Investors looking to gain exposure to the S&P 500 often turn to Vanguard ETFs, known for their low fees and broad market coverage. However, not all of these funds offer the same strategy. Using TipRanks’ ETF Comparison Tool, we looked at the Vanguard S&P 500 ETF (VOO), Vanguard S&P 500 Growth ETF (VOOG), and Vanguard S&P 500 Value ETF (VOOV). According to TipRanks’ ETF analyst consensus, VOOG currently carries a Strong Buy rating with over 21% upside. In comparison, VOO and VOOV have Moderate Buy ratings, offering 17% and 13% upside, respectively.
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In terms of risk, VOO has a beta of 0.99, meaning it closely tracks the overall market’s movements. In comparison, VOOG typically carries a higher beta, reflecting greater volatility due to its focus on growth stocks, while VOOV has a lower beta, indicating more stability as it leans toward value-oriented, defensive companies. As a result, VOOG offers higher potential returns but with more volatility, while VOO provides a more balanced, stable approach.
Let’s look at more details.
Vanguard S&P 500 ETF (VOO)
The Vanguard S&P 500 ETF tracks the S&P 500 Index, which includes roughly 500 of the largest U.S. companies by market capitalization. Because mega-cap firms dominate the index, the ETF is heavily weighted toward the technology sector.
VOO currently holds about 507 stocks and manages roughly $873.96 billion in assets. The fund is also more concentrated at the top compared with broader market ETFs. In fact, its top 10 holdings account for about 36.3% of the portfolio, meaning a handful of mega-cap stocks have a major influence on its performance. VOO’s top 5 positions are Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL).
Additionally, VOO has a very low expense ratio of 0.03%, making it an affordable way to invest in the U.S. stock market.
Vanguard S&P 500 Growth ETF (VOOG)
The Vanguard S&P 500 Growth ETF tracks the growth segment of the S&P 500, focusing on large-cap companies with strong earnings momentum. Its top holdings are the same as VOO’s, along with other major names such as Broadcom (AVGO) and Meta Platforms (META). Overall, VOOG holds 146 stocks and manages approximately $22.50 billion in assets.
For VOOG, the fund is more concentrated than VOO. Its top 10 holdings make up nearly 60% of the portfolio, meaning a large portion of the ETF’s performance depends on a small group of fast-growing companies. This concentration can amplify returns if these growth leaders perform well, but it also increases risk—if a few of these key stocks stumble, the ETF’s overall performance could be affected more than a broadly diversified fund like VOO.
VOOG has an expense ratio of 0.07%.
Vanguard S&P 500 Value ETF (VOOV)
The Vanguard S&P 500 Value ETF gives investors exposure to large U.S. companies that are considered value stocks. These stocks trade at lower valuations compared to their fundamentals, like earnings and book value. Instead of focusing on high-growth names, VOOV invests in more stable, established companies across sectors like financials, healthcare, and industrials. These businesses tend to be less volatile and often pay dividends, making the ETF attractive during uncertain market conditions.
VOOV has the lowest concentration among the three ETFs, with its top 10 holdings making up about 23.16% of the portfolio. This means the fund is well diversified and less reliant on a few large stocks.
Its top holdings include Apple, Amazon, ExxonMobil (XOM), Walmart (WMT), and Costco (COST). Overall, VOOV holds around 442 stocks and manages about $6.17 billion in assets.
Conclusion
While VOO tracks the broader market, VOOG focuses on growth stocks, and VOOV targets value names—each with a different risk and return profile. As a result, VOOG offers higher potential returns but with more volatility, while VOO provides a more balanced and stable approach. VOOV, on the other hand, leans toward more defensive, undervalued companies, which can help protect downside during market pullbacks. This makes it better suited for conservative investors or those looking to reduce risk.
Ultimately, the choice depends on market conditions. Growth-focused funds like VOOG tend to outperform in strong bull markets, while value and broad-market ETFs like VOOV and VOO can hold up better during periods of uncertainty or higher interest rates.