Vanguard S&P 500 Growth ETF

VOOG

Market cap $23.1B

Chip stocks have contributed to the Vanguard Information Technology ETF's long-term outperformance. Three of the ETFs offer an inexpensive way to get exposure to a diversified basket of leading growth stocks.

The five popular ETFs are splitting 4-for-1, 5-for-1, 6-for-1, and 8-for-1. Shareholders' positions won't really change much in value.

Excitement for high-profile stock splits has played a role in lifting the broader market to new heights. Five of Vanguard's 113 U.S.-listed ETFs will undergo forward stock splits in less than two weeks.

The Vanguard S&P 500 Growth ETF and the Vanguard Mega-Cap Growth ETF will undergo 6-for-1 stock splits on April 21. These Vanguard index funds are heavily weighted toward the technology sector, and they crushed the S&P 500 during the cloud computing boom.

Vanguard's growth-focused ETFs have rewarded patient investors. There are significant differences in allocation between the Vanguard Growth ETF and the Vanguard S&P 500 Growth ETF.

Vanguard S&P 500 Growth Index Fund ETF Shares (NYSEARCA:VOOG) offers a yield of just 0.46%, a byproduct of owning growth companies rather than a reason to own the fund, and investors evaluating that income need to understand what drives it before deciding if it fits their strategy.

The S&P 500 is an index of 500 American stocks from 11 different sectors of the economy, so it's highly diversified. The S&P 500 Growth index invests in 139 of the best-performing growth stocks from the S&P 500 and disregards its other 361 stocks.

IWO carries a much higher expense ratio than VOOG but offers a marginally higher dividend yield. VOOG and IWO posted similar one-year returns, but IWO experienced a much steeper five-year drawdown.

MGK charges a slightly lower expense ratio but offers a lower expense ratio than VOOG. MGK has historically delivered stronger long-term growth, but it's also experienced a deeper five-year drawdown.

Vanguard, one of the world's largest registered investment advisers with more than $12 trillion in assets under management globally, announced on March 24 that it will conduct stock splits for some of its biggest exchange-traded funds (ETFs).