SPY vs VGHAX
State Street SPDR S&P 500 ETF Trust vs Vanguard Health Care Fund Admiral Shares
Which is better, SPY or VGHAX?
Large Cap Blend against Large Cap Growth.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.8%.
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 | VGHAX |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.27% |
| AUM | $804.7B | $32.8B |
| Dividend Yield | 0.98% | 6.15% |
| Holdings | 505 | 109 |
| YTD Price Return | +10.93%Best | +1.44% |
| 1Y Price Return | +16.19%Best | +13.44% |
| 3Y Price Return (annualized) | +19.13%Best | -0.44% |
| 5Y Price Return (annualized) | +11.21%Best | -2.56% |
| Volatility (annualized) | 15.8% | 15.3%Best |
| Max Drawdown | -25.4%Best | -32.7% |
| $10,000 over 5 years | $17,011Best | $8,784 |
| Top 10 Weight | 38.0%Best | 40.8% |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 22, 1993 | Nov 12, 2001 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for VGHAX. Both funds are measured the same way, so the comparison holds. SPY yields 0.98% and VGHAX 6.15% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 13, 2021 to Sep 9, 2026 (5 years).
SPY vs VGHAX 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 5 years both funds cover. Prices exclude distributions, on both funds alike.
SPY vs VGHAX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Health Care Fund Admiral Shares (VGHAX) is a mutual fund from Vanguard (US). Over the past year SPY returned +16.19% while VGHAX returned +13.44%. Year to date, SPY is up 10.93% versus a gain of 1.44% for VGHAX.
Over three years, SPY compounded at +19.13% per year against -0.44% for VGHAX; over five years the annualized figures are +11.21% and -2.56% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.8% compared with 15.3% for VGHAX. 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 -25.4% for SPY and -32.7% for VGHAX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.56. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while VGHAX charges 0.27%. On a $10,000 position that is $9 vs $27 annually, a gap of $18 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 6.15% for VGHAX.
Structure and taxes
VGHAX is a mutual fund and SPY is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
6.8% of SPY's money is in holdings VGHAX also owns. 56.2% of VGHAX's money is in holdings SPY also owns.
The two portfolios partly overlap.
The two holdings books were reported 126 days apart, SPY as of Aug 4, 2026 and VGHAX as of Mar 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
28 positions in common, counted across the 504 positions we hold weights for in SPY and 86 in VGHAX, against full books of 505 and 109.
What only one of them owns
Our book lists 36 positions for VGHAX that do not appear in our book for SPY (16.6% of the fund), and 466 for SPY that do not appear in VGHAX (92.7%).
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 VGHAX | Difference |
|---|---|---|---|
| LLYEli Lilly & Co. | 1.33% | 9.16% | 7.83% |
| MRKMerck & Co. Inc. | 0.47% | 5.83% | 5.36% |
| JNJJohnson & Johnson | 0.92% | 3.46% | 2.54% |
| UNHUnitedhealth Group Inc. | 0.56% | 2.91% | 2.35% |
| EWEdwards Lifesciences Corp | 0.08% | 3.23% | 3.15% |
| ISRGIntuitive Surgical Inc | 0.20% | 2.54% | 2.34% |
| DHRDanaher Corp. | 0.18% | 2.50% | 2.32% |
| ABTAbbott Laboratories | 0.28% | 2.31% | 2.03% |
| BSXBoston Scientific Corp. | 0.11% | 2.47% | 2.36% |
| VRTXVertex Pharmaceuticals Inc | 0.18% | 1.98% | 1.80% |
56.2% of VGHAX 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 VGHAX?
SPY has an expense ratio of 0.09% while VGHAX charges 0.27%. SPY is the cheaper option, by $18 a year on a $10,000 investment.
Which performed better, SPY or VGHAX?
Over the past year SPY returned +16.19% vs +13.44% for VGHAX, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VGHAX?
SPY has been the more volatile fund at 15.8% annualized versus 15.3% for VGHAX. Worst drawdown: SPY -25.4% vs VGHAX -32.7%.
Should I hold both SPY and VGHAX?
SPY and VGHAX have a monthly-return correlation of 0.56, 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 VGHAX?
56.2% of VGHAX's money is in holdings SPY also owns. 56.2% of VGHAX's is in holdings SPY also owns. They hold 28 positions in common, counted across the 504 positions we hold weights for in SPY and 86 in VGHAX.
Which pays a higher dividend, SPY or VGHAX?
SPY yields 0.98% while VGHAX yields 6.15%, so VGHAX currently pays the higher dividend yield.
Is it better to hold VGHAX or SPY in a taxable account?
SPY is an ETF and VGHAX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is VGHAX better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.