Which returned more over the last year, VB or VO?

In the year to Oct 28, 2026, with distributions reinvested, VB returned +14.4% and VO +12.8%.

Which is cheaper, VB or VO?

Neither: VB and VO both charge 0.03% a year. Fees come from each fund's prospectus.

How much do VB and VO overlap with the S&P 500?

By their latest filed holdings, 22% of VB and 91% of VO by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

VB vs VO: Differences, Returns & Fees

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Over the year to Oct 28, 2026, VB returned +14.4% to VO's +12.8%; 3% of their weight is in the same names.

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Net assets on Sep 30, 2026: $76.9bn for Vanguard Morningstar Small-Cap ETF and $103.4bn for Vanguard Morningstar Mid-Cap ETF.

VB on its own →VO on its own →

At a glance

+14.4%

VB total return, 1 year

+12.8%

VO total return, 1 year

0.03%

VB expense ratio

0.03%

VO expense ratio

Pair scorecard

Both cost 0.03% a year; their one-year returns differ by 1.6 points; VO is 1.3 times larger.

VB vs VO: Differences, Returns & Fees
Measure	VB	VO
Return
Measure	VB	VO
Total return, 1 year	+14.4%	+12.8%
Drawdown
Measure	VB	VO
Below its high	5.7%, high on Aug 14, 2026	3.1%, high on Aug 14, 2026
Benchmark
Measure	VB	VO
What it tracks	Morningstar US Small Cap Index	Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index)
Cost and size
Measure	VB	VO
Expense ratio	0.03%	0.03%
Net assets, as of Sep 30, 2026	$76.9bn	$103.4bn
Holdings
Measure	VB	VO
Holdings in common	3%
Top ten holdings, share of the fund	5.9%	9.7%

Holdings in common uses holdings dated Sep 30, 2026. Method

Risk and return

Feb 6, 2004 to Oct 23, 2026 · 1,185 weekly returns

VB VO

Return

Total return edge VO +705.5% +797.9%

Annualized edge VO (slight) +9.6% +10.1%

Price return edge VO +482.0% +546.9%

Risk

Volatility edge VO (slight) 21.5% 19.6%

Max drawdown edge Tie −58.8% −58.4%

Risk-adjusted

Sharpe edge VO (slight) 0.45 0.50

Sortino edge VO (slight) 0.64 0.71

Calmar edge VO (slight) 0.16 0.17

Reading

VO returned more: +797.9% to +705.5%. VO swung slightly less: 19.6% to 21.5%. VB and VO fell about the same at their worst: −58.8% and −58.4%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: VB vs VO: Differences, Returns & Fees
Measure	VB	VO	Edge	How it is measured
Return
Total return	+705.5%	+797.9%	VO	Price change plus distributions, reinvested.
Annualized	+9.6%	+10.1%	VO (slight)	Total return as a yearly rate.
Price return	+482.0%	+546.9%	VO	Price change alone, distributions left out.
Risk
Volatility	21.5%	19.6%	VO (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	15.1%	13.8%	VO (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−58.8%	−58.4%	Tie	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.45	0.50	VO (slight)	Return above Treasury bills per unit of volatility.
Sortino	0.64	0.71	VO (slight)	Return above Treasury bills per unit of downside deviation.
Calmar	0.16	0.17	VO (slight)	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,185 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, VB and VO hold 3% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026.

50%

0 half 100%

half

3% in common

Positions both hold · largest shared weight first VB VO

Moderna Inc 0.44% 0.34%

Flex Ltd 0.26% 0.20%

Centene Corp 0.19% 0.15%

EQT Corp 0.19% 0.15%

Steel Dynamics Inc 0.19% 0.15%

Qnity Electronics Inc 0.17% 0.13%

Insmed Inc 0.16% 0.12%

SLCMT1142 1.31% 0.12%

Hubbell Inc 0.15% 0.12%

Texas Pacific Land Corp 0.14% 0.10%

Southwest Airlines Co 0.13% 0.10%

International Flavors & Fragrances Inc 0.13% 0.10%

Only in one fund ↓

Only in VB

Natera Inc 0.72%

Twilio Inc 0.57%

Revolution Medicines Inc 0.53%

Everpure Inc 0.52%

Illumina Inc 0.52%

Okta Inc 0.44%

EMCOR Group Inc 0.42%

Credo Technology Group Holding Ltd 0.42%

Only in VO

Cloudflare Inc 1.11%

Valero Energy Corp 1.10%

Marathon Petroleum Corp 1.10%

Phillips 66 1.01%

Quanta Services Inc 0.95%

Vertiv Holdings Co 0.92%

Datadog Inc 0.91%

Howmet Aerospace Inc 0.89%

Check overlap with more funds →

Side by side

VB Vanguard Morningstar Small-Cap ETF VO Vanguard Morningstar Mid-Cap ETF

Where it sits Stock ETF Stock ETF

Issuer Vanguard Vanguard

What it is Tracks an index of Small-Cap Tracks an index of Mid-Cap

Total return, 1 year +14.4% +12.8%

Expense ratio 0.03% 0.03%

Already in the S&P 500 21.6% 91.1%

Holdings 1303 273

Net assets, as of Sep 30, 2026 $76.9bn $103.4bn

VB and VO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-ED55D327BB

VB and VO do different jobs. What does each one do in a portfolio?

What each follows. VB follows Morningstar US Small Cap Index and VO follows Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index).
Holdings in common. 3% of the weight is in the same securities (holdings dated Sep 30, 2026).
Number of holdings. VB holds 1,303 positions and VO holds 273.

Data as of Oct 28, 2026.

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About each fund

VB tracks an index of Small-Cap. Over the year to Oct 28, 2026 it returned +14.4% with distributions reinvested. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 22% of the fund by weight is stocks the S&P 500 also holds, across 1,303 positions, with the top ten at 5.9%. It sat 5.7% below its high of Aug 14, 2026 on Oct 28, 2026.

VO tracks an index of Mid-Cap. Over the year to Oct 28, 2026 it returned +12.8% 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 3.1% below its high of Aug 14, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, VB or VO?: In the year to Oct 28, 2026, with distributions reinvested, VB returned +14.4% and VO +12.8%.
Which is cheaper, VB or VO?: Neither: VB and VO both charge 0.03% a year. Fees come from each fund's prospectus.
How much do VB and VO overlap with the S&P 500?: By their latest filed holdings, 22% of VB and 91% of VO by weight is stocks the S&P 500 already holds.

Other comparisons

IJH vs VB MDY vs VB MOAT vs VB VB vs VXF IWC vs VO IJR vs VO IJT vs VO IWM vs VO

Where to next

VB on its own →VO on its own →Hold both: look the portfolio through →Rankings →VB dividend history →VB holdings →VO dividend history →VO holdings →Standards and sources →

Sources and dates

VB and VO filings on SEC EDGAR ↗

VB and VO prospectus with the expense ratio (SEC) ↗

Vanguard page for VB ↗

Vanguard page for VO ↗

Links are sources, not endorsements. 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, VB against VO, data as of Oct 28, 2026. https://etfiq.com/compare/any/vb-vs-vo

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