VOO vs VUG: Which ETF Is Better in 2026?

The label is the same; the portfolio is not. Their top holdings overlap about 48% by weight (9 shared names: MSFT, AAPL, NVDA, AMZN, META, GOOGL). That is real overlap, but each still tilts differently, so the two are genuinely different bets under one label.

Overlap reflects top holdings by weight (an approximation of full-fund overlap), as of mid-2026. Verify full holdings with each issuer.

VOO tracks S&P 500, and VUG tracks CRSP US Large Cap Growth. Because they follow different benchmarks, the two funds screen and weight their holdings differently, and that is what produces any gap in exposure, concentration, and return between them.

On construction, VOO is market-cap-weighted and VUG is growth-screened (a factor tilt). That difference in method changes which companies get the most weight, even where the two funds hold many of the same names.

So the funds cover similar ground under different rules. Read the holdings overlap above alongside the methodology here to see how much of the difference is real exposure versus labeling.

VOO is the cheaper fund at 0.03% versus 0.04%, a gap of about $1 a year on a $10,000 holding. When two funds track the same or a very similar index, that fee gap is close to pure savings: it compounds into roughly $30 of fees avoided over 30 years on that $10,000 (more as the balance grows), with essentially no change in what you own.

On scale, VOO holds about ~$1.7 trillion and VUG about ~$170 billion. Larger funds generally trade at tighter bid-ask spreads and carry deeper options markets, which matters if you trade actively or in size; for buy-and-hold investors it rarely changes the outcome. VOO currently pays the higher dividend yield (~1.0% versus ~0.5%), which shifts more of its return into cash today.

VUG concentrates more weight in its largest holdings (top three about 35%), so it suits an investor who wants the theme expressed through its biggest winners and can tolerate more single-name risk. VOO spreads weight more evenly (top three about 20%), which suits an investor who wants the same theme with less dependence on any one company. Match the fund to how much concentration you actually want.

These are descriptive profiles, not recommendations. What fits you depends on your goals, horizon, and what you already own. Walnut is not an investment adviser.

The overlap that decides most ETF purchases is not between VOO and VUG, it is with what you already hold. ETF redundancy is invisible without looking through to the underlying holdings: you can already own most of VOO inside a broad fund like an S&P 500 or total-market ETF and not realize it.

This is the part a generic comparison cannot answer, because it depends on your account. Connect your brokerage and Walnut looks through your funds to show your real, combined exposure, flags how much of VOO or VUG you already own elsewhere, and tells you whether adding either just buys the same companies twice, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Tracks the S&P 500 Index, the standard measure of US large-cap equity. Effectively identical exposure to SPY and IVV at a 0.03% expense ratio. Used as a core building block in most diversified portfolios.

Full VOO guide

Tracks the CRSP US Large Cap Growth Index, the growth half of the US large-cap market. Heavily weighted toward technology and consumer growth names, with meaningful overlap with the top of VOO and QQQ. A low-cost growth style tilt rather than a broad-market core. Verify current figures on the issuer's site.

Full VUG guide

This is a choice of which bet you are making. If you want the theme concentrated in its biggest winners, the more top-heavy fund suits you; if you want the theme spread more evenly so no single name dominates, the more diversified one fits. Match the construction to your conviction, then check overlap with what you already own.

For the full detail, see the VOO and VUG guides.

Approximate as of mid-2026; verify with each issuer.

VOO and VUG share a theme but are built differently (about 48% overlap by weight), so pick the construction that matches your conviction. Either way, the decisive check is overlap with your real portfolio. Walnut can show that before you buy. It is not an investment adviser.

Both funds lean on NVDA, so understanding that one company explains a lot of what drives either ETF.