Data as of Oct 28, 2026.
VBR vs VOE: Differences, Returns & Fees
Over the year to Oct 28, 2026, VBR returned +17.6% to VOE's +22.8%; 3% 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 $22.8bn for Vanguard Morningstar Mid-Cap Value ETF.
Pair scorecard
Both cost 0.05% a year; their one-year returns differ by 5.2 points; VBR is 1.5 times larger.
| Measure | VBR | VOE |
|---|---|---|
| Return | ||
| Total return, 1 year | +17.6% | +22.8% |
| Drawdown | ||
| Below its high | 3.9%, high on Aug 14, 2026 | |
| Benchmark | ||
| What it tracks | Morningstar US Small Cap Value Index | Morningstar US Mid Cap Value Index |
| Cost and size | ||
| Expense ratio | 0.05% | 0.05% |
| Net assets, as of Sep 30, 2026 | $35.1bn | $22.8bn |
| Holdings | ||
| Holdings in common | 3% | |
| Top ten holdings, share of the fund | 5.9% | 14.0% |
Holdings in common uses holdings dated Sep 30, 2026. Method
Risk and return
Sep 1, 2006 to Oct 23, 2026 · 1,051 weekly returnsVOE returned more: +515.4% to +460.6%. VOE swung slightly less: 20.4% to 22.6%. VBR and VOE fell about the same at their worst: −61.3% and −61.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | VBR | VOE | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +460.6% | +515.4% | VOE | Price change plus distributions, reinvested. |
| Annualized | +8.9% | +9.4% | VOE (slight) | Total return as a yearly rate. |
| Price return | +262.4% | +301.7% | VOE | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.6% | 20.4% | VOE (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 15.9% | 14.5% | VOE (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −61.3% | −61.2% | Tie | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.42 | 0.46 | VOE (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.59 | 0.65 | VOE (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.15 | 0.15 | VOE (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,051 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, VBR and VOE hold 3% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026.
half
3% in common
Only in one fund ↓
Side by side
VBR and VOE on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
VBR and VOE do different jobs. What does each one do in a portfolio?
- What each follows. VBR follows Morningstar US Small Cap Value Index and VOE follows Morningstar US Mid Cap Value Index.
- Holdings in common. 3% of the weight is in the same securities (holdings dated Sep 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 VBR returned +17.6% and VOE +22.8% with distributions reinvested, a gap of 5.2 points.
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.
VOE
VOE tracks an index of Mid-Cap Value. Over the year to Oct 28, 2026 it returned +22.8% with distributions reinvested. By its holdings published by its issuer as of Sep 30, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 169 positions, with the top ten at 14.0%.
Questions people ask
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 VOE, data as of Oct 28, 2026. https://etfiq.com/compare/any/vbr-vs-voe
ETFIQ. (Oct 28, 2026). VBR against VOE. Retrieved from https://etfiq.com/compare/any/vbr-vs-voe
[VBR against VOE (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/vbr-vs-voe)
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