SPY vs VTV
State Street SPDR S&P 500 ETF Trust vs Vanguard Value ETF
Quick Verdict
VTV has a lower expense ratio. VTV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | VTV | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.03% | |
| AUM | $789.1B | $186.1B | |
| Dividend Yield | 1.01% | 2.29% | |
| Holdings | 505 | 311 | |
| YTD Return | +13.68% | +18.60% | |
| 1Y Return | +21.53% | +28.75% | |
| 3Y Return (annualized) | +21.44% | +18.63% | |
| 5Y Return (annualized) | +13.18% | +12.39% | |
| Volatility (annualized) | 15.3% | 14.5% | |
| Max Drawdown | -56.5% | -61.3% | |
| Fund Family | State Street Investment Management | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
SPY vs VTV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Vanguard Value ETF (VTV) is a ETF from Vanguard (US). Over the past year SPY returned +21.53% while VTV returned +28.75%. Year to date, SPY is up 13.68% versus a gain of 18.60% for VTV.
Over three years, SPY compounded at +21.44% per year against +18.63% for VTV; over five years the annualized figures are +13.18% and +12.39% respectively. Across the full 23-year window we track, SPY has the edge at +8.85% annualized vs +7.62%. 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 14.5% for VTV. 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 -61.3% for VTV. 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 0.94. 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 VTV 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 1.01% against 2.29% for VTV.
Holdings Overlap
SPY and VTV share 289 holdings out of 522 unique holdings combined, representing a 42.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or VTV?
SPY has an expense ratio of 0.09% while VTV charges 0.03%. VTV is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or VTV?
Over the past year SPY returned +21.53% vs +28.75% for VTV, so VTV leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +8.85% vs +7.62% for VTV. Past performance does not guarantee future results.
Which is riskier, SPY or VTV?
SPY has been the more volatile fund at 15.3% annualized versus 14.5% for VTV. Worst drawdown: SPY -56.5% vs VTV -61.3%.
Should I hold both SPY and VTV?
SPY and VTV have a monthly-return correlation of 0.94, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPY and VTV?
SPY and VTV share 289 common holdings with a 42.6% weight overlap. Combined, they hold 522 unique securities.
Which pays a higher dividend, SPY or VTV?
SPY yields 1.01% while VTV yields 2.29%, so VTV currently pays the higher dividend yield.
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