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MLRG vs VO: Differences, Returns & Fees

MLRG and VO hold 16% of their weight in the same names, and MLRG returned +15.5% over the year. Net assets: $1.3bn on Oct 20, 2026 for iShares MSCI USA ETF, and $103.4bn on Sep 30, 2026 for Vanguard Morningstar Mid-Cap ETF.

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Ask IQ about MLRG and VO

Answers cite the figures on this page.

Both cost 0.03% a year; their one-year returns differ by 3.1 points; VO is far larger, $103.4bn against $1.3bn.

Points (pts) are percentage points.

MLRG vs VO: Differences, Returns & Fees
MLRGVO
Expense ratio0.03%0.03%
Net assets, as of Sep 30, 2026$1.3bn$103.4bn
Total return, 1 year+15.5%+12.4%
What it tracksMSCI USA IndexMorningstar US Mid Cap Index (formerly CRSP US Mid Cap Index)
Holdings in common16%
Top ten holdings, share of the fund37.8%9.7%
Below its high3.8%, high on Aug 14, 2026

Holdings in common uses holdings dated Sep 30, 2026 and Oct 19, 2026.

+15.5%
MLRG total return, 1 year
+12.4%
VO total return, 1 year
0.03%
MLRG expense ratio
0.03%
VO expense ratio

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Client brief · page 1 of 2Report BR-930FCD28A1

MLRG and VO are built for the same job. How do they differ in cost, holdings and results?

  1. What each follows. MLRG follows MSCI USA Index and VO follows Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index).
  2. Holdings in common. 16% of the weight is in the same securities (holdings dated Oct 19, 2026 and Sep 30, 2026).
  3. One-year total return. Over 1 year to Oct 20, 2026 MLRG returned +15.5% and VO +12.4% with distributions reinvested, a gap of 3.1 points.

Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.

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What they hold in common

By the books each fund has filed, MLRG and VO hold 16% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 19, 2026.

half

16% in common

Positions both hold, largest shared weight first
Holding MLRG VO
MARATHON PETROLEUM 0.21% 1.10%
NEWMONT 0.19% 0.60%
VALERO ENERGY CORP 0.19% 1.10%
PHILLIPS 66 0.18% 1.01%
FORTINET 0.16% 0.55%
SNOWFLAKE 0.16% 0.55%
CLOUDFLARE CLASS A 0.14% 1.11%
JOHNSON CONTROLS INTERNATIONAL PLC 0.14% 0.45%
QUANTA SERVICES INC 0.14% 0.95%
HOWMET AEROSPACE 0.13% 0.89%
WILLIAMS 0.13% 0.41%
CONSTELLATION ENERGY CORP 0.12% 0.84%
Only in MLRG
APPLE 7.59%
NVIDIA 7.52%
MICROSOFT 5.68%
AMAZON.COM INC 3.83%
ALPHABET CLASS A 3.04%
ALPHABET CLASS C 2.40%
META PLATFORMS CLASS A 2.34%
BROADCOM INC 2.28%
Only in VO
Warner Bros Discovery Inc 0.73%
Moderna Inc 0.34%
Ingersoll Rand Inc 0.29%
MKTLIQ 0.17%
SLCMT1142 0.12%
Southwest Airlines Co 0.10%
Cerebras Systems Inc 0.05%
TKO Group Holdings Inc 0.05%

Check overlap with more funds →

On the same fields

MLRG
iShares MSCI USA ETF
VO
Vanguard Morningstar Mid-Cap ETF
Where it sits Stock ETF Stock ETF
Issuer iShares Vanguard
What it is Tracks an index Tracks an index of Mid-Cap
Total return, 1 year +15.5% +12.4%
Its benchmark over the same days +15.4% (PBUS) not measured
Gap to its benchmark +0.2 pts vs PBUS not measured
Expense ratio 0.03% 0.03%
Already in the S&P 500 95.6% 91.1%
Holdings 515 273
Net assets, MLRG as of Oct 20, 2026 and VO as of Sep 30, 2026 $1.3bn $103.4bn
Former ticker ILCB none

MLRG and VO on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.

About MLRG

MLRG tracks an index. Over the year to Oct 20, 2026 it returned +15.5% with distributions reinvested, against +15.4% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Oct 19, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 515 positions, with the top ten at 37.8%.

About VO

VO tracks an index of Mid-Cap. Over the year to Oct 20, 2026 it returned +12.4% with distributions reinvested. By its holdings published by its issuer as of Sep 30, 2026, 91% of the fund by weight is stocks the S&P 500 also holds, across 273 positions, with the top ten at 9.7%. It sat 3.8% below its high of Aug 14, 2026 on Oct 20, 2026.

Questions people ask

Which returned more over the last year, MLRG or VO?
In the year to Oct 20, 2026, with distributions reinvested, MLRG returned +15.5% and VO +12.4%.
Which is cheaper, MLRG or VO?
Neither: MLRG and VO both charge 0.03% a year. Fees come from each fund's prospectus.
How much do MLRG and VO overlap with the S&P 500?
By their latest filed holdings, 96% of MLRG and 91% of VO by weight is stocks the S&P 500 already holds.
Other comparisons
IJH vs MLRGIWR vs MLRGMLRG vs VXFMDY vs MLRGFTC vs VOVO vs XMHQVO vs XMMOFMDE vs VO
MLRG on its own →VO on its own →Hold both: look the portfolio through →Rankings →MLRG dividend history →MLRG holdings →VO dividend history →VO holdings →Standards and sources →
Where these figures came from
MLRG filings on SEC EDGAR ↗MLRG prospectus with the expense ratio (SEC) ↗iShares page for MLRG ↗VO filings on SEC EDGAR ↗VO prospectus with the expense ratio (SEC) ↗Vanguard page for VO ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, MLRG against VO, data as of Oct 20, 2026. https://etfiq.com/compare/any/mlrg-vs-vo

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.