Vanguard’s two flagship growth ETFs, VOOG and VONG, are often compared by investors seeking long-term capital appreciation through U.S. large-cap growth stocks.
Both funds are managed by Vanguard, were launched in 2010, and carry nearly identical expense ratios, making them structurally similar on the surface.
VOOG tracks growth-oriented names within the S&P 500, holding a concentrated portfolio of 148 stocks with heavy technology exposure at 52% of assets.
VONG draws from the broader Russell 1000 Growth Index, offering investors exposure to 370 holdings and a technology weighting of 54% of assets.
As of September 13, 2026, VOOG delivered a one-year total return of 17.64%, significantly outpacing VONG’s one-year return of just 6.82%.
Over five years, a $1,000 investment in VOOG would have grown to $1,859, compared to $1,756 for the same amount invested in VONG.
Despite the performance gap, both funds carry remarkably similar risk profiles, with five-year betas of 1.22 and 1.21, and maximum drawdowns of roughly 32.7% over the same period.
VOOG’s largest holdings include Nvidia (NASDAQ: NVDA), Microsoft (NASDAQ: MSFT), and Apple (NASDAQ: AAPL), while VONG’s top positions include Nvidia, Apple, and Alphabet (NASDAQ: GOOGL).
VOOG carries an expense ratio of 0.07% against VONG’s 0.06%, and both funds offer nearly equivalent dividend yields of around 0.45% to 0.46%.
VONG holds assets under management of $54.3 billion, more than double VOOG’s $27.1 billion, reflecting its broader appeal among institutional investors seeking wider diversification.
The core trade-off between these two funds comes down to concentration versus breadth, as VONG’s larger portfolio can offer more protection during market downturns.
However, a larger number of holdings also increases the chance that underperforming stocks will weigh on the fund’s overall results, which recent return data appears to support.
Investors with a higher conviction in S&P 500 growth names and a tolerance for a more concentrated portfolio may find VOOG’s recent outperformance compelling.
Those prioritizing diversification across a wider universe of large-cap growth companies may lean toward VONG, accepting modestly lower returns in exchange for broader exposure.
Ultimately, both ETFs represent strong Vanguard offerings with proven track records, and the right choice depends on an individual investor’s goals and risk tolerance.
