TAX vs VOO
Cambria Tax Aware ETF vs Vanguard S&P 500 ETF
Which is better, TAX or VOO?
VOO has been ahead.
VOO has a lower expense ratio. VOO led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92. TAX is less concentrated, with 15.9% of the fund in its ten largest positions against 36.4%.
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 | TAX | VOO |
|---|---|---|
| Expense Ratio | 0.54% | 0.03%Best |
| AUM | $25M | $997.4B |
| Dividend Yield | 0.32% | 1.04% |
| Holdings | 101 | 509 |
| YTD Return | +6.01% | +11.55%Best |
| 1Y Return | +11.20% | +17.54%Best |
| 3Y Return (annualized) | - | +20.71% |
| 5Y Return (annualized) | - | +12.80% |
| Volatility (annualized) | 12.9% | 12.8%Best |
| Max Drawdown | -18.9% | -18.7%Best |
| $10,000 over 1.7 years | $12,497 | $13,143Best |
| Top 10 Weight | 15.9%Best | 36.4% |
| Fund Family | Cambria Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 18, 2024 | Sep 7, 2010 |
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Dec 18, 2024 to Sep 10, 2026 (1.7 years).
TAX 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 1.7 years both funds cover.
TAX vs VOO Performance
Cambria Tax Aware ETF (TAX) is an ETF from Cambria Investment Management and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year TAX returned +11.20% while VOO returned +17.54%. Year to date, TAX is up 6.01% versus a gain of 11.55% for VOO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TAX has been the more volatile fund, with annualized monthly volatility of 12.9% compared with 12.8% for VOO. 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 -18.9% for TAX and -18.7% 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
TAX charges 0.54% per year while VOO charges 0.03%. On a $10,000 position that is $54 vs $3 annually, a gap of $51 per year that compounds over a long holding period. On income, TAX currently yields 0.32% against 1.04% for VOO.
Holdings Overlap
41.0% of TAX's money is in holdings VOO also owns. 11.2% of VOO's money is in holdings TAX also owns.
The two portfolios partly overlap.
The two holdings books were reported 63 days apart, TAX as of Sep 1, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
41 positions in common, counted across the 98 positions we hold weights for in TAX and 505 in VOO, against full books of 101 and 509.
What only one of them owns
Our book lists 455 positions for VOO that do not appear in our book for TAX (88.2% of the fund), and 56 for TAX that do not appear in VOO (56.8%).
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 TAX | Weight in VOO | Difference |
|---|---|---|---|
| GOOGLAlphabet A Usd 0.001 | 0.95% | 3.25% | 2.30% |
| AMDAdvanced Micro Devices Inc. | 1.79% | 1.47% | 0.32% |
| METAMeta Platforms, Inc. | 0.73% | 1.92% | 1.19% |
| LLYEli Lilly & Co. | 1.06% | 1.47% | 0.41% |
| GEVGE Vernova, LLC | 1.20% | 0.49% | 0.71% |
| CHTRCharter Communications, Inc., Class A | 1.54% | 0.02% | 1.52% |
| FFIVF5 Networks Inc. | 1.36% | 0.04% | 1.32% |
| FIXComfort Systems USA Inc. | 1.23% | 0.11% | 1.12% |
| CRLCharles River Laboratories International Inc | 1.27% | 0.02% | 1.25% |
| TMOThermo Fisher Scientific Inc | 0.98% | 0.29% | 0.69% |
41.0% of TAX 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.
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Frequently Asked Questions
Which is cheaper, TAX or VOO?
TAX has an expense ratio of 0.54% while VOO charges 0.03%. VOO is the cheaper option, by $51 a year on a $10,000 investment.
Which performed better, TAX or VOO?
Over the past year TAX returned +11.20% vs +17.54% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (2 years), TAX annualized +14.01% vs +17.44% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TAX or VOO?
TAX has been the more volatile fund at 12.9% annualized versus 12.8% for VOO. Worst drawdown: TAX -18.9% vs VOO -18.7%.
Should I hold both TAX and VOO?
TAX and VOO have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between TAX and VOO?
41.0% of TAX's money is in holdings VOO also owns. 11.2% of VOO's is in holdings TAX also owns. They hold 41 positions in common, counted across the 98 positions we hold weights for in TAX and 505 in VOO.
Which pays a higher dividend, TAX or VOO?
TAX yields 0.32% while VOO yields 1.04%, so VOO currently pays the higher dividend yield.
Is VOO better than TAX?
VOO has a lower expense ratio. VOO led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.92. TAX is less concentrated, with 15.9% of the fund in its ten largest positions against 36.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.