SPY vs. VTI

Last updated Jun 6, 2026

SPY (State Street SPDR S&P 500 ETF) and VTI (Vanguard Total Stock Market ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Both are passively managed. Over the past 10 years, SPY returned 15.16%/yr vs 14.71%/yr for VTI. With a 0.98 correlation, they move nearly in lockstep. SPY charges 0.09%/yr vs 0.03%/yr for VTI.

Performance

SPY vs. VTI - 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 Total Stock Market ETF (VTI). 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 8.45% return and VTI slightly higher at 8.72%. Both investments have delivered pretty close results over the past 10 years, with SPY having a 15.16% annualized return and VTI not far behind at 14.71%.

SPY

• 1D: -2.58%
• 1M: 0.51%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 25.79%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

VTI

• 1D: -2.68%
• 1M: 0.42%
• YTD: 8.72%
• 6M: 8.29%
• 1Y: 26.04%
• 3Y*: 21.08%
• 5Y*: 12.19%
• 10Y*: 14.71%

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

SPY vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
VTI Vanguard Total Stock Market ETF	8.72%	17.10%	23.81%	26.05%	-19.52%	25.68%	21.08%	30.67%	-5.23%	21.21%

Correlation

The correlation between SPY and VTI 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 (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 1, 2001	0.98

The correlation between SPY and VTI has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

SPY vs. VTI - Sectors Allocation Comparison

Sectors	SPY	VTI
Technology	35.9%	33.5%
Financial Services	11.8%	12.0%
Communication Services	11.3%	10.3%
Consumer Cyclical	10.3%	10.0%
Healthcare	8.4%	9.2%
Industrials	7.8%	9.8%
Consumer Defensive	4.8%	4.7%
Energy	3.6%	3.7%
Utilities	2.4%	2.3%
Real Estate	1.9%	2.4%
Basic Materials	1.8%	2.0%

Return for Risk

SPY vs. VTI — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

VTI

VTI Risk / Return Rank: 64
VTI Sharpe Ratio Rank: 64
VTI Sortino Ratio Rank: 61
VTI Omega Ratio Rank: 63
VTI Calmar Ratio Rank: 60
VTI Martin Ratio Rank: 73

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. VTI - 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 Total Stock Market ETF (VTI). 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	VTI	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.10	+0.04
Sortino ratio: Return per unit of downside risk	2.88	2.83	+0.04
Omega ratio: Gain probability vs. loss probability	1.39	1.38	+0.01
Calmar ratio: Return relative to maximum drawdown	2.92	2.93	-0.02
Martin ratio: Return relative to average drawdown	13.50	13.45	+0.05
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. VTI - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.14, which is comparable to the VTI Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SPY and VTI, 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	VTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.10	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.70	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.81	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.50	+0.08

Drawdowns

SPY vs. VTI - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, roughly equal to the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for SPY and VTI.

Drawdown Indicators

	SPY	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-55.45%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.92%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-19.30%	+0.54%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-25.36%	+0.86%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-35.00%	+1.28%
Current Drawdown Current decline from peak	-2.90%	-2.93%	+0.03%
Average Drawdown Average peak-to-trough decline	-9.05%	-8.02%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.94%	-0.03%

Volatility

SPY vs. VTI - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) and Vanguard Total Stock Market ETF (VTI) have volatilities of 3.73% and 3.90%, 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	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	3.90%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	9.55%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	12.48%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	17.44%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	18.32%	-0.37%

SPY vs. VTI - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is higher than VTI'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. VTI - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than VTI's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VTI Vanguard Total Stock Market ETF	1.04%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both SPY and VTI in my portfolio?

With a correlation of 0.99, SPY and VTI 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 VTI?

VTI has higher volatility (3.90%) compared to SPY (3.73%). In terms of maximum drawdown, SPY dropped -55.19% vs VTI's -55.45%.

Which ETF is better, SPY or VTI?

On 10-year performance, SPY leads with 15.16% vs 14.71% for VTI. On fees, VTI is cheaper at 0.03% per year. On volatility, SPY has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or VTI?

Over the 10-year period, SPY has performed better with a 15.16% return vs 14.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or VTI?

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

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

VTI has the higher dividend yield at 1.04%, compared with 1.00% for SPY.

What is the main difference between SPY and VTI?

SPY is categorized as S&P 500, while VTI is Large Cap Blend Equities. SPY tracks S&P 500 Index, while VTI tracks CRSP US Total Market Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.09% for SPY and 0.03% for VTI.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.14 vs 2.10), 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.