IVV vs VGHAX
iShares Core S&P 500 ETF vs Vanguard Health Care Fund Admiral Shares
Which is better, IVV or VGHAX?
Large Cap Blend against Large Cap Growth.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. IVV is less concentrated, with 38.9% of the fund in its ten largest positions against 40.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | VGHAX |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.27% |
| AUM | $896.5B | $34.1B |
| Dividend Yield | 1.10% | 2.70% |
| Holdings | 508 | 109 |
| YTD Price Return | +12.66%Best | -0.39% |
| 1Y Price Return | +16.17%Best | +7.17% |
| 3Y Price Return (annualized) | +20.90%Best | -0.49% |
| 5Y Price Return (annualized) | +11.72%Best | -2.58% |
| Volatility (annualized) | 15.6% | 15.3%Best |
| Max Drawdown | -25.4%Best | -32.7% |
| $10,000 over 5 years | $17,404Best | $8,775 |
| Top 10 Weight | 38.9%Best | 40.6% |
| Fund Family | iShares by BlackRock (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | May 15, 2000 | Nov 12, 2001 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for VGHAX. Both funds are measured the same way, so the comparison holds. IVV yields 1.10% and VGHAX 2.70% on top.
Volatility and max drawdown are measured over the window both funds cover: Oct 15, 2021 to Oct 13, 2026 (5 years).
IVV vs VGHAX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5 years both funds cover. Prices exclude distributions, on both funds alike.
IVV vs VGHAX Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Vanguard Health Care Fund Admiral Shares (VGHAX) is a mutual fund from Vanguard (US). Over the past year IVV returned +16.17% while VGHAX returned +7.17%. Year to date, IVV is up 12.66% versus a loss of 0.39% for VGHAX.
Over three years, IVV compounded at +20.90% per year against -0.49% for VGHAX; over five years the annualized figures are +11.72% and -2.58% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 15.3% for VGHAX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -25.4% for IVV and -32.7% for VGHAX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.56. They move together some of the time, and apart the rest.
Fees and Cost Over Time
IVV charges 0.03% per year while VGHAX charges 0.27%. On a $10,000 position that is $3 vs $27 annually, a gap of $24 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 2.70% for VGHAX.
Structure and taxes
VGHAX is a mutual fund and IVV is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
7.3% of IVV's money is in holdings VGHAX also owns. 60.2% of VGHAX's money is in holdings IVV also owns.
The two portfolios partly overlap.
The two holdings books were reported 62 days apart, IVV as of Oct 1, 2026 and VGHAX as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
29 positions in common, counted across the 506 positions we hold weights for in IVV and 83 in VGHAX, against full books of 508 and 109.
What only one of them owns
Our book lists 29 positions for VGHAX that do not appear in our book for IVV (12.9% of the fund), and 471 for IVV that do not appear in VGHAX (92.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IVV | Weight in VGHAX | Difference |
|---|---|---|---|
| LLYEli Lilly & Co. | 1.39% | 8.61% | 7.22% |
| MRKMerck & Company Inc | 0.54% | 5.44% | 4.90% |
| JNJJohnson & Johnson - Common | 0.94% | 4.83% | 3.89% |
| UNHUnitedhealth Group Incorporated | 0.50% | 4.05% | 3.55% |
| ABBVAbbvie Inc. | 0.69% | 2.30% | 1.61% |
| ISRGIntuitive Surgical Inc. | 0.21% | 2.52% | 2.31% |
| CVSCvs Health Corp | 0.16% | 2.52% | 2.36% |
| EWEdwards Lifesciences Corp | 0.07% | 2.56% | 2.49% |
| CORCencora Inc | 0.09% | 2.47% | 2.38% |
| VRTXNvaesrtex Pharmaceuticals Inc | 0.19% | 2.36% | 2.17% |
60.2% of VGHAX is already inside IVV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or VGHAX?
IVV has an expense ratio of 0.03% while VGHAX charges 0.27%. IVV is the cheaper option, by $24 a year on a $10,000 investment.
Which performed better, IVV or VGHAX?
Over the past year IVV returned +16.17% vs +7.17% for VGHAX, so IVV leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or VGHAX?
IVV has been the more volatile fund at 15.6% annualized versus 15.3% for VGHAX. Worst drawdown: IVV -25.4% vs VGHAX -32.7%.
Should I hold both IVV and VGHAX?
IVV and VGHAX have a monthly-return correlation of 0.56, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between IVV and VGHAX?
60.2% of VGHAX's money is in holdings IVV also owns. 60.2% of VGHAX's is in holdings IVV also owns. They hold 29 positions in common, counted across the 506 positions we hold weights for in IVV and 83 in VGHAX.
Which pays a higher dividend, IVV or VGHAX?
IVV yields 1.10% while VGHAX yields 2.70%, so VGHAX currently pays the higher dividend yield.
Is it better to hold VGHAX or IVV in a taxable account?
IVV is an ETF and VGHAX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is VGHAX better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. IVV is less concentrated, with 38.9% of the fund in its ten largest positions against 40.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.