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Data as of Oct 28, 2026.

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VO vs VPU: Differences, Returns & Fees

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Over the year to Oct 28, 2026, VO returned +12.8% to VPU's −3.3%; 8% of their weight is in the same names.

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Net assets on Sep 30, 2026: $103.4bn for Vanguard Morningstar Mid-Cap ETF and $7.7bn for Vanguard Utilities ETF.

VO on its own →VPU on its own →
At a glance
+12.8%
VO total return, 1 year
−3.3%
VPU total return, 1 year
0.03%
VO expense ratio
0.09%
VPU expense ratio

Pair scorecard

VO costs 0.06 points a year less; their one-year returns differ by 16.1 points; VO is 13.4 times larger.

VO vs VPU: Differences, Returns & Fees
MeasureVOVPU
Return
Total return, 1 year+12.8%−3.3%
Drawdown
Below its high3.1%, high on Aug 14, 20268.9%, high on Feb 27, 2026
Benchmark
What it tracksMorningstar US Mid Cap Index (formerly CRSP US Mid Cap Index)MSCI US Investable Market Index (IMI)/Utilities 25/50
Cost and size
Expense ratio0.03%0.09%
Net assets, as of Sep 30, 2026$103.4bn$7.7bn
Holdings
Holdings in common8%
Top ten holdings, share of the fund9.7%52.3%

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

What they share

8%

By the books each fund has filed, VO and VPU hold 8% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026.

0 half 100%

half

8% in common

Positions both hold · largest shared weight first VO VPU
Constellation Energy Corp 0.84% 5.72%
American Electric Power Co Inc 0.64% 4.66%
Dominion Energy Inc 0.53% 3.84%
Sempra 0.50% 3.68%
Vistra Corp 0.46% 3.37%
Entergy Corp 0.46% 3.34%
Xcel Energy Inc 0.43% 3.17%
Exelon Corp 0.41% 2.98%
Consolidated Edison Inc 0.37% 2.72%
Public Service Enterprise Group Inc 0.33% 2.42%
WEC Energy Group Inc 0.32% 2.37%
Ameren Corp 0.27% 1.98%
Only in one fund ↓
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%
Only in VPU
NextEra Energy Inc 11.39%
Southern Co 6.74%
Duke Energy Corp 6.41%
Atmos Energy Corp 1.88%
NRG Energy Inc 1.38%
NiSource Inc 1.35%
Evergy Inc 1.30%
Alliant Energy Corp 1.08%
Check overlap with more funds →

Side by side

VO Vanguard Morningstar Mid-Cap ETF VPU Vanguard Utilities ETF
Where it sits Stock ETF Stock ETF
Issuer Vanguard Vanguard
What it is Tracks an index of Mid-Cap Tracks an index of Utilities
Total return, 1 year +12.8% −3.3%
Its benchmark over the same days not measured −3.3% (FUTY)
Gap to its benchmark not measured 0.0 pts vs FUTY
Expense ratio 0.03% 0.09%
Already in the S&P 500 91.1% 89.7%
Holdings 273 70
Net assets, as of Sep 30, 2026 $103.4bn $7.7bn

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

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About each fund
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.

VPU

VPU tracks an index of Utilities. Over the year to Oct 28, 2026 it returned −3.3% with distributions reinvested, against −3.3% for its benchmark, the MSCI US Investable Market Index (IMI)/Utilities 25/50. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer as of Sep 30, 2026, 90% of the fund by weight is stocks the S&P 500 also holds, across 70 positions, with the top ten at 52.3%. It sat 8.9% below its high of Feb 27, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, VO or VPU?
In the year to Oct 28, 2026, with distributions reinvested, VO returned +12.8% and VPU −3.3%.
Which is cheaper, VO or VPU?
VO is cheaper, by 0.06 percentage points a year. That is about $6 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do VO and VPU overlap with the S&P 500?
By their latest filed holdings, 91% of VO and 90% of VPU by weight is stocks the S&P 500 already holds.
Other comparisons
VO vs XLUVO vs XLBVO vs VOXKRE vs VOIJH vs VPUVPU vs VXFMDY vs VPUMOAT vs VPU
Where to next
VO on its own →VPU on its own →Hold both: look the portfolio through →Rankings →VO dividend history →VO holdings →VPU dividend history →VPU holdings →Standards and sources →
Sources and dates
VO filings on SEC EDGAR ↗
VO prospectus with the expense ratio (SEC) ↗
Vanguard page for VO ↗
VPU filings on SEC EDGAR ↗
VPU prospectus with the expense ratio (SEC) ↗
Vanguard page for VPU ↗

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

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