VIOG vs. VTWG

Last updated Jun 23, 2026

VIOG (Vanguard S&P Small-Cap 600 Growth ETF) and VTWG (Vanguard Russell 2000 Growth ETF) are both Small Cap Growth Equities funds from Vanguard - VIOG tracks the S&P SmallCap 600 Growth Index while VTWG tracks the Russell 2000 Growth Index. Both are passively managed. Over the past 10 years, VIOG returned 11.72%/yr vs 12.28%/yr for VTWG. Their correlation of 0.91 suggests significant overlap in exposure. VIOG charges 0.15%/yr vs 0.06%/yr for VTWG.

Performance

VIOG vs. VTWG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and Vanguard Russell 2000 Growth ETF (VTWG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VIOG having a 21.75% return and VTWG slightly higher at 22.21%. Both investments have delivered pretty close results over the past 10 years, with VIOG having a 11.72% annualized return and VTWG not far ahead at 12.28%.

VIOG

• 1D: 0.24%
• 1M: 5.94%
• YTD: 21.75%
• 6M: 17.76%
• 1Y: 34.28%
• 3Y*: 16.88%
• 5Y*: 6.57%
• 10Y*: 11.72%

VTWG

• 1D: 1.11%
• 1M: 5.90%
• YTD: 22.21%
• 6M: 17.98%
• 1Y: 43.59%
• 3Y*: 19.92%
• 5Y*: 5.88%
• 10Y*: 12.28%

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

VIOG vs. VTWG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOG Vanguard S&P Small-Cap 600 Growth ETF	21.75%	5.40%	9.23%	16.92%	-21.14%	22.49%	19.68%	21.16%	-4.57%	14.70%
VTWG Vanguard Russell 2000 Growth ETF	22.21%	13.07%	15.15%	18.90%	-26.49%	2.84%	34.72%	28.75%	-9.45%	22.27%

Correlation

The correlation between VIOG and VTWG is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.91

The correlation between VIOG and VTWG has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

VIOG vs. VTWG - Sectors Allocation Comparison

Sectors	VIOG	VTWG
Technology	19.7%	25.8%
Industrials	19.5%	23.1%
Healthcare	14.6%	22.0%
Financial Services	13.7%	7.8%
Consumer Cyclical	10.9%	7.1%
Real Estate	6.6%	2.0%
Energy	4.1%	3.1%
Consumer Defensive	3.3%	2.3%
Basic Materials	3.1%	4.0%
Communication Services	2.7%	2.2%
Utilities	1.7%	0.6%

Return for Risk

VIOG vs. VTWG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VIOG

VIOG Risk / Return Rank: 65
VIOG Sharpe Ratio Rank: 59
VIOG Sortino Ratio Rank: 62
VIOG Omega Ratio Rank: 55
VIOG Calmar Ratio Rank: 77
VIOG Martin Ratio Rank: 72

VTWG

VTWG Risk / Return Rank: 59
VTWG Sharpe Ratio Rank: 61
VTWG Sortino Ratio Rank: 58
VTWG Omega Ratio Rank: 53
VTWG Calmar Ratio Rank: 61
VTWG Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIOG vs. VTWG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) and Vanguard Russell 2000 Growth ETF (VTWG). 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.

	VIOG	VTWG	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.97	-0.04
Sortino ratio: Return per unit of downside risk	2.80	2.66	+0.15
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.81	2.94	+0.87
Martin ratio: Return relative to average drawdown	13.14	10.57	+2.57

VIOG vs. VTWG - Sharpe Ratio Comparison

The current VIOG Sharpe Ratio is 1.92, which is comparable to the VTWG Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of VIOG and VTWG, 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

VIOG vs. VTWG - Drawdown Comparison

The maximum VIOG drawdown since its inception was -41.73%, roughly equal to the maximum VTWG drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for VIOG and VTWG.

Drawdown Indicators

	VIOG	VTWG	Difference
Max Drawdown Largest peak-to-trough decline	-41.73%	-42.07%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-9.03%	-14.88%	+5.85%
Max Drawdown (3Y) Largest decline over 3 years	-27.35%	-28.58%	+1.23%
Max Drawdown (5Y) Largest decline over 5 years	-29.15%	-40.49%	+11.34%
Max Drawdown (10Y) Largest decline over 10 years	-41.73%	-42.07%	+0.34%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.60%	-10.50%	+2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	4.14%	-1.52%

Volatility

VIOG vs. VTWG - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 Growth ETF (VIOG) is 5.42%, while Vanguard Russell 2000 Growth ETF (VTWG) has a volatility of 7.67%. This indicates that VIOG experiences smaller price fluctuations and is considered to be less risky than VTWG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOG	VTWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	7.67%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	13.01%	16.86%	-3.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.95%	22.32%	-4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	24.67%	-3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.88%	24.30%	-1.42%

VIOG vs. VTWG - Expense Ratio Comparison

VIOG has a 0.15% expense ratio, which is higher than VTWG's 0.06% 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

VIOG vs. VTWG - Dividend Comparison

VIOG's dividend yield for the trailing twelve months is around 0.79%, more than VTWG's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.79%	1.04%	1.03%	1.15%	1.17%	0.69%	0.68%	1.09%	0.76%	0.87%	0.92%	1.04%
VTWG Vanguard Russell 2000 Growth ETF	0.58%	0.64%	0.55%	0.79%	0.71%	0.54%	0.48%	0.72%	0.72%	0.64%	0.96%	0.72%

Frequently Asked Questions

Can I hold both VIOG and VTWG in my portfolio?

With a correlation of 0.91, VIOG and VTWG 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, VIOG or VTWG?

VTWG has higher volatility (7.67%) compared to VIOG (5.42%). In terms of maximum drawdown, VIOG dropped -41.73% vs VTWG's -42.07%.

Which ETF is better, VIOG or VTWG?

On 10-year performance, VTWG leads with 12.28% vs 11.72% for VIOG. On fees, VTWG is cheaper at 0.06% per year. On volatility, VIOG has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOG or VTWG?

Over the 10-year period, VTWG has performed better with a 12.28% return vs 11.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOG or VTWG?

VTWG is cheaper with a 0.06% expense ratio, compared with 0.15% for VIOG.

Which ETF pays a higher dividend yield, VIOG or VTWG?

VIOG has the higher dividend yield at 0.79%, compared with 0.58% for VTWG.

What is the main difference between VIOG and VTWG?

VIOG tracks S&P SmallCap 600 Growth Index, while VTWG tracks Russell 2000 Growth Index. Their fees differ too: 0.15% for VIOG and 0.06% for VTWG.

Which has better risk-adjusted returns?

VTWG currently has the higher Sharpe Ratio (1.97 vs 1.92), 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.