BetterThanSPY

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 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against VOO →Chart VOO vs. 23 alternatives →

This page answers the following questions about VOO

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

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.

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. 428 of the 2,052 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.

$10,000$100,000$1M201020132016201920222025$10,000$100,000$1M20102014201820222026
  • NVDA$9M+85,752% total · +52.5% a year
  • AAPL$392,248+3,822% total · +25.8% a year
  • VUG$115,528+1,055% total · +16.5% a year
  • CAH$100,083+901% total · +15.5% a year
  • WELL$93,862+839% total · +15.0% a year
  • VOO$89,421+794% total · +14.7% a year
  • PRF$73,952+640% total · +13.3% a year
  • RSP$66,974+570% total · +12.6% a year
  • VTV$66,386+564% total · +12.6% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 898 of the 3,630 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.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • WELL$31,492+215% total · +25.8% a year
  • 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
  • IUS$19,997+100.0% total · +14.9% 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
Change the dates or add tickers to this chart in EasyCompare

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.

The fund

Issuer
Vanguard
Began trading
September 2010
Expense ratio
0.03%per year
Assets
$1.7T
Category
Broad Market

Returns

Past 1 year
+15.7%total return
Past 3 years
+88.8%+23.6% a year
Past 5 years
+80.8%+12.6% a year
Past 10 years
+319%+15.4% 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
0.79return per unit of risk, 5 years
Worst decline ever
−34.0%Feb 2020 to Mar 2020
From its all-time high
−1.9%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.

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.

MeasureVOORankStanding
1-year return+15.7%772 of 2,488top 31%
3-year return+88.8%354 of 1,950top 18%
5-year return+80.8%243 of 1,563top 16%
10-year return+319%74 of 958top 8%
Volatility, 5 years16.9%820 of 1,563bottom 49%
Sharpe ratio, 5 years0.79356 of 1,563top 23%
Worst decline, past 10 years−34.0%294 of 951top 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.

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 8 more of the 14 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%26.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VOOEFV: +13.6% a year, volatility 15.9%FDL: +14.6% a year, volatility 14.5%EMLP: +15.2% a year, volatility 14.5%GCOW: +14.4% a year, volatility 13.6%PWV: +13.7% a year, volatility 14.2%AUSF: +13.6% a year, volatility 13.6%DGT: +13.9% a year, volatility 15.1%IDOG: +14.1% a year, volatility 15.6%VOO: +12.6% a year, volatility 16.9%VTI (S&P 500): +11.4% a year, volatility 17.5%PRF: +13.0% a year, volatility 15.0%PVAL: +15.9% a year, volatility 15.1%VLUE: +16.2% a year, volatility 18.4%SIXA: +12.9% a year, volatility 12.7%RWL: +13.7% a year, volatility 14.4%IUS: +14.7% a year, volatility 14.9%MGV: +12.8% a year, volatility 13.4%RY: +17.5% a year, volatility 18.2%DIVB: +14.6% a year, volatility 15.5%WELL: +27.0% a year, volatility 23.8%CAH: +41.7% a year, volatility 24.7%WMT: +21.1% a year, volatility 22.6%EPD: +16.3% a year, volatility 17.1%WM: +9.5% a year, volatility 19.3%DLN: +12.3% a year, volatility 13.2%LVHI: +16.9% a year, volatility 11.1%VOOVTI (S&P 500)PRFPVALVLUESIXARWLMGVRYWELLCAHWMTEPDWMLVHI10.0%15.0%20.0%25.0%30.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VOOEFV: +13.6% a year, volatility 15.9%FDL: +14.6% a year, volatility 14.5%EMLP: +15.2% a year, volatility 14.5%GCOW: +14.4% a year, volatility 13.6%PWV: +13.7% a year, volatility 14.2%AUSF: +13.6% a year, volatility 13.6%DGT: +13.9% a year, volatility 15.1%IDOG: +14.1% a year, volatility 15.6%VOO: +12.6% a year, volatility 16.9%VTI (S&P 500): +11.4% a year, volatility 17.5%PRF: +13.0% a year, volatility 15.0%PVAL: +15.9% a year, volatility 15.1%VLUE: +16.2% a year, volatility 18.4%SIXA: +12.9% a year, volatility 12.7%RWL: +13.7% a year, volatility 14.4%IUS: +14.7% a year, volatility 14.9%MGV: +12.8% a year, volatility 13.4%RY: +17.5% a year, volatility 18.2%DIVB: +14.6% a year, volatility 15.5%WELL: +27.0% a year, volatility 23.8%CAH: +41.7% a year, volatility 24.7%WMT: +21.1% a year, volatility 22.6%EPD: +16.3% a year, volatility 17.1%WM: +9.5% a year, volatility 19.3%DLN: +12.3% a year, volatility 13.2%LVHI: +16.9% a year, volatility 11.1%VOOVTI (S&P 500)PRFPVALVLUESIXAMGVWELLCAHWMTLVHI
  • Popular alternatives
  • 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.

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.

Screen the whole market against VOO for any period in BetterThanSPYOpen these 16 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with VOO?lower diversifies moreExpenseper year
VOOVanguard S&P 500 ETF · this page
+12.6%16.9%0.79−34.0%+319%1.000.03%
VTIVanguard Morningstar Total Stock Market ETF · S&P 500
+11.4%17.5%0.71−35.0%+298%1.000.03%
Popular alternativesbest 1 shownThe investments people most often weigh against VOO. 1 of 23 passed at least one test.
PRFInvesco RAFI US 1000 ETF · US Large-Cap Value
Higher return in most periods+13.0%15.0%0.90−38.1%+270%0.910.34%
Same and neighboring categories, and shared themesbest 6 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. 13 of 125 passed at least one test.
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher return in most periods+15.9%15.1%1.06−41.3%—0.880.56%
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return, similar volatilityHigher return in most periods+16.2%18.4%0.91−39.5%+286%0.830.15%
SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity
Similar return, lower volatilityHigher Sharpe, smaller worst decline+12.9%12.7%1.02−18.4%—0.830.31%
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Higher return, lower volatility+13.7%14.4%0.97−36.1%+287%0.910.39%
IUSInvesco RAFI Strategic US ETF · US Total Market
Higher return, lower volatility+14.7%14.9%1.00−34.7%—0.940.19%
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Similar return, lower volatility+12.8%13.4%0.96−35.4%+247%0.830.05%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 84 of 3,513 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, similar volatilityHigher return in most periods+17.5%18.2%0.98−40.0%+361%0.59—
DIVBiShares Core Dividend ETF · High Dividend Yield
Higher return, lower volatilityHigher return in most periods+14.6%15.5%0.96−36.9%—0.860.05%
WELLWelltower Inc. · Healthcare REITs
On the frontierHigher return in most periods+27.0%23.8%1.13−63.3%+378%0.48—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return in most periods+41.7%24.7%1.54−46.1%+345%0.29—
WMTWalmart Inc. · Discount Retail
Higher Sharpe, smaller worst decline+21.1%22.6%0.97−25.7%+521%0.43—
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Higher return, similar volatility+16.3%17.1%0.98−58.1%+178%0.42—
WMWaste Management, Inc. · Waste Management
Smaller losses in recent crashes+9.5%19.3%0.57−30.1%+357%0.35—
DLNWisdomTree U.S. LargeCap Dividend Fund · US Dividend Equity
Similar return, lower volatility+12.3%13.2%0.95−35.8%+231%0.890.28%
What these numbers mean for VOO
Annual return
VOO returned 12.6% a year over the past 5 years with dividends reinvested, against 11.4% a year for the S&P 500. At that pace, $10,000 became about $18,100. 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 0.79, 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 14 stocks and funds worth at least $500 million that earned more than VOO with less volatility

Out of 3,641 tested over 5 years. The strongest 13 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with VOOExpense
1
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Same or nearby category+15.9%15.1%1.06−41.3%—0.880.56%
2
DIVBiShares Core Dividend ETF · High Dividend Yield
Whole market+14.6%15.5%0.96−36.9%—0.860.05%
3
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.550.40%
4
EFViShares MSCI EAFE Value ETF · International Large-Cap Value
Whole market+13.6%15.9%0.89−43.2%+156%0.640.31%
5
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.6%14.5%1.02−41.4%+207%0.580.43%
6
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+15.2%14.5%1.06−43.6%+155%0.610.95%
7
GCOWPacer Global Cash Cows Dividend ETF · Global Equity
Whole market+14.4%13.6%1.06−37.6%+170%0.530.60%
8
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Same or nearby category+13.7%14.4%0.97−36.1%+287%0.910.39%
9
PWVInvesco Large Cap Value ETF · US Large-Cap Value
Same or nearby category+13.7%14.2%0.98−37.6%+226%0.760.55%
10
IUSInvesco RAFI Strategic US ETF · US Total Market
Same or nearby category+14.7%14.9%1.00−34.7%—0.940.19%
11
AUSFGlobal X - Adaptive U.S. Factor ETF · US Multifactor Equity
Whole market+13.6%13.6%1.01−44.2%—0.740.27%
12
DGTState Street SPDR Global Dow ETF · Global Equity
Whole market+13.9%15.1%0.95−34.4%+260%0.850.50%
13
IDOGALPS International Sector Dividend Dogs ETF · International Dividend Equity
Whole market+14.1%15.6%0.93−37.3%+180%0.590.50%

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.

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.

12.0%14.0%16.0%18.0%20.0%22.0%24.0%5.0%6.0%7.0%8.0%9.0%10.0%11.0%12.0%13.0%14.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVOO: 12.6% a year, volatility 16.9%PRF: 13.1% a year, volatility 15.0%VUG: 11.9% a year, volatility 22.6%VV: 12.2% a year, volatility 17.3%SCHX: 11.9% a year, volatility 17.2%SPTM: 12.1% a year, volatility 16.9%VTI: 11.4% a year, volatility 17.5%SCHB: 11.4% a year, volatility 17.3%IJH: 7.0% a year, volatility 19.6%IWM: 5.3% a year, volatility 22.4%ESGU: 11.4% a year, volatility 17.4%ESGV: 11.1% a year, volatility 18.5%VTV: 12.2% a year, volatility 13.7%RSP: 8.4% a year, volatility 16.1%GSLC: 11.4% a year, volatility 16.7%DIA: 10.0% a year, volatility 14.8%SPYM: 12.6% a year, volatility 16.9%VXUS: 8.0% a year, volatility 16.4%VOOPRFVUGVVSCHXVTISCHBIJHIWMESGVVTVRSPGSLCDIASPYMVXUS12.0%14.0%16.0%18.0%20.0%22.0%24.0%4.0%6.0%8.0%10.0%12.0%14.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVOO: 12.6% a year, volatility 16.9%PRF: 13.1% a year, volatility 15.0%VUG: 11.9% a year, volatility 22.6%VV: 12.2% a year, volatility 17.3%SCHX: 11.9% a year, volatility 17.2%SPTM: 12.1% a year, volatility 16.9%VTI: 11.4% a year, volatility 17.5%SCHB: 11.4% a year, volatility 17.3%IJH: 7.0% a year, volatility 19.6%IWM: 5.3% a year, volatility 22.4%ESGU: 11.4% a year, volatility 17.4%ESGV: 11.1% a year, volatility 18.5%VTV: 12.2% a year, volatility 13.7%RSP: 8.4% a year, volatility 16.1%GSLC: 11.4% a year, volatility 16.7%DIA: 10.0% a year, volatility 14.8%SPYM: 12.6% a year, volatility 16.9%VXUS: 8.0% a year, volatility 16.4%VOOPRFVUGVVSCHXVTISCHBIJHIWMESGVVTVRSPDIASPYMVXUS
All figures
InvestmentAnnual returnVolatility
PRF Invesco RAFI US 1000 ETF+13.1%15.0%
VOO This pageVanguard S&P 500 ETF+12.6%16.9%
SPYM State Street SPDR Portfolio S&P 500 ETF+12.6%16.9%
VTV Vanguard Morningstar Value ETF+12.2%13.7%
VV Vanguard Morningstar Large-Cap ETF+12.2%17.3%
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF+12.1%16.9%
VUG Vanguard Morningstar Growth ETF+11.9%22.6%
SCHX Schwab U.S. Large-Cap ETF+11.9%17.2%
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF+11.4%16.7%
SCHB Schwab U.S. Broad Market ETF+11.4%17.3%
VTI Vanguard Morningstar Total Stock Market ETF+11.4%17.5%
ESGU iShares ESG Aware MSCI USA ETF+11.4%17.4%
ESGV Vanguard ESG U.S. Stock ETF+11.1%18.5%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust+10.0%14.8%
RSP Invesco S&P 500 Equal Weight ETF+8.4%16.1%
VXUS Vanguard Total International Stock ETF+8.0%16.4%
IJH iShares Core S&P Mid-Cap ETF+7.0%19.6%
IWM iShares Russell 2000 ETF+5.3%22.4%
Open these 18 in EasyCompare

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.

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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
VOO Vanguard S&P 500 ETF (this page)—−1.2%+2.5%+8.0%+12.7%+15.7%+88.8%+80.8%+319%16.9%0.79−34.0%0.03%$1.7T—
PRF QualifiedInvesco RAFI US 1000 ETF5/5 short2/3 long+1.6%+3.7%+12.1%+20.5%+26.1%+91.8%+84.6%+270%15.0%0.90−38.1%0.34%$10B82%
VUG Broad MarketVanguard Morningstar Growth ETF0/5 short2/3 long−4.2%+1.8%+5.2%+7.9%+9.2%+96.1%+75.4%+407%22.6%0.61−35.6%0.03%$392B74%
VTV Broad MarketVanguard Morningstar Value ETF5/5 short0/3 long+2.7%+3.8%+12.7%+19.3%+23.9%+80.9%+78.0%+237%13.7%0.91−36.8%0.03%$252B63%
RSP Broad MarketInvesco S&P 500 Equal Weight ETF4/5 short0/3 long+2.5%+3.0%+8.6%+14.5%+16.8%+68.3%+49.6%+214%16.1%0.58−39.0%0.20%$98B74%
GSLC Broad MarketGoldman Sachs ActiveBeta U.S. Large Cap Equity ETF2/5 short0/3 long−0.6%+3.1%+7.8%+11.3%+13.9%+82.8%+71.7%+293%16.7%0.73−33.7%0.09%$15B97%
DIA Broad MarketState Street SPDR Dow Jones Industrial Average ETF Trust1/5 short0/3 long+1.9%+1.6%+7.4%+10.4%+15.0%+68.1%+61.3%+251%14.8%0.72−36.7%0.16%$45B71%
SPYM Broad MarketState Street SPDR Portfolio S&P 500 ETF0/5 short0/3 long−1.2%+2.5%+8.0%+12.8%+15.7%+88.8%+80.9%+320%16.9%0.79−33.9%0.02%$184B99%
VV Broad MarketVanguard Morningstar Large-Cap ETF0/5 short0/3 long−1.4%+2.6%+8.1%+12.6%+15.3%+89.8%+77.4%+319%17.3%0.75−34.3%0.03%$76B99%
IVV Broad MarketiShares Core S&P 500 ETF0/5 short0/3 long−1.2%+2.5%+8.0%+12.8%+15.7%+88.8%+80.8%+319%17.0%0.79−33.9%0.03%$880B99%
SPY Broad MarketState Street SPDR S&P 500 ETF0/5 short0/3 long−1.2%+2.5%+8.0%+12.7%+15.6%+88.4%+80.3%+316%17.2%0.78−33.7%0.09%$823B99%
SCHX Broad MarketSchwab U.S. Large-Cap ETF0/5 short0/3 long−1.4%+2.3%+7.6%+12.3%+15.0%+88.3%+75.1%+313%17.2%0.74−34.3%0.03%$74B99%
VONE Broad MarketVanguard Russell 1000 ETF0/5 short0/3 long−1.2%+2.4%+7.6%+12.3%+15.2%+87.6%+74.4%+308%17.2%0.74−34.7%0.06%$12B98%
SPTM Broad MarketState Street SPDR Portfolio S&P 1500 Composite Stock Market ETF0/5 short0/3 long−1.2%+2.0%+7.5%+12.6%+15.6%+86.6%+77.1%+306%16.9%0.76−34.7%0.03%$14B97%
IWB Broad MarketiShares Russell 1000 ETF0/5 short0/3 long−1.2%+2.3%+7.6%+12.2%+15.0%+87.1%+73.6%+305%17.2%0.73−34.6%0.15%$49B97%
VTI Broad MarketVanguard Morningstar Total Stock Market ETF0/5 short0/3 long−1.4%+1.9%+7.3%+12.4%+15.3%+87.3%+71.5%+298%17.5%0.71−35.0%0.03%$2.3T98%
ITOT Broad MarketiShares Core S&P Total U.S. Stock Market ETF0/5 short0/3 long−1.5%+1.8%+7.3%+12.4%+15.3%+87.4%+71.5%+297%17.4%0.71−35.0%0.03%$96B97%
SCHB Broad MarketSchwab U.S. Broad Market ETF0/5 short0/3 long−1.5%+1.8%+7.3%+12.4%+15.2%+87.3%+71.6%+282%17.3%0.71−35.3%0.03%$44B98%
IJH Broad MarketiShares Core S&P Mid-Cap ETF0/5 short0/3 long−0.9%−3.5%+0.8%+9.7%+13.9%+60.3%+40.3%+176%19.6%0.44−42.2%0.05%$121B67%
IWM Broad MarketiShares Russell 2000 ETF0/5 short0/3 long−3.7%−5.6%+0.6%+12.0%+14.8%+73.3%+29.4%+157%22.4%0.34−41.1%0.19%$75B65%
VXUS InternationalVanguard Total International Stock ETF0/5 short0/3 long−5.4%−1.9%+0.8%+8.9%+14.3%+75.1%+47.2%+137%16.4%0.56−36.0%0.05%$666B72%
DFUS Broad MarketDimensional U.S. Equity ETF0/5 short0/3 long−1.4%+2.0%+7.7%+12.6%+15.6%+88.1%+77.4%—17.3%0.75−24.6%0.09%$21B98%
ESGU Broad MarketiShares ESG Aware MSCI USA ETF0/5 short0/3 long−1.2%+2.3%+8.5%+12.8%+15.6%+87.6%+71.3%—17.4%0.71−33.9%0.15%$18B97%
ESGV Broad MarketVanguard ESG U.S. Stock ETF0/5 short0/3 long−2.0%+2.2%+8.4%+12.2%+14.8%+88.7%+69.0%—18.5%0.66−33.7%0.09%$13B90%
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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.

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.

InvestmentYears ahead of VOO202520242023202220212020201920182017201620152014201320122011
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 alternativesTop quarter in 8 of 155 of 184 of 185 of 189 of 183 of 1811 of 185 of 186 of 176 of 1710 of 162 of 154 of 1512 of 1510 of 152 of 14
PRF Invesco RAFI US 1000 ETF5 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%
VUG Vanguard Morningstar Growth ETF9 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%
VTV Vanguard Morningstar Value ETF2 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%
RSP Invesco S&P 500 Equal Weight ETF5 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%
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF2 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 Trust5 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%
SPYM State Street SPDR Portfolio S&P 500 ETF0 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 ETF2 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 ETF1 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 ETF1 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 ETF3 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 ETF2 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 ETF4 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 ETF4 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 ETF4 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 ETF1 of 9+16.9%+24.3%+25.8%−20.3%+26.9%+22.6%+31.7%−4.3%+21.1%——————
ESGV Vanguard ESG U.S. Stock ETF3 of 7+16.5%+24.7%+30.8%−24.0%+26.5%+25.7%+33.3%————————
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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.

Green means VOO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringVOO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−34.0%−33.7%Feb 2020Mar 20201 monthAug 20205 months
2022 bear market−24.5%−24.5%Jan 2022Oct 20229 monthsDec 202314 months
Late-2018 sell-off−19.5%−19.4%Sep 2018Dec 20183 monthsApr 20194 months
2011 euro debt crisis−18.8%−18.6%Apr 2011Oct 20116 monthsFeb 20124 months
No named crash−18.7%−18.8%Feb 2025Apr 20252 monthsJun 20252 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.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VOO.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-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 tradingNot yet tradingNot yet trading
PRF Invesco RAFI US 1000 ETF1 of 7−4.6%−19.7%−38.0%−19.7%−6.4%−13.6%−19.4%−1.5%−60.1%—
VUG Vanguard Morningstar Growth ETF1 of 7−3.5%−33.7%−31.8%−22.3%−6.2%−15.2%−18.3%−2.0%−50.7%—
VTV Vanguard Morningstar Value ETF3 of 7−4.0%−17.0%−36.4%−17.3%−6.5%−11.6%−18.8%−1.1%−59.2%—
RSP Invesco S&P 500 Equal Weight ETF1 of 7−5.4%−21.4%−39.0%−19.8%−6.1%−14.8%−21.3%−1.6%−59.1%—
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF0 of 5−3.4%−24.6%−33.7%−19.6%−6.1%—————
DIA State Street SPDR Dow Jones Industrial Average ETF Trust4 of 7−2.9%−20.8%−36.4%−18.1%−6.4%−12.1%−15.5%−1.4%−51.9%−33.9%
SPYM State Street SPDR Portfolio S&P 500 ETF0 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 ETF0 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 ETF0 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 ETF0 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 ETF0 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 ETF0 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 ETF1 of 7−7.0%−22.8%−42.2%−22.8%−6.1%−17.5%−24.6%−2.6%−54.8%—
IWM iShares Russell 2000 ETF1 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 ETF3 of 7−2.5%−28.4%−33.4%−15.1%−6.1%−20.2%−24.2%———
ESGU iShares ESG Aware MSCI USA ETF1 of 5−3.5%−26.0%−33.9%−19.5%−5.9%—————
ESGV Vanguard ESG U.S. Stock ETF0 of 4−4.0%−28.4%−33.7%−19.7%——————
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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.

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

InvestmentCorrelation5Y returnSharpe2022201880/20 mix volatility80/20 mix annual return
VOO Vanguard S&P 500 ETF (this page)1.00+80.8%0.79−18.2%−4.5%15.7%+13.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.29+178%0.94+64.4%−18.2%14.9%+16.2%
GLD CommoditiesSPDR Gold Shares0.16+120%0.93−0.8%−1.9%13.5%+15.1%
AMLP EnergyAlerian MLP ETF0.46+114%0.90+25.5%−12.6%14.6%+15.0%
DBA AlternativesInvesco DB Agriculture Fund0.17+66.7%0.81+2.5%−8.7%13.1%+13.4%
IHE Broad MarketiShares U.S. Pharmaceuticals ETF0.49+83.2%0.81−4.9%−7.8%14.3%+13.7%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.27+57.5%0.80+21.6%—12.1%+13.5%
USO CommoditiesUnited States Oil Fund, LP0.01+180%0.74+29.0%−19.6%14.7%+16.8%
GDX MaterialsVanEck Gold Miners ETF0.28+165%0.70−9.0%−8.8%16.4%+17.3%

Stocks

InvestmentCorrelation5Y returnSharpe2022201880/20 mix volatility80/20 mix annual return
VOO Vanguard S&P 500 ETF (this page)1.00+80.8%0.79−18.2%−4.5%15.7%+13.8%
CAH Medical - DistributionCardinal Health, Inc.0.29+471%1.54+54.1%−24.5%14.9%+18.9%
MCK Medical - DistributionMcKesson Corporation0.18+397%1.41+51.8%−28.4%14.3%+18.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.26+660%1.39+86.6%−8.2%15.5%+20.9%
PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras0.13+721%1.32+55.4%+27.7%15.4%+20.8%
ATI Manufacturing - Metal FabricationATI Inc.0.33+913%1.29+87.5%−9.8%18.0%+24.0%
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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?

Among VOO's popular alternatives, PRF was ahead of VOO in most short and long periods. Looking beyond its popular alternatives, PVAL (US large-cap value) and RWL (US large-cap equity) earned more than VOO with less volatility over the past 5 years. PVAL returned 15.9% a year at 15.1% volatility, against 12.6% a year at 16.9%.

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 0.79, 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?

Of the 23 popular alternatives we compared, one outperformed VOO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PRF.

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, XLE (correlation 0.29), GLD (correlation 0.16) 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

More research

Popular alternatives to VOO