IVV vs SPY
iShares Core S&P 500 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IVV or SPY?
Nearly the same fund. IVV costs less.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00.
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 | IVV | SPY |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.09% |
| AUM | $876.4B | $804.7B |
| Dividend Yield | 1.06% | 0.98% |
| Holdings | 508 | 505 |
| YTD Return | +11.03%Best | +10.96% |
| 1Y Return | +15.62%Best | +15.52% |
| 3Y Return (annualized) | +20.81%Best | +20.73% |
| 5Y Return (annualized) | +12.61%Best | +12.53% |
| Volatility (annualized) | 15.1%Tie | 15.1%Tie |
| Max Drawdown | -56.5%Tie | -56.5%Tie |
| $10,000 over 5 years | $18,109Best | $18,044 |
| Top 10 Weight | 37.8%Tie | 37.8%Tie |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | May 15, 2000 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 19, 2000 to Sep 16, 2026 (26.3 years).
IVV 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 26.3 years both funds cover.
IVV vs SPY Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year IVV returned +15.62% while SPY returned +15.52%. Year to date, IVV is up 11.03% versus a gain of 10.96% for SPY.
Over three years, IVV compounded at +20.81% per year against +20.73% for SPY; over five years the annualized figures are +12.61% and +12.53% respectively. Across the full 26-year window we track, IVV has the edge at +6.92% annualized vs +6.87%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV and SPY have been equally volatile, both at 15.1% annualized.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -56.5% 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IVV charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 0.98% for SPY.
Holdings Overlap
98.5% of IVV's money is in holdings SPY also owns. 98.5% of SPY's money is in holdings IVV also owns.
Most of SPY is already inside IVV. Owning both mostly buys the same companies twice.
481 positions in common, counted across the 490 positions we hold weights for in IVV and 504 in SPY, against full books of 508 and 505.
What only one of them owns
Our book lists 19 positions for SPY that do not appear in our book for IVV (1.1% of the fund), and 4 for IVV that do not appear in SPY (0.4%).
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.
Top Shared Holdings
| Stock | Weight in IVV | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.07% | 8.01% | 0.06% |
| AAPLApple, Inc | 7.02% | 7.26% | 0.24% |
| MSFTMicrosoft Corp | 5.69% | 5.66% | 0.03% |
| AMZNAmazon.Com Inc | 3.84% | 3.79% | 0.05% |
| GOOGLAlphabet Inc,class A | 3.00% | 2.99% | 0.01% |
| AVGOBroadcom Inc | 2.65% | 2.66% | 0.01% |
| GOOGAlphabet Inc | 2.39% | 2.39% | 0.00% |
| METAMeta Platforms Inc | 1.90% | 1.93% | 0.03% |
| MUMicron Technology, Inc. | 1.63% | 1.60% | 0.03% |
| TSLATesla Inc | 1.56% | 1.52% | 0.04% |
98.5% of SPY is already inside IVV.
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, IVV or SPY?
IVV has an expense ratio of 0.03% while SPY charges 0.09%. IVV is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, IVV or SPY?
Over the past year IVV returned +15.62% vs +15.52% for SPY, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +6.92% vs +6.87% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or SPY?
IVV and SPY have been equally volatile, both at 15.1% annualized. Worst drawdown: IVV -56.5% vs SPY -56.5%.
Should I hold both IVV and SPY?
IVV and SPY have a monthly-return correlation of 1.00, 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.
What is the holdings overlap between IVV and SPY?
98.5% of SPY's money is in holdings IVV also owns. 98.5% of SPY's is in holdings IVV also owns. They hold 481 positions in common, counted across the 490 positions we hold weights for in IVV and 504 in SPY.
Which pays a higher dividend, IVV or SPY?
IVV yields 1.06% while SPY yields 0.98%, so IVV currently pays the higher dividend yield.
Is SPY better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. Which one suits a particular account depends on what it is for. This is information, not a recommendation.