SPY vs VO
SPY vs VO
State Street SPDR S&P 500 ETF Trust vs Vanguard Mid-Cap ETF
Quick Verdict
VO has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | VO | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.03% | |
| AUM | $789.1B | $105.9B | |
| Dividend Yield | 1.01% | 1.53% | |
| Holdings | 505 | 293 | |
| YTD Return | +11.49% | +12.56% | |
| 1Y Return | +21.37% | +15.95% | |
| 3Y Return (annualized) | +20.76% | +15.55% | |
| 5Y Return (annualized) | +12.94% | +7.86% | |
| Volatility (annualized) | 15.3% | 16.9% | |
| Max Drawdown | -56.5% | -60.3% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
SPY vs VO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard Mid-Cap ETF (VO) is a ETF from Vanguard (US). Over the past year SPY returned +21.37% while VO returned +15.95%. Year to date, SPY is up 11.49% versus a gain of 12.56% for VO.
Over three years, SPY compounded at +20.76% per year against +15.55% for VO; over five years the annualized figures are +12.94% and +7.86% respectively. Across the full 23-year window we track, VO has the edge at +9.17% annualized vs +8.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VO has been the more volatile fund, with annualized monthly volatility of 16.9% 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 -60.3% for VO. 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 0.94. 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 VO charges 0.03%. On a $10,000 position that is $9 vs $3 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.53% for VO.
Holdings Overlap
SPY and VO share 239 holdings out of 543 unique holdings combined, representing a 15.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VO | Difference |
|---|---|---|---|
| VRT | 0.19% | 1.22% | 1.03% |
| WDC | 0.31% | 1.06% | 0.75% |
| STX | 0.30% | 1.05% | 0.75% |
| HWM | Pro | Pro | Pro |
| PWR | Pro | Pro | Pro |
| CMI | Pro | Pro | Pro |
| DDOG | Pro | Pro | Pro |
| HOOD | Pro | Pro | Pro |
| CEG | Pro | Pro | Pro |
| VLO | Pro | Pro | Pro |
See all 10 holdings SPY shares with VO 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 VO?
SPY has an expense ratio of 0.09% while VO charges 0.03%. VO is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or VO?
Over the past year SPY returned +21.37% vs +15.95% for VO, so SPY leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +8.78% vs +9.17% for VO. Past performance does not guarantee future results.
Which is riskier, SPY or VO?
VO has been the more volatile fund at 16.9% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs VO -60.3%.
Should I hold both SPY and VO?
SPY and VO have a monthly-return correlation of 0.94, 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 VO?
SPY and VO share 239 common holdings with a 15.6% weight overlap. Combined, they hold 543 unique securities.
Which pays a higher dividend, SPY or VO?
SPY yields 1.01% while VO yields 1.53%, so VO currently pays the higher dividend yield.
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