VOE vs XLE
Vanguard Morningstar Mid-Cap Value ETF vs State Street Energy Select Sector SPDR ETF
Which is better, VOE or XLE?
Mid Cap Value against Large Cap Value.
VOE has a lower expense ratio. VOE led over 3Y and the full window, XLE over 1Y and 5Y. VOE is less concentrated, with 13.1% of the fund in its ten largest positions against 74.1%.
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 | VOE | XLE |
|---|---|---|
| Expense Ratio | 0.05%Best | 0.08% |
| AUM | $24.2B | $39.5B |
| Dividend Yield | 1.80% | 2.37% |
| Holdings | 174 | 48 |
| YTD Return | +11.91% | +40.07%Best |
| 1Y Return | +15.63% | +44.37%Best |
| 3Y Return (annualized) | +17.87%Best | +15.89% |
| 5Y Return (annualized) | +9.27% | +22.67%Best |
| Volatility (annualized) | 17.6%Best | 26.4% |
| Max Drawdown | -63.4%Best | -76.7% |
| $10,000 over 5 years | $15,578 | $27,777Best |
| Top 10 Weight | 13.1%Best | 74.1% |
| Fund Family | Vanguard (US) | SPDR State Street Global Advisors |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Value |
| Inception | Aug 17, 2006 | Dec 16, 1998 |
Volatility and max drawdown are measured over the window both funds cover: Aug 24, 2006 to Oct 1, 2026 (20.1 years).
VOE vs XLE 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.
VOE vs XLE Performance
Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US) and State Street Energy Select Sector SPDR ETF (XLE) is an ETF from SPDR State Street Global Advisors. Over the past year VOE returned +15.63% while XLE returned +44.37%. Year to date, VOE is up 11.91% versus a gain of 40.07% for XLE.
Over three years, VOE compounded at +17.87% per year against +15.89% for XLE; over five years the annualized figures are +9.27% and +22.67% respectively. Across the full 20-year window we track, VOE has the edge at +7.65% annualized vs +5.01%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
XLE has been the more volatile fund, with annualized monthly volatility of 26.4% 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 -63.4% for VOE and -76.7% for XLE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
VOE charges 0.05% per year while XLE charges 0.08%. On a $10,000 position that is $5 vs $8 annually, a gap of $3 per year that compounds over a long holding period. On income, VOE currently yields 1.80% against 2.37% for XLE.
Holdings Overlap
11.7% of VOE's money is in holdings XLE also owns. 46.6% of XLE's money is in holdings VOE also owns.
The two portfolios partly overlap.
13 positions in common, counted across the 171 positions we hold weights for in VOE and 22 in XLE, against full books of 174 and 48.
What only one of them owns
Our book lists 9 positions for XLE that do not appear in our book for VOE (53.3% of the fund), and 154 for VOE that do not appear in XLE (86.0%).
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 XLE | Difference |
|---|---|---|---|
| MPCMarathon Petroleum Corp | 1.54% | 5.66% | 4.12% |
| VLOValero Energy | 1.55% | 5.43% | 3.88% |
| PSXPhillips 66 | 1.41% | 5.52% | 4.11% |
| SLBSchlumberger Nv. | 1.24% | 4.48% | 3.24% |
| OKEOneok Inc. | 0.95% | 3.46% | 2.51% |
| WMBWilliams Cos. Inc. | 0.73% | 3.61% | 2.88% |
| BKRBaker Hughes Co | 1.00% | 3.33% | 2.33% |
| DVNDevon Energy Corporation | 0.87% | 3.29% | 2.42% |
| KMIKinder Morgan Inc./de | 0.51% | 3.44% | 2.93% |
| OXYOccidental Petroleum Corp. | 0.71% | 2.54% | 1.83% |
46.6% of XLE is already inside VOE.
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 XLE?
VOE has an expense ratio of 0.05% while XLE charges 0.08%. VOE is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, VOE or XLE?
Over the past year VOE returned +15.63% vs +44.37% for XLE, so XLE leads on 1-year performance. Over the longest common window we track (20 years), VOE annualized +7.65% vs +5.01% for XLE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VOE or XLE?
XLE has been the more volatile fund at 26.4% annualized versus 17.6% for VOE. Worst drawdown: VOE -63.4% vs XLE -76.7%.
Should I hold both VOE and XLE?
VOE and XLE have a monthly-return correlation of 0.70, 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 XLE?
46.6% of XLE's money is in holdings VOE also owns. 46.6% of XLE's is in holdings VOE also owns. They hold 13 positions in common, counted across the 171 positions we hold weights for in VOE and 22 in XLE.
Which pays a higher dividend, VOE or XLE?
VOE yields 1.80% while XLE yields 2.37%, so XLE currently pays the higher dividend yield.
Is XLE better than VOE?
VOE has a lower expense ratio. VOE led over 3Y and the full window, XLE over 1Y and 5Y. VOE is less concentrated, with 13.1% of the fund in its ten largest positions against 74.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.