SPY vs VCRM
State Street SPDR S&P 500 ETF Trust vs Vanguard Core Tax-Exempt Bond ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. VCRM offers more diversification with 3,675 holdings.
Side-by-Side Comparison
| Metric | SPY | VCRM | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.12% | |
| AUM | $821.1B | $1.7B | |
| Dividend Yield | 1.01% | 3.69% | |
| Holdings | 505 | 3,675 | |
| YTD Return | +12.68% | -0.98% | |
| 1Y Return | +21.82% | +3.87% | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | 4.1% | |
| Max Drawdown | -56.5% | -3.8% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Tax Preferred | |
| Inception | Jan 22, 1993 | Nov 19, 2024 |
SPY vs VCRM Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard Core Tax-Exempt Bond ETF (VCRM) is a ETF from Vanguard (US). Over the past year SPY returned +21.82% while VCRM returned +3.87%. Year to date, SPY is up 12.68% versus a loss of 0.98% for VCRM.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.1% for VCRM. 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 -3.8% for VCRM. 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 VCRM charges 0.12%. On a $10,000 position that is $9 vs $12 annually, a gap of $3 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.69% for VCRM.
Holdings Overlap
SPY and VCRM share 0 holdings out of 694 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or VCRM?
SPY has an expense ratio of 0.09% while VCRM charges 0.12%. SPY is the cheaper option. On a $10,000 investment, that is $3 per year of difference.
Which performed better, SPY or VCRM?
Over the past year SPY returned +21.82% vs +3.87% for VCRM, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.81% vs +2.56% for VCRM. Past performance does not guarantee future results.
Which is riskier, SPY or VCRM?
SPY has been the more volatile fund at 15.3% annualized versus 4.1% for VCRM. Worst drawdown: SPY -56.5% vs VCRM -3.8%.
Should I hold both SPY and VCRM?
SPY and VCRM 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 VCRM?
SPY and VCRM share 0 common holdings with a 0.0% weight overlap. Combined, they hold 694 unique securities.
Which pays a higher dividend, SPY or VCRM?
SPY yields 1.01% while VCRM yields 3.69%, so VCRM currently pays the higher dividend yield.
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