SPY vs VVR
State Street SPDR S&P 500 ETF Trust vs Invesco Senior Income Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. VVR offers more diversification with 525 holdings.
Side-by-Side Comparison
| Metric | SPY | VVR | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 5.26% | |
| AUM | $821.1B | $1,117.8 | |
| Dividend Yield | 1.01% | 12.77% | |
| Holdings | 505 | 525 | |
| YTD Return | +12.22% | -1.98% | |
| 1Y Return | +20.83% | -7.40% | |
| 3Y Return (annualized) | +21.70% | +3.42% | |
| 5Y Return (annualized) | +12.98% | +4.33% | |
| Volatility (annualized) | 15.3% | 14.9% | |
| Max Drawdown | -56.5% | -81.8% | |
| Fund Family | State Street Investment Management | Invesco (US) | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Jun 24, 1998 |
SPY vs VVR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Invesco Senior Income Trust (VVR) is a ETF from Invesco (US). Over the past year SPY returned +20.83% while VVR returned -7.40%. Year to date, SPY is up 12.22% versus a loss of 1.98% for VVR.
Over three years, SPY compounded at +21.70% per year against +3.42% for VVR; over five years the annualized figures are +12.98% and +4.33% respectively. Across the full 28-year window we track, SPY has the edge at +8.79% annualized vs -2.14%. 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 14.9% for VVR. 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 -81.8% for VVR. 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 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while VVR charges 5.26%. On a $10,000 position that is $9 vs $526 annually, a gap of $517 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 12.77% for VVR.
Holdings Overlap
SPY and VVR share 0 holdings out of 642 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 VVR?
SPY has an expense ratio of 0.09% while VVR charges 5.26%. SPY is the cheaper option. On a $10,000 investment, that is $517 per year of difference.
Which performed better, SPY or VVR?
Over the past year SPY returned +20.83% vs -7.40% for VVR, so SPY leads on 1-year performance. Over the longest common window we track (28 years), SPY annualized +8.79% vs -2.14% for VVR. Past performance does not guarantee future results.
Which is riskier, SPY or VVR?
SPY has been the more volatile fund at 15.3% annualized versus 14.9% for VVR. Worst drawdown: SPY -56.5% vs VVR -81.8%.
Should I hold both SPY and VVR?
SPY and VVR have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and VVR?
SPY and VVR share 0 common holdings with a 0.0% weight overlap. Combined, they hold 642 unique securities.
Which pays a higher dividend, SPY or VVR?
SPY yields 1.01% while VVR yields 12.77%, so VVR currently pays the higher dividend yield.
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