SPY vs VOT
State Street SPDR S&P 500 ETF Trust vs Vanguard Morningstar Mid-Cap Growth ETF
Which is better, SPY or VOT?
Large Cap Blend against Mid Cap Growth.
VOT has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. VOT is less concentrated, with 21.2% 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 | VOT |
|---|---|---|
| Expense Ratio | 0.09% | 0.05%Best |
| AUM | $804.7B | $19.1B |
| Dividend Yield | 0.98% | 0.60% |
| Holdings | 505 | 129 |
| YTD Return | +12.47%Best | +5.22% |
| 1Y Return | +17.51%Best | +1.02% |
| 3Y Return (annualized) | +21.18%Best | +14.09% |
| 5Y Return (annualized) | +12.88%Best | +4.45% |
| Volatility (annualized) | 15.3%Best | 18.5% |
| Max Drawdown | -56.5%Best | -60.3% |
| $10,000 over 5 years | $18,327Best | $12,432 |
| Top 10 Weight | 38.0% | 21.2%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Growth |
| Inception | Jan 22, 1993 | Aug 17, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Aug 24, 2006 to Sep 11, 2026 (20 years).
SPY vs VOT 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 years both funds cover.
SPY vs VOT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Morningstar Mid-Cap Growth ETF (VOT) is an ETF from Vanguard (US). Over the past year SPY returned +17.51% while VOT returned +1.02%. Year to date, SPY is up 12.47% versus a gain of 5.22% for VOT.
Over three years, SPY compounded at +21.18% per year against +14.09% for VOT; over five years the annualized figures are +12.88% and +4.45% respectively. Across the full 20-year window we track, SPY has the edge at +9.66% annualized vs +9.37%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOT has been the more volatile fund, with annualized monthly volatility of 18.5% 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 -60.3% for VOT. 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 VOT 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 0.60% for VOT.
Holdings Overlap
6.6% of SPY's money is in holdings VOT also owns. 82.8% of VOT's money is in holdings SPY also owns.
Most of VOT is already inside SPY. Owning both mostly buys the same companies twice.
92 positions in common, counted across the 504 positions we hold weights for in SPY and 121 in VOT, against full books of 505 and 129.
What only one of them owns
Our book lists 25 positions for VOT that do not appear in our book for SPY (14.4% of the fund), and 404 for SPY that do not appear in VOT (93.0%).
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 VOT | Difference |
|---|---|---|---|
| VRTVertiv Group Corp | 0.16% | 2.82% | 2.66% |
| WDCWestern Digital Corp. | 0.28% | 2.41% | 2.13% |
| STXSeagate Technology Plc | 0.28% | 2.37% | 2.09% |
| PWRQuanta Services, Inc. | 0.16% | 2.37% | 2.21% |
| HWMHowmet Aerospace Inc. | 0.17% | 2.36% | 2.19% |
| DDOGDatadog Inc. Class A | 0.14% | 1.89% | 1.75% |
| CEGConstellation Energy Corp | 0.13% | 1.77% | 1.64% |
| HOODRobinhood Markets Inc - A | 0.11% | 1.74% | 1.63% |
| RCLRoyal Caribbean Cruises Ltd. | 0.12% | 1.68% | 1.56% |
| COHRCoherent, Inc | 0.10% | 1.69% | 1.59% |
82.8% of VOT 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 VOT?
SPY has an expense ratio of 0.09% while VOT charges 0.05%. VOT is the cheaper option, by $4 a year on a $10,000 investment.
Which performed better, SPY or VOT?
Over the past year SPY returned +17.51% vs +1.02% for VOT, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +9.66% vs +9.37% for VOT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VOT?
VOT has been the more volatile fund at 18.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs VOT -60.3%.
Should I hold both SPY and VOT?
SPY and VOT 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 VOT?
82.8% of VOT's money is in holdings SPY also owns. 82.8% of VOT's is in holdings SPY also owns. They hold 92 positions in common, counted across the 504 positions we hold weights for in SPY and 121 in VOT.
Which pays a higher dividend, SPY or VOT?
SPY yields 0.98% while VOT yields 0.60%, so SPY currently pays the higher dividend yield.
Is VOT better than SPY?
VOT has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. VOT is less concentrated, with 21.2% 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.