TOPT vs. VOO

Last updated Aug 4, 2026

TOPT (iShares Top 20 U.S. Stocks ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - TOPT is a Large Cap Growth Equities fund tracking the S&P 500 Top 20 Select Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, TOPT returned 19.94% vs 23.30% for VOO. Their correlation of 0.92 means they have usually moved in the same direction. TOPT charges 0.20%/yr vs 0.03%/yr for VOO.

Performance

TOPT vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPT achieves a 6.59% return, which is significantly lower than VOO's 11.72% return.

TOPT

• 1D: 1.68%
• 1M: 1.65%
• 6M: 7.66%
• YTD: 6.59%
• 1Y: 19.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.49%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TOPT iShares Top 20 U.S. Stocks ETF	$9.85M	$10.29M	$11.76M
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

TOPT vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	6.59%	20.35%	5.33%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	1.74%

Correlation

The correlation between TOPT and VOO is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.92

The correlation between TOPT and VOO has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

TOPT vs. VOO - Sectors Allocation Comparison

Sectors	TOPT	VOO
Technology	53.3%	38.6%
Communication Services	15.6%	9.9%
Financial Services	10.2%	11.4%
Consumer Cyclical	7.9%	9.5%
Healthcare	6.6%	8.9%
Consumer Defensive	3.7%	4.5%
Energy	2.7%	3.0%
Basic Materials	-	1.7%
Industrials	-	8.5%
Real Estate	-	1.8%
Utilities	-	2.2%

Return for Risk

TOPT vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TOPT

TOPT Risk / Return Rank: 49
TOPT Sharpe Ratio Rank: 53
TOPT Sortino Ratio Rank: 53
TOPT Omega Ratio Rank: 50
TOPT Calmar Ratio Rank: 42
TOPT Martin Ratio Rank: 45

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TOPT vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) and Vanguard S&P 500 ETF (VOO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TOPT	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.83	-0.52
Sortino ratio: Return per unit of downside risk	1.90	2.53	-0.63
Omega ratio: Gain probability vs. loss probability	1.23	1.33	-0.10
Calmar ratio: Return relative to maximum drawdown	1.53	2.63	-1.10
Martin ratio: Return relative to average drawdown	5.11	11.23	-6.13

TOPT vs. VOO - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 1.32, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of TOPT and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TOPT vs. VOO - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TOPT and VOO.

Drawdown Indicators

	TOPT	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-33.99%	+12.78%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-8.90%	-4.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-3.38%	0.00%	-3.38%
Average Drawdown Average peak-to-trough decline	-3.55%	-3.67%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	2.08%	+1.83%

Volatility

TOPT vs. VOO - Volatility Comparison

iShares Top 20 U.S. Stocks ETF (TOPT) has a higher volatility of 5.32% compared to Vanguard S&P 500 ETF (VOO) at 3.81%. This indicates that TOPT's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOPT	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	3.81%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	12.25%	10.18%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	12.80%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.80%	16.95%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.80%	18.02%	+1.78%

TOPT vs. VOO - Expense Ratio Comparison

TOPT has a 0.20% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TOPT vs. VOO - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.38%, less than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOPT iShares Top 20 U.S. Stocks ETF	0.38%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TOPT and VOO in my portfolio?

With a correlation of 0.91, TOPT and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TOPT or VOO?

TOPT has higher volatility (5.32%) compared to VOO (3.81%). In terms of maximum drawdown, TOPT dropped -21.21% vs VOO's -33.99%.

Which ETF is better, TOPT or VOO?

On 1-year performance, VOO leads with 23.30% vs 19.94% for TOPT. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPT or VOO?

Over the 1-year period, VOO has performed better with a 23.30% return vs 19.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPT or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.20% for TOPT.

Which ETF pays a higher dividend yield, TOPT or VOO?

VOO has the higher dividend yield at 1.05%, compared with 0.38% for TOPT.

What is the main difference between TOPT and VOO?

TOPT is categorized as Large Cap Growth Equities, while VOO is S&P 500. TOPT tracks S&P 500 Top 20 Select Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for TOPT and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.83 vs 1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.