Data as of Oct 28, 2026.
VO vs XLI: Differences, Returns & Fees
Over the year to Oct 28, 2026, VO returned +12.8% to XLI's +10.2%; 17% 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 $30.8bn on Oct 27, 2026 for State Street Industrial Select Sector SPDR ETF.
Pair scorecard
VO costs 0.05 points a year less; their one-year returns differ by 2.6 points; VO is 3.5 times larger.
| Measure | VO | XLI |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.8% | +10.2% |
| Drawdown | ||
| Below its high | 3.1%, high on Aug 14, 2026 | 9.4%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | Morningstar US Mid Cap Index (formerly CRSP US Mid Cap Index) | Industrial Select Sector Index |
| Cost and size | ||
| Expense ratio | 0.03% | 0.08% |
| Net assets, as of Sep 30, 2026 | $103.4bn | $29.8bn |
| Holdings | ||
| Holdings in common | 17% | |
| Top ten holdings, share of the fund | 9.7% | 37.8% |
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 returnsXLI returned slightly more: +830.8% to +797.9%. VO swung slightly less: 19.6% to 20.1%. VO fell slightly less at its worst: −58.4% to −61.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | VO | XLI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +797.9% | +830.8% | XLI (slight) | Price change plus distributions, reinvested. |
| Annualized | +10.1% | +10.3% | Tie | Total return as a yearly rate. |
| Price return | +546.9% | +507.0% | VO (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.6% | 20.1% | VO (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.8% | 14.0% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −58.4% | −61.6% | VO (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.50 | 0.50 | Tie | Return above Treasury bills per unit of volatility. |
| Sortino | 0.71 | 0.72 | Tie | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.17 | 0.17 | VO (slight) | 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 XLI hold 17% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
17% in common
Only in one fund ↓
Side by side
VO and XLI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
VO and XLI 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 XLI follows Industrial Select Sector Index.
- Holdings in common. 17% 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 XLI +10.2% with distributions reinvested, a gap of 2.6 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.
XLI
XLI tracks an index of Industrials. Over the year to Oct 28, 2026 it returned +10.2% with distributions reinvested, against +13.6% for its benchmark, the S&P 500 Index. 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 84 positions, with the top ten at 37.8%. It sat 9.4% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, VO or XLI?
- In the year to Oct 28, 2026, with distributions reinvested, VO returned +12.8% and XLI +10.2%.
- Which is cheaper, VO or XLI?
- 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 XLI, data as of Oct 28, 2026. https://etfiq.com/compare/any/vo-vs-xli
ETFIQ. (Oct 28, 2026). VO against XLI. Retrieved from https://etfiq.com/compare/any/vo-vs-xli
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