What is the difference between mid-cap and large-cap ETFs like VO and VOO?

VO is a Mid-Cap Blend ETF, focusing on companies with medium market capitalisation. VOO is a Large Blend ETF tracking the S&P 500, consisting of the 500 largest US companies. Mid-caps typically offer higher growth potential but greater volatility, while large-caps tend to be more stable. These funds provide distinct exposure: VO targets a specific segment size, whereas VOO offers broad market coverage of established giants.

How do the expense ratios of VO and VOO compare?

Both VO and VOO have identical expense ratios of 0.03%. This means investors pay the same low annual management fee for each fund relative to their investment size. A 0.03% fee is considered very low, minimising cost drag on returns. Since there is no fee difference, investors should choose based on their desired market exposure rather than cost. Lower fees generally enhance net returns over extended holding periods.

How do net assets affect liquidity in these ETFs?

VOO has net assets of $1.08 trillion, while VO holds $108.0 billion. VOO's massive size ensures extremely high liquidity, facilitating easy buying and selling with tight bid-ask spreads. VO remains highly liquid given its substantial $108.0 billion in net assets. Both funds benefit from Vanguard's large asset base, reducing the risk of significant trading costs. Investors can generally enter or exit positions without moving the market price noticeably.

Do VO and VOO share any major holdings?

There are no shared names among the listed top-10 holdings of VO and VOO. VO's top holdings include companies like MPC and VLO, while VOO's top holdings are dominated by NVDA and AAPL. This indicates completely different portfolios at their extremes. VO focuses on mid-cap firms, whereas VOO holds mega-cap leaders. This lack of overlap in top positions highlights how the funds target distinct segments of the US equity market effectively.

How do dividend yields differ between VO and VOO?

VO offers a dividend yield of 1.33%, while VOO's yield is 1.03%. VO provides a slightly higher income component, which may appeal to investors seeking modest cash flow. VOO's lower yield reflects its focus on large-cap growth companies that often prioritise capital appreciation over dividends. Both yields are relatively low, typical for broad US equity exposure. The difference is 0.30 percentage points, favouring VO for income.

What does 'top holding concentration' mean in this comparison?

VO's largest holding, MPC, represents 1.04% of the fund, indicating high diversification. In contrast, VOO's largest holding, NVDA, accounts for 8.08%, showing significant concentration in single names. Higher concentration in VOO means its performance is more sensitive to a few stocks. VO's low concentration spreads risk across many mid-caps. Investors should note this structural difference in how each fund builds its overall portfolio composition.

How does the index tracking differ for VO and VOO?

VO tracks a mid-cap blend index, while VOO tracks the S&P 500 index. The specific index details for both are listed as 'not available' in the provided data. However, VOO's strategy is explicitly tied to the well-known S&P 500, representing large-cap US stocks. VO focuses on mid-sized companies, offering exposure to a different growth stage. Both aim to replicate their respective benchmark indices closely through passive management.

What are the inception dates of these Vanguard ETFs?

VO was launched on 26 January 2004, giving it a longer operational history. VOO started on 7 September 2010, making it more recent. VO's earlier inception means it has survived more market cycles since its 2004 launch. Both funds have established track records of over a decade, demonstrating stability in their management strategies. Historical performance data exists for both, reflecting their respective time in the market.

Can I see the sector weights for VO and VOO?

The specific sector weights for both VO and VOO are currently listed as 'not available' in the provided dataset. While VOO typically follows S&P 500 sector allocations, and VO follows mid-cap blend indices, exact current percentages are not disclosed here. Investors often use sector data to understand industry exposure. Without this transparency, one must rely on the top holdings or general index characteristics to infer the portfolio's sector composition.

What are the top three holdings for VOO?

The top three holdings for VOO are NVIDIA (NVDA) at 8.08%, Apple (AAPL) at 7.03%, and Microsoft (MSFT) at 5.70%. These companies represent a significant portion of the S&P 500 index due to their massive market capitalisations. This concentration in technology giants drives VOO's performance, distinct from the more diversified top holdings of VO, such as Marathon Petroleum or Valero Energy.

What are the top three holdings for VO?

The top three holdings for VO are Marathon Petroleum (MPC) at 1.04%, Valero Energy (VLO) at 1.02%, and Vertiv Holdings (VRT) at 0.95%. These weights are very small, reflecting VO's broad mid-cap diversification. Unlike VOO's heavy tech exposure, VO's top positions include energy and industrial mid-caps. This structure ensures no single company dominates the fund's return, contrasting with large-cap blend strategies.

What does 'blend' mean in these fund categories?

A 'blend' category indicates the fund includes a mix of value and growth stocks rather than focusing exclusively on one style. VO is a Mid-Cap Blend, mixing mid-cap value and growth companies. VOO is a Large Blend, reflecting the S&P 500's composition of large-cap value and growth stocks. This approach provides balanced exposure across investment styles, reducing the risk of underperforming a specific market factor like pure value or pure growth strategies.

VO vs VOO

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare Vanguard Mid-Cap ETF (VO) and Vanguard S&P 500 ETF (VOO), with identical expense ratios of 0.03%. Explore how mid-cap blend and large blend strategies differ in holdings and dividends. Net assets stand at $108.0 billion for VO and $1.08 trillion for VOO. Top holdings show no shared names between these funds. Index tracking details are not available. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

Metric

VOO

0.03%

Expense Ratio

0.03%

1.33%

Dividend Yield

1.03%

$107.97B

Net Assets

$1.08T

288

Holdings

516

Jan 26, 2004

Inception Date

Sep 7, 2010

–

Index Tracked

–

Mid-Cap Blend

Fund Category

Large Blend

Both funds charge the same annual fee.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

VO

Pros

VO offers a low expense ratio of 0.03 per cent, enhancing net return potential over time.
The fund provides significant mid-cap exposure with a high dividend yield of 1.33 per cent.
VO is a well-established ETF launched in January 2004, demonstrating a long operational track record.

Considerations

Specific sector weights and index details are not available for full transparency.
The fund is highly diversified with its top holding representing just 1.04 per cent.
VO's mid-cap blend category exposes investors to potentially higher volatility than large-cap funds.

VOO

Pros

VOO tracks the S&P 500 with a very low expense ratio of 0.03 per cent.
The fund benefits from massive assets under management of $1.08 trillion, ensuring high liquidity.
Launched in September 2010, VOO provides a proven track record for broad US exposure.

Considerations

VOO's dividend yield is modest at 1.03 per cent, favouring capital growth.
The top holding accounts for 8.08 per cent, indicating a higher concentration than VO.
Specific index methodology and sector weights are listed as not available.

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About VO and VOO

VO (VO)

The Vanguard Mid-Cap ETF (VO) offers investors broad exposure to the US mid-cap market through a low-cost, diversified approach. With net assets of approximately USD 107.97 billion and 288 holdings, this fund aims to track the performance of the mid-cap segment, balancing growth potential with stability. Investors appreciate its blend strategy, which combines value and growth characteristics within mid-sized companies. The fund features an expense ratio of 0.03%, making it an attractive option for cost-conscious investors. Its dividend yield stands at 1.33%, providing some income potential alongside capital growth opportunities. Inception date is January 26, 2004, reflecting a long-standing track record. Please note that values can rise and fall, and returns are not guaranteed. This fund may suit those seeking diversified mid-cap exposure but requires careful consideration of individual investment goals and risk tolerance.

VOO (VOO)

VOO is Vanguard’s exchange-traded fund designed to track the S&P 500 Index, offering broad exposure to about 500 of the largest publicly traded US companies. It aims to replicate the index’s performance minus fees by holding the same stocks in similar proportions, making it a straightforward, passive way to access large‑cap US equities. Investors commonly use VOO as a core holding for long‑term growth or as a simple building block in a diversified portfolio. It typically offers high liquidity and regular dividend distributions from underlying companies. As with any equity investment, VOO’s value can rise or fall with the market, and past performance is not a guide to future returns. Fees, trading costs and potential tracking error reduce returns slightly. This information is general and educational only and not personalised financial advice — consider your own circumstances or speak to a qualified adviser before investing.

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VO vs VOO

Fund Snapshot