For investors seeking momentum, Vanguard S&P 500 Growth ETF (VOOG Quick QuoteVOOG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 39% from its 52-week low of $81.93 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

VOOG in Focus

Vanguard S&P 500 Growth ETF targets the growth segment of the large-cap space. It has key holdings in information technology, consumer discretionary and communication. Vanguard S&P 500 Growth ETF charges 10 bps in annual fees (see: all the Large-Cap Growth ETFs here).

Why the Move?

The large-cap growth corner of the broad investing world has been an area to watch lately, given that all three major indices set new records. The S&P 500 Index closed above 5,300 for the first time ever, bolstering investors’ confidence in the stock market. Inflation in the United States cooled down for the first time in six months, which sparked new bets on Fed rate cuts as soon as September, thus powering the rally. In particular, growth stocks tend to outperform in a trending market (i.e., a market characterized by a prolonged uptrend).

More Gains Ahead?

Currently, VOOG has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many sectors that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.