VOE vs. DGRO

Last updated Jun 13, 2026

VOE (Vanguard Mid-Cap Value ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, VOE returned 10.92%/yr vs 13.52%/yr for DGRO. Their correlation of 0.92 suggests significant overlap in exposure. VOE charges 0.05%/yr vs 0.08%/yr for DGRO.

Performance

VOE vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOE achieves a 12.81% return, which is significantly higher than DGRO's 9.86% return. Over the past 10 years, VOE has underperformed DGRO with an annualized return of 10.92%, while DGRO has yielded a comparatively higher 13.52% annualized return.

VOE

• 1D: 1.10%
• 1M: 3.67%
• YTD: 12.81%
• 6M: 11.83%
• 1Y: 24.24%
• 3Y*: 16.04%
• 5Y*: 8.93%
• 10Y*: 10.92%

DGRO

• 1D: 0.69%
• 1M: 3.74%
• YTD: 9.86%
• 6M: 9.27%
• 1Y: 22.26%
• 3Y*: 16.74%
• 5Y*: 10.82%
• 10Y*: 13.52%

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

VOE vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	12.81%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
DGRO iShares Core Dividend Growth ETF	9.86%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between VOE and DGRO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.92

The correlation between VOE and DGRO has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

VOE vs. DGRO - Sectors Allocation Comparison

Sectors	VOE	DGRO
Financial Services	16.5%	21.2%
Industrials	14.0%	10.8%
Energy	12.8%	5.6%
Utilities	12.1%	6.9%
Technology	10.9%	19.4%
Consumer Defensive	7.9%	11.5%
Healthcare	6.3%	16.4%
Real Estate	6.0%	-
Basic Materials	5.8%	2.5%
Consumer Cyclical	5.7%	5.7%
Communication Services	2.2%	0.1%

Return for Risk

VOE vs. DGRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VOE

VOE Risk / Return Rank: 77
VOE Sharpe Ratio Rank: 76
VOE Sortino Ratio Rank: 78
VOE Omega Ratio Rank: 72
VOE Calmar Ratio Rank: 78
VOE Martin Ratio Rank: 79

DGRO

DGRO Risk / Return Rank: 82
DGRO Sharpe Ratio Rank: 84
DGRO Sortino Ratio Rank: 87
DGRO Omega Ratio Rank: 82
DGRO Calmar Ratio Rank: 77
DGRO Martin Ratio Rank: 79

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.

VOE vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and iShares Core Dividend Growth ETF (DGRO). 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.

	VOE	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.34	-0.24
Sortino ratio: Return per unit of downside risk	3.01	3.40	-0.38
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	3.52	3.46	+0.06
Martin ratio: Return relative to average drawdown	13.34	13.36	-0.03

VOE vs. DGRO - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.10, which is comparable to the DGRO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of VOE and DGRO, 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

VOE vs. DGRO - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for VOE and DGRO.

Drawdown Indicators

	VOE	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-35.10%	-26.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.47%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-14.03%	-4.42%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-19.31%	-0.39%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-35.10%	-8.08%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.34%	-3.44%	-4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.68%	+0.15%

Volatility

VOE vs. DGRO - Volatility Comparison

Vanguard Mid-Cap Value ETF (VOE) has a higher volatility of 3.19% compared to iShares Core Dividend Growth ETF (DGRO) at 2.64%. This indicates that VOE's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	2.64%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	6.96%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	9.59%	+2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	13.83%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	16.62%	+2.21%

VOE vs. DGRO - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than DGRO's 0.08% 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

VOE vs. DGRO - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.84%, less than DGRO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.94%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
VOE Vanguard Mid-Cap Value ETF	1.84%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both VOE and DGRO in my portfolio?

With a correlation of 0.90, VOE and DGRO 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.

Which is riskier, VOE or DGRO?

VOE has higher volatility (3.19%) compared to DGRO (2.64%). In terms of maximum drawdown, VOE dropped -61.50% vs DGRO's -35.10%.

Which ETF is better, VOE or DGRO?

On 10-year performance, DGRO leads with 13.52% vs 10.92% for VOE. On fees, VOE is cheaper at 0.05% per year. On volatility, DGRO has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or DGRO?

Over the 10-year period, DGRO has performed better with a 13.52% return vs 10.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or DGRO?

VOE is cheaper with a 0.05% expense ratio, compared with 0.08% for DGRO.

Which ETF pays a higher dividend yield, VOE or DGRO?

DGRO has the higher dividend yield at 1.94%, compared with 1.84% for VOE.

What is the main difference between VOE and DGRO?

VOE is categorized as Mid Cap Value Equities, while DGRO is Large Cap Growth Equities. VOE tracks CRSP US Mid Cap Value Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VOE and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.34 vs 2.10), 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.