SPY vs VPC
State Street SPDR S&P 500 ETF Trust vs Virtus Private Credit Strategy ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | VPC | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 10.60% | |
| AUM | $789.1B | $30M | |
| Dividend Yield | 1.01% | 17.06% | |
| Holdings | 505 | 59 | |
| YTD Return | +13.79% | -6.49% | |
| 1Y Return | +23.66% | -9.64% | |
| 3Y Return (annualized) | +21.40% | +0.93% | |
| 5Y Return (annualized) | +13.37% | +1.83% | |
| Volatility (annualized) | 15.3% | 20.5% | |
| Max Drawdown | -56.5% | -55.3% | |
| Fund Family | State Street Investment Management | Virtus Investment Partners | |
| Category | Equity | Allocation/Balanced | |
| Inception | Jan 22, 1993 | Feb 7, 2019 |
SPY vs VPC Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Virtus Private Credit Strategy ETF (VPC) is a ETF from Virtus Investment Partners. Over the past year SPY returned +23.66% while VPC returned -9.64%. Year to date, SPY is up 13.79% versus a loss of 6.49% for VPC.
Over three years, SPY compounded at +21.40% per year against +0.93% for VPC; over five years the annualized figures are +13.37% and +1.83% respectively. Across the full 8-year window we track, SPY has the edge at +8.85% annualized vs +1.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VPC has been the more volatile fund, with annualized monthly volatility of 20.5% 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 -55.3% for VPC. 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 VPC charges 10.60%. On a $10,000 position that is $9 vs $1060 annually, a gap of $1051 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 17.06% for VPC.
Holdings Overlap
SPY and VPC share 0 holdings out of 561 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or VPC?
SPY has an expense ratio of 0.09% while VPC charges 10.60%. SPY is the cheaper option. On a $10,000 investment, that is $1051 per year of difference.
Which performed better, SPY or VPC?
Over the past year SPY returned +23.66% vs -9.64% for VPC, so SPY leads on 1-year performance. Over the longest common window we track (8 years), SPY annualized +8.85% vs +1.84% for VPC. Past performance does not guarantee future results.
Which is riskier, SPY or VPC?
VPC has been the more volatile fund at 20.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs VPC -55.3%.
Should I hold both SPY and VPC?
SPY and VPC 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 VPC?
SPY and VPC share 0 common holdings with a 0.0% weight overlap. Combined, they hold 561 unique securities.
Which pays a higher dividend, SPY or VPC?
SPY yields 1.01% while VPC yields 17.06%, so VPC currently pays the higher dividend yield.
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