SPY vs VLUE
State Street SPDR S&P 500 ETF Trust vs iShares MSCI USA Value Factor ETF
Which is better, SPY or VLUE?
Large Cap Blend against Large Cap Value.
SPY has a lower expense ratio. SPY led over the full window, VLUE over 1Y, 3Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 43.0%.
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 | VLUE |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.15% |
| AUM | $804.7B | $9.6B |
| Dividend Yield | 0.98% | 1.39% |
| Holdings | 505 | 156 |
| YTD Return | +12.47% | +46.45%Best |
| 1Y Return | +17.51% | +68.83%Best |
| 3Y Return (annualized) | +21.18% | +32.30%Best |
| 5Y Return (annualized) | +12.88% | +17.40%Best |
| Volatility (annualized) | 14.4%Best | 18.8% |
| Max Drawdown | -34.1%Best | -39.5% |
| $10,000 over 5 years | $18,327 | $22,302Best |
| Top 10 Weight | 38.0%Best | 43.0% |
| Fund Family | State Street Investment Management | iShares by BlackRock (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Apr 16, 2013 |
Volatility and max drawdown are measured over the window both funds cover: Apr 18, 2013 to Sep 11, 2026 (13.4 years).
SPY vs VLUE 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 13.4 years both funds cover.
SPY vs VLUE Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and iShares MSCI USA Value Factor ETF (VLUE) is an ETF from iShares by BlackRock (US). Over the past year SPY returned +17.51% while VLUE returned +68.83%. Year to date, SPY is up 12.47% versus a gain of 46.45% for VLUE.
Over three years, SPY compounded at +21.18% per year against +32.30% for VLUE; over five years the annualized figures are +12.88% and +17.40% respectively. Across the full 13-year window we track, SPY has the edge at +13.32% annualized vs +12.30%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VLUE has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 14.4% 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 -39.5% for VLUE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 VLUE charges 0.15%. On a $10,000 position that is $9 vs $15 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.39% for VLUE.
Holdings Overlap
12.9% of SPY's money is in holdings VLUE also owns. 96.4% of VLUE's money is in holdings SPY also owns.
Most of VLUE is already inside SPY. Owning both mostly buys the same companies twice.
131 positions in common, counted across the 504 positions we hold weights for in SPY and 152 in VLUE, against full books of 505 and 156.
What only one of them owns
Our book lists 19 positions for VLUE that do not appear in our book for SPY (3.4% of the fund), and 365 for SPY that do not appear in VLUE (86.7%).
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 VLUE | Difference |
|---|---|---|---|
| MUMicron Technology, Inc. | 1.51% | 19.89% | 18.38% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.72% | 4.72% | 4.00% |
| GMGeneral Motors Co. | 0.12% | 3.83% | 3.71% |
| VZVerizon Communications, Inc. | 0.29% | 2.87% | 2.58% |
| BACBank Of America Corp. | 0.62% | 2.17% | 1.55% |
| TAt&t, Inc. | 0.24% | 2.47% | 2.23% |
| FFord Motor Co. | 0.08% | 2.00% | 1.92% |
| CCitigroup Inc. | 0.35% | 1.62% | 1.27% |
| CMCSAComcast Corp. Class A | 0.13% | 1.78% | 1.65% |
| PFEPfizer, Inc. | 0.22% | 1.57% | 1.35% |
96.4% of VLUE 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 VLUE?
SPY has an expense ratio of 0.09% while VLUE charges 0.15%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SPY or VLUE?
Over the past year SPY returned +17.51% vs +68.83% for VLUE, so VLUE leads on 1-year performance. Over the longest common window we track (13 years), SPY annualized +13.32% vs +12.30% for VLUE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VLUE?
VLUE has been the more volatile fund at 18.8% annualized versus 14.4% for SPY. Worst drawdown: SPY -34.1% vs VLUE -39.5%.
Should I hold both SPY and VLUE?
SPY and VLUE have a monthly-return correlation of 0.84, 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 VLUE?
96.4% of VLUE's money is in holdings SPY also owns. 96.4% of VLUE's is in holdings SPY also owns. They hold 131 positions in common, counted across the 504 positions we hold weights for in SPY and 152 in VLUE.
Which pays a higher dividend, SPY or VLUE?
SPY yields 0.98% while VLUE yields 1.39%, so VLUE currently pays the higher dividend yield.
Is VLUE better than SPY?
SPY has a lower expense ratio. SPY led over the full window, VLUE over 1Y, 3Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 43.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.