VGHAX vs VOO
Vanguard Health Care Fund Admiral Shares vs Vanguard S&P 500 ETF
Which is better, VGHAX or VOO?
Large Cap Growth against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 40.8%.
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 | VGHAX | VOO |
|---|---|---|
| Expense Ratio | 0.27% | 0.03%Best |
| AUM | $32.8B | $997.4B |
| Dividend Yield | 6.15% | 1.04% |
| Holdings | 109 | 509 |
| YTD Price Return | +2.10% | +11.55%Best |
| 1Y Price Return | +14.81% | +17.21%Best |
| 3Y Price Return (annualized) | -0.22% | +19.40%Best |
| 5Y Price Return (annualized) | -2.46% | +11.17%Best |
| Volatility (annualized) | 15.3%Best | 15.8% |
| Max Drawdown | -32.7% | -25.4%Best |
| $10,000 over 5 years | $8,829 | $16,980Best |
| Top 10 Weight | 40.8% | 36.4%Best |
| Fund Family | Vanguard (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Nov 12, 2001 | Sep 7, 2010 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for VGHAX. Both funds are measured the same way, so the comparison holds. VGHAX yields 6.15% and VOO 1.04% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 10, 2021 to Sep 8, 2026 (5 years).
VGHAX 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 5 years both funds cover. Prices exclude distributions, on both funds alike.
VGHAX vs VOO Performance
Vanguard Health Care Fund Admiral Shares (VGHAX) is a mutual fund from Vanguard (US) and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year VGHAX returned +14.81% while VOO returned +17.21%. Year to date, VGHAX is up 2.10% versus a gain of 11.55% for VOO.
Over three years, VGHAX compounded at -0.22% per year against +19.40% for VOO; over five years the annualized figures are -2.46% and +11.17% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 15.8% compared with 15.3% for VGHAX. 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 -32.7% for VGHAX and -25.4% 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 0.56. They move together some of the time, and apart the rest.
Fees and Cost Over Time
VGHAX charges 0.27% per year while VOO charges 0.03%. On a $10,000 position that is $27 vs $3 annually, a gap of $24 per year that compounds over a long holding period. On income, VGHAX currently yields 6.15% against 1.04% for VOO.
Structure and taxes
VGHAX is a mutual fund and VOO is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
56.2% of VGHAX's money is in holdings VOO also owns. 7.0% of VOO's money is in holdings VGHAX also owns.
The two portfolios partly overlap.
The two holdings books were reported 91 days apart, VGHAX as of Mar 31, 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.
28 positions in common, counted across the 86 positions we hold weights for in VGHAX and 505 in VOO, against full books of 109 and 509.
What only one of them owns
Our book lists 468 positions for VOO that do not appear in our book for VGHAX (92.4% of the fund), and 36 for VGHAX that do not appear in VOO (16.6%).
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 VGHAX | Weight in VOO | Difference |
|---|---|---|---|
| LLYEli Lilly & Co. | 9.16% | 1.47% | 7.69% |
| MRKMerck & Co. Inc. | 5.83% | 0.49% | 5.34% |
| JNJJohnson & Johnson | 3.46% | 0.95% | 2.51% |
| UNHUnitedhealth Group Inc. | 2.91% | 0.59% | 2.32% |
| EWEdwards Lifesciences Corp | 3.23% | 0.08% | 3.15% |
| ISRGIntuitive Surgical Inc | 2.54% | 0.22% | 2.32% |
| DHRDanaher Corp. | 2.50% | 0.19% | 2.31% |
| BSXBoston Scientific Corp. | 2.47% | 0.10% | 2.37% |
| ABTAbbott Laboratories | 2.31% | 0.25% | 2.06% |
| VRTXVertex Pharmaceuticals Inc | 1.98% | 0.20% | 1.78% |
56.2% of VGHAX 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, VGHAX or VOO?
VGHAX has an expense ratio of 0.27% while VOO charges 0.03%. VOO is the cheaper option, by $24 a year on a $10,000 investment.
Which performed better, VGHAX or VOO?
Over the past year VGHAX returned +14.81% vs +17.21% for VOO, so VOO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, VGHAX or VOO?
VOO has been the more volatile fund at 15.8% annualized versus 15.3% for VGHAX. Worst drawdown: VGHAX -32.7% vs VOO -25.4%.
Should I hold both VGHAX and VOO?
VGHAX and VOO have a monthly-return correlation of 0.56, 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 VGHAX and VOO?
56.2% of VGHAX's money is in holdings VOO also owns. 7.0% of VOO's is in holdings VGHAX also owns. They hold 28 positions in common, counted across the 86 positions we hold weights for in VGHAX and 505 in VOO.
Which pays a higher dividend, VGHAX or VOO?
VGHAX yields 6.15% while VOO yields 1.04%, so VGHAX currently pays the higher dividend yield.
Is it better to hold VGHAX or VOO in a taxable account?
VOO is an ETF and VGHAX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is VOO better than VGHAX?
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 40.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.