Relative Intelligence · US Mid-Cap Equity
How Vanguard Morningstar Mid-Cap ETF (VO) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VO alone. It places VO (Vanguard Morningstar Mid-Cap ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VO stands in the market, and of the alternatives worth a closer look.
Period covered: VO's full trading record, from January 2004 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about VO
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowVO has trailed the market, rising 6.8% over the past 6 months against 8.0% for the S&P 500 and 7.8% for the Nasdaq 100. Even so, it sits 3.4% below its record high, and the S&P 500 is similarly close to its own. At a glance ↓
- Fund or market?VO rose 1.3% over the past 3 months, 4.8 points ahead of the US mid-cap equity ETF IJH (iShares Core S&P Mid-Cap ETF), which fell 3.5%. The S&P 500 rose 2.5%. Its similar funds did not move as one over the past 3 months: FLQM (Franklin U.S. Mid Cap Multifactor Index ETF) rose 6.1%, while MDY (State Street SPDR S&P MIDCAP 400 ETF Trust) fell 3.6%.
- Long termOver the past decade, VO returned 11.6% a year against 15.3% a year for the S&P 500 (199% in total against 316%). That said, over the past decade, only XMMO (Invesco S&P MidCap Momentum ETF) and XMHQ (Invesco S&P MidCap Quality ETF) of its similar funds outpaced VO. Growth of $10,000 ↓
- In a crashAcross six sell-offs, VO has typically fallen 1.2 times as far as the S&P 500. Crash tests ↓
- DiversificationVO is more of the same, not a cushion: a correlation of 0.92 with the S&P 500 over 5 years and 0.94 with the total US market, more closely than 86% of ETFs with at least $100 million in assets. VO fell in 20 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it. By year ↓
- Better options
- Popular alternatives
- VOE (Vanguard Morningstar Mid-Cap Value ETF) earned more than VO with less volatility over the past 5 years: 9.7% a year at 15.8% volatility, against 6.8% a year at 17.6%.
- Nearby categories and themes
- RECS (Columbia Research Enhanced Core ETF, active core equity) and EQWL (Invesco S&P 100 Equal Weight ETF, US large-cap equity) earned more than VO with less volatility over the past 5 years. RECS returned 13.3% a year at 16.4% volatility, against 6.8% a year at 17.6%.
- Whole market
- 204 of the 3,641 stocks and funds worth at least $500 million earned more than VO with less volatility over the past 5 years, among them VXUS (Vanguard Total International Stock ETF), VTV (Vanguard Morningstar Value ETF) and IEFA (iShares Core MSCI EAFE ETF).
How much would $10,000 in VO have grown?
This chart tracks a hypothetical $10,000 investment in VO over the past 22 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VO over the same span and VO's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: VO began trading on January 30, 2004, so the chart cannot reach back to the dot-com bust. It covers the most recent 22 years of VO's record, starting at the end of September 2004.
- $10,000 invested in VO at the end of September 2004 would have grown to $86,371 by September 2026, less than the $102,174 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of VO, and RSG finished highest, at $166,817.
Choose a period
From the end of September 2004 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 550 of the 1,489 stocks and funds worth at least $500 million that traded the whole period ended ahead of VO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RSG$166,817+1,568% total · +13.6% a year
- VV$107,334+973% total · +11.4% a year
- VTI$103,071+931% total · +11.2% a year
- SPY (S&P 500)$102,174+922% total · +11.1% a year
- VXF$89,025+790% total · +10.4% a year
- JNJ$87,426+774% total · +10.4% a year
- IMCB$86,840+768% total · +10.3% a year
- VO$86,371+764% total · +10.3% a year
- IWR$85,094+751% total · +10.2% a year
- VB$75,500+655% total · +9.6% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,690 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of VO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RECS$19,477+94.8% total · +14.3% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- VV$18,747+87.5% total · +13.4% a year
- XMMO$18,214+82.1% total · +12.7% a year
- VTI$18,064+80.6% total · +12.6% a year
- XMHQ$16,081+60.8% total · +10.0% a year
- VOE$15,656+56.6% total · +9.4% a year
- IMCB$15,315+53.2% total · +8.9% a year
- IWR$14,616+46.2% total · +7.9% a year
- VO$14,310+43.1% total · +7.4% a year
VO at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: VO began trading on January 30, 2004, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- VO's deepest decline since it began trading in 2004 was 58.9%, from July 2007 to March 2009. It took 23 months from the low to climb back to its old high.
- Over 21 full calendar years, VO's best was 2009, when it returned 40.6%, and its worst was 2008, when it lost 41.6%. It lost money in five of those years.
- VO is 3.4% below its all-time high.
The fund
- Issuer
- Vanguard
- Began trading
- January 2004
- Expense ratio
- 0.03%per year
- Assets
- $217B
- Category
- Broad Market
Returns
- Past 1 year
- +13.2%total return
- Past 3 years
- +70.7%+19.5% a year
- Past 5 years
- +39.0%+6.8% a year
- Past 10 years
- +199%+11.6% a year
- Best calendar year
- +40.6%2009
- Worst calendar year
- −41.6%2008
- Losing years
- 5 of 21full calendar years
Risk
- Volatility
- 17.6%typical yearly swing, 5 years
- Sharpe ratio
- 0.46return per unit of risk, 5 years
- Worst decline ever
- −58.9%Jul 2007 to Mar 2009
- From its all-time high
- −3.4%below the peak
VO against the whole market
Where VO ranks among every stock and fund, and what across the market has done better.
How does VO rank among all ETFs?
This section ranks VO on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VO stacks up against its peers, these rankings show where it stands in the market as a whole.
- VO lands in the broad middle of the market on every measure here. VO's 10-year return ranks in the top 31% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | VO | Rank | Standing |
|---|---|---|---|
| 1-year return | +13.2% | 1,033 of 2,488 | top 42% |
| 3-year return | +70.7% | 766 of 1,950 | top 39% |
| 5-year return | +39.0% | 863 of 1,563 | bottom 46% |
| 10-year return | +199% | 293 of 958 | top 31% |
| Volatility, 5 years | 17.6% | 918 of 1,563 | bottom 42% |
| Sharpe ratio, 5 years | 0.46 | 980 of 1,563 | bottom 38% |
| Worst decline, past 10 years | −39.4% | 513 of 951 | bottom 47% |
What has beaten VO on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VO sits where the dashed lines cross. Anything in the green box above and to the left earned more than VO with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- Three stocks and 201 ETFs worth at least $500 million sit in the green region: each earned more than VO over the past 5 years with smaller price swings. That is 6% of the 3,641 screened.
- Among those with at least half VO's swings, LVHI has the best return for its risk: 16.9% a year at 11.1% volatility, 37% less than VO's 17.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.46 for VO.
- Among VO's popular alternatives, VOE is in the region. VOE earned 9.7% a year against 6.8% a year for VO, at 15.8% volatility, 10% less than VO's 17.6%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VO; faint dots are 90 more of the 204 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than VO?
Investments that beat VO over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among VO's popular alternatives, VOE earned more than VO with less volatility over the past 5 years: 9.7% a year at 15.8% volatility, against 6.8% a year at 17.6%.
- Looking beyond its popular alternatives, RECS (active core equity) and EQWL (US large-cap equity) earned more than VO with less volatility over the past 5 years. RECS returned 13.3% a year at 16.4% volatility, against 6.8% a year at 17.6%.
- Across the whole market, 204 of the 3,641 stocks and funds worth at least $500 million earned more than VO with less volatility over the past 5 years, among them VXUS, VTV and IEFA.
How this works
The table below lists investments that beat VO over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VO's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VO follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VO's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VO's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than VO's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with VO?lower diversifies more | Expenseper year | |||
| VOVanguard Morningstar Mid-Cap ETF · this page | +6.8% | 17.6% | 0.46 | −39.4% | +199% | 1.00 | 0.03% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.92 | 0.09% | ||
| Popular alternativesbest 4 shownThe investments people most often weigh against VO. 5 of 22 passed at least one test. | |||||||||
 VVVanguard Morningstar Large-Cap ETF · US Large-Cap Equity | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.2% | 17.3% | 0.75 | −34.3% | +319% | 0.92 | 0.03% | |
VOEVanguard Morningstar Mid-Cap Value ETF · Mid-Cap Value | Higher return, lower volatilityHigher return in most periods | +9.7% | 15.8% | 0.67 | −43.2% | +185% | 0.94 | 0.05% | |
XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Higher return in most periods | +9.6% | 20.5% | 0.55 | −36.9% | +241% | 0.92 | 0.30% | |
IMCBiShares Morningstar Mid-Cap ETF · US Mid-Cap Equity | Higher return in most periods | +8.3% | 17.5% | 0.55 | −41.0% | +201% | 1.00 | 0.04% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in US Mid-Cap Equity and the categories next to it (Mid-Cap Growth, Mid-Cap Value, US Small-Cap Equity, US Large-Cap Equity), plus VO's specific themes. 108 of 201 passed at least one test. | |||||||||
RECSColumbia Research Enhanced Core ETF · Active Core Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.3% | 16.4% | 0.85 | −34.3% | +237% | 0.92 | 0.15% | |
EQWLInvesco S&P 100 Equal Weight ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.7% | 15.0% | 0.82 | −34.3% | +294% | 0.95 | 0.30% | |
EQLALPS Equal Sector Weight ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.4% | 14.5% | 0.94 | −34.2% | +385% | 0.95 | 0.19% | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.91 | 0.03% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.9% | 16.9% | 0.86 | −19.5% | — | 0.94 | 0.15% | |
KJANInnovator U.S. Small Cap Power Buffer ETF - January · US Small-Cap Equity | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +7.5% | 13.0% | 0.62 | −28.9% | — | 0.91 | 0.79% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 423 of 3,459 passed at least one test. | |||||||||
 VIGVanguard Dividend Appreciation ETF · Dividend Growth | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +10.4% | 14.1% | 0.77 | −31.7% | +258% | 0.94 | 0.04% | |
 SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +10.2% | 14.4% | 0.75 | −33.4% | +256% | 0.81 | 0.06% | |
 XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +8.4% | 15.3% | 0.60 | −28.4% | +208% | 0.62 | 0.08% | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.29 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.66 | 0.40% | |
QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.1% | 14.2% | 0.81 | −33.8% | +276% | 0.94 | 0.15% | |
 RSGRepublic Services, Inc. · Waste Management | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +14.1% | 18.6% | 0.80 | −34.0% | +461% | 0.44 | — | |
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +6.2% | 3.3% | 1.84 | −4.9% | — | 0.74 | 0.69% | |
What these numbers mean for VO
- Annual return
- VO returned 6.8% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $13,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- VO's volatility over the past 5 years was 17.6%, 1.0 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VO's return lands within 17.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- VO's Sharpe ratio over the past 5 years was 0.46, against 0.78 for the S&P 500, so VO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- VO's worst fall from a peak to a low over the past 10 years was 39.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 39.4% fall takes a 65.0% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, VO's monthly returns had a correlation of 0.92 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VO instead: the lower it is, the more that option would diversify a VO holding. Guide: Correlation and diversification →
Show all 204 stocks and funds worth at least $500 million that earned more than VO with less volatility
Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with VO | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VIGVanguard Dividend Appreciation ETF · Dividend Growth | Whole market | +10.4% | 14.1% | 0.77 | −31.7% | +258% | 0.94 | 0.04% |
| 2 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +10.2% | 14.4% | 0.75 | −33.4% | +256% | 0.81 | 0.06% |
| 3 | XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +208% | 0.62 | 0.08% |
| 4 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.66 | 0.40% |
| 5 | RECSColumbia Research Enhanced Core ETF · Active Core Equity | Same or nearby category | +13.3% | 16.4% | 0.85 | −34.3% | +237% | 0.92 | 0.15% |
| 6 | EQWLInvesco S&P 100 Equal Weight ETF · US Large-Cap Equity | Same or nearby category | +11.7% | 15.0% | 0.82 | −34.3% | +294% | 0.95 | 0.30% |
| 7 | QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity | Whole market | +11.1% | 14.2% | 0.81 | −33.8% | +276% | 0.94 | 0.15% |
| 8 | EQLALPS Equal Sector Weight ETF · US Large-Cap Equity | Same or nearby category | +13.4% | 14.5% | 0.94 | −34.2% | +385% | 0.95 | 0.19% |
| 9 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.5% | 15.7% | 0.89 | −32.9% | — | 0.93 | 0.12% |
| 10 | VTVVanguard Morningstar Value ETF · US Large-Cap Value | Same or nearby category | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.91 | 0.03% |
| 11 | GSLCGoldman Sachs ActiveBeta U.S. Large Cap Equity ETF · Multifactor Equity | Same or nearby category | +11.4% | 16.7% | 0.73 | −33.7% | +293% | 0.93 | 0.09% |
| 12 | USMCPrincipal U.S. Mega-Cap ETF · US Large-Cap Equity | Same or nearby category | +13.8% | 16.5% | 0.87 | −30.0% | — | 0.85 | 0.12% |
| 13 | QVMLInvesco S&P 500 QVM Multi-factor ETF · US Multifactor Equity | Whole market | +12.8% | 16.6% | 0.81 | −23.5% | — | 0.91 | 0.11% |
| 14 | FDLOFidelity Low Volatility Factor ETF · US Low-Volatility Equity | Whole market | +9.7% | 13.0% | 0.78 | −34.4% | +249% | 0.87 | 0.15% |
| 15 | SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Same or nearby category | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.87 | 0.31% |
| 16 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.7% | 14.0% | 0.87 | −32.0% | +271% | 0.92 | 0.28% |
| 17 | PJPInvesco Pharmaceuticals ETF · Pharmaceuticals | Whole market | +11.3% | 16.6% | 0.73 | −34.0% | +139% | 0.55 | 0.58% |
| 18 | IWXiShares Russell Top 200 Value ETF · US Large-Cap Value | Same or nearby category | +12.7% | 13.8% | 0.94 | −35.8% | +223% | 0.91 | 0.20% |
| 19 | LGHHCM Defender 500 Index ETF · Tactical Asset Allocation | Whole market | +9.2% | 16.7% | 0.61 | −29.6% | — | 0.82 | 1.00% |
| 20 | PWVInvesco Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +13.7% | 14.2% | 0.98 | −37.6% | +226% | 0.87 | 0.55% |
| 21 | PTNQPacer Trendpilot 100 ETF · Tactical Asset Allocation | Whole market | +9.4% | 14.2% | 0.70 | −28.1% | +292% | 0.56 | 0.65% |
| 22 | HDViShares Core High Dividend ETF · High Dividend Yield | Whole market | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.70 | 0.08% |
| 23 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.1% | 16.2% | 0.68 | −34.2% | +220% | 0.94 | 0.06% |
| 24 | PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer | Whole market | +10.4% | 8.6% | 1.20 | −18.2% | — | 0.89 | 0.79% |
| 25 | FDVVFidelity High Dividend ETF · High Dividend Yield | Whole market | +13.4% | 14.6% | 0.94 | −40.2% | +255% | 0.90 | 0.15% |
| 26 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield | Whole market | +14.6% | 14.5% | 1.02 | −41.4% | +207% | 0.71 | 0.43% |
| 27 | FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer | Whole market | +11.0% | 10.5% | 1.04 | −13.6% | — | 0.85 | 0.85% |
| 28 | POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer | Whole market | +9.9% | 8.0% | 1.22 | −18.8% | — | 0.86 | 0.79% |
| 29 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Whole market | +11.5% | 16.7% | 0.74 | −42.8% | — | 0.89 | 0.19% |
| 30 |  EFAiShares MSCI EAFE ETF · Developed International Equity | Whole market | +8.4% | 16.6% | 0.57 | −34.2% | +138% | 0.82 | 0.32% |
| 31 | DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer | Whole market | +8.2% | 7.4% | 1.10 | −9.9% | — | 0.82 | 0.85% |
| 32 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +8.2% | 13.3% | 0.66 | −23.8% | +104% | 0.33 | — |
| 33 | DFIVDimensional - International Value ETF · International Large-Cap Value | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.74 | 0.27% |
| 34 | FTSFortis Inc. · Electric Utilities | Whole market | +9.5% | 16.5% | 0.63 | −34.3% | +162% | 0.50 | — |
| 35 |  VYMVanguard High Dividend Yield ETF · High Dividend Yield | Whole market | +11.6% | 13.8% | 0.87 | −35.2% | +209% | 0.89 | 0.04% |
| 36 | VOEVanguard Morningstar Mid-Cap Value ETF · Mid-Cap Value | Popular alternative | +9.7% | 15.8% | 0.67 | −43.2% | +185% | 0.94 | 0.05% |
| 37 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International Dividend Equity | Whole market | +12.9% | 14.2% | 0.93 | −36.4% | +135% | 0.67 | 0.09% |
| 38 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.8% | 10.5% | 0.95 | −13.7% | — | 0.91 | 0.10% |
| 39 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +12.9% | 13.8% | 0.95 | −32.5% | +204% | 0.83 | 0.35% |
| 40 | DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income | Whole market | +10.9% | 11.9% | 0.94 | −30.0% | — | 0.88 | 0.56% |
| 41 | DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield | Whole market | +12.4% | 13.9% | 0.91 | −37.4% | +159% | 0.77 | 0.38% |
| 42 | DFAXDimensional World ex U.S. Core Equity 2 ETF · International Equity | Whole market | +9.6% | 16.1% | 0.65 | −28.1% | — | 0.81 | 0.28% |
| 43 | RODMHartford Multifactor Developed Markets (ex-US) ETF · Developed International Equity | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +142% | 0.80 | 0.29% |
| 44 | IUSInvesco RAFI Strategic US ETF · US Total Market | Whole market | +14.7% | 14.9% | 1.00 | −34.7% | — | 0.93 | 0.19% |
| 45 | SDOGALPS Sector Dividend Dogs ETF · US Dividend Equity | Whole market | +10.9% | 15.3% | 0.76 | −43.6% | +164% | 0.82 | 0.36% |
| 46 | VDCVanguard Consumer Staples ETF · Consumer Staples Equity | Whole market | +8.2% | 13.6% | 0.65 | −25.3% | +131% | 0.67 | 0.09% |
| 47 | AUSFGlobal X - Adaptive U.S. Factor ETF · US Multifactor Equity | Whole market | +13.6% | 13.6% | 1.01 | −44.2% | — | 0.84 | 0.27% |
| 48 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Covered Call Income | Whole market | +8.2% | 15.0% | 0.60 | −24.7% | +151% | 0.70 | 0.60% |
| 49 | FVALFidelity Value Factor ETF · US Large-Cap Value | Same or nearby category | +12.6% | 16.4% | 0.81 | −37.3% | +290% | 0.91 | 0.15% |
| 50 | DBMFiMGP DBi Managed Futures Strategy ETF · Managed Futures | Whole market | +9.5% | 12.4% | 0.80 | −20.4% | — | -0.24 | 0.85% |
| 51 | IGROiShares International Dividend Growth ETF · International Dividend Equity | Whole market | +9.2% | 13.9% | 0.70 | −36.3% | +144% | 0.76 | 0.15% |
| 52 | FTAFirst Trust Large Cap Value AlphaDEX Fund · US Large-Cap Value | Same or nearby category | +10.8% | 16.2% | 0.72 | −45.0% | +195% | 0.89 | 0.58% |
| 53 | DGTState Street SPDR Global Dow ETF · Global Equity | Whole market | +13.9% | 15.1% | 0.95 | −34.4% | +260% | 0.87 | 0.50% |
| 54 | FYLDCambria Foreign Shareholder Yield ETF · International Dividend Equity | Whole market | +13.1% | 16.0% | 0.86 | −44.6% | +203% | 0.68 | 0.59% |
| 55 | FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity | Whole market | +10.1% | 10.5% | 0.97 | −20.6% | +155% | 0.83 | 0.95% |
| 56 | PTLCPacer Trendpilot US Large Cap ETF · Tactical Equity | Whole market | +9.3% | 11.9% | 0.81 | −26.6% | +185% | 0.67 | 0.60% |
| 57 | DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield | Whole market | +12.5% | 13.3% | 0.95 | −34.7% | +233% | 0.82 | 0.07% |
| 58 | AOAiShares Core 80/20 Aggressive Allocation ETF · Balanced Allocation | Whole market | +8.4% | 13.1% | 0.69 | −28.4% | +163% | 0.93 | 0.19% |
| 59 | FTHIFirst Trust BuyWrite Income ETF · Covered Call Income | Whole market | +10.0% | 13.3% | 0.79 | −32.6% | +124% | 0.88 | 0.75% |
| 60 | ACIOAptus Collared Income Opportunity ETF · Hedged Equity | Whole market | +9.1% | 11.2% | 0.84 | −14.2% | — | 0.88 | 0.79% |
| 61 | HFXINYLI FTSE International Equity Currency Neutral ETF · International Large-Cap Equity | Whole market | +11.2% | 15.3% | 0.78 | −32.4% | +178% | 0.83 | 0.19% |
| 62 | FJUNFT Vest U.S. Equity Buffer ETF - June · S&P 500 Buffer | Whole market | +10.4% | 10.6% | 0.99 | −13.3% | — | 0.91 | 0.85% |
| 63 | RLYState Street Multi-Asset Real Return ETF · Inflation Protection | Whole market | +10.0% | 13.3% | 0.79 | −34.2% | +128% | 0.67 | 0.50% |
| 64 | DSTLDistillate U.S. Fundamental Stability & Value ETF · US Large-Cap Value | Same or nearby category | +11.7% | 16.2% | 0.77 | −33.1% | — | 0.89 | 0.39% |
| 65 | RAAXVanEck Real Assets ETF · Real Assets | Whole market | +11.5% | 15.7% | 0.78 | −33.9% | — | 0.71 | 0.55% |
| 66 | PPHVanEck Pharmaceutical ETF · Pharmaceuticals | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +158% | 0.52 | 0.36% |
| 67 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Nasdaq Options Income | Whole market | +11.4% | 14.8% | 0.81 | −19.5% | +118% | 0.81 | 0.75% |
| 68 | FLSPFranklin Systematic Style Premia ETF · Liquid Alternatives | Whole market | +8.6% | 13.4% | 0.69 | −22.9% | — | 0.02 | 0.65% |
| 69 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity | Whole market | +10.3% | 10.3% | 1.01 | −11.7% | — | 0.60 | 0.31% |
| 70 | IMFLInvesco International Developed Dynamic Multifactor ETF · International Multifactor Equity | Whole market | +8.5% | 16.2% | 0.59 | −33.3% | — | 0.77 | 0.34% |
| 71 | QSPTFT Vest Nasdaq-100 Buffer ETF - September · Nasdaq-100 Buffer | Whole market | +11.9% | 14.9% | 0.83 | −22.6% | — | 0.78 | 0.90% |
| 72 | SSUSStrategy Shares Day Hagan Smart Sector ETF · US Large-Cap Equity | Same or nearby category | +10.3% | 15.4% | 0.71 | −23.8% | — | 0.87 | 0.77% |
| 73 | CMDYiShares Bloomberg Roll Select Commodity Strategy ETF · Broad Commodities | Whole market | +9.8% | 15.6% | 0.68 | −31.2% | — | 0.19 | 0.29% |
| 74 | WTPIWisdomTree Equity Premium Income Fund · Equity Income | Whole market | +8.9% | 12.2% | 0.77 | −28.4% | +119% | 0.85 | 0.44% |
| 75 | FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +193% | 0.77 | 0.25% |
| 76 | VYMIVanguard International High Dividend Yield ETF · International Dividend Equity | Whole market | +13.2% | 14.8% | 0.92 | −40.0% | +174% | 0.75 | 0.07% |
| 77 | SDYState Street SPDR S&P Dividend ETF · US Dividend Equity | Whole market | +8.1% | 14.0% | 0.63 | −36.7% | +163% | 0.87 | 0.35% |
| 78 | IGFiShares Global Infrastructure ETF · Infrastructure Equity | Whole market | +9.3% | 13.9% | 0.71 | −42.1% | +115% | 0.78 | 0.37% |
| 79 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +15.2% | 14.5% | 1.06 | −43.6% | +155% | 0.75 | 0.95% |
| 80 | GCOWPacer Global Cash Cows Dividend ETF · Global Equity | Whole market | +14.4% | 13.6% | 1.06 | −37.6% | +170% | 0.62 | 0.60% |
| 81 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Broad Commodities | Whole market | +13.1% | 15.6% | 0.87 | −35.9% | +135% | 0.16 | 0.98% |
| 82 | EWUiShares MSCI United Kingdom ETF · International Equity | Whole market | +11.5% | 16.4% | 0.75 | −43.3% | +131% | 0.72 | 0.50% |
| 83 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Whole market | +9.6% | 15.5% | 0.67 | −37.8% | +128% | 0.61 | 0.63% |
| 84 | INTFiShares International Equity Factor ETF · International Large-Cap Equity | Whole market | +10.5% | 16.2% | 0.70 | −40.4% | +143% | 0.82 | 0.16% |
| 85 | DDWMWisdomTree Dynamic International Equity Fund · International Dividend Equity | Whole market | +12.2% | 13.4% | 0.93 | −35.0% | +148% | 0.77 | 0.40% |
| 86 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · Global Equity | Whole market | +11.7% | 14.8% | 0.82 | −44.8% | +155% | 0.72 | 0.55% |
| 87 | SEAL-PBSeapeak LLC · Marine Shipping | Whole market | +8.0% | 14.3% | 0.61 | −47.8% | — | 0.22 | — |
| 88 | DBAInvesco DB Agriculture Fund · Agricultural Commodities | Whole market | +10.8% | 13.8% | 0.81 | −35.3% | +58.9% | 0.22 | 0.90% |
| 89 | EDIVState Street SPDR S&P Emerging Markets Dividend ETF · International Equity | Whole market | +11.1% | 13.8% | 0.83 | −40.7% | +117% | 0.57 | 0.49% |
| 90 | FEXFirst Trust Large Cap Core AlphaDEX Fund · Multifactor Equity | Same or nearby category | +10.1% | 16.5% | 0.67 | −39.5% | +237% | 0.98 | 0.57% |
| 91 | IDUiShares U.S. Utilities ETF · Utilities Equity | Whole market | +8.2% | 16.6% | 0.56 | −36.2% | +138% | 0.66 | 0.37% |
| 92 | IQDFNorthern Trust International Quality Dividend ETF · International Dividend Equity | Whole market | +10.6% | 15.8% | 0.72 | −39.8% | +138% | 0.75 | 0.49% |
| 93 | DBEUXtrackers MSCI Europe Hedged Equity ETF · European Equity | Whole market | +11.0% | 14.4% | 0.80 | −34.5% | +177% | 0.81 | 0.46% |
| 94 | PEYInvesco High Yield Equity Dividend Achievers ETF · Dividend Growth | Whole market | +8.1% | 16.5% | 0.56 | −41.5% | +141% | 0.76 | 0.68% |
| 95 | IDOGALPS International Sector Dividend Dogs ETF · International Dividend Equity | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.64 | 0.50% |
| 96 | FIVAFidelity International Value Factor ETF · International Large-Cap Value | Whole market | +13.1% | 16.4% | 0.83 | −39.7% | — | 0.77 | 0.18% |
| 97 | PIDInvesco International Dividend Achievers ETF · International Dividend Equity | Whole market | +8.0% | 13.9% | 0.62 | −46.1% | +127% | 0.81 | 0.53% |
| 98 | OUSMALPS O'Shares U.S. Small-Cap Quality Dividend ETF · US Small-Cap Equity | Same or nearby category | +8.0% | 16.3% | 0.56 | −39.8% | — | 0.94 | 0.48% |
| 99 | IGLDFT Vest Gold Strategy Target Income ETF · Gold | Whole market | +11.9% | 16.1% | 0.78 | −99.1% | −97.1% | 0.23 | 0.85% |
| 100 | DWXState Street SPDR S&P International Dividend ETF · International Dividend Equity | Whole market | +8.3% | 12.3% | 0.71 | −36.0% | +99.5% | 0.67 | 0.45% |
VO against its popular alternatives
The investments people most often weigh against VO, compared period by period and year by year.
How do VO's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VO, which divides the map into what did better or worse on each measure.
- Six of the 21 popular alternatives, led by VV, VTI and VOE, were both more rewarding and calmer than VO over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, VO returned 6.8% a year, less than the S&P 500's 12.5%, with higher volatility (17.6% against 17.2%).
Green points earned more than VO with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| VV Vanguard Morningstar Large-Cap ETF | +12.2% | 17.3% |
| VTI Vanguard Morningstar Total Stock Market ETF | +11.4% | 17.5% |
| VOE Vanguard Morningstar Mid-Cap Value ETF | +9.7% | 15.8% |
| XMHQ Invesco S&P MidCap Quality ETF | +9.6% | 20.5% |
| XMMO Invesco S&P MidCap Momentum ETF | +9.3% | 22.1% |
| IMCB iShares Morningstar Mid-Cap ETF | +8.3% | 17.5% |
| DON WisdomTree U.S. MidCap Dividend Fund | +7.8% | 17.4% |
| FLQM Franklin U.S. Mid Cap Multifactor Index ETF | +7.6% | 16.5% |
| EZM WisdomTree U.S. MidCap Fund | +7.6% | 20.2% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | +7.4% | 20.3% |
| IWR iShares Russell Mid-Cap ETF | +7.2% | 18.2% |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | +7.1% | 18.3% |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | +7.0% | 20.5% |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | +7.0% | 19.6% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | +7.0% | 19.6% |
| VO This pageVanguard Morningstar Mid-Cap ETF | +6.8% | 17.6% |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | +6.7% | 19.6% |
| SCHM Schwab U.S. Mid-Cap ETF | +6.7% | 19.7% |
| VB Vanguard Morningstar Small-Cap ETF | +6.2% | 20.6% |
| XMLV Invesco S&P MidCap Low Volatility ETF | +6.0% | 14.4% |
| VXF Vanguard Extended Market ETF | +4.9% | 22.4% |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | +3.3% | 21.7% |
Has VO consistently beaten its popular alternatives?
This section compares VO with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VO helps separate lasting outperformance from a single strong stretch.
- Four of the 22 popular alternatives, led by VV, VOE and IMCB, outperformed VO in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VV, VTI and XMHQ earned more for the risk they took than VO (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- XMMO outperformed VO over all three long-term periods but in none of the five short-term ones, so VO has had the better of it lately.
A green cell means the alternative earned more than VO over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| VO Vanguard Morningstar Mid-Cap ETF (this page) | — | +1.3% | +1.3% | +6.8% | +12.3% | +13.2% | +70.7% | +39.0% | +199% | 17.6% | 0.46 | −39.4% | 0.03% | $217B | — |
| VV QualifiedVanguard Morningstar Large-Cap ETF | 3/5 short3/3 long | −1.4% | +2.6% | +8.1% | +12.6% | +15.3% | +89.8% | +77.4% | +319% | 17.3% | 0.75 | −34.3% | 0.03% | $76B | 71% |
| VOE QualifiedVanguard Morningstar Mid-Cap Value ETF | 5/5 short2/3 long | +4.5% | +3.8% | +10.1% | +18.7% | +22.9% | +78.6% | +58.6% | +185% | 15.8% | 0.67 | −43.2% | 0.05% | $37B | 81% |
| IMCB QualifiediShares Morningstar Mid-Cap ETF | 4/5 short2/3 long | +1.5% | +1.9% | +10.0% | +18.4% | +20.3% | +78.6% | +49.3% | +201% | 17.5% | 0.55 | −41.0% | 0.04% | $1.7B | 95% |
| XMHQ QualifiedInvesco S&P MidCap Quality ETF | 3/5 short2/3 long | +1.9% | +3.8% | +7.5% | +12.3% | +13.1% | +61.4% | +57.8% | +241% | 20.5% | 0.55 | −36.9% | 0.30% | $5.4B | 80% |
| VTI Broad MarketVanguard Morningstar Total Stock Market ETF | 2/5 short3/3 long | −1.4% | +1.9% | +7.3% | +12.4% | +15.3% | +87.3% | +71.5% | +298% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 72% |
| XMMO Broad MarketInvesco S&P MidCap Momentum ETF | 0/5 short3/3 long | −8.7% | −16.3% | −14.1% | −3.2% | +2.2% | +81.5% | +55.8% | +368% | 22.1% | 0.51 | −36.7% | 0.34% | $6.9B | 75% |
| IWR Broad MarketiShares Russell Mid-Cap ETF | 2/5 short2/3 long | +0.8% | +1.0% | +6.5% | +13.9% | +16.0% | +72.8% | +41.5% | +198% | 18.2% | 0.47 | −40.6% | 0.18% | $56B | 94% |
| BBMC Broad MarketJPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 2/5 short2/3 long | −0.7% | −1.4% | +3.9% | +14.1% | +19.3% | +78.8% | +40.4% | — | 20.5% | 0.43 | −30.1% | 0.07% | $2.1B | 86% |
| FLQM Broad MarketFranklin U.S. Mid Cap Multifactor Index ETF | 3/5 short1/3 long | +5.5% | +6.1% | +9.7% | +11.3% | +12.8% | +57.2% | +43.9% | — | 16.5% | 0.53 | −37.2% | 0.30% | $1.4B | 79% |
| JHMM Broad MarketJohn Hancock Investments - Multifactor Mid Cap ETF | 1/5 short1/3 long | +0.2% | −0.9% | +2.4% | +10.8% | +14.9% | +67.9% | +40.7% | +199% | 18.3% | 0.47 | −40.7% | 0.41% | $5.9B | 91% |
| SPMD Broad MarketState Street SPDR Portfolio S&P 400 Mid Cap ETF | 1/5 short1/3 long | −1.0% | −3.5% | +0.8% | +9.7% | +13.9% | +60.3% | +40.3% | +181% | 19.6% | 0.45 | −41.9% | 0.03% | $18B | 87% |
| IJH Broad MarketiShares Core S&P Mid-Cap ETF | 1/5 short1/3 long | −0.9% | −3.5% | +0.8% | +9.7% | +13.9% | +60.3% | +40.3% | +176% | 19.6% | 0.44 | −42.2% | 0.05% | $121B | 88% |
| EZM Broad MarketWisdomTree U.S. MidCap Fund | 1/5 short1/3 long | +0.6% | −1.9% | +3.3% | +10.8% | +14.8% | +61.0% | +44.0% | +170% | 20.2% | 0.46 | −47.3% | 0.38% | $896M | 86% |
| DON Dividend & IncomeWisdomTree U.S. MidCap Dividend Fund | 1/5 short1/3 long | +2.8% | −0.3% | +4.7% | +11.0% | +12.9% | +54.7% | +45.5% | +140% | 17.4% | 0.52 | −46.8% | 0.38% | $3.8B | 77% |
| FNX Broad MarketFirst Trust Mid Cap Core AlphaDEX Fund | 0/5 short1/3 long | +0.5% | −2.7% | +2.0% | +10.0% | +13.4% | +66.4% | +42.8% | +200% | 20.3% | 0.45 | −44.0% | 0.62% | $1.3B | 84% |
| VXF Broad MarketVanguard Extended Market ETF | 0/5 short1/3 long | −3.5% | −3.1% | +1.8% | +9.5% | +11.3% | +76.3% | +27.0% | +192% | 22.4% | 0.33 | −41.7% | 0.05% | $91B | 86% |
| SCHM Broad MarketSchwab U.S. Mid-Cap ETF | 2/5 short0/3 long | −0.6% | −1.2% | +3.5% | +15.0% | +19.1% | +69.6% | +38.5% | +182% | 19.7% | 0.43 | −42.5% | 0.03% | $14B | 90% |
| VB Broad MarketVanguard Morningstar Small-Cap ETF | 1/5 short0/3 long | −1.0% | −2.3% | +2.1% | +11.4% | +15.1% | +68.6% | +35.2% | +179% | 20.6% | 0.40 | −42.0% | 0.03% | $176B | 88% |
| IVOO Broad MarketVanguard S&P Mid-Cap 400 ETF | 1/5 short0/3 long | −0.9% | −3.6% | +0.7% | +9.6% | +13.9% | +60.1% | +40.0% | +175% | 19.6% | 0.44 | −42.3% | 0.07% | $5.7B | 89% |
| VOT Broad MarketVanguard Morningstar Mid-Cap Growth ETF | 0/5 short0/3 long | −3.0% | −2.0% | +2.3% | +3.3% | +0.5% | +57.8% | +17.6% | +198% | 21.7% | 0.26 | −37.2% | 0.05% | $33B | 75% |
| MDY Broad MarketState Street SPDR S&P MIDCAP 400 ETF Trust | 0/5 short0/3 long | −1.0% | −3.6% | +0.6% | +9.4% | +13.5% | +58.8% | +38.5% | +170% | 19.6% | 0.43 | −42.2% | 0.23% | $26B | 87% |
| XMLV Broad MarketInvesco S&P MidCap Low Volatility ETF | 0/5 short0/3 long | +1.6% | −3.1% | +2.6% | +8.0% | +7.3% | +49.9% | +34.2% | +115% | 14.4% | 0.48 | −39.9% | 0.25% | $699M | 44% |
How did VO do year by year?
This table shows each investment's total return in every full calendar year since 2005, along with where VO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: VO began trading on January 30, 2004, so the table starts with 2005, its first full calendar year, and cannot show how it fared during the dot-com bust.
- VO finished ahead of the S&P 500 in four of its 21 full calendar years, and behind it in each of the last five.
- Among its popular alternatives, VV came out ahead of VO most often, in 13 of the 21 years both traded.
- Ranked against its popular alternatives each year, VO finished in the top quarter in four of 21 years and in the bottom quarter in three. In 2025, it ranked 6 of 22.
Newest year first. Green marks a year in which the fund came out ahead of VO; gray means the two finished within a fraction of a point. The rank row places VO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of VO | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VO This pageVanguard Morningstar Mid-Cap ETF | — | +11.6% | +15.3% | +16.0% | −18.8% | +24.7% | +18.1% | +30.9% | −9.2% | +19.3% | +11.2% | −1.3% | +13.8% | +35.1% | +16.2% | −2.0% | +25.5% | +40.6% | −41.6% | +5.5% | +14.0% | +13.9% |
| Rank among alternatives | Top quarter in 4 of 21 | 6 of 22 | 8 of 22 | 18 of 22 | 17 of 22 | 8 of 22 | 8 of 21 | 5 of 21 | 11 of 21 | 8 of 20 | 18 of 20 | 8 of 19 | 5 of 19 | 8 of 18 | 11 of 18 | 11 of 17 | 9 of 16 | 6 of 16 | 14 of 16 | 7 of 14 | 7 of 10 | 1 of 8 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 12 of 21 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% |
| VV Vanguard Morningstar Large-Cap ETF | 13 of 21 | +18.1% | +25.3% | +27.2% | −19.9% | +27.4% | +21.0% | +31.3% | −4.5% | +22.0% | +11.8% | +1.0% | +13.4% | +32.7% | +16.2% | +1.4% | +15.9% | +27.3% | −36.7% | +6.2% | +15.5% | +6.0% |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 6 of 19 | +12.1% | +14.0% | +9.8% | −8.0% | +28.8% | +2.6% | +27.9% | −12.5% | +17.1% | +15.4% | −1.9% | +14.0% | +37.8% | +16.0% | −0.4% | +21.8% | +38.3% | −36.6% | −4.3% | — | — |
| IMCB iShares Morningstar Mid-Cap ETF | 7 of 21 | +10.3% | +15.1% | +16.4% | −16.1% | +22.8% | +13.3% | +31.5% | −11.5% | +19.7% | +12.0% | −1.6% | +15.6% | +33.0% | +17.4% | +1.7% | +26.6% | +38.6% | −39.2% | +1.5% | +14.2% | +9.6% |
| XMHQ Invesco S&P MidCap Quality ETF | 7 of 19 | +4.7% | +16.8% | +29.5% | −12.4% | +21.0% | +26.6% | +27.2% | −9.1% | +15.7% | +16.1% | −6.5% | +13.1% | +33.5% | +13.2% | −1.4% | +21.2% | +29.5% | −40.2% | +5.6% | — | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 12 of 21 | +17.1% | +23.8% | +26.0% | −19.5% | +25.7% | +21.1% | +30.7% | −5.2% | +21.2% | +12.8% | +0.4% | +12.5% | +33.4% | +16.4% | +1.0% | +17.4% | +28.9% | −37.0% | +5.3% | +15.7% | +6.3% |
| XMMO Invesco S&P MidCap Momentum ETF | 10 of 20 | +13.0% | +38.0% | +20.4% | −16.0% | +16.7% | +29.2% | +36.8% | +6.1% | +37.2% | +3.4% | −4.5% | +10.6% | +27.4% | +14.8% | −5.8% | +29.6% | +23.7% | −44.1% | +27.5% | +8.8% | — |
| IWR iShares Russell Mid-Cap ETF | 5 of 21 | +10.4% | +15.2% | +17.0% | −17.5% | +22.4% | +17.0% | +30.2% | −9.1% | +18.2% | +13.7% | −2.6% | +13.1% | +34.5% | +17.1% | −1.8% | +25.3% | +40.7% | −41.4% | +5.1% | +15.1% | +12.6% |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 2 of 5 | +12.2% | +15.2% | +18.4% | −19.8% | +17.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| FLQM Franklin U.S. Mid Cap Multifactor Index ETF | 4 of 8 | +5.2% | +14.3% | +17.4% | −12.9% | +28.8% | +15.5% | +28.6% | −4.3% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | 3 of 10 | +10.8% | +14.6% | +14.5% | −15.3% | +24.5% | +16.2% | +30.0% | −9.6% | +20.0% | +13.4% | — | — | — | — | — | — | — | — | — | — | — |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | 8 of 20 | +7.4% | +13.9% | +16.4% | −13.1% | +24.7% | +13.5% | +25.2% | −10.4% | +15.2% | +18.3% | +1.7% | +8.2% | +38.9% | +17.0% | −1.2% | +24.7% | +45.1% | −38.4% | +4.6% | +9.5% | — |
| EZM WisdomTree U.S. MidCap Fund | 9 of 18 | +8.4% | +10.3% | +19.7% | −12.2% | +31.0% | +5.6% | +24.5% | −12.3% | +16.7% | +19.8% | −4.8% | +8.4% | +40.3% | +17.7% | +0.8% | +25.7% | +50.1% | −35.0% | — | — | — |
| DON WisdomTree U.S. MidCap Dividend Fund | 7 of 19 | +3.4% | +13.9% | +13.7% | −4.8% | +30.3% | −5.5% | +23.3% | −8.2% | +13.5% | +20.4% | −1.1% | +15.3% | +33.4% | +13.6% | +5.3% | +21.7% | +32.1% | −32.3% | −5.9% | — | — |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 8 of 18 | +9.9% | +12.2% | +20.4% | −13.6% | +25.0% | +16.1% | +27.0% | −11.2% | +17.6% | +18.7% | −8.1% | +5.5% | +37.9% | +14.1% | +0.9% | +26.7% | +46.9% | −36.5% | — | — | — |
| VXF Vanguard Extended Market ETF | 9 of 21 | +11.4% | +16.9% | +25.5% | −26.5% | +12.3% | +32.5% | +28.0% | −9.3% | +18.0% | +16.2% | −3.3% | +7.6% | +38.3% | +18.6% | −3.6% | +27.6% | +37.9% | −38.6% | +5.9% | +15.9% | +11.7% |
| SCHM Schwab U.S. Mid-Cap ETF | 6 of 14 | +10.1% | +12.0% | +16.8% | −17.1% | +19.3% | +15.2% | +27.4% | −8.8% | +19.5% | +14.4% | −0.1% | +10.4% | +36.2% | +17.6% | — | — | — | — | — | — | — |
| VB Vanguard Morningstar Small-Cap ETF | 8 of 21 | +8.9% | +14.2% | +18.2% | −17.5% | +17.6% | +19.2% | +27.3% | −9.3% | +16.3% | +18.4% | −3.8% | +7.6% | +37.7% | +18.3% | −2.8% | +28.1% | +36.6% | −36.2% | 0.0% | +14.4% | +6.0% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 3 of 15 | +7.5% | +13.8% | +16.4% | −13.2% | +24.6% | +13.6% | +26.2% | −11.4% | +16.4% | +20.3% | −2.3% | +9.5% | +33.6% | +17.7% | −2.6% | — | — | — | — | — | — |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 9 of 19 | +10.7% | +16.4% | +23.1% | −28.9% | +20.5% | +34.5% | +33.8% | −5.6% | +21.8% | +6.9% | −1.1% | +13.5% | +32.4% | +16.0% | −3.9% | +29.1% | +43.9% | −47.3% | +17.2% | — | — |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | 5 of 21 | +7.2% | +13.6% | +16.1% | −13.3% | +24.5% | +13.5% | +25.8% | −11.3% | +15.9% | +20.5% | −2.5% | +9.4% | +33.1% | +17.8% | −2.1% | +26.3% | +37.6% | −36.4% | +7.2% | +10.0% | +12.5% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 6 of 12 | +5.6% | +17.1% | +1.8% | −6.5% | +23.0% | −8.4% | +23.8% | −0.2% | +13.7% | +21.6% | +5.4% | +18.4% | — | — | — | — | — | — | — | — | — |
Risk and diversification
How VO has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were VO's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents VO's five deepest drawdowns since it began trading in 2004, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: VO began trading on January 30, 2004, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of VO's worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 23 months, after VO fell 58.9% from July 2007 to March 2009.
Green means VO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VO fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −58.9% | −54.5% | Jul 2007 | Mar 2009 | 20 months | Feb 2011 | 23 months |
| Covid crash | −39.4% | −33.4% | Feb 2020 | Mar 2020 | 1 month | Sep 2020 | 6 months |
| 2022 bear market | −27.6% | −22.6% | Nov 2021 | Oct 2022 | 11 months | Jul 2024 | 21 months |
| 2011 euro debt crisis | −24.6% | −18.4% | Jul 2011 | Oct 2011 | 3 months | Mar 2012 | 5 months |
| Late-2018 sell-off | −21.2% | −18.8% | Aug 2018 | Dec 2018 | 4 months | Apr 2019 | 4 months |
How did VO do in stock market crashes?
This section measures how far VO, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: VO began trading on January 30, 2004, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- VO fell further than the S&P 500 in eight of the nine crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when VO fell 18.8% and the S&P 500 fell 12.8%.
- Among its popular alternatives, FLQM held up best, falling less than VO in all five crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VO.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VO This pageVanguard Morningstar Mid-Cap ETF | — | −5.8% | −25.0% | −39.4% | −21.2% | −5.8% | −18.8% | −23.4% | −2.4% | −58.3% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 8 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VV Vanguard Morningstar Large-Cap ETF | 7 of 9 | −3.5% | −25.5% | −34.3% | −19.3% | −6.4% | −13.3% | −18.6% | −1.7% | −54.8% | — |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 3 of 9 | −6.3% | −19.7% | −43.0% | −21.0% | −5.6% | −16.9% | −21.7% | −2.0% | −59.4% | — |
| IMCB iShares Morningstar Mid-Cap ETF | 4 of 9 | −6.2% | −23.5% | −41.0% | −20.3% | −5.5% | −17.1% | −22.8% | −2.6% | −58.1% | — |
| XMHQ Invesco S&P MidCap Quality ETF | 5 of 9 | −6.1% | −23.4% | −36.9% | −21.8% | −6.3% | −18.7% | −21.3% | 0.0% | −57.3% | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 7 of 9 | −4.0% | −25.2% | −35.0% | −20.0% | −6.3% | −14.1% | −19.5% | −1.9% | −55.5% | — |
| XMMO Invesco S&P MidCap Momentum ETF | 2 of 9 | −6.4% | −24.5% | −36.7% | −24.1% | −6.0% | −25.2% | −24.3% | −2.3% | −55.4% | — |
| IWR iShares Russell Mid-Cap ETF | 3 of 9 | −6.1% | −24.2% | −40.6% | −21.2% | −6.0% | −18.0% | −22.8% | −2.3% | −58.5% | — |
| BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 0 of 2 | −7.1% | −26.4% | — | — | — | — | — | — | — | — |
| FLQM Franklin U.S. Mid Cap Multifactor Index ETF | 5 of 5 | −4.5% | −21.9% | −37.2% | −17.7% | 0.0% | — | — | — | — | — |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | 1 of 5 | −6.6% | −23.2% | −40.7% | −21.8% | −5.9% | — | — | — | — | — |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | 3 of 9 | −7.0% | −22.7% | −41.9% | −23.7% | −5.8% | −17.6% | −24.5% | −2.7% | −57.1% | — |
| EZM WisdomTree U.S. MidCap Fund | 2 of 9 | −9.2% | −22.4% | −46.8% | −22.6% | −5.8% | −18.6% | −24.3% | −2.4% | −57.7% | — |
| DON WisdomTree U.S. MidCap Dividend Fund | 5 of 9 | −7.6% | −15.8% | −46.6% | −18.9% | −5.1% | −12.0% | −20.2% | −3.0% | −60.2% | — |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 2 of 9 | −7.7% | −22.4% | −44.0% | −24.8% | −5.9% | −20.2% | −24.7% | −2.0% | −56.1% | — |
| VXF Vanguard Extended Market ETF | 1 of 9 | −7.0% | −30.5% | −41.7% | −23.9% | −5.6% | −22.3% | −26.3% | −2.9% | −57.5% | — |
| SCHM Schwab U.S. Mid-Cap ETF | 0 of 7 | −7.0% | −24.5% | −42.5% | −22.4% | −6.0% | −19.0% | −24.8% | — | — | — |
| VB Vanguard Morningstar Small-Cap ETF | 0 of 9 | −7.3% | −24.9% | −42.0% | −23.8% | −5.9% | −20.5% | −26.7% | −2.5% | −59.7% | — |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 2 of 7 | −7.0% | −22.7% | −42.3% | −22.9% | −6.1% | −17.7% | −24.7% | — | — | — |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 2 of 9 | −5.2% | −32.1% | −36.2% | −21.5% | −6.2% | −20.8% | −25.0% | −2.8% | −60.2% | — |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | 3 of 9 | −6.9% | −22.7% | −42.2% | −22.9% | −6.0% | −17.6% | −24.6% | −2.5% | −55.1% | −32.0% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 3 of 6 | −5.6% | −16.4% | −39.7% | −12.7% | −5.3% | −9.6% | — | — | — | — |
How closely does VO move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares VO with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- XMMO took just 93% of the S&P 500's losses, against 109% for VO, while still keeping 103% of its gains.
- Over the past 10 years, VO captured 91% of the S&P 500's gains in rising months and 109% of its losses in falling months, with a beta of 1.05. Its share of the market's losses was larger than its share of the gains.
- Four of the 19 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than VO's 0.84, led by XMMO, VV and VTI.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than VO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| VO This pageVanguard Morningstar Mid-Cap ETF | 91% | 109% | 0.84 | 1.05 |
| XMMO Invesco S&P MidCap Momentum ETF | 103% | 93% | 1.11 | 1.05 |
| VV Vanguard Morningstar Large-Cap ETF | 101% | 101% | 1.00 | 1.01 |
| VTI Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 0.97 | 1.02 |
| XMHQ Invesco S&P MidCap Quality ETF | 94% | 105% | 0.90 | 1.01 |
| IMCB iShares Morningstar Mid-Cap ETF | 92% | 109% | 0.84 | 1.05 |
| IWR iShares Russell Mid-Cap ETF | 93% | 111% | 0.84 | 1.06 |
| JHMM John Hancock Investments - Multifactor Mid Cap ETF | 93% | 111% | 0.84 | 1.06 |
| VOT Vanguard Morningstar Mid-Cap Growth ETF | 95% | 113% | 0.84 | 1.12 |
| VOE Vanguard Morningstar Mid-Cap Value ETF | 87% | 106% | 0.82 | 0.99 |
| SPMD State Street SPDR Portfolio S&P 400 Mid Cap ETF | 93% | 116% | 0.81 | 1.10 |
| VXF Vanguard Extended Market ETF | 100% | 123% | 0.81 | 1.19 |
| SCHM Schwab U.S. Mid-Cap ETF | 94% | 116% | 0.81 | 1.11 |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 93% | 116% | 0.81 | 1.10 |
| XMLV Invesco S&P MidCap Low Volatility ETF | 65% | 80% | 0.81 | 0.74 |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 101% | 126% | 0.80 | 1.18 |
| VB Vanguard Morningstar Small-Cap ETF | 96% | 120% | 0.80 | 1.13 |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | 92% | 115% | 0.80 | 1.09 |
| EZM WisdomTree U.S. MidCap Fund | 96% | 124% | 0.78 | 1.16 |
| DON WisdomTree U.S. MidCap Dividend Fund | 84% | 110% | 0.76 | 1.01 |
What diversifies VO?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VO's. Because such investments tend not to fall at the same time, pairing VO with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in VO into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+7.4% for VO alone, +8.4% for the mix).
- Among large ETFs, DXJ, XLE and GLD have moved largely independently of VO over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- CAH made money in three of the five calendar years in which VO lost money.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VO lost money. The last two columns show a portfolio that is 80% VO and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| VO Vanguard Morningstar Mid-Cap ETF (this page) | 1.00 | +39.0% | 0.46 | −18.8% | −9.2% | −1.3% | −2.0% | −41.6% | 17.0% | +7.4% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.49 | +225% | 1.34 | +6.0% | −19.8% | +7.7% | −16.1% | −20.8% | 15.0% | +11.3% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.38 | +178% | 0.94 | +64.4% | −18.2% | −21.5% | +2.8% | −39.0% | 16.3% | +10.9% |
| GLD CommoditiesSPDR Gold Shares | 0.20 | +120% | 0.93 | −0.8% | −1.9% | −10.7% | +9.6% | +4.9% | 14.7% | +9.9% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.22 | +66.7% | 0.81 | +2.5% | −8.7% | −17.2% | −10.7% | −19.1% | 14.3% | +8.4% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.24 | +57.5% | 0.80 | +21.6% | — | — | — | — | 13.2% | +8.4% |
| USO CommoditiesUnited States Oil Fund, LP | -0.02 | +180% | 0.74 | +29.0% | −19.6% | −46.0% | −2.3% | −56.3% | 15.4% | +11.7% |
| GDX MaterialsVanEck Gold Miners ETF | 0.34 | +165% | 0.70 | −9.0% | −8.8% | −24.7% | −16.1% | −26.1% | 17.7% | +12.0% |
| FLSP AlternativesFranklin Systematic Style Premia ETF | 0.02 | +51.1% | 0.69 | +0.5% | — | — | — | — | 13.7% | +8.0% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| VO Vanguard Morningstar Mid-Cap ETF (this page) | 1.00 | +39.0% | 0.46 | −18.8% | −9.2% | −1.3% | −2.0% | −41.6% | 17.0% | +7.4% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.38 | +471% | 1.54 | +54.1% | −24.5% | +12.6% | +8.1% | −39.6% | 16.4% | +13.5% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.44 | +2,780% | 1.43 | +1.3% | −16.3% | −6.0% | −24.4% | −20.5% | 21.5% | +25.5% |
| MCK Medical - DistributionMcKesson Corporation | 0.28 | +397% | 1.41 | +51.8% | −28.4% | −4.5% | +11.8% | −40.4% | 15.8% | +13.0% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.32 | +660% | 1.39 | +86.6% | −8.2% | +17.4% | — | — | 16.8% | +15.5% |
| PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 0.18 | +721% | 1.32 | +55.4% | +27.7% | −41.1% | −32.1% | −55.6% | 16.6% | +15.4% |
Common questions
What was VO's worst drawdown?
VO's deepest decline since it began trading in 2004 was 58.9%, from July 2007 to March 2009. It took 23 months from the low to climb back to its old high. Because VO launched in January 2004, that record does not include the dot-com bust.
What were VO's best and worst years?
Over 21 full calendar years, VO's best year was 2009, when it returned 40.6%. Its worst was 2008, with a return of -41.6%.
Is there a better investment than VO?
Among VO's popular alternatives, VOE earned more than VO with less volatility over the past 5 years: 9.7% a year at 15.8% volatility, against 6.8% a year at 17.6%. Looking beyond its popular alternatives, RECS (active core equity) and EQWL (US large-cap equity) earned more than VO with less volatility over the past 5 years. RECS returned 13.3% a year at 16.4% volatility, against 6.8% a year at 17.6%.
Is VO more volatile than the S&P 500?
Yes. VO's volatility over the past 5 years was 17.6%, 1.0 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VO's return lands within 17.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is VO's Sharpe ratio?
VO's Sharpe ratio over the past 5 years was 0.46, against 0.78 for the S&P 500, so VO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is VO with the S&P 500?
Over the past 5 years, VO's monthly returns had a correlation of 0.92 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VO instead: the lower it is, the more that option would diversify a VO holding.
What are the best alternatives to VO?
Of the 22 popular alternatives we compared, four outperformed VO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VV, VOE and IMCB.
Did VO outperform the S&P 500?
VO finished ahead of the S&P 500 (SPY) in four of 21 full calendar years. In 2025, it returned +11.6%, against +17.7% for the index.
How did VO do in stock market crashes?
VO fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in eight. The clearest case was the 2015 China and oil sell-off, when VO fell 18.8% and the S&P 500 fell 12.8%.
What diversifies VO?
These had a low correlation with VO over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.49), XLE (correlation 0.38) and GLD (correlation 0.20); among large stocks, CAH (correlation 0.38), CLS (correlation 0.44) and MCK (correlation 0.28). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than VO's. Returns within 0.5 points or 3% of VO's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to VO
- VVVanguard Morningstar Large-Cap ETF
VTIVanguard Morningstar Total Stock Market ETF
IWRiShares Russell Mid-Cap ETF
IJHiShares Core S&P Mid-Cap ETF
VXFVanguard Extended Market ETF
VBVanguard Morningstar Small-Cap ETF
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