TMSL vs VO: Differences, Returns & Fees
TMSL and VO hold 4% of their weight in the same names, and TMSL returned +16.9% over the year. Net assets: $3.1bn on Oct 20, 2026 for T. Rowe Price Small-Mid Cap ETF, and $103.4bn on Sep 30, 2026 for Vanguard Morningstar Mid-Cap ETF.
VO costs 0.52 points a year less; their one-year returns differ by 4.5 points.
| TMSL | VO | |
|---|---|---|
| Expense ratio | 0.55% | 0.03% |
| Net assets, TMSL as of Oct 20, 2026 and VO as of Sep 30, 2026 | $3.1bn | $103.4bn |
| Total return, 1 year | +16.9% | +12.4% |
| What it tracks | No index, actively managed | Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index) |
| Holdings in common | 4% | |
| Top ten holdings, share of the fund | 9.8% | 9.7% |
| Below its high | 8.3%, high on Aug 14, 2026 | 3.8%, high on Aug 14, 2026 |
Holdings in common uses holdings dated Jun 30, 2026 and Sep 30, 2026.
TMSL and VO are built for the same job. How do they differ in cost, holdings and results?
- What each follows. TMSL follows No index, actively managed and VO follows Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index).
- Holdings in common. 4% of the weight is in the same securities (holdings dated Jun 30, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 20, 2026 TMSL returned +16.9% and VO +12.4% with distributions reinvested, a gap of 4.5 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, TMSL and VO hold 4% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Sep 30, 2026.
half
4% in common
On the same fields
TMSL and VO on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.
About TMSL
TMSL is actively managed and tracks no index. The prospectus expense ratio is 0.55% a year. By its holdings filed for Jun 30, 2026, 15% of the fund by weight is stocks the S&P 500 also holds, across 297 positions, with the top ten at 9.8%. It sat 8.3% below its high of Aug 14, 2026 on Oct 20, 2026.
Over the year to Oct 20, 2026 it returned +16.9% with distributions reinvested, against +15.0% for its benchmark, the Russell 3000 Index.
About VO
VO tracks an index of Mid-Cap. Over the year to Oct 20, 2026 it returned +12.4% with distributions reinvested. The prospectus expense ratio is 0.03% a year. 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, TMSL or VO?
- In the year to Oct 20, 2026, with distributions reinvested, TMSL returned +16.9% and VO +12.4%.
- Which is cheaper, TMSL or VO?
- VO is cheaper, by 0.52 percentage points a year. That is about $52 on $10,000 held for a year. Fees come from each fund's prospectus.
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, TMSL against VO, data as of Oct 20, 2026. https://etfiq.com/compare/any/tmsl-vs-vo
ETFIQ. (Oct 20, 2026). TMSL against VO. Retrieved from https://etfiq.com/compare/any/tmsl-vs-vo
[TMSL against VO (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/tmsl-vs-vo)
Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.