Inflation-Adjusted Vanguard Mid-Cap ETF (VO)

The Vanguard Mid-Cap ETF (VO) offers investors diversified exposure to mid-sized companies in the US stock market.

Nominal returns are an incomplete measure of performance because they don't reflect the real growth of an investment's purchasing power. To provide a more accurate analysis, this page adjusts the historical price of VO for inflation using the US Consumer Price Index to reveal its real performance over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use March 2026 as the baseline (latest available CPI).

The current value of the Vanguard Mid-Cap ETF is 77.23 (as of the close of May 1, 2026), 0.1% lower than the all-time high of 77.31 (Apr 30, 2026).

Since January 30, 2004, the inflation-adjusted total return for the ETF has been 1,135%, which is equivalent to an annual growth rate of 11.96%.

In nominal values, the total return since this date has been 2,102%, or an annualized rate of 14.91%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power based on the latest CPI data, following the same present-value method that underlies the US Inflation Calculator. The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
May 2026	77.23	77.23
Apr 2026	77.31	77.31
Mar 2026	71.79	71.79
Feb 2026	76.21	75.42
Jan 2026	74.04	72.93
Dec 2025	72.84	71.48
Nov 2025	72.18	70.85
Oct 2025	70.55	70.55
Sep 2025	72.42	71.23
Aug 2025	70.66	69.33
Jul 2025	69.9	68.39
Jun 2025	68.5	66.91
May 2025	65.36	63.62
Apr 2025	62.08	60.31
Mar 2025	62.89	60.91
Feb 2025	64.78	62.6
Jan 2025	66.3	63.78
Dec 2024	63.95	61.12
Nov 2024	67.83	64.81
Oct 2024	62.57	59.82
Sep 2024	62.91	60.07
Aug 2024	60.79	57.95
Jul 2024	59.35	56.53
Jun 2024	57.11	54.34
May 2024	56.85	54.07
Apr 2024	55.42	52.62
Mar 2024	58.39	55.23
Feb 2024	55.7	52.35
Jan 2024	53.4	49.87
Dec 2023	54.5	50.63
Nov 2023	50.04	46.53
Oct 2023	45.4	42.3
Sep 2023	47.63	44.4
Aug 2023	49.65	46.17
Jul 2023	51.74	47.9
Jun 2023	50.07	46.27
May 2023	45.8	42.19
Apr 2023	47.16	43.33
Mar 2023	47.77	43.66
Feb 2023	47.92	43.66
Jan 2023	49.53	44.87
Dec 2022	46.24	41.56
Nov 2022	47.94	43.22
Oct 2022	45.12	40.72
Sep 2022	41.74	37.52
Aug 2022	45.86	41.13
Jul 2022	47.23	42.38
Jun 2022	43.11	38.68
May 2022	47.78	42.29
Apr 2022	48.48	42.45
Mar 2022	53.01	46.15
Feb 2022	51.83	44.53
Jan 2022	52.82	44.97
Dec 2021	57.82	48.82
Nov 2021	55.21	46.47
Oct 2021	56.9	47.66
Sep 2021	53.83	44.72
Aug 2021	55.91	46.32
Jul 2021	54.39	44.96
Jun 2021	53.94	44.38
May 2021	53.03	43.23
Apr 2021	53.02	42.88
Mar 2021	51	40.91
Feb 2021	49.72	39.6
Jan 2021	47.46	37.6
Dec 2020	47.89	37.77
Nov 2020	45.47	35.83
Oct 2020	40.08	31.61
Sep 2020	40.13	31.63
Aug 2020	40.37	31.78
Jul 2020	39.25	30.8
Jun 2020	37.1	28.96
May 2020	36.12	28.04
Apr 2020	33.67	26.14
Mar 2020	29.28	22.89
Feb 2020	35.28	27.64
Jan 2020	38.78	30.29
Dec 2019	39.02	30.37
Nov 2019	37.44	29.16
Oct 2019	36.25	28.25
Sep 2019	35.94	27.94
Aug 2019	34.9	27.11
Jul 2019	35.88	27.88
Jun 2019	35.48	27.52
May 2019	32.79	25.43
Apr 2019	34.98	27.07
Mar 2019	33.91	26.1
Feb 2019	33.3	25.49
Jan 2019	32.08	24.45
Dec 2018	29.09	22.13
Nov 2018	31.67	24.17
Oct 2018	30.84	23.62
Sep 2018	33.71	25.77
Aug 2018	33.44	25.53
Jul 2018	32.64	24.91
Jun 2018	31.84	24.3
May 2018	31.27	23.82
Apr 2018	30.84	23.4
Mar 2018	31.02	23.44
Feb 2018	30.82	23.24
Jan 2018	32.26	24.22
Dec 2017	31.11	23.23
Nov 2017	30.39	22.7
Oct 2017	29.47	22.01
Sep 2017	29.03	21.7
Aug 2017	28.23	20.99
Jul 2017	28.49	21.12
Jun 2017	27.97	20.75
May 2017	27.56	20.42
Apr 2017	27.33	20.24
Mar 2017	27.1	20.01
Feb 2017	26.84	19.8
Jan 2017	26.13	19.22
Dec 2016	25.53	18.66
Nov 2016	25	18.27
Oct 2016	23.84	17.45
Sep 2016	24.63	18.01
Aug 2016	24.29	17.72
Jul 2016	24.29	17.7
Jun 2016	23.19	16.93
May 2016	23	16.74
Apr 2016	22.68	16.43
Mar 2016	22.67	16.35
Feb 2016	20.93	15.03
Jan 2016	20.66	14.82
Dec 2015	22.4	16.05
Nov 2015	22.59	16.24
Oct 2015	22.48	16.19
Sep 2015	21.2	15.28
Aug 2015	21.38	15.43
Jul 2015	22.51	16.27
Jun 2015	22.25	16.08
May 2015	22.71	16.36
Apr 2015	22.58	16.18
Mar 2015	23.42	16.74
Feb 2015	22.77	16.19
Jan 2015	21.57	15.27
Dec 2014	21.91	15.58
Nov 2014	20.94	14.98
Oct 2014	20.25	14.56
Sep 2014	19.54	14.08
Aug 2014	20.2	14.55
Jul 2014	19.26	13.89
Jun 2014	19.74	14.25
May 2014	19.2	13.83
Apr 2014	18.83	13.52
Mar 2014	19.06	13.64
Feb 2014	19.22	13.66
Jan 2014	18.19	12.88
Dec 2013	18.7	13.2
Nov 2013	17.56	12.39
Oct 2013	17.17	12.14
Sep 2013	16.57	11.75
Aug 2013	15.86	11.23
Jul 2013	16.3	11.53
Jun 2013	15.43	10.91
May 2013	15.64	11.03
Apr 2013	15.39	10.83
Mar 2013	15.11	10.65
Feb 2013	14.49	10.19
Jan 2013	14.43	10.06
Dec 2012	13.58	9.44
Nov 2012	12.69	8.85
Oct 2012	12.43	8.71
Sep 2012	12.57	8.81
Aug 2012	12.38	8.64
Jul 2012	12.08	8.38
Jun 2012	12.06	8.38
May 2012	11.75	8.18
Apr 2012	12.63	8.8
Mar 2012	12.75	8.86
Feb 2012	12.6	8.69
Jan 2012	12.13	8.33
Dec 2011	11.42	7.81
Nov 2011	11.01	7.54
Oct 2011	11.07	7.59
Sep 2011	9.76	6.71
Aug 2011	10.85	7.45
Jul 2011	11.7	8
Jun 2011	12.12	8.29
May 2011	12.41	8.49
Apr 2011	12.52	8.53
Mar 2011	12.27	8.3
Feb 2011	12.17	8.16
Jan 2011	11.75	7.84
Dec 2010	11.56	7.67
Nov 2010	10.47	6.94
Oct 2010	10.26	6.79
Sep 2010	9.87	6.53
Aug 2010	8.92	5.9
Jul 2010	9.35	6.18
Jun 2010	8.75	5.78
May 2010	9.32	6.16
Apr 2010	10.06	6.64
Mar 2010	9.73	6.41
Feb 2010	9.12	5.99
Jan 2010	8.67	5.69
Dec 2009	9.02	5.9
Nov 2009	8.21	5.38
Oct 2009	7.82	5.12
Sep 2009	8.19	5.35
Aug 2009	7.71	5.04
Jul 2009	7.36	4.8
Jun 2009	6.74	4.4
May 2009	6.84	4.43
Apr 2009	6.57	4.24
Mar 2009	5.76	3.71
Feb 2009	5.31	3.41
Jan 2009	5.9	3.77
Dec 2008	6.36	4.05
Nov 2008	5.64	3.63
Oct 2008	6.09	3.99
Sep 2008	7.72	5.12
Aug 2008	8.86	5.88
Jul 2008	8.69	5.79
Jun 2008	9.09	6.02
May 2008	9.95	6.53
Apr 2008	9.6	6.25
Mar 2008	9.04	5.85
Feb 2008	9.34	5.99
Jan 2008	9.51	6.08
Dec 2007	10.24	6.51
Nov 2007	9.89	6.29
Oct 2007	10.48	6.63
Sep 2007	10.31	6.51
Aug 2007	10.05	6.33
Jul 2007	9.96	6.28
Jun 2007	10.44	6.59
May 2007	10.65	6.71
Apr 2007	10.27	6.43
Mar 2007	9.98	6.21
Feb 2007	9.97	6.15
Jan 2007	10.01	6.13
Dec 2006	9.71	5.93
Nov 2006	9.38	5.72
Oct 2006	9.01	5.5
Sep 2006	8.64	5.31
Aug 2006	8.46	5.22
Jul 2006	8.31	5.12
Jun 2006	8.52	5.23
May 2006	8.58	5.26
Apr 2006	8.94	5.45
Mar 2006	8.94	5.41
Feb 2006	8.71	5.24
Jan 2006	8.8	5.28
Dec 2005	8.41	5.01
Nov 2005	8	4.79
Oct 2005	7.55	4.55
Sep 2005	7.83	4.72
Aug 2005	7.81	4.65
Jul 2005	7.88	4.66
Jun 2005	7.53	4.43
May 2005	7.31	4.3
Apr 2005	6.93	4.08
Mar 2005	7.24	4.24
Feb 2005	7.38	4.29
Jan 2005	7.16	4.13
Dec 2004	7.39	4.26
Nov 2004	6.84	3.95
Oct 2004	6.38	3.69
Sep 2004	6.23	3.58
Aug 2004	5.99	3.44
Jul 2004	6.03	3.46
Jun 2004	6.26	3.6
May 2004	6.16	3.53
Apr 2004	6.04	3.44
Mar 2004	6.33	3.59
Feb 2004	6.38	3.6
Jan 2004	6.25	3.51

Returns from Investing in the Vanguard Mid-Cap ETF

How much did an investment in the VO ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the Vanguard Mid-Cap ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2011.

Year	Inflation-Adjusted Return	Nominal Return
2024	17.34%	20.73%
2023	17.85%	21.8%
2022	-20.02%	-14.86%
2021	20.74%	29.24%
2020	22.72%	24.39%
2019	34.13%	37.19%
2018	-6.49%	-4.7%
2017	21.87%	24.44%
2016	13.96%	16.32%
2015	2.25%	3%
2014	17.15%	18.04%
2013	37.69%	39.75%
2012	18.9%	20.97%
2011	-1.15%	1.78%
2010	28.14%	30.05%
2009	41.71%	45.56%
2008	-37.84%	-37.78%
2007	5.44%	9.74%
2006	15.44%	18.37%
2005	13.89%	17.78%

Vanguard Mid-Cap Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the Vanguard Mid-Cap over various trailing periods ending March 31, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	14.16%	17.88%
Last 3 years	14.55%	18.03%
Last 5 years	7.08%	11.91%
Last 10 years	12.22%	15.95%
Last 20 years	10.98%	13.8%

Real Returns of Investing in the Vanguard Mid-Cap

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Vanguard Mid-Cap five years ago yielded an 79.87% nominal gain, but the real return (the actual increase in buying power) was 45.65%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025	$179.87	79.87%	45.65%
Last 10 years Feb 2016 - Sep 2025	$474.02	374.02%	246.05%

About the Vanguard Mid-Cap ETF

The Vanguard Mid-Cap ETF (VO) is an exchange-traded fund managed by Vanguard that seeks to track the performance of the CRSP US Mid Cap Index. Launched in January 2004, VO provides investors with convenient exposure to the mid-capitalization segment of the US stock market.

The fund includes a diverse mix of stocks from various sectors, representing companies that are larger than small-caps but smaller than large-caps. With its low expense ratio, VO is a common choice for investors seeking to add mid-cap growth potential to their portfolios.

Last Close May 1, 2026	77.23
Highest Apr 30, 2026	77.31
Highest, Inflation-Adjusted Apr 30, 2026	77.31
Annualized return Since Jan 30, 2004	14.91%
Annualized return, Inflation-Adjusted Since Jan 30, 2004	11.96%