VO vs. VOO

Last updated Jun 12, 2026

VO (Vanguard Mid-Cap ETF) and VOO (Vanguard 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 VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VO returned 11.63%/yr vs 15.41%/yr for VOO. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.

Performance

VO vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, VO achieves a 9.36% return, which is significantly higher than VOO's 8.49% return. Over the past 10 years, VO has underperformed VOO with an annualized return of 11.63%, while VOO has yielded a comparatively higher 15.41% 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%

VOO

• 1D: 1.68%
• 1M: -0.06%
• YTD: 8.49%
• 6M: 7.67%
• 1Y: 24.15%
• 3Y*: 20.99%
• 5Y*: 13.30%
• 10Y*: 15.41%

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

VO vs. VOO - 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%
VOO Vanguard S&P 500 ETF	8.49%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between VO and VOO is 0.78, 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	0.78
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	0.91
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.92

The correlation between VO and VOO shifts across timeframes, from 0.78 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

VO vs. VOO - Sectors Allocation Comparison

Sectors	VO	VOO
Technology	18.6%	35.7%
Industrials	17.9%	8.3%
Financial Services	12.8%	11.6%
Consumer Cyclical	8.6%	10.2%
Energy	8.5%	3.5%
Utilities	8.3%	2.4%
Healthcare	7.6%	8.5%
Real Estate	5.4%	1.9%
Consumer Defensive	4.8%	4.9%
Basic Materials	4.2%	1.8%
Communication Services	3.1%	11.3%

Return for Risk

VO vs. VOO — 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

VOO

VOO Risk / Return Rank: 73
VOO Sharpe Ratio Rank: 75
VOO Sortino Ratio Rank: 72
VOO Omega Ratio Rank: 74
VOO Calmar Ratio Rank: 66
VOO Martin Ratio Rank: 78

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.98	-0.60
Sortino ratio: Return per unit of downside risk	1.98	2.68	-0.70
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.12
Calmar ratio: Return relative to maximum drawdown	2.14	2.73	-0.58
Martin ratio: Return relative to average drawdown	8.08	12.33	-4.25

VO vs. VOO - Sharpe Ratio Comparison

The current VO Sharpe Ratio is 1.38, which is lower than the VOO Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VO and VOO, 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. VOO - Drawdown Comparison

The maximum VO drawdown since its inception was -58.87%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VO and VOO.

Drawdown Indicators

	VO	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-33.99%	-24.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-8.90%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	-18.69%	-0.33%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-24.52%	-3.05%
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	-33.99%	-5.38%
Current Drawdown Current decline from peak	-1.41%	-2.87%	+1.46%
Average Drawdown Average peak-to-trough decline	-7.86%	-3.69%	-4.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.96%	+0.20%

Volatility

VO vs. VOO - Volatility Comparison

Vanguard Mid-Cap ETF (VO) and Vanguard S&P 500 ETF (VOO) have volatilities of 4.25% and 4.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VO	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	4.34%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	9.58%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	12.72%	12.27%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	16.88%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	18.03%	+0.93%

VO vs. VOO - Expense Ratio Comparison

Both VO and VOO 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. VOO - Dividend Comparison

VO's dividend yield for the trailing twelve months is around 1.37%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VO and VOO in my portfolio?

VO and VOO have a correlation of 0.78, 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 VOO?

VOO has higher volatility (4.34%) compared to VO (4.25%). In terms of maximum drawdown, VO dropped -58.87% vs VOO's -33.99%.

Which ETF is better, VO or VOO?

On 10-year performance, VOO leads with 15.41% vs 11.63% for VO. Both ETFs have the same 0.03% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VO or VOO?

Over the 10-year period, VOO has performed better with a 15.41% return vs 11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VO or VOO?

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

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

VO has the higher dividend yield at 1.37%, compared with 1.05% for VOO.

What is the main difference between VO and VOO?

VO is categorized as Mid Cap Blend Equities, while VOO is S&P 500. VO tracks CRSP US Mid Cap Index, while VOO tracks S&P 500 Index.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.98 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.