VO — Vanguard Morningstar Mid-Cap ETF
US Mid Cap Ranked #147 of 458 tracked ETFs · Issued by Vanguard
VO Price Performance — Growth of $10,000
Value of a $10,000 investment in VO over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
VO Drawdown
The "underwater" chart: VO's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in VO?
See what a lump sum in VO would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
Vanguard Morningstar Mid-Cap ETF (Ticker: VO) is a US Mid Cap fund issued by Vanguard, one of the largest and most reputable fund issuers. With an overall rank of #147 out of 458 tracked ETFs, it holds a relatively modest position in the broader ETF landscape. The fund has an expense ratio of just 0.03%, making it one of the more cost-effective options in its category. It also offers a dividend yield of 3.63%, providing a steady stream of income for investors. The fund's assets under management (AUM) stand at $225B, indicating significant investor adoption and confidence in the fund's performance and management.
Over the past year, the fund has delivered a return of 17.56%, which is notable given the volatility in the market. Looking at shorter horizons, the fund has shown a consistent upward trend, with returns of +3.30% in the last month and +7.52% in the last three months. However, the one-day return of +0.53% suggests some volatility in daily performance. The three-year return of +60.61% indicates a strong long-term performance, with the one-year return of +24.44% for its closest peer, VOE, showing a slight divergence. This suggests that while the fund has performed well over the long term, it may have experienced some short-term volatility.
The fund is labeled as having low volatility, with a beta of 0.94, indicating that it tends to move in line with the broader market but with slightly less sensitivity. The Sharpe ratio of 1.00 suggests that the fund has provided a good risk-adjusted return, meaning that the returns have been commensurate with the level of risk taken. The maximum drawdown of -19.02% indicates that the fund has experienced a significant decline in value at one point, but it has recovered from this decline. This combination of low volatility, a good Sharpe ratio, and a manageable drawdown suggests that the fund is suitable for investors who are looking for a balanced approach with a focus on both income and capital preservation, while still being exposed to the potential for growth in the mid-cap market.
AI-generated summary based on the data on this page.
VO Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | Vertiv Holdings Co | 1.03% | $2.03B |
| 2 | Howmet Aerospace Inc | 1.01% | $2.00B |
| 3 | Western Digital Corp | 1.00% | $1.98B |
| 4 | Constellation Energy Corp | 0.94% | $1.86B |
| 5 | Seagate Technology Holdings PLC | 0.93% | $1.85B |
| 6 | Quanta Services Inc | 0.89% | $1.77B |
| 7 | SLB Ltd | 0.84% | $1.66B |
| 8 | Cummins Inc | 0.81% | $1.61B |
| 9 | Valero Energy Corp | 0.80% | $1.60B |
| 10 | Phillips 66 | 0.80% | $1.58B |
Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 9.0% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how VO's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With VO
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with VO's top 10 — VOT overlaps most, holding 5 of the same companies as VO's top 10 (4.8% of VO's assets).
| ETF | Name | Shared Companies | VO Weight | Examples |
|---|---|---|---|---|
| VOT | Vanguard Morningstar Mid-Cap Growth ETF | 5 | 4.8% | Vertiv Holdings Co, Howmet Aerospace Inc, Constellation Energy Corp… |
| IWS | iShares Russell Mid-Cap Value ETF | 4 | 3.4% | Western Digital Corp, Valero Energy Corp, Cummins Inc… |
| VOE | Vanguard Morningstar Mid-Cap Value ETF | 4 | 3.2% | SLB Ltd, Cummins Inc, Valero Energy Corp… |
| XLE | State Street Energy Select Sector SPDR ETF | 3 | 2.4% | SLB Ltd, Valero Energy Corp, Phillips 66 |
| VDE | Vanguard Energy Index Fund ETF Shares | 3 | 2.4% | SLB Ltd, Valero Energy Corp, Phillips 66 |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.69% (as of 2026-08-20) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 16.01 (as of 2026-08-20) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-07-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What VO's Fees Cost You
VO charges an expense ratio of 0.03% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
VO Dividend Income Estimator
VO currently yields 3.63%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
VO Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 0.01% and average daily volume is 2.9M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $225B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: VO is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
VO Performance History
| Period | Return |
|---|---|
| 1-Day | +0.53% |
| 1-Week | -1.76% |
| 1-Month | +3.30% |
| 3-Month | +7.52% |
| 6-Month | +9.82% |
| YTD | +14.20% |
| 1-Year | +17.56% |
| 3-Year | +60.61% |
How VO Compares to Other US Mid Cap ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #26 | B+ |
VOE | Vanguard Morningstar Mid-Cap Value ETF | +24.44% | 0.05% | $38.6B |
| #64 | B |
IWS | iShares Russell Mid-Cap Value ETF | +28.18% | 0.23% | $15.5B |
| #125 | B |
SCHM | Schwab U.S. Mid-Cap ETF | +27.16% | 0.03% | $14.5B |
| #137 | B |
IWR | iShares Russell Mid-Cap ETF | +21.93% | 0.18% | $55.9B |
| #147 | B |
VO | Vanguard Morningstar Mid-Cap ETF | +17.56% | 0.03% | $225B |
| #174 | B |
IJH | iShares Core S&P Mid-Cap ETF | +22.38% | 0.05% | $122B |
| #210 | C |
SPMD | State Street SPDR Portfolio S&P 400 Mid Cap ETF | +22.39% | 0.03% | $18.3B |
| #229 | C |
MDY | State Street SPDR S&P MIDCAP 400 ETF Trust | +21.93% | 0.23% | $26.5B |
| #231 | C |
IJK | iShares S&P Mid-Cap 400 Growth ETF | +24.94% | 0.16% | $10.7B |
| #249 | C |
MDYG | State Street SPDR S&P 400 Mid Cap Growth ETF | +25.02% | 0.15% | $2.81B |
| #272 | C |
IJJ | iShares S&P Mid-Cap 400 Value ETF | +19.48% | 0.18% | $8.82B |
| #295 | C |
MDYV | State Street SPDR S&P 400 Mid Cap Value ETF | +19.43% | 0.15% | $2.78B |
| #312 | C |
VOT | Vanguard Morningstar Mid-Cap Growth ETF | +8.09% | 0.05% | $33.5B |
| #396 | D |
IWP | iShares Russell Mid-Cap Growth ETF | +3.26% | 0.23% | $19.7B |