VOOG vs. VONG: Which Vanguard Growth ETF Is the Better Buy?

Investors comparing Vanguard Russell 1000 Growth ETF (NASDAQ:VONG) and Vanguard S&P 500 Growth ETF (NYSEMKT:VOOG) will find two low-cost funds offering heavy exposure to large-cap technology stocks -- with slight variations in their concentration and benchmark methodology.

Both ETFs provide a solid path to owning some of the fastest-growing companies in the U.S. market. VONG tracks the growth components of a 1,000-stock benchmark, while VOOG filters a narrower list of 500 established large-cap names. Those methodologies create meaningful differences in the number of holdings and, ultimately, in historical performance.

Snapshot (cost & size)

Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-year return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.

The cost difference between these two funds is negligible -- VONG charges 0.06% annually while VOOG charges 0.07%. And both funds offer a similar dividend yield of around 0.4%, making them more suitable for capital appreciation than steady income.

Performance & risk comparison

What's inside

Launched in 2010, VOOG holds 146 stocks, focusing on S&P 500 companies with strong growth characteristics. Its largest positions include Nvidia (NASDAQ:NVDA) at 14.3%, Microsoft (NASDAQ:MSFT) at 9.3%, and Apple (NASDAQ:AAPL) at 6.4%. Sector weightings lean heavily into technology at 52.6%, followed by communication services at 16.7%, and consumer cyclical at 9.0%. VOOG’s concentration means its top 10 holdings represent a significant portion -- roughly 60% -- of its total assets under management (AUM).

Also launched in 2010, VONG is more broadly diversified with 387 holdings, capturing a wider cross-section of the growth landscape. Its largest positions include the same three top holdings -- Nvidia at 13.1%, Apple at 11.9%, and Microsoft at 9.0%. VOOG’s sector weightings include a 53.9% technology tilt, followed by 12.7% in consumer cyclicals, and 12.4% in communication services. VONG’s top 10 holdings represent about 61% of its total AUM.

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What this means for investors

For growth-focused investors, the choice between VOOG and VONG is closer than it might look on paper.

Both funds are anchored by the same mega-cap technology names. Nvidia, Microsoft, and Apple sit at the top of each portfolio, and both funds have roughly 53-54% of their assets in technology. Whether you own VOOG or VONG, you're making a meaningful bet on the AI infrastructure build-out and the continued dominance of U.S. large-cap tech.

VOOG's tighter portfolio of 146 S&P 500 names means it leans more heavily on the largest companies -- and right now, its top holdings are among the most dominant businesses in the world. Nvidia's 14% portfolio weight alone reflects just how much the AI infrastructure build-out has reshaped the large-cap growth landscape. When those mega-cap names run, VOOG tends to run a little harder -- which helps explain its edge in returns over the past one-year and five-year periods. VOOG also benefits from the S&P 500's implicit quality filter. Every company in its portfolio has already met the profitability and liquidity thresholds required by the index -- a bar that tends to weed out speculative names.

VONG’s 387 total holdings include many companies in the mid- to large-cap tiers -- companies that have cleared the Russell 1000's growth screen but haven't yet earned a spot in the more selective S&P 500. For investors who believe the next wave of growth leaders is still working its way up the market-cap ladder, that broader exposure -- that includes more emerging growth stories -- has real appeal.

With nearly identical expense ratios, neither fund is a bad choice for a long-term growth investor. The decision is really about whether you want pure mega-cap growth conviction or a slightly wider lens that includes tomorrow's potential household names.

Andy Gould has positions in Apple and Nvidia and has the following options: long January 2027 $125 calls on Nvidia and short January 2027 $125 puts on Nvidia. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.