SPY vs VO
State Street SPDR S&P 500 ETF Trust vs Vanguard Morningstar Mid-Cap ETF
Which is better, SPY or VO?
Large Cap Blend against Mid Cap Blend.
VO has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. VO is less concentrated, with 9.5% 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 | VO |
|---|---|---|
| Expense Ratio | 0.09% | 0.03%Best |
| AUM | $804.7B | $106.6B |
| Dividend Yield | 0.98% | 1.30% |
| Holdings | 505 | 289 |
| YTD Return | +12.47%Best | +11.53% |
| 1Y Return | +17.51%Best | +11.97% |
| 3Y Return (annualized) | +21.18%Best | +16.13% |
| 5Y Return (annualized) | +12.88%Best | +7.40% |
| Volatility (annualized) | 14.6%Best | 16.9% |
| Max Drawdown | -56.5%Best | -60.3% |
| $10,000 over 5 years | $18,327Best | $14,290 |
| Top 10 Weight | 38.0% | 9.5%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2004 to Sep 11, 2026 (22.6 years).
SPY vs VO 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 22.6 years both funds cover.
SPY vs VO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Morningstar Mid-Cap ETF (VO) is an ETF from Vanguard (US). Over the past year SPY returned +17.51% while VO returned +11.97%. Year to date, SPY is up 12.47% versus a gain of 11.53% for VO.
Over three years, SPY compounded at +21.18% per year against +16.13% for VO; over five years the annualized figures are +12.88% and +7.40% respectively. Across the full 23-year window we track, SPY has the edge at +9.16% annualized vs +9.08%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VO has been the more volatile fund, with annualized monthly volatility of 16.9% compared with 14.6% 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 -56.5% for SPY and -60.3% for VO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while VO charges 0.03%. On a $10,000 position that is $9 vs $3 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.30% for VO.
Holdings Overlap
15.7% of SPY's money is in holdings VO also owns. 87.4% of VO's money is in holdings SPY also owns.
Most of VO is already inside SPY. Owning both mostly buys the same companies twice.
239 positions in common, counted across the 504 positions we hold weights for in SPY and 279 in VO, against full books of 505 and 289.
What only one of them owns
Our book lists 32 positions for VO that do not appear in our book for SPY (8.6% of the fund), and 258 for SPY that do not appear in VO (84.0%).
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 VO | Difference |
|---|---|---|---|
| VRTVertiv Group Corp | 0.16% | 1.22% | 1.06% |
| WDCWestern Digital Corp. | 0.28% | 1.06% | 0.78% |
| STXSeagate Technology Plc | 0.28% | 1.05% | 0.77% |
| HWMHowmet Aerospace Inc. | 0.17% | 1.04% | 0.87% |
| PWRQuanta Services, Inc. | 0.16% | 1.04% | 0.88% |
| CMICummins Inc. | 0.13% | 0.95% | 0.82% |
| DDOGDatadog Inc. Class A | 0.14% | 0.83% | 0.69% |
| CEGConstellation Energy Corp | 0.13% | 0.78% | 0.65% |
| VLOValero Energy Corp. | 0.14% | 0.75% | 0.61% |
| HOODRobinhood Markets Inc - A | 0.11% | 0.77% | 0.66% |
87.4% of VO 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 VO?
SPY has an expense ratio of 0.09% while VO charges 0.03%. VO is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SPY or VO?
Over the past year SPY returned +17.51% vs +11.97% for VO, so SPY leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +9.16% vs +9.08% for VO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VO?
VO has been the more volatile fund at 16.9% annualized versus 14.6% for SPY. Worst drawdown: SPY -56.5% vs VO -60.3%.
Should I hold both SPY and VO?
SPY and VO have a monthly-return correlation of 0.94, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPY and VO?
87.4% of VO's money is in holdings SPY also owns. 87.4% of VO's is in holdings SPY also owns. They hold 239 positions in common, counted across the 504 positions we hold weights for in SPY and 279 in VO.
Which pays a higher dividend, SPY or VO?
SPY yields 0.98% while VO yields 1.30%, so VO currently pays the higher dividend yield.
Is VO better than SPY?
VO has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. VO is less concentrated, with 9.5% 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.