SPY vs VPX
State Street SPDR S&P 500 ETF Trust vs Variant Perception Cycle Aware US Equity ETF
Quick Verdict
SPY has a lower expense ratio. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | VPX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.75% | |
| AUM | $789.1B | $47M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 63 | |
| YTD Return | +14.47% | +27.80% | |
| 1Y Return | +21.96% | - | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +13.30% | - | |
| Volatility (annualized) | 15.3% | - | |
| Max Drawdown | -56.5% | -5.9% | |
| Fund Family | State Street Investment Management | Variant Perception, LLC | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Mar 11, 2026 |
SPY vs VPX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Variant Perception Cycle Aware US Equity ETF (VPX) is a ETF from Variant Perception, LLC. Year to date, SPY is up 14.47% versus a gain of 27.80% for VPX.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -56.5% for SPY and -5.9% for VPX. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
SPY charges 0.09% per year while VPX charges 0.75%. On a $10,000 position that is $9 vs $75 annually, a gap of $66 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for VPX.
Holdings Overlap
SPY and VPX share 58 holdings out of 507 unique holdings combined, representing a 41.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or VPX?
SPY has an expense ratio of 0.09% while VPX charges 0.75%. SPY is the cheaper option. On a $10,000 investment, that is $66 per year of difference.
What is the holdings overlap between SPY and VPX?
SPY and VPX share 58 common holdings with a 41.2% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, SPY or VPX?
SPY yields 1.01% while VPX yields 0.00%, so SPY currently pays the higher dividend yield.
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