VONV vs. VSS

Last updated Jun 18, 2026

VONV (Vanguard Russell 1000 Value ETF) and VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) are both exchange-traded funds - VONV is a Large Cap Value Equities fund tracking the Russell 1000 Value Index, while VSS is a Foreign Small & Mid Cap Equities fund tracking the FTSE Global Small Cap ex US Index. Both are passively managed. Over the past 10 years, VONV returned 11.51%/yr vs 8.40%/yr for VSS. A 0.76 correlation means they provide meaningful diversification when combined. VONV charges 0.06%/yr vs 0.07%/yr for VSS.

Performance

VONV vs. VSS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 1000 Value ETF (VONV) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VONV achieves a 15.09% return, which is significantly higher than VSS's 10.11% return. Over the past 10 years, VONV has outperformed VSS with an annualized return of 11.51%, while VSS has yielded a comparatively lower 8.40% annualized return.

VONV

• 1D: -1.12%
• 1M: 3.59%
• YTD: 15.09%
• 6M: 16.02%
• 1Y: 29.50%
• 3Y*: 17.64%
• 5Y*: 11.50%
• 10Y*: 11.51%

VSS

• 1D: -0.84%
• 1M: -0.16%
• YTD: 10.11%
• 6M: 12.92%
• 1Y: 25.39%
• 3Y*: 15.47%
• 5Y*: 6.35%
• 10Y*: 8.40%

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

VONV vs. VSS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VONV Vanguard Russell 1000 Value ETF	15.09%	15.81%	14.28%	11.40%	-7.65%	25.28%	2.71%	26.48%	-8.45%	13.59%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	10.11%	29.61%	2.94%	15.52%	-21.48%	13.05%	11.81%	21.36%	-18.48%	30.61%

Correlation

The correlation between VONV and VSS is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.76

The correlation between VONV and VSS has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

VONV vs. VSS - Sectors Allocation Comparison

Sectors	VONV	VSS
Financial Services	18.9%	14.2%
Technology	14.9%	13.9%
Industrials	13.1%	19.9%
Healthcare	10.9%	4.3%
Communication Services	8.5%	2.0%
Consumer Cyclical	7.3%	7.3%
Consumer Defensive	7.2%	2.7%
Energy	7.0%	8.4%
Utilities	4.4%	3.6%
Real Estate	4.1%	7.2%
Basic Materials	3.8%	16.0%

Return for Risk

VONV vs. VSS — Risk / Return Rank

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

VONV

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

VSS

VSS Risk / Return Rank: 49
VSS Sharpe Ratio Rank: 50
VSS Sortino Ratio Rank: 48
VSS Omega Ratio Rank: 51
VSS Calmar Ratio Rank: 46
VSS Martin Ratio Rank: 51

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.

VONV vs. VSS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Russell 1000 Value ETF (VONV) and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS). 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.

	VONV	VSS	Difference
Sharpe ratio: Return per unit of total volatility	2.65	1.64	+1.01
Sortino ratio: Return per unit of downside risk	3.70	2.26	+1.44
Omega ratio: Gain probability vs. loss probability	1.48	1.30	+0.17
Calmar ratio: Return relative to maximum drawdown	4.35	2.20	+2.15
Martin ratio: Return relative to average drawdown	18.10	8.22	+9.88

VONV vs. VSS - Sharpe Ratio Comparison

The current VONV Sharpe Ratio is 2.65, which is higher than the VSS Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of VONV and VSS, 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

VONV vs. VSS - Drawdown Comparison

The maximum VONV drawdown since its inception was -38.21%, smaller than the maximum VSS drawdown of -43.51%. Use the drawdown chart below to compare losses from any high point for VONV and VSS.

Drawdown Indicators

	VONV	VSS	Difference
Max Drawdown Largest peak-to-trough decline	-38.21%	-43.51%	+5.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.81%	-11.62%	+4.81%
Max Drawdown (3Y) Largest decline over 3 years	-15.70%	-15.73%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-18.87%	-33.93%	+15.06%
Max Drawdown (10Y) Largest decline over 10 years	-38.21%	-43.51%	+5.30%
Current Drawdown Current decline from peak	-1.43%	-2.99%	+1.56%
Average Drawdown Average peak-to-trough decline	-3.90%	-9.63%	+5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	3.10%	-1.47%

Volatility

VONV vs. VSS - Volatility Comparison

The current volatility for Vanguard Russell 1000 Value ETF (VONV) is 3.98%, while Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) has a volatility of 6.34%. This indicates that VONV experiences smaller price fluctuations and is considered to be less risky than VSS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VONV	VSS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	6.34%	-2.36%
Volatility (6M) Calculated over the trailing 6-month period	8.64%	13.63%	-4.99%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	15.62%	-4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	16.61%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	17.30%	-0.04%

VONV vs. VSS - Expense Ratio Comparison

VONV has a 0.06% expense ratio, which is lower than VSS'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

VONV vs. VSS - Dividend Comparison

VONV's dividend yield for the trailing twelve months is around 1.62%, less than VSS's 3.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VONV Vanguard Russell 1000 Value ETF	1.62%	1.82%	1.97%	2.10%	2.22%	1.67%	2.25%	2.30%	2.56%	2.18%	2.39%	2.38%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF	3.08%	3.39%	3.44%	3.14%	2.30%	2.74%	1.90%	3.25%	2.80%	2.83%	2.93%	2.66%

Frequently Asked Questions

Can I hold both VONV and VSS in my portfolio?

VONV and VSS have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VONV or VSS?

VSS has higher volatility (6.34%) compared to VONV (3.98%). In terms of maximum drawdown, VONV dropped -38.21% vs VSS's -43.51%.

Which ETF is better, VONV or VSS?

On 10-year performance, VONV leads with 11.51% vs 8.40% for VSS. On fees, VONV is cheaper at 0.06% per year. On volatility, VONV has been the lower-risk option at 3.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VONV or VSS?

Over the 10-year period, VONV has performed better with a 11.51% return vs 8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VONV or VSS?

VONV is cheaper with a 0.06% expense ratio, compared with 0.07% for VSS.

Which ETF pays a higher dividend yield, VONV or VSS?

VSS has the higher dividend yield at 3.08%, compared with 1.62% for VONV.

What is the main difference between VONV and VSS?

VONV is categorized as Large Cap Value Equities, while VSS is Foreign Small & Mid Cap Equities. VONV tracks Russell 1000 Value Index, while VSS tracks FTSE Global Small Cap ex US Index. Their fees differ too: 0.06% for VONV and 0.07% for VSS.

Which has better risk-adjusted returns?

VONV currently has the higher Sharpe Ratio (2.65 vs 1.64), 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.