SPY vs VSS
State Street SPDR S&P 500 ETF Trust vs Vanguard FTSE All-World ex-US Small-Cap ETF
Which is better, SPY or VSS?
Large Cap Blend against Mid Cap Growth.
VSS has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | VSS |
|---|---|---|
| Expense Ratio | 0.09% | 0.06%Best |
| AUM | $804.7B | $13.6B |
| Dividend Yield | 0.98% | 3.10% |
| Holdings | 505 | 4,906 |
| YTD Return | +12.46%Best | +8.05% |
| 1Y Return | +16.10%Best | +12.60% |
| 3Y Return (annualized) | +22.82%Best | +17.80% |
| 5Y Return (annualized) | +13.41%Best | +6.26% |
| Volatility (annualized) | 14.3%Best | 17.3% |
| Max Drawdown | -34.1%Best | -46.8% |
| $10,000 over 5 years | $18,761Best | $13,547 |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Growth |
| Inception | Jan 22, 1993 | Apr 2, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 6, 2009 to Sep 29, 2026 (17.5 years).
SPY vs VSS 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 17.5 years both funds cover.
SPY vs VSS Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) is an ETF from Vanguard (US). Over the past year SPY returned +16.10% while VSS returned +12.60%. Year to date, SPY is up 12.46% versus a gain of 8.05% for VSS.
Over three years, SPY compounded at +22.82% per year against +17.80% for VSS; over five years the annualized figures are +13.41% and +6.26% respectively. Across the full 18-year window we track, SPY has the edge at +13.98% annualized vs +7.35%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VSS has been the more volatile fund, with annualized monthly volatility of 17.3% compared with 14.3% 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 -34.1% for SPY and -46.8% for VSS. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while VSS charges 0.06%. On a $10,000 position that is $9 vs $6 annually, a gap of $3 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 3.10% for VSS.
Holdings Overlap
At least 0.1% of SPY's money is in holdings VSS also owns.
Stated as a floor: for VSS, our book for it covers 92.7% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 504 positions we hold weights for in SPY and 4,619 in VSS, against full books of 505 and 4,906.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VSS | Difference |
|---|---|---|---|
| KRKroger Co. | 0.05% | 0.01% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of SPY and VSS you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or VSS?
SPY has an expense ratio of 0.09% while VSS charges 0.06%. VSS is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, SPY or VSS?
Over the past year SPY returned +16.10% vs +12.60% for VSS, so SPY leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +13.98% vs +7.35% for VSS. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VSS?
VSS has been the more volatile fund at 17.3% annualized versus 14.3% for SPY. Worst drawdown: SPY -34.1% vs VSS -46.8%.
Should I hold both SPY and VSS?
SPY and VSS have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or VSS?
SPY yields 0.98% while VSS yields 3.10%, so VSS currently pays the higher dividend yield.
Is VSS better than SPY?
VSS has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.