Data as of Oct 28, 2026.
VBR vs VIOV: Differences, Returns & Fees
Over the year to Oct 28, 2026, VBR returned +17.6% to VIOV's +19.4%; 18% of their weight is in the same names.
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Net assets on Sep 30, 2026: $35.1bn for Vanguard Morningstar Small-Cap Value ETF and $1.7bn for Vanguard S&P Small-Cap 600 Value ETF.
Pair scorecard
VBR costs 0.05 points a year less; their one-year returns differ by 1.8 points; VBR is far larger, $35.1bn against $1.7bn.
| Measure | VBR | VIOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +17.6% | +19.4% |
| Drawdown | ||
| Below its high | 3.9%, high on Aug 14, 2026 | 5.6%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | Morningstar US Small Cap Value Index | S&P SmallCap 600 Value Index |
| Cost and size | ||
| Expense ratio | 0.05% | 0.10% |
| Net assets, as of Sep 30, 2026 | $35.1bn | $1.7bn |
| Holdings | ||
| Holdings in common | 18% | |
| Top ten holdings, share of the fund | 5.9% | 8.4% |
Holdings in common uses holdings dated Sep 30, 2026. Method
Risk and return
Sep 17, 2010 to Oct 23, 2026 · 840 weekly returnsVBR returned slightly more: +482.2% to +469.3%. VBR swung slightly less: 20.1% to 21.8%. VBR fell slightly less at its worst: −43.3% to −46.3%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | VBR | VIOV | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +482.2% | +469.3% | VBR (slight) | Price change plus distributions, reinvested. |
| Annualized | +11.5% | +11.4% | Tie | Total return as a yearly rate. |
| Price return | +314.1% | +341.2% | VIOV (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 20.1% | 21.8% | VBR (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.0% | 14.7% | VBR (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −43.3% | −46.3% | VBR (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.57 | 0.53 | VBR (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.81 | 0.79 | VBR (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.27 | 0.25 | VBR (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 840 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, VBR and VIOV hold 18% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026.
half
18% in common
Only in one fund ↓
Side by side
VBR and VIOV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
VBR and VIOV are built for the same job. How do they differ in cost, holdings and results?
- What each follows. VBR follows Morningstar US Small Cap Value Index and VIOV follows S&P SmallCap 600 Value Index.
- Holdings in common. 18% of the weight is in the same securities (holdings dated Sep 30, 2026).
- Size. VBR has $35.1bn in net assets and VIOV $1.7bn (net assets, as of Sep 30, 2026); VBR is 20.6 times larger.
Data as of Oct 28, 2026.
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VBR
VBR tracks an index of Small-Cap Value. Over the year to Oct 28, 2026 it returned +17.6% with distributions reinvested. The prospectus expense ratio is 0.05% a year. By its holdings published by its issuer as of Sep 30, 2026, 30% of the fund by weight is stocks the S&P 500 also holds, across 822 positions, with the top ten at 5.9%. It sat 3.9% below its high of Aug 14, 2026 on Oct 28, 2026.
VIOV
VIOV tracks an index. Over the year to Oct 28, 2026 it returned +19.4% with distributions reinvested, against +19.3% for its benchmark, the S&P SmallCap 600 Value Index. The prospectus expense ratio is 0.10% a year. By its holdings published by its issuer as of Sep 30, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 465 positions, with the top ten at 8.4%. It sat 5.6% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, VBR or VIOV?
- In the year to Oct 28, 2026, with distributions reinvested, VBR returned +17.6% and VIOV +19.4%.
- Which is cheaper, VBR or VIOV?
- VBR is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.
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.
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ETFIQ, VBR against VIOV, data as of Oct 28, 2026. https://etfiq.com/compare/any/vbr-vs-viov
ETFIQ. (Oct 28, 2026). VBR against VIOV. Retrieved from https://etfiq.com/compare/any/vbr-vs-viov
[VBR against VIOV (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/vbr-vs-viov)
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