# IJH vs VO: fees, holdings and returns compared

> IJH vs VO: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops.

IJH holds the about 400 mid-size US companies in the S&P MidCap 400. VO holds a few hundred mid-size companies from a Morningstar index. VO's companies are larger on average, and the two have often moved differently. Over the same dates since January 2004, IJH returned about 9.9% a year and VO returned about 10.2% a year.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 20, 2026.

## Key points

- VO costs less: 0.03% a year against 0.05%.
- IJH started trading in May 2000. VO started in January 2004.
- Worst drops since 2004: IJH −55.1%, VO −58.9%.
- Daily correlation: 0.97 (1 means they always move together).

## What is the difference between IJH and VO?

The indexes draw the mid-size band in different places. Morningstar's mid-cap index reaches up into companies big enough to sit in the S&P 500, so VO is larger on average. The S&P 400 sits below the S&P 500, with no overlap, and requires a profit to join. Both charge very low fees.

| Fact | IJH | VO |
| --- | --- | --- |
| Full name | iShares Core S&P Mid-Cap ETF | Vanguard Morningstar Mid-Cap ETF |
| Issuer | iShares (BlackRock) | Vanguard |
| Expense ratio | 0.05% a year | 0.03% a year |
| Started trading | May 22, 2000 | January 26, 2004 |
| Tracks | S&P MidCap 400 Index | Morningstar US Mid Cap Index |
| Holdings | 408 holdings as of October 15, 2026 | 271 holdings as of September 30, 2026 |
| Type | US stocks, ETF | US stocks, ETF |

Fund facts checked on the [iShares (BlackRock) IJH page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf) and the [Vanguard VO page](https://investor.vanguard.com/investment-products/etfs/profile/vo).

## Is IJH or VO cheaper?

VO costs less: 0.03% a year against 0.05%. On $10,000, that is about $5 a year for IJH and $3 for VO. The fund takes its fee out of its own value a little each day, so you never get a bill.

## IJH vs VO performance over the same dates

Both funds are measured from January 2004 to October 2026, the dates both traded. IJH returned about 9.9% a year and VO returned about 10.2% a year. VO came out ahead over this period, which does not mean it will again.

| Measure | IJH | VO |
| --- | --- | --- |
| $10,000 grew to | $85,368 | $90,739 |
| Total return | 753.7% | 807.4% |
| Return per year (CAGR) | 9.9% | 10.2% |
| Worst drop from a high | −55.1% | −58.9% |
| Volatility (how much it swings) | 21.3% | 20.3% |
| Last 12 months | 13.4% | 12.0% |
| Last 3 years, per year | 16.8% | 18.9% |
| Last 5 years, per year | 7.2% | 6.8% |
| Last 10 years, per year | 10.8% | 11.5% |

Prices through October 20, 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.

## IJH and VO returns by year

| Year | IJH | VO |
| --- | --- | --- |
| 2026 (part of the year) | 11.6% | 12.3% |
| 2025 | 7.4% | 11.6% |
| 2024 | 13.9% | 15.3% |
| 2023 | 16.4% | 16.0% |
| 2022 | −13.1% | −18.7% |
| 2021 | 24.7% | 24.7% |
| 2020 | 13.6% | 18.1% |
| 2019 | 26.1% | 31.0% |
| 2018 | −11.2% | −9.2% |
| 2017 | 16.3% | 19.3% |
| 2016 | 20.7% | 11.3% |
| 2015 | −2.3% | −1.4% |
| 2014 | 9.7% | 13.8% |
| 2013 | 33.5% | 35.0% |
| 2012 | 17.8% | 16.2% |
| 2011 | −2.2% | −2.1% |
| 2010 | 26.7% | 25.7% |
| 2009 | 37.8% | 40.5% |
| 2008 | −36.2% | −41.6% |
| 2007 | 7.3% | 5.5% |
| 2006 | 9.7% | 13.9% |
| 2005 | 12.9% | 14.0% |
| 2004 (part of the year) | 13.7% | 17.5% |

## Which fell further in bad times?

A drawdown is how far a fund falls from its last high point. IJH's worst fall was −55.1%, from June 4, 2007 to March 9, 2009. It got back to that high on December 2, 2010.

VO's worst fall was −58.9%, from July 13, 2007 to March 9, 2009. It got back to that high on February 8, 2011.

Their daily moves had a correlation of 0.97. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.

## Why people choose IJH or VO

**IJH.** People who want mid-size companies that do not overlap with an S&P 500 fund tend to pick IJH.

**VO.** People who want larger mid-size companies, or use Vanguard, tend to pick VO.

## Strategies that hold IJH or VO

No classic strategy holds IJH or VO yet.

## Other funds like IJH and VO

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [IJH alternatives](https://tactfolio.com/alternatives/IJH.md) and [VO alternatives](https://tactfolio.com/alternatives/VO.md).

## Test a mix of IJH and VO

Open the [builder](https://tactfolio.com/builder), add IJH and VO, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [IJH](https://tactfolio.com/etf/IJH.md) and [VO](https://tactfolio.com/etf/VO.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md).

## The details

Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### Does IJH overlap with the S&P 500?

No. A company is in the S&P MidCap 400 or the S&P 500, not both, so IJH and an S&P 500 fund do not overlap.

### Does VO overlap with VOO?

Partly. Morningstar's mid-cap index includes some companies that are also in the S&P 500.

### Which is cheaper, IJH or VO?

VO costs less: 0.03% a year against 0.05%. Fees come from each issuer and were checked on October 17, 2026.

### Which did better, IJH or VO?

From January 2004 to October 2026, IJH returned about 9.9% a year and VO returned about 10.2% a year, with dividends reinvested. Their worst drops were −55.1% and −58.9%. Past returns do not tell you what comes next.

## Sources

- [iShares (BlackRock): iShares Core S&P Mid-Cap ETF fund page](https://www.ishares.com/us/products/239763/ishares-core-sp-midcap-etf)
- [Vanguard: Vanguard Morningstar Mid-Cap ETF fund page](https://investor.vanguard.com/investment-products/etfs/profile/vo)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.