Data as of Oct 28, 2026.
VBR vs VWO: Differences, Returns & Fees
Over the year to Oct 28, 2026, VBR returned +17.6% to VWO's +4.8%; 1% 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 $125.4bn for Vanguard FTSE Emerging Markets ETF.
Pair scorecard
VBR costs 0.01 points a year less; their one-year returns differ by 12.8 points; VWO is 3.6 times larger.
| Measure | VBR | VWO |
|---|---|---|
| Return | ||
| Total return, 1 year | +17.6% | +4.8% |
| Drawdown | ||
| Below its high | 3.9%, high on Aug 14, 2026 | 7.0%, high on Sep 4, 2026 |
| Benchmark | ||
| What it tracks | Morningstar US Small Cap Value Index | FTSE Emerging Markets All Cap China A Inclusion Index |
| Cost and size | ||
| Expense ratio | 0.05% | 0.06% |
| Net assets, as of Sep 30, 2026 | $35.1bn | $125.4bn |
| Holdings | ||
| Holdings in common | 1% | |
| Top ten holdings, share of the fund | 5.9% | 29.8% |
Holdings in common uses holdings dated Sep 30, 2026. Method
Risk and return
Mar 18, 2005 to Oct 23, 2026 · 1,127 weekly returnsVBR returned more: +563.6% to +309.0%. VBR and VWO swung about the same: 22.1% and 22.3%. VBR fell slightly less at its worst: −61.3% to −63.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | VBR | VWO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +563.6% | +309.0% | VBR | Price change plus distributions, reinvested. |
| Annualized | +9.1% | +6.7% | VBR | Total return as a yearly rate. |
| Price return | +320.7% | +133.1% | VBR | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.1% | 22.3% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 15.5% | 15.8% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −61.3% | −63.8% | VBR (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.42 | 0.32 | VBR | Return above Treasury bills per unit of volatility. |
| Sortino | 0.60 | 0.46 | VBR | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.15 | 0.11 | VBR | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,127 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, VBR and VWO hold 1% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026.
half
1% in common
Only in one fund ↓
Side by side
VBR and VWO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
VBR and VWO do different jobs. What does each one do in a portfolio?
- What each follows. VBR follows Morningstar US Small Cap Value Index and VWO follows FTSE Emerging Markets All Cap China A Inclusion Index.
- Holdings in common. 1% 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 VWO +4.8% with distributions reinvested, a gap of 12.8 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.
VWO
VWO tracks an index of Emerging markets. Over the year to Oct 28, 2026 it returned +4.8% with distributions reinvested. The prospectus expense ratio is 0.06% 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 6,515 positions, with the top ten at 29.8%. It sat 7.0% below its high of Sep 4, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, VBR or VWO?
- In the year to Oct 28, 2026, with distributions reinvested, VBR returned +17.6% and VWO +4.8%.
- Which is cheaper, VBR or VWO?
- VBR is cheaper, by 0.01 percentage points a year. That is about $1 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 VWO, data as of Oct 28, 2026. https://etfiq.com/compare/any/vbr-vs-vwo
ETFIQ. (Oct 28, 2026). VBR against VWO. Retrieved from https://etfiq.com/compare/any/vbr-vs-vwo
[VBR against VWO (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/vbr-vs-vwo)
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