VO — Vanguard Morningstar Mid-Cap ETF
US Mid Cap Ranked #146 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 (VO) is a US Mid Cap fund issued by Vanguard with $216 billion in assets under management. It holds a B grade with a score of 68.1 out of 100, ranking 3rd among 14 peers in its category and 146th of 458 tracked ETFs overall. The fund’s 0.03% expense ratio is significantly below the category median of 0.15%, while its 1.33% dividend yield slightly exceeds the median of 1.27%. Concentration is low, with the top 10 holdings representing only 9.5% of assets and the largest position, Vertiv Holdings Co, accounting for 1.2%.
The fund is priced at $80.14, sitting at 70.6% of its 52-week range between $69.44 and $84.59. Short-term performance shows mixed results, with a 1-day decline of 1.04% and a 1-month drop of 2.04%, contrasting with a 1-week gain of 2.19%. Over longer horizons, the fund has returned 10.31% year-to-date and 9.66% over the past year, trailing the category median 1-year return of 11.91%. The 3-year return stands at 61.30%, though price history is available for only 3.0 years. The ETFValuer grade has remained unchanged at B across the last 35 tracked days.
With a beta of 0.94, the fund exhibits slightly less sensitivity to market movements than the broader index. Annualized volatility is 12.74%, which is labeled as Low, while the maximum drawdown has reached -19.02%. A Sharpe ratio of 0.37 suggests modest risk-adjusted returns relative to the volatility experienced. Liquidity is supported by an average daily volume of 2,817,806 shares, indicating active trading conditions.
AI-generated summary based on the data on this page.
VO Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | Vertiv Holdings Co | 1.22% | $2.74B |
| 2 | Western Digital Corp | 1.06% | $2.39B |
| 3 | Seagate Technology Holdings PLC | 1.05% | $2.34B |
| 4 | Quanta Services Inc | 1.04% | $2.34B |
| 5 | Howmet Aerospace Inc | 1.04% | $2.33B |
| 6 | Cummins Inc | 0.95% | $2.13B |
| 7 | Datadog Inc | 0.83% | $1.87B |
| 8 | Bloom Energy Corp | 0.79% | $1.77B |
| 9 | Constellation Energy Corp | 0.78% | $1.75B |
| 10 | Robinhood Markets Inc | 0.77% | $1.72B |
Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 9.5% 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 9 of the same companies as VO's top 10 (8.6% of VO's assets).
| ETF | Name | Shared Companies | VO Weight | Examples |
|---|---|---|---|---|
| VOT | Vanguard Morningstar Mid-Cap Growth ETF | 9 | 8.6% | Vertiv Holdings Co, Western Digital Corp, Seagate Technology Holdings PLC… |
| PAVE | Global X U.S. Infrastructure Development ETF | 2 | 2.1% | Quanta Services Inc, Howmet Aerospace Inc |
| ICVT | iShares Convertible Bond ETF | 2 | 1.9% | Western Digital Corp, Bloom Energy Corp |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | 2 | 1.9% | Western Digital Corp, Bloom Energy Corp |
| IWR | iShares Russell Mid-Cap ETF | 2 | 1.6% | Datadog Inc, Robinhood Markets Inc |
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: 5.27% (as of 2026-10-06) — 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): 15.01 (as of 2026-10-06) — 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: 3.75% (as of 2026-09-01) — 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 1.33%. 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: Average daily volume is 2.8M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $216B 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 | -1.04% |
| 1-Week | +2.19% |
| 1-Month | -2.04% |
| 3-Month | -0.79% |
| 6-Month | +7.75% |
| YTD | +10.31% |
| 1-Year | +9.66% |
| 3-Year | +61.30% |
How VO Compares to Other US Mid Cap ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #48 | B+ |
VOE | Vanguard Morningstar Mid-Cap Value ETF | +16.06% | 0.05% | $36.7B |
| #108 | B |
IWS | iShares Russell Mid-Cap Value ETF | +17.32% | 0.23% | $14.8B |
| #146 | B |
VO | Vanguard Morningstar Mid-Cap ETF | +9.66% | 0.03% | $216B |
| #150 | B |
IWR | iShares Russell Mid-Cap ETF | +12.87% | 0.18% | $54.9B |
| #166 | B |
SCHM | Schwab U.S. Mid-Cap ETF | +15.94% | 0.03% | $14.3B |
| #185 | C |
IJH | iShares Core S&P Mid-Cap ETF | +11.87% | 0.05% | $121B |
| #206 | C |
SPMD | State Street SPDR Portfolio S&P 400 Mid Cap ETF | +11.96% | 0.03% | $17.9B |
| #211 | C |
IJK | iShares S&P Mid-Cap 400 Growth ETF | +15.57% | 0.16% | $10.3B |
| #228 | C |
MDY | State Street SPDR S&P MIDCAP 400 ETF Trust | +11.58% | 0.23% | $25.2B |
| #230 | C |
MDYG | State Street SPDR S&P 400 Mid Cap Growth ETF | +15.72% | 0.15% | $2.79B |
| #276 | C |
IJJ | iShares S&P Mid-Cap 400 Value ETF | +8.05% | 0.18% | $8.33B |
| #291 | C |
VOT | Vanguard Morningstar Mid-Cap Growth ETF | +1.75% | 0.05% | $33.2B |
| #305 | C |
MDYV | State Street SPDR S&P 400 Mid Cap Value ETF | +8.01% | 0.15% | $2.66B |
| #373 | D |
IWP | iShares Russell Mid-Cap Growth ETF | -1.10% | 0.23% | $19.3B |