VO vs. ONEV

Last updated Jul 21, 2026

VO (Vanguard Mid-Cap ETF) and ONEV (SPDR Russell 1000 Low Volatility Focus ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while ONEV is a Volatility Hedged Equity fund tracking the Russell 1000 Low Volatility Focused Factor (TR). Both are passively managed. Over the past 10 years, VO returned 11.23%/yr vs 11.26%/yr for ONEV. Their correlation of 0.84 suggests significant overlap in exposure. VO charges 0.03%/yr vs 0.20%/yr for ONEV.

Performance

VO vs. ONEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap ETF (VO) and SPDR Russell 1000 Low Volatility Focus ETF (ONEV). 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 10.92% return and ONEV slightly lower at 10.50%. Both investments have delivered pretty close results over the past 10 years, with VO having a 11.23% annualized return and ONEV not far ahead at 11.26%.

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%

ONEV

• 1D: -0.49%
• 1M: 3.59%
• 6M: 5.87%
• YTD: 10.50%
• 1Y: 14.69%
• 3Y*: 11.37%
• 5Y*: 8.82%
• 10Y*: 11.26%
• ALL TIME*: 11.54%

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

VO vs. ONEV - 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%
ONEV SPDR Russell 1000 Low Volatility Focus ETF	10.50%	8.14%	11.76%	13.28%	-8.15%	29.19%	6.66%	30.66%	-5.30%	18.11%

Correlation

The correlation between VO and ONEV is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 3, 2015	0.84

The correlation between VO and ONEV shifts across timeframes, from 0.79 (1 year) to 0.91 (5 years), reflecting how their relationship changes across market environments.

VO vs. ONEV - Sectors Allocation Comparison

Sectors	VO	ONEV
Industrials	19.9%	17.7%
Technology	18.2%	8.3%
Financial Services	13.1%	17.0%
Consumer Cyclical	9.0%	11.3%
Utilities	8.4%	8.2%
Healthcare	7.8%	12.3%
Energy	7.4%	2.3%
Real Estate	5.1%	8.3%
Consumer Defensive	4.6%	9.1%
Basic Materials	3.9%	2.7%
Communication Services	2.7%	2.7%

Return for Risk

VO vs. ONEV — 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

ONEV

ONEV Risk / Return Rank: 50
ONEV Sharpe Ratio Rank: 49
ONEV Sortino Ratio Rank: 55
ONEV Omega Ratio Rank: 46
ONEV Calmar Ratio Rank: 50
ONEV Martin Ratio Rank: 52

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. ONEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and SPDR Russell 1000 Low Volatility Focus ETF (ONEV). 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	ONEV	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.29	-0.19
Sortino ratio: Return per unit of downside risk	1.63	2.01	-0.38
Omega ratio: Gain probability vs. loss probability	1.20	1.23	-0.03
Calmar ratio: Return relative to maximum drawdown	1.71	1.90	-0.19
Martin ratio: Return relative to average drawdown	6.44	6.50	-0.06

VO vs. ONEV - Sharpe Ratio Comparison

The current VO Sharpe Ratio is 1.10, which is comparable to the ONEV Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of VO and ONEV, 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. ONEV - Drawdown Comparison

The maximum VO drawdown since its inception was -58.87%, which is greater than ONEV's maximum drawdown of -39.72%. Use the drawdown chart below to compare losses from any high point for VO and ONEV.

Drawdown Indicators

	VO	ONEV	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-39.72%	-19.15%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-7.75%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	-14.81%	-4.21%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-18.52%	-9.05%
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	-39.72%	+0.35%
Current Drawdown Current decline from peak	-1.26%	-0.94%	-0.32%
Average Drawdown Average peak-to-trough decline	-7.82%	-3.86%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.27%	-0.11%

Volatility

VO vs. ONEV - Volatility Comparison

The current volatility for Vanguard Mid-Cap ETF (VO) is 2.21%, while SPDR Russell 1000 Low Volatility Focus ETF (ONEV) has a volatility of 3.53%. This indicates that VO experiences smaller price fluctuations and is considered to be less risky than ONEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VO	ONEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	3.53%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	9.64%	8.20%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	11.43%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	14.54%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	17.01%	+1.86%

VO vs. ONEV - Expense Ratio Comparison

VO has a 0.03% expense ratio, which is lower than ONEV's 0.20% 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. ONEV - Dividend Comparison

VO's dividend yield for the trailing twelve months is around 1.34%, less than ONEV's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ONEV SPDR Russell 1000 Low Volatility Focus ETF	1.83%	1.81%	1.88%	1.79%	1.80%	1.44%	1.87%	2.07%	2.14%	6.91%	3.73%	0.21%
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 ONEV in my portfolio?

VO and ONEV have a correlation of 0.79, 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 ONEV?

ONEV has higher volatility (3.53%) compared to VO (2.21%). In terms of maximum drawdown, VO dropped -58.87% vs ONEV's -39.72%.

Which ETF is better, VO or ONEV?

On 10-year performance, ONEV leads with 11.26% vs 11.23% for VO. On fees, VO is cheaper at 0.03% per year. 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 ONEV?

Over the 10-year period, ONEV has performed better with a 11.26% 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 ONEV?

VO is cheaper with a 0.03% expense ratio, compared with 0.20% for ONEV.

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

ONEV has the higher dividend yield at 1.83%, compared with 1.34% for VO.

What is the main difference between VO and ONEV?

VO is categorized as Mid Cap Blend Equities, while ONEV is Volatility Hedged Equity. VO tracks CRSP US Mid Cap Index, while ONEV tracks Russell 1000 Low Volatility Focused Factor (TR). They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.03% for VO and 0.20% for ONEV.

Which has better risk-adjusted returns?

ONEV currently has the higher Sharpe Ratio (1.29 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.