Long-term investors looking for ETFs with good risk-reward ratios have better options than the S&P 500.

The Vanguard S&P 500 ETF ( VOO -0.17% ) is one of the most popular investment funds in the world. There are good reasons for that. Not only is Vanguard the company behind the first-ever index fund , but its management team also has a strong track record of closely matching index returns, all while charging very little in fees.

If you want to track the returns of the S&P 500, there aren't many better options. But Vanguard's experts have a word of warning for people thinking about putting all of their investable cash to work in the popular ETF. They see much better opportunities for long-term investors in three other Vanguard funds.

Better returns with less risk

Vanguard publ

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