VUG vs VONG vs MGK vs VOOG: Which Vanguard Growth ETF Should You Own in 2026?

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If you want one Vanguard growth ETF, the short answer is this: $VUG is the cheapest and the biggest, $MGK is the most concentrated mega cap bet, $VONG is the broadest at 369 stocks, and $VOOG is the S&P 500 version that has led over the last year. All four charge between 0.03% and 0.07%, so fees are not what separates them. What separates them is how much of your money ends up in the same ten stocks.

I get asked about these four constantly, and I get why. They look almost identical on a quote screen. Same issuer, same "growth" label, same tiny expense ratios, and over 10 years they all landed within about one percentage point per year of each other. So let's actually open the hood and see what you're buying.

The quick comparison

Here's the side by side. Fund facts and returns are from Vanguard's own fact sheets as of June 30, 2026. Prices and assets are from the GrowthETFs.com data feed as of October 19, 2026.

Returns are at NAV, period ended June 30, 2026, per Vanguard. Past performance does not predict future results. One quirk: $VOOG's index uses GICS sectors, so Alphabet, Meta and Amazon do not count as "Info Tech" there, while the CRSP and Russell funds use a broader Technology bucket. That's why $VOOG's tech number looks lower. It isn't really less tech heavy.

Two things changed this year that confuse people

The share splits

If you looked up $VUG or $MGK recently and thought the price was broken, it isn't. Vanguard split five ETFs effective April 21, 2026, including $VUG (6 for 1), $MGK (5 for 1) and $VOOG (6 for 1). $VONG was not part of that group.

A split changes nothing about what you own. You get more shares at a lower price, same total value. The only practical difference is that buying whole shares is easier if your broker doesn't do fractional shares. It does mean old price charts and old "price per share" articles are useless for comparing these four. Look at total return, never the share price.

The CRSP to Morningstar rename

Morningstar bought CRSP's index business and rebranded the CRSP US indexes as Morningstar indexes. Vanguard updated the names of the funds that track them on July 29, 2026, so you'll now see $VUG listed as Vanguard Morningstar Growth ETF and $MGK as Vanguard Morningstar Mega Cap Growth ETF. Vanguard said the change does not affect the funds' investment objectives or how they are managed. Same tickers, same strategy, new name on the label.

What actually makes them different

This is the part most people miss. All four are cap weighted. That means the biggest companies get the biggest slice. And in 2026 the biggest growth companies are huge. $NVDA alone was 12.6% to 13.8% of every one of these funds at the end of June.

So the real question isn't "which growth ETF." It's how concentrated do you want to be?

$MGK: the mega cap bet

56 stocks. Top 10 at 66.8% of the fund. Technology at 72.7%. This is basically a bet that the largest companies in America keep winning. It did beat both $VUG and $VONG over 3, 5 and 10 years, but you're taking more single stock risk to get there. If two or three of the giants have a rough year, you feel it more here than anywhere else.

$VUG: the default

147 stocks, 0.03% expense ratio, and by far the most assets of the four. $VUG is the one I'd point most people to first if they just want "Vanguard growth" and don't want to think about it. It's still very top heavy (63.1% in the top 10), but it reaches a bit further down into large caps than $MGK does.

$VONG: the broadest

369 stocks because it tracks the Russell 1000 Growth, which goes down into mid caps. Lowest top 10 weight of the group at 57.2% and the lowest turnover at 9.9%. If you want growth exposure that isn't quite as dependent on a handful of names, $VONG is the most diversified of these. It's also the one getting the most searches on this site lately, which tells me a lot of people are trying to figure out how it differs from $VUG. Short version: more stocks, slightly higher fee, slightly less concentrated.

$VOOG: the S&P 500 slice

$VOOG holds the growth half of the S&P 500, so you also get the S&P committee's quality screens baked in. It had the best 1 year and 3 year numbers as of June 30, 2026 (25.63% and 25.82%). It also has the highest expense ratio here at 0.07% and the highest turnover at 20.1%, because the S&P growth and value split rebalances names in and out more often. Over 10 years it landed right next to $VUG.

What I actually look at

I'm a dividend investor first. Growth ETFs are not where my income comes from, and none of these four will pay you much. $VONG's dividend yield was 0.4% per Vanguard at the end of June, and the others are in that same tiny range. If you want growth funds to pay your bills, you'll be disappointed.

Where growth ETFs fit for a lot of income investors is the other side of the portfolio: the part you don't touch, the part that compounds while your dividend ETFs cover expenses. Here's how I'd think about choosing one:

• Don't own all four. They overlap massively. Owning $VUG and $MGK together mostly just doubles your $NVDA, $AAPL and $GOOGL position.
• Pick your concentration level. Most concentrated to least: $MGK, $VUG, $VOOG, $VONG.
• Fees are a tiebreaker, not the decision. The gap between 0.03% and 0.07% is $4 a year on $10,000.
• Check what you already own. If you hold $VOO or $QQQ, you already have a big chunk of these same top 10 names.
• Look at total return, not price. Especially this year with the splits.

If you want to see these next to every other growth fund we track, the full list of growth ETFs ranks them by total return and AUM, and you can save the ones you like with the growth ETF watchlist builder. For a closer look at each fund: $VUG growth ETF page, $VONG growth ETF page, $MGK growth ETF page and $VOOG growth ETF page.

The risks nobody puts in the headline

Concentration. Between 57% and 67% of each fund sits in ten stocks, and the same few names top all four lists: $NVDA, $AAPL, $GOOGL, $MSFT, $AVGO. These are not four different bets. They're four flavors of one bet.

Sector risk. Roughly 70% technology in three of them. Growth funds have had long stretches of underperformance before, and when tech sells off there is nowhere to hide inside these funds.

Recent returns flatter everything. 3 year numbers above 22% a year are not normal. The 5 year numbers (13% to 14.5%) include the 2022 drawdown and are a more honest picture of what a bumpy stretch looks like.

My takeaway

If I had to pick one and never think about it again, I'd lean toward $VUG for the 0.03% fee and the size, or $VONG if I wanted a little more breadth. $MGK is for people who want to lean all the way into the mega caps and are fine with the concentration. $VOOG has been the hot hand lately, but over 10 years it ended up in the same place as $VUG.

Honestly, the bigger decision isn't which of these four you own. It's how much growth you want next to your income holdings. That's a question about your timeline and your cash flow needs, not about tickers. If you want to compare how growth and income funds have actually done once dividends are counted, ETFTotalReturns.com lines them up on total return since inception, and TopDividendETFs.com covers the income side.

FAQ

What is the difference between $VUG and $VONG?

$VUG tracks the Morningstar (formerly CRSP) US Large Cap Growth Index with 147 stocks and a 0.03% expense ratio. $VONG tracks the Russell 1000 Growth Index with 369 stocks and a 0.06% expense ratio, so it reaches further into mid caps and is a bit less concentrated in its top 10. Their 10 year returns through June 30, 2026 were within half a percentage point per year.

What is $VONG's expense ratio?

0.06% per Vanguard, which is $6 a year per $10,000 invested.

Is $MGK more concentrated than $VUG?

Yes. $MGK holds 56 stocks with 66.8% in its top 10, versus 147 stocks and 63.1% for $VUG, as of June 30, 2026. $MGK charges 0.05% and $VUG charges 0.03%.

What is $VOOG's average annual return?

As of June 30, 2026, Vanguard reports $VOOG's NAV return at 25.63% for 1 year, 25.82% annualized for 3 years, 14.46% for 5 years and 18.01% for 10 years. Past returns do not predict future results.

Did Vanguard split $VUG and $MGK?

Yes. Effective April 21, 2026, $VUG and $VOOG split 6 for 1 and $MGK split 5 for 1. $VONG did not split. Splits do not change the value of your holdings.

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Disclaimer: This post is for educational and informational purposes only and is not financial advice or a recommendation to buy or sell any security. I am not a financial advisor. Do your own research and consider speaking with a licensed professional before investing. Fund facts and returns are from Vanguard fact sheets as of June 30, 2026; prices and AUM are from GrowthETFs.com data as of October 19, 2026. Data can be inaccurate or change at any time. Past performance does not guarantee future results. Investing carries risk, including loss of principal.