Research Date: January 04, 2026
This comprehensive guide analyzes the top-performing US index funds across four major categories: S&P 500 trackers, Total Market funds, Growth-focused funds, and Dividend funds. We’ll cover current prices, assets under management (AUM), historical returns, expense ratios, and stock compositions to help you make informed investment decisions.
Table of Contents
Master Comparison – All Top US Index Funds S&P 500 Index Funds Total Market Index Funds Growth-Focused Index Funds Dividend Index Funds Performance Comparison Tables Top Holdings Analysis How to Choose the Right Fund Glossary – Key Terms Master Comparison – All Top US Index Funds
Fund Type Provider Price AUM Expense Yield 5-Yr 10-Yr Holdings VOO S&P 500 Vanguard $628.30 $839B 0.03% 1.2% 14.79% 14.76% 503 SPY S&P 500 State Street $683.17 $712B 0.09% 1.1% 14.70% 14.70% 503 IVV S&P 500 iShares $686.19 $766B 0.03% 1.1% 14.71% 14.71% 503 VTI Total Market Vanguard $336.31 $464B 0.03% 1.2% 13.49% 14.10% 4,000+ QQQ Growth/Nasdaq Invesco $613.12 $408B 0.20% 0.5% 15.05% 19.45% 102 VUG Large Cap Growth Vanguard $400.00 $193B 0.04% 0.4% 16.00% 17.45% 250 MGK Mega Cap Growth Vanguard $310.00 $24B 0.07% 0.4% 17.00% 18.00% 66 VIG Dividend Growth Vanguard $200.00 $109B 0.06% 1.6% 11.00% 13.09% 341 SCHD High Dividend Schwab $28.00 $72B 0.06% 3.8% 9.00% 11.53% 103
$10,000 Investment Growth Projection
Based on historical annualized returns. Formula: Final Value = $10,000 × (1 + annual_return)^years
Fund 5-Yr Return $10K After 5 Years 10-Yr Return $10K After 10 Years Gain in 10 Years QQQ 15.05% $20,157 19.45% $59,548 +$49,548 MGK 17.00% $21,924 18.00% $52,338 +$42,338 VUG 16.00% $21,003 17.45% $50,147 +$40,147 VOO 14.79% $19,910 14.76% $39,686 +$29,686 IVV 14.71% $19,833 14.71% $39,335 +$29,335 SPY 14.70% $19,824 14.70% $39,299 +$29,299 VTI 13.49% $18,808 14.10% $37,567 +$27,567 VIG 11.00% $16,851 13.09% $34,271 +$24,271 SCHD 9.00% $15,386 11.53% $29,775 +$19,775
Key Insight: $10,000 in QQQ would have grown to $59,548 in 10 years vs $29,775 in SCHD – a difference of nearly $30,000 due to the higher growth rate, but with significantly higher volatility.
Annual Calendar Year Returns (%)
Fund 2025 2024 2023 2022 2021 2020 VOO 17.82 24.98 26.32 -18.14 28.66 18.35 SPY 17.80 25.00 26.30 -18.10 28.70 18.40 IVV 17.85 25.00 26.35 -18.15 28.65 18.38 VTI 17.10 23.81 26.05 -19.51 25.67 21.03 QQQ 20.77 25.60 54.76 -32.49 27.25 48.60 VUG 21.17 26.50 46.83 -33.15 27.30 40.22 VIG 13.22 17.30 15.50 -10.60 23.90 15.47 SCHD 0.73 12.20 3.50 -3.20 29.10 14.32
Quick Reference by Investment Goal
Goal Best Fund Why Lowest Cost VOO / IVV 0.03% expense, broad S&P 500 Best 10-Yr Return QQQ 19.45% annualized (tech-heavy) Most Diversified VTI 4,000+ stocks, full market Highest Yield SCHD 3.8% dividend yield Best Risk-Adjusted VIG 0.93 Sharpe ratio Most Liquid SPY Highest trading volume
S&P 500 Index Funds
The S&P 500 tracks the 500 largest US companies by market capitalization, representing approximately 80% of US equity market value.
Fund Overview
Fund Provider Current Price AUM Expense Ratio Inception VOO Vanguard $628.30 $839B 0.03% Sep 2010 SPY State Street SPDR $683.17 $712B 0.09% Jan 1993 IVV iShares/BlackRock $686.19 $766B 0.03% May 2000
Historical Returns (Annualized)
Fund 1-Year 3-Year 5-Year 10-Year VOO 13.58% 21.35% 14.79% 14.76% SPY ~13.5% ~21.3% ~14.7% ~14.7% IVV 15.88% ~21.3% 14.71% 14.71%
Note: All three funds track the same index, so returns are nearly identical with minor variations due to tracking methodology.
Annual Calendar Year Returns
Year VOO Return 2025 17.82% 2024 24.98% 2023 26.32% 2022 -18.14% 2021 28.66%
Cumulative Total Returns (VOO)
Period Total Return 5-Year 99.10% 10-Year 303.86% 15-Year 610.28%
Key Differentiators
VOO SPY IVV Total Market Index Funds
Total market funds provide exposure to the entire US stock market including small, mid, and large-cap stocks.
Fund Overview
Fund Provider Current Price AUM Expense Ratio Holdings VTI Vanguard $336.31 $464B+ 0.03% ~4,000+
Historical Returns (Annualized)
Period VTI Return 1-Year 13.01% 3-Year 22.09% 5-Year 13.49% 10-Year 14.10% Since Inception 9.38%
Annual Calendar Year Returns
Year VTI Return 2025 17.10% 2024 23.81% 2023 26.05% 2022 -19.51% 2021 25.67% 2020 21.03%
Cumulative Total Returns
Period Total Return 5-Year 88.08% 10-Year 285.90% 30-Year CAGR 10.26%
Why Choose VTI
Broader diversification : Includes small and mid-cap stocks not in S&P 500Lower concentration risk : Less weight in mega-cap tech stocksComplete market exposure : ~4,000+ holdings vs 500 in S&PClassic portfolio building block : Core of three-fund portfolio (VTI + VXUS + BND )Growth-Focused Index Funds
Growth funds focus on companies with higher growth potential, typically weighted toward technology.
Fund Overview
Fund Provider Current Price AUM Expense Ratio Holdings QQQ Invesco $613.12 $408B 0.20% 102 VUG Vanguard ~$400 $193B 0.04% ~250 MGK Vanguard ~$310 $24B 0.07% 66
Historical Returns (Annualized)
Fund 1-Year 3-Year 5-Year 10-Year QQQ 16.22% 32.29% 15.05% 19.45% VUG 18.56% ~24% ~16% 17.45% MGK ~19% ~25% ~17% ~18%
QQQ Annual Calendar Year Returns
Year QQQ Return 2025 20.77% 2024 25.60% 2023 54.76% 2022 -32.49% 2021 27.25% 2020 48.60% 2019 39.00%
10-Year Performance : QQQ returned 20.30% vs S&P 500’s 15.27% (as of Sep 2025)Cumulative Outperformance : QQQ beat S&P 500 by 545.61% cumulativelyWin Rate : QQQ has beaten S&P 500 in 7 of the last 10 yearsSector Allocation Comparison
Sector QQQ VUG MGK Technology 54% 53% 58% Communication Services 14% 14% 15% Healthcare 6% 8% 7%
Key Differentiators
QQQ VUG MGK Dividend Index Funds
Dividend funds focus on companies with consistent dividend payments and growth.
Fund Overview
Fund Provider Strategy AUM Expense Ratio Dividend Yield VIG Vanguard Dividend Growth $109B 0.06% 1.6% SCHD Schwab High Dividend $72B 0.06% 3.8%
Historical Returns (Annualized)
Fund 1-Year 5-Year 10-Year VIG 13.22% ~11% 13.09% SCHD 0.73% ~9% 11.53%
5-Year Total Returns
Key Metrics Comparison
Metric VIG SCHD Holdings 341 103 Expense Ratio 0.06% 0.06% Dividend Yield 1.6% 3.8% Sharpe Ratio 0.93 0.27 Max Drawdown -46.81% -33.37%
Sector Allocation
Sector VIG SCHD Technology 28% 0% Financial Services 22% 10% Healthcare 15% 16% Energy 5% 19% Industrials 12% 12%
Top Holdings
VIG Top Holdings:
Broadcom (AVGO )
Microsoft (MSFT )
Apple (AAPL ) SCHD Top Holdings:
Bristol Myers Squibb (BMY )
Merck (MRK )
Lockheed Martin (LMT )
ConocoPhillips (COP ) The 2025 performance gap (VIG: +13.22% vs SCHD: +0.73%) is explained by:
VIG : 28% tech allocation benefited from AI/tech rallySCHD : 0% tech exposure, missed the 2025 growth stocks surgeAll Funds – Key Metrics Summary
Fund Price AUM Expense Ratio 1-Yr Return 5-Yr Return 10-Yr Return VOO $628.30 $839B 0.03% 13.58% 14.79% 14.76% SPY $683.17 $712B 0.09% ~13.5% ~14.7% ~14.7% IVV $686.19 $766B 0.03% 15.88% 14.71% 14.71% VTI $336.31 $464B 0.03% 13.01% 13.49% 14.10% QQQ $613.12 $408B 0.20% 16.22% 15.05% 19.45% VUG ~$400 $193B 0.04% 18.56% ~16% 17.45% VIG ~$200 $109B 0.06% 13.22% ~11% 13.09% SCHD ~$28 $72B 0.06% 0.73% ~9% 11.53%
Category Best Performer 10-Yr Annualized S&P 500 Tracking VOO /IVV (tie)14.76% Dividend VIG 13.09%
Top Holdings Analysis
S&P 500 Top 10 Holdings (VOO/SPY/IVV)
Rank Company Symbol Weight 1 NVIDIA Corporation NVDA 7.38% 2 Apple Inc. AAPL 7.07% 3 Microsoft Corporation MSFT 6.25% 4 Amazon.com, Inc. AMZN 3.87% 5 Broadcom Inc. AVGO 3.24% 6 Alphabet Inc. (Class A) GOOGL 3.18% 7 Alphabet Inc. (Class C) GOOG 2.55% 8 Meta Platforms, Inc. META 2.40% 9 Tesla, Inc. TSLA 2.06% 10 Berkshire Hathaway BRK-B 1.61%
Top 10 Concentration: ~39.6% of index
QQQ Top 10 Holdings
Rank Company Symbol Weight 1 NVIDIA Corporation NVDA 9.04% 2 Apple Inc. AAPL 8.02% 3 Microsoft Corporation MSFT 7.17% 4 Amazon.com, Inc. AMZN 4.92% 5 Tesla, Inc. TSLA 3.97% 6 Broadcom Inc. AVGO ~3.5% 7 Meta Platforms, Inc. META ~3.2% 8 Alphabet Inc. (GOOGL) GOOGL ~3.0% 9 Alphabet Inc. (GOOG) GOOG ~2.5% 10 Costco Wholesale COST ~2.2%
Top 10 Concentration: 49.38% of fund
Sector Allocation Comparison
Sector S&P 500 VTI QQQ Technology 35% 32% 54% Financial Services 13% 13% 0% Healthcare 11% 12% 6% Communication Services 11% 9% 14% Industrials 8% 9% 4%
How to Choose the Right Fund
graph TD
A[Investment Goal] --> B{Primary Objective?}
B -->|Broad Market| C[VTI - Total Market]
B -->|Large Cap Focus| D{Cost Priority?}
B -->|Growth| E[QQQ or VUG]
B -->|Income| F{Yield vs Growth?}
D -->|Lowest Cost| G[VOO or IVV]
D -->|Highest Liquidity| H[SPY]
F -->|High Current Yield| I[SCHD - 3.8% Yield]
F -->|Dividend Growth| J[VIG - 1.6% Yield]
style A fill:#1A73E8,color:#fff
style C fill:#34A853,color:#fff
style G fill:#34A853,color:#fff
style E fill:#FFB300,color:#000
style I fill:#90CAF9,color:#000
style J fill:#90CAF9,color:#000
Cost Comparison (Per $100,000 Invested Annually)
Risk Considerations
Risk Factor Lower Risk Higher Risk Concentration VTI (4,000+ stocks)QQQ (102 stocks)Sector Exposure VTI (diversified)QQQ (54% tech)Volatility VIG , SCHD QQQ , VUG Drawdowns SCHD (-33% max)VIG (-47% max)
Key Takeaways
For Core Portfolio Holdings : VOO or VTI offer the best combination of low cost and diversificationFor Growth Tilting : QQQ has outperformed significantly but carries higher concentration riskFor Income : VIG offers better total returns; SCHD offers higher current yieldExpense Ratios Matter : Over 30 years, a 0.17% difference (QQQ vs VOO ) on $100K compounds to $15,000+ in extra feesMarket Concentration : The top 10 stocks now represent ~40% of the S&P 500, the highest concentration since the 1970sGlossary – Key Terms
Term Full Form Meaning AUM Assets Under Management Total market value of all investments the fund manages on behalf of investors Yield Dividend Yield Annual dividend income expressed as a percentage of the fund’s current price. A 3% yield means $3 annual dividend per $100 invested Expense Ratio Annual Expense Ratio The yearly fee charged by the fund, expressed as a percentage. 0.03% means $3 per $10,000 invested annually NAV Net Asset Value The per-share value of a fund, calculated as (Total Assets – Liabilities) / Number of Shares ETF Exchange-Traded Fund A fund that trades on stock exchanges like individual stocks, tracking an index, sector, or asset class CAGR Compound Annual Growth Rate The average yearly growth rate of an investment over a specified time period, accounting for compounding Sharpe Ratio Risk-Adjusted Return Measures return per unit of risk. Higher is better. Above 1.0 is considered good Max Drawdown Maximum Drawdown The largest peak-to-trough decline in the fund’s value, showing worst-case loss Large Cap Large Capitalization Companies with market value over $10 billion S&P 500 Standard & Poor’s 500 Index of 500 largest US companies by market cap, representing ~80% of US equity market Nasdaq-100 Nasdaq 100 Index Index of 100 largest non-financial companies listed on the Nasdaq stock exchange
Fund Ticker Abbreviations
Ticker Full Name Provider VOO Vanguard S&P 500 ETF Vanguard SPY SPDR S&P 500 ETF Trust State Street IVV iShares Core S&P 500 ETF BlackRock VTI Vanguard Total Stock Market ETF Vanguard QQQ Invesco QQQ Trust (Nasdaq-100) Invesco VUG Vanguard Growth ETF Vanguard MGK Vanguard Mega Cap Growth ETF Vanguard VIG Vanguard Dividend Appreciation ETF Vanguard SCHD Schwab US Dividend Equity ETF Charles Schwab VXUS Vanguard Total International Stock ETF Vanguard BND Vanguard Total Bond Market ETF Vanguard
Disclaimer: This research is for informational purposes only and does not constitute investment advice. Past performance does not guarantee future results. Always conduct your own research and consider consulting a financial advisor before making investment decisions.
Data Sources: Vanguard, iShares, State Street, Invesco, Schwab, Yahoo Finance, Morningstar, ETF.com (January 2026)
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