VNQ vs VOE
Vanguard Real Estate ETF vs Vanguard Morningstar Mid-Cap Value ETF
Which is better, VNQ or VOE?
Mid Cap Blend against Mid Cap Value.
VOE has a lower expense ratio. VOE led over 1Y, 3Y, 5Y and the full window.
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 | VNQ | VOE |
|---|---|---|
| Expense Ratio | 0.13% | 0.05%Best |
| AUM | $35.9B | $22.8B |
| Dividend Yield | 3.63% | 1.84% |
| Holdings | 144 | 178 |
| YTD Return | +12.79% | +19.79%Best |
| 1Y Return | +11.72% | +23.51%Best |
| 3Y Return (annualized) | +13.40% | +20.28%Best |
| 5Y Return (annualized) | +1.48% | +9.64%Best |
| Volatility (annualized) | 21.9% | 17.6%Best |
| Max Drawdown | -75.8% | -63.4%Best |
| $10,000 over 5 years | $10,762 | $15,843Best |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Value |
| Inception | Sep 23, 2004 | Aug 17, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Aug 24, 2006 to Nov 10, 2026 (20.2 years).
VNQ 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 20.2 years both funds cover.
VNQ vs VOE Performance
Vanguard Real Estate ETF (VNQ) is an ETF from Vanguard (US) and Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US). Over the past year VNQ returned +11.72% while VOE returned +23.51%. Year to date, VNQ is up 12.79% versus a gain of 19.79% for VOE.
Over three years, VNQ compounded at +13.40% per year against +20.28% for VOE; over five years the annualized figures are +1.48% and +9.64% respectively. Across the full 20-year window we track, VOE has the edge at +7.97% annualized vs +2.71%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VNQ has been the more volatile fund, with annualized monthly volatility of 21.9% 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 -75.8% for VNQ 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
VNQ charges 0.13% per year while VOE charges 0.05%. On a $10,000 position that is $13 vs $5 annually, a gap of $8 per year that compounds over a long holding period. On income, VNQ currently yields 3.63% against 1.84% for VOE.
Holdings Overlap
At least 5.6% of VOE's money is in holdings VNQ also owns.
Stated as a floor: for VNQ, our book for it covers 84.6% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
VOE and VNQ share little of their money.
7 positions in common, counted across the 139 positions we hold weights for in VNQ and 167 in VOE, against full books of 144 and 178.
Top Shared Holdings
| Stock | Weight in VNQ | Weight in VOE | Difference |
|---|---|---|---|
| SPGSimon Property Group Inc | 3.69% | 1.09% | 2.60% |
| DLRDigital Realty Trust Inc. | 3.68% | 1.08% | 2.60% |
| PSAPublic Storage | 2.69% | 0.86% | 1.83% |
| EQRVivmark Residential | 2.46% | 0.84% | 1.62% |
| CBRECbre Group Inc. Class A | 2.13% | 0.71% | 1.42% |
| CCICrown Castle International Corp | 1.65% | 0.55% | 1.10% |
| VICIVici Properties Inc | 1.42% | 0.47% | 0.95% |
You are not choosing between two funds in isolation.
Whichever of VNQ 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, VNQ or VOE?
VNQ has an expense ratio of 0.13% while VOE charges 0.05%. VOE is the cheaper option, by $8 a year on a $10,000 investment.
Which performed better, VNQ or VOE?
Over the past year VNQ returned +11.72% vs +23.51% for VOE, so VOE leads on 1-year performance. Over the longest common window we track (20 years), VNQ annualized +2.71% vs +7.97% for VOE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VNQ or VOE?
VNQ has been the more volatile fund at 21.9% annualized versus 17.6% for VOE. Worst drawdown: VNQ -75.8% vs VOE -63.4%.
Should I hold both VNQ and VOE?
VNQ and VOE have a monthly-return correlation of 0.81, 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 VNQ and VOE?
At least 5.6% of VOE's money is in holdings VNQ also owns. Our book for VNQ is partial, so the real figure is this or higher. They hold 7 positions in common, counted across the 139 positions we hold weights for in VNQ and 167 in VOE.
Which pays a higher dividend, VNQ or VOE?
VNQ yields 3.63% while VOE yields 1.84%, so VNQ currently pays the higher dividend yield.
Is VOE better than VNQ?
VOE has a lower expense ratio. VOE led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.