SPY vs VIG
SPY vs VIG
State Street SPDR S&P 500 ETF Trust vs Vanguard Dividend Appreciation ETF
Quick Verdict
VIG has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | VIG | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.04% | |
| AUM | $789.1B | $110.2B | |
| Dividend Yield | 1.01% | 1.79% | |
| Holdings | 505 | 335 | |
| YTD Return | +9.93% | +9.31% | |
| 1Y Return | +19.50% | +17.96% | |
| 3Y Return (annualized) | +19.33% | +14.93% | |
| 5Y Return (annualized) | +12.82% | +10.51% | |
| Volatility (annualized) | 15.3% | 13.3% | |
| Max Drawdown | -56.5% | -48.2% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Apr 21, 2006 |
SPY vs VIG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard Dividend Appreciation ETF (VIG) is a ETF from Vanguard (US). Over the past year SPY returned +19.50% while VIG returned +17.96%. Year to date, SPY is up 9.93% versus a gain of 9.31% for VIG.
Over three years, SPY compounded at +19.33% per year against +14.93% for VIG; over five years the annualized figures are +12.82% and +10.51% respectively. Across the full 20-year window we track, SPY has the edge at +8.74% annualized vs +8.56%. 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 13.3% for VIG. 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 -48.2% for VIG. 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 0.96. 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 VIG 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 1.79% for VIG.
Holdings Overlap
SPY and VIG share 164 holdings out of 670 unique holdings combined, representing a 39.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VIG | Difference |
|---|---|---|---|
| AAPL | 7.09% | 4.22% | 2.87% |
| MSFT | 4.43% | 3.53% | 0.90% |
| AVGO | 2.73% | 4.55% | 1.82% |
| LLY | Pro | Pro | Pro |
| JPM | Pro | Pro | Pro |
| JNJ | Pro | Pro | Pro |
| XOM | Pro | Pro | Pro |
| V | Pro | Pro | Pro |
| LRCX | Pro | Pro | Pro |
| WMT | Pro | Pro | Pro |
See all 10 holdings SPY shares with VIG 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 VIG?
SPY has an expense ratio of 0.09% while VIG charges 0.04%. VIG is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, SPY or VIG?
Over the past year SPY returned +19.50% vs +17.96% for VIG, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.74% vs +8.56% for VIG. Past performance does not guarantee future results.
Which is riskier, SPY or VIG?
SPY has been the more volatile fund at 15.3% annualized versus 13.3% for VIG. Worst drawdown: SPY -56.5% vs VIG -48.2%.
Should I hold both SPY and VIG?
SPY and VIG have a monthly-return correlation of 0.96, 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 VIG?
SPY and VIG share 164 common holdings with a 39.7% weight overlap. Combined, they hold 670 unique securities.
Which pays a higher dividend, SPY or VIG?
SPY yields 1.01% while VIG yields 1.79%, so VIG currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.