VOO vs SPY: which ETF is better?
Vanguard S&P 500 ETF (VOO) and State Street SPDR S&P 500 ETF (SPY) compared on fees, holdings overlap, dividend yield, returns and risk, using the latest data.
- VOO and SPY have very high overlap: 92% of each fund by weight sits in the same holdings.
- VOO is cheaper at 0.03% a year against 0.09% for SPY, about $6 less in fees per $10,000 invested each year.
- Over the last 10 years, VOO returned an average of 15.3% a year against 15.2% for SPY, with dividends reinvested.
- Overlap by weight
- 92.2%
- Shared holdings
- 500
| VOO | SPY | |
|---|---|---|
| Name | Vanguard S&P 500 ETF | State Street SPDR S&P 500 ETF |
| Issuer | Vanguard | SPDR |
| Listed on | NYSE Arca · USD | NYSE Arca · USD |
| Expense ratio | 0.03% | 0.09% |
| Assets (AUM) | $1.0T | $778B |
| Launched | Sep 7, 2010 | Jan 22, 1993 |
| Holdings | 503 | 504 |
| Dividend yield (12m) | 1.10% · quarterly | 1.03% · quarterly |
| Asset class | Large Cap Equity | Equity |
| Annualised return | VOO | SPY |
|---|---|---|
| 1 year | +11.0% | +10.9% |
| 3 years | +20.6% | +20.5% |
| 5 years | +11.0% | +10.9% |
| 10 years | +15.3% | +15.2% |
| Volatility | 15.0% | 15.3% |
| Max drawdown | -34.0% | -33.7% |
Volatility is the annualised standard deviation of daily returns over 3 years. Max drawdown is the largest fall from a peak over the last 10 years, or since launch.
| Holding | VOO | SPY |
|---|---|---|
| AAPLApple Inc | 7.38% | 7.92% |
| NVDANVIDIA Corp | 8.39% | 6.93% |
| MSFTMicrosoft Corp | 5.78% | 6.27% |
| AMZNAmazon.com Inc | 3.71% | 4.03% |
| GOOGLAlphabet Inc | 3.07% | 2.61% |
| AVGOBroadcom Inc | 2.54% | 2.19% |
| GOOGAlphabet Inc | 2.45% | 2.11% |
| METAMeta Platforms Inc | 2.43% | 2.10% |
| TSLATesla Inc | 1.52% | 1.53% |
| BRK-BBerkshire Hathaway Inc | 1.41% | 1.68% |
Pull each fund's details, full price history and holdings into Google Sheets or Excel, so your comparison updates itself.
=SF("VOO","etfInfo","expenseRatio&assetsUnderManagement&holdingsCount")=SF_TIMESERIES("VOO","2016-10-01",TODAY(),"dailyAdj")=SF("SPY","etfInfo","expenseRatio&assetsUnderManagement&holdingsCount")=SF_TIMESERIES("SPY","2016-10-01",TODAY(),"dailyAdj")Prices to Nov 6, 2026; holdings last checked Nov 8, 2026. Returns are in each fund's trading currency (USD). Past performance doesn't predict future returns. For information only, not investment advice.
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VOO vs SPY: frequently asked questions
How much do VOO and SPY overlap?
92.2% by weight. They share 500 holdings, and that share of each fund is invested in exactly the same positions. That's very high, so holding both adds little diversification.
Is VOO or SPY cheaper?
VOO is cheaper. VOO's expense ratio is 0.03% a year and SPY's is 0.09%, so on $10,000 you'd pay about $3 and $9 a year.
Which has performed better, VOO or SPY?
Over the last 10 years, VOO has. VOO returned 15.3% and SPY 15.2% a year on average, including reinvested dividends, as of Nov 6, 2026. Past returns don't predict future ones.
Which pays a higher dividend, VOO or SPY?
VOO does. Over the last 12 months VOO yielded 1.10%, paid quarterly, and SPY 1.03%, paid quarterly.
Should I hold both VOO and SPY?
Holding both mostly doubles up on the same stocks, since 92% of each fund is in the same positions. Most investors pick one, often the cheaper one. This is general information, not advice.
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