VOE vs. MDYV

Last updated Jun 25, 2026

VOE (Vanguard Mid-Cap Value ETF) and MDYV (SPDR S&P 400 Mid Cap Value ETF) are both Mid Cap Value Equities funds - VOE tracks the CRSP US Mid Cap Value Index while MDYV tracks the S&P MidCap 400 Value Index. Both are passively managed. Over the past 10 years, VOE returned 11.02%/yr vs 10.90%/yr for MDYV. Their correlation of 0.86 suggests significant overlap in exposure. VOE charges 0.05%/yr vs 0.15%/yr for MDYV.

Performance

VOE vs. MDYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) and SPDR S&P 400 Mid Cap Value ETF (MDYV). 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 MDYV's 11.67% return. Both investments have delivered pretty close results over the past 10 years, with VOE having a 11.02% annualized return and MDYV not far behind at 10.90%.

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%

MDYV

• 1D: 0.90%
• 1M: 3.81%
• YTD: 11.67%
• 6M: 9.72%
• 1Y: 20.62%
• 3Y*: 14.58%
• 5Y*: 8.39%
• 10Y*: 10.90%

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

VOE vs. MDYV - 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%
MDYV SPDR S&P 400 Mid Cap Value ETF	11.67%	7.45%	11.48%	15.35%	-7.19%	30.51%	3.68%	25.89%	-11.95%	12.31%

Correlation

The correlation between VOE and MDYV 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	0.86

The correlation between VOE and MDYV has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.

VOE vs. MDYV - Sectors Allocation Comparison

Sectors	VOE	MDYV
Financial Services	16.6%	21.4%
Industrials	13.6%	18.7%
Energy	12.3%	6.8%
Utilities	11.6%	4.0%
Technology	11.4%	10.2%
Consumer Defensive	7.9%	4.9%
Healthcare	6.4%	3.8%
Consumer Cyclical	6.2%	13.9%
Basic Materials	5.9%	6.3%
Real Estate	5.6%	9.6%
Communication Services	2.1%	0.5%

Return for Risk

VOE vs. MDYV — 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

MDYV

MDYV Risk / Return Rank: 43
MDYV Sharpe Ratio Rank: 42
MDYV Sortino Ratio Rank: 45
MDYV Omega Ratio Rank: 40
MDYV Calmar Ratio Rank: 43
MDYV Martin Ratio Rank: 45

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. MDYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and SPDR S&P 400 Mid Cap Value ETF (MDYV). 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	MDYV	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.35	+0.65
Sortino ratio: Return per unit of downside risk	2.87	2.05	+0.81
Omega ratio: Gain probability vs. loss probability	1.35	1.24	+0.11
Calmar ratio: Return relative to maximum drawdown	3.34	1.97	+1.38
Martin ratio: Return relative to average drawdown	12.64	6.77	+5.87

VOE vs. MDYV - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.00, which is higher than the MDYV Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of VOE and MDYV, 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. MDYV - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, roughly equal to the maximum MDYV drawdown of -60.71%. Use the drawdown chart below to compare losses from any high point for VOE and MDYV.

Drawdown Indicators

	VOE	MDYV	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-60.71%	-0.79%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-10.53%	+3.60%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-22.58%	+4.13%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-22.58%	+2.88%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-45.90%	+2.72%
Current Drawdown Current decline from peak	-0.52%	-0.28%	-0.24%
Average Drawdown Average peak-to-trough decline	-8.33%	-8.60%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	3.05%	-1.22%

Volatility

VOE vs. MDYV - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 3.29%, while SPDR S&P 400 Mid Cap Value ETF (MDYV) has a volatility of 3.93%. This indicates that VOE experiences smaller price fluctuations and is considered to be less risky than MDYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	MDYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.93%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	8.37%	10.75%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	11.62%	15.36%	-3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	19.45%	-3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.79%	21.88%	-3.09%

VOE vs. MDYV - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than MDYV's 0.15% 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. MDYV - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.85%, more than MDYV's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDYV SPDR S&P 400 Mid Cap Value ETF	1.70%	1.72%	1.89%	1.59%	1.90%	1.74%	1.69%	1.83%	2.28%	2.48%	1.83%	4.31%
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 MDYV in my portfolio?

With a correlation of 0.91, VOE and MDYV 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 MDYV?

MDYV has higher volatility (3.93%) compared to VOE (3.29%). In terms of maximum drawdown, VOE dropped -61.50% vs MDYV's -60.71%.

Which ETF is better, VOE or MDYV?

On 10-year performance, VOE leads with 11.02% vs 10.90% for MDYV. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or MDYV?

Over the 10-year period, VOE has performed better with a 11.02% return vs 10.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or MDYV?

VOE is cheaper with a 0.05% expense ratio, compared with 0.15% for MDYV.

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

VOE has the higher dividend yield at 1.85%, compared with 1.70% for MDYV.

What is the main difference between VOE and MDYV?

VOE tracks CRSP US Mid Cap Value Index, while MDYV tracks S&P MidCap 400 Value Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.05% for VOE and 0.15% for MDYV.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.00 vs 1.35), 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.