SPY vs SPYV
State Street SPDR S&P 500 ETF Trust vs State Street SPDR Portfolio S&P 500 Value ETF
Which is better, SPY or SPYV?
Large Cap Blend against Large Cap Value.
SPYV has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, SPYV over the full window. SPYV is less concentrated, with 23.7% 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 | SPY | SPYV |
|---|---|---|
| Expense Ratio | 0.09% | 0.04%Best |
| AUM | $804.7B | $36.6B |
| Dividend Yield | 0.98% | 1.65% |
| Holdings | 505 | 440 |
| YTD Return | +12.09%Best | +10.38% |
| 1Y Return | +16.29%Best | +15.60% |
| 3Y Return (annualized) | +21.20%Best | +15.14% |
| 5Y Return (annualized) | +13.37%Best | +11.91% |
| Volatility (annualized) | 15.1%Best | 25.1% |
| Max Drawdown | -56.5%Best | -60.4% |
| $10,000 over 5 years | $18,728Best | $17,553 |
| Top 10 Weight | 37.8% | 23.7%Best |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Sep 25, 2000 |
Volatility and max drawdown are measured over the window both funds cover: Sep 29, 2000 to Sep 18, 2026 (26 years).
SPY vs SPYV 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 years both funds cover.
SPY vs SPYV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and State Street SPDR Portfolio S&P 500 Value ETF (SPYV) is an ETF from State Street Investment Management. Over the past year SPY returned +16.29% while SPYV returned +15.60%. Year to date, SPY is up 12.09% versus a gain of 10.38% for SPYV.
Over three years, SPY compounded at +21.20% per year against +15.14% for SPYV; over five years the annualized figures are +13.37% and +11.91% respectively. Across the full 26-year window we track, SPYV has the edge at +8.55% annualized vs +6.94%.
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 15.1% 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 -56.5% for SPY and -60.4% for SPYV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.55. They move together some of the time, and apart the rest.
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 0.98% against 1.65% for SPYV.
Holdings Overlap
60.9% of SPY's money is in holdings SPYV also owns. 98.4% of SPYV's money is in holdings SPY also owns.
Most of SPYV is already inside SPY. Owning both mostly buys the same companies twice.
437 positions in common, counted across the 504 positions we hold weights for in SPY and 439 in SPYV, against full books of 505 and 440.
What only one of them owns
Our book lists 2 positions for SPYV that do not appear in our book for SPY (1.4% of the fund), and 67 for SPY that do not appear in SPYV (39.0%).
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 SPY | Weight in SPYV | Difference |
|---|---|---|---|
| AAPLApple, Inc | 7.26% | 7.94% | 0.68% |
| AMZNAmazon.Com Inc | 3.79% | 3.90% | 0.11% |
| XOMExxon Mobil Corp. | 1.04% | 2.27% | 1.23% |
| TSLATesla Inc | 1.52% | 1.27% | 0.25% |
| JPMJpmorgan Chase | 1.45% | 1.01% | 0.44% |
| WMTWalmart, Inc. | 0.71% | 1.54% | 0.83% |
| INTCIntel Corporation | 0.67% | 1.46% | 0.79% |
| COSTCostco Wholesale Corp. | 0.63% | 1.39% | 0.76% |
| CVXChevron Corp | 0.60% | 1.31% | 0.71% |
| JNJJohnson & Johnson - Common | 0.99% | 0.89% | 0.10% |
98.4% of SPYV is already inside SPY.
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, SPY or SPYV?
SPY has an expense ratio of 0.09% while SPYV charges 0.04%. SPYV is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, SPY or SPYV?
Over the past year SPY returned +16.29% vs +15.60% for SPYV, so SPY leads on 1-year performance. Over the longest common window we track (26 years), SPY annualized +6.94% vs +8.55% for SPYV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SPYV?
SPYV has been the more volatile fund at 25.1% annualized versus 15.1% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and SPYV?
98.4% of SPYV's money is in holdings SPY also owns. 98.4% of SPYV's is in holdings SPY also owns. They hold 437 positions in common, counted across the 504 positions we hold weights for in SPY and 439 in SPYV.
Which pays a higher dividend, SPY or SPYV?
SPY yields 0.98% while SPYV yields 1.65%, so SPYV currently pays the higher dividend yield.
Is SPYV better than SPY?
SPYV has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, SPYV over the full window. SPYV is less concentrated, with 23.7% 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.