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VOE vs. IJJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOE vs. IJJ

Last updated Jun 19, 2026

VOE (Vanguard Mid-Cap Value ETF) and IJJ (iShares S&P Mid-Cap 400 Value ETF) are both Mid Cap Value Equities funds - VOE tracks the CRSP US Mid Cap Value Index while IJJ tracks the S&P MidCap 400 Value Index. Both are passively managed. Over the past 10 years, VOE returned 10.60%/yr vs 10.49%/yr for IJJ. With a 0.95 correlation, they move nearly in lockstep. VOE charges 0.05%/yr vs 0.18%/yr for IJJ.

Performance

VOE vs. IJJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) and iShares S&P Mid-Cap 400 Value ETF (IJJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with VOE having a 11.03% return and IJJ slightly lower at 10.80%. Both investments have delivered pretty close results over the past 10 years, with VOE having a 10.60% annualized return and IJJ not far behind at 10.49%.

VOE

1D
0.02%
1M
2.46%
YTD
11.03%
6M
11.11%
1Y
23.69%
3Y*
15.08%
5Y*
9.72%
10Y*
10.60%

IJJ

1D
0.81%
1M
5.80%
YTD
10.80%
6M
9.98%
1Y
21.97%
3Y*
13.12%
5Y*
9.16%
10Y*
10.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VOE vs. IJJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOE
Vanguard Mid-Cap Value ETF		11.03%12.08%14.00%9.85%-7.97%28.78%2.65%27.85%-12.48%17.07%
IJJ
iShares S&P Mid-Cap 400 Value ETF		10.80%7.27%11.63%15.24%-7.11%30.45%3.56%25.66%-12.06%12.04%

Correlation

The correlation between VOE and IJJ is 0.91, 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

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Aug 25, 2006

0.95

The correlation between VOE and IJJ has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

VOE vs. IJJ - Sectors Allocation Comparison

Sectors
VOE
IJJ

Financial Services

16.5%
21.4%

Industrials

14.0%
18.7%

Energy

12.8%
6.8%

Utilities

12.1%
4.0%

Technology

10.9%
10.2%

Consumer Defensive

7.9%
4.9%

Healthcare

6.3%
3.8%

Real Estate

6.0%
9.6%

Basic Materials

5.8%
6.3%

Consumer Cyclical

5.7%
13.9%

Communication Services

2.2%
0.5%

Financial Services

VOE
16.5%
IJJ
21.4%

Industrials

VOE
14.0%
IJJ
18.7%

Energy

VOE
12.8%
IJJ
6.8%

Utilities

VOE
12.1%
IJJ
4.0%

Technology

VOE
10.9%
IJJ
10.2%

Consumer Defensive

VOE
7.9%
IJJ
4.9%

Healthcare

VOE
6.3%
IJJ
3.8%

Real Estate

VOE
6.0%
IJJ
9.6%

Basic Materials

VOE
5.8%
IJJ
6.3%

Consumer Cyclical

VOE
5.7%
IJJ
13.9%

Communication Services

VOE
2.2%
IJJ
0.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Mid-Cap Value ETF

iShares S&P Mid-Cap 400 Value ETF

Often compared with VOE:
VOE vs. VOVOE vs. VOTVOE vs. VOOVOE vs. VBRVOE vs. IJHVOE vs. IVOVVOE vs. VMVAX
Often compared with IJJ:
IJJ vs. IJHIJJ vs. SPYIJJ vs. PSRIJJ vs. IVVIJJ vs. VOOIJJ vs. VBRIJJ vs. VOOV

Return for Risk

VOE vs. IJJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOE
VOE Risk / Return Rank: 7070
Overall Rank
VOE Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VOE Sortino Ratio Rank: 7070
Sortino Ratio Rank
VOE Omega Ratio Rank: 6464
Omega Ratio Rank
VOE Calmar Ratio Rank: 7373
Calmar Ratio Rank
VOE Martin Ratio Rank: 7474
Martin Ratio Rank
IJJ
IJJ Risk / Return Rank: 4444
Overall Rank
IJJ Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
IJJ Sortino Ratio Rank: 4646
Sortino Ratio Rank
IJJ Omega Ratio Rank: 4141
Omega Ratio Rank
IJJ Calmar Ratio Rank: 4444
Calmar Ratio Rank
IJJ Martin Ratio Rank: 4646
Martin Ratio Rank
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. IJJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and iShares S&P Mid-Cap 400 Value ETF (IJJ). 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.

VOEIJJDifference
Sharpe ratioReturn per unit of total volatility
2.05
1.43

+0.61

Sortino ratioReturn per unit of downside risk
2.93
2.16

+0.77

Omega ratioGain probability vs. loss probability

1.36

1.25

+0.11

Calmar ratioReturn relative to maximum drawdown

3.44

2.08

+1.35

Martin ratioReturn relative to average drawdown

13.00

7.20

+5.80

VOE vs. IJJ - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.05, which is higher than the IJJ Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of VOE and IJJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VOE vs. IJJ - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than IJJ's maximum drawdown of -58.00%. Use the drawdown chart below to compare losses from any high point for VOE and IJJ.

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Drawdown Indicators

VOEIJJDifference

Max Drawdown

Largest peak-to-trough decline

-61.50%

-58.00%

-3.50%

Max Drawdown (1Y)

Largest decline over 1 year

-6.93%

-10.59%

+3.66%

Max Drawdown (3Y)

Largest decline over 3 years

-18.45%

-22.68%

+4.23%

Max Drawdown (5Y)

Largest decline over 5 years

-19.70%

-22.68%

+2.98%

Max Drawdown (10Y)

Largest decline over 10 years

-43.18%

-46.11%

+2.93%

Current Drawdown

Current decline from peak

-1.70%

-0.99%

-0.71%

Average Drawdown

Average peak-to-trough decline

-8.33%

-7.92%

-0.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.83%

3.06%

-1.23%

Volatility

VOE vs. IJJ - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 3.39%, while iShares S&P Mid-Cap 400 Value ETF (IJJ) has a volatility of 4.17%. This indicates that VOE experiences smaller price fluctuations and is considered to be less risky than IJJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VOEIJJDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.39%

4.17%

-0.78%

Volatility (6M)

Calculated over the trailing 6-month period

8.35%

10.83%

-2.48%

Volatility (1Y)

Calculated over the trailing 1-year period

11.63%

15.43%

-3.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.03%

19.55%

-3.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

22.05%

-3.21%

VOE vs. IJJ - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than IJJ's 0.18% 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. IJJ - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.87%, more than IJJ's 1.62% yield.

PositionTTM20252024202320222021202020192018201720162015
IJJ
iShares S&P Mid-Cap 400 Value ETF		1.62%1.79%1.81%1.68%1.97%1.62%1.78%1.70%2.01%1.52%1.67%1.83%
VOE
Vanguard Mid-Cap Value ETF		1.87%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

With a correlation of 0.91, VOE and IJJ 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.

IJJ has higher volatility (4.17%) compared to VOE (3.39%). In terms of maximum drawdown, VOE dropped -61.50% vs IJJ's -58.00%.

On 10-year performance, VOE leads with 10.60% vs 10.49% for IJJ. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOE has performed better with a 10.60% return vs 10.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOE is cheaper with a 0.05% expense ratio, compared with 0.18% for IJJ.

VOE has the higher dividend yield at 1.87%, compared with 1.62% for IJJ.

VOE tracks CRSP US Mid Cap Value Index, while IJJ tracks S&P MidCap 400 Value Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VOE and 0.18% for IJJ.

VOE currently has the higher Sharpe Ratio (2.05 vs 1.43), 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.

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