VOE vs VOO
Vanguard Morningstar Mid-Cap Value ETF vs Vanguard S&P 500 ETF
Which is better, VOE or VOO?
Mid Cap Value against Large Cap Blend.
VOO has a lower expense ratio. VOE led over 1Y, VOO over 3Y, 5Y and the full window. VOE is less concentrated, with 13.9% of the fund in its ten largest positions against 37.9%.
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 | VOE | VOO |
|---|---|---|
| Expense Ratio | 0.05% | 0.03%Best |
| AUM | $22.8B | $1.0T |
| Dividend Yield | 1.99% | 1.06% |
| Holdings | 174 | 506 |
| YTD Return | +18.00%Best | +12.15% |
| 1Y Return | +21.59%Best | +14.44% |
| 3Y Return (annualized) | +20.79% | +23.10%Best |
| 5Y Return (annualized) | +9.53% | +12.36%Best |
| Volatility (annualized) | 15.8% | 14.1%Best |
| Max Drawdown | -43.6% | -34.3%Best |
| $10,000 over 5 years | $15,764 | $17,908Best |
| Top 10 Weight | 13.9%Best | 37.9% |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Aug 17, 2006 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Oct 23, 2026 (16.1 years).
VOE vs VOO 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 16.1 years both funds cover.
VOE vs VOO Performance
Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US) and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year VOE returned +21.59% while VOO returned +14.44%. Year to date, VOE is up 18.00% versus a gain of 12.15% for VOO.
Over three years, VOE compounded at +20.79% per year against +23.10% for VOO; over five years the annualized figures are +9.53% and +12.36% respectively. Across the full 16-year window we track, VOO has the edge at +13.29% annualized vs +10.56%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOE has been the more volatile fund, with annualized monthly volatility of 15.8% compared with 14.1% for VOO. 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 -43.6% for VOE and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
VOE charges 0.05% per year while VOO charges 0.03%. On a $10,000 position that is $5 vs $3 annually, a gap of $2 per year that compounds over a long holding period. On income, VOE currently yields 1.99% against 1.06% for VOO.
Holdings Overlap
95.4% of VOE's money is in holdings VOO also owns. 9.9% of VOO's money is in holdings VOE also owns.
Most of VOE is already inside VOO. Owning both mostly buys the same companies twice.
159 positions in common, counted across the 167 positions we hold weights for in VOE and 504 in VOO, against full books of 174 and 506.
What only one of them owns
Our book lists 342 positions for VOO that do not appear in our book for VOE (89.9% of the fund), and 7 for VOE that do not appear in VOO (3.8%).
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 VOE | Weight in VOO | Difference |
|---|---|---|---|
| MPCMarathon Petroleum Corp | 1.81% | 0.16% | 1.65% |
| VLOValero Energy | 1.77% | 0.16% | 1.61% |
| PSXPhillips 66 | 1.64% | 0.15% | 1.49% |
| SLBSchlumberger Nv. | 1.49% | 0.14% | 1.35% |
| CMICummins Inc. | 1.30% | 0.12% | 1.18% |
| GMGeneral Motors Co | 1.29% | 0.12% | 1.17% |
| TGTTARGET CORP | 1.22% | 0.11% | 1.11% |
| NEMNewmont Corp Common | 1.12% | 0.20% | 0.92% |
| HPEHewlett Packard Enterprise Co | 1.15% | 0.10% | 1.05% |
| WBDWarner Bros. Discovery, Inc | 1.13% | 0.11% | 1.02% |
95.4% of VOE is already inside VOO.
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, VOE or VOO?
VOE has an expense ratio of 0.05% while VOO charges 0.03%. VOO is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, VOE or VOO?
Over the past year VOE returned +21.59% vs +14.44% for VOO, so VOE leads on 1-year performance. Over the longest common window we track (16 years), VOE annualized +10.56% vs +13.29% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VOE or VOO?
VOE has been the more volatile fund at 15.8% annualized versus 14.1% for VOO. Worst drawdown: VOE -43.6% vs VOO -34.3%.
Should I hold both VOE and VOO?
VOE and VOO have a monthly-return correlation of 0.89, 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 VOE and VOO?
95.4% of VOE's money is in holdings VOO also owns. 9.9% of VOO's is in holdings VOE also owns. They hold 159 positions in common, counted across the 167 positions we hold weights for in VOE and 504 in VOO.
Which pays a higher dividend, VOE or VOO?
VOE yields 1.99% while VOO yields 1.06%, so VOE currently pays the higher dividend yield.
Is VOO better than VOE?
VOO has a lower expense ratio. VOE led over 1Y, VOO over 3Y, 5Y and the full window. VOE is less concentrated, with 13.9% of the fund in its ten largest positions against 37.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.