ETF Evaluator:
Vanguard S&P Small-Cap 600 ETF (VIOO)
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(as of Jul 31)
Best Performing in Small Blend Over the Last Year
| 71.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 58.3% | iShares Micro-Cap ETF (IWC) |
| 52.2% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 50.0% | Invesco Dorsey Wright SmallCap Momt ETF (DWAS) |
| 49.9% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
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ETF Details
Vanguard S&P Small-Cap 600 ETF Overview
Vanguard S&P Small-Cap 600 ETF (VIOO) is a passively managed U.S. Equity Small Blend exchange-traded fund (ETF). Vanguard launched the ETF in 2010.
The investment seeks to track the performance of the S&P SmallCap 600® Index that measures the investment return of small-capitalization stocks in the United States.
The target index measures the performance of small-capitalization companies in the United States. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the target index.
About Vanguard S&P Small-Cap 600 ETF (VIOO)
There are 2 members of the management team with an average tenure of 2.37 years: Kenny Narzikul (2023) and Jena Stenger (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: DJ US Total Stock Market TR USD index with a weighting of 100% and S&P SmallCap 600 TR USD index with a weighting of 100%. Vanguard S&P Small-Cap 600 ETF has 608 securities in its portfolio. The top 10 holdings constitute 6.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Vanguard S&P Small-Cap 600 ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Vanguard S&P Small-Cap 600 ETF has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.9% There is 0.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Vanguard S&P Small-Cap 600 ETF has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is below the $5 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VIOO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard S&P Small-Cap 600 ETF expense ratio is low compared to funds in the Small Blend category. Vanguard S&P Small-Cap 600 ETF has an expense ratio of 0.07%, which is 83% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard S&P Small-Cap 600 ETF has a portfolio turnover rate of 22%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of June 2026, Vanguard S&P Small-Cap 600 ETF returned 7.3%, which earned it a grade of B, as the Small Blend category had an average return of 5.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Vanguard S&P Small-Cap 600 ETF has a trailing yield of 1.10%, which is below the 1.19% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard S&P Small-Cap 600 ETF Grades
Year to date, the ETF has returned 23.9%, 3.3 percentage points better than the category, which translates into a grade of B. The fund has returned 37.5% over the past year (grade of B), 16.0% over the past three years (grade of D) and 7.3% per year over the past five years (grade of D) and 11.5% per year over the past 10 years (grade of D).
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VIOO Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VIOO Return (NAV) | 7.3% | 19.7% | 37.5% | 16.0% | 7.3% | 11.5% |
| VIOO Return (Price) | 7.3% | 19.8% | 37.7% | 16.0% | 7.3% | 11.5% |
| NAV +/- Price Return | -0.019% | -0.106% | -0.206% | -0.034% | -0.004% | -0.024% |
| Small Blend Avg | 5.8% | 18.9% | 32.8% | 16.6% | 8.1% | 11.7% |
| VIOO Grade (NAV) | B | C | B | D | D | D |
| +/- Category (NAV) | 1.5% | 0.8% | 4.7% | -0.6% | -0.8% | -0.2% |
| VIOO Tax-Cost Ratio | na | na | 0.4% | 0.4% | 0.4% | 0.4% |
VIOO Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VIOO Return (NAV) | 23.9% | 6.0% | 8.6% | 16.0% | -16.2% | 26.7% | 11.4% | 22.7% | -8.6% | 13.3% | 26.4% |
| VIOO Return (Price) | 24.0% | 6.0% | 8.5% | 16.2% | -16.3% | 26.7% | 11.5% | 22.7% | -8.6% | 13.2% | 26.8% |
| NAV +/- Price Ret | 0.003% | 0.007% | -0.015% | 0.012% | 0.004% | 0.003% | 0.004% | -0.2% | 0.7% | -1.1% | 1.3% |
| Small Blend Avg | 20.6% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| VIOO Grade (NAV) | B | D | F | D | C | B | C | D | B | D | A |
| +/- Category | 3.3% | -2.7% | -3.1% | -0.3% | -0.3% | 2.7% | -1.2% | -2.1% | 0.6% | -1.1% | 6.8% |
| Risk Measures | |
| Beta: | 1.08 |
| R-Squared: | 52% |
| Standard Deviation: | 19.4% |
| Category Risk Index: | 1.06 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.60 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 1.1% |
| Total Assets: | $ 6,215 Mil |
| Share Class Assets: | $ 4,201 Mil |
| Turnover: | 22.0% |
| Expense Ratio: | 0.07% |
| Index Fund: | Yes |
| Index Tracked: | DJ US Total Stock Market TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.4 years | |||
| Average Tenure: 2.4 years | |||
| Managers (Year): Narzikul Kenny (2023), Stenger Jena (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 608 |
| % in Top 10 Holdings: | 6.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 98.9% |
| Foreign Stock: | 0.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 0.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Vanguard |
| Phone Number: | 866-499-8473 |
| Website: | www.vanguard.com |
| Inception Date: | September 7, 2010 |
Expenses and Fees
| Expense Ratio (%): | 0.07% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.42% |
