TOPC vs VOO: Grades, Fees and Holdings Compared

iShares S&P 500 3% Capped ETF

TOPCBNYSE Arca

Vanguard S&P 500 ETF

VOOANYSE Arca

Overlap

83.0%by weight

Both track S&P 500 Index

Expense ratio

VOO −0.12pt a year

TOPC0.15%VOO0.03%

Avg volume · 30D

VOO 812.9×the volume

TOPC8.6KVOO6.99M

TOPC vs VOO Performance

Oct 31, 2025 – Oct 30, 2026

+13.6%TOPC+12.1%VOO

Expense ratio: TOPC 0.15%; VOO 0.03%, better
Fund size: TOPC $33M; VOO $1.7T
1Y total return: TOPC +13.6%, better; VOO +12.1%
Yield (12M): TOPC 1.03%; VOO 1.07%, better
Holdings: TOPC 507; VOO 507
Avg volume (30D): TOPC 8.6K sh; VOO 6.99M sh, better
NAV per share: TOPC $34.59; VOO $694.53
52W range

ETF.net Grade

Pillar letters and Scores for TOPC, VOO, with each pillar’s weight
Pillar	TOPC	VOO
Cost30% weight	D32	A84Higher
Mission25% weight	A97	A100Higher
Risk15% weight	C50	C51Higher
Tradability15% weight	D28	C53Higher
Holdings10% weight	A77Higher	D39
Durability5% weight	C46	A93Higher

Rank among S&P 500 funds

How we build Categories ›

Same Category. TOPC and VOO are both graded against the same 14 S&P 500 funds, so their Grades compare head to head.

S&P 500⁠

Category · 14 funds

See all 14 ›

VOO ranks 3rd and TOPC 9th of 14 funds in the S&P 500 Category.

Rank 1ASPYMState Street SPDR Portfolio S&P 500 ETFScore 82
Rank 2AIVViShares Core S&P 500 ETFScore 79
Rank 3AVOOVanguard S&P 500 ETFScore 74
Rank 4AUSPXFranklin U.S. Equity Index ETFScore 72
Rank 8BSPXDXtrackers S&P 500 Diversified Sector Weight ETFScore 57
Rank 9BTOPCiShares S&P 500 3% Capped ETFScore 55
Rank 10CSPYXState Street SPDR S&P 500 Fossil Fuel Reserves Free ETFScore 53

Our read on each fund

ETF.net Research

TOPCBiShares S&P 500 3% Capped ETF

VOOAVanguard S&P 500 ETF

In short

TOPC The S&P 500 with a governor on its biggest engines. Same roughly 500 companies, but at each quarterly rebalance no single stock is allowed past 3% of the index. A middle lane between straight cap weighting and equal weight.

VOO Not a standalone ETF but a share class of Vanguard's flagship 500 Index Fund: the same roughly 500 large US companies, 0.03% a year, in a wrapper you can trade all day.

Stated mandate

TOPC The fund seeks to track an index of S&P 500 companies while limiting each company's index weight to 3%.

VOO The fund invests in stocks represented by the S&P 500 Index and seeks to closely track that index's return as a measure of overall U.S. stock performance.

Why people hold it

TOPC One rule does all the work: at each quarterly rebalance no company may exceed a 3% index weight, so a handful of megacaps cannot set the tone for the whole portfolio.indexologyblog.com ishares.com
Costs less than the equal-weight route (0.15% versus RSP's 0.20%) and keeps cap weighting intact below the ceiling rather than flattening every name to the same size.
No black box. Roughly 500 familiar large caps, a published capping rule from S&P you can check yourself, and cash paid out quarterly.spglobal.com

VOO 0.03% a year against a 0.15% median for S&P 500 trackers. On a fund this size, that fee gap is the whole product.
Holds the index outright, all roughly 500 names, and its tracking record sits among the tightest in the S&P 500 group.vanguard.com
One of the most actively traded ETFs in the market, which tends to keep the cost of getting in and out small.
It is the ETF share class of Vanguard's 500 Index Fund, and Vanguard is owned by its own funds, so no outside parent takes a cut.vanguard.com sec.gov

Worth knowing

TOPC The ceiling has a price tag: 0.15% a year, while plain S&P 500 trackers like SPYM, VOO and IVV charge 0.02% to 0.03%.
Launched in 2025, still small and thinly traded. That combination typically means wider bid-ask spreads than the household-name S&P 500 funds.
The 3% limit is applied at quarterly rebalances, not continuously, so a fast-rising giant can drift above 3% between reset dates.indexologyblog.com

VOO Large US companies only, weighted by size, so the biggest few names carry the most weight and drive much of the move.spglobal.com
Membership is not purely mechanical: an S&P index committee decides which companies come in and go out.spglobal.com
SPYM tracks the same index for 0.02%. A rounding error for most, but real if cost is your only tiebreaker.

Full TOPC profile⁠

Full VOO profile⁠

TOPC vs VOO Holdings

How TOPC and VOO differ

Overlap by weight

83.0%

Shared holdings make up 99.9% of VOO and 99.6% of TOPC.

Level by level

Holdings501 in both83.0%
Countryby domicile99.4%
Asset classEquity100%

Sector

No Sector split for TOPC.

Country, concentration and asset class

Country by domicile

Country weights in TOPC and VOO, widest gap first
Country	More in TOPCMore in VOO	TOPC	VOO
United States	VOO +0.6 points	99.4%	100.0%
Other countries (5)	TOPC +0.6 points	0.6%	0.0%

Concentration

Weight in the 10 largest Holdings

TOPC25.2%
VOO39.1%

Securities held

TOPC504
VOO506

Asset class

TOPC: Equity
VOO: Equity

Holdings

Only in TOPC3
In both501
Only in VOO5

Only in TOPC

3 securities, 0.1% of TOPC by weight

Vylor0.09%
Twilio Class A0.06%
Hologic Inc0.00%

Only in VOO

5 securities, 0.2% of VOO by weight

Warner Bros Discovery Inc0.12%
Corteva Inc0.08%
SLBBH1142<0.01%
Hologic Inc - Cvr (April 2026)0.00%
Abiomed Inc-Cvr0.00%

Weight gaps

The 100 widest of 501 Holdings in both funds.

Holding weights in TOPC and VOO, widest gap first
Holding	More in TOPCMore in VOO	TOPC	VOO
NVIDIANVDA	VOO +5.65 points	2.75%	8.40%
AppleAAPL	VOO +4.11 points	3.28%	7.39%
MicrosoftMSFT	VOO +2.60 points	3.19%	5.79%
Alphabet Class AGOOGL	VOO +1.66 points	1.41%	3.07%
Alphabet Class CGOOG	VOO +1.32 points	1.14%	2.46%
Amazon.com IncAMZN	VOO +0.86 points	2.86%	3.72%
Eli LillyLLY	TOPC +0.69 points	2.10%	1.41%
Tesla IncTSLA	TOPC +0.56 points	2.08%	1.52%
Berkshire Hathaway Inc Class BBRK.B	TOPC +0.46 points	1.87%	1.41%
Exxonmobil Holdings CorpXOM	TOPC +0.40 points	1.42%	1.02%
Visa Class AV	TOPC +0.39 points	1.30%	0.91%
JPMorgan Chase & CoJPM	TOPC +0.32 points	1.66%	1.34%
WalmartWMT	TOPC +0.32 points	1.02%	0.70%
Intel CorporationINTC	VOO +0.31 points	0.60%	0.91%
Mastercard Class AMA	TOPC +0.27 points	0.95%	0.68%
AbbVieABBV	TOPC +0.26 points	0.96%	0.70%
Johnson & JohnsonJNJ	TOPC +0.25 points	1.22%	0.97%
ChevronCVX	TOPC +0.25 points	0.86%	0.61%
Costco Wholesale CorpCOST	TOPC +0.22 points	0.83%	0.61%
Procter & GamblePG	TOPC +0.18 points	0.69%	0.51%
Home DepotHD	TOPC +0.18 points	0.61%	0.43%
UnitedHealth GroupUNH	TOPC +0.18 points	0.68%	0.50%
Coca-ColaKO	TOPC +0.16 points	0.67%	0.51%
Philip Morris InternationalPM	TOPC +0.15 points	0.60%	0.45%
Broadcom IncAVGO	TOPC +0.15 points	2.69%	2.54%
Merck & Co IncMRK	TOPC +0.14 points	0.68%	0.54%
International Business Machines CoIBM	TOPC +0.14 points	0.45%	0.31%
Palantir Technologies Class APLTR	TOPC +0.13 points	0.78%	0.65%
Accenture PLC Class AACN	TOPC +0.12 points	0.29%	0.17%
Amgen IncAMGN	TOPC +0.12 points	0.47%	0.35%
Texas InstrumentTXN	TOPC +0.12 points	0.51%	0.39%
RtxRTX	TOPC +0.12 points	0.50%	0.38%
Cisco Systems IncCSCO	TOPC +0.12 points	0.76%	0.64%
ConocophillipsCOP	TOPC +0.11 points	0.34%	0.23%
Goldman Sachs GroupGS	TOPC +0.11 points	0.48%	0.37%
Gilead SciencesGILD	TOPC +0.11 points	0.39%	0.28%
Linde PLCLIN	TOPC +0.11 points	0.44%	0.33%
Wells FargoWFC	TOPC +0.10 points	0.47%	0.37%
Thermo Fisher ScientificTMO	TOPC +0.10 points	0.48%	0.38%
Mcdonalds CorpMCD	TOPC +0.09 points	0.34%	0.25%
Union PacificUNP	TOPC +0.08 points	0.33%	0.25%
Ge AerospaceGE	TOPC +0.09 points	0.58%	0.49%
PepsicoPEP	TOPC +0.09 points	0.35%	0.26%
Nextera EnergyNEE	TOPC +0.08 points	0.32%	0.24%
Analog DevicesADI	TOPC +0.09 points	0.38%	0.29%
Lockheed MartinLMT	TOPC +0.08 points	0.24%	0.16%
Abbott LaboratoriesABT	TOPC +0.08 points	0.34%	0.26%
Walt DisneyDIS	TOPC +0.07 points	0.35%	0.28%
S&P GlobalSPGI	TOPC +0.08 points	0.26%	0.18%
Meta Platforms Class AMETA	TOPC +0.08 points	2.51%	2.43%
BlackRockBLK	TOPC +0.08 points	0.31%	0.23%
PfizerPFE	TOPC +0.07 points	0.32%	0.25%
SandiskSNDK	VOO +0.08 points	0.31%	0.39%
Lam ResearchLRCX	VOO +0.07 points	0.55%	0.62%
Altria Group IncMO	TOPC +0.07 points	0.24%	0.17%
American ExpressAXP	TOPC +0.07 points	0.31%	0.24%
Morgan StanleyMS	TOPC +0.07 points	0.41%	0.34%
ProgressivePGR	TOPC +0.07 points	0.25%	0.18%
Intuitive SurgicalISRG	TOPC +0.06 points	0.28%	0.22%
TjxTJX	TOPC +0.07 points	0.29%	0.22%
ChubbCB	TOPC +0.07 points	0.24%	0.17%
Mckesson CorpMCK	TOPC +0.06 points	0.21%	0.15%
Bank of AmericaBAC	TOPC +0.06 points	0.60%	0.54%
Marathon PetroleumMPC	TOPC +0.06 points	0.23%	0.17%
Crowdstrike Holdings Class ACRWD	TOPC +0.06 points	0.47%	0.41%
SalesforceCRM	TOPC +0.06 points	0.35%	0.29%
Medtronic PLCMDT	TOPC +0.06 points	0.23%	0.17%
Vertex PharmaceuticalsVRTX	TOPC +0.06 points	0.26%	0.20%
WelltowerWELL	TOPC +0.06 points	0.31%	0.25%
Lowes Companies IncLOW	TOPC +0.06 points	0.22%	0.16%
Automatic Data Processing IncADP	TOPC +0.06 points	0.22%	0.16%
Palo Alto NetworksPANW	TOPC +0.06 points	0.55%	0.49%
Cme Group Class ACME	TOPC +0.06 points	0.20%	0.14%
DanaherDHR	TOPC +0.06 points	0.27%	0.21%
DeereDE	TOPC +0.05 points	0.31%	0.26%
IntuitINTU	TOPC +0.06 points	0.17%	0.11%
OracleORCL	TOPC +0.06 points	0.42%	0.36%
Regeneron PharmaceuticalsREGN	TOPC +0.06 points	0.17%	0.11%
CitigroupC	TOPC +0.06 points	0.38%	0.32%
Starbucks CorpSBUX	TOPC +0.06 points	0.22%	0.16%
SouthernSO	TOPC +0.06 points	0.20%	0.14%
Phillips 66PSX	TOPC +0.06 points	0.21%	0.15%
Verizon Communications IncVZ	TOPC +0.05 points	0.34%	0.29%
MarshMRSH	TOPC +0.06 points	0.18%	0.12%
Capital One Financial CorpCOF	TOPC +0.05 points	0.23%	0.18%
Eog ResourcesEOG	TOPC +0.05 points	0.16%	0.11%
Duke Energy CorpDUK	TOPC +0.04 points	0.18%	0.14%
CsxCSX	TOPC +0.05 points	0.18%	0.13%
Cvs HealthCVS	TOPC +0.04 points	0.21%	0.17%
Seagate Technology Holdings PLCSTX	VOO +0.05 points	0.27%	0.32%
General Dynamics CorpGD	TOPC +0.04 points	0.17%	0.13%
American Tower ReitAMT	TOPC +0.04 points	0.16%	0.12%
Amphenol Corp Class AAPH	TOPC +0.04 points	0.36%	0.32%
Intercontinental Exchange IncICE	TOPC +0.05 points	0.18%	0.13%
Waste Management IncWM	TOPC +0.04 points	0.16%	0.12%
Elevance Health IncELV	TOPC +0.05 points	0.17%	0.12%
ModernaMRNA	TOPC +0.04 points	0.15%	0.11%
Applied Material IncAMAT	VOO +0.05 points	0.57%	0.62%
United Parcel Service Inc Class BUPS	TOPC +0.04 points	0.15%	0.11%
Valero Energy CorpVLO	TOPC +0.04 points	0.21%	0.17%

All 504 TOPC holdings⁠All 505 VOO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

TOPC vs VOO Cost

Overpaying TOPC vs VOO

$2,499

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

TOPC 0.15%
$3,137
VOO 0.03%
$638

Amount$10,000

Years30 years

Cost over time

TOPC 0.15%
VOO 0.03%
Overpaying

Year by year

Year	TOPC	VOO	Overpaying
10	$274	$55	$219
20	$1,071	$216	$855
30	$3,137	$638	$2,499

Expense ratio

0.15%TOPC
0.03%VOO, cheaper

VOO0.03%TOPC0.15%

0.02%0.45%

Middle half of S&P 500 funds
Median 0.09%

VOO 2nd cheapest of 14 funds

TOPC 10th cheapest of 14 funds

TOPC vs VOO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TOPC 1.03%; VOO 1.07%, better
Payout (12M): TOPC $0.36; VOO $7.43
Last payment: TOPC $0.10; VOO $1.82
Ex-dividend: TOPC Sep 15, 2026; VOO Sep 28, 2026
Paid on: TOPC Sep 18, 2026; VOO Sep 30, 2026
Frequency: TOPC Quarterly; VOO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TOPCQuarterly · 6 paymentsAll TOPC payments⁠

VOOQuarterly · 39 paymentsAll VOO payments⁠

TOPC vs VOO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TOPC 10.8%since May 2025VOO 12.3%
Return per unit of riskSharpe ratio, 3 years: TOPC 1.60since May 2025VOO 1.42
Worst fallMax drawdown, 5 years: TOPC −8.0%since Apr 2025VOO −24.5%
Market sensitivityBeta, 5 years: TOPC 0.90VOO 1.01; Market = 1

TOPC and VOO in the news

All news⁠

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Deep Dive
SPY vs. SPYM, VOO, and IVV: Why SPY trails cheaper S&P 500 ETFs
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Head-to-Head
Take VTI over VOO unless you already own the rest of the market
Oct 23, 2026VOO
Head-to-Head
VOO has kept about a tenth of a percentage point a year more of the S&P 500 than SPY
Oct 23, 2026VOO
Head-to-Head
VOO vs. VOOG: the S&P 500 fund is the better default
Oct 23, 2026VOO

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