SPY vs VPV
State Street SPDR S&P 500 ETF Trust vs Invesco Pennsylvania Value Municipal Income Trust
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 | VPV | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.71% | |
| AUM | $789.1B | $3,177.19 | |
| Dividend Yield | 1.01% | 7.35% | |
| Holdings | 505 | 141 | |
| YTD Return | +13.68% | +11.72% | |
| 1Y Return | +21.53% | +20.55% | |
| 3Y Return (annualized) | +21.44% | +11.99% | |
| 5Y Return (annualized) | +13.18% | +1.72% | |
| Volatility (annualized) | 15.3% | 13.2% | |
| Max Drawdown | -56.5% | -57.3% | |
| Fund Family | State Street Investment Management | Invesco (US) | |
| Category | Equity | Tax Preferred | |
| Inception | Jan 22, 1993 | Apr 30, 1993 |
SPY vs VPV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Invesco Pennsylvania Value Municipal Income Trust (VPV) is a ETF from Invesco (US). Over the past year SPY returned +21.53% while VPV returned +20.55%. Year to date, SPY is up 13.68% versus a gain of 11.72% for VPV.
Over three years, SPY compounded at +21.44% per year against +11.99% for VPV; over five years the annualized figures are +13.18% and +1.72% respectively. Across the full 31-year window we track, SPY has the edge at +8.85% annualized vs +0.69%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.2% for VPV. 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 -57.3% for VPV. 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 0.18. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while VPV charges 1.71%. On a $10,000 position that is $9 vs $171 annually, a gap of $162 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 7.35% for VPV.
Holdings Overlap
SPY and VPV share 0 holdings out of 558 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 VPV?
SPY has an expense ratio of 0.09% while VPV charges 1.71%. SPY is the cheaper option. On a $10,000 investment, that is $162 per year of difference.
Which performed better, SPY or VPV?
Over the past year SPY returned +21.53% vs +20.55% for VPV, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.85% vs +0.69% for VPV. Past performance does not guarantee future results.
Which is riskier, SPY or VPV?
SPY has been the more volatile fund at 15.3% annualized versus 13.2% for VPV. Worst drawdown: SPY -56.5% vs VPV -57.3%.
Should I hold both SPY and VPV?
SPY and VPV have a monthly-return correlation of 0.18, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and VPV?
SPY and VPV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 558 unique securities.
Which pays a higher dividend, SPY or VPV?
SPY yields 1.01% while VPV yields 7.35%, so VPV currently pays the higher dividend yield.
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