What Is VONG? Vanguard Russell 1000 Growth Index Fund ETF Shares
Last updated September 2026
Short answer
VONG is Vanguard Russell 1000 Growth Index Fund ETF Shares, an ETF that tracks the Russell 1000 Growth Index at a 0.06% expense ratio. VONG holds the growth half of the Russell 1000, which in practice means the same mega-cap technology companies that dominate every US growth fund. What makes it worth a look is arithmetic rather than strategy: it charges 0.06% against 0.18% for the closest S&P-branded equivalent, for exposure that is very hard to tell apart. When two funds are this similar, price is not a tiebreaker, it is the whole decision.
VONG is issued by Vanguard and tracks the Russell 1000 Growth Index. It charges a 0.06% expense ratio, holds approximately $53.4B in assets under management, yields about 0.45%, and launched in 2010.
The concentration, stated plainly
Nvidia is 13.8% of the fund. Apple is 6.7%, Alphabet 6.2% and 5.0% across its two share classes, Broadcom 5.2% and Microsoft 4.1%. Technology is 54% of the portfolio and communication services another 16%.
Seven companies account for close to half of VONG. Growth indices concentrate by construction, because the companies that screen as growth are the ones whose market values have already risen. This is a concentrated position that happens to hold 400 names.
Why VONG rather than the S&P growth version
VONG tracks the Russell 1000 Growth Index; IVW tracks the S&P 500 Growth Index. Russell screens the largest 1,000 US companies, S&P screens the 500, so VONG reaches marginally further down the size range. The leaders are the same and the weights are close.
The gap that matters is cost: 0.06% against 0.18%. On a $10,000 position that is about $6 a year against $18. The difference looks trivial on a single year and compounds into something real across a holding period measured in decades.
VONG holdings: top 10
Approximate weights as of August 2026. Each ticker links to its individual stock guide in Walnut.
How do I invest in VONG?
There are three common ways to get VONG exposure. Buy shares (or fractional shares) of VONG directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so VONG sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. VONG trades like a stock during market hours, so you buy it the same way you would any listed share.
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Is VONG a good buy?
Whether VONG is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks the Russell 1000 Growth Index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is VONG a buy?
The bottom line on VONG
VONG gives you the Russell 1000 Growth Index exposure in one ticker at a 0.06% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on VONG
Whether VONG is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is VONG a buy?
VONG yields 0.45% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see VONG dividend: yield and schedule.
New to funds like VONG? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how VONG fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in VONG with AI
Connect the broker you already use and ask Walnut's AI how VONG fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is VONG?
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VONG is the Vanguard Russell 1000 Growth ETF. It holds the growth half of the Russell 1000, dominated by large US technology companies. It charges 0.06%, holds about $53.4B, and launched in 2010.
VONG vs IVW: is there a real difference?
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Very little in what you own, quite a lot in what you pay. VONG tracks the Russell 1000 Growth Index at 0.06%; IVW tracks the S&P 500 Growth Index at 0.18%. Both are led by Nvidia near 14%, both run technology above half the portfolio. Russell reaches slightly further down the size range. The exposure is close enough that the 0.12 percentage-point fee gap is the honest deciding factor.
How concentrated is VONG?
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Heavily. Nvidia alone is 13.8%, and roughly seven companies make up close to half the fund. Technology is 54% and communication services 16%. Growth indices concentrate by construction, because screening for growth selects the companies whose market values have already grown.
Does VONG overlap with an S&P 500 fund?
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Almost entirely. Every large VONG holding sits in the S&P 500 too. Adding VONG to a broad fund does not introduce new companies; it increases your weight in the ones you already hold most of. That is a tilt, not diversification.
What does the Russell 1000 Growth Index screen for?
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FTSE Russell ranks the largest 1,000 US companies on growth characteristics including forecast earnings growth and historical sales growth, then weights them into the growth index, with some companies split between growth and value. It is a re-slicing of the large-cap universe, not a separate hunt for fast-growing firms.
Why is VONG's yield so low?
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About 0.45%, because growth companies overwhelmingly reinvest earnings rather than distribute them. If income matters to you, this is the wrong end of the market and a dividend or value fund is the better fit.
What would hurt VONG most?
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A sustained rise in interest rates or a downturn concentrated in large-cap technology. Growth valuations lean on earnings expected far in the future, which are worth less when rates rise. With over half the fund in technology, a sector-specific problem is a fund-wide problem.
Is VONG a reasonable core holding?
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Not on its own. It is a style tilt with no exposure to value sectors, small caps or anything outside the US. As a satellite alongside a broad market core it does a clear job; as the whole allocation it is a concentrated bet on one end of one market.
What is VONG's expense ratio?
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VONG has an expense ratio of 0.06% per year as of August 2026, charged by Vanguard and deducted from the fund's value rather than billed to you separately. On a $10,000 position that is roughly $6 a year. Fees compound over time, so on a long-term holding the expense ratio is one of the few return drivers you control. It is worth comparing against other funds that track the Russell 1000 Growth Index before you choose.
How do I compare VONG to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. VONG's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to August 2026; verify current figures against Vanguard's fund page or your broker before investing.