DV
Dividend Vision

ETF Comparison

VB vs VO: Vanguard Small-Cap, or Vanguard Mid-Cap?

A head-to-head of Vanguard Small-Cap and Vanguard Mid-Cap covering size segment and cost, not a yield race.

Data updated September 4, 2026

Best for

  • VBInvestors who want broad equity exposure.
  • VOInvestors who want broad equity exposure.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

VB has outpaced VO over the trailing twelve months, posting a 21.29% total return against 16.07%. The picture flips over 10 years, though — VO has compounded at 11.41% a year, ahead of VB at 10.90%. VO has been the steadier holding, though — annualized volatility of 14.7% against 18.8% for VB. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5Y10YSince Jan 2004Volatility Sharpe Sortino Max drawdown
VB15.48%21.29%16.36%7.15%10.90%9.90%18.8%0.570.83-25.4%
VO13.25%16.07%16.47%7.33%11.41%10.33%14.7%0.731.05-19.0%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jan 2004” measures every fund from January 30, 2004 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricVBVO
Full nameVanguard Small Cap ETFVanguard Mid-Cap ETF
IssuerVanguardVanguard
Underlying indexCRSP US Small Cap IndexCRSP US Mid Cap Index
Last Close$300.01 as of September 4, 2026$82.28 as of September 4, 2026
Distribution yield1.19%1.24%
Distribution Safety Score™ 9597
Safety-Adjusted Yield 1.13%1.20%
Expense ratio0.03%0.03%
AUM$79.8B$106B
Distribution frequencyQuarterlyQuarterly
ObjectiveProvide exposure to the fund's underlying index or strategy per issuer materials.Provide exposure to the fund's underlying index or strategy per issuer materials.
Asset classEquityEquity
Inception date01/26/200401/26/2004
Beta1.10.94
Last dividend$0.892$0.255
Ex-dividend date06/26/202606/26/2026

Bottom lineVB and VO are both for investors who want broad equity exposure — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

Vanguard small-cap versus Vanguard mid-cap

Both are Vanguard size-segment ETFs. Small-cap versus mid-cap is the decision — not a yield race.

VBVO
SegmentUS small-capUS mid-cap
Expense ratio0.03%0.03%
Fund size$79.8B$106B
Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Vanguard
ETFs116
Total AUM$4650B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VB and VO.

See all Vanguard ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Quick verdict

VB (Vanguard Small Cap ETF) and VO (Vanguard Mid-Cap ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

VO offers the higher yield at 1.24% vs 1.19% for VB. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

They have different reference exposures: VB is linked to CRSP US Small Cap Index while VO is linked to CRSP US Mid Cap Index, which means their performance drivers differ.

VO is the larger fund by assets ($106B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, VB would generate roughly $9.92/month, while VO would produce $10.33/month, at current distribution rates. Both pay quarterly distributions.

VB yield1.19%
VO yield1.24%
Monthly diff on $10K$0.42

Cost & efficiency

Over 10 years on $10,000, VB would cost approximately $30 in fees vs $30 for VO (simplified, not compounded). Both charge the same expense ratio.

VB ER0.03%
VO ER0.03%

Strategy & risk

VB tracks CRSP US Small Cap Index with an index approach, while VO tracks CRSP US Mid Cap Index with an index approach. Beta is 1.1 for VB and 0.94 for VO, making VO the less volatile of the two by this measure.

VB beta1.1
VO beta0.94

Fund details

VB is managed by Vanguard (launched 01/26/2004) with $79.8B in assets. VO is managed by Vanguard (launched 01/26/2004) with $106B in assets.

VB AUM$79.8B
VO AUM$106B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the difference between VB and VO?

VB (Vanguard Small Cap ETF) holds US small-caps. VO (Vanguard Mid-Cap ETF) holds US mid-caps. Size segment is the live gap. Cost is 0.03% versus 0.03%; size is $79.8B versus $106B. Distributions are 1.19% and 1.24% as of September 2026.

What is the current distribution yield for VB and VO?

VB currently distributes 1.19% and VO 1.24%, based on fund data updated September 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is VB or VO better for dividend income?

It depends on your goals. VO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both VB and VO?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is VB or VO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: VO scores 97, VB scores 95. Neither has a clear safety edge on that measure. VO has also shown lower price volatility (beta 0.94 vs 1.10 for VB). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, VB or VO?

VB and VO both charge the same expense ratio of 0.03%, so neither is cheaper on fees — pick based on yield, strategy, or underlying index instead.

How much income does $10,000 in VB vs VO generate?

At current rates, $10,000 in VB would generate roughly $9.92 per month ($119.00 annually). The same in VO would produce about $10.33 per month ($124.00 annually).

Which has performed better historically, VB or VO?

VB has outpaced VO over the trailing twelve months, posting a 21.29% total return against 16.07%. The picture flips over 10 years, though — VO has compounded at 11.41% a year, ahead of VB at 10.90%. VO has been the steadier holding, though — annualized volatility of 14.7% against 18.8% for VB. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

VB vs VO — at a glance

Generated August 29, 2026.

Overview

VB and VO are passively managed ETFs from Vanguard tracking distinct segments of the U.S. Both charge identical 0.03% expense ratios and pay quarterly dividends, but differ in volatility profile, market cap exposure, and yield.

How they differ

The core distinction is market capitalization exposure. VB captures companies in the small-cap range, while VO focuses on the mid-cap band—a meaningful structural difference in business size and stability. VB carries a beta of 1.1, indicating about 10% more volatility than the broad market, while VO's beta of 0.94 sits slightly below market volatility. On yield, VO edges ahead at 1.24% versus VB's 1.19%, a modest but consistent difference. AUM scales with size—VO holds $106B against VB's $79.8B—reflecting institutional investor preference for mid-cap exposure.

Who each is best for

VB: Fits investors seeking higher growth potential and don't mind elevated portfolio volatility in exchange for small-cap market exposure and the historical outperformance cycles those stocks have shown.

VO: Designed for investors who prefer lower volatility than small-cap exposure and value the relative stability of established mid-size companies while maintaining meaningful growth upside.

Key risks to know

  • Market-cap segment risk: VB and VO capture different parts of the size spectrum, and their relative performance depends on which segment leads in any given cycle. Small-cap strength doesn't guarantee mid-cap gains, and vice versa.
  • Small-cap volatility: VB's higher beta reflects genuine increased price swings during market downturns and rallies. Drawdowns may exceed mid-cap losses by meaningful margins during equity sell-offs.
  • Cyclical leadership rotation: Small caps historically outperform mid caps in early-cycle recoveries but often underperform in late cycles. Which environment unfolds will drive relative returns across several years.

Bottom line

If you prioritize growth potential and can tolerate higher volatility, VB's small-cap focus aligns with that risk appetite. If you want equity exposure with more measured price swings, VO's mid-cap tilt and sub-1.0 beta offer a middle ground. Both charge identical fees and have substantial assets, so the choice hinges on which market-cap segment and volatility level fits your portfolio—past performance doesn't predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener