SPY vs VMAX

SPY vs VMAX

Which is better, SPY or VMAX?

Large Cap Blend against Large Cap Value.

SPY has a lower expense ratio. SPY led over the full window, VMAX over 1Y. VMAX is less concentrated, with 20.4% of the fund in its ten largest positions against 37.8%.

Lower Fees: SPYHigher Returns: splitLess Concentrated: VMAX

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

MetricSPYVMAX
Expense Ratio0.09%Best0.29%
AUM$804.7B$50M
Dividend Yield0.98%1.80%
Holdings505142
YTD Return+11.45%+18.93%Best
1Y Return+15.87%+23.34%Best
3Y Return (annualized)+20.93%-
5Y Return (annualized)+12.59%-
Volatility (annualized)11.9%Best12.0%
Max Drawdown-18.8%Best-19.1%
$10,000 over 2.8 years$17,307Best$17,199
Top 10 Weight37.8%20.4%Best
Fund FamilyState Street Investment ManagementHartford Funds
CategoryEquityEquity
StyleLarge Cap BlendLarge Cap Value
InceptionJan 22, 1993Dec 5, 2023

Volatility and max drawdown, and the $10,000 over 2.8 years row, are measured over the window both funds cover: Dec 6, 2023 to Sep 15, 2026 (2.8 years).

SPY vs VMAX 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 2.8 years both funds cover.

SPY vs VMAX Performance

State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Hartford US Value ETF (VMAX) is an ETF from Hartford Funds. Over the past year SPY returned +15.87% while VMAX returned +23.34%. Year to date, SPY is up 11.45% versus a gain of 18.93% for VMAX.

Past performance does not guarantee future results.

Risk: Volatility and Drawdowns

VMAX has been the more volatile fund, with annualized monthly volatility of 12.0% compared with 11.9% 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 -18.8% for SPY and -19.1% for VMAX. Drawdown depth is what each fund did in the worst stretch of the window measured above.

The two funds' monthly returns correlate at 0.72. They usually move together, but the gap leaves some room for diversification.

Fees and Cost Over Time

SPY charges 0.09% per year while VMAX charges 0.29%. On a $10,000 position that is $9 vs $29 annually, a gap of $20 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.80% for VMAX.

Holdings Overlap

SPY already in VMAX44.5%
VMAX already in SPY82.2%

44.5% of SPY's money is in holdings VMAX also owns. 82.2% of VMAX's money is in holdings SPY also owns.

Most of VMAX is already inside SPY. Owning both mostly buys the same companies twice.

103 positions in common, counted across the 504 positions we hold weights for in SPY and 140 in VMAX, against full books of 505 and 142.

What only one of them owns

Our book lists 34 positions for VMAX that do not appear in our book for SPY (17.3% of the fund), and 394 for SPY that do not appear in VMAX (54.9%).

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

StockWeight in SPYWeight in VMAXDifference
NVDANvidia Corp8.01%0.91%7.10%
AAPLApple, Inc7.26%0.42%6.84%
GOOGLAlphabet Inc,class A2.99%1.97%1.02%
METAMeta Platforms Inc1.93%0.92%1.01%
JNJJohnson & Johnson - Common0.99%1.74%0.75%
MRKMerck & Company Inc0.56%2.13%1.57%
XOMExxon Mobil Corp.1.04%1.55%0.51%
BKBank Of New York Mellon Corp0.17%2.41%2.24%
BRK.BBerkshire Hathaway Inc Brk/B Us Equity1.40%1.16%0.24%
STTState Street Corp.0.08%2.43%2.35%

82.2% of VMAX 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.

SPYVMAX

Free for up to 10 holdings. No account needed.

Frequently Asked Questions

Which is cheaper, SPY or VMAX?

SPY has an expense ratio of 0.09% while VMAX charges 0.29%. SPY is the cheaper option, by $20 a year on a $10,000 investment.

Which performed better, SPY or VMAX?

Over the past year SPY returned +15.87% vs +23.34% for VMAX, so VMAX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.

Which is riskier, SPY or VMAX?

VMAX has been the more volatile fund at 12.0% annualized versus 11.9% for SPY. Worst drawdown: SPY -18.8% vs VMAX -19.1%.

Should I hold both SPY and VMAX?

SPY and VMAX have a monthly-return correlation of 0.72, 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 VMAX?

82.2% of VMAX's money is in holdings SPY also owns. 82.2% of VMAX's is in holdings SPY also owns. They hold 103 positions in common, counted across the 504 positions we hold weights for in SPY and 140 in VMAX.

Which pays a higher dividend, SPY or VMAX?

SPY yields 0.98% while VMAX yields 1.80%, so VMAX currently pays the higher dividend yield.

Is VMAX better than SPY?

SPY has a lower expense ratio. SPY led over the full window, VMAX over 1Y. VMAX is less concentrated, with 20.4% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.