VO vs. XMMO

Last updated Aug 4, 2026

VO (Vanguard Mid-Cap ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - VO is a Mid Cap Blend Equities fund tracking the CRSP US Mid Cap Index, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, VO returned 11.46%/yr vs 18.17%/yr for XMMO. Their correlation of 0.89 means they have usually moved in the same direction. VO charges 0.03%/yr vs 0.35%/yr for XMMO.

Performance

VO vs. XMMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap ETF (VO) and Invesco S&P MidCap Momentum ETF (XMMO). 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 13.50% return and XMMO slightly lower at 13.32%. Over the past 10 years, VO has underperformed XMMO with an annualized return of 11.46%, while XMMO has yielded a comparatively higher 18.17% annualized return.

VO

• 1D: 1.03%
• 1M: 1.58%
• 6M: 10.76%
• YTD: 13.50%
• 1Y: 17.71%
• 3Y*: 15.53%
• 5Y*: 7.98%
• 10Y*: 11.46%
• ALL TIME*: 10.37%

XMMO

• 1D: 1.37%
• 1M: -4.13%
• 6M: 10.87%
• YTD: 13.32%
• 1Y: 22.21%
• 3Y*: 24.75%
• 5Y*: 13.53%
• 10Y*: 18.17%
• ALL TIME*: 12.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VO Vanguard Mid-Cap ETF	$194.14M	$292.34M	$238.59M
XMMO Invesco S&P MidCap Momentum ETF	$60.28M	$71.43M	$67.26M

VO vs. XMMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VO Vanguard Mid-Cap ETF	13.50%	11.62%	15.31%	16.03%	-18.73%	24.70%	18.10%	30.98%	-9.24%	19.28%
XMMO Invesco S&P MidCap Momentum ETF	13.32%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Correlation

The correlation between VO and XMMO is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005	0.89

The correlation between VO and XMMO shifts across timeframes, from 0.75 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

VO vs. XMMO - Sectors Allocation Comparison

Sectors	VO	XMMO
Industrials	19.9%	37.0%
Technology	18.2%	12.9%
Financial Services	13.1%	2.9%
Consumer Cyclical	9.0%	5.0%
Utilities	8.4%	6.0%
Healthcare	7.8%	8.1%
Energy	7.4%	8.4%
Real Estate	5.1%	7.2%
Consumer Defensive	4.6%	0.5%
Basic Materials	3.9%	10.2%
Communication Services	2.7%	1.7%

Return for Risk

VO vs. XMMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VO

VO Risk / Return Rank: 60
VO Sharpe Ratio Rank: 59
VO Sortino Ratio Rank: 59
VO Omega Ratio Rank: 57
VO Calmar Ratio Rank: 60
VO Martin Ratio Rank: 67

XMMO

XMMO Risk / Return Rank: 44
XMMO Sharpe Ratio Rank: 41
XMMO Sortino Ratio Rank: 41
XMMO Omega Ratio Rank: 40
XMMO Calmar Ratio Rank: 44
XMMO Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VO vs. XMMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) and Invesco S&P MidCap Momentum ETF (XMMO). 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	XMMO	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.04	+0.38
Sortino ratio: Return per unit of downside risk	2.04	1.53	+0.51
Omega ratio: Gain probability vs. loss probability	1.25	1.19	+0.06
Calmar ratio: Return relative to maximum drawdown	2.18	1.60	+0.57
Martin ratio: Return relative to average drawdown	8.33	6.64	+1.69

VO vs. XMMO - Sharpe Ratio Comparison

The current VO Sharpe Ratio is 1.42, which is higher than the XMMO Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of VO and XMMO, 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. XMMO - Drawdown Comparison

The maximum VO drawdown since its inception was -58.87%, which is greater than XMMO's maximum drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for VO and XMMO.

Drawdown Indicators

	VO	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-58.87%	-55.37%	-3.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-13.91%	+5.74%
Max Drawdown (3Y) Largest decline over 3 years	-19.02%	-24.93%	+5.91%
Max Drawdown (5Y) Largest decline over 5 years	-27.57%	-27.91%	+0.34%
Max Drawdown (10Y) Largest decline over 10 years	-39.37%	-36.74%	-2.63%
Current Drawdown Current decline from peak	0.00%	-10.02%	+10.02%
Average Drawdown Average peak-to-trough decline	-7.81%	-9.42%	+1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	3.35%	-1.22%

Volatility

VO vs. XMMO - Volatility Comparison

The current volatility for Vanguard Mid-Cap ETF (VO) is 2.31%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.91%. This indicates that VO experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VO	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	7.91%	-5.60%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	18.48%	-9.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	21.51%	-8.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	21.87%	-4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	22.44%	-3.57%

VO vs. XMMO - Expense Ratio Comparison

VO has a 0.03% expense ratio, which is lower than XMMO's 0.35% expense ratio.

Dividends

VO vs. XMMO - Dividend Comparison

VO's dividend yield for the trailing twelve months is around 1.31%, more than XMMO's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VO Vanguard Mid-Cap ETF	1.31%	1.52%	1.49%	1.52%	1.60%	1.12%	1.45%	1.48%	1.82%	1.35%	1.45%	1.47%
XMMO Invesco S&P MidCap Momentum ETF	0.62%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both VO and XMMO in my portfolio?

VO and XMMO have a correlation of 0.75, 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 XMMO?

XMMO has higher volatility (7.91%) compared to VO (2.31%). In terms of maximum drawdown, VO dropped -58.87% vs XMMO's -55.37%.

Which ETF is better, VO or XMMO?

On 10-year performance, XMMO leads with 18.17% vs 11.46% for VO. On fees, VO is cheaper at 0.03% per year. On volatility, VO has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VO or XMMO?

Over the 10-year period, XMMO has performed better with a 18.17% return vs 11.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VO or XMMO?

VO is cheaper with a 0.03% expense ratio, compared with 0.35% for XMMO.

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

VO has the higher dividend yield at 1.31%, compared with 0.62% for XMMO.

What is the main difference between VO and XMMO?

VO is categorized as Mid Cap Blend Equities, while XMMO is Momentum. VO tracks CRSP US Mid Cap Index, while XMMO tracks S&P MidCap 400 Momentum Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.03% for VO and 0.35% for XMMO.

Which has better risk-adjusted returns?

VO currently has the higher Sharpe Ratio (1.42 vs 1.04), 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.