SPY vs VXF
State Street SPDR S&P 500 ETF Trust vs Vanguard Extended Market ETF
Which is better, SPY or VXF?
Large Cap Blend against Mid Cap Blend.
VXF has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, VXF over the full window. The two have moved almost in lockstep, correlation 0.91. VXF is less concentrated, with 6.7% of the fund in its ten largest positions against 38.2%.
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 | VXF |
|---|---|---|
| Expense Ratio | 0.09% | 0.05%Best |
| AUM | $811.2B | $31.4B |
| Dividend Yield | 0.98% | 1.01% |
| Holdings | 1,515 | 3,385 |
| YTD Return | +13.54%Best | +12.08% |
| 1Y Return | +16.25%Best | +12.54% |
| 3Y Return (annualized) | +23.72%Best | +20.69% |
| 5Y Return (annualized) | +13.95%Best | +6.59% |
| Volatility (annualized) | 14.8%Best | 18.7% |
| Max Drawdown | -56.5%Best | -59.4% |
| $10,000 over 5 years | $19,212Best | $13,759 |
| Top 10 Weight | 38.2% | 6.7%Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | Jan 22, 1993 | Dec 27, 2001 |
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 2002 to Oct 2, 2026 (24.7 years).
SPY vs VXF 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 24.7 years both funds cover.
SPY vs VXF Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Extended Market ETF (VXF) is an ETF from Vanguard (US). Over the past year SPY returned +16.25% while VXF returned +12.54%. Year to date, SPY is up 13.54% versus a gain of 12.08% for VXF.
Over three years, SPY compounded at +23.72% per year against +20.69% for VXF; over five years the annualized figures are +13.95% and +6.59% respectively. Across the full 25-year window we track, VXF has the edge at +8.82% annualized vs +8.22%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VXF has been the more volatile fund, with annualized monthly volatility of 18.7% compared with 14.8% 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 -59.4% for VXF. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. 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 VXF charges 0.05%. On a $10,000 position that is $9 vs $5 annually, a gap of $4 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.01% for VXF.
Holdings Overlap
0.2% of SPY's money is in holdings VXF also owns. 0.8% of VXF's money is in holdings SPY also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
4 positions in common, counted across the 504 positions we hold weights for in SPY and 3,278 in VXF, against full books of 1,515 and 3,385.
What only one of them owns
Our book lists 1,720 positions for VXF that do not appear in our book for SPY (91.5% of the fund), and 493 for SPY that do not appear in VXF (99.0%).
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.
You are not choosing between two funds in isolation.
Whichever of SPY and VXF 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 VXF?
SPY has an expense ratio of 0.09% while VXF charges 0.05%. VXF is the cheaper option, by $4 a year on a $10,000 investment.
Which performed better, SPY or VXF?
Over the past year SPY returned +16.25% vs +12.54% for VXF, so SPY leads on 1-year performance. Over the longest common window we track (25 years), SPY annualized +8.22% vs +8.82% for VXF. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VXF?
VXF has been the more volatile fund at 18.7% annualized versus 14.8% for SPY. Worst drawdown: SPY -56.5% vs VXF -59.4%.
Should I hold both SPY and VXF?
SPY and VXF have a monthly-return correlation of 0.91, 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.
Which pays a higher dividend, SPY or VXF?
SPY yields 0.98% while VXF yields 1.01%, so VXF currently pays the higher dividend yield.
Is VXF better than SPY?
VXF has a lower expense ratio. SPY led over 1Y, 3Y and 5Y, VXF over the full window. The two have moved almost in lockstep, correlation 0.91. VXF is less concentrated, with 6.7% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.