SPY vs VUG
SPY vs VUG
State Street SPDR S&P 500 ETF Trust vs Vanguard Growth ETF
Quick Verdict
VUG has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | VUG | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.03% | |
| AUM | $789.1B | $223.2B | |
| Dividend Yield | 1.01% | 0.47% | |
| Holdings | 505 | 155 | |
| YTD Return | +13.50% | +10.19% | |
| 1Y Return | +23.56% | +18.35% | |
| 3Y Return (annualized) | +21.17% | +23.99% | |
| 5Y Return (annualized) | +13.46% | +13.07% | |
| Volatility (annualized) | 15.3% | 16.5% | |
| Max Drawdown | -56.5% | -51.4% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
SPY vs VUG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard Growth ETF (VUG) is a ETF from Vanguard (US). Over the past year SPY returned +23.56% while VUG returned +18.35%. Year to date, SPY is up 13.50% versus a gain of 10.19% for VUG.
Over three years, SPY compounded at +21.17% per year against +23.99% for VUG; over five years the annualized figures are +13.46% and +13.07% respectively. Across the full 23-year window we track, VUG has the edge at +11.29% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VUG has been the more volatile fund, with annualized monthly volatility of 16.5% 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 -51.4% for VUG. 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 0.95. 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 VUG 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 0.47% for VUG.
Holdings Overlap
SPY and VUG share 122 holdings out of 527 unique holdings combined, representing a 57.6% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VUG | Difference |
|---|---|---|---|
| NVDA | 7.31% | 12.60% | 5.29% |
| AAPL | 7.09% | 11.64% | 4.55% |
| MSFT | 4.43% | 7.60% | 3.17% |
| GOOGL | Pro | Pro | Pro |
| AMZN | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
See all 10 holdings SPY shares with VUG 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 VUG?
SPY has an expense ratio of 0.09% while VUG charges 0.03%. VUG is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or VUG?
Over the past year SPY returned +23.56% vs +18.35% for VUG, so SPY leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +8.85% vs +11.29% for VUG. Past performance does not guarantee future results.
Which is riskier, SPY or VUG?
VUG has been the more volatile fund at 16.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs VUG -51.4%.
Should I hold both SPY and VUG?
SPY and VUG have a monthly-return correlation of 0.95, 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 VUG?
SPY and VUG share 122 common holdings with a 57.6% weight overlap. Combined, they hold 527 unique securities.
Which pays a higher dividend, SPY or VUG?
SPY yields 1.01% while VUG yields 0.47%, so SPY currently pays the higher dividend yield.
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