SPY vs VFIAX
SPY vs VFIAX
State Street SPDR S&P 500 ETF Trust vs Vanguard 500 Index Fund Admiral Class
Quick Verdict
VFIAX has a lower expense ratio. SPY delivered stronger 1-year returns.
Side-by-Side Comparison
| Metric | SPY | VFIAX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.04% | |
| AUM | $789.1B | $690.3B | |
| Dividend Yield | 1.01% | 1.28% | |
| Holdings | 505 | 506 | |
| YTD Return | +11.49% | +9.21% | |
| 1Y Return | +21.37% | +18.13% | |
| 3Y Return (annualized) | +20.76% | +17.85% | |
| 5Y Return (annualized) | +12.94% | +11.12% | |
| Volatility (annualized) | 15.3% | 15.8% | |
| Max Drawdown | -56.5% | -25.4% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Nov 13, 2000 |
SPY vs VFIAX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard 500 Index Fund Admiral Class (VFIAX) is a mutual fund from Vanguard (US). Over the past year SPY returned +21.37% while VFIAX returned +18.13%. Year to date, SPY is up 11.49% versus a gain of 9.21% for VFIAX.
Over three years, SPY compounded at +20.76% per year against +17.85% for VFIAX; over five years the annualized figures are +12.94% and +11.12% respectively. Across the full 5-year window we track, VFIAX has the edge at +11.12% annualized vs +8.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VFIAX has been the more volatile fund, with annualized monthly volatility of 15.8% 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 -56.5% for SPY and -25.4% for VFIAX. 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while VFIAX charges 0.04%. On a $10,000 position that is $9 vs $4 annually, a gap of $5 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.28% for VFIAX.
Holdings Overlap
SPY and VFIAX share 489 holdings out of 517 unique holdings combined, representing a 91.4% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VFIAX | Difference |
|---|---|---|---|
| NVDA | 7.31% | 7.58% | 0.27% |
| AAPL | 7.09% | 6.66% | 0.43% |
| MSFT | 4.43% | 4.92% | 0.49% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| BRK.B | Pro | Pro | Pro |
See all 10 holdings SPY shares with VFIAX 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, SPY or VFIAX?
SPY has an expense ratio of 0.09% while VFIAX charges 0.04%. VFIAX is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, SPY or VFIAX?
Over the past year SPY returned +21.37% vs +18.13% for VFIAX, so SPY leads on 1-year performance. Over the longest common window we track (5 years), SPY annualized +8.78% vs +11.12% for VFIAX. Past performance does not guarantee future results.
Which is riskier, SPY or VFIAX?
VFIAX has been the more volatile fund at 15.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs VFIAX -25.4%.
Should I hold both SPY and VFIAX?
SPY and VFIAX have a monthly-return correlation of 0.99, 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 SPY and VFIAX?
SPY and VFIAX share 489 common holdings with a 91.4% weight overlap. Combined, they hold 517 unique securities.
Which pays a higher dividend, SPY or VFIAX?
SPY yields 1.01% while VFIAX yields 1.28%, so VFIAX currently pays the higher dividend yield.
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