VIG vs VOE
Vanguard Dividend Appreciation ETF vs Vanguard Morningstar Mid-Cap Value ETF
Which is better, VIG or VOE?
Large Cap Blend against Mid Cap Value.
VIG has a lower expense ratio. VIG led over 5Y and the full window, VOE over 1Y and 3Y. The two have moved almost in lockstep, correlation 0.92. VOE is less concentrated, with 13.1% of the fund in its ten largest positions against 33.4%.
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 | VIG | VOE |
|---|---|---|
| Expense Ratio | 0.04%Best | 0.05% |
| AUM | $111.4B | $23.9B |
| Dividend Yield | 1.48% | 1.80% |
| Holdings | 335 | 176 |
| YTD Return | +8.93% | +14.02%Best |
| 1Y Return | +11.85% | +19.44%Best |
| 3Y Return (annualized) | +16.73% | +17.51%Best |
| 5Y Return (annualized) | +10.86%Best | +10.20% |
| Volatility (annualized) | 13.3%Best | 17.6% |
| Max Drawdown | -48.2%Best | -63.4% |
| $10,000 over 5 years | $16,745Best | $16,252 |
| Top 10 Weight | 33.4% | 13.1%Best |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Value |
| Inception | Apr 21, 2006 | Aug 17, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Aug 24, 2006 to Sep 21, 2026 (20.1 years).
VIG 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.
VIG vs VOE Performance
Vanguard Dividend Appreciation ETF (VIG) is an ETF from Vanguard (US) and Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US). Over the past year VIG returned +11.85% while VOE returned +19.44%. Year to date, VIG is up 8.93% versus a gain of 14.02% for VOE.
Over three years, VIG compounded at +16.73% per year against +17.51% for VOE; over five years the annualized figures are +10.86% and +10.20% respectively. Across the full 20-year window we track, VIG has the edge at +8.66% annualized vs +7.76%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOE has been the more volatile fund, with annualized monthly volatility of 17.6% compared with 13.3% for VIG. 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 -48.2% for VIG 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
VIG charges 0.04% per year while VOE charges 0.05%. On a $10,000 position that is $4 vs $5 annually, a gap of $1 per year that compounds over a long holding period. On income, VIG currently yields 1.48% against 1.80% for VOE.
Holdings Overlap
10.2% of VIG's money is in holdings VOE also owns. 33.8% of VOE's money is in holdings VIG also owns.
The two portfolios partly overlap.
56 positions in common, counted across the 322 positions we hold weights for in VIG and 171 in VOE, against full books of 335 and 176.
What only one of them owns
Our book lists 112 positions for VOE that do not appear in our book for VIG (64.1% of the fund), and 244 for VIG that do not appear in VOE (89.2%).
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 VIG | Weight in VOE | Difference |
|---|---|---|---|
| CMICummins Inc. | 0.38% | 1.46% | 1.08% |
| PSXPhillips 66 | 0.37% | 1.41% | 1.04% |
| ALLAllstate Corp. | 0.29% | 1.13% | 0.84% |
| AJGArthur J Gallagher & Co. | 0.28% | 1.07% | 0.79% |
| TELTe Connectivity Plc Common Stock Usd | 0.26% | 1.00% | 0.74% |
| NUENucor Corp. | 0.25% | 0.98% | 0.73% |
| CORCencora Inc | 0.26% | 0.96% | 0.70% |
| AFLAflac Inc. | 0.25% | 0.97% | 0.72% |
| SRESempra Common Stock | 0.25% | 0.96% | 0.71% |
| CAHCardinal Health Inc. | 0.23% | 0.90% | 0.67% |
33.8% of VOE is already inside VIG.
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, VIG or VOE?
VIG has an expense ratio of 0.04% while VOE charges 0.05%. VIG is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, VIG or VOE?
Over the past year VIG returned +11.85% vs +19.44% for VOE, so VOE leads on 1-year performance. Over the longest common window we track (20 years), VIG annualized +8.66% vs +7.76% for VOE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VIG or VOE?
VOE has been the more volatile fund at 17.6% annualized versus 13.3% for VIG. Worst drawdown: VIG -48.2% vs VOE -63.4%.
Should I hold both VIG and VOE?
VIG and VOE have a monthly-return correlation of 0.92, 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 VIG and VOE?
33.8% of VOE's money is in holdings VIG also owns. 33.8% of VOE's is in holdings VIG also owns. They hold 56 positions in common, counted across the 322 positions we hold weights for in VIG and 171 in VOE.
Which pays a higher dividend, VIG or VOE?
VIG yields 1.48% while VOE yields 1.80%, so VOE currently pays the higher dividend yield.
Is VOE better than VIG?
VIG has a lower expense ratio. VIG led over 5Y and the full window, VOE over 1Y and 3Y. The two have moved almost in lockstep, correlation 0.92. VOE is less concentrated, with 13.1% of the fund in its ten largest positions against 33.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.