VOO vs SCHB ETF Comparison 2026: Vanguard S&P 500 vs Schwab Total Market: AI Score, Valuation, Performance and Upside
VOO and SCHB are near-identical for most investors — both 0.03% expense ratio, both dominated by the same mega-cap technology stocks, and both with high correlations to S&P 500 performance. The primary difference is breadth: VOO holds 500 large-cap companies; SCHB holds ~2,500 including mid and small-cap. For practical purposes, the two ETFs will behave almost identically over most time periods. The choice is a matter of brokerage preference more than investment philosophy.
VOO vs SCHB — Vanguard S&P 500 ETF (the world's most widely held S&P 500 index fund tracking 500 large-cap US stocks with the recognized benchmark at 0.03% expense ratio) versus Schwab US Broad Market ETF (the total US market ETF covering 2,500 large, mid, and small-cap US companies at identical 0.03% cost).
VOO holds the edge across 4 of 5 key metrics in this comparison. VOO has delivered stronger 1-year price return (+14.80% vs +14.75% for SCHB).
- want pure S&P 500 index exposure — the recognized US equity benchmark most commonly used for portfolio performance comparison and financial planning projections
- hold at Vanguard or prefer Vanguard's $1T+ ETF ecosystem with maximum institutional liquidity for the core US equity holding
- prefer simplicity: the S&P 500 is the most understood, most discussed US equity index — financial media, advisors, and benchmarks all reference it constantly
- are comfortable with large-cap concentration excluding mid and small-cap companies — acceptable for most investors given S&P 500 companies represent 80% of US market cap
- prefer total US market coverage from a single ETF — holding VOO equivalents plus 2,000+ mid and small-cap companies provides theoretically complete diversification
- hold accounts at Schwab where SCHB is commission-free and optimally integrated with Schwab's portfolio tools and automatic investing features
- believe in small-cap factor potential — SCHB's small and mid-cap exposure positions the portfolio to benefit if/when small-cap valuation premiums appear vs large-cap
- are comfortable with the near-identical performance to VOO in most market environments — the total market exposure difference is meaningful in theory but small in practice for most time horizons
| Metric | VOO | SCHB |
|---|---|---|
| ETF scorei | 27.4 | 27.3 |
| Latest closei | $704.78 | $29.48 |
| 1M returni | -1.06% | -1.11% |
| 3M returni | -0.14% | -0.60% |
| 6M returni | +5.04% | +4.58% |
| 1Y returni | +14.80% | +14.75% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | VOO | SCHB |
|---|---|---|
| 1Y ago | $11.61K (+16.1%) started 2025-11-04 | $11.6K (+16.0%) started 2025-11-04 |
| 5Y ago | $18.87K (+88.7%) started 2021-11-05 | $17.91K (+79.1%) started 2021-11-05 |
| 10Y ago | $50.59K (+405.9%) started 2016-11-07 | $48.11K (+381.1%) started 2016-11-07 |
Hypothetical — past performance does not guarantee future results.
| Metric | VOO | SCHB |
|---|---|---|
| Expense ratioi | 0.03% | 0.03% |
| Total assets (AUM)i | $1.74T | $44.23B |
| Dividend yieldi | 1.07% | 1.06% |
| Trailing P/Ei | 24.34 | 23.29 |
| Betai | 1.02 | 1.04 |
| 52-week change | 14.80% | 14.75% |
| Metric | VOO | SCHB |
|---|---|---|
| 1Y returni | +14.80% | +14.75% |
| 6M returni | +5.04% | +4.58% |
| 3M returni | -0.14% | -0.60% |
| 1M returni | -1.06% | -1.11% |
| 1Y Sharpe ratio | 0.80 | 0.78 |
| Betai | 1.02 | 1.04 |
| Dividend yieldi | 1.07% | 1.06% |
| 5Y CAGR | +11.92% | +10.80% |
Over the past year, VOO and SCHB have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | VOO | SCHB |
|---|---|---|---|
| 1Y | Growthi | +14.80% | +14.75% |
| CAGRi | +14.81% | +14.76% | |
| Volatilityi | 12.76% | 13.05% | |
| Sharpe ratioi | 0.80 | 0.78 | |
| Sortino ratioi | 1.16 | 1.13 | |
| Max drawdowni | 8.90% | 8.91% | |
| Current drawdowni | 1.59% | 1.76% | |
| Avg drawdowni | 1.46% | 1.51% | |
| Ulcer Indexi | 2.14% | 2.18% | |
| Max daily dropi | 2.59% | 2.70% | |
| Max wkly dropi | 3.79% | 3.71% | |
| 5Y | Growthi | +75.52% | +66.93% |
| CAGRi | +11.92% | +10.80% | |
| Volatilityi | 16.94% | 17.36% | |
| Sharpe ratioi | 0.49 | 0.42 | |
| Sortino ratioi | 0.70 | 0.60 | |
| Max drawdowni | 24.52% | 25.41% | |
| Current drawdowni | 1.59% | 1.76% | |
| Avg drawdowni | 5.59% | 6.22% | |
| Ulcer Indexi | 8.46% | 9.20% | |
| Max daily dropi | 5.80% | 5.90% | |
| Max wkly dropi | 11.45% | 11.61% | |
| 10Y | Growthi | +324.08% | +304.59% |
| CAGRi | +15.56% | +15.02% | |
| Volatilityi | 18.03% | 18.33% | |
| Sharpe ratioi | 0.65 | 0.61 | |
| Sortino ratioi | 0.90 | 0.85 | |
| Max drawdowni | 33.99% | 35.27% | |
| Current drawdowni | 1.59% | 1.76% | |
| Avg drawdowni | 4.31% | 4.67% | |
| Ulcer Indexi | 7.17% | 7.70% | |
| Max daily dropi | 11.74% | 11.99% | |
| Max wkly dropi | 18.11% | 18.80% |
| Category | VOO | SCHB |
|---|---|---|
| Fund name | Vanguard S&P 500 ETF | Schwab U.S. Broad Market ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.03% | 0.03% |
| Total assets (AUM)i | $1.74T | $44.23B |
| Dividend yieldi | 1.07% | 1.06% |
- S&P 500 benchmark standard: VOO tracks the most widely recognized US equity benchmark — portfolio performance vs S&P 500 is the universal comparison metric for US equity investors
- 0.03% expense ratio: among the world's lowest expense ratios — competitive with IVV (iShares) and SPY (SPDR) while offering lower cost than most active funds
- Massive liquidity and institutional ownership: $1T+ AUM makes VOO one of the most liquid ETFs globally — minimal bid-ask spreads, no impact cost for large trades
- Total US market in one ETF: SCHB's 2,500 stocks capture large, mid, and small-cap US equities — eliminating the need for separate large-cap and small-cap ETFs
- Identical 0.03% expense ratio to VOO: SCHB provides broader coverage at the same price — marginally more comprehensive than VOO at equal cost
- Small and mid-cap diversification: SCHB's inclusion of 2,000+ smaller companies beyond the S&P 500 provides exposure to growth companies before they reach S&P 500 inclusion
- Excludes small-cap and mid-cap: VOO's 500-stock large-cap focus misses the 3,500+ smaller US companies — investors seeking total market exposure need SCHB or VTI alongside or instead of VOO
- Technology concentration: Apple, Microsoft, Nvidia, Amazon, and Meta alone represent 25%+ of VOO — more concentrated in technology mega-caps than a total market index
- Index Committee discretion: S&P 500 membership requires profitability screening by a committee — some newer profitable companies may be included or excluded based on qualitative criteria
- S&P 500 dominance in total market returns: approximately 80% of SCHB's return comes from the same large-cap companies as VOO — the practical performance difference is minimal despite the broader index
- Less liquid than VOO: SCHB has lower AUM and daily trading volume than VOO — wider bid-ask spreads for large institutional trades, though negligible for individual investors
- Smaller company return drag in certain periods: small and mid-cap components can underperform large-cap during technology bull markets (as in 2023-2024), slightly dragging SCHB vs VOO
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