DHLX vs VOO
Diamond Hill Large Cap Concentrated ETF vs Vanguard S&P 500 ETF
Which is better, DHLX or VOO?
Large Cap Value against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y and the full window. VOO is less concentrated, with 37.6% of the fund in its ten largest positions against 58.7%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DHLX | VOO |
|---|---|---|
| Expense Ratio | 0.55% | 0.03%Best |
| AUM | $69M | $1.0T |
| Dividend Yield | 0.64% | 1.04% |
| Holdings | 63 | 506 |
| YTD Return | +1.57% | +12.75%Best |
| 1Y Return | +2.78% | +15.60%Best |
| 3Y Return (annualized) | - | +22.95% |
| 5Y Return (annualized) | - | +13.55% |
| Volatility (annualized) | 11.8%Best | 12.7% |
| Max Drawdown | -8.4%Best | -8.9% |
| $10,000 over 1 years | $10,251 | $11,636Best |
| Top 10 Weight | 58.7% | 37.6%Best |
| Fund Family | Diamond Hill Capital Management Inc. | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Feb 26, 2021 | Sep 7, 2010 |
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Sep 29, 2025 to Oct 1, 2026 (1 years).
DHLX vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1 years both funds cover.
DHLX vs VOO Performance
Diamond Hill Large Cap Concentrated ETF (DHLX) is an ETF from Diamond Hill Capital Management Inc. and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year DHLX returned +2.78% while VOO returned +15.60%. Year to date, DHLX is up 1.57% versus a gain of 12.75% for VOO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 12.7% compared with 11.8% for DHLX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -8.4% for DHLX and -8.9% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.47. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DHLX charges 0.55% per year while VOO charges 0.03%. On a $10,000 position that is $55 vs $3 annually, a gap of $52 per year that compounds over a long holding period. On income, DHLX currently yields 0.64% against 1.04% for VOO.
Holdings Overlap
88.8% of DHLX's money is in holdings VOO also owns. 20.2% of VOO's money is in holdings DHLX also owns.
Most of DHLX is already inside VOO. Owning both mostly buys the same companies twice.
The two holdings books were reported 46 days apart, DHLX as of Sep 15, 2026 and VOO as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
18 positions in common, counted across the 21 positions we hold weights for in DHLX and 494 in VOO, against full books of 63 and 506.
What only one of them owns
Our book lists 469 positions for VOO that do not appear in our book for DHLX (78.9% of the fund), and 1 for DHLX that do not appear in VOO (3.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in DHLX | Weight in VOO | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 8.08% | 5.36% | 2.72% |
| AMZNAmazon.Com Inc | 6.49% | 4.13% | 2.36% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 6.88% | 1.46% | 5.42% |
| COPConocophillips Common Stock USD 0.01 | 7.60% | 0.23% | 7.37% |
| GOOGLAlphabet Inc,class A | 4.37% | 3.24% | 1.13% |
| METAMeta Platforms Inc | 5.16% | 1.90% | 3.26% |
| JPMJpmorgan Chase | 4.81% | 1.46% | 3.35% |
| TMOThermo Fisherscientific Inc. | 5.25% | 0.33% | 4.92% |
| VVisa Inc Class A | 4.22% | 0.93% | 3.29% |
| LHLabcorp Holdings Inc | 5.08% | 0.04% | 5.04% |
88.8% of DHLX is already inside VOO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DHLX or VOO?
DHLX has an expense ratio of 0.55% while VOO charges 0.03%. VOO is the cheaper option, by $52 a year on a $10,000 investment.
Which performed better, DHLX or VOO?
Over the past year DHLX returned +2.78% vs +15.60% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (1 years), DHLX annualized +2.51% vs +16.36% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DHLX or VOO?
VOO has been the more volatile fund at 12.7% annualized versus 11.8% for DHLX. Worst drawdown: DHLX -8.4% vs VOO -8.9%.
Should I hold both DHLX and VOO?
DHLX and VOO have a monthly-return correlation of 0.47, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between DHLX and VOO?
88.8% of DHLX's money is in holdings VOO also owns. 20.2% of VOO's is in holdings DHLX also owns. They hold 18 positions in common, counted across the 21 positions we hold weights for in DHLX and 494 in VOO.
Which pays a higher dividend, DHLX or VOO?
DHLX yields 0.64% while VOO yields 1.04%, so VOO currently pays the higher dividend yield.
Is VOO better than DHLX?
VOO has a lower expense ratio. VOO led over 1Y and the full window. VOO is less concentrated, with 37.6% of the fund in its ten largest positions against 58.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.