VOE vs XLV
Vanguard Morningstar Mid-Cap Value ETF vs State Street Health Care Select Sector SPDR ETF
Which is better, VOE or XLV?
Mid Cap Value against Large Cap Blend.
VOE has a lower expense ratio. VOE led over 3Y and 5Y, XLV over 1Y and the full window. VOE is less concentrated, with 12.7% of the fund in its ten largest positions against 60.7%.
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 | XLV |
|---|---|---|
| Expense Ratio | 0.05%Best | 0.08% |
| AUM | $23.9B | $44.5B |
| Dividend Yield | 1.80% | 1.49% |
| Holdings | 176 | 63 |
| YTD Return | +15.04%Best | +7.44% |
| 1Y Return | +21.04% | +22.74%Best |
| 3Y Return (annualized) | +16.91%Best | +9.43% |
| 5Y Return (annualized) | +9.78%Best | +6.17% |
| Volatility (annualized) | 17.6% | 14.2%Best |
| Max Drawdown | -63.4% | -40.6%Best |
| $10,000 over 5 years | $15,945Best | $13,490 |
| Top 10 Weight | 12.7%Best | 60.7% |
| Fund Family | Vanguard (US) | SPDR State Street Global Advisors |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Aug 17, 2006 | Dec 16, 1998 |
Volatility and max drawdown are measured over the window both funds cover: Aug 24, 2006 to Sep 10, 2026 (20 years).
VOE vs XLV 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 years both funds cover.
VOE vs XLV Performance
Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US) and State Street Health Care Select Sector SPDR ETF (XLV) is an ETF from SPDR State Street Global Advisors. Over the past year VOE returned +21.04% while XLV returned +22.74%. Year to date, VOE is up 15.04% versus a gain of 7.44% for XLV.
Over three years, VOE compounded at +16.91% per year against +9.43% for XLV; over five years the annualized figures are +9.78% and +6.17% respectively. Across the full 20-year window we track, XLV has the edge at +8.94% annualized vs +7.82%.
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 14.2% for XLV. 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 -40.6% for XLV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
VOE charges 0.05% per year while XLV 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 1.49% for XLV.
Holdings Overlap
7.0% of VOE's money is in holdings XLV also owns. 8.7% of XLV's money is in holdings VOE also owns.
XLV and VOE share little of their money.
13 positions in common, counted across the 169 positions we hold weights for in VOE and 61 in XLV, against full books of 176 and 63.
What only one of them owns
Measured across the 169 and 61 positions we hold weights for.
VOE holds 152 positions XLV does not, 89.7% of the fund.
Largest: CMI 1.70%, VLO 1.34%, MPC 1.29%, URI 1.23%, GM 1.20%
Top Shared Holdings
| Stock | Weight in VOE | Weight in XLV | Difference |
|---|---|---|---|
| CORCencora Inc | 0.90% | 1.04% | 0.14% |
| CAHCardinal Health Inc. | 0.96% | 0.93% | 0.03% |
| REGNRegeneron Pharmaceuticals, Inc. | 0.56% | 1.31% | 0.75% |
| HUMHumana Inc. | 0.82% | 0.77% | 0.05% |
| BDXBecton Dickinson And Co. | 0.72% | 0.81% | 0.09% |
| IQVIqvia Holdings Inc. | 0.56% | 0.67% | 0.11% |
| BIIBBiogen Inc. | 0.55% | 0.51% | 0.04% |
| GEHCGe Healthcare Technologies Inc | 0.50% | 0.55% | 0.05% |
| DGXQuest Diagnostics Inc. | 0.41% | 0.44% | 0.03% |
| LHLabcorp Holdings Inc | 0.40% | 0.44% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of VOE and XLV 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, VOE or XLV?
VOE has an expense ratio of 0.05% while XLV charges 0.08%. VOE is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, VOE or XLV?
Over the past year VOE returned +21.04% vs +22.74% for XLV, so XLV leads on 1-year performance. Over the longest common window we track (20 years), VOE annualized +7.82% vs +8.94% for XLV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VOE or XLV?
VOE has been the more volatile fund at 17.6% annualized versus 14.2% for XLV. Worst drawdown: VOE -63.4% vs XLV -40.6%.
Should I hold both VOE and XLV?
VOE and XLV have a monthly-return correlation of 0.72, 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 XLV?
8.7% of XLV's money is in holdings VOE also owns. 8.7% of XLV's is in holdings VOE also owns. They hold 13 positions in common, counted across the 169 positions we hold weights for in VOE and 61 in XLV.
Which pays a higher dividend, VOE or XLV?
VOE yields 1.80% while XLV yields 1.49%, so VOE currently pays the higher dividend yield.
Is XLV better than VOE?
VOE has a lower expense ratio. VOE led over 3Y and 5Y, XLV over 1Y and the full window. VOE is less concentrated, with 12.7% of the fund in its ten largest positions against 60.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.