MDPL vs. VOE

Last updated Jun 6, 2026

MDPL (Monarch Dividend Plus ETF) and VOE (Vanguard Mid-Cap Value ETF) are both Mid Cap Value Equities funds - MDPL tracks the Monarch Dividend Plus Index while VOE tracks the CRSP US Mid Cap Value Index. Both are passively managed. Over the past year, MDPL returned 4.86% vs 23.68% for VOE. A 0.78 correlation means they provide meaningful diversification when combined. MDPL charges 1.24%/yr vs 0.05%/yr for VOE.

Performance

MDPL vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Monarch Dividend Plus ETF (MDPL) 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, MDPL achieves a -1.68% return, which is significantly lower than VOE's 10.76% return.

MDPL

• 1D: -0.15%
• 1M: 0.11%
• YTD: -1.68%
• 6M: -0.85%
• 1Y: 4.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOE

• 1D: -0.90%
• 1M: 0.77%
• YTD: 10.76%
• 6M: 11.37%
• 1Y: 23.68%
• 3Y*: 16.27%
• 5Y*: 8.45%
• 10Y*: 10.44%

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

MDPL vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MDPL Monarch Dividend Plus ETF	-1.68%	7.57%	0.33%
VOE Vanguard Mid-Cap Value ETF	10.76%	12.08%	9.01%

Correlation

The correlation between MDPL and VOE is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.78

The correlation between MDPL and VOE has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

Return for Risk

MDPL vs. VOE — Risk / Return Rank

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

MDPL

MDPL Risk / Return Rank: 14
MDPL Sharpe Ratio Rank: 14
MDPL Sortino Ratio Rank: 14
MDPL Omega Ratio Rank: 14
MDPL Calmar Ratio Rank: 15
MDPL Martin Ratio Rank: 14

VOE

VOE Risk / Return Rank: 66
VOE Sharpe Ratio Rank: 64
VOE Sortino Ratio Rank: 66
VOE Omega Ratio Rank: 60
VOE Calmar Ratio Rank: 70
VOE Martin Ratio Rank: 71

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.

MDPL vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Monarch Dividend Plus ETF (MDPL) 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.

	MDPL	VOE	Difference
Sharpe ratio: Return per unit of total volatility	0.32	2.07	-1.75
Sortino ratio: Return per unit of downside risk	0.59	2.97	-2.39
Omega ratio: Gain probability vs. loss probability	1.06	1.36	-0.30
Calmar ratio: Return relative to maximum drawdown	0.47	3.43	-2.96
Martin ratio: Return relative to average drawdown	1.01	13.02	-12.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDPL vs. VOE - Sharpe Ratio Comparison

The current MDPL Sharpe Ratio is 0.32, which is lower than the VOE Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of MDPL 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.

Sharpe Ratios by Period

	MDPL	VOE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	2.07	-1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.44	-0.26

Drawdowns

MDPL vs. VOE - Drawdown Comparison

The maximum MDPL drawdown since its inception was -14.21%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for MDPL and VOE.

Drawdown Indicators

	MDPL	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-14.21%	-61.50%	+47.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-6.93%	-3.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.18%	—
Current Drawdown Current decline from peak	-6.21%	-0.90%	-5.31%
Average Drawdown Average peak-to-trough decline	-4.38%	-8.35%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.83%	1.82%	+3.01%

Volatility

MDPL vs. VOE - Volatility Comparison

Monarch Dividend Plus ETF (MDPL) has a higher volatility of 4.59% compared to Vanguard Mid-Cap Value ETF (VOE) at 2.86%. This indicates that MDPL'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

	MDPL	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	2.86%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	10.97%	8.19%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	11.50%	+3.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	16.04%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.15%	18.83%	-3.68%

MDPL vs. VOE - Expense Ratio Comparison

MDPL has a 1.24% expense ratio, which is higher than VOE's 0.05% expense ratio.

Dividends

MDPL vs. VOE - Dividend Comparison

MDPL's dividend yield for the trailing twelve months is around 1.31%, less than VOE's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDPL Monarch Dividend Plus ETF	1.31%	1.42%	1.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOE Vanguard Mid-Cap Value ETF	1.88%	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 MDPL and VOE in my portfolio?

MDPL and VOE have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDPL or VOE?

MDPL has higher volatility (4.59%) compared to VOE (2.86%). In terms of maximum drawdown, MDPL dropped -14.21% vs VOE's -61.50%.

Which ETF is better, MDPL or VOE?

On 1-year performance, VOE leads with 23.68% vs 4.86% for MDPL. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDPL or VOE?

Over the 1-year period, VOE has performed better with a 23.68% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDPL or VOE?

VOE is cheaper with a 0.05% expense ratio, compared with 1.24% for MDPL.

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

VOE has the higher dividend yield at 1.88%, compared with 1.31% for MDPL.

What is the main difference between MDPL and VOE?

MDPL tracks Monarch Dividend Plus Index, while VOE tracks CRSP US Mid Cap Value Index. They also come from different issuers: Monarch and Vanguard. Their fees differ too: 1.24% for MDPL and 0.05% for VOE.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.07 vs 0.32), 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.