SPY vs VVR
State Street SPDR S&P 500 ETF Trust vs Invesco Senior Income Trust
Which is better, SPY or VVR?
Large Cap Blend against Bank Loan.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | VVR |
|---|---|---|
| Expense Ratio | 0.09%Best | 5.26% |
| AUM | $804.7B | $1,117.8 |
| Dividend Yield | 0.98% | 12.54% |
| Holdings | 505 | 525 |
| YTD Return | +11.52%Best | -1.01% |
| 1Y Return | +17.48%Best | -5.96% |
| 3Y Return (annualized) | +20.62%Best | +2.96% |
| 5Y Return (annualized) | +12.73%Best | +4.06% |
| Volatility (annualized) | 15.4% | 14.9%Best |
| Max Drawdown | -56.5%Best | -81.8% |
| $10,000 over 5 years | $18,205Best | $12,202 |
| Fund Family | State Street Investment Management | Invesco (US) |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Bank Loan |
| Inception | Jan 22, 1993 | Jun 24, 1998 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 24, 1998 to Sep 10, 2026 (28.2 years).
SPY vs VVR 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs VVR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Invesco Senior Income Trust (VVR) is an ETF from Invesco (US). Over the past year SPY returned +17.48% while VVR returned -5.96%. Year to date, SPY is up 11.52% versus a loss of 1.01% for VVR.
Over three years, SPY compounded at +20.62% per year against +2.96% for VVR; over five years the annualized figures are +12.73% and +4.06% respectively. Across the full 28-year window we track, SPY has the edge at +7.25% annualized vs -2.10%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% 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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.51. They move together some of the time, and apart the rest.
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 0.98% against 12.54% for VVR.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 138 in VVR, totalling 100.0% and 38.3% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 338 days apart, SPY as of Aug 4, 2026 and VVR as of Aug 31, 2025, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 138 in VVR, against full books of 505 and 525.
You are not choosing between two funds in isolation.
Whichever of SPY and VVR you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $517 a year on a $10,000 investment.
Which performed better, SPY or VVR?
Over the past year SPY returned +17.48% vs -5.96% for VVR, so SPY leads on 1-year performance. Over the longest common window we track (28 years), SPY annualized +7.25% vs -2.10% for VVR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VVR?
SPY has been the more volatile fund at 15.4% 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 their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or VVR?
SPY yields 0.98% while VVR yields 12.54%, so VVR currently pays the higher dividend yield.
Is VVR better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.