VOE vs. VEGI

Last updated Jun 5, 2026

VOE (Vanguard Mid-Cap Value ETF) and VEGI (iShares MSCI Agriculture Producers ETF) are both Mid Cap Value Equities funds - VOE tracks the CRSP US Mid Cap Value Index while VEGI tracks the MSCI ACWI Select Agriculture Producers Investable Market Index. Both are passively managed. Over the past 10 years, VOE returned 10.58%/yr vs 8.32%/yr for VEGI. A 0.73 correlation means they provide meaningful diversification when combined. VOE charges 0.07%/yr vs 0.39%/yr for VEGI.

Performance

VOE vs. VEGI - Performance Comparison

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

Returns By Period

In the year-to-date period, VOE achieves a 11.76% return, which is significantly lower than VEGI's 16.20% return. Over the past 10 years, VOE has outperformed VEGI with an annualized return of 10.58%, while VEGI has yielded a comparatively lower 8.32% annualized return.

VOE

• 1D: 0.91%
• 1M: 1.77%
• YTD: 11.76%
• 6M: 12.39%
• 1Y: 24.53%
• 3Y*: 17.01%
• 5Y*: 8.65%
• 10Y*: 10.58%

VEGI

• 1D: -0.66%
• 1M: -2.63%
• YTD: 16.20%
• 6M: 15.37%
• 1Y: 14.32%
• 3Y*: 8.08%
• 5Y*: 3.48%
• 10Y*: 8.32%

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

VOE vs. VEGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	11.76%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
VEGI iShares MSCI Agriculture Producers ETF	16.20%	11.34%	-4.85%	-8.59%	6.34%	21.56%	20.06%	13.52%	-9.76%	19.79%

Correlation

The correlation between VOE and VEGI is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.73

The correlation between VOE and VEGI shifts across timeframes, from 0.57 (1 year) to 0.74 (10 years), reflecting how their relationship changes across market environments.

VOE vs. VEGI - Sectors Allocation Comparison

Sectors	VOE	VEGI
Financial Services	16.5%	-
Industrials	14.0%	34.2%
Energy	12.8%	-
Utilities	12.1%	-
Technology	10.9%	-
Consumer Defensive	7.9%	33.3%
Healthcare	6.3%	-
Real Estate	6.0%	-
Basic Materials	5.8%	31.7%
Consumer Cyclical	5.7%	-
Communication Services	2.2%	-

Return for Risk

VOE vs. VEGI — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 69
VOE Sharpe Ratio Rank: 66
VOE Sortino Ratio Rank: 69
VOE Omega Ratio Rank: 63
VOE Calmar Ratio Rank: 72
VOE Martin Ratio Rank: 73

VEGI

VEGI Risk / Return Rank: 30
VEGI Sharpe Ratio Rank: 28
VEGI Sortino Ratio Rank: 29
VEGI Omega Ratio Rank: 27
VEGI Calmar Ratio Rank: 39
VEGI Martin Ratio Rank: 27

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. VEGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and iShares MSCI Agriculture Producers ETF (VEGI). 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	VEGI	Difference
Sharpe ratio: Return per unit of total volatility	2.15	0.97	+1.18
Sortino ratio: Return per unit of downside risk	3.09	1.51	+1.57
Omega ratio: Gain probability vs. loss probability	1.38	1.18	+0.20
Calmar ratio: Return relative to maximum drawdown	3.56	1.92	+1.64
Martin ratio: Return relative to average drawdown	13.50	3.68	+9.81
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. VEGI - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.15, which is higher than the VEGI Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of VOE and VEGI, 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	VEGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	0.97	+1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.20	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.44	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.34	+0.11

Drawdowns

VOE vs. VEGI - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than VEGI's maximum drawdown of -37.37%. Use the drawdown chart below to compare losses from any high point for VOE and VEGI.

Drawdown Indicators

	VOE	VEGI	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-37.37%	-24.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-7.49%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-17.71%	-0.74%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-28.86%	+9.16%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-37.37%	-5.81%
Current Drawdown Current decline from peak	0.00%	-4.96%	+4.96%
Average Drawdown Average peak-to-trough decline	-8.35%	-9.82%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	3.90%	-2.08%

Volatility

VOE vs. VEGI - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 2.68%, while iShares MSCI Agriculture Producers ETF (VEGI) has a volatility of 4.49%. This indicates that VOE experiences smaller price fluctuations and is considered to be less risky than VEGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	VEGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	4.49%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	11.82%	-3.66%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	14.77%	-3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	17.88%	-1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	18.94%	-0.11%

VOE vs. VEGI - Expense Ratio Comparison

VOE has a 0.07% expense ratio, which is lower than VEGI's 0.39% expense ratio.

Dividends

VOE vs. VEGI - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.86%, less than VEGI's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEGI iShares MSCI Agriculture Producers ETF	2.01%	2.33%	2.62%	2.54%	1.49%	1.46%	1.55%	1.84%	2.02%	1.75%	2.13%	2.49%
VOE Vanguard Mid-Cap Value ETF	1.86%	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 VEGI in my portfolio?

VOE and VEGI have a correlation of 0.57, 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 VEGI?

VEGI has higher volatility (4.49%) compared to VOE (2.68%). In terms of maximum drawdown, VOE dropped -61.50% vs VEGI's -37.37%.

Which ETF is better, VOE or VEGI?

On 10-year performance, VOE leads with 10.58% vs 8.32% for VEGI. On fees, VOE is cheaper at 0.07% per year. On volatility, VOE has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or VEGI?

Over the 10-year period, VOE has performed better with a 10.58% return vs 8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or VEGI?

VOE is cheaper with a 0.07% expense ratio, compared with 0.39% for VEGI.

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

VEGI has the higher dividend yield at 2.01%, compared with 1.86% for VOE.

What is the main difference between VOE and VEGI?

VOE tracks CRSP US Mid Cap Value Index, while VEGI tracks MSCI ACWI Select Agriculture Producers Investable Market Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for VOE and 0.39% for VEGI.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.15 vs 0.97), 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.