SPY vs. VUG

Last updated Apr 4, 2026

Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Vanguard Growth ETF (VUG).

SPY and VUG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. VUG is a passively managed fund by Vanguard that tracks the performance of the CRSP US Large Cap Growth Index. It was launched on Nov 13, 2000. Both SPY and VUG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPY vs. VUG - 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 Growth ETF (VUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a -3.56% return, which is significantly higher than VUG's -9.29% return. Over the past 10 years, SPY has underperformed VUG with an annualized return of 14.11%, while VUG has yielded a comparatively higher 16.20% annualized return.

SPY

• 1D: 0.09%
• 1M: -4.02%
• YTD: -3.56%
• 6M: -1.44%
• 1Y: 23.60%
• 3Y*: 18.37%
• 5Y*: 11.88%
• 10Y*: 14.11%

VUG

• 1D: 0.11%
• 1M: -4.63%
• YTD: -9.29%
• 6M: -7.99%
• 1Y: 24.85%
• 3Y*: 21.67%
• 5Y*: 11.69%
• 10Y*: 16.20%

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

SPY vs. VUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	-3.56%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
VUG Vanguard Growth ETF	-9.29%	19.40%	32.69%	46.83%	-33.16%	27.35%	40.25%	37.03%	-3.32%	27.72%

Correlation

The correlation between SPY and VUG is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they'll tend to fall together during downturns. For meaningful risk reduction, look for holdings with correlations below 0.5.

SPY vs. VUG - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is higher than VUG'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%.

SPY

State Street SPDR S&P 500 ETF

VUG

Vanguard Growth ETF

Return for Risk

SPY vs. VUG — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 52
SPY Sharpe Ratio Rank: 47
SPY Sortino Ratio Rank: 51
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 45
SPY Martin Ratio Rank: 57

VUG

VUG Risk / Return Rank: 38
VUG Sharpe Ratio Rank: 39
VUG Sortino Ratio Rank: 42
VUG Omega Ratio Rank: 42
VUG Calmar Ratio Rank: 33
VUG Martin Ratio Rank: 32

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. VUG - 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 Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.78	+0.14
Sortino ratio Return per unit of downside risk	1.45	1.27	+0.17
Omega ratio Gain probability vs. loss probability	1.22	1.18	+0.04
Calmar ratio Return relative to maximum drawdown	1.51	1.13	+0.39
Martin ratio Return relative to average drawdown	7.11	3.90	+3.21
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. VUG - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 0.92, which is comparable to the VUG Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of SPY and VUG, 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	VUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.78	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.53	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.76	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.58	-0.01

Drawdowns

SPY vs. VUG - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than VUG's maximum drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for SPY and VUG.

Drawdown Indicators

	SPY	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-50.68%	-4.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-16.53%	+7.65%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-35.61%	+11.11%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-35.61%	+1.89%
Current Drawdown Current decline from peak	-5.44%	-12.15%	+6.71%
Average Drawdown Average peak-to-trough decline	-9.09%	-7.13%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	4.78%	-2.21%

Volatility

SPY vs. VUG - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 5.28%, while Vanguard Growth ETF (VUG) has a volatility of 7.02%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than VUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	7.02%	-1.74%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	12.69%	-3.20%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	22.69%	-3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	22.22%	-5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	21.38%	-3.46%

Dividends

SPY vs. VUG - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.13%, more than VUG's 0.45% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
VUG Vanguard Growth ETF	0.45%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%