Growth ETF Checkup: VONG Cheaper, IWY More Concentrated, IWO Riskier

Trailing one-year results through Jan. 9, 2026 were nearly the same for VONG versus IWY, underscoring that investor choice hinges on cost, concentration, risk.

Overview

Vanguard’s VONG undercuts iShares’ IWY on fees at 0.07% versus 0.20% and holds about 394 stocks compared with roughly 110 for IWY.
IWY carries a heavier technology tilt at about 66% of assets versus roughly 53% for VONG, reflecting greater sector concentration in mega-caps.
Over the past 12 months through Jan. 9, 2026, VONG returned 19.6% and IWY 19.4%, with similar yields (0.5% vs. 0.4%) and identical five-year betas of 1.12.
IWY’s top holdings are concentrated in Nvidia (~13.9%), Apple (~12.1%) and Microsoft (~11.4%), increasing single-stock exposure relative to broader peers.
IWO provides small-cap growth exposure with a 0.24% expense ratio and 1,000+ holdings, but shows higher risk with a five-year max drawdown of -42.02% versus IWY’s -32.68% and a higher beta of 1.17.