What Is the VO ETF? A Complete Guide to Returns, Fees, Holdings and Alternative ETFs
Vanguard Mid-Cap ETF VO is a core mid-cap holding with broad diversification across US mid-sized companies. Its strengths are an ultra-low expense ratio, quarterly dividends and Vanguard management. Differences in index, holdings and AUM versus IJH, IWR, MDY, SPMD and SCHM are the key selection criteria.
SubscribeWhat Is the Vanguard Mid-Cap ETF?
It is a passive ETF managed by Vanguard that tracks the CRSP US Mid Cap Index. It provides automatic, market-cap-weighted diversified exposure to US mid-cap stocks, and when combined with a large-cap core holding, it strengthens diversification across market-cap segments.
It suits asset allocation investors who want to add mid-cap weight to a large-cap core, as well as long-term investors who want to manage broad market diversification separately by market-cap segment.
It is an ETF run on a passive (index-tracking) management approach by Vanguard.
How Do You Invest in the Vanguard Mid-Cap ETF?
| Item | Details |
|---|---|
| Tracked index | CRSP US Mid Cap Index |
| Management style | Passive (index tracking) |
| Market-cap segment | US mid-cap |
| Dividend frequency | Quarterly dividends |
| Expense ratio | 0.03% |
| Manager | Vanguard |
The fund holds US mid-cap stocks under the CRSP classification, weighted by market capitalization. It tends to hold more stocks than IJH, which tracks the S&P MidCap 400, and differences in how stocks near the market-cap boundaries are classified lead to some variation in holdings and weights.
- Core holding that tracks CRSP US mid-caps
- Ultra-low-cost mid-cap fund in Vanguard's lineup
- Broad stock diversification
Vanguard Mid-Cap ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $107.3B, and the expense ratio is 0.03% per year.
Among the funds shown in the table, IJH, MDY and SPMD are variants tracking the S&P MidCap 400, IWR is a variant tracking the Russell Midcap, and SCHM is a variant tracking a Schwab mid-cap index. In terms of fees, VO, IJH and SPMD are direct substitutes with similarly low costs.
Vanguard Mid-Cap ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBecause its Big Tech weighting is lower than that of large-cap core ETFs, its short-term gains in bull markets tend to be smaller, while it has shown relatively stable performance in cycles led by value stocks and industrials.
It belongs to the group of mega mid-cap ETFs that steadily attract asset allocation money from investors looking to add market-cap diversification to a large-cap-heavy portfolio. Inflows can also be notable during mid-cap rallies.
Vanguard Mid-Cap ETF Pros and Cons
Its main strengths are an ultra-low expense ratio and broad diversification across US mid-caps. The lack of Big Tech in bull markets, mid-cap volatility and currency exposure should be considered in advance.
💪 Key Strengths
⚠️ Points to Watch
Vanguard Mid-Cap ETF Alternatives and Related Products
Among the funds shown in the table, IJH is a direct substitute that tracks the S&P MidCap 400 with a similar fee level. MDY and SPMD are variants tracking the same S&P MidCap 400, IWR tracks the Russell Midcap, and SCHM is a variant tracking a Schwab mid-cap index. To combine with a large-cap core, VOO and IVV are suitable pairings. To add small-caps, consider VB and IJR, and for broad market exposure, VTI is a fitting combination.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 IJH | iShares Core S&P Mid-Cap ETF | $73.92 | +0.8% | $123.3B | 0.05% | 1.22% | +13.8% |
 IWR | iShares Russell Mid-Cap ETF | $110.32 | +0.3% | $58.0B | 0.18% | 1.15% | +15.2% |
 MDY | State Street SPDR S&P MIDCAP 400 ETF Trust | $674.04 | +0.8% | $25.8B | 0.23% | 1.04% | +13.7% |
 SPMD | State Street SPDR Portfolio S&P 400TM Mid Cap ETF | $64.73 | +0.8% | $18.6B | 0.03% | 1.3% | +13.7% |
 SCHM | Schwab U.S. Mid-Cap ETF | $35.13 | +0.6% | $14.8B | 0.03% | 1.27% | +18.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| VRT | Vertiv Holdings Co | 0.02% | $224.24 | -3.5% | $86.3B | 41.9 | 0.1% |
| WDC | Western Digital Corp | 0.02% | $338.59 | -7.5% | $126.7B | 13.2 | 0.19% |
| STX | Seagate Technology Holdings Plc | 0.01% | $593.76 | -7.9% | $136.3B | 31.2 | 0.52% |
| HWM | Howmet Aerospace Inc | 0.02% | $212.99 | +6.9% | $84.7B | 41.7 | 0.24% |
| PWR | Quanta Services Inc | 0.01% | $621.18 | +0.1% | $93.6B | 56.3 | 0.07% |
| CMI | Cummins Inc | 0.01% | $500.60 | +0.1% | $68.9B | 25.6 | 1.75% |
| CEG | Constellation Energy Corp | 0.01% | $257.25 | -2.0% | $91.1B | 25.1 | 0.66% |
Vanguard Mid-Cap ETF Investor Checkpoints
Here are the points to review before investing in VO. Broad diversification across US mid-caps is its strength, but it is advisable to double-check the lack of Big Tech, mid-cap volatility and currency effects before buying, and to review your holding weight and market-cap diversification strategy together.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Impact of cumulative long-term costs | Top-tier level |
| 📊 Market-cap segment | Weighting in combination with large-cap ETFs | Concentrated in mid-caps |
| 📉 Big Tech weighting | Response to tech-led bull markets | On the low side |
| 💱 Exchange rate | Impact on returns converted to won | No currency hedge |
The lack of Big Tech, mid-cap volatility and exchange rate changes are the main drivers of short-term volatility. In tech-led bull markets it may lag core ETFs in the short term, so it is worth reviewing the weight split with a large-cap core holding as well.
It is regarded as a standard choice for long-term, broad diversification across US mid-caps. If you prefer the S&P MidCap 400 classification, IJH, MDY and SPMD are suitable variants. To add small-caps, consider VB and IJR, and for broad market exposure, VTI is a fitting choice.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of May 22, 2026.
Today's 5 AI picks, all free