VOE vs. IJJ

Last updated Jul 29, 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 10.84%/yr vs 10.46%/yr for IJJ. Their 0.95 correlation means they have historically moved very closely together. 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.

Returns By Period

In the year-to-date period, VOE achieves a 18.15% return, which is significantly higher than IJJ's 14.48% return. Both investments have delivered pretty close results over the past 10 years, with VOE having a 10.84% annualized return and IJJ not far behind at 10.46%.

VOE

• 1D: 0.97%
• 1M: 4.20%
• 6M: 12.76%
• YTD: 18.15%
• 1Y: 24.96%
• 3Y*: 15.74%
• 5Y*: 10.31%
• 10Y*: 10.84%
• ALL TIME*: 9.63%

IJJ

• 1D: 0.73%
• 1M: 1.39%
• 6M: 9.47%
• YTD: 14.48%
• 1Y: 19.39%
• 3Y*: 12.41%
• 5Y*: 9.24%
• 10Y*: 10.46%
• ALL TIME*: 10.44%

*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)
IJJ iShares S&P Mid-Cap 400 Value ETF	$23.19M	$25.29M	$25.36M
VOE Vanguard Mid-Cap Value ETF	$52.86M	$56.10M	$54.27M

VOE vs. IJJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	18.15%	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	14.48%	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 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	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 0.88 to 0.95 - a consistent structural relationship.

VOE vs. IJJ - Sectors Allocation Comparison

Sectors	VOE	IJJ
Financial Services	18.7%	21.8%
Industrials	14.6%	19.1%
Utilities	12.6%	4.0%
Energy	11.7%	6.3%
Technology	8.1%	10.4%
Consumer Defensive	7.6%	4.8%
Healthcare	7.2%	3.8%
Consumer Cyclical	5.9%	13.9%
Basic Materials	5.9%	5.7%
Real Estate	5.8%	9.5%
Communication Services	1.5%	0.8%

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: 89
VOE Sharpe Ratio Rank: 90
VOE Sortino Ratio Rank: 91
VOE Omega Ratio Rank: 88
VOE Calmar Ratio Rank: 88
VOE Martin Ratio Rank: 89

IJJ

IJJ Risk / Return Rank: 54
IJJ Sharpe Ratio Rank: 55
IJJ Sortino Ratio Rank: 58
IJJ Omega Ratio Rank: 52
IJJ Calmar Ratio Rank: 52
IJJ Martin Ratio Rank: 55

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.

	VOE	IJJ	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.29	+0.92
Sortino ratio: Return per unit of downside risk	3.18	1.98	+1.21
Omega ratio: Gain probability vs. loss probability	1.39	1.23	+0.16
Calmar ratio: Return relative to maximum drawdown	3.62	1.84	+1.78
Martin ratio: Return relative to average drawdown	13.94	6.47	+7.46

VOE vs. IJJ - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.21, which is higher than the IJJ Sharpe Ratio of 1.29. 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.

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.

Drawdown Indicators

	VOE	IJJ	Difference
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.29%	-7.89%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	3.01%	-1.21%

Volatility

VOE vs. IJJ - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 2.59%, while iShares S&P Mid-Cap 400 Value ETF (IJJ) has a volatility of 3.25%. 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.

Volatility by Period

	VOE	IJJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.25%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	10.42%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	15.11%	-3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	19.37%	-3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	21.97%	-3.23%

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 1.79%, more than IJJ's 1.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJJ iShares S&P Mid-Cap 400 Value ETF	1.57%	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	1.79%	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 IJJ in my portfolio?

VOE and IJJ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOE or IJJ?

IJJ has higher volatility (3.25%) compared to VOE (2.59%). In terms of maximum drawdown, VOE dropped -61.50% vs IJJ's -58.00%.

Which ETF is better, VOE or IJJ?

On 10-year performance, VOE leads with 10.84% vs 10.46% for IJJ. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or IJJ?

Over the 10-year period, VOE has performed better with a 10.84% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or IJJ?

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

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

VOE has the higher dividend yield at 1.79%, compared with 1.57% for IJJ.

What is the main difference between VOE and 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.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.21 vs 1.29), 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.