How Vanguard Morningstar Mid-Cap Value ETF (VOE) compares with the whole market and its popular alternatives

VOE at a glance

• VOE's deepest decline since it began trading in 2006 was 61.6%, from June 2007 to March 2009. It took 25 months from the low to climb back to its old high.
• VOE is trading within 1% of its all-time high.
• Over 19 full calendar years, VOE's best was 2009, when it returned 38.2%, and its worst was 2008, when it lost 36.6%. It lost money in six of those years.

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: VOE began trading on August 25, 2006, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

How does VOE rank among all ETFs?

• VOE's 1-year return ranks in the top 9% of the 2,491 ETFs with at least $100 million in assets with 1 year of history.

This section ranks VOE 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 VOE stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

What has beaten VOE on both return and risk?

• 43 ETFs worth at least $500 million sit in the green region: each earned more than VOE over the past 5 years with smaller price swings. That is 1% of the 3,627 screened. Few investments beat it on both counts.
• Among those with at least half VOE's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 30% less than VOE's 15.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.69 for VOE.
• Among VOE's popular alternatives, VTV, VYM and IVE are in the region. VTV earned 12.3% a year against 10.0% a year for VOE, at 13.7% volatility, 13% less than VOE's 15.8%.

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). VOE sits where the dashed lines cross. Anything in the green box above and to the left earned more than VOE 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.

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 VOE; faint dots are 18 more of the 43 in the green region (the strongest, one per fund family). 3,627 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

Is there a better investment than VOE?

• Among VOE's popular alternatives, VTV and VYM earned more than VOE with less volatility over the past 5 years. VTV returned 12.3% a year at 13.7% volatility, against 10.0% a year at 15.8%.
• Looking beyond its popular alternatives, IWX (US large-cap value) and PWV (US large-cap value) earned more than VOE with less volatility over the past 5 years. IWX returned 12.6% a year at 13.8% volatility, against 10.0% a year at 15.8%.
• Few investments have done better on both counts: only 43 of the 3,627 stocks and funds worth at least $500 million earned more than VOE with less volatility over the past 5 years, among them VTV, VYM and IWD.

Investments that beat VOE over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

These figures cover the past 5 years. Green marks a better figure than VOE'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 VOE?lower diversifies more	Expenseper year
VOEVanguard Morningstar Mid-Cap Value ETF · this page		+10.0%	15.8%	0.69	−43.2%	+196%	1.00	0.05%
SPYState Street SPDR S&P 500 ETF · S&P 500		+11.7%	17.2%	0.73	−33.7%	+320%	0.79	0.09%
Popular alternativesbest 4 shownThe investments people most often weigh against VOE. 5 of 23 passed at least one test.
VTVVanguard Morningstar Value ETF · US Large-Cap Value	Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes	+12.3%	13.7%	0.92	−36.8%	+245%	0.96	0.03%
VYMVanguard High Dividend Yield ETF · High Dividend Yield	Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes	+11.6%	13.8%	0.87	−35.2%	+216%	0.95	0.04%
VFMVVanguard U.S. Minimum Volatility ETF · US Low-Volatility Equity	Similar return, lower volatilityHigher Sharpe, smaller worst decline	+9.7%	11.7%	0.85	−33.7%	—	0.90	0.13%
IMCViShares Morningstar Mid-Cap Value ETF · Mid-Cap Value	Higher return in most periods	+10.8%	16.4%	0.71	−46.4%	+192%	1.00	0.06%
Same and neighboring categories, and shared themesbest 6 shownEverything else in Mid-Cap Value and US Mid-Cap Equity and the categories next to it (US Small-Cap Value, US Large-Cap Value, US Dividend Equity, Mid-Cap Growth, US Small-Cap Equity, US Large-Cap Equity), plus VOE's specific themes. 48 of 247 passed at least one test.
IWXiShares Russell Top 200 Value ETF · US Large-Cap Value	Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes	+12.6%	13.8%	0.93	−35.8%	+226%	0.93	0.20%
PWVInvesco Large Cap Value ETF · US Large-Cap Value	Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes	+13.6%	14.2%	0.98	−37.6%	+230%	0.94	0.55%
DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield	Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods	+12.3%	13.4%	0.94	−34.7%	+235%	0.91	0.07%
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield	Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes	+14.8%	14.5%	1.03	−41.4%	+216%	0.88	0.43%
DIVBiShares Core Dividend ETF · High Dividend Yield	Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods	+14.4%	15.5%	0.95	−36.9%	—	0.94	0.05%
DIVZPolen Dividend Income ETF · US Dividend Equity	Similar return, lower volatility	+9.3%	12.5%	0.77	−15.5%	—	0.90	0.65%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 134 of 3,406 passed at least one test.
KOThe Coca-Cola Company · Nonalcoholic Beverages	Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes	+14.6%	16.9%	0.90	−37.0%	+211%	0.50	—
BRK-ABerkshire Hathaway Inc. · Insurance	Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods	+13.9%	17.2%	0.85	−30.4%	+288%	0.66	—
JNJJohnson & Johnson · Pharmaceuticals	Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes	+13.4%	18.0%	0.80	−27.4%	+209%	0.44	—
IUSInvesco RAFI Strategic US ETF · US Total Market	Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods	+14.3%	14.9%	0.97	−34.7%	—	0.92	0.19%
RSGRepublic Services, Inc. · Waste Management	Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes	+14.3%	18.6%	0.81	−34.0%	+464%	0.44	—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity	On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline	+17.0%	11.1%	1.48	−32.4%	+204%	0.80	0.40%
PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer	On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline	+10.1%	8.6%	1.16	−18.2%	—	0.77	0.79%
DFIVDimensional - International Value ETF · International Large-Cap Value	Higher return, similar volatilityHigher Sharpe, smaller worst decline	+15.0%	16.4%	0.94	−25.4%	—	0.82	0.27%

Show all 43 stocks and funds worth at least $500 million that earned more than VOE with less volatility

Out of 3,627 tested over 5 years. The strongest 26 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 VOE	Expense
1	IWXiShares Russell Top 200 Value ETF · US Large-Cap Value	Same or nearby category	+12.6%	13.8%	0.93	−35.8%	+226%	0.93	0.20%
2	PWVInvesco Large Cap Value ETF · US Large-Cap Value	Same or nearby category	+13.6%	14.2%	0.98	−37.6%	+230%	0.94	0.55%
3	IUSInvesco RAFI Strategic US ETF · US Total Market	Whole market	+14.3%	14.9%	0.97	−34.7%	—	0.92	0.19%
4	DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield	Same or nearby category	+12.3%	13.4%	0.94	−34.7%	+235%	0.91	0.07%
5	FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield	Same or nearby category	+14.8%	14.5%	1.03	−41.4%	+216%	0.88	0.43%
6	VTVVanguard Morningstar Value ETF · US Large-Cap Value	Popular alternative	+12.3%	13.7%	0.92	−36.8%	+245%	0.96	0.03%
7	VYMVanguard High Dividend Yield ETF · High Dividend Yield	Popular alternative	+11.6%	13.8%	0.87	−35.2%	+216%	0.95	0.04%
8	DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity	Same or nearby category	+11.2%	14.0%	0.83	−32.0%	+280%	0.88	0.28%
9	RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity	Same or nearby category	+13.5%	14.4%	0.96	−36.1%	+296%	0.95	0.39%
10	LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity	Whole market	+17.0%	11.1%	1.48	−32.4%	+204%	0.80	0.40%
11	EQLALPS Equal Sector Weight ETF · US Large-Cap Equity	Same or nearby category	+13.1%	14.5%	0.92	−34.2%	+396%	0.94	0.19%
12	DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity	Whole market	+12.8%	13.8%	0.94	−32.5%	+215%	0.79	0.35%
13	HDViShares Core High Dividend ETF · High Dividend Yield	Same or nearby category	+13.4%	13.0%	1.03	−37.0%	+184%	0.84	0.08%
14	GCOWPacer Global Cash Cows Dividend ETF · Global Equity	Whole market	+14.5%	13.6%	1.07	−37.6%	+175%	0.79	0.60%
15	HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International Dividend Equity	Whole market	+13.0%	14.2%	0.94	−36.4%	+137%	0.78	0.09%
16	DDWMWisdomTree Dynamic International Equity Fund · International Dividend Equity	Whole market	+12.1%	13.4%	0.92	−35.0%	+154%	0.81	0.40%
17	DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield	Same or nearby category	+12.6%	13.9%	0.93	−37.4%	+173%	0.91	0.38%
18	SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity	Same or nearby category	+12.9%	12.7%	1.03	−18.4%	—	0.91	0.31%
19	FDRRFidelity Dividend ETF for Rising Rates · US Dividend Equity	Same or nearby category	+12.2%	15.0%	0.84	−36.5%	+265%	0.86	0.15%
20	ROUSHartford Multifactor US Equity ETF · US Multifactor Equity	Whole market	+11.8%	14.4%	0.85	−35.5%	+239%	0.91	0.19%
21	VYMIVanguard International High Dividend Yield ETF · International Dividend Equity	Whole market	+13.3%	14.8%	0.92	−40.0%	+178%	0.81	0.07%
22	EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure	Whole market	+15.8%	14.4%	1.09	−43.6%	+169%	0.84	0.95%
23	FDVVFidelity High Dividend ETF · High Dividend Yield	Same or nearby category	+13.3%	14.6%	0.93	−40.2%	+264%	0.92	0.15%
24	FGDFirst Trust Dow Jones Global Select Dividend Index Fund · Global Equity	Whole market	+12.0%	14.8%	0.85	−44.8%	+164%	0.80	0.55%
25	AUSFGlobal X - Adaptive U.S. Factor ETF · US Multifactor Equity	Whole market	+14.1%	13.6%	1.04	−44.2%	—	0.91	0.27%
26	EDIVState Street SPDR S&P Emerging Markets Dividend ETF · International Equity	Whole market	+11.4%	13.8%	0.85	−40.7%	+122%	0.57	0.49%

How do VOE's risk and return compare with its alternatives?

• VTV, VYM and IVE were both more rewarding and calmer than VOE over the past 5 years, earning a higher annual return with lower volatility.
• 13 of the 20 popular alternatives earned less than VOE over the past 5 years while swinging more, the weaker corner of the map.
• Over the past 5 years, VOE returned 10.0% a year, less than the S&P 500's 11.7%, with lower volatility (15.8% against 17.2%).

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 VOE, which divides the map into what did better or worse on each measure.

Green points earned more than VOE with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

Has VOE consistently beaten its popular alternatives?

• Only one of the 23 popular alternatives, IMCV, outperformed VOE in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
• VTV, VYM and VFMV earned more for the risk they took than VOE (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
• VTV outperformed VOE over all three long-term periods but in only one of the five short-term ones, so VOE has had the better of it lately.

This section compares VOE 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 VOE helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than VOE 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.

How did VOE do year by year?

• VOE finished ahead of the S&P 500 in six of its 19 full calendar years, and behind it in each of the last three.
• Among its popular alternatives, VO came out ahead of VOE most often, in ten of the 19 years both traded.
• Ranked against its popular alternatives each year, VOE finished in the top quarter in five of 19 years and in the bottom quarter in three. In 2025, it ranked 5 of 21.

This table shows each investment's total return in every full calendar year since 2007, along with where VOE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VOE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: VOE began trading on August 25, 2006, so the table starts with 2007, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of VOE; gray means the two finished within a fraction of a point. The rank row places VOE among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

What were VOE's worst declines?

• In all five of VOE's worst declines, the S&P 500 held up better over the same dates.
• The slowest recovery came after VOE fell 61.6% from June 2007 to March 2009; it did not regain that peak until April 2011, two years later.

A drawdown is the decline from a peak to the lowest point before a new high. This section presents VOE's five deepest drawdowns since it began trading in 2006, 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: VOE began trading on August 25, 2006, 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.

Green means VOE fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

How did VOE do in stock market crashes?

• VOE fell further than the S&P 500 in seven of the nine crashes it has traded through. The clearest case was the Covid crash, when VOE fell 43.0% and the S&P 500 fell 33.7%.
• Among its popular alternatives, VFMV held up best, falling less than VOE in all four crashes they both traded through.

This section measures how far VOE, 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: VOE began trading on August 25, 2006, 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.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VOE.

How closely does VOE move with the S&P 500?

• Only VTV, VYM and IVE had a higher capture ratio (upside capture divided by downside capture) than VOE's 0.87, out of 19 popular alternatives with the same record.
• VYM took just 84% of the S&P 500's losses, against 100% for VOE, while still keeping 81% of its gains.
• Over the past 10 years, VOE captured 87% of the S&P 500's gains in rising months and 100% of its losses in falling months, with a beta of 0.98. Its share of the market's losses was larger than its share of the gains.

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 VOE with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

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 VOE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

What diversifies VOE?

• Moving a fifth of the money in VOE into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+10.1% for VOE alone, +10.4% for the mix).
• Among large ETFs, DXJ, GLD and SMH have moved largely independently of VOE over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.
• FIX made money in four of the six calendar years in which VOE lost money.

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 VOE's. Because such investments tend not to fall at the same time, pairing VOE with them can reduce a portfolio's overall swings.

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 VOE lost money. The last two columns show a portfolio that is 80% VOE and 20% the other investment, rebalanced monthly.

ETFs

Stocks