQTEQT Corp. | 0.18% | 0.14% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of VBR and VOE you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, VBR or VOE?
VBR has an expense ratio of 0.05% while VOE charges 0.05%. At the precision these are quoted to, they cost the same.
Which performed better, VBR or VOE?
Over the past year VBR returned +15.86% vs +19.01% for VOE, so VOE leads on 1-year performance. Over the longest common window we track (20 years), VBR annualized +7.33% vs +7.74% for VOE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VBR or VOE?
VBR has been the more volatile fund at 19.7% annualized versus 17.6% for VOE. Worst drawdown: VBR -64.0% vs VOE -63.4%.
Should I hold both VBR and VOE?
VBR and VOE have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between VBR and VOE?
3.4% of VBR's money is in holdings VOE also owns. 2.5% of VOE's is in holdings VBR also owns. They hold 16 positions in common, counted across the 836 positions we hold weights for in VBR and 171 in VOE.
Which pays a higher dividend, VBR or VOE?
VBR yields 1.76% while VOE yields 1.80%, so VOE currently pays the higher dividend yield.
Is VOE better than VBR?
VOE led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. VBR is less concentrated, with 5.9% of the fund in its ten largest positions against 13.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.