At a glance
VIOO charges 0.07% a year, below the 0.11% average of the 8 funds most like it (the 3rd cheapest of 9). It has $6.45B in assets, the 4th largest of that group; it paid 1.16% of its price in distributions over the past 12 months, annual. Over the past year it returned +16.7% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +18.6% a year. At its worst it fell 24.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low. Its ten largest positions make up 5.3% of the fund, out of 605 in all.
The short version
Vanguard S&P Small-Cap 600 ETF (VIOO) is an index fund that tracks the S&P SmallCap 600 Index. It held 605 small US company stocks as of August 31, 2026, each weighted about as the index weights it. Its 0.07% expense ratio is below the 0.11% average of similar funds. Two funds track the same index for less: SPDR's SPSM at 0.03% and iShares' IJR at 0.06%.
Price history
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VIOO +16.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VIOO official prospectus, to Dec 31, 2024 | — | +8.62% | — | +8.31% | +8.90% | — |
| VIOO price data to Oct 27, 2026 | +17.1% | +16.7% | +18.6% | +6.3% | — | +13.8% |
- Over the year to Oct 27, 2026, VIOO returned +16.7%, 7th of 9 among similar funds.
- Its 5-year annualized return was +6.3%.
- Its worst full calendar year was 2022 (-16.3%); its best was 2021 (+26.7%).
- The deepest fall in its price history was 27.9% (Nov 25, 2024 to Apr 8, 2025), recovered by Dec 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.1% | — |
| 2025 | +6.0% | — |
| 2024 | +8.5% | +8.62% |
| 2023 | +16.2% | +16.00% |
| 2022 | -16.3% | -16.20% |
| 2021 | +26.7% | +26.67% |
| 2020 | — | +11.43% |
| 2019 | — | +22.72% |
| 2018 | — | -8.57% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.2% over that stretch · deepest drop along the way 24.7%, back to its old high 21.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.5100 | -3.8% |
| 2024 | $1.5700 | +7.5% |
| 2023 | $1.4600 | +11.5% |
| 2022 | $1.3100 | +7.4% |
| 2021 | $1.2200 |
What's inside
As of Aug 31, 2026, the fund held 605 securities; the ten largest made up 5.32% of assets.
| Holding | Weight | |
|---|---|---|
| Corcept Therapeutics Inc | 0.60% | |
| Glaukos Corp | 0.59% | |
| Paycom Software Inc | 0.55% | |
| Brinker International Inc | 0.55% | |
| Match Group Inc | 0.53% | |
| Jackson Financial Inc | 0.52% | |
| Viasat Inc | 0.51% | |
| Protagonist Therapeutics Inc | 0.50% | |
| CarMax Inc | 0.49% | |
| Ryman Hospitality Properties Inc | 0.48% | |
| SM Energy Co | 0.47% | |
| Eastman Chemical Co | 0.46% | |
| Element Solutions Inc | 0.45% | |
| FormFactor Inc | 0.44% | |
| Etsy Inc | 0.43% |
By country
United States 99.82%By asset type
Stocks 99.82%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $288.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.28%, -1.91%, -0.60%.
How it works
VIOO is the exchange-traded share class of Vanguard S&P Small-Cap 600 Index Fund. No manager picks the stocks. The fund aims to copy the S&P SmallCap 600 Index, which measures the performance of small US companies. "Small-cap" means companies whose shares have a relatively small total market value. The fund tries to own all, or nearly all, of the index's stocks in about the same proportions as the index. Under normal conditions it must keep at least 80% of net assets in those stocks.
Because the weights follow the index, no single company dominates. As of August 31, 2026, the fund held 605 stocks, and the 10 largest made up just 5.32% of assets. The biggest were Corcept Therapeutics (0.60%), Glaukos (0.59%), Paycom Software (0.55%) and Brinker International (0.55%). Holdings change when the index changes. The prospectus lists portfolio turnover of 22%.
The fund also held about 0.58% in cash, plus Russell 2000 index futures and one swap, together about −0.01% of assets. Index funds often use contracts like these to stay fully invested while cash moves in and out. The ETF shares trade on NYSE Arca at market prices, which can differ slightly from the value of the stocks the fund holds.
What it really costs
- VIOO charges 0.07% a year, versus an average of 0.11% for the similar funds below (3rd of 9, cheapest first).
- Of that, 0.06% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $7 in the first year and $90 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VIOO | $7 | $23 | $40 | $90 |
In a retirement portfolio
It focuses on small US companies, which have swung harder than the broad market, including a 32.62% drop in the first quarter of 2020.
VIOO adds about 600 smaller US companies that large-cap funds barely own. It costs 0.07% a year, or $90 over 10 years in the SEC's standard $10,000 example. The ride has been rough. Its worst quarter, which ended March 31, 2020, lost 32.62%. Its worst calendar year since 2018 was 2022, at −16.2%. In the 2022 bear market it fell 24.7% and took about 22 months, until July 2024, to recover. Its deepest drop since price data began in June 2020 was 27.9%, from November 2024 to April 2025, and it took about eight months to recover. That data does not reach back to 2008. Anyone forced to sell in stretches like these would lock in losses. The yield was 1.16% as of October 27, 2026, paid annually, so this is not an income fund. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a low-cost small-cap complement to a large-cap fund, at 0.07% a year across 605 stocks as of August 31, 2026.
- People who want the whole S&P SmallCap 600 Index in a Vanguard fund, rather than a value-only or growth-only slice like VIOV or VIOG.
- Long-term savers who can sit through drops like the 24.7% fall in 2022, which took about 22 months to recover.
Look elsewhere if
- Cost-focused investors: SPSM tracks the same index for 0.03% and IJR for 0.06%. Their holdings overlap VIOO's by 89% and 88%.
- Those who need regular income: the yield was 1.16% as of October 27, 2026, and the fund pays out annually.
- Retirees who may need to sell shares in a downturn: the fund lost 32.62% in the first quarter of 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VIOO this fund | — | 0.07% | $6.45B | +16.7% | +18.6% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 89% | 0.03% | $16.92B | +21.7% | +17.4% |
| IJR iShares Core S&P Small-Cap ETF | 88% | 0.06% | $111.32B | +21.7% | +17.4% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor E… | 87% | 0.15% | $248.2M | +17.1% | +18.9% |
| XJR iShares ESG Select Screened S&P Small-Cap E… | 82% | 0.12% | $160.7M | +15.1% | +18.5% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 65% | 0.1% | $1.98B | +19.0% | +19.4% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 63% | 0.1% | $1.09B | +14.5% | +17.9% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 63% | 0.15% | $4.83B | +18.9% | +19.2% |
Questions investors ask
Is VIOO good for retirement?
VIOO may fit better as a smaller part of a retirement portfolio than as its core. It offers low-cost access to US small-cap stocks, but they swing harder than large caps. The fund fell 32.62% in the first quarter of 2020. It dropped 24.7% in the 2022 bear market and took about 22 months to recover. Its yield was 1.16% as of October 27, 2026, so it adds little income.
VIOO vs SPSM: what's the difference?
There's little difference in what they own. Both track the S&P SmallCap 600 Index, and their holdings overlapped 89% in the latest reports. The main gap is cost: SPSM, from SPDR, charges 0.03% a year, compared with 0.07% for VIOO. SPSM is also bigger, with about $16.9 billion in net assets as of June 30, 2026. VIOO's fund had about $6.4 billion across all share classes as of August 31, 2026.
What is VIOO's expense ratio?
VIOO's expense ratio is 0.07%, which includes a 0.06% management fee, according to the prospectus filed December 19, 2025. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs would total about $7 after one year, $40 after five and $90 after ten. That is below the 0.11% average of similar funds, but SPSM (0.03%) and IJR (0.06%) charge less to track the same index.
What is VIOO's 10-year return?
VIOO returned an average of 8.9% a year over the 10 years ended December 31, 2024, according to its prospectus. Over five years it returned 8.31% a year, and over one year 8.62%. Based on prices through October 27, 2026, it returned 16.7% over one year and 6.3% a year over five years. Among nine similar funds, it ranked 7th on one-year and three-year returns.
How often does VIOO pay dividends?
VIOO pays distributions once a year. Over the 12 months to October 27, 2026, it paid about $1.51 per share, a trailing yield of 1.16%. The money comes from dividends paid by the fund's small companies. Smaller firms often keep their profits to grow the business rather than pay large dividends. Investors who want steady income may find dividend-focused funds worth comparing.