VIOO vs. VONV

Last updated Jun 18, 2026

VIOO (Vanguard S&P Small-Cap 600 ETF) and VONV (Vanguard Russell 1000 Value ETF) are both exchange-traded funds - VIOO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while VONV is a Large Cap Value Equities fund tracking the Russell 1000 Value Index. Both are passively managed. Over the past 10 years, VIOO returned 11.00%/yr vs 11.51%/yr for VONV. Their correlation of 0.84 suggests significant overlap in exposure. VIOO charges 0.07%/yr vs 0.06%/yr for VONV.

Performance

VIOO vs. VONV - 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 Russell 1000 Value ETF (VONV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOO achieves a 17.50% return, which is significantly higher than VONV's 15.09% return. Both investments have delivered pretty close results over the past 10 years, with VIOO having a 11.00% annualized return and VONV not far ahead at 11.51%.

VIOO

• 1D: -1.46%
• 1M: 5.02%
• YTD: 17.50%
• 6M: 15.98%
• 1Y: 34.74%
• 3Y*: 14.35%
• 5Y*: 6.87%
• 10Y*: 11.00%

VONV

• 1D: -1.12%
• 1M: 3.59%
• YTD: 15.09%
• 6M: 16.02%
• 1Y: 29.50%
• 3Y*: 17.64%
• 5Y*: 11.50%
• 10Y*: 11.51%

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

VIOO vs. VONV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOO Vanguard S&P Small-Cap 600 ETF	17.50%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	22.68%	-8.65%	13.16%
VONV Vanguard Russell 1000 Value ETF	15.09%	15.81%	14.28%	11.40%	-7.65%	25.28%	2.71%	26.48%	-8.45%	13.59%

Correlation

The correlation between VIOO and VONV is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.84

The correlation between VIOO and VONV has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

VIOO vs. VONV - Sectors Allocation Comparison

Sectors	VIOO	VONV
Financial Services	16.9%	18.9%
Industrials	15.5%	13.1%
Technology	15.5%	14.9%
Consumer Cyclical	13.4%	7.3%
Healthcare	11.0%	10.9%
Real Estate	7.7%	4.1%
Energy	5.9%	7.0%
Basic Materials	5.1%	3.8%
Communication Services	3.6%	8.5%
Consumer Defensive	3.5%	7.2%
Utilities	2.0%	4.4%

Return for Risk

VIOO vs. VONV — Risk / Return Rank

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

VIOO

VIOO Risk / Return Rank: 69
VIOO Sharpe Ratio Rank: 64
VIOO Sortino Ratio Rank: 67
VIOO Omega Ratio Rank: 58
VIOO Calmar Ratio Rank: 81
VIOO Martin Ratio Rank: 76

VONV

VONV Risk / Return Rank: 87
VONV Sharpe Ratio Rank: 88
VONV Sortino Ratio Rank: 88
VONV Omega Ratio Rank: 85
VONV Calmar Ratio Rank: 86
VONV Martin Ratio Rank: 89

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. VONV - 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 Russell 1000 Value ETF (VONV). 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.

	VIOO	VONV	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.65	-0.67
Sortino ratio: Return per unit of downside risk	2.85	3.70	-0.85
Omega ratio: Gain probability vs. loss probability	1.34	1.48	-0.14
Calmar ratio: Return relative to maximum drawdown	3.98	4.35	-0.37
Martin ratio: Return relative to average drawdown	13.44	18.10	-4.67

VIOO vs. VONV - Sharpe Ratio Comparison

The current VIOO Sharpe Ratio is 1.97, which is comparable to the VONV Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of VIOO and VONV, 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

VIOO vs. VONV - Drawdown Comparison

The maximum VIOO drawdown since its inception was -44.15%, which is greater than VONV's maximum drawdown of -38.21%. Use the drawdown chart below to compare losses from any high point for VIOO and VONV.

Drawdown Indicators

	VIOO	VONV	Difference
Max Drawdown Largest peak-to-trough decline	-44.15%	-38.21%	-5.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.77%	-6.81%	-1.96%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-15.70%	-12.23%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-18.87%	-9.06%
Max Drawdown (10Y) Largest decline over 10 years	-44.15%	-38.21%	-5.94%
Current Drawdown Current decline from peak	-1.98%	-1.43%	-0.55%
Average Drawdown Average peak-to-trough decline	-7.32%	-3.90%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	1.63%	+0.96%

Volatility

VIOO vs. VONV - Volatility Comparison

Vanguard S&P Small-Cap 600 ETF (VIOO) has a higher volatility of 5.13% compared to Vanguard Russell 1000 Value ETF (VONV) at 3.98%. This indicates that VIOO's price experiences larger fluctuations and is considered to be riskier than VONV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOO	VONV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	3.98%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	8.64%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	11.24%	+6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.43%	14.83%	+6.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.01%	17.26%	+5.75%

VIOO vs. VONV - Expense Ratio Comparison

VIOO has a 0.07% expense ratio, which is higher than VONV's 0.06% expense ratio. However, 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. VONV - Dividend Comparison

VIOO's dividend yield for the trailing twelve months is around 1.16%, less than VONV's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOO Vanguard S&P Small-Cap 600 ETF	1.16%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%
VONV Vanguard Russell 1000 Value ETF	1.62%	1.82%	1.97%	2.10%	2.22%	1.67%	2.25%	2.30%	2.56%	2.18%	2.39%	2.38%

Frequently Asked Questions

Can I hold both VIOO and VONV in my portfolio?

VIOO and VONV have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOO or VONV?

VIOO has higher volatility (5.13%) compared to VONV (3.98%). In terms of maximum drawdown, VIOO dropped -44.15% vs VONV's -38.21%.

Which ETF is better, VIOO or VONV?

On 10-year performance, VONV leads with 11.51% vs 11.00% for VIOO. On fees, VONV is cheaper at 0.06% per year. On volatility, VONV has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOO or VONV?

Over the 10-year period, VONV has performed better with a 11.51% return vs 11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOO or VONV?

VONV is cheaper with a 0.06% expense ratio, compared with 0.07% for VIOO.

Which ETF pays a higher dividend yield, VIOO or VONV?

VONV has the higher dividend yield at 1.62%, compared with 1.16% for VIOO.

What is the main difference between VIOO and VONV?

VIOO is categorized as Small Cap Blend Equities, while VONV is Large Cap Value Equities. VIOO tracks S&P SmallCap 600 Index, while VONV tracks Russell 1000 Value Index. Their fees differ too: 0.07% for VIOO and 0.06% for VONV.

Which has better risk-adjusted returns?

VONV currently has the higher Sharpe Ratio (2.65 vs 1.97), 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.