For investors seeking momentum, Vanguard S&P 500 Growth ETF (VOOG Quick QuoteVOOG - Free Report) is probably on radar. The fund just hit a 52-week high and is up roughly 44.5% from its 52-week low price of $200.15/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 on where it might be headed:

VOOG in Focus

This ETF offers exposure to the growth stocks of the large-cap segment. It has key holdings in information technology, consumer discretionary, communication services and healthcare. It charges 10 basis points in annual fees (see: all the Large Cap Growth ETFs here).

Why the Move?

The growth space of the broad U.S. stock market has been an area to watch lately, given that the S&P 500 is hitting new all-time highs. The latest rally can be attributed to better-than-expected Q3 corporate earnings. Total earnings for the 192 S&P 500 members that have reported so far are up 37.6% from the same period last year on 15.3% higher revenues, with 82.3% beating EPS estimates and 74% beating revenue estimates. Though the growth rates and beat ratio are below the Q2 level, these are tracking above historical averages. 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 continued outperformance in the months ahead. Further, many of the segments 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.