VTI vs VOO: Which Vanguard ETF Should You Own?

VOO holds the roughly 500 large companies in the S&P 500, and VTI holds those same companies plus thousands of mid-size and small US businesses. Both charge 0.03% a year, and their returns have tracked closely because large companies make up most of VTI.

That’s why the VOO vs VTI debate usually ends with the verdict that it barely matters, and that verdict is mostly right. The one place the two Vanguard funds split still decides which comes out ahead, so it’s worth understanding before you pick either as your core US stock fund.

VTI vs VOO at a glance

VOO owns every stock in the S&P 500, while VTI tracks the Morningstar US Total Market Index, which was called the CRSP US Total Market Index until Morningstar bought CRSP this year. Together the two ETFs manage more than $1.7T, with VOO alone now past $1T, a milestone we covered here.

Same fee and the same top three holdings. The main difference is how many companies each fund owns.

Data source: Vanguard (VTI, VOO). Figures as of Sept. 30, 2026.

How much do VTI and VOO overlap?

A lot. Vanguard puts 69.8% of VTI in large companies and another 4.0% in medium/large ones, which leaves only about a quarter of the fund in the mid and small companies VOO skips, so owning both mostly doubles up on stocks you already hold.

Both funds also inherit the S&P 500’s heavy tilt toward its biggest names, with Nvidia, Apple and Microsoft at the top of each. We’ve covered how concentrated the index has become and why some investors use equal-weight funds to offset it.

Performance: has VOO beaten VTI?

Yes, by a small margin. VOO finished ahead in every calendar year from 2021 through 2025, with the widest gap in 2021, when VOO returned 28.66% against 25.72% for VTI.

The longer-term numbers tell the same story. As of Sept. 30, 2026, VOO’s average annual return was 15.70% over one year, 22.85% over three, 13.75% over five and 15.29% over 10, compared with 15.33%, 22.32%, 12.56% and 14.70% for VTI.

That half-point-a-year edge adds up over time. Based on each fund’s 10-year average annual return, $1K invested 10 years ago would have grown to roughly $3.9K in VTI and $4.2K in VOO.

Since both funds own the same large companies, the gap comes entirely from how VTI’s mid and small-cap slice performs. When large companies lead, as they have for most of the past five years, VOO wins, and when smaller companies have their turn, VTI pulls ahead.

Costs, taxes and trading

The VTI expense ratio is 0.03%, the same as VOO’s, which VOO’s prospectus works out to $39 over 10 years on a $10K investment assuming a 5% annual return. Both funds also trade very little inside the portfolio, with turnover of 2.6% for VTI and 2.4% for VOO, and lower turnover generally means lower transaction costs and taxes.

Each trades on an exchange like a stock, so you can buy either one through any brokerage account.

Who should pick VTI, and who should pick VOO

Warren Buffett’s best-known advice points toward the S&P 500. In his 2013 shareholder letter, he told the trustee of his wife’s inheritance to put 90% in a very low-cost S&P 500 index fund, adding, “I suggest Vanguard’s.”

VTI is the better fit if you:

• Want the entire US market, small companies included, in one fund.
• Would rather not add a separate small-cap fund later.

VOO is the better fit if you:

• Want to match the S&P 500, the benchmark most US returns are measured against.
• Already hold an S&P 500 fund in a 401(k) and want your accounts to line up.

Which should you buy?

Either fund makes a solid core holding. VOO is best for investors who want a large-company core that matches the S&P 500, or who already own it elsewhere, while VTI is best for anyone who wants the whole US market in one fund and expects smaller companies to eventually close the gap.

Common questions about VTI and VOO

Has VOO outperformed VTI?

Yes. VOO beat VTI over one, three, five and 10 years as of Sept. 30, 2026, and in every calendar year from 2021 to 2025.

Is it redundant to own both VTI and VOO?

Mostly. About three-quarters of VTI is in large companies that VOO also covers, so holding both adds very little.

Does Warren Buffett recommend VOO or VTI?

His 2013 letter recommends a very low-cost S&P 500 index fund and suggests Vanguard’s, which describes VOO. He didn’t name a total market fund.

Why do people choose VTI over VOO?

VTI adds mid and small companies without a second fund, covering more than 3.5K stocks for the same 0.03% fee.

Is VTI or VOO better for a Roth IRA?

Either works. Vanguard notes that after-tax returns aren’t relevant for shares held in a tax-deferred account such as an IRA, so the choice comes down to the same coverage question as anywhere else.

What’s the difference between VTI and VTSAX?

VTSAX is the mutual fund version of VTI and holds the same portfolio, but it charges 0.04% with a $3K minimum initial investment, while VTI costs slightly less and trades on an exchange like any other ETF.

Where does VT fit in?

Vanguard Total World Stock ETFVT goes a step further than VTI, holding large, mid and small companies around the world, including the US, for 0.06% a year. It’s the pick if you want international stocks in the same single fund.

This article is for informational purposes only and is not investment advice.