VO vs VOO: Returns, Drawdowns and Dividends Since 2016
VO (Vanguard Morningstar Mid-Cap ETF) and VOO (Vanguard S&P 500 ETF) mostly moved together (a daily correlation of 0.947, where 1 would mean identical). VOO came out ahead, returning 15.1% a year with dividends reinvested from January 2016 to November 2026, against 11.6% for VO.
Bought on any day and held five years, VOO finished ahead 100% of the time. VOO also fell less at its worst: 34.0%, against 39.4% for VO.
| Measure | VO | VOO |
|---|---|---|
| Annual return | 11.6% | 15.1% |
| $10,000 grew to | $32,773 | $45,670 |
| Worst decline | −39.4%Mar 2020 | −34.0%Mar 2020 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 18.6% | 17.7% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.57 | 0.76 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 1.3% | 1.1% |
| Best year | +31.0%2019 | +31.4%2019 |
| Worst year | −18.7%2022 | −18.2%2022 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.947 | |
VO: Vanguard Morningstar Mid-Cap ETFVOO: Vanguard S&P 500 ETF
Jan 4, 2016 to Nov 4, 2026, dividends reinvested.
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Worst declines
VO fell 39.4% from Feb 20, 2020 to Mar 23, 2020 and was back at its high on Sep 2, 2020. VOO fell 34.0% from Feb 19, 2020 to Mar 23, 2020 and was back at its high on Aug 10, 2020.
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Year by year
VO was ahead in 1 of the 11 calendar years.
| Year | VO | VOO | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +14.7% | +13.4% | VO+1.4 |
| 2025 | +11.6% | +17.8% | VOO+6.2 |
| 2024 | +15.3% | +25.0% | VOO+9.7 |
| 2023 | +16.0% | +26.3% | VOO+10.3 |
| 2022 | −18.7% | −18.2% | VOO+0.5 |
| 2021 | +24.7% | +28.8% | VOO+4.1 |
| 2020 | +18.0% | +18.3% | VOO+0.3 |
| 2019 | +31.0% | +31.4% | VOO+0.4 |
| 2018 | −9.2% | −4.5% | VOO+4.7 |
| 2017 | +19.3% | +21.8% | VOO+2.5 |
| 2016 (from Jan 4) | +12.7% | +13.8% | VOO+1.0 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Jan 4, 2016, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 2,474 | VOO84% | +3.6 |
| 3 years | 1,970 | VOO99% | +12.7 |
| 5 years | 1,466 | VOO100% | +26.8 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months VO paid 1.3% of its price in dividends and VOO 1.1%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | VO | VOO |
|---|---|---|
| 2026 (to Nov 4) | $0.81 3 payments | $5.66 3 payments |
| 2025 | $1.11 4 payments | $7.07 4 payments |
| 2024 | $0.99 4 payments | $6.70 4 payments |
| 2023 | $0.88 4 payments | $6.36 4 payments |
| 2022 | $0.82 4 payments | $5.95 4 payments |
| 2021 | $0.72 4 payments | $5.44 4 payments |
| 2020 | $0.75 4 payments | $5.30 4 payments |
| 2019 | $0.66 4 payments | $5.57 4 payments |
| 2018 | $0.63 4 payments | $4.74 4 payments |
| 2017 | $0.52 4 payments | $4.37 4 payments |
| 2016 (from Jan 4) | $0.48 4 payments | $4.14 4 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- VO
- Vanguard Morningstar Mid-Cap ETF, an ETF launched Jan 26, 2004. FinLab prices start Jan 4, 2016.
- VO price and signal backtests
- VOO
- Vanguard S&P 500 ETF, an ETF launched Sep 7, 2010. FinLab prices start Jan 4, 2016.
- VOO price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Jan 4, 2016 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.