SPY vs VIXI
State Street SPDR S&P 500 ETF Trust vs Defiance Enhanced Long Vol ETF
Which is better, SPY or VIXI?
SPY costs less.
SPY has a lower expense ratio.
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 | VIXI |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.02% |
| AUM | $804.7B | $2M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 10 |
| Fund Family | State Street Investment Management | Defiance ETFs, LLC |
| Category | Equity | Alternative |
| Style | Large Cap Blend | - |
| Inception | Jan 22, 1993 | Aug 7, 2025 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Volatility (annualized), Max Drawdown, $10,000 over the window, Top 10 Weight.
The two price series end 261 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. SPY has data through Sep 10, 2026 and VIXI through Dec 23, 2025.
Fees and Cost Over Time
SPY charges 0.09% per year while VIXI charges 1.02%. On a $10,000 position that is $9 vs $102 annually, a gap of $93 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.00% for VIXI.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 2 in VIXI, totalling 100.0% and 51.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 277 days apart, SPY as of Aug 4, 2026 and VIXI as of Oct 31, 2025, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 2 in VIXI, against full books of 505 and 10.
You are not choosing between two funds in isolation.
Whichever of SPY and VIXI 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 VIXI?
SPY has an expense ratio of 0.09% while VIXI charges 1.02%. SPY is the cheaper option, by $93 a year on a $10,000 investment.
Which pays a higher dividend, SPY or VIXI?
SPY yields 0.98% while VIXI yields 0.00%, so SPY currently pays the higher dividend yield.
Is VIXI better than SPY?
SPY has a lower expense ratio. Which one suits a particular account depends on what it is for. This is information, not a recommendation.