VOE vs. SCHD

Last updated Jun 9, 2026

VOE (Vanguard Mid-Cap Value ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, VOE returned 10.54%/yr vs 12.65%/yr for SCHD. Their correlation of 0.89 suggests significant overlap in exposure. VOE charges 0.05%/yr vs 0.06%/yr for SCHD.

Performance

VOE vs. SCHD - Performance Comparison

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

Returns By Period

In the year-to-date period, VOE achieves a 10.52% return, which is significantly lower than SCHD's 18.71% return. Over the past 10 years, VOE has underperformed SCHD with an annualized return of 10.54%, while SCHD has yielded a comparatively higher 12.65% annualized return.

VOE

• 1D: -0.22%
• 1M: 1.68%
• YTD: 10.52%
• 6M: 11.54%
• 1Y: 22.48%
• 3Y*: 15.80%
• 5Y*: 8.50%
• 10Y*: 10.54%

SCHD

• 1D: -0.03%
• 1M: 2.12%
• YTD: 18.71%
• 6M: 19.28%
• 1Y: 26.37%
• 3Y*: 14.73%
• 5Y*: 8.49%
• 10Y*: 12.65%

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

VOE vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	10.52%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
SCHD Schwab U.S. Dividend Equity ETF	18.71%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between VOE and SCHD is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.89

The correlation between VOE and SCHD shifts across timeframes, from 0.80 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

VOE vs. SCHD - Sectors Allocation Comparison

Sectors	VOE	SCHD
Financial Services	16.5%	9.3%
Industrials	14.0%	7.5%
Energy	12.8%	16.2%
Utilities	12.1%	0.0%
Technology	10.9%	16.4%
Consumer Defensive	7.9%	19.2%
Healthcare	6.3%	18.8%
Real Estate	6.0%	-
Basic Materials	5.8%	1.2%
Consumer Cyclical	5.7%	6.3%
Communication Services	2.2%	6.3%

Return for Risk

VOE vs. SCHD — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 68
VOE Sharpe Ratio Rank: 66
VOE Sortino Ratio Rank: 70
VOE Omega Ratio Rank: 63
VOE Calmar Ratio Rank: 71
VOE Martin Ratio Rank: 73

SCHD

SCHD Risk / Return Rank: 85
SCHD Sharpe Ratio Rank: 83
SCHD Sortino Ratio Rank: 89
SCHD Omega Ratio Rank: 81
SCHD Calmar Ratio Rank: 92
SCHD Martin Ratio Rank: 80

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and Schwab U.S. Dividend Equity ETF (SCHD). 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.

	VOE	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.43	-0.46
Sortino ratio: Return per unit of downside risk	2.84	3.75	-0.91
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	3.26	5.74	-2.48
Martin ratio: Return relative to average drawdown	12.35	14.06	-1.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOE vs. SCHD - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 1.97, which is comparable to the SCHD Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of VOE and SCHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VOE	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.43	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.59	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.76	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.86	-0.42

Drawdowns

VOE vs. SCHD - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for VOE and SCHD.

Drawdown Indicators

	VOE	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-33.37%	-28.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-4.61%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-16.13%	-2.32%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-16.85%	-2.85%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-33.37%	-9.81%
Current Drawdown Current decline from peak	-1.12%	-1.64%	+0.52%
Average Drawdown Average peak-to-trough decline	-8.35%	-3.32%	-5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.88%	-0.06%

Volatility

VOE vs. SCHD - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 2.55%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 2.83%. This indicates that VOE experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	2.83%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	7.60%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	10.94%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	14.38%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	16.72%	+2.11%

VOE vs. SCHD - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than SCHD's 0.06% 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. SCHD - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.88%, less than SCHD's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.27%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
VOE Vanguard Mid-Cap Value ETF	1.88%	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 SCHD in my portfolio?

VOE and SCHD have a correlation of 0.80, 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 SCHD?

SCHD has higher volatility (2.83%) compared to VOE (2.55%). In terms of maximum drawdown, VOE dropped -61.50% vs SCHD's -33.37%.

Which ETF is better, VOE or SCHD?

On 10-year performance, SCHD leads with 12.65% vs 10.54% for VOE. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or SCHD?

Over the 10-year period, SCHD has performed better with a 12.65% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or SCHD?

VOE is cheaper with a 0.05% expense ratio, compared with 0.06% for SCHD.

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

SCHD has the higher dividend yield at 3.27%, compared with 1.88% for VOE.

What is the main difference between VOE and SCHD?

VOE is categorized as Mid Cap Value Equities, while SCHD is Dividend. VOE tracks CRSP US Mid Cap Value Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Vanguard and Charles Schwab. Their fees differ too: 0.05% for VOE and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.43 vs 1.97), 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.