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Data as of Oct 28, 2026.

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VNQ vs VO: Differences, Returns & Fees

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Over the year to Oct 28, 2026, VNQ returned +4.8% to VO's +12.8%; 5% of their weight is in the same names.

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Net assets on Sep 30, 2026: $35.9bn for Vanguard Real Estate ETF and $103.4bn for Vanguard Morningstar Mid-Cap ETF.

VNQ on its own →VO on its own →
At a glance
+4.8%
VNQ total return, 1 year
+12.8%
VO total return, 1 year
0.13%
VNQ expense ratio
0.03%
VO expense ratio

Pair scorecard

VO costs 0.10 points a year less; their one-year returns differ by 8.0 points; VO is 2.9 times larger.

VNQ vs VO: Differences, Returns & Fees
MeasureVNQVO
Return
Total return, 1 year+4.8%+12.8%
Drawdown
Below its high8.3%, high on Jul 28, 20263.1%, high on Aug 14, 2026
Benchmark
What it tracksMSCI US Investable Market Real Estate 25/50 IndexMorningstar US Mid Cap Index (formerly CRSP US Mid Cap Index)
Cost and size
Expense ratio0.13%0.03%
Net assets, as of Sep 30, 2026$35.9bn$103.4bn
Holdings
Holdings in common5%
Top ten holdings, share of the fund55.8%9.7%

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

What they share

5%

By the books each fund has filed, VNQ and VO hold 5% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026.

0 half 100%

half

5% in common

Positions both hold · largest shared weight first VNQ VO
Digital Realty Trust Inc 3.68% 0.64%
Simon Property Group Inc 3.69% 0.61%
Realty Income Corp 2.85% 0.51%
Public Storage 2.69% 0.47%
Vivmark Residential 2.46% 0.47%
Ventas Inc 2.34% 0.43%
CBRE Group Inc 2.13% 0.37%
Iron Mountain Inc 1.87% 0.31%
Crown Castle Inc 1.65% 0.28%
Extra Space Storage Inc 1.57% 0.27%
VICI Properties Inc 1.42% 0.25%
SBA Communications Corp 0.96% 0.17%
Only in one fund ↓
Only in VNQ
Vanguard Real Estate II Index Fund 14.51%
Welltower Inc 9.12%
Prologis Inc 6.86%
Equinix Inc 5.65%
American Tower Corp 4.32%
Essex Property Trust Inc 0.98%
Host Hotels & Resorts Inc 0.87%
Kimco Realty Corp 0.85%
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

VNQ Vanguard Real Estate ETF VO Vanguard Morningstar Mid-Cap ETF
Where it sits Stock ETF Stock ETF
Issuer Vanguard Vanguard
What it is Tracks an index of US real estate Tracks an index of Mid-Cap
Total return, 1 year +4.8% +12.8%
Expense ratio 0.13% 0.03%
Already in the S&P 500 62.8% 91.1%
Holdings 141 273
Net assets, as of Sep 30, 2026 $35.9bn $103.4bn

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

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About each fund
VNQ

VNQ tracks an index of US real estate. Over the year to Oct 28, 2026 it returned +4.8% with distributions reinvested. The prospectus expense ratio is 0.13% a year. By its holdings published by its issuer as of Sep 30, 2026, 63% of the fund by weight is stocks the S&P 500 also holds, across 141 positions, with the top ten at 55.8%. It sat 8.3% below its high of Jul 28, 2026 on Oct 28, 2026.

VO

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

Questions people ask

Which returned more over the last year, VNQ or VO?
In the year to Oct 28, 2026, with distributions reinvested, VNQ returned +4.8% and VO +12.8%.
Which is cheaper, VNQ or VO?
VO is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do VNQ and VO overlap with the S&P 500?
By their latest filed holdings, 63% of VNQ and 91% of VO by weight is stocks the S&P 500 already holds.
Other comparisons
IJH vs VNQVNQ vs VXFMDY vs VNQMOAT vs VNQSCHH vs VOVO vs XLREIYR vs VOVO vs XLI
Where to next
VNQ on its own →VO on its own →Hold both: look the portfolio through →Rankings →VNQ dividend history →VNQ holdings →VO dividend history →VO holdings →Standards and sources →
Sources and dates
VNQ filings on SEC EDGAR ↗
VNQ prospectus with the expense ratio (SEC) ↗
Vanguard page for VNQ ↗
VO filings on SEC EDGAR ↗
VO prospectus with the expense ratio (SEC) ↗
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.

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ETFIQ, VNQ against VO, data as of Oct 28, 2026. https://etfiq.com/compare/any/vnq-vs-vo

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