SPY vs VSMV
State Street SPDR S&P 500 ETF Trust vs VictoryShares US Multi-Factor Minimum Volatility ETF
Which is better, SPY or VSMV?
Large Cap Blend against Large Cap Value.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 44.9%.
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 | VSMV |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.35% |
| AUM | $804.7B | $159M |
| Dividend Yield | 0.98% | 1.32% |
| Holdings | 505 | 63 |
| YTD Return | +11.52%Best | +9.42% |
| 1Y Return | +17.48%Best | +17.44% |
| 3Y Return (annualized) | +20.62%Best | +16.06% |
| 5Y Return (annualized) | +12.73%Best | +10.75% |
| Volatility (annualized) | 15.9% | 13.0%Best |
| Max Drawdown | -34.1% | -31.4%Best |
| $10,000 over 5 years | $18,205Best | $16,662 |
| Top 10 Weight | 38.0%Best | 44.9% |
| Fund Family | State Street Investment Management | Victory Capital Management Inc. |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Jun 21, 2017 |
Volatility and max drawdown are measured over the window both funds cover: Jun 22, 2017 to Sep 10, 2026 (9.2 years).
SPY vs VSMV 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 9.2 years both funds cover.
SPY vs VSMV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) is an ETF from Victory Capital Management Inc.. Over the past year SPY returned +17.48% while VSMV returned +17.44%. Year to date, SPY is up 11.52% versus a gain of 9.42% for VSMV.
Over three years, SPY compounded at +20.62% per year against +16.06% for VSMV; over five years the annualized figures are +12.73% and +10.75% respectively. Across the full 9-year window we track, SPY has the edge at +14.05% annualized vs +11.07%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.9% compared with 13.0% for VSMV. 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 -34.1% for SPY and -31.4% for VSMV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.90. 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 VSMV charges 0.35%. On a $10,000 position that is $9 vs $35 annually, a gap of $26 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.32% for VSMV.
Holdings Overlap
17.8% of SPY's money is in holdings VSMV also owns. 97.0% of VSMV's money is in holdings SPY also owns.
Most of VSMV is already inside SPY. Owning both mostly buys the same companies twice.
53 positions in common, counted across the 504 positions we hold weights for in SPY and 61 in VSMV, against full books of 505 and 63.
What only one of them owns
Measured across the 504 and 61 positions we hold weights for.
SPY holds 441 positions VSMV does not, 81.7% of the fund.
Largest: NVDA 7.71%, MSFT 5.50%, AMZN 4.08%, GOOGL 3.33%, AVGO 2.97%
Top Shared Holdings
| Stock | Weight in SPY | Weight in VSMV | Difference |
|---|---|---|---|
| AAPLApple, Inc | 6.83% | 11.07% | 4.24% |
| LRCXLam Research Corpcommon Stock | 0.60% | 4.72% | 4.12% |
| JNJJohnson & Johnson | 0.92% | 4.02% | 3.10% |
| XOMExxon Mobil Corp. | 0.96% | 3.58% | 2.62% |
| KLACKla Corp. | 0.38% | 4.13% | 3.75% |
| WMTWalmart, Inc. | 0.73% | 3.45% | 2.72% |
| QCOMQualcomm Inc. | 0.26% | 3.73% | 3.47% |
| ALLAllstate Corp. | 0.10% | 3.74% | 3.64% |
| CRMSalesforce Inc. | 0.23% | 3.24% | 3.01% |
| COSTCostco Wholesale Corp. | 0.63% | 2.79% | 2.16% |
97.0% of VSMV 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 VSMV?
SPY has an expense ratio of 0.09% while VSMV charges 0.35%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, SPY or VSMV?
Over the past year SPY returned +17.48% vs +17.44% for VSMV, so SPY leads on 1-year performance. Over the longest common window we track (9 years), SPY annualized +14.05% vs +11.07% for VSMV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VSMV?
SPY has been the more volatile fund at 15.9% annualized versus 13.0% for VSMV. Worst drawdown: SPY -34.1% vs VSMV -31.4%.
Should I hold both SPY and VSMV?
SPY and VSMV have a monthly-return correlation of 0.90, 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 VSMV?
97.0% of VSMV's money is in holdings SPY also owns. 97.0% of VSMV's is in holdings SPY also owns. They hold 53 positions in common, counted across the 504 positions we hold weights for in SPY and 61 in VSMV.
Which pays a higher dividend, SPY or VSMV?
SPY yields 0.98% while VSMV yields 1.32%, so VSMV currently pays the higher dividend yield.
Is VSMV better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 44.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.