IROC vs VOO
Invesco Rochester High Yield Municipal ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 509 holdings.
Side-by-Side Comparison
| Metric | IROC | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.03% | |
| AUM | $154M | $997.4B | |
| Dividend Yield | 5.20% | 1.08% | |
| Holdings | 137 | 509 | |
| YTD Return | -0.23% | +14.27% | |
| 1Y Return | +3.72% | +21.79% | |
| 3Y Return (annualized) | +3.84% | +22.19% | |
| 5Y Return (annualized) | - | +13.28% | |
| Volatility (annualized) | 4.6% | 14.2% | |
| Max Drawdown | -4.8% | -34.3% | |
| Fund Family | Invesco (US) | Vanguard (US) | |
| Category | Fixed Income | Equity | |
| Inception | Dec 9, 2022 | Sep 7, 2010 |
IROC vs VOO Performance
Invesco Rochester High Yield Municipal ETF (IROC) is a ETF from Invesco (US) and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year IROC returned +3.72% while VOO returned +21.79%. Year to date, IROC is down 0.23% versus a gain of 14.27% for VOO.
Over three years, IROC compounded at +3.84% per year against +22.19% for VOO. Across the full 4-year window we track, VOO has the edge at +13.59% annualized vs +3.70%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.2% compared with 4.6% for IROC. 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 -4.8% for IROC and -34.3% for VOO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.69. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IROC charges 0.39% per year while VOO charges 0.03%. On a $10,000 position that is $39 vs $3 annually, a gap of $36 per year that compounds over a long holding period. On income, IROC currently yields 5.20% against 1.08% for VOO.
Holdings Overlap
IROC and VOO share 0 holdings out of 552 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IROC or VOO?
IROC has an expense ratio of 0.39% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $36 per year of difference.
Which performed better, IROC or VOO?
Over the past year IROC returned +3.72% vs +21.79% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (4 years), IROC annualized +3.70% vs +13.59% for VOO. Past performance does not guarantee future results.
Which is riskier, IROC or VOO?
VOO has been the more volatile fund at 14.2% annualized versus 4.6% for IROC. Worst drawdown: IROC -4.8% vs VOO -34.3%.
Should I hold both IROC and VOO?
IROC and VOO have a monthly-return correlation of 0.69, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IROC and VOO?
IROC and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 552 unique securities.
Which pays a higher dividend, IROC or VOO?
IROC yields 5.20% while VOO yields 1.08%, so IROC currently pays the higher dividend yield.
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