Is VOO or VTI the Better Long-Term Investment? Here's What History Suggests.

For investors looking to build the core of their investment portfolios, there are two ETFs I'd consider first: the Vanguard S&P 500 ETF (NYSEMKT: VOO) and the Vanguard Total Stock Market ETF (NYSEMKT: VTI).

At a structural level, they look very similar. They're tremendously diversified, led by America's largest companies, and charge identical 0.03% expense ratios. Their performance histories are very similar, as are their volatility levels.

It would be easy to assume that the two funds are largely interchangeable, given their similarities. But that ignores one important point. Their compositions aren't similar at all.

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