VGT Has Doubled VUG and MGK Since April’s Split and Here’s Why

The Vanguard triple split is now five weeks old, and the scoreboard tells a clear story. On April 21, 2026, Vanguard executed an 8-for-1 split on Vanguard Information Technology ETF (NYSEARCA: VGT), a 6-for-1 split on Vanguard Growth ETF (NYSEARCA: VUG), and a 5-for-1 split on Vanguard Mega Cap Growth ETF (NYSEARCA: MGK). Investors choosing between these exchange-traded funds at their new lower per-share prices are getting three very different bets on the same mega-cap names, and one has run hardest by a wide margin.

The Post-Split Scoreboard

The Information Technology fund has about doubled the post-split return of either growth fund. The gap is wide.

What Each Fund Is Actually Betting On

The Information Technology ETF tracks the MSCI US IMI/Information Technology 25/50 and holds 100% information technology. This represents a concentrated wager on semiconductors and platform software. The Mega Cap Growth fund tracks the CRSP US Mega Cap Growth Index, mixing tech giants with consumer and communications names. The Growth ETF is the broadest of the three, diluting tech with hundreds of growth stocks outside the sector.

The five-week gap traces directly to who owns the right semis. Nvidia posted Q1 FY27 revenue of $81.615 billion, up 85.23% year-over-year, with CEO Jensen Huang calling AI infrastructure “the largest infrastructure expansion in human history.” Broadcom delivered $8.40 billion in Q1 AI revenue, up 106% year over year, and is guiding Q2 AI semiconductor revenue to $10.70 billion. Apple, the largest Information Technology ETF weight, ran +17.52% since the split on a $111.18 billion quarter.

The growth funds lagged. Meta fell 5.02% since April 21 as capex guidance climbed to $125 billion to $145 billion. Microsoft barely budged at 0.89%. Those names carry heavier weight in the Mega Cap Growth ETF and Growth ETF than in the Information Technology fund.

The Verdict

The splits were purely mechanical, lowering per-share prices to within reach of fractional-share-restricted 401(k) plans and smaller accounts. The rally that followed belongs entirely to AI semiconductor earnings.

For investors who already own an S&P 500 fund and want a concentrated AI semis tilt, the Information Technology ETF at 9 basis points is the cleanest expression. The Mega Cap Growth ETF at 5 basis points fits investors who want mega-cap growth without going all-in on tech. The Growth ETF suits anyone who wants the widest net. What could change the calculus: a rotation out of semiconductors or a China policy shock would turn the Information Technology ETF’s concentration from an advantage into the primary source of drawdown.