SPY vs VOE
State Street SPDR S&P 500 ETF Trust vs Vanguard Morningstar Mid-Cap Value ETF
Which is better, SPY or VOE?
Large Cap Blend against Mid Cap Value.
VOE has a lower expense ratio. SPY led over 3Y, 5Y and the full window, VOE over 1Y. The two have moved almost in lockstep, correlation 0.92. VOE is less concentrated, with 13.1% of the fund in its ten largest positions against 37.8%.
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 | VOE |
|---|---|---|
| Expense Ratio | 0.09% | 0.05%Best |
| AUM | $804.7B | $23.9B |
| Dividend Yield | 0.98% | 1.80% |
| Holdings | 505 | 176 |
| YTD Return | +13.81%Best | +13.62% |
| 1Y Return | +16.94% | +19.01%Best |
| 3Y Return (annualized) | +22.84%Best | +17.30% |
| 5Y Return (annualized) | +13.50%Best | +9.86% |
| Volatility (annualized) | 15.3%Best | 17.6% |
| Max Drawdown | -56.5%Best | -63.4% |
| $10,000 over 5 years | $18,836Best | $16,003 |
| Top 10 Weight | 37.8% | 13.1%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Value |
| Inception | Jan 22, 1993 | Aug 17, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Aug 24, 2006 to Sep 22, 2026 (20.1 years).
SPY vs VOE 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 20.1 years both funds cover.
SPY vs VOE Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Morningstar Mid-Cap Value ETF (VOE) is an ETF from Vanguard (US). Over the past year SPY returned +16.94% while VOE returned +19.01%. Year to date, SPY is up 13.81% versus a gain of 13.62% for VOE.
Over three years, SPY compounded at +22.84% per year against +17.30% for VOE; over five years the annualized figures are +13.50% and +9.86% respectively. Across the full 20-year window we track, SPY has the edge at +9.71% annualized vs +7.74%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOE has been the more volatile fund, with annualized monthly volatility of 17.6% compared with 15.3% 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 -63.4% for VOE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. 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 VOE charges 0.05%. On a $10,000 position that is $9 vs $5 annually, a gap of $4 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.80% for VOE.
Holdings Overlap
10.0% of SPY's money is in holdings VOE also owns. 95.3% of VOE's money is in holdings SPY also owns.
Most of VOE is already inside SPY. Owning both mostly buys the same companies twice.
158 positions in common, counted across the 504 positions we hold weights for in SPY and 171 in VOE, against full books of 505 and 176.
What only one of them owns
Our book lists 12 positions for VOE that do not appear in our book for SPY (4.3% of the fund), and 342 for SPY that do not appear in VOE (89.5%).
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.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VOE | Difference |
|---|---|---|---|
| MPCMarathon Petroleum Corp | 0.17% | 1.54% | 1.37% |
| VLOValero Energy | 0.16% | 1.55% | 1.39% |
| CMICummins Inc. | 0.12% | 1.46% | 1.34% |
| PSXPhillips 66 | 0.15% | 1.41% | 1.26% |
| GMGeneral Motors Co | 0.12% | 1.34% | 1.22% |
| SLBSchlumberger Nv. | 0.13% | 1.24% | 1.11% |
| SPGSimon Property Group Inc | 0.10% | 1.18% | 1.08% |
| PCARPaccar Inc. | 0.10% | 1.16% | 1.06% |
| ALLAllstate Corp. | 0.10% | 1.13% | 1.03% |
| URIUnited Rentals Inc. | 0.09% | 1.13% | 1.04% |
95.3% of VOE 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 VOE?
SPY has an expense ratio of 0.09% while VOE charges 0.05%. VOE is the cheaper option, by $4 a year on a $10,000 investment.
Which performed better, SPY or VOE?
Over the past year SPY returned +16.94% vs +19.01% for VOE, so VOE leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +9.71% vs +7.74% for VOE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VOE?
VOE has been the more volatile fund at 17.6% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs VOE -63.4%.
Should I hold both SPY and VOE?
SPY and VOE have a monthly-return correlation of 0.92, 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 VOE?
95.3% of VOE's money is in holdings SPY also owns. 95.3% of VOE's is in holdings SPY also owns. They hold 158 positions in common, counted across the 504 positions we hold weights for in SPY and 171 in VOE.
Which pays a higher dividend, SPY or VOE?
SPY yields 0.98% while VOE yields 1.80%, so VOE currently pays the higher dividend yield.
Is VOE better than SPY?
VOE has a lower expense ratio. SPY led over 3Y, 5Y and the full window, VOE over 1Y. The two have moved almost in lockstep, correlation 0.92. VOE is less concentrated, with 13.1% 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.