VOE vs. VOO

Last updated Jul 29, 2026

VOE (Vanguard Mid-Cap Value ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VOE returned 10.84%/yr vs 14.96%/yr for VOO. Their correlation of 0.85 means they have usually moved in the same direction. VOE charges 0.05%/yr vs 0.03%/yr for VOO.

Performance

VOE vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, VOE achieves a 18.15% return, which is significantly higher than VOO's 9.24% return. Over the past 10 years, VOE has underperformed VOO with an annualized return of 10.84%, while VOO has yielded a comparatively higher 14.96% annualized return.

VOE

• 1D: 0.97%
• 1M: 4.20%
• 6M: 12.76%
• YTD: 18.15%
• 1Y: 24.96%
• 3Y*: 15.74%
• 5Y*: 10.31%
• 10Y*: 10.84%
• ALL TIME*: 9.63%

VOO

• 1D: 0.24%
• 1M: 1.60%
• 6M: 7.10%
• YTD: 9.24%
• 1Y: 17.69%
• 3Y*: 19.04%
• 5Y*: 12.53%
• 10Y*: 14.96%
• ALL TIME*: 14.73%

*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)
VOE Vanguard Mid-Cap Value ETF	$52.86M	$56.10M	$54.27M
VOO Vanguard S&P 500 ETF	$3.35B	$3.87B	$5.41B

VOE vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOE Vanguard Mid-Cap Value ETF	18.15%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%
VOO Vanguard S&P 500 ETF	9.24%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between VOE and VOO is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.85

Over the past year, the correlation between VOE and VOO has dropped to 0.53 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

VOE vs. VOO - Sectors Allocation Comparison

Sectors	VOE	VOO
Financial Services	18.7%	11.4%
Industrials	14.6%	8.5%
Utilities	12.6%	2.2%
Energy	11.7%	3.0%
Technology	8.1%	38.6%
Consumer Defensive	7.6%	4.5%
Healthcare	7.2%	8.9%
Consumer Cyclical	5.9%	9.5%
Basic Materials	5.9%	1.7%
Real Estate	5.8%	1.8%
Communication Services	1.5%	9.9%

Return for Risk

VOE vs. VOO — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 89
VOE Sharpe Ratio Rank: 90
VOE Sortino Ratio Rank: 91
VOE Omega Ratio Rank: 88
VOE Calmar Ratio Rank: 88
VOE Martin Ratio Rank: 89

VOO

VOO Risk / Return Rank: 61
VOO Sharpe Ratio Rank: 60
VOO Sortino Ratio Rank: 58
VOO Omega Ratio Rank: 59
VOO Calmar Ratio Rank: 57
VOO Martin Ratio Rank: 70

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.41	+0.80
Sortino ratio: Return per unit of downside risk	3.18	1.97	+1.21
Omega ratio: Gain probability vs. loss probability	1.39	1.25	+0.14
Calmar ratio: Return relative to maximum drawdown	3.62	2.00	+1.62
Martin ratio: Return relative to average drawdown	13.94	8.58	+5.36

VOE vs. VOO - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.21, which is higher than the VOO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of VOE and VOO, 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. VOO - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VOE and VOO.

Drawdown Indicators

	VOE	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-33.99%	-27.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-8.90%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-18.69%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	-24.52%	+4.82%
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	-33.99%	-9.19%
Current Drawdown Current decline from peak	0.00%	-2.19%	+2.19%
Average Drawdown Average peak-to-trough decline	-8.29%	-3.67%	-4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.07%	-0.27%

Volatility

VOE vs. VOO - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 2.59%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.17%. This indicates that VOE experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.17%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	9.83%	-1.78%
Volatility (1Y) Calculated over the trailing 1-year period	11.38%	12.61%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	16.91%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	18.01%	+0.73%

VOE vs. VOO - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.79%, more than VOO's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOE Vanguard Mid-Cap Value ETF	1.79%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%
VOO Vanguard S&P 500 ETF	1.08%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOE and VOO in my portfolio?

VOE and VOO have a correlation of 0.53, 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 VOO?

VOO has higher volatility (3.17%) compared to VOE (2.59%). In terms of maximum drawdown, VOE dropped -61.50% vs VOO's -33.99%.

Which ETF is better, VOE or VOO?

On 10-year performance, VOO leads with 14.96% vs 10.84% for VOE. On fees, VOO is cheaper at 0.03% per year. On volatility, VOE has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or VOO?

Over the 10-year period, VOO has performed better with a 14.96% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.05% for VOE.

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

VOE has the higher dividend yield at 1.79%, compared with 1.08% for VOO.

What is the main difference between VOE and VOO?

VOE is categorized as Mid Cap Value Equities, while VOO is S&P 500. VOE tracks CRSP US Mid Cap Value Index, while VOO tracks S&P 500 Index. Their fees differ too: 0.05% for VOE and 0.03% for VOO.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.21 vs 1.41), 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.