SPY vs VMAX
State Street SPDR S&P 500 ETF Trust vs Hartford US Value ETF
Quick Verdict
SPY has a lower expense ratio. VMAX delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | VMAX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.29% | |
| AUM | $821.1B | $51M | |
| Dividend Yield | 1.01% | 1.83% | |
| Holdings | 505 | 142 | |
| YTD Return | +12.35% | +18.78% | |
| 1Y Return | +20.15% | +24.86% | |
| 3Y Return (annualized) | +21.69% | - | |
| 5Y Return (annualized) | +12.77% | - | |
| Volatility (annualized) | 15.3% | 12.2% | |
| Max Drawdown | -56.5% | -19.1% | |
| Fund Family | State Street Investment Management | Hartford Funds | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Dec 5, 2023 |
SPY vs VMAX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Hartford US Value ETF (VMAX) is a ETF from Hartford Funds. Over the past year SPY returned +20.15% while VMAX returned +24.86%. Year to date, SPY is up 12.35% versus a gain of 18.78% for VMAX.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.2% for VMAX. 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 -19.1% for VMAX. 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 0.73. 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 1.01% against 1.83% for VMAX.
Holdings Overlap
SPY and VMAX share 103 holdings out of 541 unique holdings combined, representing a 25.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $20 per year of difference.
Which performed better, SPY or VMAX?
Over the past year SPY returned +20.15% vs +24.86% for VMAX, so VMAX leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.79% vs +21.83% for VMAX. Past performance does not guarantee future results.
Which is riskier, SPY or VMAX?
SPY has been the more volatile fund at 15.3% annualized versus 12.2% for VMAX. Worst drawdown: SPY -56.5% vs VMAX -19.1%.
Should I hold both SPY and VMAX?
SPY and VMAX have a monthly-return correlation of 0.73, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and VMAX?
SPY and VMAX share 103 common holdings with a 25.2% weight overlap. Combined, they hold 541 unique securities.
Which pays a higher dividend, SPY or VMAX?
SPY yields 1.01% while VMAX yields 1.83%, so VMAX currently pays the higher dividend yield.
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