What is the fee difference between VOO and XLG?

VOO charges 0.03% a year and XLG charges 0.2%. On a $10,000 investment that is about $3 a year for VOO and $20 for XLG, a gap of $17. XLG's fee is still moderate in absolute terms, but it is nearly seven times what VOO charges for a portfolio that overlaps heavily.

What index does each fund track?

VOO tracks the S&P 500, which covers about 500 large US companies weighted by market value, and lists 516 holdings. XLG tracks the S&P 500 Top 50, which takes only the 50 largest companies from that same index and weights them by market value, giving it 54 holdings including multiple share classes.

How much do VOO and XLG overlap?

Completely at the top: the 10 largest holdings are identical, NVIDIA, Apple, Microsoft, Amazon, Alphabet, Broadcom, Meta Platforms, Micron Technology and Tesla. The weights differ. NVIDIA is 12.71% of XLG versus 8.08% of VOO, and Apple is 11.84% versus 7.03%. Every XLG holding is also inside VOO.

Which fund is more concentrated?

XLG by a wide margin. Its top three holdings are about 33% of the fund and its top 10 about 57%. In VOO the same three stocks are about 21% and the top 10 about 38%. VOO then holds roughly 460 additional companies that XLG excludes entirely.

Which pays a higher dividend?

VOO, at 1.04% against 0.62% for XLG. The largest US companies are dominated by technology firms that pay small dividends, and XLG holds only those giants. VOO's hundreds of smaller S&P 500 members include many higher-yielding companies in health care, energy, utilities and consumer staples.

Which fund suits which goal?

VOO suits an investor who wants the whole US large-cap market at the lowest cost and a moderate level of diversification. XLG suits an investor who wants to lean on the largest companies and hold a concentrated position in them without picking individual stocks, accepting a higher fee and more single-stock risk.

Which is bigger and more liquid?

VOO is enormous at $1.08 trillion in net assets. XLG is far smaller at $11.58 billion, though still a substantial fund that trades easily on US exchanges. Both have long histories, VOO since September 2010 and XLG since May 2005.

How are VOO and XLG taxed?

Both are US-listed ETFs. Non-US investors may face US withholding tax on dividends at a treaty rate, and since VOO yields more than XLG, slightly more of its return is taxed as income. Capital gains treatment follows your local rules and depends on the type of account you use.

Can I hold both VOO and XLG?

You can, but every XLG holding is already inside VOO, so adding XLG simply increases your weight in the 50 largest companies. Some investors do this as a deliberate mega-cap tilt. It does not add diversification and it raises your blended fee above VOO's 0.03%.

VOO vs XLG

Two funds, one decision: we compare cost, performance and what each ETF actually holds in October 2026.

VOO tracks the S&P 500 with 516 holdings for 0.03% a year, while XLG tracks the S&P 500 Top 50, holding 54 of the largest companies for 0.2%. Both share the same 10 biggest names, but XLG doubles down: NVIDIA is 12.71% of XLG versus 8.08% of VOO, and the top three are about 33% against 21%. VOO suits broad-market investors; XLG suits those who want a mega-cap tilt. Educational content, not financial advice.

VOO tracks the S&P 500 with 516 holdings for 0.03% a year, while XLG tracks the S&P 500 Top 50, holding 54 of the largest companies for 0.2%. Both share the same 10 biggest names, but XLG doubles down...

Fund Snapshot

Key Fund Metrics

VOO

Metric

XLG

0.03%

Expense Ratio

0.20%

1.04%

Dividend Yield

0.62%

$1.08T

Net Assets

$11.58B

516

Holdings

54

Sep 7, 2010

Inception Date

May 4, 2005

S&P 500

Index Tracked

S&P 500 Top 50

Large Blend

Fund Category

Large Blend

VOO costs about $17.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	VOO	XLG
NVDANVIDIA Corporation	8.08%	12.71%
AAPLApple Inc.	7.03%	11.84%
MSFTMicrosoft Corporation	5.70%	8.85%
AMZNAmazon.com, Inc.	3.84%	5.88%
GOOGLAlphabet Inc.	3.01%	4.87%
AVGOBroadcom Inc.	2.65%	3.93%
GOOGAlphabet Inc.	2.40%	3.89%
METAMeta Platforms, Inc.	1.90%	3.59%
MUMicron Technology, Inc.	1.63%	2.64%
TSLATesla, Inc.	1.57%	2.47%

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Investment Analysis

VOO

Pros

Expense ratio of 0.03%, or about $3 a year per $10,000 invested.
Holds 516 stocks across the S&P 500, spreading risk beyond the mega caps.
Huge fund with $1.08 trillion in net assets.

Considerations

Less exposure to the very largest companies than XLG if that is what you want.
Dividend yield of 1.04% is modest, though higher than XLG's 0.62%.
Top 10 holdings are still about 38% of the fund, so it is not free of concentration.

XLG

Pros

Concentrated in mega caps: NVIDIA 12.71%, Apple 11.84%, Microsoft 8.85%.
Track record back to May 2005 with $11.58 billion in net assets.
Same top 10 names as VOO, so investors know exactly what dominates the fund.

Considerations

Expense ratio of 0.2% is nearly seven times VOO's 0.03%, or $20 versus $3 per $10,000.
Only 54 holdings, and the top three are about a third of the fund.
Dividend yield of 0.62% is well below VOO's 1.04%.

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About VOO and XLG

VOO (VOO)

VOO is Vanguard’s exchange-traded fund designed to track the S&P 500 Index, offering broad exposure to about 500 of the largest publicly traded US companies. It aims to replicate the index’s performance minus fees by holding the same stocks in similar proportions, making it a straightforward, passive way to access large‑cap US equities. Investors commonly use VOO as a core holding for long‑term growth or as a simple building block in a diversified portfolio. It typically offers high liquidity and regular dividend distributions from underlying companies. As with any equity investment, VOO’s value can rise or fall with the market, and past performance is not a guide to future returns. Fees, trading costs and potential tracking error reduce returns slightly. This information is general and educational only and not personalised financial advice — consider your own circumstances or speak to a qualified adviser before investing.

XLG (XLG)

Invesco S&P 500® Top 50 ETF (XLG) is an exchange-traded fund that aims to track the performance of the 50 largest companies in the S&P 500 by market capitalisation. The fund concentrates exposure in a relatively small number of very large US-listed names, so its returns can be driven by a handful of companies and sectors. For investors, XLG offers a straightforward way to gain targeted large-cap exposure with intra-day liquidity and the operational simplicity of an ETF. It may suit those seeking a tilted play on mega-cap leaders, but concentration increases company-specific and sector risk compared with broader index funds. Dividends may be paid according to the fund’s distributions, and fees are typically lower than actively managed products but vary by share class. This summary is educational only and not personal financial advice; values can rise and fall and past performance does not predict future results.

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