What Is VOE? Vanguard Mid-Cap Value ETF

VOE is the Vanguard Mid-Cap Value ETF, a low-cost index fund that holds roughly 180 mid-sized US companies screened for value characteristics. It tracks the CRSP US Mid Cap Value Index and charges just 0.05% a year, placing it among the cheapest ways to own this slice of the market.

Mid-cap value sits between the mega-cap growth names that dominate the S&P 500 and the smaller companies in small-cap funds. VOE gives investors targeted exposure to that middle band, tilted toward companies trading at lower valuations relative to their earnings and book value.

Approximate weights as of mid-2026; refresh quarterly from Vanguard's fund page. Each ticker links to its individual stock guide in Walnut.

VOE is broadly diversified, with no single position recently above about 1.4% of assets and the top ten making up only around 13% of the fund. Recent top holdings include SLB, Cummins, Valero Energy, Phillips 66, Marathon Petroleum, CRH, General Motors, Warner Bros. Discovery, L3Harris, and Digital Realty.

Because the index screens for value, the sector mix leans toward financials, industrials, energy, utilities, and materials, with far less technology than a broad market fund. That composition is what drives VOE's returns to diverge from growth-heavy benchmarks.

The most direct comparison is VOT, Vanguard's Mid-Cap Growth ETF. Both charge 0.05%, but VOE holds value stocks while VOT holds growth stocks, so they behave differently across market cycles. Investors who want the full mid-cap market sometimes pair the two or simply own VO, Vanguard's blended Mid-Cap ETF.

Against competitors like iShares and other providers, VOE stands out mainly on cost and Vanguard's scale. Its 0.05% fee is at or near the bottom of the mid-cap value category, which is a meaningful edge over long holding periods.

VOE's returns track its underlying index closely, minus the tiny fee. Because it emphasizes value stocks, it has tended to outperform during periods when value is in favor and lag when growth and technology lead the market, as happened for much of the 2010s and early 2020s.

No one can predict which style will lead next. VOE's appeal is not timing but cheap, diversified, rules-based access to mid-cap value, letting the index decide which companies qualify rather than relying on a manager's calls.

VOE can suit long-term investors who want to add a value tilt or fill a mid-cap gap in a portfolio dominated by large-cap index funds. Its ultra-low fee and broad diversification make it a reasonable core or satellite building block.

Walnut is not an investment adviser, and whether VOE fits depends on your goals, time horizon, and risk tolerance. Mid-caps can swing more than large-caps, and value can underperform growth for years at a time, so weigh it against your full plan rather than in isolation.

VOE trades like any stock during market hours, so you can buy it through brokerages such as Robinhood, Fidelity, Schwab, or Public, most of which support fractional shares if you want to start small. There are no Vanguard account requirements to own it.

If you connect your brokerage to Walnut, you can track VOE inside a thematic basket alongside your other positions, monitor how it is doing, and see how it fits your target weights. Walnut helps you track and understand your holdings, while any trades are placed and settled at your own broker.

VOE gives broad, dirt-cheap access to mid-cap value stocks for 0.05% a year, one of the lowest fees in its category. It works best as a long-term core or satellite holding for investors who want a value tilt in the middle of the market rather than the growth-heavy names that dominate cap-weighted funds.

Whether VOE is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is VOE a buy?

VOE yields ~1.9% as of mid-2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see VOE dividend: yield and schedule.