VOE vs. SPYV

Last updated Jun 13, 2026

VOE (Vanguard Mid-Cap Value ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past 10 years, VOE returned 10.92%/yr vs 12.08%/yr for SPYV. Their correlation of 0.92 suggests significant overlap in exposure. VOE charges 0.05%/yr vs 0.04%/yr for SPYV.

Performance

VOE vs. SPYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) and SPDR Portfolio S&P 500 Value ETF (SPYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOE achieves a 12.81% return, which is significantly higher than SPYV's 8.25% return. Over the past 10 years, VOE has underperformed SPYV with an annualized return of 10.92%, while SPYV has yielded a comparatively higher 12.08% annualized return.

VOE

• 1D: 1.10%
• 1M: 3.67%
• YTD: 12.81%
• 6M: 11.83%
• 1Y: 24.24%
• 3Y*: 16.04%
• 5Y*: 8.93%
• 10Y*: 10.92%

SPYV

• 1D: 0.69%
• 1M: 1.81%
• YTD: 8.25%
• 6M: 8.02%
• 1Y: 20.65%
• 3Y*: 15.13%
• 5Y*: 10.98%
• 10Y*: 12.08%

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

VOE vs. SPYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	12.81%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
SPYV SPDR Portfolio S&P 500 Value ETF	8.25%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%

Correlation

The correlation between VOE and SPYV is 0.88, 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	0.88
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	0.92

The correlation between VOE and SPYV has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

VOE vs. SPYV - Sectors Allocation Comparison

Sectors	VOE	SPYV
Financial Services	16.5%	14.5%
Industrials	14.0%	10.8%
Energy	12.8%	7.1%
Utilities	12.1%	4.3%
Technology	10.9%	21.5%
Consumer Defensive	7.9%	9.1%
Healthcare	6.3%	11.6%
Real Estate	6.0%	3.3%
Basic Materials	5.8%	3.4%
Consumer Cyclical	5.7%	11.2%
Communication Services	2.2%	3.2%

Return for Risk

VOE vs. SPYV — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 77
VOE Sharpe Ratio Rank: 76
VOE Sortino Ratio Rank: 78
VOE Omega Ratio Rank: 72
VOE Calmar Ratio Rank: 78
VOE Martin Ratio Rank: 79

SPYV

SPYV Risk / Return Rank: 75
SPYV Sharpe Ratio Rank: 75
SPYV Sortino Ratio Rank: 76
SPYV Omega Ratio Rank: 73
SPYV Calmar Ratio Rank: 75
SPYV Martin Ratio Rank: 77

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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.08	+0.01
Sortino ratio: Return per unit of downside risk	3.01	2.92	+0.09
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.01
Calmar ratio: Return relative to maximum drawdown	3.52	3.33	+0.18
Martin ratio: Return relative to average drawdown	13.34	12.73	+0.61

VOE vs. SPYV - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.10, which is comparable to the SPYV Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of VOE and SPYV, 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. SPYV - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than SPYV's maximum drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for VOE and SPYV.

Drawdown Indicators

	VOE	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-58.45%	-3.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.22%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-17.54%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-17.89%	-1.81%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-36.89%	-6.29%
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-8.34%	-8.71%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.63%	+0.20%

Volatility

VOE vs. SPYV - Volatility Comparison

Vanguard Mid-Cap Value ETF (VOE) has a higher volatility of 3.19% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.70%. This indicates that VOE's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	2.70%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	7.26%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	9.97%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	14.42%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	16.94%	+1.89%

VOE vs. SPYV - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is higher than SPYV's 0.04% expense ratio. However, 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. SPYV - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.84%, more than SPYV's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%
VOE Vanguard Mid-Cap Value ETF	1.84%	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 SPYV in my portfolio?

VOE and SPYV 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 SPYV?

VOE has higher volatility (3.19%) compared to SPYV (2.70%). In terms of maximum drawdown, VOE dropped -61.50% vs SPYV's -58.45%.

Which ETF is better, VOE or SPYV?

On 10-year performance, SPYV leads with 12.08% vs 10.92% for VOE. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or SPYV?

Over the 10-year period, SPYV has performed better with a 12.08% return vs 10.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.05% for VOE.

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

VOE has the higher dividend yield at 1.84%, compared with 1.68% for SPYV.

What is the main difference between VOE and SPYV?

VOE is categorized as Mid Cap Value Equities, while SPYV is S&P 500. VOE tracks CRSP US Mid Cap Value Index, while SPYV tracks S&P 500 Value Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.05% for VOE and 0.04% for SPYV.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.10 vs 2.08), 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.