VMVAX vs. VOO

Last updated Jun 24, 2026

VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) and VOO (Vanguard S&P 500 ETF) are both funds - VMVAX is a Mid Cap Value Equities fund managed by Vanguard, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VMVAX returned 10.94%/yr vs 15.61%/yr for VOO. Their correlation of 0.85 suggests significant overlap in exposure. VMVAX charges 0.07%/yr vs 0.03%/yr for VOO.

Performance

VMVAX vs. VOO - 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 S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVAX achieves a 11.66% return, which is significantly higher than VOO's 8.19% return. Over the past 10 years, VMVAX has underperformed VOO with an annualized return of 10.94%, while VOO has yielded a comparatively higher 15.61% annualized return.

VMVAX

• 1D: 0.54%
• 1M: 1.29%
• YTD: 11.66%
• 6M: 10.81%
• 1Y: 22.92%
• 3Y*: 16.19%
• 5Y*: 9.41%
• 10Y*: 10.94%

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

VMVAX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	11.66%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between VMVAX and VOO is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.85

Over the past year, the correlation between VMVAX and VOO has dropped to 0.59 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

VMVAX vs. VOO - Sectors Allocation Comparison

Sectors	VMVAX	VOO
Financial Services	16.6%	10.9%
Industrials	13.6%	7.6%
Energy	12.3%	3.2%
Utilities	11.6%	2.5%
Technology	11.4%	39.1%
Consumer Defensive	7.9%	4.5%
Healthcare	6.4%	8.3%
Consumer Cyclical	6.2%	9.8%
Basic Materials	5.9%	1.7%
Real Estate	5.6%	1.8%
Communication Services	2.1%	10.5%

Return for Risk

VMVAX vs. VOO — Risk / Return Rank

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

VMVAX

VMVAX Risk / Return Rank: 65
VMVAX Sharpe Ratio Rank: 58
VMVAX Sortino Ratio Rank: 61
VMVAX Omega Ratio Rank: 52
VMVAX Calmar Ratio Rank: 80
VMVAX Martin Ratio Rank: 75

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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.

VMVAX vs. VOO - 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 S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.91	+0.16
Sortino ratio: Return per unit of downside risk	2.98	2.60	+0.38
Omega ratio: Gain probability vs. loss probability	1.36	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	3.47	2.67	+0.79
Martin ratio: Return relative to average drawdown	13.19	11.96	+1.23

VMVAX vs. VOO - Sharpe Ratio Comparison

The current VMVAX Sharpe Ratio is 2.07, which is comparable to the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VMVAX and VOO, 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. VOO - Drawdown Comparison

The maximum VMVAX drawdown since its inception was -43.07%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VMVAX and VOO.

Drawdown Indicators

	VMVAX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-43.07%	-33.99%	-9.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-8.90%	+1.95%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-18.69%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-24.52%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	-43.07%	-33.99%	-9.08%
Current Drawdown Current decline from peak	-1.14%	-3.14%	+2.00%
Average Drawdown Average peak-to-trough decline	-4.36%	-3.68%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.99%	-0.17%

Volatility

VMVAX vs. VOO - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) is 3.40%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.83%. This indicates that VMVAX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMVAX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	4.83%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	8.39%	9.82%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	12.46%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	16.91%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	18.02%	+0.78%

VMVAX vs. VOO - Expense Ratio Comparison

VMVAX has a 0.07% expense ratio, which is higher than VOO'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

VMVAX vs. VOO - Dividend Comparison

VMVAX's dividend yield for the trailing twelve months is around 1.86%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.86%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VMVAX and VOO in my portfolio?

VMVAX and VOO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVAX or VOO?

VOO has higher volatility (4.83%) compared to VMVAX (3.40%). In terms of maximum drawdown, VMVAX dropped -43.07% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (2.07 vs 1.91), 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.