Average Daily Volume
348.3K
Fund Overview
The Vanguard Mid-Cap Value ETF (VOE) seeks to track the performance of the CRSP US Mid Cap Value Index, which measures the investment return of mid-capitalization value stocks in the United States. The fund employs an indexing investment approach designed to provide broad exposure to mid-cap companies that exhibit value characteristics, such as lower price-to-book ratios and lower expected growth rates. VOE is known for its low expense ratio and passive management style, making it an attractive option for investors seeking cost-efficient exposure to the mid-cap value segment of the U.S. equity market. The fund holds a diversified portfolio of stocks, primarily in sectors like financials, industrials, and consumer discretionary, which are typical for value-oriented strategies.
- Asset Class
-
Equity
- Industry
-
N/A
- Annual Dividend Rate
-
- Smart Beta
-
Yes
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- 2.13 %
- Currency Hedged
-
No
- Portfolio Turnover
-
19 %
- Dividend Date
-
Why Invest in the VOE ETF?
Potential Benefits
- Low expense ratio (0.07% as of 2025), making it one of the most cost-effective mid-cap value ETFs available.
- Provides diversified exposure to mid-cap value stocks, which historically have offered higher risk-adjusted returns compared to growth stocks over long periods.
- Passive management strategy reduces turnover and potential tax inefficiencies compared to actively managed funds.
- Strong liquidity and tight bid-ask spreads due to Vanguard's large asset base and efficient market-making.
Potential Risks
- Mid-cap stocks can be more volatile than large-cap stocks, leading to higher short-term price fluctuations.
- Value stocks may underperform growth stocks during prolonged bull markets or periods of strong economic expansion.
- Concentration in cyclical sectors like financials and industrials could lead to underperformance during economic downturns.
- Passive indexing means the fund is fully exposed to any downturns in its benchmark index without active risk management.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
+4.2%
|
+5.1%
|
-4.7%
|
+5.7%
|
-0.1%
|
+2.0%
|
+3.6%
|
+0.9%
|
-4.8%
|
+1.3%
|
-
|
-
|
| 2025 |
+2.6%
|
0.0%
|
-2.6%
|
-3.0%
|
+3.7%
|
+2.4%
|
+1.8%
|
+3.3%
|
+1.5%
|
-1.3%
|
+3.0%
|
+0.4%
|
| 2024 |
-1.6%
|
+4.1%
|
+5.5%
|
-4.4%
|
+3.2%
|
-1.6%
|
+6.1%
|
+3.0%
|
+2.5%
|
-1.0%
|
+6.1%
|
-7.6%
|
| 2023 |
+7.2%
|
-3.6%
|
-3.6%
|
+0.7%
|
-5.2%
|
+8.8%
|
+3.8%
|
-3.9%
|
-4.6%
|
-3.6%
|
+8.7%
|
+6.6%
|
| 2022 |
-2.7%
|
-0.6%
|
+3.4%
|
-4.9%
|
+2.2%
|
-10.5%
|
+7.6%
|
-2.6%
|
-9.8%
|
+10.0%
|
+6.5%
|
-4.5%
|
| 2021 |
-0.3%
|
+7.5%
|
+6.2%
|
+4.5%
|
+2.2%
|
-2.0%
|
+0.4%
|
+3.3%
|
-3.8%
|
+4.4%
|
-2.2%
|
+6.2%
|
| 2020 |
-1.7%
|
-10.5%
|
-21.8%
|
+12.6%
|
+4.1%
|
+1.1%
|
+5.4%
|
+2.9%
|
-1.7%
|
+0.5%
|
+13.4%
|
+3.6%
|
| 2019 |
+9.8%
|
+3.6%
|
0.0%
|
+3.6%
|
-7.1%
|
+7.8%
|
+1.0%
|
-3.4%
|
+4.4%
|
+0.4%
|
+3.2%
|
+2.6%
|
| 2018 |
+3.7%
|
-4.7%
|
-0.3%
|
+0.4%
|
0.0%
|
+1.0%
|
+3.2%
|
+0.6%
|
-0.7%
|
-7.0%
|
+2.3%
|
-10.6%
|
| 2017 |
+2.2%
|
+3.4%
|
-0.2%
|
+0.4%
|
+0.1%
|
+0.9%
|
+1.7%
|
-1.2%
|
+2.7%
|
+0.8%
|
+3.4%
|
+1.9%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
|
AJG
|
ARTHUR J. GALLAGHER & CO |
1.8 % |
|
OKE
|
ONEOK INC |
1.3 % |
|
PCAR
|
PACCAR INC |
1.2 % |
|
CARR
|
CARRIER GLOBAL CORP ORDINARY SHARES |
1.2 % |
|
ALL
|
ALLSTATE CORP |
1.2 % |
|
AMP
|
AMERIPRISE FINANCIAL INC |
1.1 % |
|
DLR
|
DIGITAL REALTY TRUST INC |
1.1 % |
|
CMI
|
CUMMINS INC |
1.1 % |
|
NEM
|
NEWMONT CORP |
1.1 % |
|
DFS
|
DISCOVER FINANCIAL SERVICES |
1.1 % |
Top 10 holdings shown, out of 193 total holdings.
Related ETFs: VOE vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
VOE tracks the CRSP US Mid Cap Value Index, which selects mid-cap stocks exhibiting value characteristics based on factors like book-to-price ratio, forward earnings-to-price ratio, and dividend yield. The index is reconstituted annually and rebalanced quarterly to maintain its value orientation. The fund primarily holds common stocks of U.S. mid-cap companies and uses full replication to closely track its benchmark. Its passive approach minimizes trading costs and turnover, which can enhance tax efficiency for investors.
Frequently Asked Questions
What is the difference between VOE and VO?
VOE focuses specifically on mid-cap value stocks, while VO (Vanguard Mid-Cap ETF) provides broad exposure to the entire mid-cap segment without a value tilt.
How often does VOE rebalance its holdings?
VOE's underlying index is rebalanced quarterly, with a full reconstitution occurring annually to maintain its value characteristics.
Does VOE pay dividends?
Yes, VOE pays quarterly dividends derived from the dividend payments of its underlying holdings, with yields typically higher than the broader market due to its value orientation.
What sectors are most represented in VOE?
As of 2025, financials, industrials, and consumer discretionary sectors typically have the largest weightings in VOE, which is common for value-oriented strategies.
Industry Overview
The Vanguard Mid-Cap Value ETF (VOE) provides exposure to mid-cap value stocks, a segment known for offering a balance between growth potential and relative stability. Mid-cap companies typically have market capitalizations between $2 billion and $10 billion, positioning them in a 'sweet spot' where they are established enough to have proven business models but still retain significant growth potential. The value focus means the fund invests in companies that are trading at lower valuations relative to their fundamentals, often due to temporary challenges or market inefficiencies. This segment of the market has historically provided strong risk-adjusted returns over the long term, though it can experience periods of underperformance during growth-dominated market cycles.
Alternative Comparison
Compared to iShares Russell Mid-Cap Value ETF (IWS), VOE offers a lower expense ratio (0.07% vs. 0.23%) and uses CRSP's methodology, which tends to have a slightly different sector composition than Russell's approach. Unlike the Invesco S&P MidCap 400 Pure Value ETF (RFV), which uses a more concentrated 'pure value' strategy, VOE provides broader diversification with less extreme value tilts, potentially reducing volatility. Both VOE and IWS are highly liquid, but Vanguard's structure often results in slightly better tax efficiency for taxable accounts.
Issuer Overview
Vanguard is one of the world's largest investment management companies, known for its client-owned structure, which aligns its interests with those of its investors. The firm is a pioneer in index investing and offers a wide range of low-cost ETFs and mutual funds. Vanguard's scale allows it to provide highly competitive expense ratios and efficient fund management, benefiting long-term investors.
Conclusion
VOE is a compelling choice for investors seeking low-cost, diversified exposure to mid-cap value stocks. Its passive approach, combined with Vanguard's operational efficiencies, makes it a strong core holding for long-term portfolios. While mid-cap value investing can experience periods of underperformance, historical data suggests this segment has delivered attractive returns over full market cycles. Investors should be prepared for moderate volatility and consider pairing VOE with other equity styles for a balanced portfolio.
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