VO vs VXF
Vanguard Morningstar Mid-Cap ETF vs Vanguard Extended Market ETF
Which is better, VO or VXF?
Nearly the same fund. VO costs less.
VO has a lower expense ratio. VO led over 5Y and the full window, VXF over 1Y and 3Y. The two have moved almost in lockstep, correlation 0.97. VXF is less concentrated, with 6.7% of the fund in its ten largest positions against 9.1%.
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 | VXF |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.05% |
| AUM | $107.4B | $31.4B |
| Dividend Yield | 1.30% | 1.01% |
| Holdings | 287 | 3,385 |
| YTD Return | +9.33% | +11.02%Best |
| 1Y Return | +9.45% | +12.22%Best |
| 3Y Return (annualized) | +17.27% | +19.51%Best |
| 5Y Return (annualized) | +7.37%Best | +6.04% |
| Volatility (annualized) | 16.9%Best | 18.8% |
| Max Drawdown | -60.3% | -59.4%Best |
| $10,000 over 5 years | $14,270Best | $13,408 |
| Top 10 Weight | 9.1% | 6.7%Best |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Mid Cap Blend |
| Inception | Jan 26, 2004 | Dec 27, 2001 |
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2004 to Oct 1, 2026 (22.7 years).
VO vs VXF 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 22.7 years both funds cover.
VO vs VXF Performance
Vanguard Morningstar Mid-Cap ETF (VO) is an ETF from Vanguard (US) and Vanguard Extended Market ETF (VXF) is an ETF from Vanguard (US). Over the past year VO returned +9.45% while VXF returned +12.22%. Year to date, VO is up 9.33% versus a gain of 11.02% for VXF.
Over three years, VO compounded at +17.27% per year against +19.51% for VXF; over five years the annualized figures are +7.37% and +6.04% respectively. Across the full 23-year window we track, VO has the edge at +8.96% annualized vs +8.87%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VXF has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 16.9% 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 -59.4% for VXF. 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 VXF 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 1.01% for VXF.
Holdings Overlap
8.1% of VO's money is in holdings VXF also owns. 10.5% of VXF's money is in holdings VO also owns.
VXF and VO share little of their money.
33 positions in common, counted across the 283 positions we hold weights for in VO and 3,278 in VXF, against full books of 287 and 3,385.
What only one of them owns
Our book lists 1,692 positions for VXF that do not appear in our book for VO (82.0% of the fund), and 243 for VO that do not appear in VXF (89.1%).
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 VXF | Difference |
|---|---|---|---|
| NETCloudflare Inc (180 Day Lockup) | 0.86% | 1.07% | 0.21% |
| SNOWSnowflake Inc | 0.46% | 1.22% | 0.76% |
| LNGCheniere Energy Inc. | 0.53% | 0.66% | 0.13% |
| BECfd Bloom Energy Corp- A | 0.53% | 0.65% | 0.12% |
| FERGFerguson Enterprises | 0.44% | 0.55% | 0.11% |
| RKLBRocket Lab Corp | 0.36% | 0.40% | 0.04% |
| ALABAstera Labs Inc - Common | 0.23% | 0.50% | 0.27% |
| MSTRMicrostrategy Inc | 0.30% | 0.37% | 0.07% |
| SUNBSunbelt Rentals | 0.29% | 0.35% | 0.06% |
| LPLALpl Holdings | 0.27% | 0.34% | 0.07% |
You are not choosing between two funds in isolation.
Whichever of VO and VXF 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, VO or VXF?
VO has an expense ratio of 0.03% while VXF charges 0.05%. VO is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, VO or VXF?
Over the past year VO returned +9.45% vs +12.22% for VXF, so VXF leads on 1-year performance. Over the longest common window we track (23 years), VO annualized +8.96% vs +8.87% for VXF. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VO or VXF?
VXF has been the more volatile fund at 18.8% annualized versus 16.9% for VO. Worst drawdown: VO -60.3% vs VXF -59.4%.
Should I hold both VO and VXF?
VO and VXF 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 VXF?
10.5% of VXF's money is in holdings VO also owns. 10.5% of VXF's is in holdings VO also owns. They hold 33 positions in common, counted across the 283 positions we hold weights for in VO and 3,278 in VXF.
Which pays a higher dividend, VO or VXF?
VO yields 1.30% while VXF yields 1.01%, so VO currently pays the higher dividend yield.
Is VXF better than VO?
VO has a lower expense ratio. VO led over 5Y and the full window, VXF over 1Y and 3Y. The two have moved almost in lockstep, correlation 0.97. VXF is less concentrated, with 6.7% of the fund in its ten largest positions against 9.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.