VO alternatives and similar ETFs

VO alternatives at a glance#

Each fund below can stand in for VO, closest first. “Same kind” funds hold the same kind of stocks through a different index. “Related” funds make a different bet that often moves the same way.

Fees come from each fund company, checked on the dates shown on each fund’s page.

How VO and its alternatives did over the same dates#

Each row measures the alternative and VO on the days both traded, so neither gets a head start. Correlation shows how closely their daily moves matched over about the last five years. A value of 1 means they always moved together.

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

Each VO alternative, compared#

IWR: iShares Russell Mid-Cap ETF#

IWR also holds medium-sized US companies. It tracks the Russell MidCap Index, while VO tracks the Morningstar US Mid Cap Index.

It charges 0.18% a year, about $18 on $10,000, against $3 for VO. It held 822 stocks, against 271 for VO.

From January 2004 to October 2026, IWR returned about 10.1% a year and VO returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.99).

Read the IWR fund page for its returns by year and worst drop.

SCHM: Schwab U.S. Mid-Cap ETF#

SCHM also holds medium-sized US companies. It tracks the Dow Jones U.S. Mid-Cap Total Stock Market Index, while VO tracks the Morningstar US Mid Cap Index.

It charges 0.03% a year, about $3 on $10,000, against $3 for VO. It held 497 stocks, against 271 for VO.

From January 2011 to October 2026, SCHM returned about 10.9% a year and VO returned about 11.2% a year. Over about the last five years they moved almost exactly together (correlation 0.97).

Read the SCHM fund page for its returns by year and worst drop.

IJH: iShares Core S&P Mid-Cap ETF#

IJH also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while VO tracks the Morningstar US Mid Cap Index.

It charges 0.05% a year, about $5 on $10,000, against $3 for VO. It held 408 stocks, against 271 for VO.

From January 2004 to October 2026, IJH returned about 9.8% a year and VO returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96).

Read the IJH fund page for its returns by year and worst drop.

MDY: State Street SPDR S&P MidCap 400 ETF Trust#

MDY also holds medium-sized US companies. It tracks the S&P MidCap 400 Index, while VO tracks the Morningstar US Mid Cap Index.

It charges 0.23% a year, about $23 on $10,000, against $3 for VO. It held 400 stocks, against 271 for VO.

From January 2004 to October 2026, MDY returned about 9.6% a year and VO returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96).

Read the MDY fund page for its returns by year and worst drop.

VB: Vanguard Morningstar Small-Cap ETF#

VB is a looser match. It holds small US companies, while VO holds medium-sized US companies.

It charges 0.03% a year, about $3 on $10,000, against $3 for VO. It held 1,301 stocks, against 271 for VO.

From January 2004 to October 2026, VB returned about 9.6% a year and VO returned about 10.2% a year. Over about the last five years they moved almost exactly together (correlation 0.96).

Read the VB fund page for its returns by year and worst drop.

SCHA: Schwab U.S. Small-Cap ETF#

SCHA is a looser match. It holds small US companies, while VO holds medium-sized US companies.

It charges 0.03% a year, about $3 on $10,000, against $3 for VO. It held 1,721 stocks, against 271 for VO.

From November 2009 to October 2026, SCHA returned about 11.8% a year and VO returned about 12.6% a year. Over about the last five years they moved together on most days (correlation 0.93).

Read the SCHA fund page for its returns by year and worst drop.

IWM: iShares Russell 2000 ETF#

IWM is a looser match. It holds small US companies, while VO holds medium-sized US companies.

It charges 0.19% a year, about $19 on $10,000, against $3 for VO. It held 1,983 stocks, against 271 for VO.

From January 2004 to October 2026, IWM returned about 8.4% a year and VO returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.92).

Read the IWM fund page for its returns by year and worst drop.

IJR: iShares Core S&P Small-Cap ETF#

IJR is a looser match. It holds small US companies, while VO holds medium-sized US companies.

It charges 0.06% a year, about $6 on $10,000, against $3 for VO. It held 643 stocks, against 271 for VO.

From January 2004 to October 2026, IJR returned about 9.6% a year and VO returned about 10.2% a year. Over about the last five years they moved together on most days (correlation 0.91).

Read the IJR fund page for its returns by year and worst drop.

VO versions from other fund companies#

Some people keep all their funds with one company. Here is the closest fund to VO from each other company on this page:

• iShares (BlackRock): IWR, iShares Russell Mid-Cap ETF (same kind of fund, 0.18% a year)
• Schwab: SCHM, Schwab U.S. Mid-Cap ETF (same kind of fund, 0.03% a year)
• SPDR (State Street): MDY, State Street SPDR S&P MidCap 400 ETF Trust (same kind of fund, 0.23% a year)

Most brokers let you buy any ETF, whoever runs it. Mutual fund versions, such as a fund company’s index mutual fund, are not listed here.

How to choose between VO and its alternatives#

• What it tracks. A fund on the same index holds the same stocks. A different index can mean different weights, more or fewer holdings, or a different mix.
• The fee. The difference is often small. On $10,000, VO costs about $3 a year.
• History. An older fund has been through more bad markets, so you can see how far it fell.
• What you already own. Two funds that move together add little variety. A fund with a low correlation behaves more on its own.

Swapping VO to harvest a tax loss#

Some investors sell a fund at a loss to lower their taxes, then buy a similar fund so they stay invested. This is called tax-loss harvesting.

The IRS wash sale rule blocks the loss if you buy a “substantially identical” security within 30 days before or after the sale. The IRS has not said exactly when two funds count. Funds on the same index are more likely to. Funds on a different index, such as IWR, SCHM or IJH, are less likely to.

Ask a tax professional before you rely on this. Read the IRS rules in Publication 550.

Test VO and its alternatives in a backtest#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add VO and IWR, and see how each would have done on the same dates, or how a mix of both would have done.

The details#

Alternatives are picked from facts, not from returns. First come funds that track the same index as VO. Then come funds that hold the same kind of stocks through another index. Last come funds from a close category that make a different bet. Leveraged funds are only listed as alternatives to other leveraged funds.

Within each group, the funds whose daily returns moved most like VO over about the last five years come first. Returns and worst drops use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. Each alternative is measured with VO only on days both traded. Read what a backtest simulates for more on these measures.