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 around 49.6% from its 52-week low price of $126.49/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 the surging stock market. In particular, growth stocks are momentum plays and tend to outperform in a trending market (a market characterized by a prolonged uptrend). These refer to high-quality stocks that are likely to witness revenue and earnings increase at a faster rate than the industry average. These stocks harness their momentum in earnings to create a positive bias in the market, resulting in rocketing share prices.

More Gains Ahead?

Currently, VOOG has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Further, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little longer.

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