Dividend comparison
VO vs MDY: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard Morningstar Mid-Cap ETF and State Street SPDR S&P MIDCAP 400 ETF Trust, side by side. Updated October 21, 2026.
VO vs MDY: key differences
The short answer, from the latest data on this page.
- Fees. VO is cheaper at 0.03% a year versus 0.23% for MDY. On $10,000 that is $20 a year less in fees.
- Income. VO pays more income, yielding 1.36% over the last twelve months versus 1.05% for MDY. That is about $31 more a year on $10,000. VO pays annual, MDY pays semi-annual.
- Performance. Over the last 5 years, VO returned 38.7% versus 38.2% for MDY, with dividends reinvested. $10,000 would have grown to $13,870 in VO and $13,823 in MDY.
- Risk. VO has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -27.6%, against -24.0% for MDY.
- Diversification. MDY holds 400 positions and VO holds 307. The ten largest positions make up 9.7% of VO and 8.1% of MDY.
- Dividend growth. VO grew its yearly payout 11.5% a year over the last 4 years, versus 8.5% for MDY.
- Size. VO is the larger fund with $216.5 billion in assets, against $25.6 billion for MDY.
Bottom line: VO fits better if you care most about lower fees, more income today and faster dividend growth. MDY fits better if you care most about smaller drawdowns.
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 | MDY State Street SPDR S&P MIDCAP 400 ETF Trust |
|---|---|---|
| Dividend yield (TTM) | 1.36% | 1.05% |
| Dividend / share (TTM) | $1.10 | $7.02 |
| Payout frequency | Annual | Semi-annual |
| Last dividend | $0.2899 on Sep 30, 2026 | $1.7022 on Jul 31, 2026 |
| Ex-dividend date | Sep 28, 2026 | Sep 18, 2026 |
| Next payment | — | $1.6035 on Oct 30, 2026 |
| Dividend growth (CAGR) | 11.5% over 4 yrs | 8.5% over 4 yrs |
| Price | $80.93 | $666.92 |
| Dividend growth streak | 4 years | 5 years |
| Beta | 1.00 | 1.01 |
| Max drawdown (5Y) | -27.6% | -24.0% |
| Market cap | $216.50B | $25.53B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.03% | 0.23% |
| Assets under management | $216.50B | $25.58B |
| Number of holdings | 307 | 400 |
| Top 10 concentration | 9.7% | 8.1% |
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
MDY
$8.77/mo
$105 /yr at 1.05% yield
Dividend history
Total dividends paid per share in each calendar year. VO pays annual; MDY pays semi-annual.
| Year | VO | MDY |
|---|---|---|
| 2025 | $1.1052 | $6.8109 |
| 2024 | $0.9856 | $6.5518 |
| 2023 | $0.8837 | $5.9265 |
| 2022 | $0.8166 | $5.8700 |
| 2021 | $0.7156 | $4.9066 |
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 $13,823 in MDY.
| Period | VO | MDY |
|---|---|---|
| 1 month | 1.53% | 0.04% |
| 3 months | 1.63% | -3.17% |
| Year to date | 12.73% | 10.55% |
| 1 year | 12.40% | 11.91% |
| 3 years | 68.29% | 56.30% |
| 5 years | 38.70% | 38.23% |
- VO
- MDY
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
- MDY
VO vs MDY holdings overlap
At least 0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.
VO307 holdings total
Quick verdict
VO fits better if you care most about lower fees, more income today and faster dividend growth. MDY fits better if you care most about smaller drawdowns. 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 MDY fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is VO or MDY better for dividend income?
It depends on your goals. VO currently yields 1.36% Trailing Twelve Months (TTM) while MDY yields 1.05%. 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 MDY?
Vanguard Morningstar Mid-Cap ETF (VO) is an ETF listed on AMEX. State Street SPDR S&P MIDCAP 400 ETF Trust (MDY) 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 MDY?
VO has the lower expense ratio. VO charges 0.03% a year and MDY charges 0.23%, a difference of $20 a year on a $10,000 investment.
Which has performed better, VO or MDY?
Over the last 5 years, VO has the higher total return with dividends reinvested: VO returned 38.7% and MDY returned 38.2%. Past performance does not predict future returns.
Which is riskier, VO or MDY?
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 MDY as much as 24.0%. Their betas are 1.00 and 1.01.
How often do VO and MDY pay dividends?
VO pays annual and MDY pays semi-annual.
How much income does $10,000 in VO vs MDY generate?
At current TTM yields, $10,000 in VO would generate roughly $11.34 per month ($136 annually). The same amount in MDY would produce about $8.77 per month ($105 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both VO and MDY?
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 MDY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VO and MDY 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.