SPY vs VIOO
State Street SPDR S&P 500 ETF Trust vs Vanguard S&P Small-Cap 600 ETF
Quick Verdict
VIOO has a lower expense ratio. VIOO delivered stronger 1-year returns. VIOO offers more diversification with 613 holdings.
Side-by-Side Comparison
| Metric | SPY | VIOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.07% | |
| AUM | $821.1B | $4.2B | |
| Dividend Yield | 1.01% | 1.12% | |
| Holdings | 505 | 613 | |
| YTD Return | +12.22% | +21.05% | |
| 1Y Return | +20.83% | +29.93% | |
| 3Y Return (annualized) | +21.70% | +16.05% | |
| 5Y Return (annualized) | +12.98% | +7.86% | |
| Volatility (annualized) | 15.3% | 18.9% | |
| Max Drawdown | -56.5% | -44.1% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Sep 7, 2010 |
SPY vs VIOO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard S&P Small-Cap 600 ETF (VIOO) is a ETF from Vanguard (US). Over the past year SPY returned +20.83% while VIOO returned +29.93%. Year to date, SPY is up 12.22% versus a gain of 21.05% for VIOO.
Over three years, SPY compounded at +21.70% per year against +16.05% for VIOO; over five years the annualized figures are +12.98% and +7.86% respectively. Across the full 16-year window we track, VIOO has the edge at +12.45% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VIOO has been the more volatile fund, with annualized monthly volatility of 18.9% compared with 15.3% 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 -56.5% for SPY and -44.1% for VIOO. 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while VIOO charges 0.07%. On a $10,000 position that is $9 vs $7 annually, a gap of $2 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.12% for VIOO.
Holdings Overlap
SPY and VIOO share 0 holdings out of 1111 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 VIOO?
SPY has an expense ratio of 0.09% while VIOO charges 0.07%. VIOO is the cheaper option. On a $10,000 investment, that is $2 per year of difference.
Which performed better, SPY or VIOO?
Over the past year SPY returned +20.83% vs +29.93% for VIOO, so VIOO leads on 1-year performance. Over the longest common window we track (16 years), SPY annualized +8.79% vs +12.45% for VIOO. Past performance does not guarantee future results.
Which is riskier, SPY or VIOO?
VIOO has been the more volatile fund at 18.9% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs VIOO -44.1%.
Should I hold both SPY and VIOO?
SPY and VIOO have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and VIOO?
SPY and VIOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1111 unique securities.
Which pays a higher dividend, SPY or VIOO?
SPY yields 1.01% while VIOO yields 1.12%, so VIOO currently pays the higher dividend yield.
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