VIOV vs. IVV

Last updated Jul 22, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VIOV returned 10.28%/yr vs 15.05%/yr for IVV. A 0.73 correlation means they provide meaningful diversification when combined. VIOV charges 0.10%/yr vs 0.03%/yr for IVV.

Performance

VIOV vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOV achieves a 21.59% return, which is significantly higher than IVV's 10.37% return. Over the past 10 years, VIOV has underperformed IVV with an annualized return of 10.28%, while IVV has yielded a comparatively higher 15.05% annualized return.

VIOV

• 1D: 1.04%
• 1M: 3.07%
• 6M: 15.15%
• YTD: 21.59%
• 1Y: 36.41%
• 3Y*: 13.76%
• 5Y*: 8.77%
• 10Y*: 10.28%
• ALL TIME*: 11.94%

IVV

• 1D: 0.88%
• 1M: 0.25%
• 6M: 11.07%
• YTD: 10.37%
• 1Y: 20.45%
• 3Y*: 19.86%
• 5Y*: 13.02%
• 10Y*: 15.05%
• ALL TIME*: 8.47%

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

VIOV vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOV Vanguard S&P Small-Cap 600 Value ETF	21.59%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	11.54%
IVV iShares Core S&P 500 ETF	10.37%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between VIOV and IVV is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.73

The correlation between VIOV and IVV has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

VIOV vs. IVV - Sectors Allocation Comparison

Sectors	VIOV	IVV
Financial Services	20.3%	12.0%
Consumer Cyclical	15.3%	9.3%
Technology	13.5%	38.4%
Industrials	12.2%	8.0%
Real Estate	8.5%	1.8%
Healthcare	7.5%	8.8%
Basic Materials	6.1%	1.7%
Energy	6.0%	3.2%
Consumer Defensive	5.0%	4.5%
Communication Services	3.8%	10.0%
Utilities	2.0%	2.2%

Return for Risk

VIOV vs. IVV — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 85
VIOV Sharpe Ratio Rank: 84
VIOV Sortino Ratio Rank: 85
VIOV Omega Ratio Rank: 79
VIOV Calmar Ratio Rank: 89
VIOV Martin Ratio Rank: 86

IVV

IVV Risk / Return Rank: 67
IVV Sharpe Ratio Rank: 67
IVV Sortino Ratio Rank: 65
IVV Omega Ratio Rank: 66
IVV Calmar Ratio Rank: 62
IVV Martin Ratio Rank: 75

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.

VIOV vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) and iShares Core S&P 500 ETF (IVV). 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.

	VIOV	IVV	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.62	+0.41
Sortino ratio: Return per unit of downside risk	2.94	2.25	+0.69
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	3.92	2.31	+1.61
Martin ratio: Return relative to average drawdown	12.92	10.00	+2.91

VIOV vs. IVV - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.04, which is comparable to the IVV Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of VIOV and IVV, 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

VIOV vs. IVV - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for VIOV and IVV.

Drawdown Indicators

	VIOV	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-55.25%	+7.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-8.89%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-18.75%	-9.69%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	-24.53%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	-33.90%	-13.46%
Current Drawdown Current decline from peak	-0.48%	-1.19%	+0.71%
Average Drawdown Average peak-to-trough decline	-7.33%	-10.73%	+3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	2.05%	+0.78%

Volatility

VIOV vs. IVV - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) and iShares Core S&P 500 ETF (IVV) have volatilities of 3.48% and 3.51%, 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.

Volatility by Period

	VIOV	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	3.51%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	11.62%	10.13%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.97%	12.65%	+5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.71%	16.99%	+4.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.83%	18.05%	+5.78%

VIOV vs. IVV - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is higher than IVV's 0.03% 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

VIOV vs. IVV - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.66%, more than IVV's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.09%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.66%	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

Can I hold both VIOV and IVV in my portfolio?

VIOV and IVV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOV or IVV?

IVV has higher volatility (3.51%) compared to VIOV (3.48%). In terms of maximum drawdown, VIOV dropped -47.36% vs IVV's -55.25%.

Which ETF is better, VIOV or IVV?

On 10-year performance, IVV leads with 15.05% vs 10.28% for VIOV. On fees, IVV is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or IVV?

Over the 10-year period, IVV has performed better with a 15.05% return vs 10.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.10% for VIOV.

Which ETF pays a higher dividend yield, VIOV or IVV?

VIOV has the higher dividend yield at 1.66%, compared with 1.09% for IVV.

What is the main difference between VIOV and IVV?

VIOV is categorized as Small Cap Value Equities, while IVV is S&P 500. VIOV tracks S&P SmallCap 600 Value Index, while IVV tracks S&P 500 Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for VIOV and 0.03% for IVV.

Which has better risk-adjusted returns?

VIOV currently has the higher Sharpe Ratio (2.04 vs 1.62), 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.