IVOV vs SPY
IVOV vs SPY
Vanguard S&P Mid-Cap 400 Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. IVOV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | IVOV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.10% | 0.09% | |
| AUM | $1.3B | $789.1B | |
| Dividend Yield | 1.81% | 1.01% | |
| Holdings | 307 | 505 | |
| YTD Return | +13.91% | +13.79% | |
| 1Y Return | +24.07% | +23.66% | |
| 3Y Return (annualized) | +13.23% | +21.40% | |
| 5Y Return (annualized) | +9.42% | +13.37% | |
| Volatility (annualized) | 18.3% | 15.3% | |
| Max Drawdown | -46.0% | -56.5% | |
| Fund Family | Vanguard (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 7, 2010 | Jan 22, 1993 |
IVOV vs SPY Performance
Vanguard S&P Mid-Cap 400 Value ETF (IVOV) is a ETF from Vanguard (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year IVOV returned +24.07% while SPY returned +23.66%. Year to date, IVOV is up 13.91% versus a gain of 13.79% for SPY.
Over three years, IVOV compounded at +13.23% per year against +21.40% for SPY; over five years the annualized figures are +9.42% and +13.37% respectively. Across the full 16-year window we track, IVOV has the edge at +11.84% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVOV has been the more volatile fund, with annualized monthly volatility of 18.3% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -46.0% for IVOV and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IVOV charges 0.10% per year while SPY charges 0.09%. On a $10,000 position that is $10 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, IVOV currently yields 1.81% against 1.01% for SPY.
Holdings Overlap
IVOV and SPY share 0 holdings out of 801 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVOV or SPY?
IVOV has an expense ratio of 0.10% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, IVOV or SPY?
Over the past year IVOV returned +24.07% vs +23.66% for SPY, so IVOV leads on 1-year performance. Over the longest common window we track (16 years), IVOV annualized +11.84% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, IVOV or SPY?
IVOV has been the more volatile fund at 18.3% annualized versus 15.3% for SPY. Worst drawdown: IVOV -46.0% vs SPY -56.5%.
Should I hold both IVOV and SPY?
IVOV and SPY have a monthly-return correlation of 0.87, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVOV and SPY?
IVOV and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 801 unique securities.
Which pays a higher dividend, IVOV or SPY?
IVOV yields 1.81% while SPY yields 1.01%, so IVOV currently pays the higher dividend yield.
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