SPY vs VNQI
State Street SPDR S&P 500 ETF Trust vs Vanguard Global ex-US Real Estate ETF
Which is better, SPY or VNQI?
Large Cap Blend against Mid Cap Value.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. VNQI is less concentrated, with 22.3% of the fund in its ten largest positions against 38.0%.
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 | VNQI |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.12% |
| AUM | $804.7B | $3.9B |
| Dividend Yield | 0.98% | 4.81% |
| Holdings | 505 | 743 |
| YTD Return | +12.47%Best | -4.22% |
| 1Y Return | +17.51%Best | -4.10% |
| 3Y Return (annualized) | +21.18%Best | +7.61% |
| 5Y Return (annualized) | +12.88%Best | -1.94% |
| Volatility (annualized) | 14.2%Best | 16.3% |
| Max Drawdown | -34.1%Best | -38.4% |
| $10,000 over 5 years | $18,327Best | $9,067 |
| Top 10 Weight | 38.0% | 22.3%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Value |
| Inception | Jan 22, 1993 | Nov 1, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Nov 1, 2010 to Sep 11, 2026 (15.9 years).
SPY vs VNQI 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 15.9 years both funds cover.
SPY vs VNQI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Global ex-US Real Estate ETF (VNQI) is an ETF from Vanguard (US). Over the past year SPY returned +17.51% while VNQI returned -4.10%. Year to date, SPY is up 12.47% versus a loss of 4.22% for VNQI.
Over three years, SPY compounded at +21.18% per year against +7.61% for VNQI; over five years the annualized figures are +12.88% and -1.94% respectively. Across the full 16-year window we track, SPY has the edge at +13.00% annualized vs +3.11%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VNQI has been the more volatile fund, with annualized monthly volatility of 16.3% compared with 14.2% 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 -38.4% for VNQI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while VNQI charges 0.12%. On a $10,000 position that is $9 vs $12 annually, a gap of $3 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 4.81% for VNQI.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 706 in VNQI, totalling 100.0% and 99.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 706 in VNQI, against full books of 505 and 743.
What only one of them owns
Our book lists 7 positions for VNQI that do not appear in our book for SPY (2.3% of the fund), and 494 for SPY that do not appear in VNQI (99.5%).
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.
You are not choosing between two funds in isolation.
Whichever of SPY and VNQI 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 VNQI?
SPY has an expense ratio of 0.09% while VNQI charges 0.12%. SPY is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, SPY or VNQI?
Over the past year SPY returned +17.51% vs -4.10% for VNQI, so SPY leads on 1-year performance. Over the longest common window we track (16 years), SPY annualized +13.00% vs +3.11% for VNQI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VNQI?
VNQI has been the more volatile fund at 16.3% annualized versus 14.2% for SPY. Worst drawdown: SPY -34.1% vs VNQI -38.4%.
Should I hold both SPY and VNQI?
SPY and VNQI have a monthly-return correlation of 0.69, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or VNQI?
SPY yields 0.98% while VNQI yields 4.81%, so VNQI currently pays the higher dividend yield.
Is VNQI better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. VNQI is less concentrated, with 22.3% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.