SDY vs. VOE

Last updated Aug 6, 2026

SDY (SPDR S&P Dividend ETF) and VOE (Vanguard Mid-Cap Value ETF) are both Mid Cap Value Equities funds - SDY tracks the S&P High Yield Dividend Aristocrats Index while VOE tracks the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, SDY returned 9.43%/yr vs 10.80%/yr for VOE. Their correlation of 0.92 means they have usually moved in the same direction. SDY charges 0.35%/yr vs 0.05%/yr for VOE.

Performance

SDY vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Dividend ETF (SDY) 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, SDY achieves a 14.35% return, which is significantly lower than VOE's 17.75% return. Over the past 10 years, SDY has underperformed VOE with an annualized return of 9.43%, while VOE has yielded a comparatively higher 10.80% annualized return.

SDY

• 1D: -0.06%
• 1M: 1.40%
• 6M: 4.24%
• YTD: 14.35%
• 1Y: 16.81%
• 3Y*: 10.98%
• 5Y*: 7.73%
• 10Y*: 9.43%
• ALL TIME*: 9.07%

VOE

• 1D: -0.30%
• 1M: 3.35%
• 6M: 10.44%
• YTD: 17.75%
• 1Y: 25.95%
• 3Y*: 16.14%
• 5Y*: 10.09%
• 10Y*: 10.80%
• ALL TIME*: 9.60%

*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)
SDY SPDR S&P Dividend ETF	$32.37M	$30.67M	$33.82M
VOE Vanguard Mid-Cap Value ETF	$59.83M	$55.03M	$55.49M

SDY vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDY SPDR S&P Dividend ETF	14.35%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%
VOE Vanguard Mid-Cap Value ETF	17.75%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between SDY and VOE is 0.86, 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.	0.86
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 Aug 25, 2006	0.92

The correlation between SDY and VOE has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

SDY vs. VOE - Sectors Allocation Comparison

Sectors	SDY	VOE
Industrials	17.5%	13.8%
Consumer Defensive	16.3%	7.6%
Utilities	14.2%	12.6%
Financial Services	12.6%	18.7%
Technology	10.3%	8.1%
Healthcare	7.9%	7.2%
Consumer Cyclical	5.9%	5.9%
Basic Materials	5.8%	6.7%
Real Estate	4.4%	5.8%
Energy	2.8%	11.7%
Communication Services	2.2%	1.5%

Return for Risk

SDY vs. VOE — Risk / Return Rank

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

SDY

SDY Risk / Return Rank: 55
SDY Sharpe Ratio Rank: 57
SDY Sortino Ratio Rank: 64
SDY Omega Ratio Rank: 53
SDY Calmar Ratio Rank: 54
SDY Martin Ratio Rank: 46

VOE

VOE Risk / Return Rank: 87
VOE Sharpe Ratio Rank: 88
VOE Sortino Ratio Rank: 89
VOE Omega Ratio Rank: 86
VOE Calmar Ratio Rank: 87
VOE Martin Ratio Rank: 88

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.

SDY vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Dividend ETF (SDY) 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.

	SDY	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.31	-0.74
Sortino ratio: Return per unit of downside risk	2.41	3.32	-0.91
Omega ratio: Gain probability vs. loss probability	1.27	1.41	-0.14
Calmar ratio: Return relative to maximum drawdown	2.20	3.76	-1.56
Martin ratio: Return relative to average drawdown	5.92	14.58	-8.66

SDY vs. VOE - Sharpe Ratio Comparison

The current SDY Sharpe Ratio is 1.57, which is lower than the VOE Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of SDY 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

SDY vs. VOE - Drawdown Comparison

The maximum SDY drawdown since its inception was -54.75%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for SDY and VOE.

Drawdown Indicators

	SDY	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-54.75%	-61.50%	+6.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-6.93%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-18.45%	+4.06%
Max Drawdown (5Y) Largest decline over 5 years	-15.21%	-19.70%	+4.49%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	-43.18%	+6.48%
Current Drawdown Current decline from peak	-0.98%	-0.34%	-0.64%
Average Drawdown Average peak-to-trough decline	-6.17%	-8.28%	+2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	1.79%	+1.06%

Volatility

SDY vs. VOE - Volatility Comparison

SPDR S&P Dividend ETF (SDY) has a higher volatility of 4.13% compared to Vanguard Mid-Cap Value ETF (VOE) at 2.71%. This indicates that SDY'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

	SDY	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	2.71%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	8.11%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	11.29%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.01%	15.88%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	18.73%	-1.64%

SDY vs. VOE - Expense Ratio Comparison

SDY has a 0.35% expense ratio, which is higher than VOE's 0.05% expense ratio.

Dividends

SDY vs. VOE - Dividend Comparison

SDY's dividend yield for the trailing twelve months is around 2.37%, more than VOE's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SDY SPDR S&P Dividend ETF	2.37%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%
VOE Vanguard Mid-Cap Value ETF	1.80%	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 SDY and VOE in my portfolio?

SDY and VOE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDY or VOE?

SDY has higher volatility (4.13%) compared to VOE (2.71%). In terms of maximum drawdown, SDY dropped -54.75% vs VOE's -61.50%.

Which ETF is better, SDY or VOE?

On 10-year performance, VOE leads with 10.80% vs 9.43% for SDY. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDY or VOE?

Over the 10-year period, VOE has performed better with a 10.80% return vs 9.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDY or VOE?

VOE is cheaper with a 0.05% expense ratio, compared with 0.35% for SDY.

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

SDY has the higher dividend yield at 2.37%, compared with 1.80% for VOE.

What is the main difference between SDY and VOE?

SDY tracks S&P High Yield Dividend Aristocrats Index, while VOE tracks CRSP US Mid Cap Value Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for SDY and 0.05% for VOE.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.31 vs 1.57), 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.