VO vs. BLV

Last updated Jun 13, 2026

VO (Vanguard Mid-Cap ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, VO returned 11.77%/yr vs 0.92%/yr for BLV. At a correlation of -0.13, they often move in opposite directions. Both charge a 0.03% expense ratio.

Performance

VO vs. BLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap ETF (VO) and Vanguard Long-Term Bond ETF (BLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VO achieves a 10.43% return, which is significantly higher than BLV's 0.69% return. Over the past 10 years, VO has outperformed BLV with an annualized return of 11.77%, while BLV has yielded a comparatively lower 0.92% annualized return.

VO

• 1D: 0.97%
• 1M: 3.61%
• YTD: 10.43%
• 6M: 9.31%
• 1Y: 18.17%
• 3Y*: 15.74%
• 5Y*: 7.79%
• 10Y*: 11.77%

BLV

• 1D: -0.19%
• 1M: 1.36%
• YTD: 0.69%
• 6M: 1.11%
• 1Y: 4.70%
• 3Y*: 2.38%
• 5Y*: -3.58%
• 10Y*: 0.92%

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

VO vs. BLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VO Vanguard Mid-Cap ETF	10.43%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%
BLV Vanguard Long-Term Bond ETF	0.69%	6.44%	-3.65%	7.35%	-26.95%	-2.89%	16.13%	18.99%	-4.17%	10.74%

Correlation

The correlation between VO and BLV is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007	-0.13

The correlation between VO and BLV shifts across timeframes, from -0.13 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

VO vs. BLV - Sectors Allocation Comparison

Sectors	VO	BLV
Technology	18.6%	-
Industrials	17.9%	-
Financial Services	12.8%	0.0%
Consumer Cyclical	8.6%	-
Energy	8.5%	-
Utilities	8.3%	-
Healthcare	7.6%	-
Real Estate	5.4%	-
Consumer Defensive	4.8%	-
Basic Materials	4.2%	-
Communication Services	3.1%	-

Return for Risk

VO vs. BLV — Risk / Return Rank

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

VO

VO Risk / Return Rank: 49
VO Sharpe Ratio Rank: 47
VO Sortino Ratio Rank: 46
VO Omega Ratio Rank: 44
VO Calmar Ratio Rank: 51
VO Martin Ratio Rank: 55

BLV

BLV Risk / Return Rank: 20
BLV Sharpe Ratio Rank: 20
BLV Sortino Ratio Rank: 19
BLV Omega Ratio Rank: 18
BLV Calmar Ratio Rank: 21
BLV Martin Ratio Rank: 20

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.

VO vs. BLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and Vanguard Long-Term Bond ETF (BLV). 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.

	VO	BLV	Difference
Sharpe ratio: Return per unit of total volatility	1.43	0.59	+0.85
Sortino ratio: Return per unit of downside risk	2.05	0.89	+1.16
Omega ratio: Gain probability vs. loss probability	1.25	1.10	+0.15
Calmar ratio: Return relative to maximum drawdown	2.23	0.82	+1.41
Martin ratio: Return relative to average drawdown	8.44	2.03	+6.40

VO vs. BLV - Sharpe Ratio Comparison

The current VO Sharpe Ratio is 1.43, which is higher than the BLV Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of VO and BLV, 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

VO vs. BLV - Drawdown Comparison

The maximum VO drawdown since its inception was -58.87%, which is greater than BLV's maximum drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for VO and BLV.

Drawdown Indicators

	VO	BLV	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-38.29%	-20.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-5.73%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	-15.16%	-3.86%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-36.27%	+8.70%
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	-38.29%	-1.08%
Current Drawdown Current decline from peak	-0.45%	-23.83%	+23.38%
Average Drawdown Average peak-to-trough decline	-7.85%	-9.53%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.32%	-0.16%

Volatility

VO vs. BLV - Volatility Comparison

Vanguard Mid-Cap ETF (VO) has a higher volatility of 4.31% compared to Vanguard Long-Term Bond ETF (BLV) at 2.59%. This indicates that VO's price experiences larger fluctuations and is considered to be riskier than BLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VO	BLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	2.59%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	9.71%	5.78%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	8.11%	+4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	12.96%	+4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	11.99%	+6.97%

VO vs. BLV - Expense Ratio Comparison

Both VO and BLV have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VO vs. BLV - Dividend Comparison

VO's dividend yield for the trailing twelve months is around 1.36%, less than BLV's 4.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLV Vanguard Long-Term Bond ETF	4.78%	4.67%	5.09%	4.06%	4.17%	3.37%	6.12%	3.57%	4.07%	3.63%	4.16%	4.37%
VO Vanguard Mid-Cap ETF	1.36%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%

Frequently Asked Questions

Can I hold both VO and BLV in my portfolio?

VO and BLV have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VO or BLV?

VO has higher volatility (4.31%) compared to BLV (2.59%). In terms of maximum drawdown, VO dropped -58.87% vs BLV's -38.29%.

Which ETF is better, VO or BLV?

On 10-year performance, VO leads with 11.77% vs 0.92% for BLV. Both ETFs have the same 0.03% expense ratio. On volatility, BLV has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VO or BLV?

Over the 10-year period, VO has performed better with a 11.77% return vs 0.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VO or BLV?

VO and BLV have the same expense ratio: 0.03% per year.

Which ETF pays a higher dividend yield, VO or BLV?

BLV has the higher dividend yield at 4.78%, compared with 1.36% for VO.

What is the main difference between VO and BLV?

VO is categorized as Mid Cap Blend Equities, while BLV is Long-Term Bond. VO tracks CRSP US Mid Cap Index, while BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index.

Which has better risk-adjusted returns?

VO currently has the higher Sharpe Ratio (1.43 vs 0.59), 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.