Wealthy PotVOO vs VOOV: The Whole S&P 500 or Its Value Half?
VOOV is the value half of the S&P 500, and it sits almost entirely inside VOO. By our count from the funds' SEC holdings filings, 99.5% of VOOV's money is in stocks VOO also owns, and those stocks make up 59.9% of VOO. VOO costs 0.03% a year; VOOV costs 0.07%. VOOV pays more income (a 1.70% SEC yield against 1.00%) and has been a little less volatile, but it trailed VOO by 3.67 percentage points a year over the decade to 30 June 2026. For most people VOO is the core holding. VOOV is a tilt you add on purpose, if at all.
Table of Contents
The Short Answer
- Overlap: 99.5% one way, 59.9% the other. Almost everything VOOV holds is in VOO. Those shared stocks are 59.9% of VOO. That is our calculation from the funds' SEC holdings filings (VOO at 30 June 2026, VOOV at 31 May 2026).
- VOOV costs more than twice as much. 0.07% against 0.03%, from each fund's prospectus fee table. On $10,000 over ten years the prospectus examples are $90 against $39.
- VOOV pays more income. 30-day SEC yield on 30 September 2026: VOOV 1.70%, VOO 1.00%.
- VOO has returned more. Ten years to 30 June 2026 at NAV: VOO 15.47% a year, VOOV 11.80%. VOO led over one, three and five years as well.
- VOOV is less concentrated. Its ten largest holdings were 23.8% of the fund on 30 June 2026, against 37.9% for VOO.
- "Value" does not mean "no tech." Apple was VOOV's largest holding at 7.3%, and information technology was still its biggest sector at 20.6%.
How Much of VOO Is Already VOOV
VOOV's prospectus says its index "represents the value companies of the S&P 500 Index, as determined by the Index Provider." So every stock in VOOV's index is an S&P 500 stock. The holdings filings show the same thing.
| Overlap measure | Result |
|---|---|
| Holdings in common | 433 |
| Share of VOOV's weight in stocks VOO also owns | 99.5% |
| Share of VOO's weight in stocks VOOV also owns | 59.9% |
| Overlap (sum of the smaller weight in each shared stock) | 57.6% |
The 59.9% figure surprises people. If VOOV is the "value half," why does it cover nearly 60% of VOO by weight? Because the split is not a clean cut, as the next section shows. Several of the largest S&P 500 companies sit in both halves.
You can check any pair yourself with our Portfolio Overlap Checker.
How the S&P 500 Gets Split Into Value
Vanguard's VOOV fact sheet says the fund "tracks the value companies of the S&P 500 Index as identified by three factors: book value to price ratio, earnings to price ratio, and sales to price ratio." In plain terms, cheaper stocks relative to their book value, earnings and sales score as value.
Vanguard's prospectus adds the schedule: the index "is rebalanced annually in December, with quarterly reviews in March, June, and September." It also gives a count: "As of August 31, 2025, the number of stocks (constituents) in the Fund's Target Index was 397." By 30 June 2026 the fact sheet showed 437.
Now add up the halves. On 30 June 2026 the S&P 500 itself had 503 stocks, the value index had 437 and the growth index (VOOG's) had 147, all from Vanguard's fact sheets. That is 584 stocks across two halves of a 503-stock index, so at least 81 companies were counted in both. Apple is the clearest example: it was 7.3% of VOOV and 6.0% of VOOG on the same date.
That has two practical consequences. First, VOOV is less different from VOO than its name suggests. Second, its holdings move at each December rebalance and quarterly review, which is why its portfolio turnover was 32% in its last fiscal year against 2% for VOO.
VOO vs VOOV Side by Side
| VOO | VOOV | |
|---|---|---|
| Name | Vanguard S&P 500 ETF | Vanguard S&P 500 Value ETF |
| Index | S&P 500 Index | S&P 500 Value Index |
| Expense ratio | 0.03% | 0.07% |
| Prospectus cost of $10,000 over 10 years | $39 | $90 |
| Number of stocks (fund) | 506 | 438 |
| Top 10 holdings, % of assets | 37.9% | 23.8% |
| Median market cap | $455.6B | $158.1B |
| Price/earnings ratio | 27.5x | 23.7x |
| Price/book ratio | 5.4x | 3.6x |
| 3-year standard deviation | 13.06% | 12.14% |
| 30-day SEC yield (30 Sep 2026) | 1.00% | 1.70% |
| Portfolio turnover, last fiscal year | 2% | 32% |
| ETF share class net assets | $979.0 billion | $6.5 billion |
| Inception | 7 September 2010 | 7 September 2010 |
One practical note on size: VOO's ETF share class held about $979 billion and VOOV's about $6.5 billion on 30 June 2026. Both are large enough to trade easily, but VOOV is a far smaller fund.
Where the Two Funds Differ
Both fact sheets use GICS sectors, so this comparison is like for like.
| Sector (GICS), 30 June 2026 | VOO | VOOV | Difference |
|---|---|---|---|
| Information Technology | 38.0% | 20.6% | -17.4 |
| Financials | 11.8% | 15.5% | +3.7 |
| Communication Services | 9.7% | 2.9% | -6.8 |
| Consumer Discretionary | 9.3% | 10.4% | +1.1 |
| Health Care | 8.9% | 12.2% | +3.3 |
| Industrials | 8.8% | 11.2% | +2.4 |
| Consumer Staples | 4.6% | 8.8% | +4.2 |
| Energy | 3.0% | 6.6% | +3.6 |
| Utilities | 2.2% | 4.4% | +2.2 |
| Materials | 1.8% | 3.7% | +1.9 |
| Real Estate | 1.8% | 3.3% | +1.5 |
The tilt is clear but moderate: about half of VOO's technology weight, far less communication services, and more of everything else. The holdings tell the same story. VOO's top ten were led by Nvidia (7.5%), Apple (6.6%) and Alphabet (5.8%). VOOV's were Apple (7.3%), Amazon (3.8%), Intel (2.3%), Exxon Mobil (2.0%) and Walmart (1.7%). Nvidia, Microsoft and Alphabet were not in VOOV's top ten.
What the Value Tilt Has Been Worth
| Average annual return at NAV, to 30 June 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| VOO | 22.28% | 20.58% | 13.36% | 15.47% |
| VOOV | 18.31% | 14.29% | 11.20% | 11.80% |
| VOOV minus VOO | -3.97 | -6.29 | -2.16 | -3.67 |
VOOV trailed at every horizon in the table. Compounded over ten years, the gap is large:
| Hypothetical $10,000 held for 10 years | Ending value |
|---|---|
| At VOO's 10-year return to 30 Jun 2026 (15.47%) | $42,140 |
| At VOOV's 10-year return to 30 Jun 2026 (11.80%) | $30,508 |
In return, VOOV was slightly steadier (12.14% three-year standard deviation against 13.06%) and traded at a lower valuation (23.7x earnings against 27.5x). Value has had long stretches of leading the market in other decades. The last ten years were not one of them, and nothing in these numbers says which way the next ten will go.
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Which One Fits You
If you want one large-cap fund, choose VOO. It holds every VOOV stock already, costs less than half as much, and has returned more over every period in the table.
Choose VOOV only as a deliberate value tilt. Some investors want less exposure to the largest technology stocks or more to cheaper, higher-yielding companies. VOOV does that inside the S&P 500. Be clear that you are making a bet on style, and size it so you can hold it through years of lagging.
Holding both just shifts weights. VOO plus VOOV is a heavier value weighting within the same 500 companies. It does not add anything new.
Taxable account. VOOV's higher yield means more taxable dividends each year, and its 32% turnover is higher than VOO's 2%, although inside an ETF most rebalancing is handled in kind. In a taxable account, VOO is the more tax-efficient of the two. Check your 2026 tax bracket if the extra income matters.
IRA or 401(k). The tax point disappears, and the decision is purely about whether you want the tilt.
Mutual fund versions. VOO's fund has Admiral Shares (VFIAX, 0.04%, $3,000 minimum to open directly with Vanguard). VOOV's fund has no Admiral Shares in its prospectus; its only other class is Institutional Shares (VSPVX), which "generally require a minimum initial investment of $5 million." For most individuals the ETF is the only practical way to own VOOV.
If you want a broader value fund, VOO vs VTV compares the S&P 500 with Vanguard's cheaper, larger value ETF. For the growth side, see VOO vs VOOG. If income is the goal, SCHD vs VOO covers a dividend screen.
Sources & Methodology
- Vanguard Index Funds, Form 485BPOS filed 28 April 2026: VOO ETF Shares fee table (0.03%), $10,000 cost example, 2% turnover, VFIAX fee and minimum.
- Vanguard Admiral Funds, Form 485BPOS filed 19 December 2025: VOOV ETF Shares fee table (0.07%), $10,000 cost example, 32% turnover, index description, rebalance schedule, the 397-constituent count, and the Institutional Shares minimum.
- Vanguard VOO fact sheet, VOOV fact sheet and VOOG fact sheet, all as of 30 June 2026: returns, holdings counts, top holdings, sectors, valuation, volatility, net assets and the three value factors.
- Vanguard VOO profile and VOOV profile: 30-day SEC yields as of 30 September 2026.
- VOO Form N-PORT, period ended 30 June 2026 and VOOV Form N-PORT, period ended 31 May 2026: the holdings behind the overlap figures.
How the overlap was computed. We matched both N-PORT holdings lists and summed, for each shared stock, the smaller of its two weights, the same method as our Portfolio Overlap Checker. The filings are one month apart, which can shift individual weights slightly but does not change the picture.
What we did not do. We describe VOOV's value selection only as Vanguard's filing and fact sheet state it. The "at least 81 companies in both halves" figure is our arithmetic from three fact-sheet counts on the same date, not a number published by Vanguard or S&P.
This article is for general education and is not investment, tax or legal advice. Fund data changes daily, and past performance does not guarantee future results. All investing carries the risk of loss. Figures were checked against the sources above on 4 October 2026. Confirm current figures with Vanguard and consider speaking with a licensed financial professional before acting.
FAQ: VOO vs VOOV
Is VOOV better than VOO?
Not on the record so far. VOO returned 15.47% a year over the ten years to 30 June 2026 against 11.80% for VOOV, and it costs 0.03% against 0.07%. VOOV yields more and has been slightly less volatile.
Should I hold both VOO and VOOV?
Only if you want to overweight value stocks within the S&P 500. By our calculation 99.5% of VOOV's money is in stocks VOO already owns.
Why does VOOV own Apple, Amazon and Tesla?
Because the S&P 500 value and growth indexes overlap. The two halves held 584 stocks between them on 30 June 2026, from a 503-stock index, so some companies sit in both. Apple was 7.3% of VOOV and 6.0% of VOOG.
What makes a stock "value" in VOOV?
Vanguard's fact sheet names three factors: book value to price, earnings to price and sales to price. The index is rebalanced every December with quarterly reviews.
Does VOOV pay higher dividends than VOO?
Yes. Its 30-day SEC yield was 1.70% on 30 September 2026, against 1.00% for VOO.
Is there a VOOV mutual fund?
Only an Institutional share class, VSPVX, with a $5 million minimum. There are no Admiral Shares for this fund.
Is VTV a better value fund than VOOV?
VTV is cheaper (0.03%) and uses a different index. See VOO vs VTV for how it compares with the S&P 500.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"VOO vs VOOV: The Whole S&P 500 or Its Value Half?" Wealthy Pot, 2026. https://wealthypot.com/voo-vs-voov/
Related comparisons: VOO vs VOOG · VOO vs VTV · VUG vs VOO · SCHD vs VOO · VTI vs VOO · All ETF comparisons
