VOO vs. MGV

Last updated Jun 23, 2026

VOO (Vanguard S&P 500 ETF) and MGV (Vanguard Mega Cap Value ETF) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while MGV is a Large Cap Value Equities fund tracking the CRSP US Mega Cap Value Index. Both are passively managed. Over the past 10 years, VOO returned 15.77%/yr vs 13.43%/yr for MGV. Their correlation of 0.88 suggests significant overlap in exposure. VOO charges 0.03%/yr vs 0.05%/yr for MGV.

Performance

VOO vs. MGV - Performance Comparison

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

Returns By Period

In the year-to-date period, VOO achieves a 9.75% return, which is significantly lower than MGV's 16.85% return. Over the past 10 years, VOO has outperformed MGV with an annualized return of 15.77%, while MGV has yielded a comparatively lower 13.43% annualized return.

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

MGV

• 1D: 1.09%
• 1M: 4.51%
• YTD: 16.85%
• 6M: 16.55%
• 1Y: 30.47%
• 3Y*: 19.86%
• 5Y*: 13.34%
• 10Y*: 13.43%

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

VOO vs. MGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%
MGV Vanguard Mega Cap Value ETF	16.85%	15.45%	16.94%	9.16%	-1.22%	25.93%	2.50%	25.54%	-4.13%	16.85%

Correlation

The correlation between VOO and MGV is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.88

Over the past year, the correlation between VOO and MGV has dropped to 0.66 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

VOO vs. MGV - Sectors Allocation Comparison

Sectors	VOO	MGV
Technology	39.1%	18.5%
Financial Services	10.9%	22.8%
Communication Services	10.5%	3.2%
Consumer Cyclical	9.8%	3.4%
Healthcare	8.3%	16.0%
Industrials	7.6%	13.2%
Consumer Defensive	4.5%	11.0%
Energy	3.2%	6.0%
Utilities	2.5%	2.3%
Real Estate	1.8%	1.2%
Basic Materials	1.7%	2.3%

Return for Risk

VOO vs. MGV — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

MGV

MGV Risk / Return Rank: 90
MGV Sharpe Ratio Rank: 92
MGV Sortino Ratio Rank: 92
MGV Omega Ratio Rank: 89
MGV Calmar Ratio Rank: 87
MGV Martin Ratio Rank: 88

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.

VOO vs. MGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) and Vanguard Mega Cap Value ETF (MGV). 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.

	VOO	MGV	Difference
Sharpe ratio: Return per unit of total volatility	2.17	3.02	-0.85
Sortino ratio: Return per unit of downside risk	2.93	4.27	-1.34
Omega ratio: Gain probability vs. loss probability	1.39	1.54	-0.15
Calmar ratio: Return relative to maximum drawdown	3.02	4.77	-1.75
Martin ratio: Return relative to average drawdown	13.58	18.12	-4.53

VOO vs. MGV - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 2.17, which is comparable to the MGV Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of VOO and MGV, 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

VOO vs. MGV - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum MGV drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for VOO and MGV.

Drawdown Indicators

	VOO	MGV	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-56.07%	+22.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-6.42%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-13.18%	-5.51%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-16.54%	-7.98%
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	-35.41%	+1.42%
Current Drawdown Current decline from peak	-1.74%	0.00%	-1.74%
Average Drawdown Average peak-to-trough decline	-3.68%	-7.78%	+4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	1.69%	+0.29%

Volatility

VOO vs. MGV - Volatility Comparison

Vanguard S&P 500 ETF (VOO) has a higher volatility of 4.60% compared to Vanguard Mega Cap Value ETF (MGV) at 3.32%. This indicates that VOO's price experiences larger fluctuations and is considered to be riskier than MGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOO	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	3.32%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	7.77%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	12.39%	10.15%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	13.57%	+3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	16.36%	+1.69%

VOO vs. MGV - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than MGV's 0.05% 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

VOO vs. MGV - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.04%, less than MGV's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGV Vanguard Mega Cap Value ETF	1.82%	2.04%	2.31%	2.48%	2.45%	2.17%	2.47%	2.69%	2.65%	2.34%	2.53%	2.59%
VOO Vanguard S&P 500 ETF	1.04%	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 VOO and MGV in my portfolio?

VOO and MGV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOO or MGV?

VOO has higher volatility (4.60%) compared to MGV (3.32%). In terms of maximum drawdown, VOO dropped -33.99% vs MGV's -56.07%.

Which ETF is better, VOO or MGV?

On 10-year performance, VOO leads with 15.77% vs 13.43% for MGV. On fees, VOO is cheaper at 0.03% per year. On volatility, MGV has been the lower-risk option at 3.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOO or MGV?

Over the 10-year period, VOO has performed better with a 15.77% return vs 13.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOO or MGV?

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

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

MGV has the higher dividend yield at 1.82%, compared with 1.04% for VOO.

What is the main difference between VOO and MGV?

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

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (3.02 vs 2.17), 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.