VOOG vs. SLYG: How Two Growth ETFs Stack Up Across Size, Cost, and Performance

Two Growth ETFs, Two Very Different Approaches

When it comes to growth-oriented exchange-traded funds, the Vanguard S&P 500 Growth ETF (NYSEMKT: VOOG) and the State Street SPDR S&P 600 Small Cap Growth ETF (NYSEMKT: SLYG) share a common objective — capturing growth-driven returns — but pursue it through dramatically different corners of the market. As of July 23, 2026, the two funds present investors with a clear tradeoff: large-cap tech dominance versus diversified small-cap expansion potential.

Key Metrics at a Glance

Starting with the basics, VOOG trades around $80.29 per share and carries an expense ratio of just 0.07%, making it one of the more cost-efficient growth ETFs available. SLYG, priced at approximately $114.58 per share, charges a slightly higher 0.15% expense ratio — still modest in absolute terms, but more than double VOOG's fee.

On assets under management, VOOG is significantly larger at $26.4 billion compared to SLYG's $5.1 billion, reflecting the broader investor appetite for large-cap, tech-heavy funds in recent years.

The trailing 12-month returns through July 23, 2026, tell an interesting story: SLYG has outperformed over the near term with a 26.2% gain versus VOOG's 18.8%. However, zooming out to a 10-year horizon, VOOG's total return of 385% — equivalent to a compound annual growth rate (CAGR) of 17.1% — substantially outpaces SLYG's 182% total return and 10.9% CAGR over the same period. Notably, VOOG's decade-long performance also surpasses the broader S&P 500 benchmark, which returned roughly 300% (a 14.9% CAGR) over that stretch.

What's Inside Each Fund

VOOG: Tech Megacap Concentration

VOOG holds 212 stocks, launched in 2010, and is heavily weighted toward the technology sector at approximately 52% of the portfolio, with communication services at 16% and consumer cyclicals at 9%. The fund's three largest holdings — NVIDIA Corp (NASDAQ: NVDA) at 13.64%, Microsoft Corp (NASDAQ: MSFT) at 7.80%, and Apple Inc (NASDAQ: AAPL) at 5.98% — collectively account for roughly 27% of total assets. More than 98% of holdings are U.S.-listed equities. The fund's trailing 12-month dividend payout stands at $0.37 per share, translating to a 0.4% yield at current prices.

SLYG: Diversified Small-Cap Exposure

Launched in 2000, SLYG holds a broader basket of 350 positions and targets companies with market capitalizations under $10 billion — a universe far removed from the trillion-dollar giants dominating VOOG. The fund's sector allocation is notably more balanced: industrials lead at 19%, followed by technology at 18% and healthcare at 17%. Top individual holdings include Viasat Inc (NASDAQ: VSAT) at 1.15%, Corcept Therapeutics Inc (NASDAQ: CORT) at 1.06%, and Alkermes Plc (NASDAQ: ALKS) at 1.01%. The fund has distributed $0.76 per share over the trailing 12 months, yielding 0.7% at its current price.

Risk Profiles Worth Noting

Despite VOOG's strong long-term track record, its risk metrics reveal some nuance. The fund carries a beta of 1.17, indicating slightly higher volatility relative to the S&P 500, while SLYG's beta sits at 1.04. When examining maximum drawdowns over a five-year window, VOOG experienced a peak-to-trough decline of 32.7% compared to SLYG's 29.2% — suggesting that VOOG's heavier tech concentration can amplify downside moves during market stress.

A hypothetical $1,000 invested in VOOG five years ago would have grown to approximately $1,816, while the same amount in SLYG would have reached $1,396 over the same period.

Context for Investors

The divergence between these two funds reflects a broader market dynamic: mega-cap technology companies have been dominant drivers of equity returns over the past decade, benefiting concentrated funds like VOOG. Meanwhile, small-cap growth stocks — tracked by SLYG — have historically offered diversification benefits and periodic outperformance cycles, though with more variable results.

For those already holding substantial large-cap or tech-heavy positions, SLYG's more evenly distributed sector exposure across industrials, healthcare, and financials may serve as a counterweight. Conversely, VOOG's lower cost structure and superior long-term return history make it a frequently referenced benchmark for growth-oriented ETF investors.

What to Watch

Near-term performance dynamics are worth monitoring. SLYG's 26.2% one-year gain outpacing VOOG's 18.8% could signal a rotation toward smaller-cap names, a pattern that has historically emerged when large-cap valuations become stretched. Interest rate movements also tend to disproportionately affect small-cap companies due to their higher reliance on external financing, making Federal Reserve policy a key variable for SLYG holders going forward.

Investors tracking either ETF should keep an eye on sector rotation trends, the trajectory of technology earnings — particularly for VOOG's top holdings — and broader economic conditions that influence small-cap business fundamentals.