Own iShares Core S&P 500 ETF, IVV, unless you want the heavier growth bet in Vanguard Morningstar Growth ETF, VUG
Nvidia, Apple and Microsoft are 35.7% of the growth fund and 21.5% of the S&P 500 fund, and the growth fund fell an extra 14.1 percentage points in 2022.
Key takeaways
Own iShares Core S&P 500 ETF, IVV, unless you want Nvidia, Apple and Microsoft at a heavier weight in Vanguard Morningstar Growth ETF, VUG. Those three stocks are 35.7% of the growth fund and 21.5% of the S&P 500 fund.
In 2022 the growth fund fell 33.6% and the S&P 500 fund fell 19.5%. That is 14.1 percentage points further.
The fee is the same
Both funds charge 0.03%. On $10,000, that is $3 a year.
Vanguard cut VUG from 0.04% to 0.03% on Feb. 1, 2026, so a comparison that still calls the growth fund more expensive is out of date.
Most of the growth fund's stocks are already in the S&P 500 fund
IVV tracks the S&P 500. VUG, renamed from Vanguard Growth ETF on July 29, 2026, tracks the Morningstar US Large Cap Growth Index. Vanguard describes that index as the growth companies of Morningstar's U.S. large-cap index.
As of Oct. 15, the two funds shared 113 stocks. By number, that is 113 of VUG's 135 stocks, or 83.7%, and 113 of IVV's 503, or 22.5%.
The difference is how large those shared names are. Nvidia is 13.5% of VUG and 8.0% of IVV. Apple is 12.5% and 7.5%, and Microsoft is 9.7% and 5.9%.
Nvidia, Apple and Microsoft weigh more in VUG
- IVV
- VUG
- NVDA
- IVV 8.0%
- VUG 13.5%
- AAPL
- IVV 7.5%
- VUG 12.5%
- MSFT
- IVV 5.9%
- VUG 9.7%
Those three are 35.7% of the growth fund and 21.5% of the S&P 500 fund. The top 10 positions are 63.1% of VUG and 38.8% of IVV.
Who led depends on the window
These are share-price changes through the Oct. 15, 2026 close, dividends excluded. A figure covering more than a year is cumulative, not annual.
This year starts at the Dec. 31, 2025 close. The three-year window starts Friday, Oct. 13, 2023. The 2022 row runs from the Dec. 31, 2021 close to Dec. 30, 2022.
IVV is ahead by 2.8 percentage points this year, $280 on $10,000. Over three years VUG is ahead by 14.8 percentage points, $1,480 on the same $10,000.
Over five years VUG's lead is 5.4 percentage points. That longer window includes 2022, when the growth fund fell further.
The table is share prices. Calendar 2025 is a different window, and the figures include dividends. VUG led.
Vanguard's annual report for the year ended Dec. 31, 2025 put VUG's net-asset-value total return at 19.44%, against 19.48% for its index. iShares' fact sheet puts IVV's 2025 net-asset-value total return at 17.85%, against 17.88% for its benchmark. Each fund finished a few hundredths of a percentage point behind its index.
Own the S&P 500 fund unless you want the growth bet
If this is the U.S. stock fund you build around, own IVV. You already hold Nvidia, Apple and Microsoft at their weight in the S&P 500, plus the companies VUG leaves out, for the same $3 a year on $10,000.
Own VUG if you want those three stocks heavier and you can sit through a drop like 2022, when the growth fund fell 14.1 percentage points further.
Buying VUG beside IVV mostly repeats stocks you already hold. By number, 113 of the growth fund's 135 stocks are already in the S&P 500 fund.
ETFs in this story
Frequently asked questions
How much of the growth fund is Nvidia, Apple and Microsoft?
Nvidia, Apple and Microsoft are 35.7% of Vanguard Morningstar Growth ETF and 21.5% of iShares Core S&P 500 ETF.
How much further did the growth fund fall in 2022?
It fell 33.6%, against 19.5% for iShares Core S&P 500 ETF, or 14.1 percentage points further.
Is the growth fund more expensive?
No, both funds charge 0.03%, or $3 a year on $10,000, after Vanguard cut the growth fund from 0.04% on Feb. 1, 2026.
Which fund has done better?
On share prices through Oct. 15, 2026, dividends excluded, iShares Core S&P 500 ETF leads this year and over one year, while Vanguard Morningstar Growth ETF leads over three and five years.
Related articles
Category Review
Bond length decided the year for TIPS funds
