SPY vs VPU
State Street SPDR S&P 500 ETF Trust vs Vanguard Utilities ETF
Which is better, SPY or VPU?
Large Cap Blend against Large Cap Value.
SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 51.8%.
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 | VPU |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $814.4B | $8.5B |
| Dividend Yield | 1.01% | 2.68% |
| Holdings | 505 | 68 |
| YTD Return | +13.34%Best | +0.86% |
| 1Y Return | +19.97%Best | +5.51% |
| 3Y Return (annualized) | +21.20%Best | +15.17% |
| 5Y Return (annualized) | +12.81%Best | +7.77% |
| Volatility (annualized) | 14.6% | 13.9%Best |
| Max Drawdown | -56.5% | -48.4%Best |
| $10,000 over 5 years | $18,270Best | $14,537 |
| Top 10 Weight | 38.0%Best | 51.8% |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2004 to Sep 4, 2026 (22.6 years).
SPY vs VPU 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 VPU Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Utilities ETF (VPU) is an ETF from Vanguard (US). Over the past year SPY returned +19.97% while VPU returned +5.51%. Year to date, SPY is up 13.34% versus a gain of 0.86% for VPU.
Over three years, SPY compounded at +21.20% per year against +15.17% for VPU; over five years the annualized figures are +12.81% and +7.77% respectively. Across the full 23-year window we track, SPY has the edge at +9.20% annualized vs +6.80%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.6% compared with 13.9% for VPU. 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 -48.4% for VPU. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.51. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while VPU charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, SPY currently yields 1.01% against 2.68% for VPU.
Holdings Overlap
2.1% of SPY's money is in holdings VPU also owns. 89.5% of VPU's money is in holdings SPY also owns.
Most of VPU is already inside SPY. Owning both mostly buys the same companies twice.
31 positions in common, counted across the 504 positions we hold weights for in SPY and 68 in VPU, against full books of 505 and 68.
What only one of them owns
Measured across the 504 and 68 positions we hold weights for.
SPY holds 465 positions VPU does not, 97.4% of the fund.
Largest: NVDA 7.71%, AAPL 6.83%, MSFT 5.50%, AMZN 4.08%, GOOGL 3.33%
Top Shared Holdings
| Stock | Weight in SPY | Weight in VPU | Difference |
|---|---|---|---|
| NEENextera Energy Inc | 0.27% | 11.60% | 11.33% |
| SOSouthern Co. | 0.16% | 6.84% | 6.68% |
| DUKDuke Energy Corp | 0.15% | 6.24% | 6.09% |
| CEGConstellation Energy Corporation Com | 0.13% | 4.85% | 4.72% |
| AEPAmerican Electric Power Co Inc | 0.10% | 4.71% | 4.61% |
| SRESempra Common Stock | 0.09% | 3.84% | 3.75% |
| DDominion Energy Inc. | 0.09% | 3.81% | 3.72% |
| VSTVistra Energy Corp. | 0.07% | 3.40% | 3.33% |
| ETREntergy Corp. | 0.07% | 3.33% | 3.26% |
| XELXcel Energy Inc. | 0.07% | 3.18% | 3.11% |
89.5% of VPU 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 VPU?
SPY has an expense ratio of 0.09% while VPU charges 0.09%. At the precision these are quoted to, they cost the same.
Which performed better, SPY or VPU?
Over the past year SPY returned +19.97% vs +5.51% for VPU, so SPY leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +9.20% vs +6.80% for VPU. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VPU?
SPY has been the more volatile fund at 14.6% annualized versus 13.9% for VPU. Worst drawdown: SPY -56.5% vs VPU -48.4%.
Should I hold both SPY and VPU?
SPY and VPU have a monthly-return correlation of 0.51, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and VPU?
89.5% of VPU's money is in holdings SPY also owns. 89.5% of VPU's is in holdings SPY also owns. They hold 31 positions in common, counted across the 504 positions we hold weights for in SPY and 68 in VPU.
Which pays a higher dividend, SPY or VPU?
SPY yields 1.01% while VPU yields 2.68%, so VPU currently pays the higher dividend yield.
Is VPU better than SPY?
SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 51.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.