VOO vs VTI: Which S&P 500 / Total Market ETF Should You Pick?
It’s one of the most common questions in passive investing: should you buy VOO (the S&P 500) or VTI (the total US stock market)? Both are from Vanguard, both cost 0.03% per year, and both have made their investors very wealthy. Here’s an honest comparison with real numbers.
The short answer
VOO tracks the S&P 500 (the ~500 largest US companies). VTI tracks the total US stock market (~4,000 companies, including small and mid-caps). Both are from Vanguard, both charge just 0.03% in fees, and both have delivered nearly identical long-term returns.
For most investors, the difference is marginal. But there are real distinctions worth understanding before you commit your money to one or the other.
Performance comparison
Here's how $10,000 invested in each ETF would have grown over the past decade, with no additional contributions:
Over 10 years, VOO edged out VTI by roughly $800 on a $10,000 investment. That's because large-cap stocks (which dominate VOO) have slightly outperformed small and mid-caps in this particular decade — largely driven by the mega-cap tech rally.
Use our stock return calculator to run this comparison with your own amount and time period.
Key differences at a glance
| Feature | VOO | VTI |
|---|---|---|
| Index tracked | S&P 500 | CRSP US Total Market |
| Number of holdings | ~503 | ~3,945 |
| Expense ratio | 0.03% | 0.03% |
| Includes small-caps | No | Yes (~12%) |
| Includes mid-caps | Partial | Yes (~18%) |
| Top 10 concentration | ~34% | ~30% |
| Dividend yield | ~1.3% | ~1.3% |
| 10-year CAGR | ~12.5% | ~12.1% |
When to choose VOO
VOO is the better choice if you:
- Want the "classic" benchmark: The S&P 500 is the most widely followed stock index in the world. It's what most people mean when they say "the market."
- Prefer large, established companies: Every stock in the S&P 500 meets strict size, profitability, and liquidity requirements.
- Want marginally better recent performance: Large-caps have outperformed over the past decade, though this isn't guaranteed to continue.
- Are comparing against benchmarks: Most funds and portfolios are benchmarked against the S&P 500, making VOO a natural choice for comparison.
When to choose VTI
VTI makes more sense if you:
- Want broader diversification: VTI includes roughly 3,400 additional small and mid-cap stocks that VOO doesn't. More diversification means slightly less concentration risk.
- Believe small-caps will outperform: Historically, small-cap stocks have delivered a premium over large-caps over very long periods (the "small-cap premium"), though this has been inconsistent recently.
- Want "the whole market" in one fund: VTI is the closest thing to owning the entire US stock market in a single ETF. There's something elegant about that simplicity.
- Are building a two-fund or three-fund portfolio: The classic Boglehead portfolio pairs VTI (US stocks) with VXUS (international stocks) and BND (bonds). Using VTI here avoids double-counting large-caps.
What about IVV and SPY?
If you're comparing S&P 500 ETFs, VOO isn't the only option. Here's how the three major ones compare:
| ETF | Provider | Expense ratio | AUM |
|---|---|---|---|
| VOO | Vanguard | 0.03% | ~$500B |
| IVV | iShares (BlackRock) | 0.03% | ~$550B |
| SPY | SPDR (State Street) | 0.09% | ~$570B |
VOO and IVV are essentially identical — same index, same cost. SPY is 3x more expensive (0.09% vs 0.03%) with no performance benefit. SPY's only advantage is higher daily trading volume, which matters for active traders but not for long-term investors.
The honest answer: it barely matters
If you're agonizing over VOO vs VTI, that's a good sign — it means you're choosing between two excellent options. The difference in returns is small enough that your savings rate and time in the market will have a far bigger impact than which ETF you pick.
Investing $500/month in either VOO or VTI for 30 years at their historical returns would give you roughly the same outcome: somewhere around $1.1-1.2 million. The ETF choice matters far less than the consistency of your contributions.
Pick one, automate your contributions, and spend your mental energy on something other than fund selection.
Compare any two stocks or ETFs
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Whether you choose VOO or VTI as your core US holding, consider pairing it with international exposure (VXUS) and bonds (BND) as you approach retirement. A common allocation for someone in their 20s-30s might look like:
- 80% VTI or VOO — US stocks as your growth engine
- 15% VXUS — International diversification
- 5% BND — Minimal bond allocation for stability
As you get older, gradually shift more toward bonds. By retirement, a 60/40 or 50/50 stock/bond split is more typical. Our retirement calculator can help you model different allocation scenarios with Monte Carlo simulation.
ETF data is based on publicly available information as of April 2026. Past performance does not guarantee future results. This article is for educational and informational purposes only and does not constitute financial, investment, or tax advice. Always consult a qualified financial adviser before making investment decisions.