AIO vs SPY
Virtus Artificial Intelligence & Technology Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, AIO or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. AIO led over 3Y, SPY over 1Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AIO | SPY |
|---|---|---|
| Expense Ratio | 1.47% | 0.09%Best |
| AUM | $954M | $804.7B |
| Dividend Yield | 11.01% | 0.98% |
| Holdings | 96 | 505 |
| YTD Return | +16.64%Best | +10.96% |
| 1Y Return | +12.91% | +15.52%Best |
| 3Y Return (annualized) | +22.38%Best | +20.73% |
| 5Y Return (annualized) | +10.19% | +12.53%Best |
| Volatility (annualized) | 22.1% | 16.8%Best |
| Max Drawdown | -45.2% | -34.1%Best |
| $10,000 over 5 years | $16,245 | $18,044Best |
| Fund Family | Virtus Investment Partners | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Oct 31, 2019 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 29, 2019 to Sep 16, 2026 (6.9 years).
AIO vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 6.9 years both funds cover.
AIO vs SPY Performance
Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) is an ETF from Virtus Investment Partners and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year AIO returned +12.91% while SPY returned +15.52%. Year to date, AIO is up 16.64% versus a gain of 10.96% for SPY.
Over three years, AIO compounded at +22.38% per year against +20.73% for SPY; over five years the annualized figures are +10.19% and +12.53% respectively. Across the full 7-year window we track, SPY has the edge at +15.39% annualized vs +13.04%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AIO has been the more volatile fund, with annualized monthly volatility of 22.1% compared with 16.8% 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 -45.2% for AIO and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
AIO charges 1.47% per year while SPY charges 0.09%. On a $10,000 position that is $147 vs $9 annually, a gap of $138 per year that compounds over a long holding period. On income, AIO currently yields 11.01% against 0.98% for SPY.
Holdings Overlap
At least 38.7% of SPY's money is in holdings AIO also owns.
Stated as a floor: for AIO, our book for it covers 83.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
The two holdings books were reported 124 days apart, AIO as of Apr 30, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
51 positions in common, counted across the 77 positions we hold weights for in AIO and 504 in SPY, against full books of 96 and 505.
Top Shared Holdings
| Stock | Weight in AIO | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 4.63% | 8.01% | 3.38% |
| MSFTMicrosoft Corp | 0.11% | 5.66% | 5.55% |
| AVGOBroadcom Inc | 2.04% | 2.66% | 0.62% |
| GOOGLAlphabet Inc,class A | 1.54% | 2.99% | 1.45% |
| LLYEli Lilly & Co. | 1.53% | 1.40% | 0.13% |
| JPMJpmorgan Chase & Co | 1.27% | 1.45% | 0.18% |
| GEVGE Vernova Inc. CDR (CAD Hedged) | 2.29% | 0.37% | 1.92% |
| MUMicron Technology, Inc. | 1.01% | 1.60% | 0.59% |
| LITELumentum Holdings Inc | 2.47% | 0.10% | 2.37% |
| CATCaterpillar, Inc. | 1.88% | 0.55% | 1.33% |
38.7% of SPY is already inside AIO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AIO or SPY?
AIO has an expense ratio of 1.47% while SPY charges 0.09%. SPY is the cheaper option, by $138 a year on a $10,000 investment.
Which performed better, AIO or SPY?
Over the past year AIO returned +12.91% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), AIO annualized +13.04% vs +15.39% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AIO or SPY?
AIO has been the more volatile fund at 22.1% annualized versus 16.8% for SPY. Worst drawdown: AIO -45.2% vs SPY -34.1%.
Should I hold both AIO and SPY?
AIO and SPY have a monthly-return correlation of 0.85, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between AIO and SPY?
At least 38.7% of SPY's money is in holdings AIO also owns. Our book for AIO is partial, so the real figure is this or higher. They hold 51 positions in common, counted across the 77 positions we hold weights for in AIO and 504 in SPY.
Which pays a higher dividend, AIO or SPY?
AIO yields 11.01% while SPY yields 0.98%, so AIO currently pays the higher dividend yield.
Is SPY better than AIO?
SPY has a lower expense ratio. AIO led over 3Y, SPY over 1Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.