VOX vs. MGV
VOX (Vanguard Communication Services ETF) and MGV (Vanguard Mega Cap Value ETF) are both exchange-traded funds - VOX is a Communications Equities fund tracking the MSCI US Investable Market Communication Services 25/50 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, VOX returned 8.39%/yr vs 13.43%/yr for MGV. A 0.69 correlation means they provide meaningful diversification when combined. VOX charges 0.09%/yr vs 0.05%/yr for MGV.
Performance
VOX vs. MGV - Performance Comparison
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Returns By Period
In the year-to-date period, VOX achieves a -5.59% return, which is significantly lower than MGV's 16.85% return. Over the past 10 years, VOX has underperformed MGV with an annualized return of 8.39%, while MGV has yielded a comparatively higher 13.43% annualized return.
VOX
- 1D
- -2.41%
- 1M
- -6.74%
- YTD
- -5.59%
- 6M
- -5.26%
- 1Y
- 13.76%
- 3Y*
- 21.71%
- 5Y*
- 6.17%
- 10Y*
- 8.39%
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%
VOX vs. MGV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOX Vanguard Communication Services ETF | -5.59% | 26.27% | 33.12% | 44.81% | -38.85% | 13.83% | 29.12% | 28.03% | -16.75% | -5.50% |
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 VOX and MGV is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007 | 0.69 |
Over the past year, the correlation between VOX and MGV has dropped to 0.41 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.
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Return for Risk
VOX vs. MGV — Risk / Return Rank
VOX
MGV
VOX vs. MGV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Communication Services ETF (VOX) 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.
| VOX | MGV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.54 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.02 | 4.77 | -3.75 |
| Martin ratioReturn relative to average drawdown | 3.65 | 18.12 | -14.47 |
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Drawdowns
VOX vs. MGV - Drawdown Comparison
The maximum VOX drawdown since its inception was -57.18%, roughly equal to the maximum MGV drawdown of -56.07%. Use the drawdown chart below to compare losses from any high point for VOX and MGV.
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Drawdown Indicators
| VOX | MGV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.18% | -56.07% | -1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -13.56% | -6.42% | -7.14% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -13.18% | -7.97% |
Max Drawdown (5Y)Largest decline over 5 years | -46.76% | -16.54% | -30.22% |
Max Drawdown (10Y)Largest decline over 10 years | -46.76% | -35.41% | -11.35% |
Current DrawdownCurrent decline from peak | -8.76% | 0.00% | -8.76% |
Average DrawdownAverage peak-to-trough decline | -11.90% | -7.78% | -4.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.78% | 1.69% | +2.09% |
Volatility
VOX vs. MGV - Volatility Comparison
Vanguard Communication Services ETF (VOX) has a higher volatility of 5.45% compared to Vanguard Mega Cap Value ETF (MGV) at 3.32%. This indicates that VOX'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.
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Volatility by Period
| VOX | MGV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.45% | 3.32% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 11.94% | 7.77% | +4.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.83% | 10.15% | +5.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.24% | 13.57% | +7.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.94% | 16.36% | +4.58% |
VOX vs. MGV - Expense Ratio Comparison
VOX has a 0.09% 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
VOX vs. MGV - Dividend Comparison
VOX'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% |
VOX Vanguard Communication Services ETF | 1.04% | 0.95% | 1.05% | 1.03% | 0.88% | 0.93% | 0.73% | 0.90% | 2.77% | 3.83% | 2.67% | 3.55% |
Frequently Asked Questions
VOX and MGV have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOX has higher volatility (5.45%) compared to MGV (3.32%). In terms of maximum drawdown, VOX dropped -57.18% vs MGV's -56.07%.
On 10-year performance, MGV leads with 13.43% vs 8.39% for VOX. On fees, MGV is cheaper at 0.05% 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.
Over the 10-year period, MGV has performed better with a 13.43% return vs 8.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MGV is cheaper with a 0.05% expense ratio, compared with 0.09% for VOX.
MGV has the higher dividend yield at 1.82%, compared with 1.04% for VOX.
VOX is categorized as Communications Equities, while MGV is Large Cap Value Equities. VOX tracks MSCI US Investable Market Communication Services 25/50 Index, while MGV tracks CRSP US Mega Cap Value Index. Their fees differ too: 0.09% for VOX and 0.05% for MGV.
MGV currently has the higher Sharpe Ratio (3.02 vs 0.87), 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.
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