VO vs. IWR
VO (Vanguard Mid-Cap ETF) and IWR (iShares Russell Midcap ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index. Both are passively managed. Over the past 10 years, VO returned 11.55%/yr vs 11.55%/yr for IWR. With a 0.98 correlation, they move nearly in lockstep. VO charges 0.03%/yr vs 0.19%/yr for IWR.
Performance
VO vs. IWR - Performance Comparison
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Returns By Period
In the year-to-date period, VO achieves a 10.05% return, which is significantly lower than IWR's 12.43% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VO at 11.55% and IWR at 11.55%.
VO
- 1D
- -0.45%
- 1M
- 3.20%
- YTD
- 10.05%
- 6M
- 9.73%
- 1Y
- 18.13%
- 3Y*
- 16.69%
- 5Y*
- 7.87%
- 10Y*
- 11.55%
IWR
- 1D
- -0.26%
- 1M
- 3.79%
- YTD
- 12.43%
- 6M
- 12.21%
- 1Y
- 21.66%
- 3Y*
- 17.25%
- 5Y*
- 8.00%
- 10Y*
- 11.55%
VO vs. IWR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VO Vanguard Mid-Cap ETF | 10.05% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
IWR iShares Russell Midcap ETF | 12.43% | 10.37% | 15.21% | 17.05% | -17.48% | 22.44% | 16.93% | 30.23% | -9.10% | 18.25% |
Correlation
The correlation between VO and IWR is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004 | 0.98 |
The correlation between VO and IWR has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
VO vs. IWR - Sectors Allocation Comparison
Sectors
VO
IWR
Technology
Industrials
Financial Services
Consumer Cyclical
Energy
Utilities
Healthcare
Real Estate
Consumer Defensive
Basic Materials
Communication Services
Technology
VO
IWR
Industrials
VO
IWR
Financial Services
VO
IWR
Consumer Cyclical
VO
IWR
Energy
VO
IWR
Utilities
VO
IWR
Healthcare
VO
IWR
Real Estate
VO
IWR
Consumer Defensive
VO
IWR
Basic Materials
VO
IWR
Communication Services
VO
IWR
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Return for Risk
VO vs. IWR — Risk / Return Rank
VO
IWR
VO vs. IWR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and iShares Russell Midcap ETF (IWR). 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 | IWR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.28 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 2.66 | -0.43 |
| Martin ratioReturn relative to average drawdown | 8.50 | 10.28 | -1.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VO | IWR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 1.63 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.44 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.60 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.49 | +0.01 |
Drawdowns
VO vs. IWR - Drawdown Comparison
The maximum VO drawdown since its inception was -58.87%, roughly equal to the maximum IWR drawdown of -58.78%. Use the drawdown chart below to compare losses from any high point for VO and IWR.
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Drawdown Indicators
| VO | IWR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.87% | -58.78% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -8.17% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -19.02% | -21.09% | +2.07% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -26.18% | -1.39% |
Max Drawdown (10Y)Largest decline over 10 years | -39.37% | -40.59% | +1.22% |
Current DrawdownCurrent decline from peak | -0.45% | -0.26% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -7.80% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.14% | 2.11% | +0.03% |
Volatility
VO vs. IWR - Volatility Comparison
The current volatility for Vanguard Mid-Cap ETF (VO) is 2.99%, while iShares Russell Midcap ETF (IWR) has a volatility of 3.26%. This indicates that VO experiences smaller price fluctuations and is considered to be less risky than IWR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VO | IWR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.99% | 3.26% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 9.21% | 9.84% | -0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.34% | 13.39% | -1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.59% | 18.23% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.95% | 19.36% | -0.41% |
VO vs. IWR - Expense Ratio Comparison
VO has a 0.03% expense ratio, which is lower than IWR's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VO vs. IWR - Dividend Comparison
VO's dividend yield for the trailing twelve months is around 1.36%, more than IWR's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 1.15% | 1.29% | 1.27% | 1.43% | 1.59% | 1.04% | 1.28% | 1.43% | 1.98% | 1.52% | 1.72% | 1.59% |
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
With a correlation of 0.98, VO and IWR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IWR has higher volatility (3.26%) compared to VO (2.99%). In terms of maximum drawdown, VO dropped -58.87% vs IWR's -58.78%.
On 10-year performance, IWR leads with 11.55% vs 11.55% for VO. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 2.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWR has performed better with a 11.55% return vs 11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VO is cheaper with a 0.03% expense ratio, compared with 0.19% for IWR.
VO has the higher dividend yield at 1.36%, compared with 1.15% for IWR.
VO is categorized as Mid Cap Blend Equities, while IWR is Mid Cap Growth Equities. VO tracks CRSP US Mid Cap Index, while IWR tracks Russell Midcap Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.03% for VO and 0.19% for IWR.
IWR currently has the higher Sharpe Ratio (1.63 vs 1.48), 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.
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