VBK, by contrast, tracks the CRSP US Small Cap Growth Index, offering broad diversification across smaller growth companies without a single dominant sector weight disclosed in the available data.
Long-term returns reinforce the large-cap edge. VONG's 10-year annualized return stands at 17.53% with dividends reinvested through July 17, 2026, turning a $10,000 investment into $50,268. Historical comparisons show VONG's 10-year annualized return at 18.5% versus 12.2% for VBK.
The small-cap fund's higher volatility — currently 5.16% versus 6.45% for VONG — and deeper drawdowns make it a more turbulent ride, even though the two funds share a 0.72 correlation, meaning they often move together but not in lockstep.
Institutional flows have favored VONG recently. Bank of America increased its stake by 48.5% in the first quarter to 76.1 million shares worth $8.35 billion, while Royal Bank of Canada boosted holdings by 17.7% to $141.4 million. HSBC, however, trimmed its position by 54.5% in the same quarter. Smaller managers such as Relyea Zuckerberg Hanson and Wealthspire Retirement also added to VONG positions. These 13F-reported moves reflect large-cap growth's appeal to institutions, though they do not directly signal VBK's trajectory.