PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VIOO vs. VIOV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIOO vs. VIOV

Last updated Jun 23, 2026

VIOO (Vanguard S&P Small-Cap 600 ETF) and VIOV (Vanguard S&P Small-Cap 600 Value ETF) are both exchange-traded funds - VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Both are passively managed. Over the past 10 years, VIOO returned 11.35%/yr vs 10.69%/yr for VIOV. Their correlation of 0.93 suggests significant overlap in exposure. VIOO charges 0.07%/yr vs 0.10%/yr for VIOV.

Performance

VIOO vs. VIOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 ETF (VIOO) and Vanguard S&P Small-Cap 600 Value ETF (VIOV). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VIOO achieves a 19.73% return, which is significantly higher than VIOV's 17.84% return. Over the past 10 years, VIOO has outperformed VIOV with an annualized return of 11.35%, while VIOV has yielded a comparatively lower 10.69% annualized return.

VIOO

1D
0.05%
1M
4.59%
YTD
19.73%
6M
16.79%
1Y
36.99%
3Y*
16.33%
5Y*
6.65%
10Y*
11.35%

VIOV

1D
-0.11%
1M
3.21%
YTD
17.84%
6M
15.63%
1Y
39.61%
3Y*
15.67%
5Y*
6.67%
10Y*
10.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIOO vs. VIOV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIOO
Vanguard S&P Small-Cap 600 ETF		19.73%6.04%8.48%16.16%-16.26%26.79%11.47%22.68%-8.65%13.16%
VIOV
Vanguard S&P Small-Cap 600 Value ETF		17.84%6.63%7.44%15.36%-11.37%30.67%2.81%24.44%-12.85%11.54%

Correlation

The correlation between VIOO and VIOV is 0.97 - 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

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.98

Correlation (10Y)
Calculated over the trailing 10-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.93

The correlation between VIOO and VIOV has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

VIOO vs. VIOV - Sectors Allocation Comparison

Sectors
VIOO
VIOV

Financial Services

16.9%
19.5%

Industrials

15.5%
11.6%

Technology

15.5%
13.5%

Consumer Cyclical

13.4%
15.4%

Healthcare

11.0%
7.3%

Real Estate

7.7%
8.6%

Energy

5.9%
7.0%

Basic Materials

5.1%
6.7%

Communication Services

3.6%
4.4%

Consumer Defensive

3.5%
3.9%

Utilities

2.0%
2.1%

Financial Services

VIOO
16.9%
VIOV
19.5%

Industrials

VIOO
15.5%
VIOV
11.6%

Technology

VIOO
15.5%
VIOV
13.5%

Consumer Cyclical

VIOO
13.4%
VIOV
15.4%

Healthcare

VIOO
11.0%
VIOV
7.3%

Real Estate

VIOO
7.7%
VIOV
8.6%

Energy

VIOO
5.9%
VIOV
7.0%

Basic Materials

VIOO
5.1%
VIOV
6.7%

Communication Services

VIOO
3.6%
VIOV
4.4%

Consumer Defensive

VIOO
3.5%
VIOV
3.9%

Utilities

VIOO
2.0%
VIOV
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard S&P Small-Cap 600 ETF

Vanguard S&P Small-Cap 600 Value ETF

Often compared with VIOO:
VIOO vs. VBVIOO vs. IJRVIOO vs. VOVIOO vs. AVUVVIOO vs. VTWOVIOO vs. VIOGVIOO vs. SPSM
Often compared with VIOV:
VIOV vs. AVUVVIOV vs. VBRVIOV vs. VIOGVIOV vs. IJSVIOV vs. VSIAXVIOV vs. SLYVVIOV vs. VTWV

Return for Risk

VIOO vs. VIOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIOO
VIOO Risk / Return Rank: 7171
Overall Rank
VIOO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
VIOO Sortino Ratio Rank: 6969
Sortino Ratio Rank
VIOO Omega Ratio Rank: 6060
Omega Ratio Rank
VIOO Calmar Ratio Rank: 8383
Calmar Ratio Rank
VIOO Martin Ratio Rank: 7777
Martin Ratio Rank
VIOV
VIOV Risk / Return Rank: 7272
Overall Rank
VIOV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VIOV Sortino Ratio Rank: 7171
Sortino Ratio Rank
VIOV Omega Ratio Rank: 6363
Omega Ratio Rank
VIOV Calmar Ratio Rank: 8383
Calmar Ratio Rank
VIOV Martin Ratio Rank: 7676
Martin Ratio Rank
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.

VIOO vs. VIOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 ETF (VIOO) and Vanguard S&P Small-Cap 600 Value ETF (VIOV). 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.

VIOOVIOVDifference
Sharpe ratioReturn per unit of total volatility
2.09
2.16

-0.07

Sortino ratioReturn per unit of downside risk
3.00
3.07

-0.07

Omega ratioGain probability vs. loss probability

1.36

1.37

-0.01

Calmar ratioReturn relative to maximum drawdown

4.24

4.27

-0.03

Martin ratioReturn relative to average drawdown

14.31

13.99

+0.32

VIOO vs. VIOV - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 2.09, which is comparable to the VIOV Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VIOO and VIOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

VIOO vs. VIOV - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, smaller than the maximum VIOV drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for VIOO and VIOV.

Loading charts...

Drawdown Indicators

VIOOVIOVDifference

Max Drawdown

Largest peak-to-trough decline

-44.15%

-47.36%

+3.21%

Max Drawdown (1Y)

Largest decline over 1 year

-8.77%

-9.33%

+0.56%

Max Drawdown (3Y)

Largest decline over 3 years

-27.93%

-28.44%

+0.51%

Max Drawdown (5Y)

Largest decline over 5 years

-27.93%

-28.44%

+0.51%

Max Drawdown (10Y)

Largest decline over 10 years

-44.15%

-47.36%

+3.21%

Current Drawdown

Current decline from peak

-0.12%

-1.32%

+1.20%

Average Drawdown

Average peak-to-trough decline

-7.31%

-7.36%

+0.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

2.84%

-0.25%

Volatility

VIOO vs. VIOV - Volatility Comparison

Vanguard S&P Small-Cap 600 ETF (VIOO) and Vanguard S&P Small-Cap 600 Value ETF (VIOV) have volatilities of 4.93% and 4.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VIOOVIOVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.93%

4.73%

+0.20%

Volatility (6M)

Calculated over the trailing 6-month period

12.10%

11.81%

+0.29%

Volatility (1Y)

Calculated over the trailing 1-year period

17.80%

18.48%

-0.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.40%

21.90%

-0.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.01%

23.91%

-0.90%

VIOO vs. VIOV - Expense Ratio Comparison

VIOO has a 0.07% expense ratio, which is lower than VIOV's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VIOO vs. VIOV - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.13%, less than VIOV's 1.56% yield.

PositionTTM20252024202320222021202020192018201720162015
VIOO
Vanguard S&P Small-Cap 600 ETF		1.13%1.36%1.48%1.47%1.51%1.16%1.09%1.37%1.32%1.11%1.06%1.26%
VIOV
Vanguard S&P Small-Cap 600 Value ETF		1.56%1.69%1.78%2.18%1.81%1.59%1.42%1.60%1.76%1.43%1.17%1.32%

Frequently Asked Questions

With a correlation of 0.97, VIOO and VIOV 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.

VIOO has higher volatility (4.93%) compared to VIOV (4.73%). In terms of maximum drawdown, VIOO dropped -44.15% vs VIOV's -47.36%.

On 10-year performance, VIOO leads with 11.35% vs 10.69% for VIOV. On fees, VIOO is cheaper at 0.07% per year. On volatility, VIOV has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VIOO has performed better with a 11.35% return vs 10.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VIOO is cheaper with a 0.07% expense ratio, compared with 0.10% for VIOV.

VIOV has the higher dividend yield at 1.56%, compared with 1.13% for VIOO.

VIOO is categorized as Small Cap Blend Equities, while VIOV is Small Cap Value Equities. VIOO tracks S&P SmallCap 600 Index, while VIOV tracks S&P SmallCap 600 Value Index. Their fees differ too: 0.07% for VIOO and 0.10% for VIOV.

VIOV currently has the higher Sharpe Ratio (2.16 vs 2.09), 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.

Portfolio Optimizer

Find the right allocation for VIOO and VIOV

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer