At a glance
VO charges 0.03% a year, below the 0.11% average of the 8 funds most like it (the cheapest of 9). It has $224.06B in assets, the largest of that group; it paid 2.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +20.7% a year. At its worst it fell 25.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low. Its ten largest positions make up 9.5% of the fund, out of 282 in all.
The short version
Vanguard Mid-Cap ETF (VO) is a simple way to own hundreds of mid-size U.S. companies: it tracks the CRSP US Mid Cap Index and is the exchange-traded share class of Vanguard Mid-Cap Index Fund. Its 0.03% expense ratio, per the April 2026 prospectus, undercuts all eight similar funds compared here, which average 0.11%. With $224 billion across all share classes as of June 30, 2026, it is also by far the largest of them.
Price history
The interactive chart needs JavaScript.
VO +15.5% over the year to Oct 30, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VO official prospectus, to Dec 31, 2025 | — | +11.68% | — | +8.61% | +10.92% | — |
| VO price data to Oct 30, 2026 | +14.8% | +15.5% | +20.7% | +7.1% | — | +13.1% |
- Over the year to Oct 30, 2026, VO returned +15.5%, 6th of 9 among similar funds.
- Its 5-year annualized return was +7.1%.
- Its worst full calendar year was 2022 (-18.7%); its best was 2021 (+24.7%).
- The deepest fall in its price history was 27.6% (Nov 16, 2021 to Oct 14, 2022), recovered by Jul 16, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.8% | — |
| 2025 | +11.6% | +11.68% |
| 2024 | +15.3% | +15.23% |
| 2023 | +16.0% | +15.99% |
| 2022 | -18.7% | -18.68% |
| 2021 | +24.7% | +24.52% |
| 2020 | — | +18.22% |
| 2019 | — | +31.04% |
| 2018 | — | -9.21% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 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 25% over that stretch · deepest drop along the way 25%, back to its old high 17.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6300 | |
| 2025 | $1.1050 | +12.2% |
| 2024 | $0.9850 | +11.6% |
| 2023 | $0.8825 | +8.0% |
| 2022 | $0.8175 | +14.3% |
| 2021 | $0.7150 |
What's inside
As of Jun 30, 2026, the fund held 282 securities; the ten largest made up 9.54% of assets.
| Holding | Weight | |
|---|---|---|
| Vertiv Holdings Co | 1.22% | |
| Western Digital Corp | 1.06% | |
| Seagate Technology Holdings PLC | 1.05% | |
| Quanta Services Inc | 1.04% | |
| Howmet Aerospace Inc | 1.04% | |
| Cummins Inc | 0.95% | |
| Datadog Inc | 0.83% | |
| Bloom Energy Corp | 0.79% | |
| Constellation Energy Corp | 0.78% | |
| Robinhood Markets Inc | 0.77% | |
| Cloudflare Inc | 0.76% | |
| Valero Energy Corp | 0.75% | |
| Coherent Corp | 0.75% | |
| Royal Caribbean Cruises Ltd | 0.74% | |
| Teradyne Inc | 0.73% |
By country
United States 99.68%By asset type
Stocks 99.68%By sector
Sectors of the companies held, for the 74.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.61B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.70%, +2.06%, +2.39%.
How it works
VO does not try to pick winners. It aims to match the CRSP US Mid Cap Index, a broadly diversified index of mid-size U.S. companies chosen by the index provider. Under normal conditions it keeps at least 80% of net assets in the index's stocks, and it tries to hold all, or nearly all, of them in about the same proportions as the index.
As of June 30, 2026, VO held 282 stocks. The largest, Vertiv Holdings, was only 1.2% of assets, with Western Digital, Seagate Technology, Quanta Services and Howmet Aerospace at about 1% each; the top 10 together came to 9.5%. Turnover, the share of the portfolio replaced in a year, was 16% in the April 2026 prospectus. Some trading is unavoidable because companies grow out of, or shrink below, the mid-size range.
VO is the exchange-traded share class of Vanguard Mid-Cap Index Fund. Investors trade it on NYSE Arca at market prices, which can sit slightly above or below the value of the fund's holdings. Only a limited number of financial institutions, called Authorized Participants, can create or redeem shares directly with the fund, a process that normally keeps that gap small. As of June 30, 2026, the fund also held about 0.5% in cash and a negligible amount of stock index futures and swaps.
What it really costs
- VO charges 0.03% a year, versus an average of 0.11% for the similar funds below (1st of 9, cheapest first).
- Of that, 0.02% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $3 in the first year and $39 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VO | $3 | $10 | $17 | $39 |
In a retirement portfolio
It is a very cheap, widely spread U.S. stock index fund that can form part of a portfolio's core stock allocation, though it covers only mid-size companies.
VO could add mid-size companies, which large-cap index funds largely leave out, at very low cost: the SEC's standard $10,000 example shows about $39 in costs over 10 years. It yielded 2.35% over the 12 months to October 27, 2026, paid quarterly.
It can also fall hard. In the quarter ended March 31, 2020, during the COVID crash, VO lost 25.74%, then gained 24.96% the next quarter. Its deepest drop since June 2020 came around the 2022 bear market: 27.6% from November 2021 to October 2022, followed by about 21 months to recover. Calendar 2022, down 18.68%, was its worst year from 2018 through 2025; figures for the 2008 crisis aren't available here. Drawing cash from it in late 2022 would have meant cashing out near the bottom. Past results don't predict future returns, and a retirement plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-focused investors seeking mid-size U.S. stocks: VO's 0.03% expense ratio undercuts all eight similar funds compared, which average 0.11%.
- Investors with a large-cap fund who want to add mid-size companies: VO held 282 stocks as of June 30, 2026, the largest just 1.2%.
- Long-term holders who can wait out slumps: VO fell 27.6% from November 2021 to October 2022, then took about 21 months to recover.
Look elsewhere if
- Investors who need high, steady income: VO yielded 2.35% over the 12 months to October 27, 2026, and stock dividends can be cut.
- Anyone wanting one fund for all their stocks: VO holds almost entirely U.S. mid-size companies, leaving out the largest firms and international stocks.
- People who may need the money within a few years: VO lost 25.74% in the first quarter of 2020 and 18.68% in calendar 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VO this fund | — | 0.03% | $224.06B | +15.5% | +20.7% |
| IMCB iShares Morningstar Mid-Cap ETF | 68% | 0.04% | $1.66B | +18.7% | +22.2% |
| VOE Vanguard Mid-Cap Value ETF | 57% | 0.07% | $37.23B | +25.1% | +21.7% |
| IWR iShares Russell Midcap ETF | 55% | 0.19% | $56.98B | +16.6% | +19.3% |
| IMCG iShares Morningstar Mid-Cap Growth ETF | 55% | 0.06% | $3.92B | +14.6% | +22.3% |
| IWS iShares Russell Mid-Cap Value ETF | 53% | 0.23% | $15.65B | +25.6% | +20.7% |
| IMCV iShares Morningstar Mid-Cap Value ETF | 52% | 0.06% | $1.14B | +23.6% | +22.2% |
| GSEW Goldman Sachs Equal Weight U.S. Large Cap E… | 50% | 0.09% | $2.08B | +13.5% | +21.4% |
Questions investors ask
Is VO good for retirement?
It can be one piece of a retirement portfolio, but it is an all-stock fund with real swings. VO's average annual return was 10.92% over the 10 years to December 31, 2025. But it lost 18.68% in 2022, and its 27.6% drop from November 2021 to October 2022 took about 21 months from the low to recover. Its 0.03% expense ratio keeps costs low. Past results don't predict future ones, and fit depends on the whole portfolio.
What's the difference between VO and IMCB?
The cost gap is tiny; the index, size and recent returns differ more. VO tracks the CRSP US Mid Cap Index and charges 0.03%, while IMCB, the iShares Morningstar Mid-Cap ETF, tracks a different index and charges 0.04%. Their holdings overlap by about 68%. VO held $224 billion across all share classes as of June 30, 2026, versus about $1.7 billion for IMCB as of July 31, 2026. Over the year to October 27, 2026, IMCB returned 18.7% and VO 12.9%.
Does VO pay dividends?
Yes, VO pays dividends quarterly, passing along income from the stocks it holds. Over the 12 months to October 27, 2026, it paid about $1.92 per share, a trailing yield of 2.35%. Payments vary because they depend on what the underlying companies pay out, and companies can cut dividends in hard times. VO is built to track mid-size stocks, not to maximize income.
What is VO's expense ratio?
VO's expense ratio is 0.03% a year, according to its prospectus filed April 28, 2026, and includes a 0.02% management fee. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares redeemed at the end of each period. On that basis, total costs come to $3 for one year, $10 for three years, $17 for five and $39 for 10. Eight similar funds averaged 0.11%; iShares Russell Midcap ETF (IWR), for example, charges 0.19%.
What are VO's top 10 holdings?
As of June 30, 2026, VO's 10 largest holdings were Vertiv Holdings (1.2% of assets), Western Digital, Seagate Technology, Quanta Services, Howmet Aerospace, Cummins, Datadog, Bloom Energy, Constellation Energy and Robinhood Markets. Together they made up just 9.5% of a fund holding 282 stocks, so no single company dominates. Among holdings classified by sector, industrials and financials were the largest groups. The list changes as companies move in and out of the mid-cap range.