IVOV vs. VEVFX

Last updated Jun 4, 2026

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and VEVFX (Vanguard Explorer Value Fund) are both funds - IVOV is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index, while VEVFX is a Small Cap Value Equities fund managed by Vanguard. Over the past 10 years, IVOV returned 10.41%/yr vs 9.92%/yr for VEVFX. Their correlation of 0.91 suggests significant overlap in exposure. IVOV charges 0.10%/yr vs 0.52%/yr for VEVFX.

Performance

IVOV vs. VEVFX - Performance Comparison

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

Returns By Period

In the year-to-date period, IVOV achieves a 8.98% return, which is significantly lower than VEVFX's 13.54% return. Both investments have delivered pretty close results over the past 10 years, with IVOV having a 10.41% annualized return and VEVFX not far behind at 9.92%.

IVOV

• 1D: -0.30%
• 1M: 1.86%
• YTD: 8.98%
• 6M: 9.21%
• 1Y: 20.80%
• 3Y*: 13.95%
• 5Y*: 7.51%
• 10Y*: 10.41%

VEVFX

• 1D: 0.78%
• 1M: 2.35%
• YTD: 13.54%
• 6M: 14.83%
• 1Y: 30.44%
• 3Y*: 16.31%
• 5Y*: 6.95%
• 10Y*: 9.92%

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

IVOV vs. VEVFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOV Vanguard S&P Mid-Cap 400 Value ETF	8.98%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-12.13%	12.22%
VEVFX Vanguard Explorer Value Fund	13.54%	7.40%	13.81%	15.29%	-14.11%	28.14%	3.29%	26.92%	-13.03%	12.43%

Correlation

The correlation between IVOV and VEVFX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.91

The correlation between IVOV and VEVFX has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.

IVOV vs. VEVFX - Sectors Allocation Comparison

Sectors	IVOV	VEVFX
Financial Services	21.9%	22.5%
Industrials	18.8%	16.6%
Consumer Cyclical	13.5%	16.0%
Real Estate	9.6%	7.9%
Technology	9.2%	9.9%
Energy	7.4%	4.3%
Basic Materials	6.0%	3.3%
Consumer Defensive	5.5%	4.7%
Utilities	4.2%	3.4%
Healthcare	3.5%	7.5%
Communication Services	0.5%	4.1%

Return for Risk

IVOV vs. VEVFX — Risk / Return Rank

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

IVOV

IVOV Risk / Return Rank: 39
IVOV Sharpe Ratio Rank: 38
IVOV Sortino Ratio Rank: 40
IVOV Omega Ratio Rank: 36
IVOV Calmar Ratio Rank: 40
IVOV Martin Ratio Rank: 42

VEVFX

VEVFX Risk / Return Rank: 47
VEVFX Sharpe Ratio Rank: 41
VEVFX Sortino Ratio Rank: 43
VEVFX Omega Ratio Rank: 37
VEVFX Calmar Ratio Rank: 67
VEVFX Martin Ratio Rank: 47

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.

IVOV vs. VEVFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and Vanguard Explorer Value Fund (VEVFX). 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.

	IVOV	VEVFX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.86	-0.48
Sortino ratio: Return per unit of downside risk	2.08	2.74	-0.65
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	1.97	3.17	-1.19
Martin ratio: Return relative to average drawdown	6.80	9.78	-2.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVOV vs. VEVFX - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.37, which is comparable to the VEVFX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of IVOV and VEVFX, 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

	IVOV	VEVFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.86	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.34	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.44	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.50	+0.07

Drawdowns

IVOV vs. VEVFX - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, roughly equal to the maximum VEVFX drawdown of -47.53%. Use the drawdown chart below to compare losses from any high point for IVOV and VEVFX.

Drawdown Indicators

	IVOV	VEVFX	Difference
Max Drawdown Largest peak-to-trough decline	-45.99%	-47.53%	+1.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-10.31%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	-27.32%	+4.71%
Max Drawdown (5Y) Largest decline over 5 years	-22.61%	-27.32%	+4.71%
Max Drawdown (10Y) Largest decline over 10 years	-45.99%	-47.53%	+1.54%
Current Drawdown Current decline from peak	-0.31%	-0.34%	+0.03%
Average Drawdown Average peak-to-trough decline	-5.43%	-6.62%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	3.33%	-0.26%

Volatility

IVOV vs. VEVFX - Volatility Comparison

The current volatility for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) is 4.07%, while Vanguard Explorer Value Fund (VEVFX) has a volatility of 4.67%. This indicates that IVOV experiences smaller price fluctuations and is considered to be less risky than VEVFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVOV	VEVFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	4.67%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	11.97%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	17.59%	-2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.48%	20.71%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	22.49%	-0.76%

IVOV vs. VEVFX - Expense Ratio Comparison

IVOV has a 0.10% expense ratio, which is lower than VEVFX's 0.52% expense ratio.

Dividends

IVOV vs. VEVFX - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.67%, less than VEVFX's 9.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.67%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%
VEVFX Vanguard Explorer Value Fund	9.04%	10.26%	14.55%	2.49%	3.85%	3.83%	0.86%	1.47%	8.92%	3.00%	2.26%	6.31%

Frequently Asked Questions

Can I hold both IVOV and VEVFX in my portfolio?

With a correlation of 0.96, IVOV and VEVFX 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, IVOV or VEVFX?

VEVFX has higher volatility (4.67%) compared to IVOV (4.07%). In terms of maximum drawdown, IVOV dropped -45.99% vs VEVFX's -47.53%.

Which has better risk-adjusted returns?

VEVFX currently has the higher Sharpe Ratio (1.86 vs 1.37), 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.