Wealthy PotVOO vs VTV: The S&P 500 or Vanguard's Large-Cap Value Fund?
VTV is a large-cap value fund, and 98.6% of it is in stocks VOO already owns. Going the other way, those shared stocks are only 43.4% of VOO, by our calculation from the two funds' June 2026 SEC holdings filings. Both charge 0.03% a year. VTV holds fewer technology companies, more banks, industrials and health care, and pays more income (a 1.89% SEC yield against 1.00%). Over the ten years to 30 June 2026 it returned 2.80 percentage points a year less than VOO, though it led over the latest year. VOO is the standard core. VTV is a value tilt.
Table of Contents
The Short Answer
- Overlap: 98.6% one way, 43.4% the other. Nearly all of VTV is S&P 500 stocks. Those stocks make up 43.4% of VOO. That is our calculation from both funds' SEC holdings filings for 30 June 2026.
- Same fee. Both ETFs charge 0.03% in Vanguard's April 2026 prospectus. VTV was 0.04% in the April 2025 prospectus.
- VTV pays more income. 30-day SEC yield on 30 September 2026: VTV 1.89%, VOO 1.00%.
- VOO has the better ten-year record. To 30 June 2026 at NAV: VOO 15.47% a year, VTV 12.67%. Over one year VTV led, 25.92% to 22.28%.
- VTV is spread more evenly. Its ten largest holdings were 24.1% of assets against 37.9% for VOO, and its three-year standard deviation was 11.55% against 13.06%.
- They hold different kinds of company. VTV's largest positions on 30 June 2026 were Micron, Berkshire Hathaway and JPMorgan Chase. VOO's were Nvidia, Apple and Alphabet.
How Much of VOO Is Already VTV
VTV's prospectus describes its index as "a broadly diversified index made up of the value stocks of large U.S. companies, as determined by the index provider." VOO's index is "dominated by the stocks of large U.S. companies." Both funds live in the same large-company universe, so most of VTV is S&P 500 stocks. The two indexes are drawn up by different providers, though, so the match is close but not exact.
| Overlap measure, 30 June 2026 | Result |
|---|---|
| Holdings in common | 295 |
| Share of VTV's weight in stocks VOO also owns | 98.6% |
| Share of VOO's weight in stocks VTV also owns | 43.4% |
| Overlap (sum of the smaller weight in each shared stock) | 43.4% |
The shared stocks carry very different weights in each fund:
| Stock | Weight in VOO | Weight in VTV |
|---|---|---|
| Micron Technology | 2.02% | 4.87% |
| Berkshire Hathaway | 1.42% | 3.47% |
| JPMorgan Chase | 1.26% | 3.06% |
| Johnson & Johnson | 0.95% | 2.29% |
| Exxon Mobil | 0.88% | 2.12% |
| Walmart | 0.77% | 1.86% |
| Caterpillar | 0.76% | 1.83% |
| AbbVie | 0.69% | 1.66% |
Most of VTV's big names carry roughly two and a half times the weight they have in VOO. The 56.6% of VOO that VTV does not own is mostly the large growth companies: Nvidia, Apple, Alphabet, Microsoft, Amazon and their peers.
VOO vs VTV Side by Side
| VOO | VTV | |
|---|---|---|
| Current name | Vanguard S&P 500 ETF | Vanguard Morningstar Value ETF |
| Index | S&P 500 Index | Morningstar US Large Cap Value Index |
| Expense ratio | 0.03% | 0.03% |
| Prospectus cost of $10,000 over 10 years | $39 | $39 |
| Number of stocks (fund) | 506 | 308 |
| Top 10 holdings, % of assets | 37.9% | 24.1% |
| Median market cap | $455.6B | $165.5B |
| Price/earnings ratio | 27.5x | 21.4x |
| Price/book ratio | 5.4x | 3.2x |
| 3-year standard deviation | 13.06% | 11.55% |
| 30-day SEC yield (30 Sep 2026) | 1.00% | 1.89% |
| Portfolio turnover, fiscal 2025 | 2% | 8% |
| ETF share class net assets | $979.0 billion | $186.1 billion |
| Inception | 7 September 2010 | 26 January 2004 |
Where the Two Funds Differ
A warning before the sector numbers. Vanguard's VOO fact sheet uses GICS sectors, while its VTV fact sheet uses a different scheme (the Industry Classification Benchmark). The two do not line up exactly, so we show each fund on its own classification rather than subtract one from the other.
| VOO (GICS), 30 June 2026 | Weight | VTV (ICB), 30 June 2026 | Weight |
|---|---|---|---|
| Information Technology | 38.0% | Financials | 21.3% |
| Financials | 11.8% | Industrials | 16.6% |
| Communication Services | 9.7% | Health Care | 13.9% |
| Consumer Discretionary | 9.3% | Technology | 11.9% |
| Health Care | 8.9% | Consumer Discretionary | 8.2% |
| Industrials | 8.8% | Consumer Staples | 7.8% |
| Consumer Staples | 4.6% | Energy | 6.8% |
| Energy | 3.0% | Utilities | 5.3% |
| Utilities | 2.2% | Telecommunications | 3.3% |
| Materials | 1.8% | Real Estate | 2.5% |
| Real Estate | 1.8% | Basic Materials | 2.2% |
Even allowing for the different schemes, the shape is obvious. VOO's biggest exposure is technology at well over a third of the fund. In VTV, technology is fourth, and financials lead at over a fifth. VTV also holds more industrials, health care, energy and utilities.
Valuation follows from that. VTV traded at 21.4 times earnings and 3.2 times book value on 30 June 2026. VOO traded at 27.5 and 5.4. VTV's median company was about $166 billion, against about $456 billion for VOO, because the very largest companies are mostly classed as growth.
VTV and VOOV are not the same thing, by the way. VOOV is the value half of the S&P 500 and costs 0.07%; VTV uses a different index provider and costs 0.03%. By our calculation from their N-PORT filings the two value funds overlap by 66.2%. VOO vs VOOV covers that alternative.
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% |
| VTV | 25.92% | 18.01% | 12.32% | 12.67% |
| VTV minus VOO | +3.64 | -2.57 | -1.04 | -2.80 |
Two things stand out. Over the decade VOO won by close to three points a year, carried by the large technology companies VTV mostly does not own. Over the latest year VTV won by more than three and a half points. Style leadership changes, and it does not announce when.
| Hypothetical $10,000 held for 10 years | Ending value |
|---|---|
| At VOO's 10-year return to 30 Jun 2026 (15.47%) | $42,140 |
| At VTV's 10-year return to 30 Jun 2026 (12.67%) | $32,967 |
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
VTV Changed Its Name in July 2026
Vanguard's supplement dated 29 July 2026 renamed Vanguard Value Index Fund as Vanguard Morningstar Value Index Fund, with the ETF share class now the Vanguard Morningstar Value ETF. Its index, the CRSP US Large Cap Value Index, became the Morningstar US Large Cap Value Index. The reason given is that Morningstar "has announced the acquisition of the Center for Research in Security Prices ('CRSP') and its CRSP Market Indexes." The supplement says each fund's "investment objective, strategies, and polices remain unchanged." The ticker is still VTV. VOO tracks an S&P index and was not affected.
Which One Fits You
One fund for your large-cap stocks: VOO. It owns the value companies in VTV as well as the growth companies VTV leaves out, at the same 0.03%.
A deliberate value tilt: VTV. If you think the largest technology stocks are a big enough share of your portfolio already, or you want a lower valuation and more income, VTV is a cheap way to lean toward value. Choose the size of the tilt before you buy, so a few years of lagging does not decide it for you.
Holding both. VOO plus VTV gives you the S&P 500 with extra weight in banks, industrials and health care. That is a reasonable portfolio if it is what you want, but it is a weighting choice, not added diversification.
Taxable account. VTV's 1.89% yield produces more taxable dividends each year than VOO's 1.00%. On $100,000 that is roughly $1,890 against $1,000 of reportable income, our arithmetic assuming the yields hold. In an IRA or 401(k) the difference does not matter.
Mutual fund versions. Vanguard's April 2026 prospectus lists VFIAX (0.04%) for VOO's fund and VVIAX (0.05%) for VTV's fund, each with a $3,000 minimum to open an account directly with Vanguard. The ETFs cost less and, in the prospectus's words, have "no minimum dollar amount you must invest."
For the growth side of the same decision, see VUG vs VOO and VOO vs VOOG. If what you really want is dividend income, SCHD vs VTV compares a dividend screen with VTV, and SCHD vs VOO compares it with the S&P 500.
Sources & Methodology
- Vanguard Index Funds, Form 485BPOS filed 28 April 2026: ETF Shares fee tables for VOO and VTV (0.03% each), cost examples, turnover, index descriptions, Admiral Shares fees and minimum.
- Vanguard Index Funds, Form 485BPOS filed 29 April 2025: the prior VTV ETF fee of 0.04%.
- Vanguard, Form 497 supplement dated 29 July 2026: the renaming of VTV and its index.
- Vanguard VOO fact sheet and VTV fact sheet, both as of 30 June 2026: returns, holdings, sectors, valuation, volatility and net assets.
- Vanguard VOO profile and VTV profile: 30-day SEC yields as of 30 September 2026 and the current VTV name.
- VOO Form N-PORT and VTV Form N-PORT, both for the period ended 30 June 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.
Notes and limits. VTV's fact sheet lists one top-ten holding as "Issuer Not Found" at 2.1%; the N-PORT filing for the same date identifies the 2.12% position as Exxon Mobil, which is the name we use. Sector weights come from two different classification schemes and are not subtracted. Vanguard's April 2026 prospectus says VTV's fee table was "restated to reflect current fees"; we did not find a dated supplement for the cut from 0.04%, so no date is given.
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 VTV
Is VTV better than VOO?
Over ten years, no: VOO returned 15.47% a year at NAV to 30 June 2026 against 12.67% for VTV. Over the latest year VTV led, 25.92% to 22.28%. VTV yields more and has been less volatile.
Should I hold both VOO and VTV?
You can, but understand what it does. By our calculation 98.6% of VTV is in stocks VOO already owns, so adding VTV increases your weight in value stocks rather than adding new companies.
How much do VOO and VTV overlap?
From their 30 June 2026 SEC filings, 98.6% of VTV's weight is in VOO stocks, and those stocks are 43.4% of VOO.
Do VOO and VTV have the same expense ratio?
Yes, 0.03% each in Vanguard's April 2026 prospectus.
Which pays more dividends?
VTV. Its 30-day SEC yield was 1.89% on 30 September 2026, against 1.00% for VOO.
Why is Micron VTV's largest holding?
The index provider classes it as a value stock, and it was VTV's biggest position at 4.87% in the 30 June 2026 filing. Classification is decided by the index provider and can change at rebalances.
Is VTV the same as VOOV?
No. VTV follows a Morningstar index and costs 0.03%. VOOV follows the S&P 500 Value Index and costs 0.07%. They overlap by 66.2% on our calculation.
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 VTV: The S&P 500 or Vanguard's Large-Cap Value Fund?" Wealthy Pot, 2026. https://wealthypot.com/voo-vs-vtv/
Related comparisons: VOO vs VOOV · SCHD vs VTV · VOO vs VOOG · VUG vs VOO · SCHD vs VOO · VTI vs VOO · All ETF comparisons
