SPY vs VGHY
State Street SPDR S&P 500 ETF Trust vs Vanguard High-Yield Active ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. VGHY offers more diversification with 608 holdings.
Side-by-Side Comparison
| Metric | SPY | VGHY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.22% | |
| AUM | $821.1B | $293M | |
| Dividend Yield | 1.01% | 4.52% | |
| Holdings | 505 | 608 | |
| YTD Return | +12.68% | -1.07% | |
| 1Y Return | +21.82% | +0.69% | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | - | |
| Max Drawdown | -56.5% | -3.1% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Aug 27, 2025 |
SPY vs VGHY Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard High-Yield Active ETF (VGHY) is a ETF from Vanguard (US). Over the past year SPY returned +21.82% while VGHY returned +0.69%. Year to date, SPY is up 12.68% versus a loss of 1.07% for VGHY.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -56.5% for SPY and -3.1% for VGHY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
SPY charges 0.09% per year while VGHY charges 0.22%. On a $10,000 position that is $9 vs $22 annually, a gap of $13 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 4.52% for VGHY.
Holdings Overlap
SPY and VGHY share 0 holdings out of 530 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 VGHY?
SPY has an expense ratio of 0.09% while VGHY charges 0.22%. SPY is the cheaper option. On a $10,000 investment, that is $13 per year of difference.
Which performed better, SPY or VGHY?
Over the past year SPY returned +21.82% vs +0.69% for VGHY, so SPY leads on 1-year performance. Past performance does not guarantee future results.
What is the holdings overlap between SPY and VGHY?
SPY and VGHY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 530 unique securities.
Which pays a higher dividend, SPY or VGHY?
SPY yields 1.01% while VGHY yields 4.52%, so VGHY currently pays the higher dividend yield.
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