VOO and VTI both come from Vanguard, both charge 0.03% a year and both pay dividends quarterly. VOO holds the S&P 500, which is large US companies only. VTI holds the whole US stock market, so it adds mid-sized and small companies to the same large ones. That is the entire difference, and the second table below shows why it is smaller than it sounds.
What is the difference between VOO and VTI?
| VOO | VTI | |
|---|---|---|
| Tracks | S&P 500 Index | Morningstar US Total Market Index |
| Stocks in the fund | 506 | 3,531 |
| Expense ratio | 0.03% | 0.03% |
| Inception | Sep 7, 2010 | May 24, 2001 |
| Distributions | quarterly | quarterly |
VOO tracks the S&P 500 Index and holds almost every stock in it, which Vanguard calls full replication. VTI tracks the Morningstar US Total Market Index and holds a sample of it, which Vanguard calls index sampling. The VTI page on Vanguard's site (retrieved Sep 27, 2026) names the Morningstar US Total Market Index. Vanguard's fact sheet as of Jun 30, 2026 still named the CRSP US Total Market Index and said the rename to Morningstar was expected in July 2026.
Because both funds weight companies by size, the biggest names dominate either way:
| Holding | VOO | VTI |
|---|---|---|
| NVIDIA Corp. | 7.5% | 6.4% |
| Apple Inc. | 6.6% | 5.9% |
| Alphabet Inc. | 5.8% | 5.2% |
| Microsoft Corp. | 4.3% | 3.8% |
| Amazon.com Inc. | 3.6% | 3.2% |
| Broadcom Inc. | 2.8% | 2.5% |
| Micron Technology Inc. | 2.0% | 1.8% |
| Meta Platforms Inc. | 1.9% | 1.7% |
| Tesla Inc. | 1.8% | 1.6% |
| Eli Lilly & Co. | 1.5% | 1.4% |
| Top ten combined | 37.9% | 33.4% |
The ten largest holdings are the same ten companies in the same order. They take a larger share of VOO, because VTI spreads part of its money across thousands of smaller companies, each a thin slice.
VOO vs VTI returns
| Period | VOO | VTI |
|---|---|---|
| 1 year | 22.28% | 23.16% |
| 3 years | 20.58% | 20.43% |
| 5 years | 13.36% | 12.24% |
| 10 years | 15.47% | 15.04% |
| Since inception (VOO Sep 7, 2010, VTI May 24, 2001) | 15.03% | 9.48% |
Over the last year VTI returned more. Over 3, 5 and 10 years VOO did, by a small margin in each case. These are past periods, and a different cutoff date would shuffle the order.
Ignore the since-inception row when comparing. VTI's starts in 2001 and includes the 2007 to 2009 downturn, which VOO's 2010 start misses entirely. It compares different time spans, not different funds.
For the long record of the S&P 500 itself, with dividends and inflation, see S&P 500 returns by decade.
Fees and fee drag
The expense ratio is the same: 0.03% for each fund, or $3 a year per $10,000. Same fee means same drag, so there is nothing to choose between them here. What 0.03% is worth shows up against the Lipper peer-average expense ratio that Vanguard prints on the VTI page. The table uses that average as the comparison, and the result holds for VOO and VTI alike.
| Years | VTI (0.03%) | Peer average (0.969%) | VTI advantage |
|---|---|---|---|
| 10 | $105,796 | $100,147 | $5,649 |
| 20 | $388,634 | $343,745 | $44,889 |
| 30 | $1,151,995 | $942,252 | $209,743 |
Monthly compounding with start-of-month deposits. Monthly fees are deducted from the balance before growth. Nominal values, before taxes, trading costs and tracking differences.
Both ratios from Vanguard's VTI page, retrieved 2026-09-27: VTI's expense ratio as of 2026-04-28; the Lipper peer-average expense ratio as of 2025-12-31.
To see a fee's effect on your own plan, put your numbers into the VOO calculator or the VTI calculator. For funds beyond these two, the S&P 500 index fund comparison lines up expense ratios and minimums.
Dividend yield
| VOO | VTI | |
|---|---|---|
| Dividend yield | 1.07% | 1.05% |
| As of | Jul 31, 2026 | Aug 31, 2026 |
The yields are close. A fund's yield moves with prices and payouts, so a gap this small will flip direction from month to month. Total return, which includes dividends, is what the returns table above shows. If you reinvest dividends in either fund, the calculators already assume it in their return input, so don't add the yield on top.
How to choose between VOO and VTI
That depends on what you already own and what you want to own. A few concrete points:
- Total-market exposure elsewhere. If your 401(k) already holds a total-market or small and mid-cap fund, adding VTI repeats it.
- Small and mid-sized companies. VOO tracks only the S&P 500 companies. VTI also holds smaller ones, and they behave differently from the large companies that dominate both funds.
- Holding both. The same ten companies sit at the top of each fund. Owning both mostly stacks the large-company exposure twice.
- Taxes. If one is already in a taxable account, switching means selling, and a sale can realize a taxable gain. That cost can outweigh a small difference between the funds. A tax professional can tell you how it applies to you.
Past returns don't settle it. The fees are equal, the top holdings are identical, and the remaining difference is whether you want the smaller companies in the fund.
VOO vs VTI questions
What is the main difference between VOO and VTI?
VOO tracks the S&P 500, large US companies only. VTI tracks the whole US stock market, so it also holds mid-sized and small companies. Both are Vanguard ETFs with a 0.03% expense ratio.
Do VOO and VTI cost the same?
Yes. Vanguard lists a 0.03% expense ratio for VOO and 0.03% for VTI, so the annual cost is $3 per $10,000 invested in either fund. Brokerage commissions, if your broker charges any, are separate.
Is there a point in holding both VOO and VTI?
Mostly no. Both funds are weighted by company size, and their ten largest holdings are the same ten companies (37.9% of VOO and 33.4% of VTI at 2026-06-30). Holding both adds little diversification beyond what VTI already provides.
Which one pays the higher dividend yield?
Vanguard reported 1.07% for VOO as of 2026-07-31 and 1.05% for VTI as of 2026-08-31. The gap is small and the dates differ, so treat the two as roughly equal. Yields change every month.
Where to go next
- Project a VOO balance: VOO calculator
- Project a VTI balance: VTI calculator
- Run any return you choose: S&P 500 investment calculator
- Compare more S&P 500 funds by fee: S&P 500 index fund comparison
- Accounts, costs and timing: how to invest in the S&P 500
How we calculate: methodology and sources.
Past returns don't guarantee future results. This article is educational and is not financial advice.
