VMVAX vs. VOE

Last updated Aug 4, 2026

VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) and VOE (Vanguard Mid-Cap Value ETF) are both Mid Cap Value Equities funds from Vanguard tracking the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, VMVAX returned 10.84%/yr vs 10.74%/yr for VOE. Their 0.99 correlation means they have historically moved very closely together. VMVAX charges 0.07%/yr vs 0.05%/yr for VOE.

Performance

VMVAX vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) 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 investments are quite close, with VMVAX having a 16.59% return and VOE slightly higher at 17.06%. Both investments have delivered pretty close results over the past 10 years, with VMVAX having a 10.84% annualized return and VOE not far behind at 10.74%.

VMVAX

• 1D: -0.27%
• 1M: 2.26%
• 6M: 11.28%
• YTD: 16.59%
• 1Y: 25.94%
• 3Y*: 15.24%
• 5Y*: 10.12%
• 10Y*: 10.84%
• ALL TIME*: 12.51%

VOE

• 1D: 0.40%
• 1M: 2.70%
• 6M: 11.78%
• YTD: 17.06%
• 1Y: 26.57%
• 3Y*: 15.91%
• 5Y*: 10.35%
• 10Y*: 10.74%
• ALL TIME*: 9.57%

*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)
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	$0.00	$0.00	$0.00
VOE Vanguard Mid-Cap Value ETF	$57.80M	$55.63M	$55.30M

VMVAX vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	16.59%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%
VOE Vanguard Mid-Cap Value ETF	17.06%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between VMVAX and VOE is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.99

The correlation between VMVAX and VOE has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VMVAX vs. VOE - Sectors Allocation Comparison

Sectors	VMVAX	VOE
Financial Services	18.7%	18.7%
Industrials	13.8%	13.8%
Utilities	12.6%	12.6%
Energy	11.7%	11.7%
Technology	8.1%	8.1%
Consumer Defensive	7.6%	7.6%
Healthcare	7.2%	7.2%
Basic Materials	6.7%	6.7%
Consumer Cyclical	5.9%	5.9%
Real Estate	5.8%	5.8%
Communication Services	1.5%	1.5%

Return for Risk

VMVAX vs. VOE — Risk / Return Rank

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

VMVAX

VMVAX Risk / Return Rank: 88
VMVAX Sharpe Ratio Rank: 88
VMVAX Sortino Ratio Rank: 87
VMVAX Omega Ratio Rank: 82
VMVAX Calmar Ratio Rank: 91
VMVAX Martin Ratio Rank: 92

VOE

VOE Risk / Return Rank: 91
VOE Sharpe Ratio Rank: 91
VOE Sortino Ratio Rank: 92
VOE Omega Ratio Rank: 90
VOE Calmar Ratio Rank: 90
VOE Martin Ratio Rank: 91

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.

VMVAX vs. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) 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.

	VMVAX	VOE	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.36	-0.16
Sortino ratio: Return per unit of downside risk	3.19	3.39	-0.20
Omega ratio: Gain probability vs. loss probability	1.39	1.42	-0.03
Calmar ratio: Return relative to maximum drawdown	3.59	3.85	-0.26
Martin ratio: Return relative to average drawdown	14.00	14.92	-0.92

VMVAX vs. VOE - Sharpe Ratio Comparison

The current VMVAX Sharpe Ratio is 2.20, which is comparable to the VOE Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of VMVAX 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

VMVAX vs. VOE - Drawdown Comparison

The maximum VMVAX drawdown since its inception was -43.07%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for VMVAX and VOE.

Drawdown Indicators

	VMVAX	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-43.07%	-61.50%	+18.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-6.93%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-18.45%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-19.70%	-0.05%
Max Drawdown (10Y) Largest decline over 10 years	-43.07%	-43.18%	+0.11%
Current Drawdown Current decline from peak	-1.34%	-0.92%	-0.42%
Average Drawdown Average peak-to-trough decline	-4.33%	-8.29%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	1.78%	0.00%

Volatility

VMVAX vs. VOE - Volatility Comparison

Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) has a higher volatility of 2.72% compared to Vanguard Mid-Cap Value ETF (VOE) at 2.58%. This indicates that VMVAX'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

	VMVAX	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	2.58%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	8.13%	8.09%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	11.33%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.88%	15.89%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	18.74%	-0.05%

VMVAX vs. VOE - Expense Ratio Comparison

VMVAX has a 0.07% expense ratio, which is higher than VOE's 0.05% 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

VMVAX vs. VOE - Dividend Comparison

VMVAX's dividend yield for the trailing twelve months is around 1.81%, which matches VOE's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.81%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%
VOE Vanguard Mid-Cap Value ETF	1.81%	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 VMVAX and VOE in my portfolio?

With a correlation of 1.00, VMVAX and VOE 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.

Which is riskier, VMVAX or VOE?

VMVAX has higher volatility (2.72%) compared to VOE (2.58%). In terms of maximum drawdown, VMVAX dropped -43.07% vs VOE's -61.50%.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.36 vs 2.20), 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.