SPY vs SPYV
State Street SPDR S&P 500 ETF Trust vs State Street SPDR Portfolio S&P 500 Value ETF
Quick Verdict
SPYV has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | SPYV | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.04% | |
| AUM | $821.1B | $36.8B | |
| Dividend Yield | 1.01% | 1.69% | |
| Holdings | 505 | 440 | |
| YTD Return | +12.22% | +11.90% | |
| 1Y Return | +20.83% | +19.13% | |
| 3Y Return (annualized) | +21.70% | +16.08% | |
| 5Y Return (annualized) | +12.98% | +11.66% | |
| Volatility (annualized) | 15.3% | 25.1% | |
| Max Drawdown | -56.5% | -60.4% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Sep 25, 2000 |
SPY vs SPYV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and State Street SPDR Portfolio S&P 500 Value ETF (SPYV) is a ETF from State Street Investment Management. Over the past year SPY returned +20.83% while SPYV returned +19.13%. Year to date, SPY is up 12.22% versus a gain of 11.90% for SPYV.
Over three years, SPY compounded at +21.70% per year against +16.08% for SPYV; over five years the annualized figures are +12.98% and +11.66% respectively. Across the full 26-year window we track, SPY has the edge at +8.79% annualized vs +8.63%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPYV has been the more volatile fund, with annualized monthly volatility of 25.1% compared with 15.3% 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 -56.5% for SPY and -60.4% for SPYV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.55. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while SPYV charges 0.04%. On a $10,000 position that is $9 vs $4 annually, a gap of $5 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.69% for SPYV.
Holdings Overlap
SPY and SPYV share 437 holdings out of 506 unique holdings combined, representing a 58.4% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, SPY or SPYV?
SPY has an expense ratio of 0.09% while SPYV charges 0.04%. SPYV is the cheaper option. On a $10,000 investment, that is $5 per year of difference.
Which performed better, SPY or SPYV?
Over the past year SPY returned +20.83% vs +19.13% for SPYV, so SPY leads on 1-year performance. Over the longest common window we track (26 years), SPY annualized +8.79% vs +8.63% for SPYV. Past performance does not guarantee future results.
Which is riskier, SPY or SPYV?
SPYV has been the more volatile fund at 25.1% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs SPYV -60.4%.
Should I hold both SPY and SPYV?
SPY and SPYV have a monthly-return correlation of 0.55, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and SPYV?
SPY and SPYV share 437 common holdings with a 58.4% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, SPY or SPYV?
SPY yields 1.01% while SPYV yields 1.69%, so SPYV currently pays the higher dividend yield.
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