Yes, without taking additional risk. SP500 is risk free, everything else, you need to be pricing in additional risk OR you need to have an edge other than providing money (which you can do buy buying VOO). hn_throwaway_99’s second paragraph explains it well.

One common arbitrage opportunity is to be part of an immigrant diaspora. They won’t have access to credit, but will be willing to work 100 hours per week. You can take advantage of that and basically use the fact that you are getting under minimum wage labor that is very invested in the business to get better than public equity returns.