SPY vs. VOO

Last updated Jun 5, 2026

SPY (State Street SPDR S&P 500 ETF) and VOO (Vanguard S&P 500 ETF) are both S&P 500 funds tracking the S&P 500 Index, from State Street and Vanguard respectively. Both are passively managed. Over the past 10 years, SPY returned 15.48%/yr vs 15.55%/yr for VOO. With a 1.00 correlation, they move nearly in lockstep. SPY charges 0.09%/yr vs 0.03%/yr for VOO.

Performance

SPY vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Vanguard S&P 500 ETF (VOO). 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 SPY having a 11.33% return and VOO slightly higher at 11.34%. Both investments have delivered pretty close results over the past 10 years, with SPY having a 15.48% annualized return and VOO not far ahead at 15.55%.

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

VOO

• 1D: 0.39%
• 1M: 4.62%
• YTD: 11.34%
• 6M: 11.27%
• 1Y: 28.62%
• 3Y*: 22.68%
• 5Y*: 13.98%
• 10Y*: 15.55%

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

SPY vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
VOO Vanguard S&P 500 ETF	11.34%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between SPY and VOO is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	1.00

The correlation between SPY and VOO has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

SPY vs. VOO - Sectors Allocation Comparison

Sectors	SPY	VOO
Technology	35.9%	35.7%
Financial Services	11.8%	11.6%
Communication Services	11.3%	11.3%
Consumer Cyclical	10.3%	10.2%
Healthcare	8.4%	8.5%
Industrials	7.8%	8.3%
Consumer Defensive	4.8%	4.9%
Energy	3.6%	3.5%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

SPY vs. VOO — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

VOO

VOO Risk / Return Rank: 74
VOO Sharpe Ratio Rank: 76
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 75
VOO Calmar Ratio Rank: 66
VOO Martin Ratio Rank: 78

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.

SPY vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.

	SPY	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.44	-0.02
Sortino ratio: Return per unit of downside risk	3.29	3.31	-0.02
Omega ratio: Gain probability vs. loss probability	1.44	1.44	0.00
Calmar ratio: Return relative to maximum drawdown	3.22	3.23	-0.01
Martin ratio: Return relative to average drawdown	14.99	15.03	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. VOO - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.42, which is comparable to the VOO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of SPY 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

	SPY	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.44	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.84	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.87	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.89	-0.30

Drawdowns

SPY vs. VOO - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SPY and VOO.

Drawdown Indicators

	SPY	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-33.99%	-21.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.90%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-18.69%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-24.52%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-33.99%	+0.27%
Current Drawdown Current decline from peak	-0.33%	-0.32%	-0.01%
Average Drawdown Average peak-to-trough decline	-9.05%	-3.69%	-5.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.91%	0.00%

Volatility

SPY vs. VOO - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) and Vanguard S&P 500 ETF (VOO) have volatilities of 2.79% and 2.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	2.78%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.91%	8.90%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	11.80%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	16.81%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.93%	18.00%	-0.07%

SPY vs. VOO - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPY vs. VOO - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 0.98%, less than VOO's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
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 SPY and VOO in my portfolio?

With a correlation of 1.00, SPY and VOO 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, SPY or VOO?

SPY has higher volatility (2.79%) compared to VOO (2.78%). In terms of maximum drawdown, SPY dropped -55.19% vs VOO's -33.99%.

Which ETF is better, SPY or VOO?

On 10-year performance, VOO leads with 15.55% vs 15.48% for SPY. On fees, VOO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or VOO?

Over the 10-year period, VOO has performed better with a 15.55% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.09% for SPY.

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

VOO has the higher dividend yield at 1.02%, compared with 0.98% for SPY.

What is the main difference between SPY and VOO?

Both ETFs track S&P 500 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.09% for SPY and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.44 vs 2.42), 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.