JHMM vs. VOE

Last updated Aug 2, 2026

JHMM (John Hancock Multifactor Mid Cap ETF) and VOE (Vanguard Mid-Cap Value ETF) are both exchange-traded funds - JHMM is a Mid Cap Growth Equities fund tracking the John Hancock Dimensional Mid Cap Index, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, JHMM returned 11.70%/yr vs 10.86%/yr for VOE. Their correlation of 0.93 means they have usually moved in the same direction. JHMM charges 0.42%/yr vs 0.05%/yr for VOE.

Performance

JHMM vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Multifactor Mid Cap ETF (JHMM) 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, JHMM achieves a 13.54% return, which is significantly lower than VOE's 16.60% return. Over the past 10 years, JHMM has outperformed VOE with an annualized return of 11.70%, while VOE has yielded a comparatively lower 10.86% annualized return.

JHMM

• 1D: -0.01%
• 1M: -0.44%
• 6M: 8.72%
• YTD: 13.54%
• 1Y: 21.81%
• 3Y*: 14.22%
• 5Y*: 8.30%
• 10Y*: 11.70%
• ALL TIME*: 12.03%

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)
JHMM John Hancock Multifactor Mid Cap ETF	$16.53M	$15.46M	$17.20M
VOE Vanguard Mid-Cap Value ETF	$50.20M	$55.46M	$54.15M

JHMM vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JHMM John Hancock Multifactor Mid Cap ETF	13.54%	10.73%	14.61%	14.53%	-15.30%	24.54%	16.22%	30.01%	-9.57%	19.96%
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 JHMM and VOE is 0.85, 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.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 29, 2015	0.93

The correlation between JHMM and VOE has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

JHMM vs. VOE - Sectors Allocation Comparison

Sectors	JHMM	VOE
Financial Services	20.1%	18.7%
Technology	18.1%	8.1%
Industrials	16.4%	13.8%
Healthcare	8.5%	7.2%
Consumer Cyclical	8.3%	5.9%
Real Estate	8.1%	5.8%
Basic Materials	7.4%	6.7%
Consumer Defensive	6.1%	7.6%
Utilities	3.7%	12.6%
Energy	1.8%	11.7%
Communication Services	1.0%	1.5%

Return for Risk

JHMM vs. VOE — Risk / Return Rank

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

JHMM

JHMM Risk / Return Rank: 64
JHMM Sharpe Ratio Rank: 60
JHMM Sortino Ratio Rank: 61
JHMM Omega Ratio Rank: 57
JHMM Calmar Ratio Rank: 67
JHMM Martin Ratio Rank: 73

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.

JHMM vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Multifactor Mid Cap ETF (JHMM) 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.

	JHMM	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.20	-0.79
Sortino ratio: Return per unit of downside risk	2.06	3.17	-1.11
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.14
Calmar ratio: Return relative to maximum drawdown	2.34	3.60	-1.27
Martin ratio: Return relative to average drawdown	8.99	13.97	-4.98

JHMM vs. VOE - Sharpe Ratio Comparison

The current JHMM Sharpe Ratio is 1.41, which is lower than the VOE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of JHMM 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

JHMM vs. VOE - Drawdown Comparison

The maximum JHMM drawdown since its inception was -40.71%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for JHMM and VOE.

Drawdown Indicators

	JHMM	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-40.71%	-61.50%	+20.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.64%	-6.93%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-21.88%	-18.45%	-3.43%
Max Drawdown (5Y) Largest decline over 5 years	-24.10%	-19.70%	-4.40%
Max Drawdown (10Y) Largest decline over 10 years	-40.71%	-43.18%	+2.47%
Current Drawdown Current decline from peak	-1.20%	-1.31%	+0.11%
Average Drawdown Average peak-to-trough decline	-5.37%	-8.29%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.79%	+0.45%

Volatility

JHMM vs. VOE - Volatility Comparison

John Hancock Multifactor Mid Cap ETF (JHMM) has a higher volatility of 2.93% compared to Vanguard Mid-Cap Value ETF (VOE) at 2.70%. This indicates that JHMM'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

	JHMM	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	2.70%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	10.62%	8.10%	+2.52%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	11.36%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	15.89%	+2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.54%	18.73%	+0.81%

JHMM vs. VOE - Expense Ratio Comparison

JHMM has a 0.42% expense ratio, which is higher than VOE's 0.05% expense ratio.

Dividends

JHMM vs. VOE - Dividend Comparison

JHMM's dividend yield for the trailing twelve months is around 0.89%, less than VOE's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHMM John Hancock Multifactor Mid Cap ETF	0.89%	0.98%	1.01%	1.17%	1.16%	0.72%	1.04%	1.02%	1.36%	0.90%	1.15%	0.33%
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 JHMM and VOE in my portfolio?

JHMM and VOE have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHMM or VOE?

JHMM has higher volatility (2.93%) compared to VOE (2.70%). In terms of maximum drawdown, JHMM dropped -40.71% vs VOE's -61.50%.

Which ETF is better, JHMM or VOE?

On 10-year performance, JHMM leads with 11.70% vs 10.86% for VOE. 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, JHMM or VOE?

Over the 10-year period, JHMM has performed better with a 11.70% return vs 10.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHMM or VOE?

VOE is cheaper with a 0.05% expense ratio, compared with 0.42% for JHMM.

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

VOE has the higher dividend yield at 1.82%, compared with 0.89% for JHMM.

What is the main difference between JHMM and VOE?

JHMM is categorized as Mid Cap Growth Equities, while VOE is Mid Cap Value Equities. JHMM tracks John Hancock Dimensional Mid Cap Index, while VOE tracks CRSP US Mid Cap Value Index. They also come from different issuers: Manulife and Vanguard. Their fees differ too: 0.42% for JHMM and 0.05% for VOE.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.20 vs 1.41), 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.