VO vs. IGF

Last updated Jun 12, 2026

VO (Vanguard Mid-Cap ETF) and IGF (iShares Global Infrastructure ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while IGF is a Industrials Equities fund tracking the S&P Global Infrastructure Index. Both are passively managed. Over the past 10 years, VO returned 11.63%/yr vs 8.53%/yr for IGF. A 0.74 correlation means they provide meaningful diversification when combined. VO charges 0.03%/yr vs 0.39%/yr for IGF.

Performance

VO vs. IGF - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with VO having a 9.36% return and IGF slightly lower at 8.95%. Over the past 10 years, VO has outperformed IGF with an annualized return of 11.63%, while IGF has yielded a comparatively lower 8.53% annualized return.

VO

• 1D: 1.86%
• 1M: 2.37%
• YTD: 9.36%
• 6M: 7.17%
• 1Y: 17.42%
• 3Y*: 15.76%
• 5Y*: 7.58%
• 10Y*: 11.63%

IGF

• 1D: 1.21%
• 1M: -0.77%
• YTD: 8.95%
• 6M: 9.24%
• 1Y: 16.47%
• 3Y*: 16.15%
• 5Y*: 10.07%
• 10Y*: 8.53%

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

VO vs. IGF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VO Vanguard Mid-Cap ETF	9.36%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%
IGF iShares Global Infrastructure ETF	8.95%	21.31%	14.81%	6.14%	-1.26%	11.57%	-6.50%	25.82%	-9.95%	19.31%

Correlation

The correlation between VO and IGF is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 12, 2007	0.74

The correlation between VO and IGF shifts across timeframes, from 0.57 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

VO vs. IGF - Sectors Allocation Comparison

Sectors	VO	IGF
Technology	18.6%	-
Industrials	17.9%	38.8%
Financial Services	12.8%	-
Consumer Cyclical	8.6%	-
Energy	8.5%	20.1%
Utilities	8.3%	41.1%
Healthcare	7.6%	-
Real Estate	5.4%	0.1%
Consumer Defensive	4.8%	-
Basic Materials	4.2%	-
Communication Services	3.1%	-

Return for Risk

VO vs. IGF — Risk / Return Rank

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

VO

VO Risk / Return Rank: 50
VO Sharpe Ratio Rank: 48
VO Sortino Ratio Rank: 48
VO Omega Ratio Rank: 45
VO Calmar Ratio Rank: 52
VO Martin Ratio Rank: 56

IGF

IGF Risk / Return Rank: 58
IGF Sharpe Ratio Rank: 55
IGF Sortino Ratio Rank: 56
IGF Omega Ratio Rank: 54
IGF Calmar Ratio Rank: 68
IGF Martin Ratio Rank: 56

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. IGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and iShares Global Infrastructure ETF (IGF). 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	IGF	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.57	-0.19
Sortino ratio: Return per unit of downside risk	1.98	2.25	-0.27
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	2.14	2.82	-0.68
Martin ratio: Return relative to average drawdown	8.08	8.14	-0.06

VO vs. IGF - Sharpe Ratio Comparison

The current VO Sharpe Ratio is 1.38, which is comparable to the IGF Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of VO and IGF, 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. IGF - Drawdown Comparison

The maximum VO drawdown since its inception was -58.87%, roughly equal to the maximum IGF drawdown of -58.33%. Use the drawdown chart below to compare losses from any high point for VO and IGF.

Drawdown Indicators

	VO	IGF	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-58.33%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-5.87%	-2.30%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	-14.28%	-4.74%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-20.83%	-6.74%
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	-42.11%	+2.74%
Current Drawdown Current decline from peak	-1.41%	-3.63%	+2.22%
Average Drawdown Average peak-to-trough decline	-7.86%	-11.86%	+4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.03%	+0.13%

Volatility

VO vs. IGF - Volatility Comparison

Vanguard Mid-Cap ETF (VO) has a higher volatility of 4.25% compared to iShares Global Infrastructure ETF (IGF) at 3.81%. This indicates that VO's price experiences larger fluctuations and is considered to be riskier than IGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VO	IGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	3.81%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	8.71%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	10.57%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	14.00%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	16.83%	+2.13%

VO vs. IGF - Expense Ratio Comparison

VO has a 0.03% expense ratio, which is lower than IGF's 0.39% expense ratio.

Dividends

VO vs. IGF - Dividend Comparison

VO's dividend yield for the trailing twelve months is around 1.37%, less than IGF's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGF iShares Global Infrastructure ETF	2.96%	3.23%	3.21%	3.36%	2.67%	2.42%	2.33%	3.27%	3.52%	2.95%	2.98%	3.25%
VO Vanguard Mid-Cap ETF	1.37%	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 IGF in my portfolio?

VO and IGF have a correlation of 0.57, 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 IGF?

VO has higher volatility (4.25%) compared to IGF (3.81%). In terms of maximum drawdown, VO dropped -58.87% vs IGF's -58.33%.

Which ETF is better, VO or IGF?

On 10-year performance, VO leads with 11.63% vs 8.53% for IGF. On fees, VO is cheaper at 0.03% per year. On volatility, IGF has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VO or IGF?

Over the 10-year period, VO has performed better with a 11.63% return vs 8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VO or IGF?

VO is cheaper with a 0.03% expense ratio, compared with 0.39% for IGF.

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

IGF has the higher dividend yield at 2.96%, compared with 1.37% for VO.

What is the main difference between VO and IGF?

VO is categorized as Mid Cap Blend Equities, while IGF is Industrials Equities. VO tracks CRSP US Mid Cap Index, while IGF tracks S&P Global Infrastructure Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VO and 0.39% for IGF.

Which has better risk-adjusted returns?

IGF currently has the higher Sharpe Ratio (1.57 vs 1.38), 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.