VOO vs VOOG: S&P 500 or S&P 500 Growth?
VOOG takes the growth half of the S&P 500 and throws away the value half. In the last decade that was a massive tailwind; over longer horizons the outcome is less clear.
VOOG holds ~240 S&P 500 growth stocks (heavy mega-cap tech). VOO holds all 500. VOOG has outperformed VOO significantly in the growth-led 2015-2024 decade. Expense ratios are similar (0.03% VOO, 0.10% VOOG). Yields favor VOO slightly because growth stocks pay less.
Quick stats
| Metric | VOO | VOOG |
|---|---|---|
| Price | $652.78 | $462.76 |
| TTM yield | 1.09% | 0.48% |
| Real yield (NAV-adj.) | 1.51% | 0.71% |
| NAV change (period) | 38.2% | 49.3% |
| Annualized volatility | 1327.2% | 1710.8% |
| Distribution frequency | quarterly | quarterly |
| Expense ratio | 0.03% | 0.10% |
| Inception | 2010-09-07 | 2010-09-07 |
| AUM | ~$500B | ~$13B |
| 1Y dividend CAGR | 5.4% | 21.6% |
| 3Y dividend CAGR | 5.9% | 3.4% |
| 5Y dividend CAGR | 5.9% | 1.4% |
| 5Y price CAGR | 11.3% | 13.0% |
Strategy & holdings
S&P divides the 500 into 'growth' and 'value' halves based on sales growth, earnings change to price ratio, and momentum. VOOG owns the growth half — weighted toward Apple, Microsoft, Nvidia, Alphabet, Amazon. VOO owns everything. A stock can appear in both VOOG and its counterpart VOOV (S&P 500 Value) if it has mixed characteristics.
Full S&P 500, cap-weighted.
S&P 500 Growth Index — ~240 growth-classified S&P 500 stocks. Heavy mega-cap tech weighting.
VOOG is a factor bet. It assumes growth stocks will continue to outperform value stocks. That bet has worked spectacularly since 2015, but the pre-2000 and 2000-2010 periods saw value dominate. Over 50-year horizons academic research generally shows value beating growth on a risk-adjusted basis — but the last 10 years has rewritten that narrative. VOO is the agnostic choice; VOOG is the growth bet.
Yield & distributions
VOO yields 1.2-1.5%; VOOG yields 0.6-0.8%. Growth stocks pay less in dividends, preferring to reinvest or buy back shares. If current income matters, VOO is the clear choice.
Total return & NAV
VOOG has outperformed VOO by roughly 2-4 percentage points annualized over the last decade. Over longer or pre-2015 windows, the comparison flips or is much closer. Future outperformance depends entirely on whether the growth regime continues.
Risk & volatility
VOOG has higher volatility and deeper drawdowns than VOO. In the 2022 bear market, VOOG fell roughly 30% vs VOO's 18% — the growth tilt amplified the correction. In the 2023-2024 bull, VOOG led VOO by a wide margin. Expect bigger swings in both directions.
Tax treatment
Both are tax-efficient. VOOG's lower yield means less taxable income each year — a small but real advantage in taxable accounts for buy-and-hold investors.