VOE vs. VDIGX

Last updated Jul 25, 2026

VOE (Vanguard Mid-Cap Value ETF) and VDIGX (Vanguard Dividend Growth Fund) are both funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while VDIGX is a Dividend fund actively managed by Vanguard. VOE is passively managed, while VDIGX is actively managed. Over the past 10 years, VOE returned 10.69%/yr vs 12.02%/yr for VDIGX. Their correlation of 0.86 suggests significant overlap in exposure. VOE charges 0.05%/yr vs 0.22%/yr for VDIGX.

Performance

VOE vs. VDIGX - Performance Comparison

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

Returns By Period

In the year-to-date period, VOE achieves a 16.62% return, which is significantly higher than VDIGX's 3.62% return. Over the past 10 years, VOE has underperformed VDIGX with an annualized return of 10.69%, while VDIGX has yielded a comparatively higher 12.02% annualized return.

VOE

• 1D: 1.15%
• 1M: 3.79%
• 6M: 12.00%
• YTD: 16.62%
• 1Y: 23.35%
• 3Y*: 15.00%
• 5Y*: 10.35%
• 10Y*: 10.69%
• ALL TIME*: 9.57%

VDIGX

• 1D: -0.16%
• 1M: 1.72%
• 6M: 2.87%
• YTD: 3.62%
• 1Y: 8.06%
• 3Y*: 12.56%
• 5Y*: 9.20%
• 10Y*: 12.02%
• ALL TIME*: 9.31%

*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)
VDIGX Vanguard Dividend Growth Fund	$0.00	$0.00	$0.00
VOE Vanguard Mid-Cap Value ETF	$53.40M	$55.56M	$54.72M

VOE vs. VDIGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	16.62%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
VDIGX Vanguard Dividend Growth Fund	3.62%	11.11%	20.84%	8.11%	-4.89%	24.86%	12.04%	30.94%	0.08%	19.32%

Correlation

The correlation between VOE and VDIGX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 25, 2006	0.86

The correlation between VOE and VDIGX shifts across timeframes, from 0.75 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

VOE vs. VDIGX - Sectors Allocation Comparison

Sectors	VOE	VDIGX
Financial Services	19.0%	20.1%
Industrials	14.3%	12.9%
Utilities	12.6%	0.5%
Energy	11.7%	1.1%
Technology	8.1%	25.6%
Consumer Defensive	7.6%	7.9%
Healthcare	7.2%	16.1%
Consumer Cyclical	6.1%	10.7%
Real Estate	5.8%	-
Basic Materials	5.7%	2.6%
Communication Services	1.5%	2.3%

Return for Risk

VOE vs. VDIGX — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 87
VOE Sharpe Ratio Rank: 88
VOE Sortino Ratio Rank: 89
VOE Omega Ratio Rank: 85
VOE Calmar Ratio Rank: 86
VOE Martin Ratio Rank: 87

VDIGX

VDIGX Risk / Return Rank: 18
VDIGX Sharpe Ratio Rank: 18
VDIGX Sortino Ratio Rank: 19
VDIGX Omega Ratio Rank: 17
VDIGX Calmar Ratio Rank: 16
VDIGX Martin Ratio Rank: 22

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. VDIGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and Vanguard Dividend Growth Fund (VDIGX). 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	VDIGX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	0.77	+1.29
Sortino ratio: Return per unit of downside risk	2.99	1.19	+1.80
Omega ratio: Gain probability vs. loss probability	1.36	1.14	+0.23
Calmar ratio: Return relative to maximum drawdown	3.39	0.86	+2.52
Martin ratio: Return relative to average drawdown	12.87	3.38	+9.49

VOE vs. VDIGX - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.07, which is higher than the VDIGX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of VOE and VDIGX, 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. VDIGX - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than VDIGX's maximum drawdown of -45.23%. Use the drawdown chart below to compare losses from any high point for VOE and VDIGX.

Drawdown Indicators

	VOE	VDIGX	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-45.23%	-16.27%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-9.09%	+2.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-10.23%	-8.22%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-16.18%	-3.52%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-32.98%	-10.20%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-8.29%	-6.63%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.31%	-0.49%

Volatility

VOE vs. VDIGX - Volatility Comparison

Vanguard Mid-Cap Value ETF (VOE) and Vanguard Dividend Growth Fund (VDIGX) have volatilities of 2.54% and 2.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	VDIGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.49%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	7.74%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	11.37%	10.16%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.89%	13.84%	+2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.73%	15.66%	+3.07%

VOE vs. VDIGX - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than VDIGX's 0.22% 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. VDIGX - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.82%, less than VDIGX's 23.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDIGX Vanguard Dividend Growth Fund	23.69%	21.90%	21.94%	2.29%	6.06%	5.45%	2.83%	4.70%	8.72%	5.16%	2.86%	5.70%
VOE Vanguard Mid-Cap Value ETF	1.82%	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 VDIGX in my portfolio?

VOE and VDIGX have a correlation of 0.75, 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 VDIGX?

VOE has higher volatility (2.54%) compared to VDIGX (2.49%). In terms of maximum drawdown, VOE dropped -61.50% vs VDIGX's -45.23%.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.07 vs 0.77), 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.