SPY vs VHT
State Street SPDR S&P 500 ETF Trust vs Vanguard Health Care ETF
Which is better, SPY or VHT?
Each has led over a different period.
SPY led over 3Y, 5Y and the full window, VHT over 1Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 52.0%.
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 | VHT |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $804.7B | $20.9B |
| Dividend Yield | 0.98% | 1.48% |
| Holdings | 505 | 427 |
| YTD Return | +13.81%Best | +11.69% |
| 1Y Return | +16.94% | +27.18%Best |
| 3Y Return (annualized) | +22.84%Best | +11.97% |
| 5Y Return (annualized) | +13.50%Best | +6.06% |
| Volatility (annualized) | 14.6% | 13.9%Best |
| Max Drawdown | -56.5% | -40.9%Best |
| $10,000 over 5 years | $18,836Best | $13,420 |
| Top 10 Weight | 37.8%Best | 52.0% |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2004 to Sep 22, 2026 (22.6 years).
SPY vs VHT 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 VHT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Health Care ETF (VHT) is an ETF from Vanguard (US). Over the past year SPY returned +16.94% while VHT returned +27.18%. Year to date, SPY is up 13.81% versus a gain of 11.69% for VHT.
Over three years, SPY compounded at +22.84% per year against +11.97% for VHT; over five years the annualized figures are +13.50% and +6.06% respectively. Across the full 23-year window we track, SPY has the edge at +9.20% annualized vs +8.92%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.6% compared with 13.9% for VHT. 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 -40.9% for VHT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while VHT charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, SPY currently yields 0.98% against 1.48% for VHT.
Holdings Overlap
9.4% of SPY's money is in holdings VHT also owns. 85.2% of VHT's money is in holdings SPY also owns.
Most of VHT is already inside SPY. Owning both mostly buys the same companies twice.
59 positions in common, counted across the 504 positions we hold weights for in SPY and 405 in VHT, against full books of 505 and 427.
What only one of them owns
Our book lists 271 positions for VHT that do not appear in our book for SPY (13.9% of the fund), and 439 for SPY that do not appear in VHT (90.0%).
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 VHT | Difference |
|---|---|---|---|
| LLYEli Lilly & Co. | 1.40% | 13.40% | 12.00% |
| JNJJohnson & Johnson - Common | 0.99% | 8.84% | 7.85% |
| ABBVAbbvie Inc. | 0.70% | 6.45% | 5.75% |
| UNHUnitedhealth Group Incorporated | 0.55% | 5.46% | 4.91% |
| MRKMerck & Company Inc | 0.56% | 4.68% | 4.12% |
| TMOThermo Fisherscientific Inc. | 0.34% | 3.10% | 2.76% |
| AMGNAmgen Inc. | 0.36% | 3.02% | 2.66% |
| ABTAbbott Laboratories | 0.29% | 2.67% | 2.38% |
| GILDGilead Sciences | 0.28% | 2.35% | 2.07% |
| PFEPfizer Inc | 0.25% | 2.07% | 1.82% |
85.2% of VHT 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 VHT?
SPY has an expense ratio of 0.09% while VHT charges 0.09%. At the precision these are quoted to, they cost the same.
Which performed better, SPY or VHT?
Over the past year SPY returned +16.94% vs +27.18% for VHT, so VHT leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +9.20% vs +8.92% for VHT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VHT?
SPY has been the more volatile fund at 14.6% annualized versus 13.9% for VHT. Worst drawdown: SPY -56.5% vs VHT -40.9%.
Should I hold both SPY and VHT?
SPY and VHT have a monthly-return correlation of 0.76, 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 VHT?
85.2% of VHT's money is in holdings SPY also owns. 85.2% of VHT's is in holdings SPY also owns. They hold 59 positions in common, counted across the 504 positions we hold weights for in SPY and 405 in VHT.
Which pays a higher dividend, SPY or VHT?
SPY yields 0.98% while VHT yields 1.48%, so VHT currently pays the higher dividend yield.
Is VHT better than SPY?
SPY led over 3Y, 5Y and the full window, VHT over 1Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 52.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.