While the Vanguard Morningstar Growth ETF (NYSEMKT:VUG) and Vanguard Russell 1000 Growth ETF (NASDAQ:VONG) both target large-cap growth stocks, they differ in concentration, index methodology, and expense ratios.
Investors looking for exposure to the U.S. growth market often compare these two Vanguard offerings. While they share many underlying holdings, they follow distinct benchmarks that result in different portfolio weights and risk profiles, making the choice between them a matter of cost versus diversification.
Snapshot (cost & size)
Metric
VUG
VONG
Issuer
Vanguard
Vanguard
Share price
$83.82 (as of 2026-11-10)
$117.41 (as of 2026-11-10)
Expense ratio
0.03%
0.06%
1-yr return (as of 2026-11-10)
1.9%
(4.8%)
Dividend yield
0.4%
0.5%
Beta
1.23
1.17
AUM
$370.5 billion
$52.8 billion
Beta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-year return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
Vanguard's VUG is the more affordable option with a 0.03% expense ratio, while the Vanguard Russell 1000 Growth ETF carries a slightly higher 0.06% fee, but currently provides a higher dividend payout.
Performance & risk comparison
Metric
VUG
VONG
Max drawdown (5 yr)
(35.6%)
(32.7%)
Growth of $1,000 over 5 years (total return)
$1,664
$1,610
What's inside
The Vanguard Russell 1000 Growth ETF tracks a broad index of large-cap growth stocks, with a portfolio primarily weighted toward Technology 57%, Communication Services 16%, and Industrials 7%. It holds 371 stocks, and its largest positions include NVIDIA (NASDAQ:NVDA) at 15.63%, Apple (NASDAQ:AAPL) at 7.65%, and Alphabet (NASDAQ:GOOGL) at 5.88%. The fund launched in 2010, and has paid $0.58 per share over the trailing 12 months, which on its recent ~$117.41 share price works out to a 0.5% yield.
The Vanguard Morningstar Growth ETF focuses on a narrower set of 135 holdings, leaning into Technology 60%, Communication Services 15%, and Consumer Cyclical 10%. Top holdings include NVIDIA at 13.48%, Apple at 12.50%, and Microsoft (NASDAQ:MSFT) at 9.74%. It launched in 2004, and has paid $0.35 per share over the trailing 12 months, which on its recent ~$83.82 share price works out to a 0.4% yield.
For more guidance on ETF investing, check out the full guide at this link.
Which looks like the better buy
Vanguard offers choices for investors seeking funds that can deliver growth. Its Vanguard Morningstar Growth ETF (VUG) and Vanguard Russell 1000 Growth ETF (VONG) are two examples. Both have delivered similar returns over a five-year period, so picking between them comes down to a few factors.
VUG completed a 6:1 share split in April of this year, dropping the price per share below VONG, and it sports the lower expense ratio as well. This makes it a compelling value for a large-cap growth fund. It also performed better over the past year. However, since it holds far fewer equities, its top holdings can have an outsized impact on the ETF's performance.
VONG is for those who want broader diversification than VUG provides, and that includes exposure to some stocks at the mid-cap level. Vanguard also lowered the fund's expense ratio this year to its current 0.06%, reducing costs for investors. But as they both delivered similar returns over the long haul, I think VUG's lower cost tilts the advantage in its favor.
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Robert Izquierdo has positions in Alphabet, Apple, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Apple, Microsoft, Nvidia, and Vanguard Morningstar Growth ETF. The Motley Fool has a disclosure policy.
Better Vanguard Growth ETF: VUG's Cheaper Cost vs. VONG's Broader Bet was originally published by The Motley Fool
