SPY vs VTV
State Street SPDR S&P 500 ETF Trust vs Vanguard Morningstar Value ETF
Which is better, SPY or VTV?
Large Cap Blend against Large Cap Value.
VTV has a lower expense ratio. SPY led over 3Y, 5Y and the full window, VTV over 1Y. The two have moved almost in lockstep, correlation 0.94. VTV is less concentrated, with 22.5% of the fund in its ten largest positions against 37.8%.
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 | VTV |
|---|---|---|
| Expense Ratio | 0.09% | 0.03%Best |
| AUM | $804.7B | $187.8B |
| Dividend Yield | 0.98% | 1.82% |
| Holdings | 505 | 311 |
| YTD Return | +12.89% | +15.24%Best |
| 1Y Return | +17.01% | +20.75%Best |
| 3Y Return (annualized) | +22.46%Best | +18.67% |
| 5Y Return (annualized) | +13.01%Best | +12.29% |
| Volatility (annualized) | 14.6% | 14.5%Best |
| Max Drawdown | -56.5%Best | -61.3% |
| $10,000 over 5 years | $18,433Best | $17,853 |
| Top 10 Weight | 37.8% | 22.5%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2004 to Sep 24, 2026 (22.7 years).
SPY vs VTV 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 22.7 years both funds cover.
SPY vs VTV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Morningstar Value ETF (VTV) is an ETF from Vanguard (US). Over the past year SPY returned +17.01% while VTV returned +20.75%. Year to date, SPY is up 12.89% versus a gain of 15.24% for VTV.
Over three years, SPY compounded at +22.46% per year against +18.67% for VTV; over five years the annualized figures are +13.01% and +12.29% respectively. Across the full 23-year window we track, SPY has the edge at +9.16% annualized vs +7.45%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.6% 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 what each fund did in the worst stretch of the window measured above.
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 0.98% against 1.82% for VTV.
Holdings Overlap
42.4% of SPY's money is in holdings VTV also owns. 95.6% of VTV's money is in holdings SPY also owns.
Most of VTV is already inside SPY. Owning both mostly buys the same companies twice.
282 positions in common, counted across the 504 positions we hold weights for in SPY and 299 in VTV, against full books of 505 and 311.
What only one of them owns
Our book lists 13 positions for VTV that do not appear in our book for SPY (1.9% of the fund), and 219 for SPY that do not appear in VTV (57.2%).
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 VTV | Difference |
|---|---|---|---|
| MUMicron Technology, Inc. | 1.60% | 3.45% | 1.85% |
| JPMJpmorgan Chase | 1.45% | 3.50% | 2.05% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.40% | 2.99% | 1.59% |
| XOMExxon Mobil Corp. | 1.04% | 2.39% | 1.35% |
| JNJJohnson & Johnson - Common | 0.99% | 2.29% | 1.30% |
| WMTWalmart, Inc. | 0.71% | 1.81% | 1.10% |
| ABBVAbbvie Inc. | 0.70% | 1.65% | 0.95% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.66% | 1.53% | 0.87% |
| BACBank of America Corp.: Financials | 0.62% | 1.47% | 0.85% |
| CVXChevron Corp | 0.60% | 1.38% | 0.78% |
95.6% of VTV is already inside SPY.
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 VTV?
SPY has an expense ratio of 0.09% while VTV charges 0.03%. VTV is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SPY or VTV?
Over the past year SPY returned +17.01% vs +20.75% for VTV, so VTV leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +9.16% vs +7.45% for VTV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VTV?
SPY has been the more volatile fund at 14.6% 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. 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 VTV?
95.6% of VTV's money is in holdings SPY also owns. 95.6% of VTV's is in holdings SPY also owns. They hold 282 positions in common, counted across the 504 positions we hold weights for in SPY and 299 in VTV.
Which pays a higher dividend, SPY or VTV?
SPY yields 0.98% while VTV yields 1.82%, so VTV currently pays the higher dividend yield.
Is VTV better than SPY?
VTV has a lower expense ratio. SPY led over 3Y, 5Y and the full window, VTV over 1Y. The two have moved almost in lockstep, correlation 0.94. VTV is less concentrated, with 22.5% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.