IVV vs SPY
IVV vs SPY
iShares Core S&P 500 ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.09% | |
| AUM | $865.2B | $789.1B | |
| Dividend Yield | 1.09% | 1.01% | |
| Holdings | 508 | 505 | |
| YTD Return | +13.13% | +13.10% | |
| 1Y Return | +22.90% | +22.80% | |
| 3Y Return (annualized) | +21.08% | +20.98% | |
| 5Y Return (annualized) | +13.27% | +13.20% | |
| Volatility (annualized) | 15.1% | 15.3% | |
| Max Drawdown | -56.5% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 15, 2000 | Jan 22, 1993 |
IVV vs SPY Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year IVV returned +22.90% while SPY returned +22.80%. Year to date, IVV is up 13.13% versus a gain of 13.10% for SPY.
Over three years, IVV compounded at +21.08% per year against +20.98% for SPY; over five years the annualized figures are +13.27% and +13.20% respectively. Across the full 26-year window we track, SPY has the edge at +8.83% annualized vs +7.02%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.1% for IVV. 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 -56.5% for IVV 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IVV charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 1.01% for SPY.
Holdings Overlap
IVV and SPY share 494 holdings out of 514 unique holdings combined, representing a 96.1% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in IVV | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 7.76% | 7.31% | 0.45% |
| AAPL | 7.44% | 7.09% | 0.35% |
| MSFT | 4.57% | 4.43% | 0.14% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
See all 10 holdings IVV shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, IVV or SPY?
IVV has an expense ratio of 0.03% while SPY charges 0.09%. IVV is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, IVV or SPY?
Over the past year IVV returned +22.90% vs +22.80% for SPY, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +7.02% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, IVV or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs SPY -56.5%.
Should I hold both IVV and SPY?
IVV and SPY have a monthly-return correlation of 1.00, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between IVV and SPY?
IVV and SPY share 494 common holdings with a 96.1% weight overlap. Combined, they hold 514 unique securities.
Which pays a higher dividend, IVV or SPY?
IVV yields 1.09% while SPY yields 1.01%, so IVV currently pays the higher dividend yield.
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