SPY vs VTI
State Street SPDR S&P 500 ETF Trust vs Vanguard Morningstar Total Stock Market ETF
Which is better, SPY or VTI?
Nearly the same fund. VTI costs less.
VTI has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, VTI over the full window. The two have moved almost in lockstep, correlation 1.00. VTI is less concentrated, with 33.3% of the fund in its ten largest positions against 38.2%.
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 | VTI |
|---|---|---|
| Expense Ratio | 0.09% | 0.03%Best |
| AUM | $811.2B | $690.1B |
| Dividend Yield | 0.98% | 1.03% |
| Holdings | 1,515 | 3,524 |
| YTD Return | +14.85%Best | +14.54% |
| 1Y Return | +17.26%Best | +16.83% |
| 3Y Return (annualized) | +22.95%Best | +22.56% |
| 5Y Return (annualized) | +13.89%Best | +12.76% |
| Volatility (annualized) | 14.9%Best | 15.3% |
| Max Drawdown | -56.5%Best | -56.6% |
| $10,000 over 5 years | $19,161Best | $18,230 |
| Top 10 Weight | 38.2% | 33.3%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | May 24, 2001 |
Volatility and max drawdown are measured over the window both funds cover: May 31, 2001 to Oct 9, 2026 (25.4 years).
SPY vs VTI 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 25.4 years both funds cover.
SPY vs VTI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Morningstar Total Stock Market ETF (VTI) is an ETF from Vanguard (US). Over the past year SPY returned +17.26% while VTI returned +16.83%. Year to date, SPY is up 14.85% versus a gain of 14.54% for VTI.
Over three years, SPY compounded at +22.95% per year against +22.56% for VTI; over five years the annualized figures are +13.89% and +12.76% respectively. Across the full 25-year window we track, VTI has the edge at +8.10% annualized vs +7.77%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTI has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.9% 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 -56.5% for SPY and -56.6% for VTI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 1.00. 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 VTI charges 0.03%. On a $10,000 position that is $9 vs $3 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.03% for VTI.
Holdings Overlap
99.1% of SPY's money is in holdings VTI also owns. 88.1% of VTI's money is in holdings SPY also owns.
Most of SPY is already inside VTI. Owning both mostly buys the same companies twice.
495 positions in common, counted across the 504 positions we hold weights for in SPY and 3,463 in VTI, against full books of 1,515 and 3,524.
What only one of them owns
Our book lists 660 positions for VTI that do not appear in our book for SPY (9.5% of the fund), and 5 for SPY that do not appear in VTI (0.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VTI | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.78% | 6.40% | 1.38% |
| AAPLApple, Inc | 7.45% | 6.29% | 1.16% |
| MSFTMicrosoft Corp | 5.71% | 4.79% | 0.92% |
| AMZNAmazon.Com Inc | 3.78% | 3.65% | 0.13% |
| GOOGLAlphabet Inc,class A | 3.12% | 2.90% | 0.22% |
| AVGOBroadcom Inc | 2.48% | 2.56% | 0.08% |
| GOOGAlphabet Inc. C | 2.49% | 2.31% | 0.18% |
| METAMeta Platforms Inc | 2.22% | 1.70% | 0.52% |
| MUMicron Technology, Inc. | 1.59% | 1.29% | 0.30% |
| TSLATesla Inc | 1.54% | 1.22% | 0.32% |
99.1% of SPY is already inside VTI.
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 VTI?
SPY has an expense ratio of 0.09% while VTI charges 0.03%. VTI is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SPY or VTI?
Over the past year SPY returned +17.26% vs +16.83% for VTI, so SPY leads on 1-year performance. Over the longest common window we track (25 years), SPY annualized +7.77% vs +8.10% for VTI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VTI?
VTI has been the more volatile fund at 15.3% annualized versus 14.9% for SPY. Worst drawdown: SPY -56.5% vs VTI -56.6%.
Should I hold both SPY and VTI?
SPY and VTI have a monthly-return correlation of 1.00, 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 VTI?
99.1% of SPY's money is in holdings VTI also owns. 88.1% of VTI's is in holdings SPY also owns. They hold 495 positions in common, counted across the 504 positions we hold weights for in SPY and 3,463 in VTI.
Which pays a higher dividend, SPY or VTI?
SPY yields 0.98% while VTI yields 1.03%, so VTI currently pays the higher dividend yield.
Is VTI better than SPY?
VTI has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, VTI over the full window. The two have moved almost in lockstep, correlation 1.00. VTI is less concentrated, with 33.3% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.