VOE vs VTV: Grades, Fees and Holdings Compared

Vanguard Morningstar Mid-Cap Value ETF

VOEANYSE Arca

Vanguard Morningstar Value ETF

VTVANYSE Arca

Overlap

24.7%by weight

Expense ratio

VTV −0.02pt a year

VOE0.05%VTV0.03%

Avg volume · 30D

VTV 8.5×the volume

VOE331KVTV2.83M

10Y return · a year

VTV +1.8pt

VOE+11.2%VTV+13.0%

VOE vs VTV Performance

Oct 29, 2021 – Oct 30, 2026

+62.0%VOE+79.8%VTV

Expense ratio: VOE 0.05%; VTV 0.03%, better
Fund size: VOE $36.7B; VTV $252B
1Y total return: VOE +25.0%; VTV +25.3%, better
Yield (12M): VOE 1.84%, better; VTV 1.83%
Holdings: VOE 173; VTV 300
Avg volume (30D): VOE 331K sh; VTV 2.83M sh, better
NAV per share: VOE $211.25; VTV $228.00
52W range

ETF.net Grade

Pillar letters and Scores for VOE, VTV, with each pillar’s weight
Pillar	VOE	VTV
Cost30% weight	A86	A96Higher
Mission25% weight	A96Higher	A89
Risk15% weight	B67	A84Higher
Tradability15% weight	C48	B65Higher
Holdings10% weight	B62Higher	C51
Durability5% weight	A84	A88Higher

Rank among US Value Index funds

How we build Categories ›

Same Category. VOE and VTV are both graded against the same 40 US Value Index funds, so their Grades compare head to head.

US Value Index⁠

Category · 40 funds

See all 40 ›

VTV ranks 2nd and VOE 4th of 40 funds in the US Value Index Category.

Rank 1ASCHVSchwab U.S. Large-Cap Value ETFScore 84
Rank 2AVTVVanguard Morningstar Value ETFScore 83
Rank 3AIUSViShares Core S&P U.S. Value ETFScore 81
Rank 4AIWDiShares Russell 1000 Value ETFScore 77
Rank 4AVOEVanguard Morningstar Mid-Cap Value ETFScore 77
Rank 6AVLUState Street SPDR S&P 1500 Value Tilt ETFScore 75

Our read on each fund

ETF.net Research

VOEAVanguard Morningstar Mid-Cap Value ETF

VTVAVanguard Morningstar Value ETF

In short

VOE The value aisle is stacked with large-cap funds. VOE works the middle of the market instead: roughly 190 mid-cap US value stocks, picked by CRSP's five-factor cheapness screen, at five basis points.

VTV Value investing for three cents on every hundred dollars a year. Since 2004, VTV has run a passive, fully invested portfolio of roughly 300 large US companies that screen cheap, at a fee near the industry floor.

Stated mandate

VOE The fund seeks to track the CRSP US Mid Cap Value Index through passive, full replication of its U.S. mid-cap value equity holdings and remains fully invested.

VTV The fund seeks to track a large-capitalization U.S. value-stock benchmark through passive indexing and substantial replication of that index.

Why people hold it

VOE Five basis points a year, against a cohort median of 0.18%. Under a third of what the typical US value ETF charges.
Mid-cap value is the slot most value funds skip. The other heavyweights on this shelf (VTV, SCHV, IUSV) fish mainly in large caps.
Full replication: it buys the index outright rather than sampling it, and has tracked that index very closely.vanguard.com
Trading since 2006 and now a multi-billion-dollar fund, run as an ETF share class of Vanguard's mid-cap value index fund.vanguard.com

VTV 0.03% a year, about a sixth of the 0.18% median for US value funds. Cost is the part of the outcome the fund actually controls.
Same recipe, very different sticker: PRXV tracks the same declared value index and charges 0.36%, twelve times VTV's fee.
Passively managed, full replication, fully invested. No manager hunches, no cash sitting idle, and the fund has tracked its benchmark closely.vanguard.com
One of the largest and most actively traded funds in the US value aisle, the kind of scale that keeps bid-ask spreads thin for ordinary orders.

Worth knowing

VOE Mid-caps swing wider than large caps, so this is the bumpier seat among the value ETFs it sits beside, most of which lean large.
CRSP scores stocks on both value and growth and can split a name across the two, so some holdings also appear in the mid-cap growth index.crsp.com
The screen is price-based (book, earnings, dividends and sales to price), not quality. Cheap-looking cyclicals come with the territory.crsp.com

VTV Large caps only, about 300 of them. Cheap mid- and small-cap stocks live in separate funds (VOE, VTWV), so this is one slice of value, not the whole market.
It is a value screen by design, so the priciest fast growers are largely filtered out. In growth-led stretches it can move very differently from a total-market fund.
Income arrives quarterly, in four instalments rather than a monthly drip.

Full VOE profile⁠

Full VTV profile⁠

VOE vs VTV Holdings

How VOE and VTV differ

Overlap by weight

24.7%

Shared holdings make up 100% of VOE and 24.7% of VTV.

Level by level

Holdings167 in both24.7%
Sector11 Sectors79.6%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in VOE and VTV, widest gap first
Sector	More in VOEMore in VTV	VOE	VTV
Health Care	VTV +7.9 points	8.9%	16.8%
Utilities	VOE +6.8 points	11.0%	4.2%
Technology	VTV +6.8 points	7.5%	14.3%
Energy	VOE +5.5 points	13.7%	8.2%
Financials	VTV +3.5 points	18.9%	22.4%
Real Estate	VOE +2.8 points	5.3%	2.5%
Materials	VOE +2.8 points	5.9%	3.1%
Consumer Discretionary	VOE +2.1 points	5.8%	3.7%
Communication	VTV +1.3 points	1.7%	3.0%
Consumer Staples	VTV +1.0 points	7.7%	8.7%
Industrials	VOE +0.4 points	13.6%	13.2%

Country, concentration and asset class

Country by domicile

Country weights in VOE and VTV, widest gap first
Country	More in VOEMore in VTV	VOE	VTV
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

VOE14.1%
VTV23.6%

Securities held

VOE168
VTV299

Asset class

VOE: Equity
VTV: Equity

Holdings

Only in VOE1
In both167
Only in VTV132

Only in VOE

1 security, 0.0% of VOE by weight

SLCMT1142<0.01%

Only in VTV

132 securities, 75.6% of VTV by weight

Micron Technology Inc4.57%
JPMorgan Chase & Co3.34%
Berkshire Hathaway Inc2.93%
ExxonMobil Holdings Corp2.56%
Johnson & Johnson2.42%
AbbVie Inc1.76%
Walmart Inc1.73%
Chevron Corp1.46%
Cisco Systems Inc1.45%
Caterpillar Inc1.42%
Bank of America Corp1.37%
Merck & Co Inc1.36%
Procter & Gamble Co/The1.28%
Coca-Cola Co/The1.27%
UnitedHealth Group Inc1.25%
Philip Morris International Inc1.13%
Home Depot Inc/The1.08%
RTX Corp0.95%
Thermo Fisher Scientific Inc0.95%
Goldman Sachs Group Inc/The0.93%
Wells Fargo & Co0.92%
Amgen Inc0.87%
Morgan Stanley0.84%
Linde PLC0.83%
Citigroup Inc0.82%
International Business Machines Corp0.79%
QUALCOMM Inc0.73%
Analog Devices Inc0.73%
Verizon Communications Inc0.72%
Gilead Sciences Inc0.70%
Walt Disney Co/The0.69%
Salesforce Inc0.68%
PepsiCo Inc0.66%
Deere & Co0.65%
Abbott Laboratories0.65%
AT&T Inc0.64%
Eaton Corp PLC0.63%
Pfizer Inc0.62%
General Electric Co0.62%
Union Pacific Corp0.61%
Charles Schwab Corp/The0.61%
American Express Co0.58%
ConocoPhillips0.57%
NextEra Energy Inc0.57%
Blackrock Inc0.56%
Berkshire Hathaway Inc0.55%
Danaher Corp0.53%
Uber Technologies Inc0.50%
Texas Instruments Inc0.49%
Bristol-Myers Squibb Co0.48%

Weight gaps

The 100 widest of 167 Holdings in both funds.

Holding weights in VOE and VTV, widest gap first
Holding	More in VOEMore in VTV	VOE	VTV
Valero Energy CorpVLO	VOE +1.48 points	1.90%	0.42%
Marathon Petroleum CorpMPC	VOE +1.47 points	1.89%	0.42%
Phillips 66PSX	VOE +1.35 points	1.74%	0.39%
Hewlett Packard Enterprise CoHPE	VOE +1.06 points	1.37%	0.31%
Warner Bros Discovery IncWBD	VOE +0.98 points	1.26%	0.28%
SLB LtdSLB	VOE +0.96 points	1.23%	0.27%
Target CorpTGT	VOE +0.94 points	1.21%	0.27%
Cummins IncCMI	VOE +0.94 points	1.21%	0.27%
General Motors CoGM	VOE +0.89 points	1.15%	0.26%
Digital Realty Trust IncDLR	VOE +0.86 points	1.11%	0.25%
American Electric Power Co IncAEP	VOE +0.85 points	1.10%	0.25%
United Rentals IncURI	VOE +0.82 points	1.06%	0.24%
Air Products and Chemicals IncAPD	VOE +0.82 points	1.06%	0.24%
Simon Property Group IncSPG	VOE +0.82 points	1.05%	0.23%
TE Connectivity PLCTEL	VOE +0.81 points	1.04%	0.23%
Aon PLCAON	VOE +0.78 points	1.00%	0.22%
Arthur J Gallagher & CoAJG	VOE +0.78 points	1.00%	0.22%
PACCAR IncPCAR	VOE +0.77 points	0.99%	0.22%
Truist Financial CorpTFC	VOE +0.75 points	0.96%	0.21%
Allstate Corp/TheALL	VOE +0.75 points	0.96%	0.21%
Strategy IncMSTR	VOE +0.74 points	0.95%	0.21%
Cheniere Energy IncLNG	VOE +0.74 points	0.95%	0.21%
Crh PLCCRH	VOE +0.73 points	0.94%	0.21%
Baker Hughes CoBKR	VOE +0.72 points	0.93%	0.21%
Cencora IncCOR	VOE +0.72 points	0.93%	0.21%
ONEOK IncOKE	VOE +0.72 points	0.92%	0.20%
Dominion Energy IncD	VOE +0.71 points	0.91%	0.20%
Nucor CorpNUE	VOE +0.70 points	0.90%	0.20%
Corteva IncCTVA	VOE +0.68 points	0.88%	0.20%
Cardinal Health IncCAH	VOE +0.68 points	0.88%	0.20%
SempraSRE	VOE +0.68 points	0.87%	0.19%
MetLife IncMET	VOE +0.68 points	0.87%	0.19%
Devon Energy CorpDVN	VOE +0.67 points	0.86%	0.19%
Aflac IncAFL	VOE +0.67 points	0.86%	0.19%
Delta Air Lines IncDAL	VOE +0.65 points	0.84%	0.19%
Becton Dickinson & CoBDX	VOE +0.64 points	0.83%	0.19%
Public StoragePSA	VOE +0.63 points	0.81%	0.18%
Ford Motor CoF	VOE +0.63 points	0.81%	0.18%
Vivmark ResidentialVMRK	VOE +0.62 points	0.80%	0.18%
Entergy CorpETR	VOE +0.61 points	0.79%	0.18%
Nasdaq IncNDAQ	VOE +0.61 points	0.79%	0.18%
Westinghouse Air Brake Technologies CorpWAB	VOE +0.61 points	0.79%	0.18%
Fifth Third BancorpFITB	VOE +0.61 points	0.78%	0.17%
Humana IncHUM	VOE +0.61 points	0.78%	0.17%
State Street CorpSTT	VOE +0.61 points	0.78%	0.17%
IQVIA Holdings IncIQV	VOE +0.58 points	0.75%	0.17%
L3Harris Technologies IncLHX	VOE +0.58 points	0.75%	0.17%
Xcel Energy IncXEL	VOE +0.58 points	0.75%	0.17%
Ameriprise Financial IncAMP	VOE +0.57 points	0.74%	0.17%
Newmont CorpNEM	VOE +0.58 points	1.04%	0.46%
Ferguson Enterprises IncFERG	VOE +0.57 points	0.73%	0.16%
Carrier Global CorpCARR	VOE +0.57 points	0.73%	0.16%
NIKE IncNKE	VOE +0.57 points	0.73%	0.16%
eBay IncEBAY	VOE +0.56 points	0.72%	0.16%
Occidental Petroleum CorpOXY	VOE +0.55 points	0.71%	0.16%
Exelon CorpEXC	VOE +0.55 points	0.70%	0.16%
NetApp IncNTAP	VOE +0.54 points	0.70%	0.16%
Keurig Dr Pepper IncKDP	VOE +0.52 points	0.67%	0.15%
Prudential Financial IncPRU	VOE +0.52 points	0.67%	0.15%
American International Group IncAIG	VOE +0.51 points	0.66%	0.15%
Diamondback Energy IncFANG	VOE +0.51 points	0.66%	0.15%
Archer-Daniels-Midland CoADM	VOE +0.50 points	0.65%	0.15%
Consolidated Edison IncED	VOE +0.50 points	0.64%	0.14%
Sysco CorpSYY	VOE +0.50 points	0.64%	0.14%
CBRE Group IncCBRE	VOE +0.49 points	0.63%	0.14%
United Airlines Holdings IncUAL	VOE +0.47 points	0.61%	0.14%
Kroger Co/TheKR	VOE +0.47 points	0.58%	0.11%
Moderna IncMRNA	VOE +0.46 points	0.59%	0.13%
Roper Technologies IncROP	VOE +0.46 points	0.59%	0.13%
DR Horton IncDHI	VOE +0.46 points	0.59%	0.13%
Kenvue IncKVUE	VOE +0.45 points	0.58%	0.13%
Public Service Enterprise Group IncPEG	VOE +0.44 points	0.57%	0.13%
Biogen IncBIIB	VOE +0.44 points	0.57%	0.13%
Hartford Insurance Group Inc/TheHIG	VOE +0.44 points	0.57%	0.13%
WEC Energy Group IncWEC	VOE +0.44 points	0.56%	0.12%
Kimberly-Clark CorpKMB	VOE +0.43 points	0.55%	0.12%
Johnson Controls International plcJCI	VOE +0.43 points	0.77%	0.34%
M&T Bank CorpMTB	VOE +0.42 points	0.54%	0.12%
Huntington Bancshares Inc/OHHBAN	VOE +0.41 points	0.53%	0.12%
Sunbelt Rentals Holdings IncSUNB	VOE +0.40 points	0.51%	0.11%
Arch Capital Group LtdACGL	VOE +0.40 points	0.51%	0.11%
Williams Cos Inc/TheWMB	VOE +0.39 points	0.71%	0.32%
GE HealthCare Technologies IncGEHC	VOE +0.39 points	0.50%	0.11%
Northern Trust CorpNTRS	VOE +0.39 points	0.50%	0.11%
Cboe Global Markets IncCBOE	VOE +0.38 points	0.49%	0.11%
Crown Castle IncCCI	VOE +0.37 points	0.48%	0.11%
HP IncHPQ	VOE +0.37 points	0.48%	0.11%
Ameren CorpAEE	VOE +0.37 points	0.47%	0.10%
Regeneron Pharmaceuticals IncREGN	VOE +0.36 points	0.65%	0.29%
Willis Towers Watson PLCWTW	VOE +0.36 points	0.46%	0.10%
PayPal Holdings IncPYPL	VOE +0.35 points	0.46%	0.11%
Travelers Cos Inc/TheTRV	VOE +0.35 points	0.63%	0.28%
Dollar General CorpDG	VOE +0.35 points	0.45%	0.10%
PG&E CorpPCG	VOE +0.35 points	0.45%	0.10%
Raymond James Financial IncRJF	VOE +0.34 points	0.44%	0.10%
Cognizant Technology Solutions CorpCTSH	VOE +0.34 points	0.44%	0.10%
American Water Works Co IncAWK	VOE +0.34 points	0.44%	0.10%
Quest Diagnostics IncDGX	VOE +0.34 points	0.44%	0.10%
Citizens Financial Group IncCFG	VOE +0.34 points	0.44%	0.10%
DTE Energy CoDTE	VOE +0.33 points	0.43%	0.10%

All 186 VOE holdings⁠All 331 VTV 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.

VOE vs VTV Cost

Overpaying VOE vs VTV

$422

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

VOE 0.05%
$1,060
VTV 0.03%
$638

Amount$10,000

Years30 years

Cost over time

VOE 0.05%
VTV 0.03%
Overpaying

Year by year

Year	VOE	VTV	Overpaying
10	$92	$55	$37
20	$360	$216	$144
30	$1,060	$638	$422

Expense ratio

0.05%VOE
0.03%VTV, cheaper

VTV0.03%VOE0.05%

0.03%0.80%

Middle half of US Value Index funds
Median 0.20%

VTV cheapest of 40 funds

VOE 5th cheapest of 40 funds

VOE vs VTV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): VOE 1.84%, better; VTV 1.83%
Payout (12M): VOE $3.88; VTV $4.16
Last payment: VOE $1.03; VTV $1.02
Ex-dividend: VOE Sep 28, 2026; VTV Sep 28, 2026
Paid on: VOE Sep 30, 2026; VTV Sep 30, 2026
Frequency: VOE Quarterly; VTV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

VOEQuarterly · 39 paymentsAll VOE payments⁠

VTVQuarterly · 39 paymentsAll VTV payments⁠

VOE vs VTV Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: VOE 13.3%VTV 11.3%, better
Return per unit of riskSharpe ratio, 3 years: VOE 1.20VTV 1.44, better
Worst fallMax drawdown, 5 years: VOE −19.7%VTV −17.0%, better
Market sensitivityBeta, 5 years: VOE 0.76VTV 0.69; Market = 1

VOE and VTV in the news

All news⁠

Best ETFs
Best value ETFs: Vanguard's 0.03% fund, unless you want Russell's list
Updated Nov 2, 2026VTV
Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026VTV
Head-to-Head
VTV leads VYM over 10 years. The recent gap is one year
Oct 23, 2026VTV
Category Review
U.S. value funds beat the S&P 500 over the past year, but the funds did not move together
Updated Oct 21, 2026VTV
Best ETFs
The best value ETF depends on whose list you bought
Updated Oct 2, 2026VTV
Category Review
One US value fund returned 68% with Micron at 22.5%. The median returned 22%
Updated Sep 23, 2026VTV

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VOE vs VTV

In short

Stated mandate

Why people hold it