IVOO vs SPY
Vanguard S&P Mid-Cap 400 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IVOO or SPY?
Mid Cap Blend against Large Cap Blend.
IVOO 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. IVOO is less concentrated, with 7.7% of the fund in its ten largest positions against 38.0%.
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 | IVOO | SPY |
|---|---|---|
| Expense Ratio | 0.07%Best | 0.09% |
| AUM | $3.8B | $814.4B |
| Dividend Yield | 1.18% | 1.01% |
| Holdings | 408 | 505 |
| YTD Return | +13.95%Best | +13.34% |
| 1Y Return | +16.92% | +19.97%Best |
| 3Y Return (annualized) | +14.85% | +21.20%Best |
| 5Y Return (annualized) | +8.36% | +12.81%Best |
| Volatility (annualized) | 16.9% | 14.1%Best |
| Max Drawdown | -42.5% | -34.1%Best |
| $10,000 over 5 years | $14,940 | $18,270Best |
| Top 10 Weight | 7.7%Best | 38.0% |
| Fund Family | Vanguard (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | 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 4, 2026 (16 years).
IVOO 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.
IVOO vs SPY Performance
Vanguard S&P Mid-Cap 400 ETF (IVOO) 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 IVOO returned +16.92% while SPY returned +19.97%. Year to date, IVOO is up 13.95% versus a gain of 13.34% for SPY.
Over three years, IVOO compounded at +14.85% per year against +21.20% for SPY; over five years the annualized figures are +8.36% and +12.81% respectively. Across the full 16-year window we track, SPY has the edge at +13.41% annualized vs +11.24%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVOO has been the more volatile fund, with annualized monthly volatility of 16.9% 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 -42.5% for IVOO 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
IVOO charges 0.07% per year while SPY charges 0.09%. On a $10,000 position that is $7 vs $9 annually, a gap of $2 per year that compounds over a long holding period. On income, IVOO currently yields 1.18% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 401 holdings in IVOO and 504 in SPY, totalling 99.2% and 100.0% 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 401 positions we hold weights for in IVOO and 504 in SPY, against full books of 408 and 505.
What only one of them owns
Our book lists 496 positions for SPY that do not appear in our book for IVOO (99.5% of the fund), and 390 for IVOO that do not appear in SPY (95.3%).
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 IVOO 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, IVOO or SPY?
IVOO has an expense ratio of 0.07% while SPY charges 0.09%. IVOO is the cheaper option, by $2 a year on a $10,000 investment.
Which performed better, IVOO or SPY?
Over the past year IVOO returned +16.92% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), IVOO annualized +11.24% vs +13.41% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVOO or SPY?
IVOO has been the more volatile fund at 16.9% annualized versus 14.1% for SPY. Worst drawdown: IVOO -42.5% vs SPY -34.1%.
Should I hold both IVOO and SPY?
IVOO 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, IVOO or SPY?
IVOO yields 1.18% while SPY yields 1.01%, so IVOO currently pays the higher dividend yield.
Is SPY better than IVOO?
IVOO 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. IVOO is less concentrated, with 7.7% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.