SPDV vs. VOO

Last updated Jun 3, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - SPDV is a Dividend fund tracking the S&P 500 Dividend and Free Cash Flow Yield Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, SPDV returned 8.27%/yr vs 14.26%/yr for VOO. A 0.71 correlation means they provide meaningful diversification when combined. SPDV charges 0.29%/yr vs 0.03%/yr for VOO.

Performance

SPDV vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDV achieves a 14.63% return, which is significantly higher than VOO's 11.69% return.

SPDV

• 1D: 0.35%
• 1M: 3.08%
• YTD: 14.63%
• 6M: 15.97%
• 1Y: 28.90%
• 3Y*: 17.01%
• 5Y*: 8.27%
• 10Y*: —

VOO

• 1D: 0.14%
• 1M: 5.39%
• YTD: 11.69%
• 6M: 12.11%
• 1Y: 29.68%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.65%

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

SPDV vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDV AAM S&P 500 High Dividend Value ETF	14.63%	10.90%	14.40%	5.45%	-2.27%	29.54%	-6.09%	20.46%	-6.59%	3.65%
VOO Vanguard S&P 500 ETF	11.69%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	2.13%

Correlation

The correlation between SPDV and VOO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Nov 30, 2017	0.71

Over the past year, the correlation between SPDV and VOO has dropped to 0.49 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

SPDV vs. VOO - Sectors Allocation Comparison

Sectors	SPDV	VOO
Consumer Cyclical	13.5%	10.2%
Energy	12.3%	3.5%
Technology	11.1%	35.7%
Healthcare	9.7%	8.5%
Financial Services	9.2%	11.6%
Consumer Defensive	9.1%	4.9%
Real Estate	8.7%	1.9%
Industrials	7.8%	8.3%
Communication Services	7.8%	11.3%
Utilities	5.8%	2.4%
Basic Materials	5.1%	1.8%

Return for Risk

SPDV vs. VOO — Risk / Return Rank

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

SPDV

SPDV Risk / Return Rank: 76
SPDV Sharpe Ratio Rank: 72
SPDV Sortino Ratio Rank: 77
SPDV Omega Ratio Rank: 69
SPDV Calmar Ratio Rank: 87
SPDV Martin Ratio Rank: 74

VOO

VOO Risk / Return Rank: 75
VOO Sharpe Ratio Rank: 77
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 76
VOO Calmar Ratio Rank: 68
VOO Martin Ratio Rank: 80

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.

SPDV vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) and Vanguard S&P 500 ETF (VOO). 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.

	SPDV	VOO	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.53	-0.15
Sortino ratio Return per unit of downside risk	3.52	3.43	+0.08
Omega ratio Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio Return relative to maximum drawdown	4.96	3.42	+1.54
Martin ratio Return relative to average drawdown	14.31	15.95	-1.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDV vs. VOO - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.39, which is comparable to the VOO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of SPDV and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPDV	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.53	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.85	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.89	-0.43

Drawdowns

SPDV vs. VOO - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SPDV and VOO.

Drawdown Indicators

	SPDV	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-33.99%	-9.82%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-8.90%	+3.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-18.69%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	-24.52%	+3.21%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-6.57%	-3.69%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.91%	+0.10%

Volatility

SPDV vs. VOO - Volatility Comparison

AAM S&P 500 High Dividend Value ETF (SPDV) has a higher volatility of 2.96% compared to Vanguard S&P 500 ETF (VOO) at 2.74%. This indicates that SPDV's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDV	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	2.74%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	8.88%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	11.78%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	16.81%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.32%	18.01%	+2.31%

SPDV vs. VOO - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

SPDV vs. VOO - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.30%, more than VOO's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPDV AAM S&P 500 High Dividend Value ETF	3.30%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.02%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both SPDV and VOO in my portfolio?

SPDV and VOO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDV or VOO?

SPDV has higher volatility (2.96%) compared to VOO (2.74%). In terms of maximum drawdown, SPDV dropped -43.81% vs VOO's -33.99%.

Which ETF is better, SPDV or VOO?

On 5-year performance, VOO leads with 14.26% vs 8.27% for SPDV. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or VOO?

Over the 5-year period, VOO has performed better with a 14.26% return vs 8.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.29% for SPDV.

Which ETF pays a higher dividend yield, SPDV or VOO?

SPDV has the higher dividend yield at 3.30%, compared with 1.02% for VOO.

What is the main difference between SPDV and VOO?

SPDV is categorized as Dividend, while VOO is S&P 500. SPDV tracks S&P 500 Dividend and Free Cash Flow Yield Index, while VOO tracks S&P 500 Index. They also come from different issuers: Advisors Asset Management and Vanguard. Their fees differ too: 0.29% for SPDV and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.53 vs 2.39), 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.