Dividend comparison

VOO vs VFIAX: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard S&P 500 ETF and Vanguard 500 Index Fund Admiral Shares, side by side. Updated October 21, 2026.

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VOO vs VFIAX: key differences
The short answer, from the latest data on this page.
  • Income. Their trailing yields are almost the same: 1.05% for VOO and 1.04% for VFIAX. Both pay quarterly.
  • Performance. Over the last 5 years, VOO returned 81.8% versus 80.1% for VFIAX, with dividends reinvested. $10,000 would have grown to $18,178 in VOO and $18,011 in VFIAX.
  • Risk. Their worst declines over the last 5 years were similar: -24.5% for VOO and -24.5% for VFIAX from peak to trough.
  • Diversification. VOO holds 505 positions and VFIAX holds 100. The ten largest positions make up 39.1% of VOO and 39.1% of VFIAX.
  • Overlap. At least 77% of the two portfolios overlap by weight, across 100 shared holdings. Owning both adds little diversification.
  • Dividend growth. VOO grew its yearly payout 6.8% a year over the last 4 years, versus 6.8% for VFIAX.

Bottom line: VOO has the edge on these figures, with broader diversification. VFIAX does not lead on any of the measures compared here. With 77% overlap, most investors would hold one or the other rather than both.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricVOO
Vanguard S&P 500 ETF
VFIAX
Vanguard 500 Index Fund Admiral Shares
Dividend yield (TTM)1.05%1.04%
Dividend / share (TTM)$7.43$7.42
Payout frequencyQuarterlyQuarterly
Last dividend$1.8226 on Sep 30, 2026$1.8186 on Sep 29, 2026
Ex-dividend dateSep 28, 2026Sep 28, 2026
Dividend growth (CAGR)6.8% over 4 yrs6.8% over 4 yrs
Price$706.80$711.99
Dividend growth streak5 years5 years
Beta1.011.01
Max drawdown (5Y)-24.5%-24.5%
Market cap$1.70T$1.73T
ExchangeAMEXNASDAQ
Expense ratio0.03%—
Assets under management$1.70T—
Number of holdings505100
Top 10 concentration39.1%39.1%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

VOO

$8.76/mo

$105 /yr at 1.05% yield

VFIAX

$8.68/mo

$104 /yr at 1.04% yield

Dividend history
Total dividends paid per share in each calendar year. VOO pays quarterly; VFIAX pays quarterly.
YearVOOVFIAX
2025$7.0678$7.0637
2024$6.7035$6.7049
2023$6.3572$6.3670
2022$5.9467$5.9527
2021$5.4367$5.4367
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What VOO vs VFIAX actually do

VOO
Vanguard's S&P 500 tracker, holding the 500 large-cap US companies in the index at their market-cap weights.

It replicates the index in full and makes no attempt to pick winners, so its return is the index return less a very small fee. As an open-end fund it can lend securities and put incoming dividends back to work inside the portfolio between the quarterly payment dates. Dividends are whatever the underlying companies happen to pay, which means yield is an output of the strategy and never a target of it.

Suits almost any long-horizon US equity allocation, including as the growth engine sitting behind higher-yielding income positions. Not a fit for someone whose portfolio needs to produce meaningful current cash flow.

Core holding

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $18,178 in VOO and $18,011 in VFIAX.
PeriodVOOVFIAX
1 month0.97%0.62%
3 months3.87%3.43%
Year to date13.68%12.69%
1 year15.84%14.48%
3 years89.23%87.46%
5 years81.78%80.11%
  • VOO
  • VFIAX
73132190202120222023202420252026182180

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • VOO
  • VFIAX
0%10%20%30%40%Technology40.5%Financial Services11.1%Communication Services9.9%Healthcare9.3%Consumer Cyclical8.8%Industrials7.5%Consumer Defensive4.3%Energy3.4%Utilities1.9%Real Estate1.7%Other1.6%
VOO vs VFIAX holdings overlap
At least 77% overlap by weight, with 100 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsVOO weightVFIAX weight
NVDANVIDIA Corp8.39%8.39%
AAPLApple Inc7.38%7.38%
MSFTMicrosoft Corp5.78%5.78%
AMZNAmazon.com Inc3.71%3.71%
GOOGLAlphabet Inc3.07%3.07%
AVGOBroadcom Inc2.54%2.54%
GOOGAlphabet Inc2.45%2.45%
METAMeta Platforms Inc2.43%2.43%
MUMicron Technology Inc1.83%1.83%
TSLATesla Inc1.52%1.52%
Top 10 holdings
Largest positions by portfolio weight.

VOO505 holdings total

NameWeight
NVDANVIDIA Corp8.39%
AAPLApple Inc7.38%
MSFTMicrosoft Corp5.78%
AMZNAmazon.com Inc3.71%
GOOGLAlphabet Inc3.07%
AVGOBroadcom Inc2.54%
GOOGAlphabet Inc2.45%
METAMeta Platforms Inc2.43%
MUMicron Technology Inc1.83%
TSLATesla Inc1.52%

VFIAX100 holdings total

NameWeight
NVDANVIDIA Corp8.39%
AAPLApple Inc7.38%
MSFTMicrosoft Corp5.78%
AMZNAmazon.com Inc3.71%
GOOGLAlphabet Inc3.07%
AVGOBroadcom Inc2.54%
GOOGAlphabet Inc2.45%
METAMeta Platforms Inc2.43%
MUMicron Technology Inc1.83%
TSLATesla Inc1.52%

Quick verdict

VOO has the edge on these figures, with broader diversification. VFIAX does not lead on any of the measures compared here. With 77% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is VOO or VFIAX better for dividend income?
It depends on your goals. VOO currently yields 1.05% Trailing Twelve Months (TTM) while VFIAX yields 1.04%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between VOO and VFIAX?
Vanguard S&P 500 ETF (VOO) is an ETF listed on AMEX. Vanguard 500 Index Fund Admiral Shares (VFIAX) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which has performed better, VOO or VFIAX?
Over the last 5 years, VOO has the higher total return with dividends reinvested: VOO returned 81.8% and VFIAX returned 80.1%. Past performance does not predict future returns.
Which is riskier, VOO or VFIAX?
Measured by the worst peak-to-trough decline over the last five years, VFIAX has been riskier: VOO fell as much as 24.5% and VFIAX as much as 24.5%. Their betas are 1.01 and 1.01.
How much do VOO and VFIAX overlap?
At least 77% of the two portfolios overlap by weight, across 100 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both adds little diversification.
How often do VOO and VFIAX pay dividends?
Both pay quarterly. The most recent payments were $1.8226 for VOO and $1.8186 for VFIAX.
How much income does $10,000 in VOO vs VFIAX generate?
At current TTM yields, $10,000 in VOO would generate roughly $8.76 per month ($105 annually). The same amount in VFIAX would produce about $8.68 per month ($104 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both VOO and VFIAX?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare VOO vs VFIAX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VOO and VFIAX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.