SPY vs VTN
State Street SPDR S&P 500 ETF Trust vs Invesco Trust for Investment Grade New York Municipals
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | VTN | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 2.69% | |
| AUM | $821.1B | $3,218.67 | |
| Dividend Yield | 1.01% | 7.78% | |
| Holdings | 505 | 183 | |
| YTD Return | +12.22% | -1.88% | |
| 1Y Return | +20.83% | +13.17% | |
| 3Y Return (annualized) | +21.70% | +10.36% | |
| 5Y Return (annualized) | +12.98% | +0.56% | |
| Volatility (annualized) | 15.3% | 13.7% | |
| Max Drawdown | -56.5% | -100.0% | |
| Fund Family | State Street Investment Management | Invesco (US) | |
| Category | Equity | Tax Preferred | |
| Inception | Jan 22, 1993 | Mar 27, 1992 |
SPY vs VTN Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Invesco Trust for Investment Grade New York Municipals (VTN) is a ETF from Invesco (US). Over the past year SPY returned +20.83% while VTN returned +13.17%. Year to date, SPY is up 12.22% versus a loss of 1.88% for VTN.
Over three years, SPY compounded at +21.70% per year against +10.36% for VTN; over five years the annualized figures are +12.98% and +0.56% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs +0.03%. 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 13.7% for VTN. 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 -100.0% for VTN. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.21. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% against 7.78% for VTN.
Holdings Overlap
SPY and VTN share 0 holdings out of 578 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $260 per year of difference.
Which performed better, SPY or VTN?
Over the past year SPY returned +20.83% vs +13.17% for VTN, so SPY leads on 1-year performance. Over the longest common window we track (31 years), SPY annualized +8.79% vs +0.03% for VTN. Past performance does not guarantee future results.
Which is riskier, SPY or VTN?
SPY has been the more volatile fund at 15.3% annualized versus 13.7% for VTN. Worst drawdown: SPY -56.5% vs VTN -100.0%.
Should I hold both SPY and VTN?
SPY and VTN have a monthly-return correlation of 0.21, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and VTN?
SPY and VTN share 0 common holdings with a 0.0% weight overlap. Combined, they hold 578 unique securities.
Which pays a higher dividend, SPY or VTN?
SPY yields 1.01% while VTN yields 7.78%, so VTN currently pays the higher dividend yield.
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