VOO vs VUG: Correlation & Overlap
How closely do Vanguard S&P 500 ETF (VOO) and Vanguard Growth ETF (VUG) trade together? Their weekly returns over three years give a correlation of 0.96, which is very strong. By holdings, the two funds overlap 57.1% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VOO and VUG?
Over the past 3 years, VOO and VUG moved with a correlation of 0.96, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.95) sits close to the 3-year figure. Over 5 years the correlation is 0.96, and the annualized covariance of weekly returns is 266.7 %².
Within VOO's tracked universe of 124 assets, VUG comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for VOO and +16.2% for VUG. Stability stands out here, with the rolling one-year correlation confined to 0.93 through 0.98.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
VOO vs VUG: side by side
| VOO (Vanguard S&P 500 ETF) | VUG (Vanguard Growth ETF) | |
|---|---|---|
| 1-year return | +20.6% | +16.2% |
| 5-year return | +83.0% | +78.4% |
| Volatility (ann.) | 14.4% | 19.4% |
| Beta vs S&P 500 | 0.99 | 1.28 |
| Max drawdown (3Y) | -18.7% | -22.8% |
| Dividend yield | 1.07% | 0.40% |
| Expense ratio | 0.03% | 0.03% |
| Assets under management | $1,686.9B | $372.0B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
On the fund side, VOO sits in the Large Blend category at Vanguard, with $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield. VUG, Vanguard's Large Growth fund, carries $372.0B under management, 146 holdings, a 0.03% expense ratio, a 0.40% trailing dividend yield.
Portfolio overlap between VOO and VUG
The two portfolios overlap heavily. Weighing the shared positions, 57.1% of the two funds is identical, spread across 121 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in VOO | Weight in VUG |
|---|---|---|
| NVDA | 7.56% | 12.84% |
| AAPL | 7.05% | 12.63% |
| MSFT | 5.37% | 9.61% |
| AMZN | 4.13% | 5.16% |
| GOOGL | 3.25% | 5.81% |
| AVGO | 2.87% | 4.47% |
| GOOG | 2.62% | 4.64% |
| META | 1.90% | 3.41% |
| LLY | 1.41% | 2.72% |
| TSLA | 1.36% | 2.45% |
| AMD | 1.21% | 2.17% |
| V | 0.93% | 1.66% |
| MA | 0.72% | 1.28% |
| COST | 0.66% | 1.19% |
| AMAT | 0.63% | 1.14% |
Largest positions held only by VOO: JPM (1.47%), BRK.B (1.46%), MU (1.44%), XOM (1.00%), JNJ (0.96%). Only by VUG: SNOW (0.29%), NET (0.27%), SPCX (0.19%), BE (0.17%), WCN (0.14%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-07-31. Top 15 common positions shown.
Year-by-year returns
| Year | VOO | VUG |
|---|---|---|
| 2022 | -18.2% | -33.2% |
| 2023 | +26.3% | +46.8% |
| 2024 | +25.0% | +32.7% |
| 2025 | +17.8% | +19.4% |
| 2026 | +13.7% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VOO and VUG good diversifiers for each other?
No: a correlation of 0.96 means VOO and VUG tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (57.1% overlap), so the exposure is doubly redundant.
FAQ
What is the correlation between VOO and VUG?
As of 2026-08-27, the correlation of weekly returns between VOO and VUG is 0.96 over 3 years, 0.95 over 1 year and 0.96 over 5 years.
Is VUG a good diversifier for VOO?
No: a correlation of 0.96 means VOO and VUG tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (57.1% overlap), so the exposure is doubly redundant.
How much do VOO and VUG overlap?
The two funds share 121 holdings amounting to 57.1% of weight, per issuer portfolio files dated 2026-07-31.
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