VOE vs. VMVAX

Last updated Jul 30, 2026

VOE (Vanguard Mid-Cap Value ETF) and VMVAX (Vanguard Mid-Cap Value Index Fund Admiral Shares) are both Mid Cap Value Equities funds from Vanguard tracking the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, VOE returned 10.76%/yr vs 10.83%/yr for VMVAX. Their 0.99 correlation means they have historically moved very closely together. VOE charges 0.05%/yr vs 0.07%/yr for VMVAX.

Performance

VOE vs. VMVAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VOE achieves a 17.27% return, which is significantly lower than VMVAX's 18.18% return. Both investments have delivered pretty close results over the past 10 years, with VOE having a 10.76% annualized return and VMVAX not far ahead at 10.83%.

VOE

• 1D: -0.74%
• 1M: 3.62%
• 6M: 12.24%
• YTD: 17.27%
• 1Y: 24.11%
• 3Y*: 15.45%
• 5Y*: 10.27%
• 10Y*: 10.76%
• ALL TIME*: 9.59%

VMVAX

• 1D: 0.95%
• 1M: 4.40%
• 6M: 13.05%
• YTD: 18.18%
• 1Y: 25.02%
• 3Y*: 15.72%
• 5Y*: 10.31%
• 10Y*: 10.83%
• ALL TIME*: 12.62%

*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)
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	$0.00	$0.00	$0.00
VOE Vanguard Mid-Cap Value ETF	$54.12M	$56.40M	$54.33M

VOE vs. VMVAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	17.27%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	18.18%	12.06%	13.63%	10.12%	-7.89%	28.77%	2.45%	28.03%	-12.44%	17.04%

Correlation

The correlation between VOE and VMVAX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.99

The correlation between VOE and VMVAX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VOE vs. VMVAX - Sectors Allocation Comparison

Sectors	VOE	VMVAX
Financial Services	18.7%	18.7%
Industrials	14.6%	14.6%
Utilities	12.6%	12.6%
Energy	11.7%	11.7%
Technology	8.1%	8.1%
Consumer Defensive	7.6%	7.6%
Healthcare	7.2%	7.2%
Consumer Cyclical	5.9%	5.9%
Basic Materials	5.9%	5.9%
Real Estate	5.8%	5.8%
Communication Services	1.5%	1.5%

Return for Risk

VOE vs. VMVAX — Risk / Return Rank

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

VOE

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

VMVAX

VMVAX Risk / Return Rank: 89
VMVAX Sharpe Ratio Rank: 88
VMVAX Sortino Ratio Rank: 87
VMVAX Omega Ratio Rank: 83
VMVAX Calmar Ratio Rank: 92
VMVAX Martin Ratio Rank: 93

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. VMVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX). 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	VMVAX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.21	-0.08
Sortino ratio: Return per unit of downside risk	3.07	3.20	-0.13
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	3.50	3.61	-0.11
Martin ratio: Return relative to average drawdown	13.55	13.96	-0.41

VOE vs. VMVAX - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.13, which is comparable to the VMVAX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of VOE and VMVAX, 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. VMVAX - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than VMVAX's maximum drawdown of -43.07%. Use the drawdown chart below to compare losses from any high point for VOE and VMVAX.

Drawdown Indicators

	VOE	VMVAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-43.07%	-18.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-6.95%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-18.40%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-19.75%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-43.07%	-0.11%
Current Drawdown Current decline from peak	-0.74%	0.00%	-0.74%
Average Drawdown Average peak-to-trough decline	-8.29%	-4.33%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.79%	+0.01%

Volatility

VOE vs. VMVAX - Volatility Comparison

Vanguard Mid-Cap Value ETF (VOE) has a higher volatility of 2.73% compared to Vanguard Mid-Cap Value Index Fund Admiral Shares (VMVAX) at 2.59%. This indicates that VOE's price experiences larger fluctuations and is considered to be riskier than VMVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	VMVAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	2.59%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	8.08%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	11.37%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	15.89%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	18.70%	+0.04%

VOE vs. VMVAX - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than VMVAX's 0.07% 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. VMVAX - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.81%, more than VMVAX's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VMVAX Vanguard Mid-Cap Value Index Fund Admiral Shares	1.79%	2.10%	2.11%	2.26%	2.27%	1.78%	2.36%	2.08%	2.75%	1.86%	1.91%	2.04%
VOE Vanguard Mid-Cap Value ETF	1.81%	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 VMVAX in my portfolio?

With a correlation of 1.00, VOE and VMVAX 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 VMVAX?

VOE has higher volatility (2.73%) compared to VMVAX (2.59%). In terms of maximum drawdown, VOE dropped -61.50% vs VMVAX's -43.07%.

Which has better risk-adjusted returns?

VMVAX currently has the higher Sharpe Ratio (2.21 vs 2.13), 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.