SPY vs VGI
State Street SPDR S&P 500 ETF Trust vs Virtus Global Multi-Sector Income Fund
Which is better, SPY or VGI?
Large Cap Blend against Diversified Sectoral Bond.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. VGI is less concentrated, with 11.4% of the fund in its ten largest positions against 38.0%.
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 | VGI |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.74% |
| AUM | $814.4B | $88M |
| Dividend Yield | 1.01% | 12.31% |
| Holdings | 505 | 646 |
| YTD Return | +13.78%Best | +1.75% |
| 1Y Return | +21.44%Best | +3.70% |
| 3Y Return (annualized) | +21.38%Best | +12.16% |
| 5Y Return (annualized) | +12.80%Best | +2.25% |
| Volatility (annualized) | 14.0%Best | 14.1% |
| Max Drawdown | -34.1%Best | -63.3% |
| $10,000 over 5 years | $18,262Best | $11,177 |
| Top 10 Weight | 38.0% | 11.4%Best |
| Fund Family | State Street Investment Management | Virtus Investment Partners |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Diversified Sectoral Bond |
| Inception | Jan 22, 1993 | Feb 23, 2012 |
Volatility and max drawdown are measured over the window both funds cover: Feb 24, 2012 to Sep 3, 2026 (14.5 years).
SPY vs VGI 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs VGI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Virtus Global Multi-Sector Income Fund (VGI) is an ETF from Virtus Investment Partners. Over the past year SPY returned +21.44% while VGI returned +3.70%. Year to date, SPY is up 13.78% versus a gain of 1.75% for VGI.
Over three years, SPY compounded at +21.38% per year against +12.16% for VGI; over five years the annualized figures are +12.80% and +2.25% respectively. Across the full 15-year window we track, SPY has the edge at +13.23% annualized vs -2.35%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VGI has been the more volatile fund, with annualized monthly volatility of 14.1% compared with 14.0% 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 -34.1% for SPY and -63.3% for VGI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while VGI charges 1.74%. On a $10,000 position that is $9 vs $174 annually, a gap of $165 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 12.31% for VGI.
Holdings Overlap
0.1% of SPY's money is in holdings VGI also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 67 days apart, SPY as of Aug 4, 2026 and VGI as of May 29, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 504 positions we hold weights for in SPY and 472 in VGI, against full books of 505 and 646.
What only one of them owns
Our book lists 465 positions for VGI that do not appear in our book for SPY (99.8% of the fund), and 495 for SPY that do not appear in VGI (99.4%).
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 VGI | Difference |
|---|---|---|---|
| ARESAres Management Corp Preferred Stock 10/27 6.75 | 0.05% | 0.01% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of SPY and VGI 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 VGI?
SPY has an expense ratio of 0.09% while VGI charges 1.74%. SPY is the cheaper option, by $165 a year on a $10,000 investment.
Which performed better, SPY or VGI?
Over the past year SPY returned +21.44% vs +3.70% for VGI, so SPY leads on 1-year performance. Over the longest common window we track (15 years), SPY annualized +13.23% vs -2.35% for VGI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VGI?
VGI has been the more volatile fund at 14.1% annualized versus 14.0% for SPY. Worst drawdown: SPY -34.1% vs VGI -63.3%.
Should I hold both SPY and VGI?
SPY and VGI have a monthly-return correlation of 0.67, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or VGI?
SPY yields 1.01% while VGI yields 12.31%, so VGI currently pays the higher dividend yield.
Is VGI better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. VGI is less concentrated, with 11.4% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.