VOO vs. VOOG: escoger el mejor Fondo de Inversión de Activos Subyacentes (ETF) de Vanguard para el crecimiento y la eficiencia de riesgos

For long-term investors seeking exposure to the U.S. large-cap equity market, the choice between Vanguard's S&P 500 ETF (VOO) and the S&P 500 Growth ETF (VOOG) hinges on a nuanced balance of cost efficiency, performance, and risk-adjusted returns. While both funds track subsets of the S&P 500, their divergent strategies-VOO's broad diversification versus VOOG's growth-stock focus-yield distinct outcomes for investors. This analysis evaluates these options through the lenses of expense ratios, historical returns, and risk metrics to guide decision-making.

Cost Efficiency: VOO's Edge

Cost efficiency remains a cornerstone of long-term investment success. VOO, with an expense ratio of 0.03% in 2025, offers a stark contrast to VOOG's 0.07% fee according to Vanguard documentation. This 0.04% difference may seem minor, but over decades, it compounds significantly. For instance, an investor allocating $100,000 to VOO would pay $30 annually in fees, compared to $70 for VOOG. Over 30 years, this disparity could erode tens of thousands of dollars in returns, assuming a 7% annual return as calculated by PortfolioLab.

Vanguard's official documentation confirms these figures according to Morningstar data, underscoring VOO's appeal for cost-conscious investors. However, VOOG's higher fee reflects its active tilt toward growth stocks, which require more frequent rebalancing and higher operational costs.

Performance: VOOG's Growth Premium

Despite its higher fees, VOOG has outperformed VOO in recent years. As of November 2025, VOOG delivered 27.76% annualized returns over three years and 15.84% over five years, compared to VOO's 21.96% and 14.93%, respectively according to PortfolioLab data. Over a decade, VOOG's 16.78% annualized return also exceeded VOO's 14.87% as reported by Yahoo Finance. These results align with its focus on high-growth, low-dividend stocks-particularly in technology-many of which have surged in value amid favorable market conditions as noted by Vanguard's product page.

However, this outperformance comes at a cost. VOOG's portfolio is more concentrated, with a heavier weighting in sectors like information technology and communication services. This concentration amplifies its exposure to sector-specific risks, such as regulatory shifts or technological disruptions.

Risk-Adjusted Returns: A Closer Call

While VOOG's returns are higher, its risk profile is notably more volatile. The Sharpe ratio-a measure of risk-adjusted returns-favors VOOG at 0.89, compared to VOO's 0.77 according to PortfolioLab analysis. This suggests that VOOG generates more return per unit of risk. Yet, volatility and drawdowns tell a different story. VOOG's daily standard deviation of 23.45% exceeds VOO's 18.77%, reflecting greater price swings as shown in total return data.

Maximum drawdowns, a critical metric for long-term investors, also highlight this tension. VOOG's worst decline was -32.73%, while VOO's was -33.99% as reported by PortfolioLab. Though the gap is narrow, VOO's slightly shallower drawdown may appeal to risk-averse investors.

Strategic Implications for Long-Term Investors

The choice between VOO and VOOG ultimately depends on an investor's risk tolerance and objectives. VOO's broad diversification and low fees make it ideal for those prioritizing stability and cost efficiency. Its exposure to the full S&P 500, including value stocks and high-dividend sectors, provides a buffer during market downturns according to Morningstar analysis.

Conversely, VOOG suits investors willing to accept higher volatility for the potential of superior growth. Its focus on growth stocks-many of which are market leaders in innovation-aligns with long-term trends such as digital transformation and AI adoption. However, this strategy may underperform during periods of economic slowdown or rising interest rates, which typically weigh on growth stocks as reported by Yahoo Finance.

Conclusion

VOO and VOOG represent two distinct approaches to S&P 500 investing. VOO's cost efficiency and lower volatility make it a robust choice for conservative, long-term portfolios, while VOOG's growth orientation offers higher returns at the expense of increased risk. Investors must weigh these trade-offs against their financial goals and risk appetite. For those prioritizing cost and stability, VOO remains the clear favorite. For those seeking growth and accepting higher volatility, VOOG's premium returns may justify its higher fees.