Five weeks after Vanguard’s major ETF stock splits, investors are seeing sharply different results among three of the asset manager’s most popular growth-focused funds.

On April 21, 2026, Vanguard Group completed an 8-for-1 split of the VGT, a 6-for-1 split of the VUG, and a 5-for-1 split of the MGK. While the splits made shares more accessible to retail investors, performance since then has highlighted major differences in each fund’s exposure to the technology sector.

Among the three, the Information Technology ETF has emerged as the clear leader. Since the split, VGT has gained more than 18%, significantly outperforming both MGK and VUG, which have posted gains of roughly 9% and 8%, respectively.

The reason largely comes down to sector concentration.

VGT is a pure technology fund, investing exclusively in information technology companies. Its portfolio is heavily weighted toward semiconductor manufacturers, software firms, and artificial intelligence leaders that have been among the stock market’s strongest performers this year.

By contrast, MGK and VUG spread investments across a broader range of growth-oriented companies, including consumer, communications, and internet businesses. While those funds still hold major technology names, their diversification has reduced the impact of the recent AI-driven rally.

Much of VGT’s outperformance has been fueled by explosive growth in the semiconductor industry.

NVIDIA continues to dominate headlines after reporting massive revenue growth driven by demand for artificial intelligence infrastructure. CEO Jensen Huang recently described AI development as “the largest infrastructure expansion in human history.”

Meanwhile, Broadcom has also delivered exceptional growth from its AI-related products, reporting triple-digit increases in AI semiconductor revenue.

Another major contributor has been Apple, one of the largest holdings in VGT, which has posted strong gains following better-than-expected financial results and continued optimism surrounding its AI initiatives.

The broader growth funds have not benefited as much from the semiconductor surge. Companies such as Meta Platformsand Microsoft represent larger positions within MGK and VUG, but their stock performance has been more moderate during the same period.

For investors, the divergence highlights an important distinction: while all three ETFs provide exposure to large-cap growth companies, VGT offers a far more concentrated bet on technology and artificial intelligence, whereas VUG and MGK provide broader diversification across multiple sectors.

As AI spending continues to accelerate, investors will be closely watching whether technology-focused funds like VGT can maintain their leadership or whether broader growth funds begin to catch up as market gains spread beyond the semiconductor sector.