The Vanguard S&P 500 Value ETF (VOOV) holds the value half of the S&P 500: roughly 450 large-cap U.S. stocks screened for cheaper valuations. It charges 0.07% and tracks the S&P 500 Value Index. Over the past decade it has trailed both the full index (VOO) and its growth sibling (VOOG).
Key takeaways
- VOOV tracks the S&P 500 Value Index, the value-scored slice of the S&P 500, at a 0.07% expense ratio.
- It managed about $6.8 billion in assets across roughly 456 holdings as of August 25, 2026, with a dividend yield near 1.6% (stockanalysis.com).
- Value has lost the decade to growth. VOOV returned about 11.9% annualized over 10 years versus 15.2% for VOO and 17.5% for VOOG (PortfoliosLab, mid-2026).
- The fund tilts toward financials, healthcare, energy, and industrials, and carries a bit more dividend yield than the cap-weighted S&P 500.
- It fits investors who want a low-cost value position and can sit through long stretches where growth leads.
What VOOV actually holds
VOOV buys the stocks that S&P Dow Jones Indices scores as "value" inside the S&P 500. The index ranks every S&P 500 company on three growth factors and three value factors, including book-to-price, earnings-to-price, and sales-to-price. Names that lean value get placed in the S&P 500 Value Index, which VOOV replicates.
That produces a portfolio with a different shape than the headline index. As of early 2026, VOOV leaned toward financial services (around 15%), healthcare (around 12%), industrials (around 11%), and energy (around 7%), with a lighter weight in the highest-multiple technology names than you get in the plain S&P 500 index fund.
One quirk trips people up. S&P splits some mega-caps across both the value and growth indexes when a stock shows mixed characteristics, so household names like Apple, Amazon, Exxon Mobil, Walmart, and Costco have all shown up among VOOV's largest positions. Value here does not mean small or obscure. It means the cheaper-scoring slice of America's biggest companies.
VOOV vs VOO vs VOOG
The three funds carve up the same 500 companies. VOO owns all of them at market weight. VOOV owns the value slice. VOOG owns the growth slice. Here is how they line up.
| VOOV | VOO | VOOG | |
|---|---|---|---|
| Tracks | S&P 500 Value Index | S&P 500 Index | S&P 500 Growth Index |
| Expense ratio | 0.07% | 0.03% | 0.07% |
| Tilt | Financials, healthcare, energy, industrials | Whole index, cap-weighted | Technology, communication, consumer growth |
| 10-yr annualized return | ~11.9% | ~15.2% | ~17.5% |
| Dividend yield | Higher (~1.6%) | Middle | Lower |
| Best for | Value believers who want a cheap tilt | One-fund core S&P 500 exposure | Growth believers comfortable with volatility |
Expense ratios and index names are from Vanguard. Return figures are annualized 10-year totals as of mid-2026 (PortfoliosLab). VOO is the cheapest of the three at 0.03%, which matters if you just want the whole market in one ticker rather than a factor bet.
The value vs growth debate, honestly
Value investing rests on a long body of research, going back to Fama and French, showing that cheaper stocks have historically beaten expensive ones over multi-decade windows. That is the case for owning VOOV.
The last decade did not cooperate. Growth crushed value as a handful of large technology companies drove most of the market's gains. The scoreboard is blunt: roughly 11.9% a year for VOOV versus 17.5% for VOOG over 10 years, per PortfoliosLab as of mid-2026. That gap compounds into a large difference in ending wealth, and anyone considering VOOV should sit with it rather than skip past it.
Two honest caveats cut the other way. First, factor leadership is cyclical. Value has led in past eras, often during rising-rate or higher-inflation stretches, and a decade of underperformance is not proof the premium is dead. Second, VOOV is not a contrarian moonshot. It is still 450-odd of the largest U.S. companies, so it will not stray far from the broad market for long. If you want a sharper growth bet instead, the tradeoffs look a lot like the ones in the QQV-versus-Vanguard growth comparison and the broader S&P 500 versus Nasdaq 100 record.
Who VOOV fits
VOOV makes sense for an investor who specifically wants a value tilt, believes the premium will reassert itself, and can hold through years where growth wins. It also appeals to someone who wants slightly more dividend income than the cap-weighted index and prefers cheaper, more established companies over high-multiple names.
It is a poor fit if you want a single set-and-forget core holding. For that, plain VOO gives you the whole index at a lower fee and removes the factor-timing decision entirely. VOOV is a deliberate lean, not a default. Size it as the tilt it is, not as your entire equity sleeve. For more on how the pieces fit together, start with the Vanguard fund hub.
This article is for information only and is not investment advice. Confirm current expense ratios, holdings, and returns on Vanguard's site before you invest.
Frequently asked questions
What does the Vanguard S&P 500 Value ETF (VOOV) hold?
VOOV holds the value half of the S&P 500: roughly 450 large-cap U.S. stocks screened for cheaper valuations. It tracks the S&P 500 Value Index at a 0.07% expense ratio, managing about $6.8 billion across roughly 456 holdings as of August 25, 2026, and tilts toward financials, healthcare, energy, and industrials.
How has VOOV performed against VOO and VOOG?
VOOV has trailed both over the past decade, returning about 11.9% annualized over 10 years versus 15.2% for VOO and 17.5% for VOOG, per PortfoliosLab as of mid-2026. Value has lost the decade to growth as a handful of large technology companies drove most of the market's gains, and that gap compounds into a large difference in ending wealth.
Why do mega-caps like Apple show up in a value fund?
Because S&P splits some mega-caps across both the value and growth indexes when a stock shows mixed characteristics, so names like Apple, Amazon, Exxon Mobil, Walmart, and Costco have all appeared among VOOV's largest positions. Value here does not mean small or obscure; it means the cheaper-scoring slice of America's biggest companies.
Who should buy VOOV?
VOOV fits an investor who specifically wants a value tilt, believes the premium will reassert itself, and can hold through years where growth wins. It also appeals to someone who wants slightly more dividend income, with a yield near 1.6%, than the cap-weighted index. It is a poor fit as a single set-and-forget core holding, where plain VOO does the job at 0.03%.