Wealthy PotIVV vs VOO: Two Nearly Identical S&P 500 ETFs
IVV and VOO are as close to identical as two funds from different companies can be. Both track the S&P 500. Both charge 0.03%. Both are modern open-end ETFs holding the same 500 companies in the same weights. If you are agonizing over which to buy, here is the honest headline: it barely matters. This guide, built on figures pulled straight from BlackRock's and Vanguard's fund documents, shows exactly how alike they are and covers the handful of small, real differences that might tip you one way.
The Short Answer
- Already invest with one of these firms or their brokerage? Pick that one. Hold VOO at Vanguard, IVV at Fidelity or in a portfolio built around iShares funds. Ecosystem convenience is the biggest real difference.
- No preference at all? Flip a coin. VOO is the marginally more popular pick among cost-focused long-term investors; IVV is a favorite at brokers like Fidelity. Both are superb.
There is no meaningful performance difference between these two, and anyone who tells you one is clearly superior is overstating a rounding error. The rest of this article proves it.
The Twins: What's Identical
On every factor that actually drives returns, IVV and VOO match:
- Same index. Both track the S&P 500, so they own the same roughly 500 companies in the same proportions.
- Same expense ratio. Both charge 0.03%, or $3 a year per $10,000 invested. There is no cost advantage either way.
- Same structure. Both are open-end ETFs registered under the Investment Company Act of 1940, not old-style unit investment trusts. Both can reinvest dividends efficiently and both engage in securities lending. (This is a key contrast with SPY, whose older UIT structure cannot, covered in SPY vs VOO.)
- Same long-run performance. As of mid-2026, both reported a ten-year average annual NAV return of about 15.47%, the return of the index they share, minus their identical tiny fee.
Two different companies, identical numbers
Expense ratio
10-year return (avg annual, NAV)
Same index, same fee, same return to two decimals. The bars are equal because the funds are, for practical purposes, the same. Source: BlackRock IVV and Vanguard VOO fact sheets, Jun 30, 2026.
IVV vs VOO Side by Side
| Feature | IVV (iShares / BlackRock) | VOO (Vanguard) |
|---|---|---|
| Index tracked | S&P 500 | S&P 500 |
| Expense ratio | 0.03% | 0.03% |
| Fund structure | Open-end ETF | Open-end ETF |
| Securities lending | Permitted | Permitted |
| Inception | May 15, 2000 | Sep 7, 2010 |
| Net assets | ~$870 billion | ~$979 billion |
| Holdings | ~504 | ~506 |
| Top 10 weight | ~36.4% | ~37.9% |
| 10-year return (avg annual, NAV) | ~15.47% | ~15.47% |
| Growth of $10,000 over those 10 years (hypothetical) | $42,140 | $42,140 |
| Issuer | BlackRock | Vanguard |
Where They Actually Differ
The differences are small enough that most investors can ignore them, but here they are, honestly:
- Issuer and ecosystem. VOO is Vanguard's; IVV is BlackRock's iShares. If you invest at Vanguard, VOO is the native commission-free choice. At Fidelity and many other brokers, IVV is often the featured S&P 500 ETF. Matching the fund to your platform is the one difference that has any practical weight.
- Track record length. IVV launched in 2000, VOO in 2010, so IVV has a longer public history. This has no bearing on future returns, since both simply track the same index, but some investors like the longer record.
- Tiny liquidity and spread differences. Both are enormously liquid, among the largest ETFs on earth. Day-trading aside, any bid-ask spread difference is invisible to a long-term investor. Neither has a liquidity problem in any realistic scenario.
- Distribution timing quirks. The two can differ by a day or two in when they pay dividends and by fractions of a cent in the exact amount. Over a year it washes out.
Does the Difference Matter?
For a long-term investor, no. Same index, same fee, same structure, same returns to two decimal places. The choice between IVV and VOO is one of the lowest-stakes decisions in all of investing, and spending more than a minute on it is not a good use of your time.
The one situation where you should be deliberate is a taxable account you already hold one in. Do not sell a long-held IVV position just to switch to VOO, or vice versa. Because they are functionally identical, switching gains you nothing while potentially triggering a capital-gains tax bill. Just keep what you have. The choice only matters for new money, and even then only at the margin of which broker you use.
Which One Fits You
Choose VOO if: you invest at Vanguard, you build portfolios around Vanguard funds, or you simply prefer Vanguard's investor-owned structure. It is the default S&P 500 ETF for millions of buy-and-hold investors.
Choose IVV if: you invest at Fidelity or another broker that features iShares, you already hold other iShares Core funds, or you want the fund with the longer track record. It is every bit as cheap and efficient as VOO.
Considering other S&P 500 options? Compare against State Street's fund in SPY vs VOO, or step up to the whole U.S. market with VTI vs VOO.
FAQ
Is IVV or VOO better?
Neither is meaningfully better. Both track the S&P 500, charge 0.03%, and are open-end ETFs with nearly identical returns. Pick the one native to your broker, IVV at Fidelity, VOO at Vanguard, and move on.
Do IVV and VOO hold the same stocks?
Yes. Both track the S&P 500, so they own the same roughly 500 companies in the same weights. Tiny differences in holding counts come from measurement timing, not different strategies.
Should I own both IVV and VOO?
There is no reason to. They are functionally the same fund, so owning both adds zero diversification, it just splits the identical position across two tickers. Pick one.
Is one more tax-efficient than the other?
No meaningful difference. Both use the standard ETF in-kind mechanism that makes broad-index ETFs tax-efficient, and both rarely distribute capital gains. Neither has an edge worth acting on.
Which is better for a Roth IRA?
Either. In a Roth IRA both are excellent, identical-cost core holdings. Choose whichever your brokerage offers commission-free, which usually means VOO at Vanguard and IVV at Fidelity.
Related comparisons: SPY vs VOO · FXAIX vs VOO · VTI vs VOO · SWPPX vs VOO · All ETF comparisons
Primary sources: expense ratios, structure, inception dates, net assets, holdings, and returns are drawn from BlackRock's official IVV fund page and fact sheet and the Vanguard VOO fact sheet, as of June 30, 2026. For background on how ETFs work, see the SEC's Investor.gov guide to mutual funds and ETFs.
This article is for educational purposes only and is not investment advice. Investing involves risk, including possible loss of principal, and past performance does not guarantee future results. Expense ratios, yields, and fund assets change over time; confirm current figures on the issuer's site before investing. Consult a qualified financial professional before making investment decisions.
