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Security Comparison

VFIAX vs VOO: Same S&P 500, Mutual Fund or ETF?

A head-to-head of Vanguard 500 Index Fund Admiral Shares and Vanguard S&P 500 covering structure and cost, not a different index.

Updated September 30, 2026

How these figures are calculated: methodology.

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

VFIAX has lagged VOO over the trailing twelve months, posting a 15.87% total return against 16.19%. The lead holds up over 10 years too: VOO has compounded at 15.39% a year, against 15.34% for VFIAX. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Sep 2010Volatility Sharpe Sortino Max drawdown
VFIAX12.18%15.87%22.77%13.40%15.34%14.83%15.0%1.081.57-18.8%
VOO12.52%16.19%22.89%13.48%15.39%14.87%14.9%1.091.58-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2010” measures every fund from September 9, 2010 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricVFIAXVOO
Full nameVanguard 500 Index Fund Admiral SharesVanguard S&P 500 ETF
IssuerVanguardVanguard
Last Close$706.04 as of September 30, 2026$700.86 as of September 30, 2026
Distribution rate1.03%1.04%
Trailing 12-month yield0.79%1.06%
Distribution Safety Score™ 100100
Safety-Adjusted Yield 1.03%1.04%
Expense ratio0.04%0.03%
AUM$1000B$1041B
Distribution frequencyQuarterlyQuarterly
Underlying indexS&P 500S&P 500 Index
ObjectiveSeeks to track the performance of the S&P 500 Index.Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquity
Inception date—09/07/2010
Beta1.01.0
Last dividend$1.96$1.8226 payable today
Ex-dividend date06/26/202609/28/2026

Bottom lineVFIAX and VOO are nearly interchangeable — both track the S&P 500 with very similar cost and risk. The clearest tie-breaker is cost: VOO is cheaper at 0.03% vs 0.04%.

S&P 500 mutual fund versus S&P 500 ETF

VFIAX and VOO track the same index. Admiral fund versus ETF is the decision — trading, minimums, and a tiny fee gap.

VFIAXVOO
WrapperS&P 500 mutual fund (Admiral)S&P 500 ETF
Expense ratio0.04%0.03%
Distribution rate1.03%1.04%
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Income calculator

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Vanguard
ETFs116
Total AUM$4677B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VOO.

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Quick verdict

VFIAX (Vanguard 500 Index Fund Admiral Shares) is a mutual fund, while VOO (Vanguard S&P 500 ETF) is an ETF — their trading structures differ.

VOO offers the higher yield at 1.04% vs 1.03% for VFIAX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VOO is cheaper with an expense ratio of 0.03% compared to 0.04%.

They have different reference exposures: VFIAX is linked to S&P 500 while VOO is linked to S&P 500 Index, which means their performance drivers differ.

VOO is the larger fund by assets ($1041B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, VFIAX would generate roughly $25.75 cash per distribution, while VOO would produce $26.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

VFIAX yield1.03%
VOO yield1.04%
Cash diff on $10K$0.25

Cost & efficiency

Over 10 years on $10,000, VFIAX would cost approximately $40 in fees vs $30 for VOO (simplified, not compounded). The $10.00 difference may be offset by yield or performance.

VFIAX ER0.04%
VOO ER0.03%

Strategy & risk

Both VFIAX and VOO wrap S&P 500 with similar strategies (mutual fund and large cap). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic.

VFIAX beta1.0
VOO beta1.0

Fund details

VFIAX is managed by Vanguard with $1000B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1041B in assets.

VFIAX AUM$1000B
VOO AUM$1041B
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Frequently asked questions

What is the difference between VFIAX and VOO?

VFIAX (Vanguard 500 Index Fund Admiral Shares) is Vanguard's S&P 500 Admiral mutual fund. VOO (Vanguard S&P 500 ETF) is the S&P 500 ETF. Same index; wrapper is the split. Cost is 0.04% versus 0.03%. Distributions are 1.03% and 1.04% as of September 2026.

What is the current distribution rate for VFIAX and VOO?

VFIAX currently distributes 1.03% and VOO 1.04%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is VFIAX or VOO better for dividend income?

It depends on your goals. VOO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both VFIAX and VOO?

You can, but expect significant overlap. Both funds use similar strategies on S&P 500, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Is VFIAX or VOO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: VFIAX scores 100, VOO scores 100. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, VFIAX or VOO?

VFIAX has an expense ratio of 0.04% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in VFIAX vs VOO generate?

At current rates, $10,000 in VFIAX would generate roughly $25.75 cash per distribution ($103.00 annually). The same in VOO would produce about $26.00 cash per distribution ($104.00 annually).

Which has performed better historically, VFIAX or VOO?

VFIAX has lagged VOO over the trailing twelve months, posting a 15.87% total return against 16.19%. The lead holds up over 10 years too: VOO has compounded at 15.39% a year, against 15.34% for VFIAX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

VFIAX vs VOO — at a glance

Generated September 26, 2026.

companies in nearly identical proportions. Both charge minimal fees and aim to replicate the index's performance, making them among the lowest-cost broad-market equity options available.

How they differ

The biggest operational difference is fund structure. This affects how and when you can trade them, but both offer the same underlying S&P 500 exposure.

VOO carries a slightly lower expense ratio at 0.03% versus 0.04%, a difference of one basis point. VOO also sports a modestly higher distribution rate at 1.04% compared to 1.03%, though both yield around 1%.

Who each is best for

VFIAX: Fits investors who prefer buying directly from Vanguard without exchange trading, have balances large enough to access Admiral Shares minimums, and want the simplicity of a mutual fund settlement and quarterly distributions.

VOO: Designed for investors who trade frequently or prefer ETF mechanics—buying and selling at intraday prices like a stock, using limit orders, or holding the security in non-Vanguard custodians. Also suits investors starting with smaller amounts, since ETFs have no account minimums.

Key risks to know

  • S&P 500 concentration risk. Both funds hold only 500 large-cap U.S. stocks, leaving them vulnerable to sector rotations and domestic economic downturns. They offer no international diversification.
  • Equity market drawdown exposure. With a beta of 1.0, both funds move in lockstep with the broad market. A sustained bear market will pressure NAV regardless of low fees. This difference merits analysis for larger positions held outside retirement accounts.

Bottom line

If you value the lowest possible expense ratio and plan to hold the security outside Vanguard, VOO edges ahead at 0.03%. If you prefer mutual fund simplicity and have access to Admiral Shares, VFIAX delivers nearly identical exposure at 0.04%. The one-basis-point fee gap and minor yield difference are unlikely to drive long-term returns; portfolio fit and your custody setup matter more. Past performance does not guarantee future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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These comparisons follow the Dividend Vision methodology.