VTWG vs. VIOG

Last updated Jun 24, 2026

VTWG (Vanguard Russell 2000 Growth ETF) and VIOG (Vanguard S&P Small-Cap 600 Growth ETF) are both Small Cap Growth Equities funds from Vanguard - VTWG tracks the Russell 2000 Growth Index while VIOG tracks the S&P SmallCap 600 Growth Index. Both are passively managed. Over the past 10 years, VTWG returned 12.12%/yr vs 11.67%/yr for VIOG. Their correlation of 0.91 suggests significant overlap in exposure. VTWG charges 0.06%/yr vs 0.15%/yr for VIOG.

Performance

VTWG vs. VIOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Russell 2000 Growth ETF (VTWG) and Vanguard S&P Small-Cap 600 Growth ETF (VIOG). 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 VTWG having a 20.43% return and VIOG slightly higher at 21.22%. Both investments have delivered pretty close results over the past 10 years, with VTWG having a 12.12% annualized return and VIOG not far behind at 11.67%.

VTWG

• 1D: -1.45%
• 1M: 4.36%
• YTD: 20.43%
• 6M: 16.97%
• 1Y: 40.10%
• 3Y*: 19.34%
• 5Y*: 5.29%
• 10Y*: 12.12%

VIOG

• 1D: -0.43%
• 1M: 5.48%
• YTD: 21.22%
• 6M: 17.74%
• 1Y: 31.94%
• 3Y*: 16.72%
• 5Y*: 6.20%
• 10Y*: 11.67%

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

VTWG vs. VIOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTWG Vanguard Russell 2000 Growth ETF	20.43%	13.07%	15.15%	18.90%	-26.49%	2.84%	34.72%	28.75%	-9.45%	22.27%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	21.22%	5.40%	9.23%	16.92%	-21.14%	22.49%	19.68%	21.16%	-4.57%	14.70%

Correlation

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

VTWG vs. VIOG - Sectors Allocation Comparison

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

Return for Risk

VTWG vs. VIOG — Risk / Return Rank

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

VTWG

VTWG Risk / Return Rank: 54
VTWG Sharpe Ratio Rank: 56
VTWG Sortino Ratio Rank: 54
VTWG Omega Ratio Rank: 48
VTWG Calmar Ratio Rank: 57
VTWG Martin Ratio Rank: 57

VIOG

VIOG Risk / Return Rank: 61
VIOG Sharpe Ratio Rank: 55
VIOG Sortino Ratio Rank: 58
VIOG Omega Ratio Rank: 51
VIOG Calmar Ratio Rank: 73
VIOG Martin Ratio Rank: 69

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.

VTWG vs. VIOG - Risk-Adjusted Trends Comparison

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

	VTWG	VIOG	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.79	+0.01
Sortino ratio: Return per unit of downside risk	2.48	2.64	-0.17
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	2.71	3.55	-0.85
Martin ratio: Return relative to average drawdown	9.72	12.24	-2.53

VTWG vs. VIOG - Sharpe Ratio Comparison

The current VTWG Sharpe Ratio is 1.80, which is comparable to the VIOG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of VTWG and VIOG, 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

VTWG vs. VIOG - Drawdown Comparison

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

Drawdown Indicators

	VTWG	VIOG	Difference
Max Drawdown Largest peak-to-trough decline	-42.07%	-41.73%	-0.34%
Max Drawdown (1Y) Largest decline over 1 year	-14.88%	-9.03%	-5.85%
Max Drawdown (3Y) Largest decline over 3 years	-28.58%	-27.35%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	-40.49%	-29.15%	-11.34%
Max Drawdown (10Y) Largest decline over 10 years	-42.07%	-41.73%	-0.34%
Current Drawdown Current decline from peak	-1.45%	-0.43%	-1.02%
Average Drawdown Average peak-to-trough decline	-10.50%	-7.60%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	2.62%	+1.52%

Volatility

VTWG vs. VIOG - Volatility Comparison

Vanguard Russell 2000 Growth ETF (VTWG) has a higher volatility of 7.82% compared to Vanguard S&P Small-Cap 600 Growth ETF (VIOG) at 5.47%. This indicates that VTWG's price experiences larger fluctuations and is considered to be riskier than VIOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTWG	VIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.82%	5.47%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	16.92%	13.02%	+3.90%
Volatility (1Y) Calculated over the trailing 1-year period	22.34%	17.92%	+4.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.67%	21.53%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	22.86%	+1.41%

VTWG vs. VIOG - Expense Ratio Comparison

VTWG has a 0.06% expense ratio, which is lower than VIOG's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTWG vs. VIOG - Dividend Comparison

VTWG's dividend yield for the trailing twelve months is around 0.59%, less than VIOG's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.80%	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	0.59%	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 VTWG and VIOG in my portfolio?

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

VTWG has higher volatility (7.82%) compared to VIOG (5.47%). In terms of maximum drawdown, VTWG dropped -42.07% vs VIOG's -41.73%.

Which ETF is better, VTWG or VIOG?

On 10-year performance, VTWG leads with 12.12% vs 11.67% for VIOG. On fees, VTWG is cheaper at 0.06% per year. On volatility, VIOG has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTWG or VIOG?

Over the 10-year period, VTWG has performed better with a 12.12% return vs 11.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTWG or VIOG?

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

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

VIOG has the higher dividend yield at 0.80%, compared with 0.59% for VTWG.

What is the main difference between VTWG and VIOG?

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

Which has better risk-adjusted returns?

VTWG currently has the higher Sharpe Ratio (1.80 vs 1.79), 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.