Optical and electrical investigations of vertical-cavity surface-emitting lasers (VCSEL) with a monolithically integrated electro-optical modulator (EOM) allow for a detailed physical understanding of this complex compound cavity laser system. The EOM VCSEL light output is investigated to identify optimal working points. An electro-optic resonance feature triggered by the quantum confined Stark effect is used to modulate individual VCSEL modes by more than 20 dB with an extremely small EOM voltage change of less than 100 mV. Spectral mode analysis reveals modulation of higher order modes and very low wavelength chirp of < 0.5 nm. Dynamic experiments and simulation predict an intrinsic bandwidth of the EOM VCSEL exceeding 50 GHz.