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 December 2025 as the baseline (latest available CPI).

The current value of the Vanguard Mid-Cap ETF is 299.46 (as of the close of Jan 28, 2026), 0.6% lower than the all-time high of 301.27 (Jan 15, 2026).

Since January 30, 2004, the inflation-adjusted total return for the ETF has been 375.11%, which is equivalent to an annual growth rate of 7.34%.

In nominal values, the total return since this date has been 731.33%, or an annualized rate of 10.11%.

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). 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
Jan 2026	299.46	299.46
Dec 2025	290.22	290.22
Nov 2025	290.95	291.01
Oct 2025	289.77	289.77
Sep 2025	291.92	292.59
Aug 2025	287.85	287.78
Jul 2025	284.75	283.87
Jun 2025	279.04	277.76
May 2025	269.28	267.13
Apr 2025	255.79	253.22
Mar 2025	259.12	255.72
Feb 2025	270.45	266.3
Jan 2025	276.77	271.32
Dec 2024	266.98	260.01
Nov 2024	286.61	279.04
Oct 2024	264.4	257.55
Sep 2024	265.83	258.65
Aug 2024	259.63	252.22
Jul 2024	253.48	246.04
Jun 2024	243.93	236.49
May 2024	245.59	238.02
Apr 2024	239.42	231.65
Mar 2024	252.26	243.14
Feb 2024	243.48	233.17
Jan 2024	233.4	222.14
Dec 2023	238.21	225.49
Nov 2023	222.12	210.46
Oct 2023	201.51	191.32
Sep 2023	211.41	200.8
Aug 2023	222.78	211.07
Jul 2023	232.14	218.98
Jun 2023	224.66	211.53
May 2023	207.83	195.05
Apr 2023	213.99	200.32
Mar 2023	216.75	201.88
Feb 2023	219.89	204.14
Jan 2023	227.25	209.8
Dec 2022	212.19	194.35
Nov 2022	223.53	205.36
Oct 2022	210.37	193.47
Sep 2022	194.65	178.28
Aug 2022	216.46	197.83
Jul 2022	222.93	203.82
Jun 2022	203.47	186.05
May 2022	227.56	205.26
Apr 2022	230.91	206.01
Mar 2022	252.45	223.97
Feb 2022	249.19	218.17
Jan 2022	253.93	220.31
Dec 2021	277.98	239.16
Nov 2021	268.32	230.15
Oct 2021	276.55	236.04
Sep 2021	261.61	221.45
Aug 2021	273.79	231.14
Jul 2021	266.31	224.35
Jun 2021	264.12	221.44
May 2021	261.93	217.58
Apr 2021	261.91	215.84
Mar 2021	251.9	205.9
Feb 2021	247.74	201.07
Jan 2021	236.47	190.88
Dec 2020	238.6	191.79
Nov 2020	229.6	184.38
Oct 2020	202.41	162.64
Sep 2020	202.63	162.76
Aug 2020	206.23	165.42
Jul 2020	200.5	160.31
Jun 2020	189.51	150.76
May 2020	186.77	147.78
Apr 2020	174.12	137.76
Mar 2020	151.4	120.6
Feb 2020	185.15	147.8
Jan 2020	203.51	162.01
Dec 2019	204.8	162.41
Nov 2019	199.76	158.56
Oct 2019	193.42	153.61
Sep 2019	191.74	151.92
Aug 2019	187.95	148.8
Jul 2019	193.27	153.02
Jun 2019	191.09	151.04
May 2019	178.46	141.03
Apr 2019	190.37	150.12
Mar 2019	184.52	144.75
Feb 2019	183.09	142.82
Jan 2019	176.36	136.99
Dec 2018	159.94	124
Nov 2018	176.76	137.48
Oct 2018	172.14	134.34
Sep 2018	188.17	146.59
Aug 2018	189.2	147.22
Jul 2018	184.71	143.64
Jun 2018	180.16	140.1
May 2018	178.76	138.79
Apr 2018	176.3	136.31
Mar 2018	177.34	136.57
Feb 2018	177.95	136.73
Jan 2018	186.24	142.45
Dec 2017	179.6	136.63
Nov 2017	177.65	135.23
Oct 2017	172.23	131.1
Sep 2017	169.66	129.22
Aug 2017	166.74	126.33
Jul 2017	168.26	127.1
Jun 2017	165.17	124.85
May 2017	164.35	124.12
Apr 2017	163.01	123
Mar 2017	161.6	121.58
Feb 2017	161.67	121.53
Jan 2017	157.38	117.94
Dec 2016	153.76	114.55
Nov 2016	152.75	113.77
Oct 2016	145.68	108.67
Sep 2016	150.47	112.11
Aug 2016	150.21	111.64
Jul 2016	150.19	111.52
Jun 2016	143.39	106.65
May 2016	143.86	106.65
Apr 2016	141.83	104.72
Mar 2016	141.77	104.18
Feb 2016	131.8	96.44
Jan 2016	130.13	95.14
Dec 2015	141.08	102.97
Nov 2015	144.43	105.78
Oct 2015	143.7	105.46
Sep 2015	135.53	99.52
Aug 2015	140.51	103.33
Jul 2015	147.93	108.94
Jun 2015	146.23	107.69
May 2015	149.27	109.54
Apr 2015	148.37	108.33
Mar 2015	153.9	112.14
Feb 2015	149.75	108.47
Jan 2015	141.84	102.3
Dec 2014	144.07	104.39
Nov 2014	142.83	104.09
Oct 2014	138.14	101.22
Sep 2014	133.26	97.89
Aug 2014	137.75	101.11
Jul 2014	131.35	96.57
Jun 2014	134.63	99.02
May 2014	130.97	96.15
Apr 2014	128.44	93.96
Mar 2014	129.97	94.77
Feb 2014	131.15	95.02
Jan 2014	124.11	89.59
Dec 2013	127.62	91.78
Nov 2013	123.94	89.14
Oct 2013	121.19	87.34
Sep 2013	116.96	84.51
Aug 2013	111.94	80.79
Jul 2013	115.07	82.95
Jun 2013	108.89	78.46
May 2013	110.42	79.38
Apr 2013	108.61	77.93
Mar 2013	106.65	76.61
Feb 2013	102.35	73.32
Jan 2013	101.94	72.44
Dec 2012	95.94	67.97
Nov 2012	93.32	66.3
Oct 2012	91.41	65.25
Sep 2012	92.43	66.01
Aug 2012	91.05	64.73
Jul 2012	88.84	62.81
Jun 2012	88.66	62.79
May 2012	86.36	61.25
Apr 2012	92.86	65.93
Mar 2012	93.73	66.35
Feb 2012	92.67	65.11
Jan 2012	89.22	62.41
Dec 2011	84.01	58.5
Nov 2011	84.12	58.73
Oct 2011	84.56	59.09
Sep 2011	74.62	52.25
Aug 2011	82.95	57.99
Jul 2011	89.4	62.33
Jun 2011	92.66	64.54
May 2011	94.82	66.12
Apr 2011	95.67	66.4
Mar 2011	93.75	64.65
Feb 2011	93.08	63.56
Jan 2011	89.83	61.05
Dec 2010	88.34	59.75
Nov 2010	82.83	55.93
Oct 2010	81.12	54.75
Sep 2010	78.04	52.6
Aug 2010	70.53	47.52
Jul 2010	73.98	49.77
Jun 2010	69.21	46.55
May 2010	73.71	49.63
Apr 2010	79.57	53.53
Mar 2010	76.92	51.66
Feb 2010	72.17	48.27
Jan 2010	68.57	45.85
Dec 2009	71.35	47.55
Nov 2009	67.12	44.81
Oct 2009	63.93	42.65
Sep 2009	66.95	44.62
Aug 2009	63.03	41.98
Jul 2009	60.18	40
Jun 2009	55.15	36.71
May 2009	55.91	36.9
Apr 2009	53.71	35.35
Mar 2009	47.13	30.94
Feb 2009	43.56	28.52
Jan 2009	48.39	31.53
Dec 2008	52.19	33.86
Nov 2008	49.22	32.27
Oct 2008	53.13	35.51
Sep 2008	67.42	45.52
Aug 2008	77.36	52.3
Jul 2008	75.82	51.47
Jun 2008	79.34	53.57
May 2008	86.86	58.07
Apr 2008	83.8	55.55
Mar 2008	78.93	52.01
Feb 2008	81.57	53.28
Jan 2008	83.05	54.1
Dec 2007	89.42	57.96
Nov 2007	89.76	58.22
Oct 2007	95.11	61.32
Sep 2007	93.64	60.25
Aug 2007	91.25	58.55
Jul 2007	90.41	58.11
Jun 2007	94.77	60.94
May 2007	96.68	62.04
Apr 2007	93.24	59.47
Mar 2007	90.6	57.41
Feb 2007	90.59	56.89
Jan 2007	90.9	56.78
Dec 2006	88.21	54.93
Nov 2006	88.57	55.07
Oct 2006	85.03	52.95
Sep 2006	81.58	51.08
Aug 2006	79.86	50.25
Jul 2006	78.46	49.27
Jun 2006	80.4	50.34
May 2006	80.99	50.61
Apr 2006	84.39	52.48
Mar 2006	84.36	52.01
Feb 2006	82.26	50.44
Jan 2006	83.08	50.84
Dec 2005	79.41	48.23
Nov 2005	78.08	47.61
Oct 2005	73.66	45.28
Sep 2005	76.45	46.9
Aug 2005	76.22	46.19
Jul 2005	76.89	46.36
Jun 2005	73.45	44.08
May 2005	71.34	42.8
Apr 2005	67.62	40.61
Mar 2005	70.67	42.16
Feb 2005	72.05	42.64
Jan 2005	69.87	41.12
Dec 2004	72.08	42.33
Nov 2004	68.93	40.63
Oct 2004	64.28	37.87
Sep 2004	62.78	36.79
Aug 2004	60.36	35.3
Jul 2004	60.78	35.53
Jun 2004	63.13	36.96
May 2004	62.09	36.23
Apr 2004	60.88	35.32
Mar 2004	63.79	36.89
Feb 2004	64.37	36.99
Jan 2004	63.03	36.02

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.

Year	Inflation-Adjusted Return	Nominal Return
2024	12.07%	15.31%
2023	12.26%	16.02%
2022	-23.67%	-18.74%
2021	16.5%	24.7%
2020	16.5%	18.09%
2019	28.05%	30.97%
2018	-10.95%	-9.25%
2017	16.81%	19.27%
2016	8.98%	11.25%
2015	-2.07%	-1.36%
2014	12.88%	13.74%
2013	33.03%	35.03%
2012	14.2%	16.19%
2011	-4.91%	-2.09%
2010	23.81%	25.67%
2009	36.72%	40.44%
2008	-41.64%	-41.59%
2007	1.37%	5.51%
2006	11.08%	13.9%
2005	10.18%	13.94%

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 December 31, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	8.71%	11.62%
Last 3 years	11%	14.3%
Last 5 years	3.99%	8.64%
Last 10 years	7.48%	10.92%
Last 20 years	6.69%	9.39%

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 45.52% nominal gain, but the real return (the actual increase in buying power) was 17.83%.

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	$145.52	45.52%	17.83%
Last 10 years Feb 2016 - Sep 2025	$303.39	203.39%	121.48%

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 Jan 28, 2026	299.46
Highest Jan 15, 2026	301.27
Highest, Inflation-Adjusted Jan 15, 2026	301.27
Annualized return Since Jan 30, 2004	10.11%
Annualized return, Inflation-Adjusted Since Jan 30, 2004	7.34%