VBR vs. VOE

Last updated Aug 2, 2026

VBR (Vanguard Small-Cap Value ETF) and VOE (Vanguard Mid-Cap Value ETF) are both exchange-traded funds - VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value 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, VBR returned 10.75%/yr vs 10.86%/yr for VOE. Their correlation of 0.95 means they have usually moved in the same direction. Both charge a 0.05% expense ratio.

Performance

VBR vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value ETF (VBR) and Vanguard Mid-Cap Value ETF (VOE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VBR having a 16.70% return and VOE slightly lower at 16.60%. Both investments have delivered pretty close results over the past 10 years, with VBR having a 10.75% annualized return and VOE not far ahead at 10.86%.

VBR

• 1D: -0.20%
• 1M: 0.58%
• 6M: 10.78%
• YTD: 16.70%
• 1Y: 27.67%
• 3Y*: 14.39%
• 5Y*: 9.74%
• 10Y*: 10.75%
• ALL TIME*: 9.66%

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)
VBR Vanguard Small-Cap Value ETF	$56.96M	$55.85M	$67.93M
VOE Vanguard Mid-Cap Value ETF	$50.20M	$55.46M	$54.15M

VBR vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBR Vanguard Small-Cap Value ETF	16.70%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%
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 VBR and VOE is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.95

The correlation between VBR and VOE has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

VBR vs. VOE - Sectors Allocation Comparison

Sectors	VBR	VOE
Financial Services	17.5%	18.7%
Industrials	17.3%	13.8%
Consumer Cyclical	13.6%	5.9%
Real Estate	11.1%	5.8%
Technology	10.9%	8.1%
Healthcare	8.4%	7.2%
Basic Materials	5.3%	6.7%
Utilities	4.9%	12.6%
Energy	4.3%	11.7%
Consumer Defensive	4.2%	7.6%
Communication Services	2.4%	1.5%

Return for Risk

VBR vs. VOE — Risk / Return Rank

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

VBR

VBR Risk / Return Rank: 79
VBR Sharpe Ratio Rank: 77
VBR Sortino Ratio Rank: 80
VBR Omega Ratio Rank: 75
VBR Calmar Ratio Rank: 81
VBR Martin Ratio Rank: 82

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.

VBR vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value ETF (VBR) 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.

	VBR	VOE	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.20	-0.45
Sortino ratio: Return per unit of downside risk	2.58	3.17	-0.59
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	2.93	3.60	-0.67
Martin ratio: Return relative to average drawdown	10.70	13.97	-3.26

VBR vs. VOE - Sharpe Ratio Comparison

The current VBR Sharpe Ratio is 1.75, which is comparable to the VOE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of VBR 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

VBR vs. VOE - Drawdown Comparison

The maximum VBR drawdown since its inception was -61.98%, roughly equal to the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for VBR and VOE.

Drawdown Indicators

	VBR	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-61.98%	-61.50%	-0.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-6.93%	-1.92%
Max Drawdown (3Y) Largest decline over 3 years	-24.19%	-18.45%	-5.74%
Max Drawdown (5Y) Largest decline over 5 years	-24.19%	-19.70%	-4.49%
Max Drawdown (10Y) Largest decline over 10 years	-45.28%	-43.18%	-2.10%
Current Drawdown Current decline from peak	-1.40%	-1.31%	-0.09%
Average Drawdown Average peak-to-trough decline	-8.21%	-8.29%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	1.79%	+0.63%

Volatility

VBR vs. VOE - Volatility Comparison

Vanguard Small-Cap Value ETF (VBR) has a higher volatility of 3.36% compared to Vanguard Mid-Cap Value ETF (VOE) at 2.70%. This indicates that VBR'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

	VBR	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	2.70%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	8.10%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	14.90%	11.36%	+3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	15.89%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.66%	18.73%	+2.93%

VBR vs. VOE - Expense Ratio Comparison

Both VBR and VOE have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VBR vs. VOE - Dividend Comparison

VBR's dividend yield for the trailing twelve months is around 1.77%, less than VOE's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBR Vanguard Small-Cap Value ETF	1.77%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%
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 VBR and VOE in my portfolio?

VBR and VOE have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBR or VOE?

VBR has higher volatility (3.36%) compared to VOE (2.70%). In terms of maximum drawdown, VBR dropped -61.98% vs VOE's -61.50%.

Which ETF is better, VBR or VOE?

On 10-year performance, VOE leads with 10.86% vs 10.75% for VBR. Both ETFs have the same 0.05% expense ratio. 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, VBR or VOE?

Over the 10-year period, VOE has performed better with a 10.86% return vs 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBR or VOE?

VBR and VOE have the same expense ratio: 0.05% per year.

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

VOE has the higher dividend yield at 1.82%, compared with 1.77% for VBR.

What is the main difference between VBR and VOE?

VBR is categorized as Small Cap Value Equities, while VOE is Mid Cap Value Equities. VBR tracks CRSP US Small Cap Value Index, while VOE tracks CRSP US Mid Cap Value Index.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.20 vs 1.75), 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.