SPY vs VV
State Street SPDR S&P 500 ETF Trust vs Vanguard Morningstar Large-Cap ETF
Which is better, SPY or VV?
Nearly the same fund. VV costs less.
VV has a lower expense ratio. SPY led over 1Y and 5Y, VV over 3Y and the full window. The two have moved almost in lockstep, correlation 1.00. VV is less concentrated, with 36.6% of the fund in its ten largest positions against 38.0%.
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 | VV |
|---|---|---|
| Expense Ratio | 0.09% | 0.03%Best |
| AUM | $804.7B | $52.6B |
| Dividend Yield | 0.98% | 0.99% |
| Holdings | 505 | 437 |
| YTD Return | +12.47% | +12.48%Best |
| 1Y Return | +17.51%Best | +17.30% |
| 3Y Return (annualized) | +21.18% | +21.49%Best |
| 5Y Return (annualized) | +12.88%Best | +12.56% |
| Volatility (annualized) | 14.6%Best | 14.8% |
| Max Drawdown | -56.5% | -56.0%Best |
| $10,000 over 5 years | $18,327Best | $18,068 |
| Top 10 Weight | 38.0% | 36.6%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jan 27, 2004 |
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2004 to Sep 11, 2026 (22.6 years).
SPY vs VV 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 22.6 years both funds cover.
SPY vs VV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Morningstar Large-Cap ETF (VV) is an ETF from Vanguard (US). Over the past year SPY returned +17.51% while VV returned +17.30%. Year to date, SPY is up 12.47% versus a gain of 12.48% for VV.
Over three years, SPY compounded at +21.18% per year against +21.49% for VV; over five years the annualized figures are +12.88% and +12.56% respectively. Across the full 23-year window we track, VV has the edge at +9.44% annualized vs +9.16%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VV has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 14.6% 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 -56.0% for VV. 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 VV 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 0.99% for VV.
Holdings Overlap
96.8% of SPY's money is in holdings VV also owns. 97.3% of VV's money is in holdings SPY also owns.
Most of VV is already inside SPY. Owning both mostly buys the same companies twice.
388 positions in common, counted across the 504 positions we hold weights for in SPY and 431 in VV, against full books of 505 and 437.
What only one of them owns
Our book lists 32 positions for VV that do not appear in our book for SPY (2.0% of the fund), and 108 for SPY that do not appear in VV (2.8%).
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 VV | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.71% | 7.27% | 0.44% |
| AAPLApple, Inc | 6.83% | 6.72% | 0.11% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.50% | 4.38% | 1.12% |
| AMZNAmazon.Com Inc | 4.08% | 3.65% | 0.43% |
| GOOGLAlphabet A Usd 0.001 | 3.33% | 3.31% | 0.02% |
| AVGOBroadcom Inc | 2.97% | 2.83% | 0.14% |
| GOOGAlphabet Inc | 2.67% | 2.61% | 0.06% |
| METAMeta Platforms, Inc. | 1.94% | 1.95% | 0.01% |
| MUMicron Technology, Inc. | 1.51% | 2.06% | 0.55% |
| TSLATesla Inc | 1.38% | 1.87% | 0.49% |
97.3% of VV 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 VV?
SPY has an expense ratio of 0.09% while VV charges 0.03%. VV is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SPY or VV?
Over the past year SPY returned +17.51% vs +17.30% for VV, so SPY leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +9.16% vs +9.44% for VV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VV?
VV has been the more volatile fund at 14.8% annualized versus 14.6% for SPY. Worst drawdown: SPY -56.5% vs VV -56.0%.
Should I hold both SPY and VV?
SPY and VV 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 VV?
97.3% of VV's money is in holdings SPY also owns. 97.3% of VV's is in holdings SPY also owns. They hold 388 positions in common, counted across the 504 positions we hold weights for in SPY and 431 in VV.
Which pays a higher dividend, SPY or VV?
SPY yields 0.98% while VV yields 0.99%, so VV currently pays the higher dividend yield.
Is VV better than SPY?
VV has a lower expense ratio. SPY led over 1Y and 5Y, VV over 3Y and the full window. The two have moved almost in lockstep, correlation 1.00. VV is less concentrated, with 36.6% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.