VOE vs. DON

Last updated Jun 25, 2026

VOE (Vanguard Mid-Cap Value ETF) and DON (WisdomTree US MidCap Dividend ETF) are both Mid Cap Value Equities funds - VOE tracks the CRSP US Mid Cap Value Index while DON tracks the WisdomTree U.S. MidCap Dividend Index. Both are passively managed. Over the past 10 years, VOE returned 11.02%/yr vs 9.59%/yr for DON. With a 0.95 correlation, they move nearly in lockstep. VOE charges 0.05%/yr vs 0.38%/yr for DON.

Performance

VOE vs. DON - Performance Comparison

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

Returns By Period

In the year-to-date period, VOE achieves a 12.36% return, which is significantly higher than DON's 9.74% return. Over the past 10 years, VOE has outperformed DON with an annualized return of 11.02%, while DON has yielded a comparatively lower 9.59% annualized return.

VOE

• 1D: 0.55%
• 1M: 1.98%
• YTD: 12.36%
• 6M: 11.18%
• 1Y: 23.06%
• 3Y*: 16.45%
• 5Y*: 9.24%
• 10Y*: 11.02%

DON

• 1D: 0.50%
• 1M: 1.89%
• YTD: 9.74%
• 6M: 8.18%
• 1Y: 15.10%
• 3Y*: 14.30%
• 5Y*: 8.46%
• 10Y*: 9.59%

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

VOE vs. DON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	12.36%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
DON WisdomTree US MidCap Dividend ETF	9.74%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%

Correlation

The correlation between VOE and DON is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.96

The correlation between VOE and DON has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

VOE vs. DON - Sectors Allocation Comparison

Sectors	VOE	DON
Financial Services	16.6%	21.1%
Industrials	13.6%	17.1%
Energy	12.3%	7.9%
Utilities	11.6%	6.9%
Technology	11.4%	4.5%
Consumer Defensive	7.9%	3.6%
Healthcare	6.4%	2.4%
Consumer Cyclical	6.2%	11.5%
Basic Materials	5.9%	6.4%
Real Estate	5.6%	9.3%
Communication Services	2.1%	3.9%

Return for Risk

VOE vs. DON — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 71
VOE Sharpe Ratio Rank: 69
VOE Sortino Ratio Rank: 71
VOE Omega Ratio Rank: 65
VOE Calmar Ratio Rank: 73
VOE Martin Ratio Rank: 75

DON

DON Risk / Return Rank: 36
DON Sharpe Ratio Rank: 35
DON Sortino Ratio Rank: 38
DON Omega Ratio Rank: 33
DON Calmar Ratio Rank: 37
DON Martin Ratio Rank: 37

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. DON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and WisdomTree US MidCap Dividend ETF (DON). 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	DON	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.16	+0.83
Sortino ratio: Return per unit of downside risk	2.87	1.79	+1.07
Omega ratio: Gain probability vs. loss probability	1.35	1.20	+0.15
Calmar ratio: Return relative to maximum drawdown	3.34	1.68	+1.67
Martin ratio: Return relative to average drawdown	12.64	5.22	+7.43

VOE vs. DON - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.00, which is higher than the DON Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of VOE and DON, 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. DON - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, roughly equal to the maximum DON drawdown of -61.94%. Use the drawdown chart below to compare losses from any high point for VOE and DON.

Drawdown Indicators

	VOE	DON	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-61.94%	+0.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-9.05%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-21.46%	+3.01%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-21.46%	+1.76%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-46.80%	+3.62%
Current Drawdown Current decline from peak	-0.52%	-0.79%	+0.27%
Average Drawdown Average peak-to-trough decline	-8.33%	-7.88%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	2.90%	-1.07%

Volatility

VOE vs. DON - Volatility Comparison

Vanguard Mid-Cap Value ETF (VOE) and WisdomTree US MidCap Dividend ETF (DON) have volatilities of 3.29% and 3.35%, 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

	VOE	DON	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.35%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	8.99%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	13.06%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	17.70%	-1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	20.24%	-1.45%

VOE vs. DON - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than DON's 0.38% expense ratio.

Dividends

VOE vs. DON - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.85%, less than DON's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DON WisdomTree US MidCap Dividend ETF	2.00%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%
VOE Vanguard Mid-Cap Value ETF	1.85%	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 DON in my portfolio?

With a correlation of 0.93, VOE and DON 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 DON?

DON has higher volatility (3.35%) compared to VOE (3.29%). In terms of maximum drawdown, VOE dropped -61.50% vs DON's -61.94%.

Which ETF is better, VOE or DON?

On 10-year performance, VOE leads with 11.02% vs 9.59% for DON. On fees, VOE is cheaper at 0.05% per year. 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, VOE or DON?

Over the 10-year period, VOE has performed better with a 11.02% return vs 9.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or DON?

VOE is cheaper with a 0.05% expense ratio, compared with 0.38% for DON.

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

DON has the higher dividend yield at 2.31%, compared with 1.85% for VOE.

What is the main difference between VOE and DON?

VOE tracks CRSP US Mid Cap Value Index, while DON tracks WisdomTree U.S. MidCap Dividend Index. They also come from different issuers: Vanguard and WisdomTree. Their fees differ too: 0.05% for VOE and 0.38% for DON.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.00 vs 1.16), 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.