Relative Intelligence · US Large-Cap Equity
How Vanguard S&P 500 ETF (VOO) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VOO alone. It places VOO (Vanguard S&P 500 ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VOO stands in the market, and of the alternatives worth a closer look.
Period covered: VOO's full trading record, from September 2010 through September 2026. The crash tests reach back to 2000 using older funds. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page11 sections
Key findings
- Right nowVOO sits 1.3% below its record high, and the total US stock market is similarly close to its own. At a glance ↓
- Fund or market?VOO rose 3.9% over the past 3 months, in line with the total US stock market, which rose 3.2%: a market move, not its own.
- Long termVOO turned $10,000 into $42,400 over the past decade, against $40,200 in the total US stock market. Over the past decade, VOO returned 324%, ahead of 92% of the ETFs with at least $100 million in assets. The total US stock market returned 302%. Growth of $10,000 ↓
- In a crashIn the 2022 bear market, VOO fell harder than most of its similar funds, including RSP (Invesco S&P 500 Equal Weight ETF), DIA and PRF. Crash tests ↓
- DiversificationVOO is more of the same, not a cushion: a correlation of 1.00 with the total US stock market over 5 years, more closely than 99% of ETFs with at least $100 million in assets. When the total US stock market had a down month, VOO usually fell with it (23 of 25 months). By year ↓
- Better options
- Nearby categories and themes
- PVAL (Putnam Focused Large Cap Value ETF, US large-cap value) earned more than VOO with less volatility over the past 5 years: 16.1% a year at 15.1% volatility, against 12.8% a year at 16.9%.
- Whole market
- Few investments have done better on both counts: only nine of the 3,633 stocks and funds worth at least $500 million earned more than VOO with less volatility over the past 5 years, among them PVAL (Putnam Focused Large Cap Value ETF), FDL (First Trust Morningstar Dividend Leaders Index Fund) and LVHI (Franklin International Low Volatility High Dividend Index ETF).
How much would $10,000 in VOO have grown?
This chart tracks a hypothetical $10,000 investment in VOO over the past 16 years, with dividends reinvested, alongside the same amount in investments that ended ahead of VOO over the same span and VOO's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: VOO began trading on September 9, 2010, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or the 2010 flash crash. It covers the most recent 16 years of VOO's record, starting at the end of September 2010.
- Five of the eight other investments on the chart ended ahead of VOO, and NVDA finished highest, at $8,585,151.
Choose a period
From the end of September 2010 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 429 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of VOO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- NVDA$9M+85,752% total · +52.5% a year
- QQQ$172,922+1,629% total · +19.5% a year
- VUG$115,528+1,055% total · +16.5% a year
- CAH$100,083+901% total · +15.5% a year
- OEF$97,526+875% total · +15.3% a year
- VOO$89,421+794% total · +14.7% a year
- PRF$73,952+640% total · +13.3% a year
- VTV$66,386+564% total · +12.6% a year
- DIA$66,047+560% total · +12.5% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 897 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VOO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RY$23,646+136% total · +18.8% a year
- VLUE$22,395+124% total · +17.5% a year
- PVAL$21,761+118% total · +16.8% a year
- QQQ$21,295+113% total · +16.3% a year
- OEF$20,494+105% total · +15.4% a year
- VUG$19,143+91.4% total · +13.9% a year
- VOO$19,062+90.6% total · +13.8% a year
- PRF$18,834+88.3% total · +13.5% a year
- VTV$17,967+79.7% total · +12.4% a year
VOO at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: VOO began trading on September 9, 2010, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or the 2010 flash crash.
- VOO's deepest decline since it began trading in 2010 was 34.0%, from February to March 2020. It took five months from the low to climb back to its old high.
- Over 15 full calendar years, VOO's best was 2013, when it returned 32.4%, and its worst was 2022, when it lost 18.2%. It lost money in two of those years.
- VOO is 1.3% below its all-time high.
The fund
- Issuer
- Vanguard
- Began trading
- September 2010
- Expense ratio
- 0.03%per year
- Assets
- $1.7T
- Category
- Broad Market
Returns
- Past 1 year
- +15.8%total return
- Past 3 years
- +89.7%+23.8% a year
- Past 5 years
- +82.3%+12.8% a year
- Past 10 years
- +324%+15.5% a year
- Best calendar year
- +32.4%2013
- Worst calendar year
- −18.2%2022
- Losing years
- 2 of 15full calendar years
Risk
- Volatility
- 16.9%typical yearly swing, 5 years
- Sharpe ratio
- 0.80return per unit of risk, 5 years
- Worst decline ever
- −34.0%Feb 2020 to Mar 2020
- From its all-time high
- −1.3%below the peak
VOO against the whole market
Where VOO ranks among every stock and fund, and what across the market has done better.
How does VOO rank among all ETFs?
This section ranks VOO on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VOO stacks up against its peers, these rankings show where it stands in the market as a whole.
- VOO's 10-year return ranks in the top 8% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | VOO | Rank | Standing |
|---|---|---|---|
| 1-year return | +15.8% | 722 of 2,485 | top 29% |
| 3-year return | +89.7% | 348 of 1,949 | top 18% |
| 5-year return | +82.3% | 236 of 1,560 | top 15% |
| 10-year return | +324% | 74 of 958 | top 8% |
| Volatility, 5 years | 16.9% | 818 of 1,560 | bottom 49% |
| Sharpe ratio, 5 years | 0.80 | 349 of 1,560 | top 22% |
| Worst decline, past 10 years | −34.0% | 294 of 951 | top 31% |
What has beaten VOO on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VOO sits where the dashed lines cross. Anything in the green box above and to the left earned more than VOO with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- Nine ETFs worth at least $500 million sit in the green region: each earned more than VOO over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half VOO's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 34% less than VOO's 16.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.80 for VOO.
- None of VOO's popular alternatives made it, but PVAL (US large-cap value) did: 16.1% a year at 15.1% volatility, 11% less than VOO's 16.9%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VOO; faint dots are 6 more of the 9 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than VOO?
Investments that beat VOO over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Looking beyond its popular alternatives, PVAL (US large-cap value) earned more than VOO with less volatility over the past 5 years: 16.1% a year at 15.1% volatility, against 12.8% a year at 16.9%.
- Few investments have done better on both counts: only nine of the 3,633 stocks and funds worth at least $500 million earned more than VOO with less volatility over the past 5 years, among them PVAL, FDL and LVHI.
How this works
The table below lists investments that beat VOO over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VOO's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VOO follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VOO's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VOO's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than VOO's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with VOO?lower diversifies more | Expenseper year | |||
| VOOVanguard S&P 500 ETF · this page | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 1.00 | 0.03% | ||
 VTIVanguard Morningstar Total Stock Market ETF · S&P 500 | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 1.00 | 0.03% | ||
| Same and neighboring categories, and shared themesbest 5 shownEverything else in US Large-Cap Equity and the categories next to it (US Total Market, US Large-Cap Value, US Large-Cap Growth, US Quality Equity), plus VOO's specific themes. 8 of 45 passed at least one test. | |||||||||
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periods | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.88 | 0.56% | |
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.83 | 0.15% | |
 QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Higher return in most periods | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.92 | 0.18% | |
OEFiShares S&P 100 ETF · US Large-Cap Equity | Higher return in most periods | +14.3% | 17.8% | 0.84 | −31.4% | +367% | 0.98 | 0.20% | |
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Similar return, lower volatility | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.83 | 0.05% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 74 of 3,565 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, similar volatilityHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.59 | — | |
DIVBiShares Core Dividend ETF · Dividend & Income | Higher return, lower volatilityHigher return in most periods | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.86 | 0.05% | |
 CAHCardinal Health, Inc. · Health Care Distribution | On the frontierHigher return in most periods | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.29 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatility | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.55 | 0.40% | |
 WMTWalmart Inc. · Discount Retail | Higher Sharpe, smaller worst decline | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.43 | — | |
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.83 | 0.31% | |
 EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Higher return, similar volatility | +16.4% | 17.1% | 0.98 | −58.1% | +178% | 0.42 | — | |
 WMWaste Management, Inc. · Environmental Services | Smaller losses in recent crashes | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.35 | — | |
What these numbers mean for VOO
- Annual return
- VOO returned 12.8% a year over the past 5 years with dividends reinvested, against 11.5% a year for the S&P 500. At that pace, $10,000 became about $18,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- VOO's volatility over the past 5 years was 16.9%, 1.0 times the S&P 500's 17.5%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VOO's return lands within 16.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- VOO's Sharpe ratio over the past 5 years was 0.80, against 0.71 for the S&P 500, so VOO earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- VOO's worst fall from a peak to a low over the past 10 years was 34.0%, against 35.0% for the S&P 500. Losses and gains are not symmetric: climbing back from a 34.0% fall takes a 51.5% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, VOO's monthly returns had a correlation of 1.00 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VOO instead: the lower it is, the more that option would diversify a VOO holding. Guide: Correlation and diversification →
Show all 9 stocks and funds worth at least $500 million that earned more than VOO with less volatility
Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with VOO | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.88 | 0.56% |
| 2 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.86 | 0.05% |
| 3 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.55 | 0.40% |
| 4 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.58 | 0.43% |
| 5 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.61 | 0.95% |
| 6 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.53 | 0.60% |
| 7 | IUSInvesco RAFI Strategic US ETF · Broad Market | Whole market | +14.7% | 14.9% | 1.00 | −34.7% | — | 0.94 | 0.19% |
| 8 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.85 | 0.50% |
| 9 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.59 | 0.50% |
See everything that outperformed VOO →
VOO against its popular alternatives
The investments people most often weigh against VOO, compared period by period and year by year.
How do VOO's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VOO, which divides the map into what did better or worse on each measure.
- Only PRF and SPYM were both more rewarding and calmer than VOO over the past 5 years, earning a higher annual return with lower volatility.
- Ten of the 17 popular alternatives earned less than VOO over the past 5 years while swinging more, the weaker corner of the map.
Green points earned more than VOO with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| PRF Invesco RAFI US 1000 ETF | +13.0% | 15.0% |
| SPYM State Street SPDR Portfolio S&P 500 ETF | +12.8% | 16.9% |
| VOO This pageVanguard S&P 500 ETF | +12.8% | 16.9% |
| VV Vanguard Morningstar Large-Cap ETF | +12.3% | 17.3% |
| VUG Vanguard Morningstar Growth ETF | +12.3% | 22.5% |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | +12.3% | 16.9% |
| VTV Vanguard Morningstar Value ETF | +12.0% | 13.7% |
| SCHX Schwab U.S. Large-Cap ETF | +12.0% | 17.2% |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | +11.6% | 16.7% |
| SCHB Schwab U.S. Broad Market ETF | +11.6% | 17.3% |
| VTI Vanguard Morningstar Total Stock Market ETF | +11.5% | 17.5% |
| ESGU iShares ESG Aware MSCI USA ETF | +11.5% | 17.4% |
| ESGV Vanguard ESG U.S. Stock ETF | +11.3% | 18.5% |
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust | +9.9% | 14.8% |
| VXUS Vanguard Total International Stock ETF | +8.3% | 16.4% |
| RSP Invesco S&P 500 Equal Weight ETF | +8.2% | 16.1% |
| IJH iShares Core S&P Mid-Cap ETF | +7.2% | 19.6% |
| IWM iShares Russell 2000 ETF | +5.2% | 22.4% |
Has VOO consistently beaten its popular alternatives?
This section compares VOO with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VOO helps separate lasting outperformance from a single strong stretch.
- None of the 23 popular alternatives outperformed VOO in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was VUG.
- SPYM earned more for the risk it took than VOO (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
A green cell means the alternative earned more than VOO over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| VOO Vanguard S&P 500 ETF (this page) | — | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 16.9% | 0.80 | −34.0% | 0.03% | $1.7T | — |
| VUG Broad MarketVanguard Morningstar Growth ETF | 0/5 short2/3 long | −2.5% | +4.0% | +8.2% | +9.8% | +10.2% | +100% | +78.6% | +419% | 22.5% | 0.63 | −35.6% | 0.03% | $392B | 74% |
| PRF Broad MarketInvesco RAFI US 1000 ETF | 4/5 short0/3 long | +1.2% | +4.2% | +11.7% | +20.2% | +25.5% | +90.1% | +84.3% | +270% | 15.0% | 0.90 | −38.1% | 0.34% | $10B | 82% |
| VTV Broad MarketVanguard Morningstar Value ETF | 4/5 short0/3 long | +1.6% | +4.0% | +11.0% | +18.2% | +22.5% | +77.9% | +76.6% | +235% | 13.7% | 0.90 | −36.8% | 0.03% | $252B | 63% |
| GSLC Broad MarketGoldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 1/5 short0/3 long | 0.0% | +4.2% | +8.5% | +11.9% | +14.0% | +83.5% | +73.1% | +297% | 16.7% | 0.74 | −33.7% | 0.09% | $15B | 97% |
| DIA Broad MarketState Street SPDR Dow Jones Industrial Average ETF Trust | 1/5 short0/3 long | +0.9% | +1.6% | +6.8% | +9.6% | +13.9% | +66.1% | +60.6% | +250% | 14.8% | 0.72 | −36.7% | 0.16% | $45B | 71% |
| RSP Broad MarketInvesco S&P 500 Equal Weight ETF | 1/5 short0/3 long | +1.5% | +2.0% | +6.7% | +13.3% | +15.5% | +65.4% | +48.6% | +211% | 16.1% | 0.57 | −39.0% | 0.20% | $98B | 74% |
| ESGV Broad MarketVanguard ESG U.S. Stock ETF | 1/5 short0/3 long | −1.3% | +3.6% | +9.6% | +13.0% | +14.9% | +89.8% | +70.7% | — | 18.5% | 0.67 | −33.7% | 0.09% | $13B | 90% |
| SPYM Broad MarketState Street SPDR Portfolio S&P 500 ETF | 0/5 short0/3 long | −0.5% | +3.9% | +9.1% | +13.5% | +15.9% | +89.8% | +82.5% | +324% | 16.9% | 0.80 | −33.9% | 0.02% | $184B | 99% |
| VV Broad MarketVanguard Morningstar Large-Cap ETF | 0/5 short0/3 long | −0.7% | +3.9% | +9.4% | +13.4% | +15.4% | +90.6% | +78.8% | +324% | 17.3% | 0.76 | −34.3% | 0.03% | $76B | 99% |
| IVV Broad MarketiShares Core S&P 500 ETF | 0/5 short0/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 17.0% | 0.80 | −33.9% | 0.03% | $880B | 99% |
| SPY Broad MarketState Street SPDR S&P 500 ETF | 0/5 short0/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1% | 0.79 | −33.7% | 0.09% | $823B | 99% |
| SCHX Broad MarketSchwab U.S. Large-Cap ETF | 0/5 short0/3 long | −0.8% | +3.6% | +8.7% | +13.0% | +15.1% | +89.1% | +76.6% | +317% | 17.2% | 0.75 | −34.3% | 0.03% | $74B | 99% |
| VONE Broad MarketVanguard Russell 1000 ETF | 0/5 short0/3 long | −0.6% | +3.7% | +8.6% | +13.0% | +15.2% | +88.5% | +75.9% | +312% | 17.2% | 0.75 | −34.7% | 0.06% | $12B | 98% |
| SPTM Broad MarketState Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 0/5 short0/3 long | −0.6% | +3.4% | +8.4% | +13.3% | +15.7% | +87.2% | +78.6% | +310% | 16.9% | 0.77 | −34.7% | 0.03% | $14B | 97% |
| IWB Broad MarketiShares Russell 1000 ETF | 0/5 short0/3 long | −0.6% | +3.7% | +8.6% | +12.9% | +15.1% | +87.7% | +75.1% | +309% | 17.2% | 0.74 | −34.6% | 0.15% | $49B | 97% |
| VTI Broad MarketVanguard Morningstar Total Stock Market ETF | 0/5 short0/3 long | −0.8% | +3.2% | +8.3% | +13.1% | +15.2% | +87.9% | +72.6% | +302% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 98% |
| ITOT Broad MarketiShares Core S&P Total U.S. Stock Market ETF | 0/5 short0/3 long | −0.8% | +3.2% | +8.2% | +13.1% | +15.2% | +88.0% | +72.7% | +301% | 17.4% | 0.72 | −35.0% | 0.03% | $96B | 97% |
| SCHB Broad MarketSchwab U.S. Broad Market ETF | 0/5 short0/3 long | −0.9% | +3.2% | +8.3% | +13.1% | +15.2% | +88.0% | +72.9% | +286% | 17.3% | 0.72 | −35.3% | 0.03% | $44B | 98% |
| IJH Broad MarketiShares Core S&P Mid-Cap ETF | 0/5 short0/3 long | −0.2% | −2.2% | +0.2% | +10.1% | +13.5% | +59.4% | +41.4% | +178% | 19.6% | 0.45 | −42.2% | 0.05% | $121B | 67% |
| IWM Broad MarketiShares Russell 2000 ETF | 0/5 short0/3 long | −3.4% | −5.4% | −0.1% | +11.6% | +12.3% | +71.3% | +29.0% | +158% | 22.4% | 0.34 | −41.1% | 0.19% | $75B | 65% |
| VXUS InternationalVanguard Total International Stock ETF | 0/5 short0/3 long | −3.9% | +1.0% | +0.9% | +10.2% | +14.6% | +77.2% | +48.6% | +140% | 16.4% | 0.57 | −36.0% | 0.05% | $666B | 72% |
| DFUS Broad MarketDimensional U.S. Equity ETF | 0/5 short0/3 long | −0.7% | +3.5% | +8.7% | +13.3% | +15.7% | +88.9% | +78.8% | — | 17.3% | 0.76 | −24.6% | 0.09% | $21B | 98% |
| ESGU Broad MarketiShares ESG Aware MSCI USA ETF | 0/5 short0/3 long | −0.7% | +3.5% | +9.5% | +13.4% | +15.6% | +88.3% | +72.4% | — | 17.4% | 0.72 | −33.9% | 0.15% | $18B | 97% |
How did VOO do year by year?
This table shows each investment's total return in every full calendar year since 2011, along with where VOO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VOO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: VOO began trading on September 9, 2010, so the table starts with 2011, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or the 2010 flash crash.
- Ranked against its popular alternatives each year, VOO finished in the top quarter in eight of 15 years and in the bottom quarter in no. In 2025, it ranked 5 of 18.
- Among its popular alternatives, VUG came out ahead of VOO most often, in nine of the 15 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of VOO; gray means the two finished within a fraction of a point. The rank row places VOO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of VOO | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VOO This pageVanguard S&P 500 ETF | — | +17.8% | +25.0% | +26.3% | −18.2% | +28.8% | +18.3% | +31.4% | −4.5% | +21.8% | +12.2% | +1.3% | +13.6% | +32.4% | +16.0% | +1.9% |
| Rank among alternatives | Top quarter in 8 of 15 | 5 of 18 | 4 of 18 | 5 of 18 | 9 of 18 | 3 of 18 | 11 of 18 | 5 of 18 | 6 of 17 | 6 of 17 | 10 of 16 | 2 of 15 | 4 of 15 | 12 of 15 | 10 of 15 | 2 of 14 |
| VUG Vanguard Morningstar Growth ETF | 9 of 15 | +19.4% | +32.7% | +46.8% | −33.1% | +27.4% | +40.2% | +37.0% | −3.3% | +27.8% | +6.2% | +3.3% | +13.6% | +32.6% | +17.1% | +1.8% |
| PRF Invesco RAFI US 1000 ETF | 5 of 15 | +18.4% | +16.7% | +15.7% | −7.8% | +31.2% | +7.8% | +27.4% | −8.7% | +16.0% | +17.3% | −2.9% | +12.2% | +35.0% | +16.9% | −0.5% |
| VTV Vanguard Morningstar Value ETF | 2 of 15 | +15.3% | +16.0% | +9.3% | −2.1% | +26.5% | +2.3% | +25.7% | −5.5% | +17.1% | +17.1% | −1.0% | +13.2% | +33.1% | +15.2% | +1.1% |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 2 of 10 | +16.2% | +24.2% | +25.1% | −18.7% | +27.2% | +19.0% | +30.7% | −4.1% | +22.5% | +8.7% | — | — | — | — | — |
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 5 of 15 | +14.7% | +14.8% | +16.0% | −7.0% | +20.8% | +9.6% | +25.0% | −3.7% | +28.1% | +16.4% | +0.1% | +9.8% | +29.6% | +9.9% | +8.1% |
| RSP Invesco S&P 500 Equal Weight ETF | 5 of 15 | +11.2% | +12.8% | +13.7% | −11.6% | +29.4% | +12.7% | +28.9% | −7.8% | +18.5% | +14.5% | −1.7% | +15.1% | +36.7% | +18.6% | +0.2% |
| ESGV Vanguard ESG U.S. Stock ETF | 3 of 7 | +16.5% | +24.7% | +30.8% | −24.0% | +26.5% | +25.7% | +33.3% | — | — | — | — | — | — | — | — |
| SPYM State Street SPDR Portfolio S&P 500 ETF | 0 of 15 | +17.8% | +25.0% | +26.2% | −18.1% | +28.8% | +18.5% | +31.9% | −4.8% | +21.4% | +11.8% | +1.2% | +13.7% | +33.2% | +15.1% | +1.7% |
| VV Vanguard Morningstar Large-Cap ETF | 2 of 15 | +18.1% | +25.3% | +27.2% | −19.9% | +27.4% | +21.0% | +31.3% | −4.5% | +22.0% | +11.8% | +1.0% | +13.4% | +32.7% | +16.2% | +1.4% |
| SCHX Schwab U.S. Large-Cap ETF | 1 of 15 | +17.5% | +24.9% | +26.8% | −19.4% | +26.8% | +21.0% | +31.2% | −4.5% | +21.6% | +12.1% | +1.0% | +13.3% | +32.6% | +16.4% | +1.6% |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 1 of 15 | +16.9% | +23.9% | +25.6% | −17.8% | +28.5% | +18.0% | +31.4% | −5.3% | +21.1% | +12.3% | +0.2% | +13.4% | +33.6% | +15.8% | +0.8% |
| VTI Vanguard Morningstar Total Stock Market ETF | 3 of 15 | +17.1% | +23.8% | +26.0% | −19.5% | +25.7% | +21.1% | +30.7% | −5.2% | +21.2% | +12.8% | +0.4% | +12.5% | +33.4% | +16.4% | +1.0% |
| SCHB Schwab U.S. Broad Market ETF | 2 of 15 | +16.9% | +23.9% | +26.1% | −19.4% | +25.8% | +19.6% | +29.5% | −6.1% | +20.0% | +14.7% | −0.7% | +11.5% | +31.8% | +14.8% | +1.0% |
| IJH iShares Core S&P Mid-Cap ETF | 4 of 15 | +7.4% | +13.9% | +16.4% | −13.1% | +24.7% | +13.6% | +26.1% | −11.2% | +16.3% | +20.7% | −2.3% | +9.7% | +33.5% | +17.7% | −2.2% |
| IWM iShares Russell 2000 ETF | 4 of 15 | +12.7% | +11.4% | +16.8% | −20.5% | +14.5% | +20.0% | +25.4% | −11.1% | +14.6% | +21.6% | −4.5% | +5.0% | +38.7% | +16.7% | −4.4% |
| VXUS Vanguard Total International Stock ETF | 4 of 14 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% | +18.6% | — |
| ESGU iShares ESG Aware MSCI USA ETF | 1 of 9 | +16.9% | +24.3% | +25.8% | −20.3% | +26.9% | +22.6% | +31.7% | −4.3% | +21.1% | — | — | — | — | — | — |
Risk and diversification
How VOO has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were VOO's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents VOO's five deepest drawdowns since it began trading in 2010, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: VOO began trading on September 9, 2010, so this list cannot include the dot-com bust, the 2008 financial crisis or the 2010 flash crash. The crash tests on this page show how older funds fared through those years.
- In four of VOO's five worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 14 months, after VOO fell 24.5% from January to October 2022.
Green means VOO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | VOO fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Covid crash | −34.0% | −33.7% | Feb 2020 | Mar 2020 | 1 month | Aug 2020 | 5 months |
| 2022 bear market | −24.5% | −24.5% | Jan 2022 | Oct 2022 | 9 months | Dec 2023 | 14 months |
| Late-2018 sell-off | −19.5% | −19.4% | Sep 2018 | Dec 2018 | 3 months | Apr 2019 | 4 months |
| 2011 euro debt crisis | −18.8% | −18.6% | Apr 2011 | Oct 2011 | 6 months | Feb 2012 | 4 months |
| No named crash | −18.7% | −18.8% | Feb 2025 | Apr 2025 | 2 months | Jun 2025 | 2 months |
How did VOO do in stock market crashes?
This section measures how far VOO and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: VOO began trading on September 9, 2010, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or the 2010 flash crash. The older alternatives show how those crashes played out.
- Among its popular alternatives, DIA held up best, falling less than VOO in four of the seven crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VOO.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VOO This pageVanguard S&P 500 ETF | — | −3.4% | −24.5% | −34.0% | −19.4% | −6.5% | −12.8% | −18.0% | Not yet trading | Not yet trading | Not yet trading |
| VUG Vanguard Morningstar Growth ETF | 1 of 7 | −3.5% | −33.7% | −31.8% | −22.3% | −6.2% | −15.2% | −18.3% | −2.0% | −50.7% | — |
| PRF Invesco RAFI US 1000 ETF | 1 of 7 | −4.6% | −19.7% | −38.0% | −19.7% | −6.4% | −13.6% | −19.4% | −1.5% | −60.1% | — |
| VTV Vanguard Morningstar Value ETF | 3 of 7 | −4.0% | −17.0% | −36.4% | −17.3% | −6.5% | −11.6% | −18.8% | −1.1% | −59.2% | — |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 0 of 5 | −3.4% | −24.6% | −33.7% | −19.6% | −6.1% | — | — | — | — | — |
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 4 of 7 | −2.9% | −20.8% | −36.4% | −18.1% | −6.4% | −12.1% | −15.5% | −1.4% | −51.9% | −33.9% |
| RSP Invesco S&P 500 Equal Weight ETF | 1 of 7 | −5.4% | −21.4% | −39.0% | −19.8% | −6.1% | −14.8% | −21.3% | −1.6% | −59.1% | — |
| ESGV Vanguard ESG U.S. Stock ETF | 0 of 4 | −4.0% | −28.4% | −33.7% | −19.7% | — | — | — | — | — | — |
| SPYM State Street SPDR Portfolio S&P 500 ETF | 0 of 7 | −3.4% | −24.4% | −33.9% | −19.7% | −6.4% | −13.6% | −18.1% | −1.9% | −54.6% | — |
| VV Vanguard Morningstar Large-Cap ETF | 0 of 7 | −3.5% | −25.5% | −34.3% | −19.3% | −6.4% | −13.3% | −18.6% | −1.7% | −54.8% | — |
| SCHX Schwab U.S. Large-Cap ETF | 0 of 7 | −3.7% | −25.2% | −34.3% | −19.4% | −6.4% | −13.4% | −18.5% | −1.2% | — | — |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 0 of 7 | −3.8% | −24.1% | −34.7% | −20.2% | −6.3% | −13.5% | −18.8% | −2.0% | −54.7% | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 0 of 7 | −4.0% | −25.2% | −35.0% | −20.0% | −6.3% | −14.1% | −19.5% | −1.9% | −55.5% | — |
| SCHB Schwab U.S. Broad Market ETF | 0 of 7 | −4.0% | −25.3% | −35.3% | −20.5% | −6.2% | −14.5% | −19.0% | −1.6% | — | — |
| IJH iShares Core S&P Mid-Cap ETF | 1 of 7 | −7.0% | −22.8% | −42.2% | −22.8% | −6.1% | −17.5% | −24.6% | −2.6% | −54.8% | — |
| IWM iShares Russell 2000 ETF | 1 of 7 | −7.1% | −26.8% | −40.8% | −25.7% | −5.5% | −21.5% | −27.2% | −2.9% | −58.4% | — |
| VXUS Vanguard Total International Stock ETF | 3 of 7 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| ESGU iShares ESG Aware MSCI USA ETF | 1 of 5 | −3.5% | −26.0% | −33.9% | −19.5% | −5.9% | — | — | — | — | — |
What diversifies VOO?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VOO's. Because such investments tend not to fall at the same time, pairing VOO with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in VOO into DBMF would have cut the portfolio's volatility by 23% over the past 5 years for a small cut in its annual return (+13.8% for VOO alone, +13.5% for the mix).
- Among large ETFs, GLD, XLE and AMLP have moved largely independently of VOO over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, MCK and MPC have moved largely independently of VOO over the past 5 years, with correlations of 0.29 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VOO lost money. The last two columns show a portfolio that is 80% VOO and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| VOO Vanguard S&P 500 ETF (this page) | 1.00 | +82.3% | 0.80 | −18.2% | −4.5% | 15.7% | +13.8% |
| GLD CommoditiesSPDR Gold Shares | 0.16 | +126% | 0.96 | −0.8% | −1.9% | 13.5% | +15.1% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.29 | +177% | 0.93 | +64.4% | −18.2% | 14.9% | +16.2% |
| AMLP EnergyAlerian MLP ETF | 0.46 | +111% | 0.89 | +25.5% | −12.6% | 14.6% | +15.0% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.27 | +59.7% | 0.82 | +21.6% | — | 12.1% | +13.5% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.17 | +66.4% | 0.81 | +2.5% | −8.7% | 13.1% | +13.4% |
| IHE Broad MarketiShares U.S. Pharmaceuticals ETF | 0.49 | +81.2% | 0.80 | −4.9% | −7.8% | 14.3% | +13.7% |
| GDX MaterialsVanEck Gold Miners ETF | 0.28 | +181% | 0.73 | −9.0% | −8.8% | 16.4% | +17.3% |
| USO CommoditiesUnited States Oil Fund, LP | 0.01 | +176% | 0.73 | +29.0% | −19.6% | 14.7% | +16.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| VOO Vanguard S&P 500 ETF (this page) | 1.00 | +82.3% | 0.80 | −18.2% | −4.5% | 15.7% | +13.8% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.29 | +479% | 1.55 | +54.1% | −24.5% | 14.9% | +18.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.18 | +413% | 1.44 | +51.8% | −28.4% | 14.3% | +18.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.26 | +690% | 1.41 | +86.6% | −8.2% | 15.5% | +20.9% |
| ATI Manufacturing - Metal FabricationATI Inc. | 0.33 | +1,008% | 1.34 | +87.5% | −9.8% | 18.0% | +24.0% |
| CRS SteelCarpenter Technology Corporation | 0.41 | +1,082% | 1.30 | +29.5% | −29.2% | 18.9% | +24.6% |
Common questions
What was VOO's worst drawdown?
VOO's deepest decline since it began trading in 2010 was 34.0%, from February to March 2020. It took five months from the low to climb back to its old high. Because VOO launched in September 2010, that record does not include the dot-com bust, the 2008 financial crisis or the 2010 flash crash.
What were VOO's best and worst years?
Over 15 full calendar years, VOO's best year was 2013, when it returned 32.4%. Its worst was 2022, with a return of -18.2%.
Is there a better investment than VOO?
Looking beyond its popular alternatives, PVAL (US large-cap value) earned more than VOO with less volatility over the past 5 years: 16.1% a year at 15.1% volatility, against 12.8% a year at 16.9%. Few investments have done better on both counts: only nine of the 3,633 stocks and funds worth at least $500 million earned more than VOO with less volatility over the past 5 years, among them PVAL, FDL and LVHI.
Is VOO more volatile than the S&P 500?
No. VOO's volatility over the past 5 years was 16.9%, 1.0 times the S&P 500's 17.5%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VOO's return lands within 16.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is VOO's Sharpe ratio?
VOO's Sharpe ratio over the past 5 years was 0.80, against 0.71 for the S&P 500, so VOO earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is VOO with the S&P 500?
Over the past 5 years, VOO's monthly returns had a correlation of 1.00 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against VOO instead: the lower it is, the more that option would diversify a VOO holding.
What are the best alternatives to VOO?
None of the 23 popular alternatives we compared outperformed VOO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about VOO's strength than about its alternatives.
What diversifies VOO?
These had a low correlation with VOO over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.16), XLE (correlation 0.29) and AMLP (correlation 0.46); among large stocks, CAH (correlation 0.29), MCK (correlation 0.18) and MPC (correlation 0.26). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than VOO's. Returns within 0.5 points or 3% of VOO's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to VOO
VUGVanguard Morningstar Growth ETF
VTVVanguard Morningstar Value ETF
DIAState Street SPDR Dow Jones Industrial Average ETF Trust
RSPInvesco S&P 500 Equal Weight ETF
SPYMState Street SPDR Portfolio S&P 500 ETF
VVVanguard Morningstar Large-Cap ETF
IVViShares Core S&P 500 ETF
SPYState Street SPDR S&P 500 ETF
SCHXSchwab U.S. Large-Cap ETF
IWBiShares Russell 1000 ETF- VTIVanguard Morningstar Total Stock Market ETF
ITOTiShares Core S&P Total U.S. Stock Market ETF