<h2>关键点</h2>
<ul>
<li>美国股市在过去十年中受益于多年的宽松货币政策以及现在的人工智能（AI）热潮。</li>
<li>Vanguard Growth ETF 对 &#34;七大巨头&#34; 的投资显著超配，使其在过去几年中成为明显的赢家。</li>
<li>由 AI 驱动的盈利增长和 AI 交易的长期前景使得该 ETF 在未来几年内仍然具有吸引力。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p>过去几年投资于 <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) 的人可能对其表现感到满意。该指数回报的一个主要驱动因素是其对科技和成长股的重仓配置。</p>
<p>稳定的经济增长、稳健的盈利以及政府愿意借贷和支出，为美国股票提供了持续的助力，推动风险偏好反弹。现在，人工智能（AI）热潮正在主导市场叙事。科技公司的盈利增长正在加速，这可能会推动股价继续上涨。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。继续 »</em></p>
<p>回顾过去，投资于消费品和医疗保健等行业的多元化并没有带来太大优势。当前牛市的无可争议的领导者是 七大巨头股票。倡导更集中投资可能无法满足传统投资组合构建者的需求，但这正是经济增长引擎已经走向的方向。</p>
<p>随着 AI 建设仍处于初期阶段，并且已经建立了强大的业绩记录，<strong>Vanguard Growth ETF</strong>(NYSEMKT: VUG) 在过去表现出色，并且在未来几年内有望继续表现良好。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2OTg2NS9nZXR0eWltYWdlcy0xNDM2MzAyNDc2LmpwZxZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2OTg2NS9nZXR0eWltYWdlcy0xNDM2MzAyNDc2LmpwZxZ3PTcwMA"/></p>
<p>来源：Getty Images。</p>
<h2>为什么 Vanguard Growth ETF 表现优于 S&amp;P 500</h2>
<p>Vanguard Growth ETF 显然受益于其投资组合的配置。虽然该基金整体投资于 150 多只股票，但其核心集中在七大巨头股票上，包括 <strong>NVIDIA</strong>、<strong>Apple</strong> 和 <strong>Microsoft</strong>，这一直是主要驱动力。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>VUG</th>
<th>S&amp;P 500 (VOO)</th>
</tr>
</thead>
<tbody>
<tr>
<td>10 年年化回报</td>
<td>18.5%</td>
<td>15.8%</td>
</tr>
<tr>
<td>费用比率</td>
<td>0.03%</td>
<td>0.03%</td>
</tr>
<tr>
<td>管理资产</td>
<td>2260 亿美元</td>
<td>9640 亿美元</td>
</tr>
<tr>
<td>持股数量</td>
<td>153</td>
<td>505</td>
</tr>
<tr>
<td>科技权重</td>
<td>68%</td>
<td>35%</td>
</tr>
<tr>
<td>前十大持股</td>
<td>NVIDIA (13.3%), Alphabet (11.6%), Apple (11.5%), Microsoft (8.8%)</td>
<td>NVIDIA (7.9%), Alphabet (6.5%), Apple (6.5%), Microsoft (4.9%)</td>
</tr>
</tbody>
</table>
<p>来源：Vanguard。</p>
<p>从整体配置的角度来看，Vanguard Growth ETF 大致位于 <strong>Vanguard S&amp;P 500 ETF</strong> 和 <strong>Vanguard 信息技术 ETF</strong> 之间的中间点。</p>
<p>实际上，成长型和 科技交易所交易基金（ETFs） 在可预见的未来可能会看起来和表现得非常相似。我更喜欢 Vanguard Growth ETF，因为它相比纯科技基金至少提供了一定的多元化。该基金在通信服务行业的配置为 15%，其中约一半来自 <strong>Amazon</strong> 和 <strong>Tesla</strong>。但其中也有一些医疗保健和工业的成分，这可能在条件转变时提供一些好处。</p>
<h2>下一个十年的展望</h2>
<p>过去十年的表现在很大程度上依赖于美联储的宽松货币政策和 AI 交易的兴起。考虑到目前的通胀水平，美联储似乎不太可能在短期内提供太多帮助，但 AI 交易仍然可能蓬勃发展。</p>
<p>科技行业在本季度已经看到盈利预测的重大上调，并预计在 2026 年和 2027 年继续保持最高的盈利增长率。</p>
<p>此外，我们仍处于近期最大资本投资周期之一。这并不一定保证未来会有丰厚的回报，但对在该投资组合中占据重要地位的与 AI 相关的行业来说，这是一个积极的催化剂。</p>
<p>我们也不应忽视该基金极低的 0.03% 费用比率。从长远来看，费用拖累可能成为表现不佳的重要因素。Vanguard Growth ETF 几乎可以避免这一风险，确保投资者几乎保留所有投资收益。</p>
<p>科技行业的组成部分是一个吸引人的特点。在过去十年中，它为基金提供了良好的支持。它仍然可能具备进一步超越表现的潜力。</p>
<h2>你现在应该购买 Vanguard Growth ETF 的股票吗？</h2>
<p>在你购买 Vanguard Growth ETF 的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 Vanguard Growth ETF 并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 469,293 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,381,332 美元</strong>！*</p>
<p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 993%——相比之下，标准普尔 500 指数的回报率为 207%，这是一种市场压倒性的超越表现。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取 <em>Stock Advisor</em> 的最新信息。</strong></p>
<p>查看这 10 只股票 »</p>
<p><em>*Stock Advisor 的回报截至 2026 年 5 月 19 日。</em></p>
<p><em>David Dierking 持有苹果公司的股份。Motley Fool 持有并推荐亚马逊、苹果、微软、英伟达、特斯拉、Vanguard Growth ETF 和 Vanguard S&amp;P 500 ETF。Motley Fool 有一个 披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>

全美成长股指数 MSCI ETF - Vanguard

<p>先锋成长 ETF 在过去十年中表现优于标准普尔 500 指数，这得益于其对 “七大科技巨头” 的大量投资。该 ETF 的十年年化回报率为 18.5%，而标准普尔 500 指数为 15.8%，同时其费用比率低至 0.03%。尽管面临经济条件变化带来的潜在挑战，持续的人工智能热潮和科技行业的增长预计将继续支持其表现</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>U.S. stocks have benefited over the past decade by years of easy money policy and now the artificial intelligence (AI) boom.</li>
<li>The Vanguard Growth ETF has been significantly overweight to the &#34;Magnificent Seven&#34; names, making it a clear winner for several years.</li>
<li>The AI-driven earnings boom and the long runway for the AI trade make this ETF attractive for years to come.</li>
<li>10 stocks we like better than Vanguard Growth ETF ›</li>
</ul>
<div class="lb-trans"><ul>
<li>美国股市在过去十年中受益于多年的宽松货币政策以及现在的人工智能（AI）热潮。</li>
<li>Vanguard Growth ETF 对 &#34;七大巨头&#34; 的投资显著超配，使其在过去几年中成为明显的赢家。</li>
<li>由 AI 驱动的盈利增长和 AI 交易的长期前景使得该 ETF 在未来几年内仍然具有吸引力。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>Anybody who has invested in the <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) over the past several years is probably happy with its performance. A big driver of the index's returns has been its heavy tilt toward tech and growth stocks.</p>
<div class="lb-trans"><p>过去几年投资于 <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) 的人可能对其表现感到满意。该指数回报的一个主要驱动因素是其对科技和成长股的重仓配置。</p>
</div><p>Steady economic growth, solid earnings, and a government willing to borrow and spend have given U.S. equities a tailwind that's kept the risk-on rally going. Now the artificial intelligence (AI) boom is controlling the narrative. Tech earnings growth is accelerating, and that could keep stock prices moving higher.</p>
<div class="lb-trans"><p>稳定的经济增长、稳健的盈利以及政府愿意借贷和支出，为美国股票提供了持续的助力，推动风险偏好反弹。现在，人工智能（AI）热潮正在主导市场叙事。科技公司的盈利增长正在加速，这可能会推动股价继续上涨。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. Continue »</em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。继续 »</em></p>
</div><p>In hindsight, there's been little advantage gained by being diversified in sectors, such as consumer staples and healthcare. Its the Magnificent Seven stocks that have been the unquestioned leaders of the current bull market. It won't satisfy the traditional portfolio construction crowd to advocate for more concentrated investing, but that's where the economic growth engine has been heading for a while.</p>
<div class="lb-trans"><p>回顾过去，投资于消费品和医疗保健等行业的多元化并没有带来太大优势。当前牛市的无可争议的领导者是 七大巨头股票。倡导更集中投资可能无法满足传统投资组合构建者的需求，但这正是经济增长引擎已经走向的方向。</p>
</div><p>With the AI build-out still in the early innings and a strong track record already built, the <strong>Vanguard Growth ETF</strong>(NYSEMKT: VUG) has been a winner in the past, and it's positioned to continue being one in the years to come.</p>
<div class="lb-trans"><p>随着 AI 建设仍处于初期阶段，并且已经建立了强大的业绩记录，<strong>Vanguard Growth ETF</strong>(NYSEMKT: VUG) 在过去表现出色，并且在未来几年内有望继续表现良好。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2OTg2NS9nZXR0eWltYWdlcy0xNDM2MzAyNDc2LmpwZyZ3PTcwMA" alt="Stack of hundred dollar bills with a smartphone and keyboard." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F869865%2Fgettyimages-1436302476.jpg&amp;w=700"/></p>
<p>Source: Getty Images.</p>
<div class="lb-trans"><p>来源：Getty Images。</p>
</div><h2>Why the Vanguard Growth ETF has outperformed the S&amp;P 500</h2>
<div class="lb-trans"><h2>为什么 Vanguard Growth ETF 表现优于 S&amp;P 500</h2>
</div><p>The Vanguard Growth ETF quite simply has benefited from its portfolio positioning. While the fund invests in more than 150 stocks overall, its core concentration in the Magnificent Seven names, including <strong>NVIDIA</strong>, <strong>Apple</strong>, and <strong>Microsoft</strong>, has been the key driver.</p>
<div class="lb-trans"><p>Vanguard Growth ETF 显然受益于其投资组合的配置。虽然该基金整体投资于 150 多只股票，但其核心集中在七大巨头股票上，包括 <strong>NVIDIA</strong>、<strong>Apple</strong> 和 <strong>Microsoft</strong>，这一直是主要驱动力。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>VUG</th>
<th>S&amp;P 500 (VOO)</th>
</tr>
</thead>
<tbody>
<tr>
<td>10-year Annualized Return</td>
<td>18.5%</td>
<td>15.8%</td>
</tr>
<tr>
<td>Expense Ratio</td>
<td>0.03%</td>
<td>0.03%</td>
</tr>
<tr>
<td>Assets Under Management</td>
<td>$226 billion</td>
<td>$964 billion</td>
</tr>
<tr>
<td># Holdings</td>
<td>153</td>
<td>505</td>
</tr>
<tr>
<td>Tech Weighting</td>
<td>68%</td>
<td>35%</td>
</tr>
<tr>
<td>Top Holdings</td>
<td>NVIDIA (13.3%), Alphabet (11.6%), Apple (11.5%), Microsoft (8.8%)</td>
<td>NVIDIA (7.9%), Alphabet (6.5%), Apple (6.5%), Microsoft (4.9%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>VUG</th>
<th>S&amp;P 500 (VOO)</th>
</tr>
</thead>
<tbody>
<tr>
<td>10 年年化回报</td>
<td>18.5%</td>
<td>15.8%</td>
</tr>
<tr>
<td>费用比率</td>
<td>0.03%</td>
<td>0.03%</td>
</tr>
<tr>
<td>管理资产</td>
<td>2260 亿美元</td>
<td>9640 亿美元</td>
</tr>
<tr>
<td>持股数量</td>
<td>153</td>
<td>505</td>
</tr>
<tr>
<td>科技权重</td>
<td>68%</td>
<td>35%</td>
</tr>
<tr>
<td>前十大持股</td>
<td>NVIDIA (13.3%), Alphabet (11.6%), Apple (11.5%), Microsoft (8.8%)</td>
<td>NVIDIA (7.9%), Alphabet (6.5%), Apple (6.5%), Microsoft (4.9%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Vanguard.</p>
<div class="lb-trans"><p>来源：Vanguard。</p>
</div><p>From an overall allocation standpoint, the Vanguard Growth ETF lies roughly at the mid-point between the <strong>Vanguard S&amp;P 500 ETF</strong> and the <strong>Vanguard Information Technology ETF</strong>.</p>
<div class="lb-trans"><p>从整体配置的角度来看，Vanguard Growth ETF 大致位于 <strong>Vanguard S&amp;P 500 ETF</strong> 和 <strong>Vanguard 信息技术 ETF</strong> 之间的中间点。</p>
</div><p>In reality, growth and tech exchange-traded funds (ETFs) are probably going to look and perform very similarly for the foreseeable future. I prefer the Vanguard Growth ETF because you get at least a modest bit of diversification versus a pure tech fund. There's a 15% allocation to the communication services sector, about half of which comes from <strong>Amazon</strong> and <strong>Tesla</strong>. But there's a splash of healthcare and industrials in there too, which might provide some benefit should conditions turn.</p>
<div class="lb-trans"><p>实际上，成长型和 科技交易所交易基金（ETFs） 在可预见的未来可能会看起来和表现得非常相似。我更喜欢 Vanguard Growth ETF，因为它相比纯科技基金至少提供了一定的多元化。该基金在通信服务行业的配置为 15%，其中约一半来自 <strong>Amazon</strong> 和 <strong>Tesla</strong>。但其中也有一些医疗保健和工业的成分，这可能在条件转变时提供一些好处。</p>
</div><h2>What the next decade could look like</h2>
<div class="lb-trans"><h2>下一个十年的展望</h2>
</div><p>The past decade's performance has been heavily predicated on the Fed's easy money policies and the emergence of the AI trade. Given where inflation is right now, it seems unlikely that the Fed will be able to provide much help anytime soon, but the AI trade could still thrive.</p>
<div class="lb-trans"><p>过去十年的表现在很大程度上依赖于美联储的宽松货币政策和 AI 交易的兴起。考虑到目前的通胀水平，美联储似乎不太可能在短期内提供太多帮助，但 AI 交易仍然可能蓬勃发展。</p>
</div><p>The tech sector has already seen major upward revisions to earnings forecasts this quarter, and it's expected to continue posting the highest earnings growth rates in both 2026 and 2027.</p>
<div class="lb-trans"><p>科技行业在本季度已经看到盈利预测的重大上调，并预计在 2026 年和 2027 年继续保持最高的盈利增长率。</p>
</div><p>Plus, we're still in the midst of one of the biggest capital investment cycles in recent memory. That doesn't necessarily guarantee big returns looking forward, but it's a positive catalyst for the AI-linked sectors that appear heavily in this portfolio.</p>
<div class="lb-trans"><p>此外，我们仍处于近期最大资本投资周期之一。这并不一定保证未来会有丰厚的回报，但对在该投资组合中占据重要地位的与 AI 相关的行业来说，这是一个积极的催化剂。</p>
</div><p>And we shouldn't ignore the fund's rock-bottom 0.03% expense ratio. When looking out over longer periods, fee drag can become a big factor in underperformance. The Vanguard Growth ETF will pretty much avoid that risk by ensuring that investors keep nearly all earnings from their investment.</p>
<div class="lb-trans"><p>我们也不应忽视该基金极低的 0.03% 费用比率。从长远来看，费用拖累可能成为表现不佳的重要因素。Vanguard Growth ETF 几乎可以避免这一风险，确保投资者几乎保留所有投资收益。</p>
</div><p>The tech sector component is the attractive feature. It has served the fund well over the past decade. It could still have the juice to fuel further outperformance over the next one.</p>
<div class="lb-trans"><p>科技行业的组成部分是一个吸引人的特点。在过去十年中，它为基金提供了良好的支持。它仍然可能具备进一步超越表现的潜力。</p>
</div><h2>Should you buy stock in Vanguard Growth ETF right now?</h2>
<div class="lb-trans"><h2>你现在应该购买 Vanguard Growth ETF 的股票吗？</h2>
</div><p>Before you buy stock in Vanguard Growth ETF, consider this:</p>
<div class="lb-trans"><p>在你购买 Vanguard Growth ETF 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Vanguard Growth ETF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 Vanguard Growth ETF 并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $469,293</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,381,332</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 469,293 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,381,332 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 993% — a market-crushing outperformance compared to 207% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 993%——相比之下，标准普尔 500 指数的回报率为 207%，这是一种市场压倒性的超越表现。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取 <em>Stock Advisor</em> 的最新信息。</strong></p>
</div><p>See the 10 stocks »</p>
<div class="lb-trans"><p>查看这 10 只股票 »</p>
</div><p><em>*Stock Advisor returns as of May 19, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 5 月 19 日。</em></p>
</div><p><em>David Dierking has positions in Apple. The Motley Fool has positions in and recommends Amazon, Apple, Microsoft, Nvidia, Tesla, Vanguard Growth ETF, and Vanguard S&amp;P 500 ETF. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>David Dierking 持有苹果公司的股份。Motley Fool 持有并推荐亚马逊、苹果、微软、英伟达、特斯拉、Vanguard Growth ETF 和 Vanguard S&amp;P 500 ETF。Motley Fool 有一个 披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>
</div>

Stop Chasing the S&P 500. This Vanguard ETF Has Beaten It Over the Last Decade.

nasdaq

标普 500 指数

英伟达

苹果

微软

谷歌-A

谷歌-C

亚马逊

特斯拉

标普 500 ETF - Vanguard

信息科技 ETF - Vanguard

英特尔

奈飞

NVIDIA Corporation

停止追逐标普 500 指数。在过去十年中，这只 Vanguard ETF 的表现优于标普 500