Dividend comparison
VO vs IWR: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard Morningstar Mid-Cap ETF and iShares Russell Mid-Cap ETF, side by side. Updated October 21, 2026.
VO vs IWR: key differences
The short answer, from the latest data on this page.
- Fees. VO is cheaper at 0.03% a year versus 0.18% for IWR. On $10,000 that is $15 a year less in fees.
- Income. VO pays more income, yielding 1.36% over the last twelve months versus 1.16% for IWR. That is about $20 more a year on $10,000. VO pays annual, IWR pays quarterly.
- Performance. Over the last 5 years, IWR returned 41.3% versus 38.7% for VO, with dividends reinvested. $10,000 would have grown to $14,129 in IWR and $13,870 in VO.
- Risk. Their worst declines over the last 5 years were similar: -27.6% for VO and -26.2% for IWR from peak to trough.
- Diversification. IWR holds 822 positions and VO holds 307. The ten largest positions make up 9.7% of VO and 6.9% of IWR.
- Overlap. At least 25% of the two portfolios overlap by weight, across 58 shared holdings.
- Dividend growth. VO grew its yearly payout 11.5% a year over the last 4 years, versus 9.3% for IWR.
- Size. VO is the larger fund with $216.5 billion in assets, against $56.2 billion for IWR.
Bottom line: VO fits better if you care most about lower fees and faster dividend growth. IWR fits better if you care most about stronger 5-year returns and broader diversification.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | VO Vanguard Morningstar Mid-Cap ETF | IWR iShares Russell Mid-Cap ETF |
|---|---|---|
| Dividend yield (TTM) | 1.36% | 1.16% |
| Dividend / share (TTM) | $1.10 | $1.27 |
| Payout frequency | Annual | Quarterly |
| Last dividend | $0.2899 on Sep 30, 2026 | $0.3275 on Sep 18, 2026 |
| Ex-dividend date | Sep 28, 2026 | Sep 15, 2026 |
| Dividend growth (CAGR) | 11.5% over 4 yrs | 9.3% over 4 yrs |
| Price | $80.93 | $109.60 |
| Dividend growth streak | 4 years | 4 years |
| Beta | 1.00 | 1.01 |
| Max drawdown (5Y) | -27.6% | -26.2% |
| Market cap | $216.50B | $56.31B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.03% | 0.18% |
| Assets under management | $216.50B | $56.25B |
| Number of holdings | 307 | 822 |
| Top 10 concentration | 9.7% | 6.9% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
VO
$11.34/mo
$136 /yr at 1.36% yield
IWR
$9.67/mo
$116 /yr at 1.16% yield
Dividend history
Total dividends paid per share in each calendar year. VO pays annual; IWR pays quarterly.
| Year | VO | IWR |
|---|---|---|
| 2025 | $1.1052 | $1.2407 |
| 2024 | $0.9856 | $1.1263 |
| 2023 | $0.8837 | $1.1084 |
| 2022 | $0.8166 | $1.0720 |
| 2021 | $0.7156 | $0.8680 |
Strategy: Small and mid cap
Funds that hold companies below the large-cap tier, where there is more room for growth and less coverage by analysts. Small-cap indexes differ meaningfully: some screen for profitability, some include every listed company, and value-tilted funds lean toward the cheapest names. Those rules drive more of the difference between funds than fees do.
Smaller companies are more sensitive to recessions and borrowing costs, so drawdowns run deeper than in large-cap funds.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $13,870 in VO and $14,129 in IWR.
| Period | VO | IWR |
|---|---|---|
| 1 month | 1.53% | 1.28% |
| 3 months | 1.63% | 1.06% |
| Year to date | 12.73% | 14.81% |
| 1 year | 12.40% | 15.13% |
| 3 years | 68.29% | 70.64% |
| 5 years | 38.70% | 41.29% |
- VO
- IWR
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- VO
- IWR
VO vs IWR holdings overlap
At least 25% overlap by weight, with 58 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | VO weight | IWR weight |
|---|---|---|
| MPCMarathon Petroleum Corp | 1.10% | 1.03% |
| PSXPhillips 66 | 1.01% | 0.85% |
| NETCloudflare Inc | 1.11% | 0.74% |
| DDOGDatadog Inc | 0.91% | 0.64% |
| HOODRobinhood Markets Inc | 0.88% | 0.59% |
| HPEHewlett Packard Enterprise Co | 0.79% | 0.57% |
| SNOWSnowflake Inc | 0.55% | 0.83% |
| RCLRoyal Caribbean Cruises Ltd | 0.67% | 0.52% |
| LITELumentum Holdings Inc | 0.86% | 0.50% |
| WBDWarner Bros Discovery Inc | 0.73% | 0.49% |
Top 10 holdings
Largest positions by portfolio weight.
VO307 holdings total
Quick verdict
VO fits better if you care most about lower fees and faster dividend growth. IWR fits better if you care most about stronger 5-year returns and broader diversification. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how VO vs IWR fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is VO or IWR better for dividend income?
It depends on your goals. VO currently yields 1.36% Trailing Twelve Months (TTM) while IWR yields 1.16%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between VO and IWR?
Vanguard Morningstar Mid-Cap ETF (VO) is an ETF listed on AMEX. iShares Russell Mid-Cap ETF (IWR) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, VO or IWR?
VO has the lower expense ratio. VO charges 0.03% a year and IWR charges 0.18%, a difference of $15 a year on a $10,000 investment.
Which has performed better, VO or IWR?
Over the last 5 years, IWR has the higher total return with dividends reinvested: VO returned 38.7% and IWR returned 41.3%. Past performance does not predict future returns.
Which is riskier, VO or IWR?
Measured by the worst peak-to-trough decline over the last five years, VO has been riskier: VO fell as much as 27.6% and IWR as much as 26.2%. Their betas are 1.00 and 1.01.
How much do VO and IWR overlap?
At least 25% of the two portfolios overlap by weight, across 58 shared holdings. The largest shared positions are MPC, PSX, NET. Holding both still adds meaningful diversification.
How often do VO and IWR pay dividends?
VO pays annual and IWR pays quarterly.
How much income does $10,000 in VO vs IWR generate?
At current TTM yields, $10,000 in VO would generate roughly $11.34 per month ($136 annually). The same amount in IWR would produce about $9.67 per month ($116 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both VO and IWR?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare VO vs IWR with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VO and IWR fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.