SPY vs VTN
State Street SPDR S&P 500 ETF Trust vs Invesco Trust for Investment Grade New York Municipals
Which is better, SPY or VTN?
Large Cap Blend against Municipal New York.
SPY 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 | VTN |
|---|---|---|
| Expense Ratio | 0.09%Best | 2.69% |
| AUM | $804.7B | $3,218.67 |
| Dividend Yield | 0.98% | 7.94% |
| Holdings | 505 | 197 |
| YTD Return | +12.22%Best | -8.24% |
| 1Y Return | +16.97%Best | -1.05% |
| 3Y Return (annualized) | +21.16%Best | +8.48% |
| 5Y Return (annualized) | +13.00%Best | -0.78% |
| Volatility (annualized) | 15.3% | 13.8%Best |
| Max Drawdown | -56.5% | - |
| $10,000 over 5 years | $18,424Best | $9,616 |
| Fund Family | State Street Investment Management | Invesco (US) |
| Category | Equity | Tax Preferred |
| Style | Large Cap Blend | Municipal New York |
| Inception | Jan 22, 1993 | Mar 27, 1992 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 17, 2026 (30.7 years).
SPY vs VTN 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs VTN Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Invesco Trust for Investment Grade New York Municipals (VTN) is an ETF from Invesco (US). Over the past year SPY returned +16.97% while VTN returned -1.05%. Year to date, SPY is up 12.22% versus a loss of 8.24% for VTN.
Over three years, SPY compounded at +21.16% per year against +8.48% for VTN; over five years the annualized figures are +13.00% and -0.78% respectively. Across the full 31-year window we track, SPY has the edge at +8.77% annualized vs -0.18%.
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 13.8% for VTN. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.21. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while VTN charges 2.69%. On a $10,000 position that is $9 vs $269 annually, a gap of $260 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 7.94% for VTN.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in VTN, totalling 99.9% and 0.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 63 days apart, SPY as of Sep 1, 2026 and VTN as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 1 in VTN, against full books of 505 and 197.
You are not choosing between two funds in isolation.
Whichever of SPY and VTN 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 VTN?
SPY has an expense ratio of 0.09% while VTN charges 2.69%. SPY is the cheaper option, by $260 a year on a $10,000 investment.
Which performed better, SPY or VTN?
Over the past year SPY returned +16.97% vs -1.05% for VTN, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.77% vs -0.18% for VTN. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VTN?
SPY has been the more volatile fund at 15.3% annualized versus 13.8% for VTN.
Should I hold both SPY and VTN?
SPY and VTN have a monthly-return correlation of 0.21, 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 VTN?
SPY yields 0.98% while VTN yields 7.94%, so VTN currently pays the higher dividend yield.
Is VTN better than SPY?
SPY 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.