VO vs VOE
Vanguard Morningstar Mid-Cap ETF vs Vanguard Morningstar Mid-Cap Value ETF
Which is better, VO or VOE?
Mid Cap Blend against Mid Cap Value.
VO has a lower expense ratio. VO led over the full window, VOE over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.97. VO is less concentrated, with 9.1% 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 | VO | VOE |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.05% |
| AUM | $106.6B | $23.9B |
| Dividend Yield | 1.30% | 1.80% |
| Holdings | 289 | 176 |
| YTD Return | +10.88% | +14.02%Best |
| 1Y Return | +11.90% | +19.44%Best |
| 3Y Return (annualized) | +17.22% | +17.51%Best |
| 5Y Return (annualized) | +7.74% | +10.20%Best |
| Volatility (annualized) | 17.5%Best | 17.6% |
| Max Drawdown | -60.3%Best | -63.4% |
| $10,000 over 5 years | $14,517 | $16,252Best |
| Top 10 Weight | 9.1%Best | 13.1% |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | 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 21, 2026 (20.1 years).
VO 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.
VO vs VOE Performance
Vanguard Morningstar Mid-Cap ETF (VO) is an ETF from Vanguard (US) and Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US). Over the past year VO returned +11.90% while VOE returned +19.44%. Year to date, VO is up 10.88% versus a gain of 14.02% for VOE.
Over three years, VO compounded at +17.22% per year against +17.51% for VOE; over five years the annualized figures are +7.74% and +10.20% respectively. Across the full 20-year window we track, VO has the edge at +8.65% 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 17.5% for VO. 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 -60.3% for VO 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
VO charges 0.03% per year while VOE charges 0.05%. On a $10,000 position that is $3 vs $5 annually, a gap of $2 per year that compounds over a long holding period. On income, VO currently yields 1.30% against 1.80% for VOE.
Holdings Overlap
58.4% of VO's money is in holdings VOE also owns. 99.1% of VOE's money is in holdings VO also owns.
Most of VOE is already inside VO. Owning both mostly buys the same companies twice.
170 positions in common, counted across the 283 positions we hold weights for in VO and 171 in VOE, against full books of 289 and 176.
What only one of them owns
Our book lists 1 positions for VOE that do not appear in our book for VO (1.0% of the fund), and 109 for VO that do not appear in VOE (40.1%).
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 VO | Weight in VOE | Difference |
|---|---|---|---|
| VLOValero Energy | 0.89% | 1.55% | 0.66% |
| MPCMarathon Petroleum Corp | 0.89% | 1.54% | 0.65% |
| CMICummins Inc. | 0.84% | 1.46% | 0.62% |
| PSXPhillips 66 | 0.82% | 1.41% | 0.59% |
| GMGeneral Motors Co | 0.77% | 1.34% | 0.57% |
| SLBSchlumberger Nv. | 0.71% | 1.24% | 0.53% |
| SPGSimon Property Group Inc | 0.68% | 1.18% | 0.50% |
| PCARPaccar Inc. | 0.67% | 1.16% | 0.49% |
| ALLAllstate Corp. | 0.65% | 1.13% | 0.48% |
| URIUnited Rentals Inc. | 0.65% | 1.13% | 0.48% |
99.1% of VOE is already inside VO.
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, VO or VOE?
VO has an expense ratio of 0.03% while VOE charges 0.05%. VO is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, VO or VOE?
Over the past year VO returned +11.90% vs +19.44% for VOE, so VOE leads on 1-year performance. Over the longest common window we track (20 years), VO annualized +8.65% vs +7.76% for VOE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VO or VOE?
VOE has been the more volatile fund at 17.6% annualized versus 17.5% for VO. Worst drawdown: VO -60.3% vs VOE -63.4%.
Should I hold both VO and VOE?
VO 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 VO and VOE?
99.1% of VOE's money is in holdings VO also owns. 99.1% of VOE's is in holdings VO also owns. They hold 170 positions in common, counted across the 283 positions we hold weights for in VO and 171 in VOE.
Which pays a higher dividend, VO or VOE?
VO yields 1.30% while VOE yields 1.80%, so VOE currently pays the higher dividend yield.
Is VOE better than VO?
VO has a lower expense ratio. VO led over the full window, VOE over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.97. VO is less concentrated, with 9.1% 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.