IWR vs VO: Grades, Fees and Holdings Compared

iShares Russell Mid-Cap ETF

IWRANYSE Arca

Vanguard Morningstar Mid-Cap ETF

VOANYSE Arca

Overlap

54.9%by weight

Expense ratio

VO −0.15pt a year

IWR0.18%VO0.03%

Avg volume · 30D

VO 1.6×the volume

IWR1.79MVO2.84M

10Y return · a year

VO +0.1pt

IWR+11.6%VO+11.7%

IWR vs VO Performance

Oct 29, 2021 – Oct 30, 2026

+42.1%IWR+39.6%VO

Expense ratio: IWR 0.18%; VO 0.03%, better
Fund size: IWR $58.1B; VO $217B
1Y total return: IWR +16.3%, better; VO +13.6%
Yield (12M): IWR 1.16%; VO 1.35%, better
Holdings: IWR 827; VO 277
Avg volume (30D): IWR 1.79M sh; VO 2.84M sh, better
NAV per share: IWR $110.06; VO $81.46
52W range

ETF.net Grade

Pillar letters and Scores for IWR, VO, with each pillar’s weight
Pillar	IWR	VO
Cost30% weight	C43	A86Higher
Mission25% weight	A100	A100
Risk15% weight	B68Higher	B67
Tradability15% weight	A93Higher	B60
Holdings10% weight	A83Higher	C49
Durability5% weight	A86	A92Higher

Rank among US Mid-Cap funds

How we build Categories ›

Same Category. IWR and VO are both graded against the same 13 US Mid-Cap funds, so their Grades compare head to head.

US Mid-Cap⁠

Category · 13 funds

See all 13 ›

VO ranks 3rd and IWR 4th of 13 funds in the US Mid-Cap Category.

Rank 1AIMCBiShares Morningstar Mid-Cap ETFScore 82
Rank 2ASCHMSchwab U.S. Mid-Cap ETFScore 80
Rank 3AVOVanguard Morningstar Mid-Cap ETFScore 79
Rank 4AIWRiShares Russell Mid-Cap ETFScore 74
Rank 5ABKMCBNY Mellon US Mid Cap Core Equity ETFScore 70

Our read on each fund

ETF.net Research

IWRAiShares Russell Mid-Cap ETF

VOAVanguard Morningstar Mid-Cap ETF

In short

IWR The Russell mid-cap standard: roughly 800 mid-sized US companies in one ticker, tracked since 2001. Big, heavily traded, and priced a notch above the index-fund floor.

VO The plain middle of the US market for three basis points. VO owns roughly 300 stocks sitting between the 70th and 85th percentile of investable market cap, each at index weight, with buffer bands that slow the churn at the edges.

Stated mandate

IWR The fund seeks to track an index composed of mid-sized U.S. companies.

VO The fund seeks to track the CRSP US Mid Cap Index by investing in its U.S. mid-cap stocks through passive, full replication.

Why people hold it

IWR Has tracked the Russell MidCap Index since 2001 and hews to it about as closely as anything in the mid-cap group.ishares.com
Roughly 800 mid-size US names, so no single stock carries the fund.
A multi-billion-dollar fund that trades actively, which tends to keep bid-ask spreads thin for small and large orders alike.
Plain 1940 Act fund paying quarterly distributions. No leverage, no exotic wrapper to babysit.

VO Costs 0.03% a year against a 0.15% median for mid-cap peers, matching SCHM as the cheapest in the group and undercutting IWR by a wide margin.
Full replication, not sampling: it holds the index's roughly 300 names at index weight, and its tracking is among the tightest in the mid-cap group.vanguard.com
Trading since 2004 as a share class of Vanguard's Mid-Cap Index Fund, it has grown into one of the largest and most actively traded mid-cap index funds.sec.gov
CRSP draws the mid-cap line by percentage of market cap, not a fixed stock count, with buffer zones at the edges so companies migrate gradually rather than jumping buckets.crsp.org bogleheads.org

Worth knowing

IWR 0.18% a year, versus 0.03% for mid-cap rivals like VO and SCHM. Same aisle, different sticker.
Different yardstick than several rivals: Russell MidCap rather than a Morningstar mid-cap index, so the holdings and the size cutoffs differ.
All equity, all US. Nothing here (bonds, cash, foreign stocks) cushions a domestic stock selloff.

VO Mid caps move harder than blue chips, and Vanguard flags that: the fund sits at the top of its own 1-to-5 risk scale.vanguard.com
One band of the market by design. No mega caps, no small caps, so it covers the middle rather than the whole US market.crsp.org
About 300 stocks is a narrower net than a total-market fund casts, and sector weights are simply whatever the middle of the market looks like at the time.

Full IWR profile⁠

Full VO profile⁠

IWR vs VO Holdings

How IWR and VO differ

Overlap by weight

54.9%

Shared holdings make up 70.7% of VO and 56.7% of IWR.

Level by level

Holdings216 in both54.9%
Sector11 Sectors93.2%
Countryby domicile98.4%
Asset classEquity100%

Sector

Sector weights in IWR and VO, widest gap first
Sector	More in IWRMore in VO	IWR	VO
Health Care	IWR +3.5 points	12.8%	9.3%
Utilities	VO +2.0 points	5.7%	7.7%
Industrials	VO +1.6 points	16.9%	18.5%
Real Estate	IWR +1.6 points	6.4%	4.8%
Technology	VO +1.6 points	16.0%	17.6%
Energy	VO +1.5 points	7.1%	8.6%
Materials	IWR +0.7 points	4.8%	4.1%
Consumer Staples	IWR +0.4 points	5.2%	4.8%
Communication	IWR +0.3 points	2.5%	2.1%
Consumer Discretionary	IWR +0.1 points	8.8%	8.7%
Financials	IWR +0.1 points	13.9%	13.8%

Country, concentration and asset class

Country by domicile

Country weights in IWR and VO, widest gap first
Country	More in IWRMore in VO	IWR	VO
United States	VO +1.6 points	98.4%	100.0%
Other countries (11)	IWR +1.6 points	1.6%	0.0%

Concentration

Weight in the 10 largest Holdings

IWR6.5%
VO9.7%

Securities held

IWR823
VO272

Asset class

IWR: Equity
VO: Equity

Holdings

Only in IWR607
In both216
Only in VO56

Only in IWR

607 securities, 43.1% of IWR by weight

Natera0.41%
Vylor0.36%
Anglogold Ashanti PLC0.30%
Everpure Inc Class A0.29%
Revolution Medicines0.27%
Illumina Inc0.26%
Okta Class A0.25%
Twilio Class A0.22%
Emcor Group0.22%
Williams Sonoma Inc0.21%
Jabil0.21%
Atmos Energy0.21%
Royalty Pharma PLC Class A0.20%
Technipfmc PLC0.20%
Credo Technology Group Holding Ltd0.18%
Caseys General Stores Inc0.18%
Restaurants Brands International0.18%
United Therapeutics0.18%
Tapestry0.17%
Entegris Inc0.17%
Guardant Health0.17%
Us Foods Holding0.17%
Smurfit Westrock PLC0.16%
Ati0.16%
Reliance Steel & Aluminum0.16%
Omnicom Group Inc0.16%
Viatris0.16%
Amcor PLC0.16%
Tenet Healthcare Corp0.16%
Xpo0.16%
Nisource0.16%
Ptc0.16%
Sofi Technologies0.15%
Affirm Holdings Class A0.15%
Permian Resources Class A0.15%
Roku Class A0.15%
Nvent Electric PLC0.15%
Incyte Corp0.15%
Liberty Media Series C0.15%
Ovintiv0.15%
Expand Energy0.15%
Skyworks Solutions0.15%
Fortive0.15%
Evergy0.14%
Cdw0.14%
Nrg Energy Inc0.14%
Royal Gold0.14%
Rubrik Class A0.14%
F50.14%
Dupont De Nemours0.14%

Only in VO

56 securities, 29.3% of VO by weight

Valero Energy Corp1.11%
Quanta Services Inc0.96%
Vertiv Holdings Co0.92%
Howmet Aerospace Inc0.89%
Constellation Energy Corp0.85%
Bloom Energy Corp0.77%
Ross Stores Inc0.74%
Warner Bros Discovery Inc0.73%
Motorola Solutions Inc0.73%
SLB Ltd0.72%
Hilton Worldwide Holdings Inc0.71%
DoorDash Inc0.71%
Target Corp0.70%
Cummins Inc0.70%
General Motors Co0.67%
American Electric Power Co Inc0.64%
Monolithic Power Systems Inc0.62%
Air Products and Chemicals Inc0.61%
TE Connectivity PLC0.61%
Newmont Corp0.60%
TransDigm Group Inc0.59%
Aon PLC0.58%
Arthur J Gallagher & Co0.58%
PACCAR Inc0.57%
Truist Financial Corp0.56%
Strategy Inc0.55%
Fortinet Inc0.55%
Crh PLC0.55%
Dominion Energy Inc0.53%
Sempra0.50%
MetLife Inc0.50%
Aflac Inc0.50%
Ciena Corp0.49%
Public Storage0.47%
AutoZone Inc0.46%
Johnson Controls International plc0.45%
Carrier Global Corp0.43%
Carvana Co0.42%
NIKE Inc0.42%
Republic Services Inc0.41%
Williams Cos Inc/The0.41%
Waste Connections Inc0.38%
Regeneron Pharmaceuticals Inc0.38%
Travelers Cos Inc/The0.37%
Norfolk Southern Corp0.34%
Colgate-Palmolive Co0.34%
Honeywell International Inc0.33%
Cintas Corp0.33%
Boston Scientific Corp0.31%
FedEx Corp0.30%

Weight gaps

The 100 widest of 216 Holdings in both funds.

Holding weights in IWR and VO, widest gap first
Holding	More in IWRMore in VO	IWR	VO
CortevaCTVA	VO +0.45 points	0.06%	0.51%
Cloudflare Class ANET	VO +0.45 points	0.66%	1.11%
Robinhood Markets Class AHOOD	VO +0.40 points	0.48%	0.88%
Lumentum HoldingsLITE	VO +0.38 points	0.48%	0.86%
Datadog Inc Class ADDOG	VO +0.34 points	0.57%	0.91%
TeradyneTER	VO +0.31 points	0.31%	0.62%
CoherentCOHR	VO +0.27 points	0.29%	0.56%
Comfort Systems UsaFIX	VO +0.27 points	0.31%	0.58%
Hewlett Packard EnterpriseHPE	VO +0.27 points	0.53%	0.80%
Astera LabsALAB	VO +0.26 points	0.29%	0.55%
ModernaMRNA	IWR +0.25 points	0.59%	0.34%
Keysight TechnologiesKEYS	VO +0.23 points	0.38%	0.61%
Coreweave Class ACRWV	VO +0.21 points	0.13%	0.34%
SnowflakeSNOW	IWR +0.20 points	0.75%	0.55%
Kinder MorganKMI	IWR +0.20 points	0.48%	0.28%
Rocket Lab CorpRKLB	VO +0.19 points	0.22%	0.41%
Phillips 66PSX	VO +0.18 points	0.83%	1.01%
Alnylam PharmaceuticalsALNY	VO +0.17 points	0.16%	0.33%
Ametek IncAME	VO +0.16 points	0.40%	0.56%
Digital Realty Trust ReitDLR	VO +0.15 points	0.49%	0.64%
Marathon PetroleumMPC	VO +0.14 points	0.96%	1.10%
Baker Hughes Class ABKR	VO +0.14 points	0.40%	0.54%
GarminGRMN	VO +0.14 points	0.33%	0.47%
Take Two Interactive SoftwareTTWO	VO +0.12 points	0.26%	0.38%
Delta Air LinesDAL	VO +0.13 points	0.36%	0.49%
Rocket Companies Inc Class ARKT	VO +0.13 points	0.09%	0.22%
FastenalFAST	VO +0.12 points	0.44%	0.56%
Coinbase Global Class ACOIN	VO +0.13 points	0.23%	0.36%
Vivmark ResidentialVMRK	VO +0.13 points	0.34%	0.47%
Netapp IncNTAP	VO +0.12 points	0.29%	0.41%
Agilent Technologies IncA	VO +0.12 points	0.36%	0.48%
Rockwell Automation IncROK	VO +0.12 points	0.36%	0.48%
Realty Income ReitO	VO +0.12 points	0.39%	0.51%
Ww Grainger IncGWW	VO +0.12 points	0.43%	0.55%
VistraVST	VO +0.12 points	0.34%	0.46%
Iqvia Holdings IncIQV	VO +0.12 points	0.32%	0.44%
State StreetSTT	VO +0.12 points	0.33%	0.45%
Microchip Technology IncMCHP	VO +0.12 points	0.30%	0.42%
Ford Motor CoF	VO +0.12 points	0.35%	0.47%
Nasdaq IncNDAQ	VO +0.12 points	0.34%	0.46%
Ventas ReitVTR	VO +0.11 points	0.32%	0.43%
Ameriprise Finance IncAMP	VO +0.11 points	0.32%	0.43%
Westinghouse Air Brake TechnologieWAB	VO +0.11 points	0.35%	0.46%
United Airlines HoldingsUAL	VO +0.11 points	0.25%	0.36%
Archer Daniels MidlandADM	VO +0.11 points	0.27%	0.38%
Edwards LifesciencesEW	VO +0.11 points	0.38%	0.49%
Chipotle Mexican GrillCMG	VO +0.11 points	0.29%	0.40%
Royal Caribbean GroupRCL	VO +0.10 points	0.57%	0.67%
Reddit Class ARDDT	VO +0.11 points	0.09%	0.20%
Block Class AXYZ	VO +0.10 points	0.29%	0.39%
Simon Property Group Reit IncSPG	VO +0.10 points	0.51%	0.61%
Steel Dynamics IncSTLD	IWR +0.10 points	0.25%	0.15%
Fifth Third BancorpFITB	VO +0.09 points	0.36%	0.45%
Dexcom IncDXCM	VO +0.09 points	0.23%	0.32%
Centene CorpCNC	IWR +0.10 points	0.25%	0.15%
Waters CorpWAT	VO +0.10 points	0.33%	0.43%
EqtEQT	IWR +0.09 points	0.24%	0.15%
Cbre Group Class ACBRE	VO +0.09 points	0.28%	0.37%
Ferguson EnterprisesFERG	VO +0.10 points	0.33%	0.43%
Prudential Financial IncPRU	VO +0.09 points	0.30%	0.39%
Medline Class AMDLN	VO +0.09 points	0.11%	0.20%
On Semiconductor CorpON	VO +0.09 points	0.21%	0.30%
HumanaHUM	VO +0.09 points	0.36%	0.45%
OneokOKE	VO +0.09 points	0.44%	0.53%
Super Micro Computer IncSMCI	VO +0.09 points	0.13%	0.22%
Idexx LaboratoriesIDXX	VO +0.09 points	0.32%	0.41%
CencoraCOR	VO +0.09 points	0.45%	0.54%
Hp IncHPQ	VO +0.09 points	0.19%	0.28%
Old Dominion Freight LineODFL	VO +0.08 points	0.24%	0.32%
Workday Class AWDAY	VO +0.09 points	0.28%	0.37%
DowDOW	IWR +0.08 points	0.18%	0.10%
Targa ResourcesTRGP	VO +0.08 points	0.49%	0.57%
Becton DickinsonBDX	VO +0.08 points	0.40%	0.48%
NucorNUE	VO +0.09 points	0.44%	0.53%
Cardinal HealthCAH	VO +0.08 points	0.43%	0.51%
Entergy CorpETR	VO +0.08 points	0.38%	0.46%
PayPal HoldingsPYPL	IWR +0.09 points	0.36%	0.27%
United RentalsURI	VO +0.09 points	0.53%	0.62%
Axon EnterpriseAXON	VO +0.08 points	0.24%	0.32%
SyscoSYY	VO +0.08 points	0.29%	0.37%
M&T BankMTB	VO +0.08 points	0.23%	0.31%
Xylem IncXYL	VO +0.07 points	0.16%	0.23%
D R HortonDHI	VO +0.07 points	0.27%	0.34%
International Flavors & FragrancesIFF	IWR +0.07 points	0.17%	0.10%
Huntington Bancshares IncHBAN	VO +0.08 points	0.23%	0.31%
Lpl Financial HoldingsLPLA	VO +0.07 points	0.17%	0.24%
ResmedRMD	VO +0.08 points	0.24%	0.32%
Devon EnergyDVN	VO +0.07 points	0.43%	0.50%
Xcel Energy IncXEL	VO +0.08 points	0.36%	0.44%
Occidental Petroleum CorpOXY	VO +0.07 points	0.34%	0.41%
KeycorpKEY	VO +0.07 points	0.14%	0.21%
Veeva Systems Class AVEEV	VO +0.07 points	0.34%	0.41%
Live Nation EntertainmentLYV	VO +0.07 points	0.21%	0.28%
KenvueKVUE	VO +0.07 points	0.27%	0.34%
Allstate CorpALL	VO +0.07 points	0.49%	0.56%
Roblox Class ARBLX	VO +0.07 points	0.20%	0.27%
Northern TrustNTRS	VO +0.07 points	0.22%	0.29%
American International GroupAIG	VO +0.07 points	0.32%	0.39%
Hartford Insurance GroupHIG	VO +0.07 points	0.26%	0.33%
KrogerKR	VO +0.07 points	0.27%	0.34%

All 823 IWR holdings⁠All 307 VO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IWR vs VO Cost

Overpaying IWR vs VO

$3,111

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IWR 0.18%
$3,749
VO 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IWR 0.18%
VO 0.03%
Overpaying

Year by year

Year	IWR	VO	Overpaying
10	$328	$55	$273
20	$1,281	$216	$1,065
30	$3,749	$638	$3,111

Expense ratio

0.18%IWR
0.03%VO, cheaper

VO0.03%IWR0.18%

0.03%0.79%

Middle half of US Mid-Cap funds
Median 0.15%

VO cheapest of 13 funds

IWR 8th cheapest of 13 funds

IWR vs VO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IWR 1.16%; VO 1.35%, better
Payout (12M): IWR $1.27; VO $1.10
Last payment: IWR $0.33; VO $0.29
Ex-dividend: IWR Sep 15, 2026; VO Sep 28, 2026
Paid on: IWR Sep 18, 2026; VO Sep 30, 2026
Frequency: IWR Quarterly; VO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWRQuarterly · 36 paymentsAll IWR payments⁠

VOQuarterly · 39 paymentsAll VO payments⁠

IWR vs VO Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: IWR 14.1%VO 13.5%, better
Return per unit of riskSharpe ratio, 3 years: IWR 1.08VO 1.09, better
Worst fallMax drawdown, 5 years: IWR −26.2%, betterVO −27.6%
Market sensitivityBeta, 5 years: IWR 1.01VO 1.00; Market = 1

IWR and VO in the news

All news⁠

ETF Filings
Vanguard files for a U.S. small-mid cap active ETF after last year’s three reached $161 million
Sep 21, 2026VO

Popular comparisons

IWRAvsIMCBA
iShares Russell Mid-Cap ETF · iShares Morningstar Mid-Cap ETF
Expense ratio
0.18% · 0.04%
Category
VOAvsIMCBA
Vanguard Morningstar Mid-Cap ETF · iShares Morningstar Mid-Cap ETF
Expense ratio
0.03% · 0.04%
Category
IWRAvsSCHMA
iShares Russell Mid-Cap ETF · Schwab U.S. Mid-Cap ETF
Expense ratio
0.18% · 0.03%
Category
VOAvsSCHMA
Vanguard Morningstar Mid-Cap ETF · Schwab U.S. Mid-Cap ETF
Expense ratio
0.03% · 0.03%
Category
IWRAvsBKMCA
iShares Russell Mid-Cap ETF · BNY Mellon US Mid Cap Core Equity ETF
Expense ratio
0.18% · 0.04%
Category
VOAvsBKMCA
Vanguard Morningstar Mid-Cap ETF · BNY Mellon US Mid Cap Core Equity ETF
Expense ratio
0.03% · 0.04%
Category

IWR vs VO

In short

Stated mandate

Why people hold it

Worth knowing

How IWR and VO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWR

Only in VO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Vanguard files for a U.S. small-mid cap active ETF after last year’s three reached $161 million

How IWR and VO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWR

Only in VO

Weight gaps