VV vs XLG: Grades, Fees and Holdings Compared

Vanguard Morningstar Large-Cap ETF

VVANYSE Arca

Invesco S&P 500 Top 50 ETF

XLGBNYSE Arca

Overlap

64.8%by weight

Expense ratio

VV −0.17pt a year

VV0.03%XLG0.20%

Avg volume · 30D

XLG 5.2×the volume

VV223KXLG1.17M

10Y return · a year

XLG +1.3pt

VV+15.4%XLG+16.7%

VV vs XLG Performance

Oct 29, 2021 – Oct 30, 2026

+73.2%VV+80.1%XLG

Expense ratio: VV 0.03%, better; XLG 0.20%
Fund size: VV $76B; XLG $11.5B
1Y total return: VV +11.5%, better; XLG +3.3%
Yield (12M): VV 1.03%, better; XLG 0.64%
Holdings: VV 423; XLG 53
Avg volume (30D): VV 223K sh; XLG 1.17M sh, better
NAV per share: VV $348.06; XLG $61.47
52W range

ETF.net Grade

Pillar letters and Scores for VV, XLG, with each pillar’s weight
Pillar	VV	XLG
Cost30% weight	A91Higher	C50
Mission25% weight	A99Higher	A86
Risk15% weight	B55Higher	D25
Tradability15% weight	B57	A95Higher
Holdings10% weight	C51Higher	D27
Durability5% weight	A93Higher	A87

Rank among US Large-Cap funds

How we build Categories ›

Same Category. VV and XLG are both graded against the same 29 US Large-Cap funds, so their Grades compare head to head.

US Large-Cap⁠

Category · 29 funds

See all 29 ›

VV ranks 4th and XLG 14th of 29 funds in the US Large-Cap Category.

Rank 1ASCHXSchwab U.S. Large-Cap ETFScore 83
Rank 2ABKLCBNY Mellon US Large Cap Core Equity ETFScore 82
Rank 3AEPSWisdomTree U.S. LargeCap FundScore 80
Rank 4AVVVanguard Morningstar Large-Cap ETFScore 78
Rank 5AIWBiShares Russell 1000 ETFScore 77
Rank 12BSPXVProShares S&P 500 Ex-Health Care ETFScore 63
Rank 14BXLGInvesco S&P 500 Top 50 ETFScore 61
Rank 14BXMAGLarge Cap Ex-Mag 7 ETFScore 61

Our read on each fund

ETF.net Research

VVAVanguard Morningstar Large-Cap ETF

XLGBInvesco S&P 500 Top 50 ETF

In short

VV Vanguard's rules-based read on large cap: own whatever sits in the top 85% of the US market, about 500 names, for 0.03% a year. Running since 2004.

XLG The S&P 500's top shelf, bottled on its own. About 50 of the largest US companies, weighted by size, tracked since 2005. The same giants a total-market fund owns, without the several hundred smaller names riding behind them.

Stated mandate

VV The fund seeks to track the CRSP US Large Cap Index through a passive, full-replication strategy focused predominantly on large U.S. companies diversified across growth and value styles.

XLG The fund seeks to track the performance of the S&P 500 Top 50 Index by investing at least 90% of assets in securities included in that index.

Why people hold it

VV Charges 0.03% a year against a 0.14% median for its large-cap peer group. Among the cohort's top names, only SCHX matches that fee.
Full replication: it buys every stock in the index at roughly index weight, and it has tracked that benchmark very closely.vanguard.com
The ETF share class of a Vanguard index fund launched in 2004, now a multi-billion-dollar strategy with mutual fund siblings alongside it.vanguard.com
Cost, tracking and staying power put it in the top tier of a crowded 24-fund large-cap cohort.

XLG Concentration on purpose: it holds the 50 largest S&P 500 companies by float-adjusted market cap, weighted the same way, so the biggest names carry the most weight.yahoo.com
A two-decade track record (live since 2005) with index tracking that stays close to the benchmark and an actively traded market in the shares.
A lineup you can actually read: roughly 50 holdings, all household names, with cash paid out to shareholders quarterly.

Worth knowing

VV Market-cap weighted, so the biggest US companies (and their sector tilts) carry most of the weight.vanguard.com
The index stops at the top 85% of US investable market cap: mid- and small-cap names sit outside it.vanguard.com
After Morningstar acquired CRSP, the benchmark and the fund name picked up the Morningstar label. Same index, same fund.vanguard.com vanguard.com 2

XLG At 0.20% a year it costs more than the typical large-cap index fund in its group, where rivals like SCHX and VV charge 0.03%.
Non-diversified by SEC definition. With about 50 stocks, one giant or one sector stumbling moves this fund more than it moves a 500-stock index.yahoo.com
It is the S&P 500 minus its smaller half, so next to a broad US fund it concentrates exposure you likely already hold rather than adding a new corner of the market.

Full VV profile⁠

Full XLG profile⁠

VV vs XLG Holdings

How VV and XLG differ

Overlap by weight

64.8%

Shared holdings make up 99.9% of XLG and 64.8% of VV.

Level by level

Holdings51 in both64.8%
Sector11 Sectors84.7%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in VV and XLG, widest gap first
Sector	More in VVMore in XLG	VV	XLG
Technology	XLG +10.3 points	41.1%	51.4%
Industrials	VV +5.3 points	7.6%	2.3%
Communication	XLG +3.5 points	10.0%	13.5%
Health Care	VV +2.8 points	9.2%	6.4%
Financials	VV +2.0 points	11.3%	9.3%
Utilities	VV +1.7 points	1.7%	0.0%
Real Estate	VV +1.5 points	1.5%	0.0%
Materials	VV +1.1 points	1.6%	0.5%
Energy	VV +1.0 points	3.5%	2.5%
Consumer Discretionary	XLG +0.9 points	8.3%	9.2%
Consumer Staples	XLG +0.5 points	4.3%	4.8%

Country, concentration and asset class

Country by domicile

Country weights in VV and XLG, widest gap first
Country	More in VVMore in XLG	VV	XLG
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

VV39.5%
XLG59.4%

Securities held

VV422
XLG52

Asset class

VV: Equity
XLG: Equity

Holdings

Only in VV371
In both51
Only in XLG1

Only in VV

371 securities, 35.2% of VV by weight

Palo Alto Networks Inc0.50%
Crowdstrike Holdings Inc0.40%
RTX Corp0.39%
Thermo Fisher Scientific Inc0.39%
Marvell Technology Inc0.36%
Amgen Inc0.35%
Arista Networks Inc0.34%
Citigroup Inc0.34%
Seagate Technology Holdings PLC0.32%
Amphenol Corp0.32%
Analog Devices Inc0.30%
Gilead Sciences Inc0.29%
Walt Disney Co/The0.28%
Salesforce Inc0.28%
Deere & Co0.27%
Abbott Laboratories0.27%
AT&T Inc0.26%
Eaton Corp PLC0.26%
Welltower Inc0.26%
Pfizer Inc0.25%
Union Pacific Corp0.25%
Charles Schwab Corp/The0.25%
NextEra Energy Inc0.25%
Dell Technologies Inc0.24%
Western Digital Corp0.24%
American Express Co0.24%
ConocoPhillips0.23%
Blackrock Inc0.23%
Boeing Co/The0.23%
TJX Cos Inc/The0.23%
Intuitive Surgical Inc0.22%
Danaher Corp0.22%
ServiceNow Inc0.22%
Uber Technologies Inc0.21%
Vertex Pharmaceuticals Inc0.21%
Bristol-Myers Squibb Co0.20%
Prologis Inc0.19%
Booking Holdings Inc0.19%
Newmont Corp0.19%
Progressive Corp/The0.19%
Parker-Hannifin Corp0.19%
Corning Inc0.19%
Capital One Financial Corp0.18%
Lockheed Martin Corp0.18%
S&P Global Inc0.18%
Chubb Ltd0.18%
Altria Group Inc0.17%
Accenture PLC0.17%
Cloudflare Inc0.17%
Snowflake Inc0.17%

Only in XLG

1 security, 0.0% of XLG by weight

Invesco Government & Agency Portfolio0.02%

Weight gaps

All 51 Holdings in both funds, largest gap first.

Holding weights in VV and XLG, widest gap first
Holding	More in VVMore in XLG	VV	XLG
Apple IncAAPL	XLG +4.62 points	7.55%	12.17%
NVIDIA CorpNVDA	XLG +4.24 points	8.12%	12.36%
Microsoft CorpMSFT	XLG +3.49 points	5.92%	9.41%
Amazon.com IncAMZN	XLG +1.96 points	3.76%	5.72%
Broadcom IncAVGO	XLG +1.32 points	2.60%	3.92%
Tesla IncTSLA	XLG +1.17 points	1.55%	2.72%
Eli Lilly & CoLLY	XLG +1.11 points	1.52%	2.63%
Berkshire Hathaway IncBRK.B	XLG +1.06 points	1.35%	2.41%
Alphabet IncGOOGL	XLG +0.84 points	3.14%	3.98%
JPMorgan Chase & CoJPM	XLG +0.81 points	1.37%	2.18%
Meta Platforms IncMETA	XLG +0.81 points	2.48%	3.29%
Visa IncV	XLG +0.79 points	0.88%	1.67%
ExxonMobil Holdings CorpXOM	XLG +0.75 points	1.05%	1.80%
Alphabet IncGOOG	XLG +0.72 points	2.49%	3.21%
Advanced Micro Devices IncAMD	XLG +0.66 points	1.55%	2.21%
Micron Technology IncMU	XLG +0.65 points	1.87%	2.52%
Johnson & JohnsonJNJ	XLG +0.59 points	0.99%	1.58%
Walmart IncWMT	XLG +0.58 points	0.71%	1.29%
Mastercard IncMA	XLG +0.56 points	0.67%	1.23%
AbbVie IncABBV	XLG +0.51 points	0.72%	1.23%
Chevron CorpCVX	XLG +0.49 points	0.60%	1.09%
Palantir Technologies IncPLTR	XLG +0.44 points	0.64%	1.08%
Cisco Systems IncCSCO	XLG +0.43 points	0.59%	1.02%
Costco Wholesale CorpCOST	XLG +0.43 points	0.63%	1.06%
UnitedHealth Group IncUNH	XLG +0.37 points	0.51%	0.88%
Procter & Gamble Co/ThePG	XLG +0.37 points	0.52%	0.89%
Home Depot Inc/TheHD	XLG +0.34 points	0.44%	0.78%
Coca-Cola Co/TheKO	XLG +0.34 points	0.52%	0.86%
Philip Morris International IncPM	XLG +0.32 points	0.46%	0.78%
Merck & Co IncMRK	XLG +0.30 points	0.56%	0.86%
Texas Instruments IncTXN	XLG +0.28 points	0.40%	0.68%
General Electric CoGE	XLG +0.28 points	0.50%	0.78%
International Business Machines CorpIBM	XLG +0.26 points	0.32%	0.58%
Goldman Sachs Group Inc/TheGS	XLG +0.26 points	0.38%	0.64%
Intel CorpINTC	XLG +0.25 points	0.84%	1.09%
Wells Fargo & CoWFC	XLG +0.23 points	0.38%	0.61%
Bank of America CorpBAC	XLG +0.24 points	0.56%	0.80%
Linde PLCLIN	XLG +0.21 points	0.34%	0.55%
Oracle CorpORCL	XLG +0.21 points	0.37%	0.58%
Morgan StanleyMS	XLG +0.20 points	0.34%	0.54%
McDonald's CorpMCD	XLG +0.19 points	0.25%	0.44%
QUALCOMM IncQCOM	XLG +0.17 points	0.30%	0.47%
GE Vernova IncGEV	XLG +0.18 points	0.39%	0.57%
Applied Materials IncAMAT	XLG +0.17 points	0.63%	0.80%
PepsiCo IncPEP	XLG +0.17 points	0.27%	0.44%
Netflix IncNFLX	XLG +0.17 points	0.45%	0.62%
Verizon Communications IncVZ	XLG +0.13 points	0.30%	0.43%
Caterpillar IncCAT	XLG +0.13 points	0.58%	0.71%
KLA CorpKLAC	XLG +0.12 points	0.40%	0.52%
Lam Research CorpLRCX	XLG +0.12 points	0.64%	0.76%
Sandisk CorpSNDK	XLG +0.06 points	0.40%	0.46%

All 479 VV holdings⁠All 52 XLG 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.

VV vs XLG Cost

Overpaying XLG vs VV

$3,517

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

VV 0.03%
$638
XLG 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

VV 0.03%
XLG 0.20%
Overpaying

Year by year

Year	VV	XLG	Overpaying
10	$55	$365	$310
20	$216	$1,421	$1,205
30	$638	$4,155	$3,517

Expense ratio

0.03%VV, cheaper
0.20%XLG

VV0.03%XLG0.20%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

VV 3rd cheapest of 29 funds

XLG 15th cheapest of 29 funds

VV vs XLG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): VV 1.03%, better; XLG 0.64%
Payout (12M): VV $3.60; XLG $0.40
Last payment: VV $0.90; XLG $0.09
Ex-dividend: VV Sep 28, 2026; XLG Sep 21, 2026
Paid on: VV Sep 30, 2026; XLG Sep 25, 2026
Frequency: VV Quarterly; XLG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

VVQuarterly · 39 paymentsAll VV payments⁠

XLGQuarterly · 39 paymentsAll XLG payments⁠

VV vs XLG Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: VV 12.5%, betterXLG 14.5%
Return per unit of riskSharpe ratio, 3 years: VV 1.41, betterXLG 1.23
Worst fallMax drawdown, 5 years: VV −25.7%, betterXLG −28.0%
Market sensitivityBeta, 5 years: VV 1.02XLG 1.06; Market = 1

VV and XLG in the news

All news⁠

Category Review
Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.
Updated Oct 16, 2026VVXLG
Head-to-Head
IVW vs. VV: iShares’ growth ETF holds almost nothing Vanguard’s doesn’t, at six times the fee
Oct 28, 2026VV

Popular comparisons

VVAvsSCHXA
Vanguard Morningstar Large-Cap ETF · Schwab U.S. Large-Cap ETF
Expense ratio
0.03% · 0.03%
Category
XLGBvsSCHXA
Invesco S&P 500 Top 50 ETF · Schwab U.S. Large-Cap ETF
Expense ratio
0.20% · 0.03%
Category
VVAvsBKLCA
Vanguard Morningstar Large-Cap ETF · BNY Mellon US Large Cap Core Equity ETF
Expense ratio
0.03% · 0.00%
Category
XLGBvsBKLCA
Invesco S&P 500 Top 50 ETF · BNY Mellon US Large Cap Core Equity ETF
Expense ratio
0.20% · 0.00%
Category
VVAvsEPSA
Vanguard Morningstar Large-Cap ETF · WisdomTree U.S. LargeCap Fund
Expense ratio
0.03% · 0.08%
Category
XLGBvsEPSA
Invesco S&P 500 Top 50 ETF · WisdomTree U.S. LargeCap Fund
Expense ratio
0.20% · 0.08%
Category

VV vs XLG

In short

Stated mandate

Why people hold it

Worth knowing

How VV and XLG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VV

Only in XLG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.

IVW vs. VV: iShares’ growth ETF holds almost nothing Vanguard’s doesn’t, at six times the fee

How VV and XLG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in VV

Only in XLG

Weight gaps