IJR vs VO: returns, risk and drawdowns compared
iShares Core S&P Small-Cap ETF against Vanguard Mid-Cap ETF, over the same 6 years (July 2020 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2020 to October 2026, IJR returned 13.1% a year and VO 11.7% a year on average, so IJR came out ahead by 1.5% a year. IJR was the more volatile of the two (20.2% against 16.6% a year), and the deepest falls from a month-end high were 23.1% for IJR and 26.0% for VO.
The correlation of monthly returns was 0.90: they usually moved together. Over 41 rolling 3-year periods, IJR did better in 39% and VO in 61%.
Side by side
| IJR | VO | |
|---|---|---|
| Annual return (CAGR) | +13.1% | +11.7% |
| Total return | +119% | +101% |
| Annual volatility | 20.2% | 16.6% |
| Maximum drawdown (month-end) | −23.1% | −26.0% |
| Worst month | −9.8% | −10.2% |
| Best month | +18.2% | +13.4% |
| Positive months | 57% | 58% |
| Best year | 2021: +26.6% | 2021: +23.6% |
| Worst year | 2022: −16.2% | 2022: −19.7% |
| 1-year return | +17.0% | +11.8% |
| 5 years, a year | +5.5% | +5.6% |
| 10 years, a year | +10.0% | — |
| Trading currency | USD | USD |
First nine rows: the same 76 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IJR vs VO
Returns by calendar year
| Year | IJR | VO |
|---|---|---|
| 2025 | +5.9% | +10.3% |
| 2024 | +8.6% | +14.0% |
| 2023 | +16.1% | +14.6% |
| 2022 | −16.2% | −19.7% |
| 2021 | +26.6% | +23.6% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, IJR or VO?
From July 2020 to October 2026, IJR returned +13.1% a year and VO +11.7% a year, with dividends reinvested. Over rolling 3-year periods IJR did better in 39% of cases. Past returns do not predict future returns.
Which is riskier, IJR or VO?
Over the same months annual volatility was 20.2% for IJR and 16.6% for VO; the deepest fall from a month-end high was 23.1% and 26.0%, and the worst single month −9.8% and −10.2%.
How correlated are IJR and VO?
The correlation of their monthly returns was 0.90: they usually moved together. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.