Data as of Oct 28, 2026.
VO vs XLF: Differences, Returns & Fees
Over the year to Oct 28, 2026, VO returned +12.8% to XLF's +7.6%; 14% of their weight is in the same names.
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Net assets: $103.4bn on Sep 30, 2026 for Vanguard Morningstar Mid-Cap ETF, and $51.6bn on Oct 27, 2026 for State Street Financial Select Sector SPDR ETF.
Pair scorecard
VO costs 0.05 points a year less; their one-year returns differ by 5.2 points; VO is 2.0 times larger.
| Measure | VO | XLF |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.8% | +7.6% |
| Drawdown | ||
| Below its high | 3.1%, high on Aug 14, 2026 | 3.8%, high on Sep 3, 2026 |
| Benchmark | ||
| What it tracks | Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index) | Financial Select Sector Index |
| Cost and size | ||
| Expense ratio | 0.03% | 0.08% |
| Net assets, as of Sep 30, 2026 | $103.4bn | $51.0bn |
| Holdings | ||
| Holdings in common | 14% | |
| Top ten holdings, share of the fund | 9.7% | 57.4% |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Feb 6, 2004 to Oct 23, 2026 · 1,185 weekly returnsVO returned more: +797.9% to +268.2%. VO swung less: 19.6% to 26.1%. VO fell less at its worst: −58.4% to −82.7%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | VO | XLF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +797.9% | +268.2% | VO | Price change plus distributions, reinvested. |
| Annualized | +10.1% | +5.9% | VO | Total return as a yearly rate. |
| Price return | +546.9% | +89.6% | VO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.6% | 26.1% | VO | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.8% | 17.9% | VO | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −58.4% | −82.7% | VO | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.50 | 0.28 | VO | Return above Treasury bills per unit of volatility. |
| Sortino | 0.71 | 0.41 | VO | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.17 | 0.07 | VO | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,185 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, VO and XLF hold 14% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
14% in common
Only in one fund ↓
Side by side
VO and XLF on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
VO and XLF do different jobs. What does each one do in a portfolio?
- What each follows. VO follows Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index) and XLF follows Financial Select Sector Index.
- Holdings in common. 14% of the weight is in the same securities (holdings dated Sep 30, 2026 and Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 VO returned +12.8% and XLF +7.6% with distributions reinvested, a gap of 5.2 points.
Data as of Oct 28, 2026.
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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.
XLF
XLF tracks an index of Financials. Over the year to Oct 28, 2026 it returned +7.6% with distributions reinvested. The prospectus expense ratio is 0.08% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 77 positions, with the top ten at 57.4%. It sat 3.8% below its high of Sep 3, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, VO or XLF?
- In the year to Oct 28, 2026, with distributions reinvested, VO returned +12.8% and XLF +7.6%.
- Which is cheaper, VO or XLF?
- VO 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, VO against XLF, data as of Oct 28, 2026. https://etfiq.com/compare/any/vo-vs-xlf
ETFIQ. (Oct 28, 2026). VO against XLF. Retrieved from https://etfiq.com/compare/any/vo-vs-xlf
[VO against XLF (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/vo-vs-xlf)
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