ESGV vs. SPY

Last updated Jun 23, 2026

ESGV (Vanguard ESG U.S. Stock ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ESGV is a Large Cap Blend Equities fund tracking the FTSE US All Cap Choice Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, ESGV returned 12.10%/yr vs 13.51%/yr for SPY. With a 0.99 correlation, they move nearly in lockstep. ESGV charges 0.09%/yr vs 0.09%/yr for SPY.

Performance

ESGV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard ESG U.S. Stock ETF (ESGV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ESGV having a 9.39% return and SPY slightly higher at 9.74%.

ESGV

• 1D: -0.51%
• 1M: 0.39%
• YTD: 9.39%
• 6M: 8.78%
• 1Y: 26.60%
• 3Y*: 21.19%
• 5Y*: 12.10%
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ESGV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ESGV Vanguard ESG U.S. Stock ETF	9.39%	16.48%	24.69%	30.79%	-24.04%	26.55%	25.69%	33.36%	-14.45%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-13.29%

Correlation

The correlation between ESGV and SPY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 20, 2018	0.99

The correlation between ESGV and SPY has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

ESGV vs. SPY - Sectors Allocation Comparison

Sectors	ESGV	SPY
Technology	43.0%	39.0%
Communication Services	12.2%	10.6%
Consumer Cyclical	11.7%	9.9%
Financial Services	11.4%	11.1%
Healthcare	9.5%	8.3%
Industrials	4.2%	7.8%
Consumer Defensive	3.6%	4.5%
Real Estate	2.6%	1.8%
Basic Materials	1.8%	1.7%
Utilities	0.2%	2.1%
Energy	0.1%	3.1%

Return for Risk

ESGV vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ESGV

ESGV Risk / Return Rank: 55
ESGV Sharpe Ratio Rank: 59
ESGV Sortino Ratio Rank: 56
ESGV Omega Ratio Rank: 57
ESGV Calmar Ratio Rank: 48
ESGV Martin Ratio Rank: 57

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ESGV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard ESG U.S. Stock ETF (ESGV) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ESGV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.16	-0.26
Sortino ratio: Return per unit of downside risk	2.58	2.91	-0.33
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	2.30	3.01	-0.71
Martin ratio: Return relative to average drawdown	9.65	13.54	-3.89

ESGV vs. SPY - Sharpe Ratio Comparison

The current ESGV Sharpe Ratio is 1.90, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ESGV and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ESGV vs. SPY - Drawdown Comparison

The maximum ESGV drawdown since its inception was -33.66%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ESGV and SPY.

Drawdown Indicators

	ESGV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.66%	-55.19%	+21.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-8.88%	-2.72%
Max Drawdown (3Y) Largest decline over 3 years	-20.41%	-18.76%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-28.81%	-24.50%	-4.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.09%	-1.75%	-0.34%
Average Drawdown Average peak-to-trough decline	-6.40%	-9.04%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	1.97%	+0.79%

Volatility

ESGV vs. SPY - Volatility Comparison

Vanguard ESG U.S. Stock ETF (ESGV) has a higher volatility of 5.40% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that ESGV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	4.64%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	9.75%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.08%	12.43%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.47%	17.14%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.60%	17.99%	+2.61%

ESGV vs. SPY - Expense Ratio Comparison

ESGV has a 0.09% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ESGV vs. SPY - Dividend Comparison

ESGV's dividend yield for the trailing twelve months is around 0.87%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESGV Vanguard ESG U.S. Stock ETF	0.87%	0.91%	1.04%	1.16%	1.42%	0.95%	1.11%	1.27%	0.28%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ESGV and SPY in my portfolio?

With a correlation of 0.99, ESGV and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ESGV or SPY?

ESGV has higher volatility (5.40%) compared to SPY (4.64%). In terms of maximum drawdown, ESGV dropped -33.66% vs SPY's -55.19%.

Which ETF is better, ESGV or SPY?

On 5-year performance, SPY leads with 13.51% vs 12.10% for ESGV. On fees, ESGV is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESGV or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 12.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESGV or SPY?

ESGV is cheaper with a 0.09% expense ratio, compared with 0.09% for SPY.

Which ETF pays a higher dividend yield, ESGV or SPY?

SPY has the higher dividend yield at 1.01%, compared with 0.87% for ESGV.

What is the main difference between ESGV and SPY?

ESGV is categorized as Large Cap Blend Equities, while SPY is S&P 500. ESGV tracks FTSE US All Cap Choice Index, while SPY tracks S&P 500 Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.09% for ESGV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.