VO vs. IVV

Last updated Jul 21, 2026

VO (Vanguard Mid-Cap ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VO returned 11.23%/yr vs 14.95%/yr for IVV. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.

Performance

VO vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap ETF (VO) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VO achieves a 10.92% return, which is significantly higher than IVV's 9.40% return. Over the past 10 years, VO has underperformed IVV with an annualized return of 11.23%, while IVV has yielded a comparatively higher 14.95% annualized return.

VO

• 1D: -0.40%
• 1M: 0.09%
• 6M: 7.17%
• YTD: 10.92%
• 1Y: 13.90%
• 3Y*: 13.82%
• 5Y*: 7.77%
• 10Y*: 11.23%
• ALL TIME*: 10.28%

IVV

• 1D: -0.18%
• 1M: -0.63%
• 6M: 7.87%
• YTD: 9.40%
• 1Y: 19.60%
• 3Y*: 19.51%
• 5Y*: 12.87%
• 10Y*: 14.95%
• ALL TIME*: 8.43%

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

VO vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VO Vanguard Mid-Cap ETF	10.92%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%
IVV iShares Core S&P 500 ETF	9.40%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between VO and IVV is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.92

The correlation between VO and IVV shifts across timeframes, from 0.77 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

VO vs. IVV - Sectors Allocation Comparison

Sectors	VO	IVV
Industrials	19.9%	8.0%
Technology	18.2%	38.4%
Financial Services	13.1%	12.0%
Consumer Cyclical	9.0%	9.3%
Utilities	8.4%	2.2%
Healthcare	7.8%	8.8%
Energy	7.4%	3.2%
Real Estate	5.1%	1.8%
Consumer Defensive	4.6%	4.5%
Basic Materials	3.9%	1.7%
Communication Services	2.7%	10.0%

Return for Risk

VO vs. IVV — 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: 40
VO Sortino Ratio Rank: 40
VO Omega Ratio Rank: 38
VO Calmar Ratio Rank: 44
VO Martin Ratio Rank: 51

IVV

IVV Risk / Return Rank: 64
IVV Sharpe Ratio Rank: 64
IVV Sortino Ratio Rank: 61
IVV Omega Ratio Rank: 62
IVV Calmar Ratio Rank: 59
IVV Martin Ratio Rank: 72

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. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and iShares Core S&P 500 ETF (IVV). 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	IVV	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.56	-0.45
Sortino ratio: Return per unit of downside risk	1.63	2.17	-0.54
Omega ratio: Gain probability vs. loss probability	1.20	1.28	-0.09
Calmar ratio: Return relative to maximum drawdown	1.71	2.22	-0.51
Martin ratio: Return relative to average drawdown	6.44	9.59	-3.15

VO vs. IVV - Sharpe Ratio Comparison

The current VO Sharpe Ratio is 1.10, which is comparable to the IVV Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of VO and IVV, 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. IVV - Drawdown Comparison

The maximum VO drawdown since its inception was -58.87%, which is greater than IVV's maximum drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for VO and IVV.

Drawdown Indicators

	VO	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-55.25%	-3.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-8.89%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	-18.75%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-24.53%	-3.04%
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	-33.90%	-5.47%
Current Drawdown Current decline from peak	-1.26%	-2.06%	+0.80%
Average Drawdown Average peak-to-trough decline	-7.82%	-10.74%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.05%	+0.11%

Volatility

VO vs. IVV - Volatility Comparison

The current volatility for Vanguard Mid-Cap ETF (VO) is 2.21%, while iShares Core S&P 500 ETF (IVV) has a volatility of 3.54%. This indicates that VO experiences smaller price fluctuations and is considered to be less risky than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VO	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	3.54%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	9.64%	10.10%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	12.65%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	16.99%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	18.05%	+0.82%

VO vs. IVV - Expense Ratio Comparison

Both VO and IVV 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. IVV - Dividend Comparison

VO's dividend yield for the trailing twelve months is around 1.34%, more than IVV's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.10%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
VO Vanguard Mid-Cap ETF	1.34%	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 IVV in my portfolio?

VO and IVV have a correlation of 0.77, 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 IVV?

IVV has higher volatility (3.54%) compared to VO (2.21%). In terms of maximum drawdown, VO dropped -58.87% vs IVV's -55.25%.

Which ETF is better, VO or IVV?

On 10-year performance, IVV leads with 14.95% vs 11.23% for VO. Both ETFs have the same 0.03% expense ratio. On volatility, VO has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VO or IVV?

Over the 10-year period, IVV has performed better with a 14.95% return vs 11.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VO or IVV?

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

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

VO has the higher dividend yield at 1.34%, compared with 1.10% for IVV.

What is the main difference between VO and IVV?

VO is categorized as Mid Cap Blend Equities, while IVV is S&P 500. VO tracks CRSP US Mid Cap Index, while IVV tracks S&P 500 Index. They also come from different issuers: Vanguard and iShares.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (1.56 vs 1.10), 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.