At a glance
VOX charges 0.09% a year, below the 0.42% average of the 8 funds most like it (the 3rd cheapest of 9). It has $5.93B in assets, the 2nd largest of that group; it paid 1.05% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −5.5% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +22.2% a year. At its worst it fell 39.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 19 months after the low. Its ten largest positions make up 70.7% of the fund, out of 111 in all.
The short version
Vanguard Communication Services ETF (VOX) is an index fund that tracks the MSCI US Investable Market Index (IMI)/Communication Services 25/50. As of August 31, 2026, it held 111 large, mid-size and small US telecom, media, internet and gaming stocks. It costs 0.09% a year, far below the 0.42% average for similar funds, though Fidelity's FCOM and SPDR's XLC charge slightly less. It is also concentrated: Meta Platforms alone was 20.5% of assets.
Price history
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VOX -5.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VOX official prospectus, to Dec 31, 2024 | — | +33.10% | — | +11.59% | +8.20% | — |
| VOX price data to Oct 27, 2026 | -7.3% | -5.5% | +22.2% | +6.0% | — | +11.5% |
- Over the year to Oct 27, 2026, VOX returned -5.5%, 4th of 9 among similar funds.
- Its 5-year annualized return was +6.0%.
- Its worst full calendar year was 2022 (-38.9%); its best was 2023 (+44.8%).
- The deepest fall in its price history was 46.8% (Sep 1, 2021 to Nov 3, 2022), recovered by Oct 4, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.3% | — |
| 2025 | +26.3% | — |
| 2024 | +33.1% | +33.10% |
| 2023 | +44.8% | +44.72% |
| 2022 | -38.9% | -38.77% |
| 2021 | +13.8% | +13.78% |
| 2020 | — | +28.95% |
| 2019 | — | +28.03% |
| 2018 | — | -16.52% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.8% over that stretch · deepest drop along the way 39.8%, back to its old high 19.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2500 | |
| 2025 | $1.8300 | +12.3% |
| 2024 | $1.6300 | +33.6% |
| 2023 | $1.2200 | +67.1% |
| 2022 | $0.7300 | -41.6% |
| 2021 | $1.2500 |
What's inside
As of Aug 31, 2026, the fund held 111 securities; the ten largest made up 70.72% of assets.
| Holding | Weight | |
|---|---|---|
| Meta Platforms Inc | 20.54% | |
| Alphabet Inc Class A | 14.48% | |
| Alphabet Inc Class C | 8.10% | |
| Netflix Inc | 5.47% | |
| Verizon Communications Inc | 4.83% | |
| Walt Disney Co | 4.51% | |
| AT&T Inc | 4.42% | |
| Comcast Corp | 3.05% | |
| T-Mobile US Inc | 2.71% | |
| Warner Bros Discovery Inc | 2.60% | |
| Space Exploration Technologies Corp | 2.03% | |
| Take-Two Interactive Software Inc | 1.91% | |
| Live Nation Entertainment Inc | 1.73% | |
| AppLovin Corp | 1.63% | |
| Omnicom Group Inc | 1.53% |
By country
United States 99.81%By asset type
Stocks 99.81%By sector
Sectors of the companies held, for the 78.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $317.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.33%, -1.25%, +2.54%.
How it works
VOX is the exchange-traded share class of Vanguard Communication Services Index Fund. It tracks the MSCI US IMI/Communication Services 25/50, an index of large, mid-size and small US companies in the communication services sector. Sector membership follows the Global Industry Classification Standard (GICS), a system that sorts companies into industries. The sector includes phone and cable companies, media and entertainment firms, video game makers, and companies that create or distribute content on their own platforms.
The fund aims to replicate the index. It holds all, or nearly all, of the index's stocks in about the same proportions as the index does, and it keeps at least 80% of net assets in those stocks. The "25/50" in the index name means it limits how heavily single companies can count. Even so, the fund is legally "nondiversified": it can put more of its money into a few companies than a diversified fund can. As of August 31, 2026, Meta alone was 20.5% of assets.
Portfolio turnover was 12%, which is low. As of August 31, 2026, about 0.82% sat in cash. Two small total return swaps on Fox and AST SpaceMobile netted about -0.02%. A total return swap is a contract that pays the return of a stock without owning it. Shares trade on NYSE Arca at market prices, which can differ slightly from the value of the holdings.
What it really costs
- VOX charges 0.09% a year, versus an average of 0.42% for the similar funds below (3rd of 9, cheapest first).
- Of that, 0.08% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $115 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VOX | $9 | $29 | $51 | $115 |
In a retirement portfolio
VOX invests in a single sector, a few companies dominate it, and it once fell 46.8%, so it fits better as a smaller add-on than as the base of a portfolio.
VOX may suit investors who want a tilt toward communication services next to a broad core fund. Our price data begins June 2, 2020, so it misses the 2008 financial crisis and the 2020 COVID crash, though the prospectus shows VOX gained 28.95% in 2020. In the 2022 bear market, VOX fell 39.8% and took 19.1 months to recover. 2022 was its worst calendar year, down 38.77%. Its deepest drop since June 2020 was 46.8%, from September 2021 to November 2022, and it took 23 months to recover. Cashing out or drawing income during those drops would have locked in steep losses.
Income is modest: a 1.05% yield over the year to October 27, 2026, paid quarterly. Costs are low: 0.09% a year, or $115 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a low-cost tilt toward Meta, Alphabet, Netflix and telecom companies, at 0.09% a year against a 0.42% average for similar funds.
- Long-term holders who can sit through drops like the 46.8% fall from September 2021 to November 2022, which took 23 months to recover.
- Those who want small and mid-size communication stocks alongside the giants, with about 111 holdings as of August 31, 2026.
Look elsewhere if
- Retirees who rely on portfolio income; the yield was 1.05% as of October 27, 2026, paid quarterly.
- Investors uneasy with concentration: the top 10 positions made up 70.7% of assets as of August 31, 2026.
- Anyone who may need to sell in a downturn; VOX lost 38.77% in 2022, and recovering from the 2022 bear market took about 19 months.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VOX this fund | — | 0.09% | $5.93B | -5.5% | +22.2% |
| FCOM Fidelity MSCI Communication Services Index … | 94% | 0.084% | $1.73B | -5.8% | +22.1% |
| XLC Communication Services Select Sector SPDR F… | 77% | 0.08% | $22.26B | -11.5% | +17.1% |
| IXP iShares Global Comm Services ETF | 65% | 0.41% | $518.8M | -10.2% | +20.9% |
| RSPC Invesco S&P 500 Equal Weight Communication … | 47% | 0.4% | $55.8M | -13.1% | +12.1% |
| LSGR Natixis Loomis Sayles Focused Growth ETF | 26% | 0.59% | $839.1M | -2.0% | +23.9% |
| FDN First Trust Dow Jones Internet Index Fund | 25% | 0.51% | $4.98B | -1.2% | +23.7% |
| PNQI Invesco NASDAQ Internet ETF | 24% | 0.6% | $512.2M | -10.9% | +20.2% |
Questions investors ask
What does VOX invest in?
VOX invests in US communication services stocks of all sizes: telecom, media, entertainment, gaming and internet platform companies. It tracks the MSCI US Investable Market Index (IMI)/Communication Services 25/50 and held 111 stocks as of August 31, 2026. The largest were Meta Platforms (20.5%), Alphabet's Class A (14.5%) and Class C (8.1%) shares, Netflix (5.5%), Verizon (4.8%), Walt Disney (4.5%) and AT&T (4.4%). The ten largest holdings made up 70.7% of assets.
What's the difference between VOX and FCOM?
The two are very similar. Both are low-cost communication services index ETFs, and the funds' SEC holdings reports show their holdings overlap by 94%. Fidelity's FCOM charges 0.084% a year, compared with 0.09% for VOX. As of October 27, 2026, VOX lost 5.5% over one year and gained 22.2% a year over three years. FCOM lost 5.8% and gained 22.1% a year over the same periods. The SPDR fund XLC costs even less at 0.08%, but its holdings overlap less with VOX, at 77%.
How has VOX performed over the last 10 years?
VOX returned an average of 8.2% a year over the 10 years to December 31, 2024, and 11.59% a year over five years, according to its prospectus. The ride was bumpy. It lost 16.52% in 2018 and 38.77% in 2022, then gained 44.72% in 2023 and 33.1% in 2024. Based on market prices, it rose 26.25% in 2025 but was down 7.31% for 2026 through October 27, 2026.
Does VOX pay monthly dividends?
No. VOX pays dividends quarterly, not monthly. Over the year to October 27, 2026, it paid $1.87 per share, a yield of 1.05%. That is modest income, so most of the fund's return has come from rising prices rather than payouts. Investors who rely on steady cash from their portfolio may find it worth comparing with funds designed to pay more income.
Is VOX good for retirement?
VOX may suit retirement investors mainly as a satellite holding, meaning a smaller add-on next to broad core funds. It covers a single sector, and its prospectus classes it as nondiversified, meaning a few companies can drive results. Meta Platforms alone was 20.5% of assets as of August 31, 2026. VOX fell 46.8% between September 2021 and November 2022 and took 23 months to recover. Its yield was a modest 1.05% as of October 27, 2026, though costs are low at 0.09% a year.