SPY vs VOO
SPY vs VOO
State Street SPDR S&P 500 ETF Trust vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.03% | |
| AUM | $789.1B | $979.0B | |
| Dividend Yield | 1.01% | 1.09% | |
| Holdings | 505 | 509 | |
| YTD Return | +9.93% | +9.95% | |
| 1Y Return | +19.50% | +19.58% | |
| 3Y Return (annualized) | +19.33% | +19.43% | |
| 5Y Return (annualized) | +12.82% | +12.89% | |
| Volatility (annualized) | 15.3% | 14.2% | |
| Max Drawdown | -56.5% | -34.3% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Sep 7, 2010 |
SPY vs VOO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year SPY returned +19.50% while VOO returned +19.58%. Year to date, SPY is up 9.93% versus a gain of 9.95% for VOO.
Over three years, SPY compounded at +19.33% per year against +19.43% for VOO; over five years the annualized figures are +12.82% and +12.89% respectively. Across the full 16-year window we track, VOO has the edge at +13.35% annualized vs +8.74%. 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 14.2% for VOO. 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 -34.3% for VOO. 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
SPY charges 0.09% per year while VOO 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 1.09% for VOO.
Holdings Overlap
SPY and VOO share 493 holdings out of 515 unique holdings combined, representing a 96.8% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VOO | Difference |
|---|---|---|---|
| NVDA | 7.31% | 7.51% | 0.20% |
| AAPL | 7.09% | 6.59% | 0.50% |
| MSFT | 4.43% | 4.30% | 0.13% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
See all 10 holdings SPY shares with VOO 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 VOO?
SPY has an expense ratio of 0.09% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or VOO?
Over the past year SPY returned +19.50% vs +19.58% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), SPY annualized +8.74% vs +13.35% for VOO. Past performance does not guarantee future results.
Which is riskier, SPY or VOO?
SPY has been the more volatile fund at 15.3% annualized versus 14.2% for VOO. Worst drawdown: SPY -56.5% vs VOO -34.3%.
Should I hold both SPY and VOO?
SPY and VOO 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 SPY and VOO?
SPY and VOO share 493 common holdings with a 96.8% weight overlap. Combined, they hold 515 unique securities.
Which pays a higher dividend, SPY or VOO?
SPY yields 1.01% while VOO yields 1.09%, so VOO currently pays the higher dividend yield.
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