VO vs. EDIV

Last updated Jun 9, 2026

VO (Vanguard Mid-Cap ETF) and EDIV (SPDR S&P Emerging Markets Dividend ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while EDIV is a Emerging Markets Equities fund tracking the S&P Emerging Markets Dividend Opportunities Index. Both are passively managed. Over the past 10 years, VO returned 11.44%/yr vs 8.98%/yr for EDIV. A 0.62 correlation means they provide meaningful diversification when combined. VO charges 0.03%/yr vs 0.49%/yr for EDIV.

Performance

VO vs. EDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap ETF (VO) and SPDR S&P Emerging Markets Dividend ETF (EDIV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VO achieves a 8.60% return, which is significantly higher than EDIV's 4.31% return. Over the past 10 years, VO has outperformed EDIV with an annualized return of 11.44%, while EDIV has yielded a comparatively lower 8.98% annualized return.

VO

• 1D: -0.04%
• 1M: 1.75%
• YTD: 8.60%
• 6M: 8.43%
• 1Y: 16.32%
• 3Y*: 15.78%
• 5Y*: 7.59%
• 10Y*: 11.44%

EDIV

• 1D: -0.17%
• 1M: -3.46%
• YTD: 4.31%
• 6M: 6.35%
• 1Y: 11.64%
• 3Y*: 16.98%
• 5Y*: 10.20%
• 10Y*: 8.98%

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

VO vs. EDIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VO Vanguard Mid-Cap ETF	8.60%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%
EDIV SPDR S&P Emerging Markets Dividend ETF	4.31%	16.45%	12.75%	41.91%	-15.31%	11.21%	-9.95%	11.80%	-6.16%	28.20%

Correlation

The correlation between VO and EDIV is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 25, 2011	0.62

The correlation between VO and EDIV shifts across timeframes, from 0.51 (3 years) to 0.62 (all time), reflecting how their relationship changes across market environments.

VO vs. EDIV - Sectors Allocation Comparison

Sectors	VO	EDIV
Technology	18.6%	8.4%
Industrials	17.9%	9.7%
Financial Services	12.8%	29.7%
Consumer Cyclical	8.6%	11.8%
Energy	8.5%	3.2%
Utilities	8.3%	2.5%
Healthcare	7.6%	1.3%
Real Estate	5.4%	5.1%
Consumer Defensive	4.8%	12.8%
Basic Materials	4.2%	1.7%
Communication Services	3.1%	13.8%

Return for Risk

VO vs. EDIV — Risk / Return Rank

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

VO

VO Risk / Return Rank: 43
VO Sharpe Ratio Rank: 41
VO Sortino Ratio Rank: 41
VO Omega Ratio Rank: 38
VO Calmar Ratio Rank: 45
VO Martin Ratio Rank: 50

EDIV

EDIV Risk / Return Rank: 27
EDIV Sharpe Ratio Rank: 28
EDIV Sortino Ratio Rank: 27
EDIV Omega Ratio Rank: 29
EDIV Calmar Ratio Rank: 26
EDIV Martin Ratio Rank: 27

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. EDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and SPDR S&P Emerging Markets Dividend ETF (EDIV). 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.

	VO	EDIV	Difference
Sharpe ratio: Return per unit of total volatility	1.31	0.94	+0.37
Sortino ratio: Return per unit of downside risk	1.89	1.39	+0.51
Omega ratio: Gain probability vs. loss probability	1.23	1.18	+0.05
Calmar ratio: Return relative to maximum drawdown	2.01	1.13	+0.88
Martin ratio: Return relative to average drawdown	7.62	3.45	+4.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VO vs. EDIV - Sharpe Ratio Comparison

The current VO Sharpe Ratio is 1.31, which is higher than the EDIV Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of VO and EDIV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VO	EDIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	0.94	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.74	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.52	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.16	+0.34

Drawdowns

VO vs. EDIV - Drawdown Comparison

The maximum VO drawdown since its inception was -58.87%, which is greater than EDIV's maximum drawdown of -53.36%. Use the drawdown chart below to compare losses from any high point for VO and EDIV.

Drawdown Indicators

	VO	EDIV	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-53.36%	-5.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-10.36%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	-13.84%	-5.18%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-28.32%	+0.75%
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	-40.76%	+1.39%
Current Drawdown Current decline from peak	-2.10%	-5.97%	+3.87%
Average Drawdown Average peak-to-trough decline	-7.86%	-19.35%	+11.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	3.39%	-1.24%

Volatility

VO vs. EDIV - Volatility Comparison

The current volatility for Vanguard Mid-Cap ETF (VO) is 3.51%, while SPDR S&P Emerging Markets Dividend ETF (EDIV) has a volatility of 4.14%. This indicates that VO experiences smaller price fluctuations and is considered to be less risky than EDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VO	EDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	4.14%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	10.31%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	12.42%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	13.86%	+3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	17.50%	+1.46%

VO vs. EDIV - Expense Ratio Comparison

VO has a 0.03% expense ratio, which is lower than EDIV's 0.49% expense ratio.

Dividends

VO vs. EDIV - Dividend Comparison

VO's dividend yield for the trailing twelve months is around 1.38%, less than EDIV's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDIV SPDR S&P Emerging Markets Dividend ETF	4.59%	4.69%	3.94%	4.26%	4.94%	3.84%	3.52%	3.83%	3.41%	2.99%	4.94%	5.33%
VO Vanguard Mid-Cap ETF	1.38%	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 EDIV in my portfolio?

VO and EDIV have a correlation of 0.61, 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 EDIV?

EDIV has higher volatility (4.14%) compared to VO (3.51%). In terms of maximum drawdown, VO dropped -58.87% vs EDIV's -53.36%.

Which ETF is better, VO or EDIV?

On 10-year performance, VO leads with 11.44% vs 8.98% for EDIV. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VO or EDIV?

Over the 10-year period, VO has performed better with a 11.44% return vs 8.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VO or EDIV?

VO is cheaper with a 0.03% expense ratio, compared with 0.49% for EDIV.

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

EDIV has the higher dividend yield at 4.59%, compared with 1.38% for VO.

What is the main difference between VO and EDIV?

VO is categorized as Mid Cap Blend Equities, while EDIV is Emerging Markets Equities. VO tracks CRSP US Mid Cap Index, while EDIV tracks S&P Emerging Markets Dividend Opportunities Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.03% for VO and 0.49% for EDIV.

Which has better risk-adjusted returns?

VO currently has the higher Sharpe Ratio (1.31 vs 0.94), 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.