VOE — Vanguard Morningstar Mid-Cap Value ETF
US Mid Cap Ranked #15 of 458 tracked ETFs · Issued by Vanguard
VOE Price Performance — Growth of $10,000
Value of a $10,000 investment in VOE 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.
VOE Drawdown
The "underwater" chart: VOE'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 VOE?
See what a lump sum in VOE 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 Value ETF (VOE) is a US Mid Cap fund issued by Vanguard with $36.7 billion in assets under management. It holds a B+ grade, ranking 1 of 14 within its category and 15 of 458 across all tracked ETFs. The fund’s 0.05% expense ratio is significantly lower than the category median of 0.15%, while its 1.87% dividend yield exceeds the peer median of 1.27%. Concentration is low, with the top 10 holdings comprising only 12.6% of assets and Cummins Inc representing the largest single position at 1.7%.
VOE has delivered a 1-year return of +22.13%, outperforming the category median of +13.21%, though recent short-term momentum shows a -0.60% daily decline. The fund’s price of $208.04 sits at 92.8% of its 52-week range, indicating it is near the upper end of its recent trading band. Year-to-date performance stands at +18.00%, supported by a strong 3-year total return of +77.62%. The B+ rating has remained unchanged over the last 35 tracked days, despite the fund having only 3.0 years of price history available.
With a beta of 0.72, the fund exhibits lower sensitivity to market movements compared to the broader index. Annualized volatility is recorded at 10.99%, which is classified as Low, contributing to a robust Sharpe ratio of 1.56. The maximum drawdown of -18.45% reflects the peak-to-trough decline observed during the tracked period. Liquidity is evidenced by an average daily volume of 339,668 shares, providing sufficient trading activity for the fund's size.
AI-generated summary based on the data on this page.
VOE Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | Cummins Inc | 1.70% | $632M |
| 2 | Valero Energy Corp | 1.33% | $497M |
| 3 | Marathon Petroleum Corp | 1.29% | $479M |
| 4 | CRH PLC | 1.23% | $459M |
| 5 | United Rentals Inc | 1.22% | $456M |
| 6 | SLB Ltd | 1.20% | $446M |
| 7 | General Motors Co | 1.20% | $446M |
| 8 | Simon Property Group Inc | 1.19% | $443M |
| 9 | Phillips 66 | 1.17% | $435M |
| 10 | Warner Bros Discovery Inc | 1.10% | $408M |
Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 12.6% 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 VOE's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With VOE
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with VOE's top 10 — XLE overlaps most, holding 4 of the same companies as VOE's top 10 (5.0% of VOE's assets).
| ETF | Name | Shared Companies | VOE Weight | Examples |
|---|---|---|---|---|
| XLE | State Street Energy Select Sector SPDR ETF | 4 | 5.0% | Valero Energy Corp, Marathon Petroleum Corp, SLB Ltd… |
| VDE | Vanguard Energy Index Fund ETF Shares | 4 | 5.0% | SLB Ltd, Marathon Petroleum Corp, Valero Energy Corp… |
| FENY | Fidelity MSCI Energy Index ETF | 4 | 5.0% | Valero Energy Corp, Marathon Petroleum Corp, Phillips 66… |
| IYE | iShares U.S. Energy ETF | 3 | 3.8% | Valero Energy Corp, Marathon Petroleum Corp, Phillips 66 |
| IEO | iShares U.S. Oil & Gas Exploration & Production ETF | 3 | 3.8% | Valero Energy Corp, Marathon Petroleum 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: 4.96% (as of 2026-10-22) — 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): 19.03 (as of 2026-10-22) — 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 VOE's Fees Cost You
VOE charges an expense ratio of 0.05% 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.
VOE Dividend Income Estimator
VOE currently yields 1.87%. 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.
VOE Liquidity, Domicile & Tax Treatment
Liquidity: Average daily volume is 340K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $36.7B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: VOE 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.
VOE Performance History
| Period | Return |
|---|---|
| 1-Day | -0.60% |
| 1-Week | +1.10% |
| 1-Month | +5.02% |
| 3-Month | +1.78% |
| 6-Month | +9.07% |
| YTD | +18.00% |
| 1-Year | +22.13% |
| 3-Year | +77.62% |
How VOE Compares to Other US Mid Cap ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #15 | B+ |
VOE | Vanguard Morningstar Mid-Cap Value ETF | +22.13% | 0.05% | $36.7B |
| #44 | B |
IWS | iShares Russell Mid-Cap Value ETF | +23.07% | 0.23% | $14.8B |
| #93 | B |
IWR | iShares Russell Mid-Cap ETF | +15.49% | 0.18% | $54.9B |
| #105 | B |
SCHM | Schwab U.S. Mid-Cap ETF | +18.40% | 0.03% | $14.3B |
| #112 | B |
VO | Vanguard Morningstar Mid-Cap ETF | +12.06% | 0.03% | $216B |
| #173 | C |
IJH | iShares Core S&P Mid-Cap ETF | +13.23% | 0.05% | $121B |
| #200 | C |
SPMD | State Street SPDR Portfolio S&P 400 Mid Cap ETF | +13.29% | 0.03% | $17.9B |
| #214 | C |
IJJ | iShares S&P Mid-Cap 400 Value ETF | +12.96% | 0.18% | $8.33B |
| #218 | C |
MDY | State Street SPDR S&P MIDCAP 400 ETF Trust | +12.88% | 0.23% | $25.2B |
| #224 | C |
MDYV | State Street SPDR S&P 400 Mid Cap Value ETF | +13.13% | 0.15% | $2.66B |
| #252 | C |
IJK | iShares S&P Mid-Cap 400 Growth ETF | +13.19% | 0.16% | $10.3B |
| #277 | C |
MDYG | State Street SPDR S&P 400 Mid Cap Growth ETF | +13.23% | 0.15% | $2.79B |
| #314 | C |
VOT | Vanguard Morningstar Mid-Cap Growth ETF | -0.22% | 0.05% | $33.2B |
| #394 | D |
IWP | iShares Russell Mid-Cap Growth ETF | -5.86% | 0.23% | $19.3B |