IVOO vs. VOO

Last updated Aug 2, 2026

IVOO (Vanguard S&P Mid-Cap 400 ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - IVOO is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, IVOO returned 10.98%/yr vs 15.14%/yr for VOO. Their correlation of 0.85 means they have usually moved in the same direction. IVOO charges 0.07%/yr vs 0.03%/yr for VOO.

Performance

IVOO vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 ETF (IVOO) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVOO achieves a 14.58% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, IVOO has underperformed VOO with an annualized return of 10.98%, while VOO has yielded a comparatively higher 15.14% annualized return.

IVOO

• 1D: -0.08%
• 1M: -1.02%
• 6M: 10.08%
• YTD: 14.58%
• 1Y: 22.85%
• 3Y*: 12.98%
• 5Y*: 8.41%
• 10Y*: 10.98%
• ALL TIME*: 12.19%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
IVOO Vanguard S&P Mid-Cap 400 ETF	$9.28M	$9.17M	$9.84M
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

IVOO vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOO Vanguard S&P Mid-Cap 400 ETF	14.58%	7.47%	13.77%	16.45%	-13.17%	24.61%	13.61%	26.18%	-11.33%	16.38%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between IVOO and VOO is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.85

The correlation between IVOO and VOO shifts across timeframes, from 0.75 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

IVOO vs. VOO - Sectors Allocation Comparison

Sectors	IVOO	VOO
Industrials	25.4%	8.5%
Technology	17.4%	38.6%
Financial Services	13.8%	11.4%
Consumer Cyclical	10.5%	9.5%
Healthcare	8.9%	8.9%
Real Estate	7.2%	1.8%
Basic Materials	4.8%	1.7%
Energy	4.6%	3.0%
Consumer Defensive	3.2%	4.5%
Utilities	2.8%	2.2%
Communication Services	1.5%	9.9%

Return for Risk

IVOO vs. VOO — Risk / Return Rank

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

IVOO

IVOO Risk / Return Rank: 62
IVOO Sharpe Ratio Rank: 57
IVOO Sortino Ratio Rank: 60
IVOO Omega Ratio Rank: 55
IVOO Calmar Ratio Rank: 70
IVOO Martin Ratio Rank: 71

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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.

IVOO vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 ETF (IVOO) and Vanguard S&P 500 ETF (VOO). 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.

	IVOO	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.53	-0.19
Sortino ratio: Return per unit of downside risk	2.01	2.13	-0.12
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.03
Calmar ratio: Return relative to maximum drawdown	2.40	2.21	+0.19
Martin ratio: Return relative to average drawdown	8.72	9.44	-0.71

IVOO vs. VOO - Sharpe Ratio Comparison

The current IVOO Sharpe Ratio is 1.35, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of IVOO and VOO, 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

IVOO vs. VOO - Drawdown Comparison

The maximum IVOO drawdown since its inception was -42.33%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for IVOO and VOO.

Drawdown Indicators

	IVOO	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-42.33%	-33.99%	-8.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-8.90%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-24.22%	-18.69%	-5.53%
Max Drawdown (5Y) Largest decline over 5 years	-24.22%	-24.52%	+0.30%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-33.99%	-8.34%
Current Drawdown Current decline from peak	-2.33%	-1.38%	-0.95%
Average Drawdown Average peak-to-trough decline	-5.23%	-3.67%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.08%	+0.34%

Volatility

IVOO vs. VOO - Volatility Comparison

Vanguard S&P Mid-Cap 400 ETF (IVOO) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.43% and 3.54%, 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

	IVOO	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	3.54%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	10.10%	+1.53%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	12.82%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	16.93%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	18.01%	+3.14%

IVOO vs. VOO - Expense Ratio Comparison

IVOO has a 0.07% expense ratio, which is higher than VOO'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

IVOO vs. VOO - Dividend Comparison

IVOO's dividend yield for the trailing twelve months is around 1.18%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOO Vanguard S&P Mid-Cap 400 ETF	1.18%	1.35%	1.30%	1.25%	1.58%	1.14%	1.23%	1.49%	1.56%	1.22%	1.37%	1.45%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both IVOO and VOO in my portfolio?

IVOO and VOO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVOO or VOO?

VOO has higher volatility (3.54%) compared to IVOO (3.43%). In terms of maximum drawdown, IVOO dropped -42.33% vs VOO's -33.99%.

Which ETF is better, IVOO or VOO?

On 10-year performance, VOO leads with 15.14% vs 10.98% for IVOO. On fees, VOO is cheaper at 0.03% per year. On volatility, IVOO has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOO or VOO?

Over the 10-year period, VOO has performed better with a 15.14% return vs 10.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOO or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.07% for IVOO.

Which ETF pays a higher dividend yield, IVOO or VOO?

IVOO has the higher dividend yield at 1.18%, compared with 1.07% for VOO.

What is the main difference between IVOO and VOO?

IVOO is categorized as Mid Cap Blend Equities, while VOO is S&P 500. IVOO tracks S&P MidCap 400 Index, while VOO tracks S&P 500 Index. Their fees differ too: 0.07% for IVOO and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 vs 1.34), 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.