IVOG vs SPY
Vanguard S&P Mid-Cap 400 Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IVOG or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. IVOG is less concentrated, with 13.8% of the fund in its ten largest positions against 37.8%.
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 | IVOG | SPY |
|---|---|---|
| Expense Ratio | 0.10% | 0.09%Best |
| AUM | $1.8B | $804.7B |
| Dividend Yield | 0.55% | 0.98% |
| Holdings | 249 | 505 |
| YTD Return | +12.46%Best | +12.09% |
| 1Y Return | +13.92% | +16.29%Best |
| 3Y Return (annualized) | +15.03% | +21.20%Best |
| 5Y Return (annualized) | +7.54% | +13.37%Best |
| Volatility (annualized) | 16.7% | 14.1%Best |
| Max Drawdown | -39.3% | -34.1%Best |
| $10,000 over 5 years | $14,383 | $18,728Best |
| Top 10 Weight | 13.8%Best | 37.8% |
| Fund Family | Vanguard (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Sep 7, 2010 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Sep 18, 2026 (16 years).
IVOG 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 16 years both funds cover.
IVOG vs SPY Performance
Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) is an ETF from Vanguard (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IVOG returned +13.92% while SPY returned +16.29%. Year to date, IVOG is up 12.46% versus a gain of 12.09% for SPY.
Over three years, IVOG compounded at +15.03% per year against +21.20% for SPY; over five years the annualized figures are +7.54% and +13.37% respectively. Across the full 16-year window we track, SPY has the edge at +13.30% annualized vs +12.06%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVOG has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 14.1% 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 -39.3% for IVOG 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 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IVOG charges 0.10% per year while SPY charges 0.09%. On a $10,000 position that is $10 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, IVOG currently yields 0.55% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 246 holdings in IVOG and 504 in SPY, totalling 99.9% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 246 positions we hold weights for in IVOG and 504 in SPY, against full books of 249 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for IVOG (99.3% of the fund), and 239 for IVOG that do not appear in SPY (94.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of IVOG and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVOG or SPY?
IVOG has an expense ratio of 0.10% while SPY charges 0.09%. SPY is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, IVOG or SPY?
Over the past year IVOG returned +13.92% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), IVOG annualized +12.06% vs +13.30% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVOG or SPY?
IVOG has been the more volatile fund at 16.7% annualized versus 14.1% for SPY. Worst drawdown: IVOG -39.3% vs SPY -34.1%.
Should I hold both IVOG and SPY?
IVOG and SPY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, IVOG or SPY?
IVOG yields 0.55% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than IVOG?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. IVOG is less concentrated, with 13.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.