Vanguard Growth Index Fund ETF Shares(VUG)
AI Look-Through Summary
AI GeneratedThe Vanguard Growth Index Fund ETF Shares maintains a substantial asset base of $325.3 billion, reflecting its significant scale within the market landscape. Sector allocation reveals an intense concentration in Technology, which commands over half of the portfolio at 52.7%, indicating that performance will be heavily correlated with this specific industry's trajectory. Communication Services follows as the second-largest sector at 17.5%, while Consumer Cyclical and Healthcare each represent roughly one-quarter to one-tenth of the total exposure. This structural tilt suggests a strategic focus on companies expected to outperform in innovation-driven markets rather than providing broad diversification across all economic sectors.
Top holdings analysis highlights extreme concentration within the technology sector, where the top three positions—NVDA, AAPL, and MSFT—collectively account for nearly 34% of total assets under management. This dominance is further amplified by AVGO's inclusion in that same slice, creating a scenario where four major tech names alone comprise over half the portfolio's value when combined with Communication Services leaders like GOOGL, META, and GOOG. Such weighting implies that idiosyncratic risks or volatility affecting these specific giants will have an outsized impact on overall fund performance compared to more evenly distributed portfolios. The presence of TSLA within Consumer Cyclical reinforces the theme of exposure to high-growth, volatile equities rather than stable value stocks.
Quantitatively, the sheer magnitude of AUM combined with this skewed distribution creates a vehicle that tracks large-cap growth trends but sacrifices breadth for depth in specific market leaders. Investors seeking aggressive capital appreciation aligned with mega-cap technology and communication service providers may find the structure appropriate, whereas those prioritizing sector diversification or lower single-stock risk might observe potential vulnerabilities arising from such heavy reliance on a narrow group of issuers. The fund effectively serves as a leveraged proxy for the performance of its largest constituents rather than offering a balanced representation of broader market sectors.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-19 12:35:16.447699+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The Vanguard Growth Index Fund ETF Shares maintains a strong thematic alignment with its name, as the portfolio is heavily weighted toward large-cap equities historically associated with high growth trajectories. The top holdings are dominated by technology and communication services giants such as NVIDIA, Apple, Microsoft, and Alphabet, which collectively represent over half of the fund's assets. This concentration in sectors known for rapid innovation and scalability supports the "growth" narrative implied by the ticker. However, a significant portion of this exposure is derived from mega-cap stocks that often exhibit characteristics of mature market leaders rather than emerging high-growth entities. While these names are fundamental drivers of growth indices, their sheer size means they also function as stabilizers within the portfolio, potentially blurring the line between aggressive thematic investing and broad large-cap equity tracking.
Sector coherence remains consistent with a growth-oriented mandate, though the fund's differentiation from a standard broad-market index is diluted by its heavy reliance on a few dominant players. The technology sector alone accounts for more than half of total assets, followed closely by communication services, creating a clear focus on digital infrastructure and consumer internet platforms. Yet, the top-10 concentration ratio exceeding 64% indicates that performance will be disproportionately influenced by the fortunes of just ten companies, primarily within tech and media. This structure suggests the fund captures the momentum of specific industry leaders rather than offering diversified exposure across various growth sub-sectors like biotech or fintech startups. Consequently, while the sector weights logically support a growth theme, the extreme concentration in mega-cap names may limit upside potential during market rotations away from these specific giants compared to more broadly diversified thematic alternatives.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-24 00:12:13.479557+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from the top holdings of this fund highlight three emerging macro-level threats centered on regulatory compliance and operational cost structures. A significant portion of these disclosures, particularly from major semiconductor and technology leaders like NVDA, points to potential material adverse impacts stemming from climate change regulations, data privacy mandates, and evolving frameworks for artificial intelligence governance. These shared concerns suggest a broad industry shift where adherence to environmental standards, cybersecurity protocols, and responsible AI usage is increasingly likely to drive up operational expenses and constrain competitive positioning across the sector.
The concentration of these specific risk categories within the fund's largest positions indicates a high degree of correlated downside potential regarding regulatory headwinds. With NVDA alone representing over 13% of assets under management and flagging risks in all three identified areas, while other top-tier technology names also face similar pressures, the portfolio exhibits substantial exposure to systemic policy changes. If regulators enforce stricter climate mandates or impose costly data privacy requirements across the tech sector simultaneously, the aggregate financial impact could be amplified by this heavy weighting toward companies that have explicitly flagged these compliance challenges as material threats to their results of operations.
While the majority of identified risks are industry-wide in nature, NVDA's unique position as a 13.3% holding with explicit disclosures on AI regulation and climate change creates a specific vulnerability for the fund. Any adverse outcome related to responsible AI usage or environmental compliance at this weighted level would disproportionately affect the overall portfolio performance compared to smaller constituents without such concentrated exposure. The convergence of these regulatory risks across multiple top holdings suggests that external policy developments will be a primary driver of variance in near-term financial conditions for this specific investment vehicle.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-24 08:03:55.485447+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of the Vanguard Growth Index Fund ETF Shares reveals a distinct strategic emphasis on capital appreciation driven primarily by large-cap growth equities. With technology holdings comprising over half of the portfolio and communication services adding another significant portion, the fund's investment thesis appears anchored in firms with high revenue scalability and potential for exponential earnings expansion rather than current yield or stability. This heavy weighting toward sectors known for rapid innovation suggests an expectation that these industries will outperform others during periods of economic optimism or rising interest rates where growth stocks typically struggle to maintain valuation multiples relative to value-oriented peers.
Concentration risk is notably elevated within this structure, as evidenced by the top ten holdings accounting for nearly 65% of total assets and three technology giants alone representing over 30% of the fund's net asset value. Such a distribution indicates that the portfolio's performance will be heavily correlated with the specific fortunes of these mega-cap leaders; consequently, any regulatory shifts, product failures, or market sentiment changes affecting these specific names could disproportionately impact overall returns compared to more diversified funds. The minimal exposure to defensive sectors like consumer staples and energy further underscores a lack of hedging against potential economic downturns, reinforcing an aggressive stance that prioritizes upside participation in the tech-driven economy over capital preservation during volatile cycles.
In terms of factor tilts, the composition strongly favors growth factors while exhibiting limited value characteristics or dividend focus. The scarcity of holdings in interest-rate sensitive sectors like real estate and basic materials suggests the fund is not designed to benefit from a flight-to-safety environment or inflationary pressures that often favor commodity producers. Instead, the portfolio structure implies a belief in continued technological disruption and consumer spending on discretionary items, accepting higher volatility as a trade-off for potential superior long-term total returns aligned with a bull market scenario dominated by digital transformation leaders.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-22 19:49:41.257372+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VUG's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VUG's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 135 | 99.3% |
| QUSQUS | $1B | — | 146 | 99.2% |
| VONEVONE | $10B | — | 130 | 98.3% |
| SPTMSPTM | $12B | — | 128 | 97.6% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 126 | 97.6% |
99% of VUG's portfolio by weight is also held by VTI, which commands 6× more assets under management. When VTI receives inflows, it mechanically buys these shared stocks — dragging VUG's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVUG's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 98% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VUG collectively pay out 23% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 75% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVUG is down 78.5% over the last 12 months. The underlying weighted earnings growth of its constituents is +49.2%. Despite earnings growth, valuations have contracted by 127.6% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 99% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VUG's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VUG's analyzed weight, 83% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 17% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 97% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHNVDA at 13.3% contributes an estimated 32% of portfolio variance.VUG holds 50 stocks but behaves like an 18-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VUG has a Passive Crowding Score of 35/100. On average, 10.6% of the market capitalization of VUG's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 52 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA Corp. Technology | 13.33% | 32.4x | 4/9 |
| 2 | AAPL | Apple Inc. Technology | 11.53% | 37.7x | 8/9 |
| 3 | MSFT | Microsoft Corp. Technology | 8.76% | 26.8x | 5/9 |
| 4 | GOOGL | Alphabet Inc. Class A Communication Services | 6.49% | 29.0x | 6/9 |
| 5 | AVGO | Broadcom Inc. Technology | 5.19% | 86.9x | 8/9 |
| 6 | GOOG | Alphabet Inc. Class C Communication Services | 5.11% | 28.7x | 6/9 |
| 7 | AMZN | Amazon.com Inc. Consumer Cyclical | 5.11% | 31.7x | 6/9 |
| 8 | META | Facebook Inc. Class A Communication Services | 3.88% | 23.0x | 5/9 |
| 9 | TSLA | Tesla Inc. Consumer Cyclical | 3.12% | 399.8x | 5/9 |
| 10 | LLY | Eli Lilly & Co. Healthcare | 2.31% | 39.2x | 7/9 |
| 11 | AMD | Advanced Micro Devices Inc. Technology | 1.70% | 172.6x | 7/9 |
| 12 | V | Visa Inc. Class A Financial Services | 1.58% | 28.5x | 6/9 |
| 13 | COST | Costco Wholesale Corp. Consumer Defensive | 1.32% | 49.8x | 6/9 |
| 14 | MA | Mastercard Inc. Class A Financial Services | 1.17% | 28.6x | 8/9 |
| 15 | NFLX | Netflix Inc. Communication Services | 1.16% | 27.7x | 6/9 |
Historical Holdings Snapshots
Browse how VUG’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 71.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.33% | 243,893,110 | $48.7B |
| 2 | AAPL | 11.53% | 155,123,166 | $42.1B |
| 3 | MSFT | 8.76% | 78,487,299 | $32.0B |
| 4 | GOOGL | 6.49% | 61,545,589 | $23.7B |
| 5 | AVGO | 5.19% | 45,444,863 | $19.0B |
| 6 | GOOG | 5.11% | 48,842,839 | $18.7B |
| 7 | AMZN | 5.11% | 70,439,707 | $18.7B |
| 8 | META | 3.88% | 23,164,163 | $14.2B |
| 9 | TSLA | 3.12% | 29,837,692 | $11.4B |
| 10 | LLY | 2.31% | 9,014,514 | $8.4B |
| 11 | AMD | 1.70% | 17,492,167 | $6.2B |
| 12 | V | 1.58% | 17,468,239 | $5.8B |
| 13 | COST | 1.32% | 4,739,195 | $4.8B |
| 14 | MA | 1.17% | 8,512,807 | $4.3B |
| 15 | NFLX | 1.16% | 45,111,709 | $4.2B |
2026-05-23
15 holdings · 71.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.33% | 243,893,110 | $48.7B |
| 2 | AAPL | 11.53% | 155,123,166 | $42.1B |
| 3 | MSFT | 8.76% | 78,487,299 | $32.0B |
| 4 | GOOGL | 6.49% | 61,545,589 | $23.7B |
| 5 | AVGO | 5.19% | 45,444,863 | $19.0B |
| 6 | AMZN | 5.11% | 70,439,707 | $18.7B |
| 7 | GOOG | 5.11% | 48,842,839 | $18.7B |
| 8 | META | 3.88% | 23,164,163 | $14.2B |
| 9 | TSLA | 3.12% | 29,837,692 | $11.4B |
| 10 | LLY | 2.31% | 9,014,514 | $8.4B |
| 11 | AMD | 1.70% | 17,492,167 | $6.2B |
| 12 | V | 1.58% | 17,468,239 | $5.8B |
| 13 | COST | 1.32% | 4,739,195 | $4.8B |
| 14 | MA | 1.17% | 8,512,807 | $4.3B |
| 15 | NFLX | 1.16% | 45,111,709 | $4.2B |
2026-05-22
15 holdings · 71.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.33% | 243,893,110 | $48.7B |
| 2 | AAPL | 11.53% | 155,123,166 | $42.1B |
| 3 | MSFT | 8.76% | 78,487,299 | $32.0B |
| 4 | GOOGL | 6.49% | 61,545,589 | $23.7B |
| 5 | AVGO | 5.19% | 45,444,863 | $19.0B |
| 6 | GOOG | 5.11% | 48,842,839 | $18.7B |
| 7 | AMZN | 5.11% | 70,439,707 | $18.7B |
| 8 | META | 3.88% | 23,164,163 | $14.2B |
| 9 | TSLA | 3.12% | 29,837,692 | $11.4B |
| 10 | LLY | 2.31% | 9,014,514 | $8.4B |
| 11 | AMD | 1.70% | 17,492,167 | $6.2B |
| 12 | V | 1.58% | 17,468,239 | $5.8B |
| 13 | COST | 1.32% | 4,739,195 | $4.8B |
| 14 | MA | 1.17% | 8,512,807 | $4.3B |
| 15 | NFLX | 1.16% | 45,111,709 | $4.2B |
2026-05-21
15 holdings · 71.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.33% | 243,893,110 | $48.7B |
| 2 | AAPL | 11.53% | 155,123,166 | $42.1B |
| 3 | MSFT | 8.76% | 78,487,299 | $32.0B |
| 4 | GOOGL | 6.49% | 61,545,589 | $23.7B |
| 5 | AVGO | 5.19% | 45,444,863 | $19.0B |
| 6 | AMZN | 5.11% | 70,439,707 | $18.7B |
| 7 | GOOG | 5.11% | 48,842,839 | $18.7B |
| 8 | META | 3.88% | 23,164,163 | $14.2B |
| 9 | TSLA | 3.12% | 29,837,692 | $11.4B |
| 10 | LLY | 2.31% | 9,014,514 | $8.4B |
| 11 | AMD | 1.70% | 17,492,167 | $6.2B |
| 12 | V | 1.58% | 17,468,239 | $5.8B |
| 13 | COST | 1.32% | 4,739,195 | $4.8B |
| 14 | MA | 1.17% | 8,512,807 | $4.3B |
| 15 | NFLX | 1.16% | 45,111,709 | $4.2B |
2026-05-20
15 holdings · 71.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.33% | 243,893,110 | $48.7B |
| 2 | AAPL | 11.53% | 155,123,166 | $42.1B |
| 3 | MSFT | 8.76% | 78,487,299 | $32.0B |
| 4 | GOOGL | 6.49% | 61,545,589 | $23.7B |
| 5 | AVGO | 5.19% | 45,444,863 | $19.0B |
| 6 | GOOG | 5.11% | 48,842,839 | $18.7B |
| 7 | AMZN | 5.11% | 70,439,707 | $18.7B |
| 8 | META | 3.88% | 23,164,163 | $14.2B |
| 9 | TSLA | 3.12% | 29,837,692 | $11.4B |
| 10 | LLY | 2.31% | 9,014,514 | $8.4B |
| 11 | AMD | 1.70% | 17,492,167 | $6.2B |
| 12 | V | 1.58% | 17,468,239 | $5.8B |
| 13 | COST | 1.32% | 4,739,195 | $4.8B |
| 14 | MA | 1.17% | 8,512,807 | $4.3B |
| 15 | NFLX | 1.16% | 45,111,709 | $4.2B |
2026-05-19
15 holdings · 71.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.33% | 243,893,110 | $48.7B |
| 2 | AAPL | 11.53% | 155,123,166 | $42.1B |
| 3 | MSFT | 8.76% | 78,487,299 | $32.0B |
| 4 | GOOGL | 6.49% | 61,545,589 | $23.7B |
| 5 | AVGO | 5.19% | 45,444,863 | $19.0B |
| 6 | GOOG | 5.11% | 48,842,839 | $18.7B |
| 7 | AMZN | 5.11% | 70,439,707 | $18.7B |
| 8 | META | 3.88% | 23,164,163 | $14.2B |
| 9 | TSLA | 3.12% | 29,837,692 | $11.4B |
| 10 | LLY | 2.31% | 9,014,514 | $8.4B |
| 11 | AMD | 1.70% | 17,492,167 | $6.2B |
| 12 | V | 1.58% | 17,468,239 | $5.8B |
| 13 | COST | 1.32% | 4,739,195 | $4.8B |
| 14 | MA | 1.17% | 8,512,807 | $4.3B |
| 15 | NFLX | 1.16% | 45,111,709 | $4.2B |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove VUG Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe 50-day moving average at $474.19 is above the 200-day moving average at $466.24, indicating an upward trend in VUG; however, with the current price below both averages, it suggests a short-term pullback or consolidation phase within this larger uptrend. The RSI of 41.8 places VUG in oversold territory but not yet reaching extreme levels, which could signal potential near-term support or reversal from current levels.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VUG’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.