EUSA vs. VO

Last updated Jun 5, 2026

EUSA (iShares MSCI USA Equal Weighted ETF) and VO (Vanguard Mid-Cap ETF) are both Mid Cap Blend Equities funds - EUSA tracks the MSCI USA Equal Weighted Index while VO tracks the CRSP US Mid Cap Index. Both are passively managed. Over the past 10 years, EUSA returned 11.57%/yr vs 11.58%/yr for VO. Their correlation of 0.86 suggests significant overlap in exposure. EUSA charges 0.09%/yr vs 0.03%/yr for VO.

Performance

EUSA vs. VO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Equal Weighted ETF (EUSA) and Vanguard Mid-Cap ETF (VO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUSA achieves a 10.04% return, which is significantly lower than VO's 10.92% return. Both investments have delivered pretty close results over the past 10 years, with EUSA having a 11.57% annualized return and VO not far ahead at 11.58%.

EUSA

• 1D: 0.81%
• 1M: 3.88%
• YTD: 10.04%
• 6M: 10.00%
• 1Y: 19.17%
• 3Y*: 16.37%
• 5Y*: 7.90%
• 10Y*: 11.57%

VO

• 1D: 0.79%
• 1M: 3.19%
• YTD: 10.92%
• 6M: 10.35%
• 1Y: 19.49%
• 3Y*: 17.10%
• 5Y*: 8.04%
• 10Y*: 11.58%

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

EUSA vs. VO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUSA iShares MSCI USA Equal Weighted ETF	10.04%	10.24%	14.64%	17.72%	-17.13%	25.60%	15.03%	30.56%	-8.58%	19.02%
VO Vanguard Mid-Cap ETF	10.92%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%

Correlation

The correlation between EUSA and VO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 10, 2010	0.86

The correlation between EUSA and VO shifts across timeframes, from 0.86 (all time) to 0.99 (5 years), reflecting how their relationship changes across market environments.

EUSA vs. VO - Sectors Allocation Comparison

Sectors	EUSA	VO
Technology	21.3%	18.6%
Industrials	14.7%	17.9%
Financial Services	14.4%	12.8%
Healthcare	10.1%	7.6%
Consumer Cyclical	9.7%	8.6%
Utilities	5.6%	8.3%
Real Estate	5.5%	5.4%
Consumer Defensive	5.2%	4.8%
Communication Services	4.8%	3.1%
Energy	4.6%	8.5%
Basic Materials	4.1%	4.2%

Return for Risk

EUSA vs. VO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EUSA

EUSA Risk / Return Rank: 50
EUSA Sharpe Ratio Rank: 48
EUSA Sortino Ratio Rank: 49
EUSA Omega Ratio Rank: 46
EUSA Calmar Ratio Rank: 51
EUSA Martin Ratio Rank: 57

VO

VO Risk / Return Rank: 48
VO Sharpe Ratio Rank: 46
VO Sortino Ratio Rank: 47
VO Omega Ratio Rank: 45
VO Calmar Ratio Rank: 49
VO Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EUSA vs. VO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Equal Weighted ETF (EUSA) and Vanguard Mid-Cap ETF (VO). 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.

	EUSA	VO	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.59	+0.04
Sortino ratio: Return per unit of downside risk	2.36	2.28	+0.08
Omega ratio: Gain probability vs. loss probability	1.28	1.28	+0.01
Calmar ratio: Return relative to maximum drawdown	2.46	2.40	+0.06
Martin ratio: Return relative to average drawdown	9.76	9.13	+0.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUSA vs. VO - Sharpe Ratio Comparison

The current EUSA Sharpe Ratio is 1.63, which is comparable to the VO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of EUSA and VO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EUSA	VO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.59	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.46	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.61	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.50	+0.20

Drawdowns

EUSA vs. VO - Drawdown Comparison

The maximum EUSA drawdown since its inception was -39.16%, smaller than the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for EUSA and VO.

Drawdown Indicators

	EUSA	VO	Difference
Max Drawdown Largest peak-to-trough decline	-39.16%	-58.87%	+19.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-8.17%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.20%	-19.02%	+0.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.24%	-27.57%	+2.33%
Max Drawdown (10Y) Largest decline over 10 years	-39.16%	-39.37%	+0.21%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.59%	-7.86%	+3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.14%	-0.17%

Volatility

EUSA vs. VO - Volatility Comparison

iShares MSCI USA Equal Weighted ETF (EUSA) and Vanguard Mid-Cap ETF (VO) have volatilities of 2.93% and 2.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUSA	VO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	2.99%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	9.24%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	12.33%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	17.60%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.34%	18.94%	-0.60%

EUSA vs. VO - Expense Ratio Comparison

EUSA has a 0.09% expense ratio, which is higher than VO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EUSA vs. VO - Dividend Comparison

EUSA's dividend yield for the trailing twelve months is around 1.51%, more than VO's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EUSA iShares MSCI USA Equal Weighted ETF	1.51%	1.63%	1.47%	1.53%	1.73%	1.23%	1.45%	1.49%	2.01%	1.50%	1.59%	2.21%
VO Vanguard Mid-Cap ETF	1.35%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both EUSA and VO in my portfolio?

With a correlation of 0.97, EUSA and VO 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, EUSA or VO?

VO has higher volatility (2.99%) compared to EUSA (2.93%). In terms of maximum drawdown, EUSA dropped -39.16% vs VO's -58.87%.

Which ETF is better, EUSA or VO?

On 10-year performance, VO leads with 11.58% vs 11.57% for EUSA. On fees, VO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUSA or VO?

Over the 10-year period, VO has performed better with a 11.58% return vs 11.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUSA or VO?

VO is cheaper with a 0.03% expense ratio, compared with 0.09% for EUSA.

Which ETF pays a higher dividend yield, EUSA or VO?

EUSA has the higher dividend yield at 1.51%, compared with 1.35% for VO.

What is the main difference between EUSA and VO?

EUSA tracks MSCI USA Equal Weighted Index, while VO tracks CRSP US Mid Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.09% for EUSA and 0.03% for VO.

Which has better risk-adjusted returns?

EUSA currently has the higher Sharpe Ratio (1.63 vs 1.59), 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.