VOOV vs. MGV

Last updated Jun 23, 2026

VOOV (Vanguard S&P 500 Value ETF) and MGV (Vanguard Mega Cap Value ETF) are both Large Cap Value Equities funds from Vanguard - VOOV tracks the S&P 500 Value Index while MGV tracks the CRSP US Mega Cap Value Index. Both are passively managed. Over the past 10 years, VOOV returned 12.14%/yr vs 13.43%/yr for MGV. Their correlation of 0.95 suggests significant overlap in exposure. VOOV charges 0.07%/yr vs 0.05%/yr for MGV.

Performance

VOOV vs. MGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Value ETF (VOOV) 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, VOOV achieves a 7.89% return, which is significantly lower than MGV's 16.85% return. Over the past 10 years, VOOV has underperformed MGV with an annualized return of 12.14%, while MGV has yielded a comparatively higher 13.43% annualized return.

VOOV

• 1D: 0.25%
• 1M: -0.07%
• YTD: 7.89%
• 6M: 7.27%
• 1Y: 21.39%
• 3Y*: 15.29%
• 5Y*: 11.39%
• 10Y*: 12.14%

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)

VOOV vs. MGV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOV Vanguard S&P 500 Value ETF	7.89%	13.10%	12.21%	22.15%	-5.37%	24.87%	1.23%	31.75%	-9.09%	15.26%
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 VOOV and MGV is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.95

The correlation between VOOV and MGV has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

VOOV vs. MGV - Sectors Allocation Comparison

Sectors	VOOV	MGV
Technology	19.0%	18.5%
Financial Services	15.0%	22.8%
Healthcare	11.6%	16.0%
Consumer Cyclical	11.1%	3.4%
Industrials	11.0%	13.2%
Consumer Defensive	9.5%	11.0%
Energy	7.6%	6.0%
Utilities	4.6%	2.3%
Basic Materials	3.5%	2.3%
Real Estate	3.4%	1.2%
Communication Services	3.3%	3.2%

Return for Risk

VOOV vs. MGV — Risk / Return Rank

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

VOOV

VOOV Risk / Return Rank: 69
VOOV Sharpe Ratio Rank: 69
VOOV Sortino Ratio Rank: 68
VOOV Omega Ratio Rank: 67
VOOV Calmar Ratio Rank: 70
VOOV Martin Ratio Rank: 72

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.

VOOV vs. MGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Value ETF (VOOV) 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.

	VOOV	MGV	Difference
Sharpe ratio: Return per unit of total volatility	2.16	3.02	-0.86
Sortino ratio: Return per unit of downside risk	2.98	4.27	-1.29
Omega ratio: Gain probability vs. loss probability	1.38	1.54	-0.16
Calmar ratio: Return relative to maximum drawdown	3.43	4.77	-1.34
Martin ratio: Return relative to average drawdown	13.00	18.12	-5.11

VOOV vs. MGV - Sharpe Ratio Comparison

The current VOOV Sharpe Ratio is 2.16, which is comparable to the MGV Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of VOOV 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

VOOV vs. MGV - Drawdown Comparison

The maximum VOOV drawdown since its inception was -37.31%, smaller than the maximum MGV drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for VOOV and MGV.

Drawdown Indicators

	VOOV	MGV	Difference
Max Drawdown Largest peak-to-trough decline	-37.31%	-56.07%	+18.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-6.42%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	-13.18%	-4.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.10%	-16.54%	-1.56%
Max Drawdown (10Y) Largest decline over 10 years	-37.31%	-35.41%	-1.90%
Current Drawdown Current decline from peak	-0.92%	0.00%	-0.92%
Average Drawdown Average peak-to-trough decline	-3.83%	-7.78%	+3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	1.69%	-0.04%

Volatility

VOOV vs. MGV - Volatility Comparison

The current volatility for Vanguard S&P 500 Value ETF (VOOV) is 2.94%, while Vanguard Mega Cap Value ETF (MGV) has a volatility of 3.32%. This indicates that VOOV experiences smaller price fluctuations and is considered to be less risky than MGV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOOV	MGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	3.32%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	7.36%	7.77%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	10.15%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	13.57%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.96%	16.36%	+0.60%

VOOV vs. MGV - Expense Ratio Comparison

VOOV has a 0.07% expense ratio, which is higher than MGV's 0.05% 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

VOOV vs. MGV - Dividend Comparison

VOOV's dividend yield for the trailing twelve months is around 1.67%, 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%
VOOV Vanguard S&P 500 Value ETF	1.67%	1.76%	2.10%	1.69%	2.19%	1.87%	2.45%	2.10%	2.65%	2.13%	2.24%	2.36%

Frequently Asked Questions

Can I hold both VOOV and MGV in my portfolio?

VOOV and MGV have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOOV or MGV?

MGV has higher volatility (3.32%) compared to VOOV (2.94%). In terms of maximum drawdown, VOOV dropped -37.31% vs MGV's -56.07%.

Which ETF is better, VOOV or MGV?

On 10-year performance, MGV leads with 13.43% vs 12.14% for VOOV. On fees, MGV is cheaper at 0.05% per year. On volatility, VOOV has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOOV or MGV?

Over the 10-year period, MGV has performed better with a 13.43% return vs 12.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOOV or MGV?

MGV is cheaper with a 0.05% expense ratio, compared with 0.07% for VOOV.

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

MGV has the higher dividend yield at 1.82%, compared with 1.67% for VOOV.

What is the main difference between VOOV and MGV?

VOOV tracks S&P 500 Value Index, while MGV tracks CRSP US Mega Cap Value Index. Their fees differ too: 0.07% for VOOV and 0.05% for MGV.

Which has better risk-adjusted returns?

MGV currently has the higher Sharpe Ratio (3.02 vs 2.16), 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.