SPY vs VBK
State Street SPDR S&P 500 ETF Trust vs Vanguard Morningstar Small-Cap Growth ETF
Which is better, SPY or VBK?
Large Cap Blend against Small Cap Growth.
VBK has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. VBK is less concentrated, with 9.1% 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 | VBK |
|---|---|---|
| Expense Ratio | 0.09% | 0.05%Best |
| AUM | $804.7B | $23.2B |
| Dividend Yield | 0.98% | 0.44% |
| Holdings | 505 | 553 |
| YTD Return | +11.45%Best | +9.65% |
| 1Y Return | +15.87%Best | +12.60% |
| 3Y Return (annualized) | +20.93%Best | +15.62% |
| 5Y Return (annualized) | +12.59%Best | +3.57% |
| Volatility (annualized) | 14.6%Best | 19.6% |
| Max Drawdown | -56.5%Best | -59.4% |
| $10,000 over 5 years | $18,093Best | $11,917 |
| Top 10 Weight | 37.8% | 9.1%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Small Cap Growth |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2004 to Sep 15, 2026 (22.6 years).
SPY vs VBK 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 22.6 years both funds cover.
SPY vs VBK Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Morningstar Small-Cap Growth ETF (VBK) is an ETF from Vanguard (US). Over the past year SPY returned +15.87% while VBK returned +12.60%. Year to date, SPY is up 11.45% versus a gain of 9.65% for VBK.
Over three years, SPY compounded at +20.93% per year against +15.62% for VBK; over five years the annualized figures are +12.59% and +3.57% respectively. Across the full 23-year window we track, SPY has the edge at +9.11% annualized vs +9.03%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VBK has been the more volatile fund, with annualized monthly volatility of 19.6% compared with 14.6% 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 -59.4% for VBK. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while VBK charges 0.05%. On a $10,000 position that is $9 vs $5 annually, a gap of $4 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.44% for VBK.
Holdings Overlap
0.7% of SPY's money is in holdings VBK also owns. 9.5% of VBK's money is in holdings SPY also owns.
VBK and SPY share little of their money.
The two holdings books were reported 63 days apart, SPY as of Sep 1, 2026 and VBK as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
31 positions in common, counted across the 504 positions we hold weights for in SPY and 542 in VBK, against full books of 505 and 553.
What only one of them owns
Our book lists 494 positions for VBK that do not appear in our book for SPY (82.9% of the fund), and 466 for SPY that do not appear in VBK (98.6%).
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 SPY | Weight in VBK | Difference |
|---|---|---|---|
| CASYCaseys General | 0.04% | 0.80% | 0.76% |
| EMEEmcor Group Inc | 0.05% | 0.51% | 0.46% |
| INCYIncyte Corp. | 0.03% | 0.53% | 0.50% |
| LIILennox International Inc | 0.02% | 0.49% | 0.47% |
| GNRCGenerac Holdings, Inc. | 0.02% | 0.47% | 0.45% |
| NDSNNordson Corp | 0.03% | 0.44% | 0.41% |
| DECKDeckers Outdoor Corp | 0.02% | 0.38% | 0.36% |
| PTCPtc Inc | 0.03% | 0.36% | 0.33% |
| TPLTexas Pacific Land Trust | 0.03% | 0.35% | 0.32% |
| UDRUdr Inc. | 0.02% | 0.36% | 0.34% |
You are not choosing between two funds in isolation.
Whichever of SPY and VBK 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, SPY or VBK?
SPY has an expense ratio of 0.09% while VBK charges 0.05%. VBK is the cheaper option, by $4 a year on a $10,000 investment.
Which performed better, SPY or VBK?
Over the past year SPY returned +15.87% vs +12.60% for VBK, so SPY leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +9.11% vs +9.03% for VBK. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VBK?
VBK has been the more volatile fund at 19.6% annualized versus 14.6% for SPY. Worst drawdown: SPY -56.5% vs VBK -59.4%.
Should I hold both SPY and VBK?
SPY and VBK have a monthly-return correlation of 0.90, 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 SPY and VBK?
9.5% of VBK's money is in holdings SPY also owns. 9.5% of VBK's is in holdings SPY also owns. They hold 31 positions in common, counted across the 504 positions we hold weights for in SPY and 542 in VBK.
Which pays a higher dividend, SPY or VBK?
SPY yields 0.98% while VBK yields 0.44%, so SPY currently pays the higher dividend yield.
Is VBK better than SPY?
VBK has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. VBK is less concentrated, with 9.1% 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.