DON vs. VOE

Last updated Aug 2, 2026

DON (WisdomTree US MidCap Dividend ETF) and VOE (Vanguard Mid-Cap Value ETF) are both Mid Cap Value Equities funds - DON tracks the WisdomTree U.S. MidCap Dividend Index while VOE tracks the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, DON returned 9.42%/yr vs 10.86%/yr for VOE. Their 0.95 correlation means they have historically moved very closely together. DON charges 0.38%/yr vs 0.05%/yr for VOE.

Performance

DON vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree US MidCap Dividend ETF (DON) and Vanguard Mid-Cap Value ETF (VOE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DON achieves a 12.81% return, which is significantly lower than VOE's 16.60% return. Over the past 10 years, DON has underperformed VOE with an annualized return of 9.42%, while VOE has yielded a comparatively higher 10.86% annualized return.

DON

• 1D: -0.09%
• 1M: 1.52%
• 6M: 8.59%
• YTD: 12.81%
• 1Y: 17.87%
• 3Y*: 12.02%
• 5Y*: 9.32%
• 10Y*: 9.42%
• ALL TIME*: 9.34%

VOE

• 1D: -0.23%
• 1M: 2.29%
• 6M: 11.88%
• YTD: 16.60%
• 1Y: 26.06%
• 3Y*: 15.27%
• 5Y*: 10.14%
• 10Y*: 10.86%
• ALL TIME*: 9.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DON WisdomTree US MidCap Dividend ETF	$4.87M	$5.20M	$5.87M
VOE Vanguard Mid-Cap Value ETF	$50.20M	$55.46M	$54.15M

DON vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DON WisdomTree US MidCap Dividend ETF	12.81%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%
VOE Vanguard Mid-Cap Value ETF	16.60%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between DON and VOE is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (10Y) Provides a long-term view across more market conditions.	0.96
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.95

The correlation between DON and VOE has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

DON vs. VOE - Sectors Allocation Comparison

Sectors	DON	VOE
Financial Services	23.4%	18.7%
Industrials	18.8%	13.8%
Consumer Cyclical	11.4%	5.9%
Real Estate	10.1%	5.8%
Utilities	7.1%	12.6%
Energy	7.0%	11.7%
Basic Materials	6.4%	6.7%
Technology	5.1%	8.1%
Consumer Defensive	4.3%	7.6%
Communication Services	3.8%	1.5%
Healthcare	2.6%	7.2%

Return for Risk

DON vs. VOE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DON

DON Risk / Return Rank: 53
DON Sharpe Ratio Rank: 55
DON Sortino Ratio Rank: 59
DON Omega Ratio Rank: 51
DON Calmar Ratio Rank: 51
DON Martin Ratio Rank: 50

VOE

VOE Risk / Return Rank: 89
VOE Sharpe Ratio Rank: 89
VOE Sortino Ratio Rank: 90
VOE Omega Ratio Rank: 87
VOE Calmar Ratio Rank: 88
VOE Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DON vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree US MidCap Dividend ETF (DON) and Vanguard Mid-Cap Value ETF (VOE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DON	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.20	-0.90
Sortino ratio: Return per unit of downside risk	2.00	3.17	-1.17
Omega ratio: Gain probability vs. loss probability	1.23	1.39	-0.16
Calmar ratio: Return relative to maximum drawdown	1.83	3.60	-1.77
Martin ratio: Return relative to average drawdown	5.77	13.97	-8.19

DON vs. VOE - Sharpe Ratio Comparison

The current DON Sharpe Ratio is 1.30, which is lower than the VOE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of DON and VOE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DON vs. VOE - Drawdown Comparison

The maximum DON drawdown since its inception was -61.94%, roughly equal to the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for DON and VOE.

Drawdown Indicators

	DON	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-61.94%	-61.50%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.05%	-6.93%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-18.45%	-3.01%
Max Drawdown (5Y) Largest decline over 5 years	-21.46%	-19.70%	-1.76%
Max Drawdown (10Y) Largest decline over 10 years	-46.80%	-43.18%	-3.62%
Current Drawdown Current decline from peak	-1.27%	-1.31%	+0.04%
Average Drawdown Average peak-to-trough decline	-7.84%	-8.29%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.79%	+1.07%

Volatility

DON vs. VOE - Volatility Comparison

WisdomTree US MidCap Dividend ETF (DON) has a higher volatility of 3.14% compared to Vanguard Mid-Cap Value ETF (VOE) at 2.70%. This indicates that DON's price experiences larger fluctuations and is considered to be riskier than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DON	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	2.70%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	8.66%	8.10%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	11.36%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.55%	15.89%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.21%	18.73%	+1.48%

DON vs. VOE - Expense Ratio Comparison

DON has a 0.38% expense ratio, which is higher than VOE's 0.05% expense ratio.

Dividends

DON vs. VOE - Dividend Comparison

DON's dividend yield for the trailing twelve months is around 2.30%, more than VOE's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DON WisdomTree US MidCap Dividend ETF	2.30%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%
VOE Vanguard Mid-Cap Value ETF	1.82%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both DON and VOE in my portfolio?

With a correlation of 0.92, DON and VOE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DON or VOE?

DON has higher volatility (3.14%) compared to VOE (2.70%). In terms of maximum drawdown, DON dropped -61.94% vs VOE's -61.50%.

Which ETF is better, DON or VOE?

On 10-year performance, VOE leads with 10.86% vs 9.42% for DON. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DON or VOE?

Over the 10-year period, VOE has performed better with a 10.86% return vs 9.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DON or VOE?

VOE is cheaper with a 0.05% expense ratio, compared with 0.38% for DON.

Which ETF pays a higher dividend yield, DON or VOE?

DON has the higher dividend yield at 2.30%, compared with 1.82% for VOE.

What is the main difference between DON and VOE?

DON tracks WisdomTree U.S. MidCap Dividend Index, while VOE tracks CRSP US Mid Cap Value Index. They also come from different issuers: WisdomTree and Vanguard. Their fees differ too: 0.38% for DON and 0.05% for VOE.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.20 vs 1.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.