NZUS vs VOO
State Street SPDR MSCI USA Climate Paris Aligned ETF vs Vanguard S&P 500 ETF
Which is better, NZUS or VOO?
Large Cap Growth against Large Cap Blend.
VOO has a lower expense ratio. NZUS led over 1Y, VOO over the full window. The two have moved almost in lockstep, correlation 0.98. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 46.8%.
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 | NZUS | VOO |
|---|---|---|
| Expense Ratio | 0.10% | 0.03%Best |
| AUM | $3M | $997.4B |
| Dividend Yield | 0.88% | 1.04% |
| Holdings | 146 | 509 |
| Volatility (annualized) | 16.8% | 15.5%Best |
| Max Drawdown | -21.0% | -18.7%Best |
| $10,000 over 4.1 years | $17,372 | $18,481Best |
| Top 10 Weight | 46.8% | 36.4%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Apr 21, 2022 | Sep 7, 2010 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 121 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. NZUS has data through May 12, 2026 and VOO through Sep 10, 2026.
Volatility and max drawdown, and the $10,000 over 4.1 years row, are measured over the window both funds cover: Apr 22, 2022 to May 12, 2026 (4.1 years).
Risk: Volatility and Drawdowns
NZUS has been the more volatile fund, with annualized monthly volatility of 16.8% compared with 15.5% for VOO. 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 -21.0% for NZUS and -18.7% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
NZUS charges 0.10% per year while VOO charges 0.03%. On a $10,000 position that is $10 vs $3 annually, a gap of $7 per year that compounds over a long holding period. On income, NZUS currently yields 0.88% against 1.04% for VOO.
Holdings Overlap
96.5% of NZUS's money is in holdings VOO also owns. 56.5% of VOO's money is in holdings NZUS also owns.
Most of NZUS is already inside VOO. Owning both mostly buys the same companies twice.
The two holdings books were reported 151 days apart, NZUS as of Jan 30, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
123 positions in common, counted across the 150 positions we hold weights for in NZUS and 505 in VOO, against full books of 146 and 509.
What only one of them owns
Our book lists 372 positions for VOO that do not appear in our book for NZUS (42.9% of the fund), and 22 for NZUS that do not appear in VOO (2.6%).
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 NZUS | Weight in VOO | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 9.68% | 7.51% | 2.17% |
| AAPLApple, Inc | 7.37% | 6.59% | 0.78% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.81% | 4.30% | 2.51% |
| AMZNAmazon.Com Inc | 3.68% | 3.62% | 0.06% |
| GOOGAlphabet Inc | 4.09% | 2.59% | 1.50% |
| TSLATesla Inc | 4.05% | 1.84% | 2.21% |
| GOOGLAlphabet A Usd 0.001 | 2.09% | 3.25% | 1.16% |
| AVGOBroadcom Inc | 2.54% | 2.77% | 0.23% |
| LLYEli Lilly & Co. | 3.43% | 1.47% | 1.96% |
| METAMeta Platforms, Inc. | 2.82% | 1.92% | 0.90% |
96.5% of NZUS is already inside VOO.
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, NZUS or VOO?
NZUS has an expense ratio of 0.10% while VOO charges 0.03%. VOO is the cheaper option, by $7 a year on a $10,000 investment.
Which is riskier, NZUS or VOO?
NZUS has been the more volatile fund at 16.8% annualized versus 15.5% for VOO. Worst drawdown: NZUS -21.0% vs VOO -18.7%.
Should I hold both NZUS and VOO?
NZUS and VOO have a monthly-return correlation of 0.98, 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 NZUS and VOO?
96.5% of NZUS's money is in holdings VOO also owns. 56.5% of VOO's is in holdings NZUS also owns. They hold 123 positions in common, counted across the 150 positions we hold weights for in NZUS and 505 in VOO.
Which pays a higher dividend, NZUS or VOO?
NZUS yields 0.88% while VOO yields 1.04%, so VOO currently pays the higher dividend yield.
Is VOO better than NZUS?
VOO has a lower expense ratio. NZUS led over 1Y, VOO over the full window. The two have moved almost in lockstep, correlation 0.98. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 46.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.